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EWL

iShares MSCI Switzerland Capped Index ETF

5/18/2013, 1:28 PM ET

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Thursday, March 14, 9:55 AM The Swiss Franc (FXF) is little-changed vs. the greenback and the euro after the SNB reiterates the currency remains too strong and it will enforce the 1.20 floor against the euro with "utmost determination." The debt crisis no longer on the front pages, the euro has been trading above the floor for some time, and currently buys 1.2340 francs. The Swiss ETF (EWL) +19.3% Y/Y. 1 Comment [Global & FX]
Monday, December 31, 2012, 11:56 AM More details on iShares' ETF fee hikes: Going to 0.53% from 0.52% (a 1.9% hike) are its Ireland Capped Investable Market Fund (EIRL), Australia Fund (EWA), Canada Fund (EWC), Hong Kong Fund (EWH), Belgium Capped Fund (EWK), Switzerland Fund (EWL), Malaysia Fund (EWM), Netherlands Investable Market Fund (EWN), Spain Fund (EWP), France Fund (EWQ), Singapore Fund (EWS), United Kingdom Fund (EWU), Mexico Investable Market Fund (EWW) and EMU Fund (EZU). 2 Comments [Global & FX]
Thursday, December 13, 2012, 10:23 AM The SNB holds policy steady with its benchmark rate still at 0-0.25%, and the CHF 1.20 floor for the euro to be enforced "with utmost determination." Pressure has come off the bank's need to defend the floor of late as the EU crisis fades (for now), and Credit Suisse (UBS rumors floating about as well) begins charging negative interest rates on deposits. 3 Comments [Global & FX]
Wednesday, September 5, 2012, 11:41 AM Europe closes marginally higher as a leak of ECB bond purchase plans show them at first glance to be something less than a QE-like bazooka. Stoxx 50 +0.1%, Germany +0.5%, France +0.2%, Spain flat, Italy -0.6%. Switzerland (EWL) storms higher by 1.1% on rumors the SNB may try to further weaken the franc. The ECB policy meeting and Draghi press conference is tomorrow. Comment! [Global & FX]
Thursday, August 2, 2012, 7:20 AM Switzerland is becoming a large hedge fund with a small country attached, writes James Saft, reacting to a 50% rise in fx reserves last quarter that has taken the total to 62% of GDP. In doing so, the SNB - a massive stash of euros and running out of places to put them - has put a big target on its back. Of course, owning a printing press helps. 3 Comments [Global & FX]
Thursday, May 24, 2012, 9:23 AM That whoosh in the Swiss franc (nice pic here) comes on rumors about a Swiss tax on bank deposits to come into effect on June 1. 5 Comments [Global & FX]
Friday, May 18, 2012, 8:26 AM The ECB is playing a game of chicken - sitting on its hands to play tough with the Club Med states - but (along with the other major central banks) will "step in massively," says HSBC's David Bloom, and set off a powerful rally. Bob Janjuah agrees - "The Fed and the ECB will respond (soon) and trigger a short, sharp rally." 5 Comments [Global & FX]
Wednesday, May 9, 2012, 9:32 AM EMU troubles may soon put the SNB and its 1.20 euro/franc floor to the test, the cross sinking as low as 1.2003 several times today. The floor has thus far been maintained with very little intervention by the central bank. A true rush of money into francs, however, would force the SNB to make good on its promise of printing "unlimited" amounts of currency. Comment! [Global & FX]
Tuesday, May 8, 2012, 4:51 PM The IMF labels appropriate Switzerland's setting of a 1.20 floor on the euro/franc exchange rate, and says it has helped shore up the economy. The fund notes the floor has not really been challenged yet - should that happen and the SNB be forced to respond by printing francs to sop up euros, the resulting monetary expansion could lead to inflation and/or asset bubbles. Comment! [Global & FX]
Friday, May 4, 2012, 11:03 AM Perhaps what's really roiling markets today are weekend elections in France and Greece. Greece looks particularly ugly, with true economic collapse in Athens potentially paving the way for the neo-Nazi Golden Dawn party to take 5-6% of the vote (2009 election: 0.23%). The communists are polling at about the same. "Be very worried," says Credit Suisse. 13 Comments [Global & FX]
Thursday, May 3, 2012, 8:51 AM Alongside the surging euro are European equity markets giving up much of their big early gains as the early indication from Draghi's press conference is no new candy. Stoxx 50 +0.3%, after being up about 1.5% before the talk started. Comment! [On the Move, Global & FX]
Wednesday, April 25, 2012, 10:21 AM The favorite to become France's next president, Francois Hollande says the EU fiscal compact will not be ratified by his country. Markets in Europe are up sharply, with Paris +2.3%. Take your pick: oversold bounce, Apple, Sarkozy to pull an upset, or just maybe the hope for a trashing of austerity policies that are choking much of the EU. Comment! [Global & FX]
Tuesday, April 24, 2012, 4:03 AM UBS' Swiss consumption indicator rose to 1.22 in March, a significant increase led by improved business in retail trade and record-high new car registrations. UBS says consumption may actually be stronger, as the indicator doesn't fully account for Switzerland's sustained high population growth. Comment! [Global & FX]
Sunday, April 22, 2012, 6:24 PM Stock index futures and the euro reflexively open lower following the French elections. One school of thought on Europe says the EU periphery isn't being punished because markets don't believe the austerity promises, but because they do believe the austerity promises. To the extent Hollande may lean against such policies, perhaps the situation will improve. S&P -0.2%, CAC 40 -0.3%, euro -0.2%. 6 Comments [Global & FX]
Thursday, April 19, 2012, 3:14 PM Election-year politics means the U.S. will not be part of $400B in additional funding for the IMF, writes Bruce Krasting, but Switzerland is of even more interest. Based on other countries' contributions, Switzerland might be expected to chip in $12B. However, the IMF has blasted the country for setting a floor on the euro/franc rate. If Switzerland writes a check for $25B or more, look for that criticism to go away. 3 Comments [Global & FX]
Thursday, April 19, 2012, 10:06 AM George Soros declares all-out war on the Bundesbank, writes Ambrose-Evans Pritchard, telling Le Monde he would "bet against the euro" were he still in the business. The salutary effect of the LTRO has been broken by the Buba's counterattack, Soros argues. Soros famously redoubled his pound shorts in 1992 when he concluded the Germans would not move to support the currency. (Bundesbank's Weidmann's interview here) 3 Comments [Global & FX]