Thu, Sep. 17, 4:49 AM
- Link (.pdf)
- ETFs: FXE, RSX, VGK, EUO, EWG, GREK, FEZ, HEDJ, RUSL, EWP, RUSS, EWI, ERO, DFE, IEV, ERUS, RSXJ, EWU, EU, EWL, EPV, EZU, SWZ, NORW, GF, EWD, EWQ, RBL, EPOL, DRR, PLND, DAX, EIRL, EWO, CEE, TRF, IRL, FEU, DXGE, HEWG, DBGR, GXF, EWN, GUR, EWK, EEA, EUFX, EURL, EWGS, FDD, ULE, PGAL, ESR, FEP, UPV, EDEN, DBEU
Thu, Sep. 17, 4:00 AM
- It looks like the the Swiss National Bank is done with its surprises for the year. As widely expected, the central bank kept its benchmark interest rate on hold today at a record low of -0.75%.
- In January, the SNB roiled markets by removing the upper limit on the Swiss franc, allowing it to massively appreciate.
- "Overall, the Swiss franc is still significantly overvalued, despite a slight depreciation," the central bank said. "Negative interest rates and the SNB's willingness to intervene as required make investments less attractive...easing pressure on the franc."
- ETFs: FXF, EWL, SWZ, FSZ, HEWL
Thu, Jun. 18, 4:13 AM
- The Swiss franc extended its upbeat momentum this morning, despite the Swiss National Bank maintaining its deposit rate at a record low of -0.75% and warning it's ready to take further action to reduce the impact of the overvalued franc.
- Consumer prices are falling and the Swiss economy is on the verge of its first recession in six years after the SNB's shock decision to unpeg its currency from the euro in January.
- Since then, the franc has risen 15%, undermining exports and pushing down import costs.
- Franc +0.3% to $1.0881.
- ETFs: FXF, EWL, SWZ, FSZ
Fri, May 29, 2:39 AM
- Switzerland's economy contracted the most since the financial crisis in Q1 as the strong franc took a toll on exports.
- Gross domestic product fell by 0.2% in the first three months of 2015 compared to revised growth of 0.5% in the prior period.
- The outlook for the economy suffered a blow in January when the Swiss National Bank removed its currency cap, causing the franc to rally 15% vs. the euro during the quarter.
- ETFs: FXF, EWL, SWZ, FSZ
Wed, Apr. 8, 7:32 AM
- Switzerland laughs at Japan. The country today sold about $391M of long-term debt, with the 10-year portion of the paper priced to yield -0.055% - thus becoming the first country to get paid for borrowing as far as ten years out.
- In the secondary market, Swiss notes maturing up to 11 years trade with yields less than 0%.
- ETFs: EWL, FXF
Sat, Feb. 7, 2:11 PM
- The Swiss National Bank had no option but to exit its minimum exchange rate policy as "the international environment had changed," said the head of the central bank, Thomas Jordan, citing the ECB’s new QE policy.
- This would have put "enormous pressure on the franc" and forced the SNB to buy around 100B francs' ($108M) worth of foreign currency a month to defend the cap of 1.20 francs to the euro, he added.
- The SNB unexpectedly scrapped its cap on the franc last month, sending the Swiss stock market plunging and pushing the franc to record highs.
- "Economic growth will certainly be weaker than we forecast in December, and its possible we could have one or two quarters of negative quarterly growth," warned Jordan.
- ETFs: FXF, EWL, FSZ, FXE, EUO, ERO, DRR, EUFX, ULE, URR
Fri, Jan. 30, 5:41 AM
- Heightening the risk of a slide toward deflation, Eurostat today reported the largest decline in consumer prices in the eurozone since July 2009.
- Consumer prices were 0.6% lower than in January 2014, having fallen 0.2% on an annual basis in December.
- The plunge in consumer prices is unlikely to have an immediate effect on the ECB's €60B/month QE package, although the longer prices stay in negative territory, the more pressure the central bank will have to extend the program.
- FTSE 100 -0.6%; DAX -0.5%; CAC 40 -0.7%; Euro Stoxx 50 -0.5%.
