EWL
iShares MSCI Switzerland Capped ETFNYSEARCA
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  • Thu, Sep. 15, 4:21 AM
    • Switzerland's central bank has kept its expansive monetary policy intact, holding its deposit rate at -0.75%, stating the Brexit vote has clouded its view of the global economy.
    • "The negative interest rate and the SNB's willingness to intervene in the foreign exchange market are intended to make Swiss franc investments less attractive, thereby easing upward pressure on the currency."
    • ETFs: FXF, EWL, SWZ, FSZ, HEWL
    | Thu, Sep. 15, 4:21 AM
  • Thu, Jun. 16, 4:49 AM
    • Reiterating its longstanding warning that the franc is significantly overvalued, the Swiss National Bank left its negative interest rates unchanged at record lows, conserving ammunition ahead of a British vote on EU membership.
    • The SNB held its deposit rate at -0.75% as widely expected, and kept its target range for the three-month Libor unchanged at a range from -1.25% to -0.25%.
    • ETFs: FXF, EWL, SWZ, FSZ, HEWL
    | Thu, Jun. 16, 4:49 AM
  • Sun, Jun. 5, 9:30 AM
    • Swiss voters have rejected by a wide margin a proposal to introduce a guaranteed basic income for everyone living in the country.
    • Projections by the GFS polling group showed that nearly four out of five voters opposed the social experiment launched by Basel cafe owner Daniel Haeni.
    • Supporters felt introducing a monthly income of 2,500 Swiss francs per citizen would promote human dignity and public service, while opponents said it would cost too much and weaken the economy.
    • Update: The initiative received just 23.1% of the vote, compared with 76.9% against.
    • ETFs: EWL, SWZ, FSZ, HEWL
    | Sun, Jun. 5, 9:30 AM | 70 Comments
  • Fri, Jun. 3, 4:23 AM
    • The Swiss will go to the polls this weekend to vote in a potentially historic referendum to provide everyone in the country with a no-strings-attached monthly payment of 2,500 francs regardless of whether they're employed or not.
    • Switzerland is not alone. The city of Utrecht in the Netherlands is conducting a pilot program, and trials of the idea are planned in Finland and the Canadian province of Ontario.
    • ETFs: EWL, SWZ, FSZ, HEWL
    | Fri, Jun. 3, 4:23 AM | 20 Comments
  • Fri, Jan. 8, 3:20 AM
    • The Swiss National Bank incurred a record loss of 23B francs ($23B) last year after the central bank's costly decision to abandon its currency cap against the euro.
    • While the appreciation of the franc that followed the Jan. 15 decision resulted in a loss of 20B francs on its foreign-currency positions, the SNB still plans a payout and dividends to the federal government and cantons.
    • ETFs: FXF, EWL, SWZ, FSZ, HEWL
    | Fri, Jan. 8, 3:20 AM
  • Dec. 10, 2015, 4:45 AM
    • The Swiss National Bank left its interest rates unchanged in negative territory today, declaring that it would remain active if necessary to weaken the highly-valued Swiss franc.
    • "Despite depreciating somewhat in recent months, the franc is still significantly overvalued," the central bank said in a statement.
    • The SNB kept its target range for three-month Libor at between -1.25% and -0.25%, and maintained a -0.75% interest rate on sight deposits.
    • ETFs: FXF, EWL, SWZ, FSZ, HEWL
    | Dec. 10, 2015, 4:45 AM | 2 Comments
  • Oct. 30, 2015, 4:14 AM
    • Switzerland's central bank is still digging itself out of a hole, but a Q3 profit helped reduce some of its record first-half loss.
    • Blighted by its foreign-currency holdings, the SNB reported a loss of 33.9B francs ($34B) for the first nine months of the year, following the removal of the franc's currency cap in January and subsequent intervention.
    • Results showed this has come at a considerable cost to the central bank, which previously warned shareholders it may not be able to maintain its regular payout policy.
    • ETFs: FXF, EWL, SWZ, FSZ, HEWL
    | Oct. 30, 2015, 4:14 AM
  • Sep. 17, 2015, 4:49 AM
    | Sep. 17, 2015, 4:49 AM
  • Sep. 17, 2015, 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
    | Sep. 17, 2015, 4:00 AM | 1 Comment
  • Jun. 18, 2015, 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
    | Jun. 18, 2015, 4:13 AM
  • May 29, 2015, 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
    | May 29, 2015, 2:39 AM | 2 Comments
  • Apr. 8, 2015, 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
    | Apr. 8, 2015, 7:32 AM | 19 Comments
  • Feb. 7, 2015, 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
    | Feb. 7, 2015, 2:11 PM | 8 Comments
  • Jan. 30, 2015, 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
    | Jan. 30, 2015, 5:41 AM | 5 Comments
  • Jan. 19, 2015, 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
    | Jan. 19, 2015, 6:19 AM
  • Jan. 16, 2015, 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
    | Jan. 16, 2015, 3:51 AM | 1 Comment
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