- ETFs: EWG, GREK, EWI, EWL, EWD, EWQ, EPOL, PLND, EWO, EWN, EWK, EDEN, PGAL, DBGR, DAX, DXGE, EFNL, FGM, FSZ, QDEU, HEWG
Mon, Jan. 19, 6:19 AM
- After taking a beating last week following the SNB's surprise move to abandon the franc’s cap, Swiss stocks regained some stability today, with the Swiss Market Index up 3.2%.
- Following the decision, the SMI plunged over 14% through Friday while the franc soared.
- The franc still remains pinned at sky-high levels, hovering around one-to-one against the euro.
- ETFs: FXF, EWL, FSZ
Fri, Jan. 16, 3:51 AM
- Sovereign bonds rallied across Europe and Swiss stocks tumbled for a second day after the SNB surprised markets on Thursday by abandoning the franc’s cap.
- Yields on 10-year notes from Germany, France and the U.K. dropped at least two bps this morning, while rates on Australian and Japanese debt touched record lows.
- The Swiss Market Index is now down 4%, after slumping 8.7% yesterday, its biggest one-day drop since 1989.
- ETFs: EWL, FSZ
Thu, Jan. 15, 7:09 AM
- The Swiss market index is off by 11% after the SNB gives up its fight to cap the strength in the franc by defending the CHF 1.20 floor vs. the euro.
- Interestingly, the iShares MSCI Switzerland ETF (NYSEARCA:EWL) is up 2.4% premarket as it's priced in dollars and the franc is higher by 16%.
- There's no premarket action yet in the CurrencyShares Swiss Franc Trust (NYSEARCA:FXF).
Dec. 31, 2014, 11:34 AM
- Nearly all the ETFs involved are single-country funds, with 22 seeing reduced fees, and 19 increases. First up is the list of funds seeing cuts and the number of basis points:
- EWA 3 basis points, EWO 3 bps, EWC 3 bps, EWQ 3 bps, EWG 3 bps, EWH 3 bps, EWM 3 bps, EWS 3 bps, EWP 3 bps, EWD 3 bps, EWL 3 bps, ENZL 3 bps, EWU 3 bps, EWK 2 bps, EZU 2 bps, EWI 2 bps, EWJ 2 bps, SCJ 2 bps, EWW 2 bps, EWN 2 bps, EIRL 2 bps.
- Next are the funds with increases; all are by one basis point: EWZ, BKF, ECH, EEM, EIS, EZA, EWY, EWT, THD, TUR, ERUS, EPU, EWZS, MCHI, ECNS, INDA, EIDO, EPHE, EPOL.
- Previously: Vanguard lowers fees on 12 ETFs
Dec. 18, 2014, 7:29 AM
- Attempting to defend its CHF1.20 floor for the euro, the SNB cuts its deposit rate to negative 0.25%, and expands its target range for three-month Swiss libor to -0.75% to 0.25%. Negative rates will be imposed on balance above CHF10M.
- "The SNB reaffirms its commitment to the minimum exchange rate of CHF 1.20 per euro, and will continue to enforce it with the utmost determination."
- Against the dollar, the franc (NYSEARCA:FXF) is off 0.65% to its lowest in more than two years, and it's weaker by 0.3% vs. the euro to CHF1.2046.
- The Swiss stock market (NYSEARCA:EWL) is higher by 2%, inline with a broad European rally.
Nov. 21, 2014, 7:27 AM
- "We will do what we must to raise inflation and inflation expectations as fast as possible," Mario Draghi told a banking conference, promising faster asset purchases as needed.
- The Stoxx 50 (NYSEARCA:FEZ) is higher by 2.2%, led by a 2.4% gain in Spain (NYSEARCA:EWP) and a 2.3% advance in Italy (NYSEARCA:EWI). Germany (NYSEARCA:EWG) and France (NYSEARCA:EWQ) are up 2%, and the U.K. by 1%.
- The euro (NYSEARCA:FXE) is down 0.9% and buying $1.2432.
- ETFs: VGK, FEZ, EWP, DFE, IEV, HEDJ, EWL, EPV, EZU, EWD, NORW, EIRL, EWO, FEU, EWN, EWK, EDEN, FEP, EWGS, UPV, EURL, ENOR, ADRU, FEEU, EFNL, GERJ, DBEU, EURZ, FSZ, IEUR, FIEU, QESP, SMEZ, ESTX, HEZU, FEUZ
Aug. 14, 2014, 6:46 AM
- Euro-Zone GDP failed to grow in the second quarter following 12 months of weak growth, causing European equity markets to fall and increasing pressure on the ECB to do more to boost growth and inflation.
- Data released this morning by the European Union's statistics office translates into 0.2% growth in annualized terms, down from the first quarter's 0.8% pace.
- The euro zone's three largest economies, which account for two-thirds of the region's €9.6T ($12.8T) GDP, all did not post any growth. German GDP shrank 0.2% from the first quarter and Italy's output fell at a similar pace. The French economy, the bloc's second largest behind Germany, stagnated for a second straight quarter.
- The region's next largest economies, Spain and the Netherlands, posted some growth but not enough to offset their larger peers.
- ETFs: FXE, RSX, VGK, EUO, EWG, FEZ, GREK, EWP, EWI, DFE, RUSL, ERO, RSXJ, IEV, ERUS, RUSS, EWL, HEDJ, EU, EWU, EPV, EUFN, EZU, EWD, NORW, EWQ, EPOL, EIRL, PLND, RBL, EWO, DRR, GXF, FEU, EWN, GUR, EWK, EDEN, FDD, EWGS, FEP, ESR, UPV, EUFX, PGAL, ULE, IFEU, DBGR, ENOR, ADRU, EWUS, EUDG, DXGE, FEEU, GERJ, URR, FGM, EFNL, EURL, FKU, FSZ, DXPS, RUDR, EURZ, DBEU, QDEU, IEUR, FIEU, EUMV, HEWG, SMEZ, QESP, DBUK, QGBR
Jun. 5, 2014, 7:55 AM
- The Stoxx 50 (FEZ) is up 0.8% after being about flat ahead of the ECB rate decision, at which the central bank cut all three of its benchmark rates, including taking the deposit facility rate into negative territory.
- Italy (EWI) with a 1.3% gain and France (EWQ) ahead 1% lead the way.
- The euro (FXE) tumbles about 40 pips, now off 0.3% on the session and buying $1.3563.
- Europe equity ETFs: RSX, VGK, EWG, FEZ, GREK, EWP, EWI, DFE, RUSL, IEV, RSXJ, EWL, ERUS, EWU, RUSS, EPV, EZU, EWD, HEDJ, NORW, EWQ, EPOL, EIRL, PLND, EWO, RBL, GXF, EWN, FEU, EWK, FDD, EWGS, FEP, EDEN, UPV, EWUS, DBGR, PGAL, ADRU, ENOR, GERJ, DXGE, FEEU, FGM, EURL, FKU, EFNL, EUDG, DXPS, FSZ, EURZ, FIEU, RUDR, DBEU, HEWG, DBUK
- Euro ETFs: FXE, EUO, ERO, DRR, EUFX, ULE, URR
- ECB chief Mario Draghi's press conference begins at 8:30 ET.
May 19, 2014, 4:44 AM
- Swiss voters have overwhelmingly rejected a proposal to institute a minimum wage of 22 Swiss francs ($25) an hour, which would have been the highest in the world. Over 76% of voters cast a "no" ballot.
- "It's a strong sign to Switzerland as a center of employment," Economy Minister Johann Schneider-Ammann said. "Accepting the initiative would have led to job cuts in economically weak, rural areas."
- Major corporations that could have been affected by a "Yes" vote include UBS (UBS), Credit Suisse (CS), Roche (RHHBY), Novartis (NVS), ABB (ABB), Glencore Xstrata (GLCNF) and Nestle (NSRGY).
- Switzerland's SMI index is -0.8%, while the USD-CHF is -0.1% at 0.8914 francs.
- ETFs: FXF, EWL, FSZ
The iShares MSCI Switzerland Capped Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Switzerland 25/50 Index (the “Underlying Index”).
See more details on sponsor's website
See more details on sponsor's website
Other News & PR