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iShares MSCI Switzerland Capped ETF (EWL)

  • 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.
  • 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%.
  • 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
    | Comment!
  • 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
    | 1 Comment
  • 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
    | Comment!
  • 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
  • Aug. 14, 2014, 6:46 AM
    | Comment!
  • Jun. 5, 2014, 7:55 AM
    | Comment!
  • 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
    | 1 Comment
  • May. 18, 2014, 2:29 AM
    • The Swiss are going to the polls today to vote on whether to approve a minimum wage of 22 francs ($25) an hour, which would be the highest in the world.
    • The measure would affect the one-in-ten workers who earn below the 4,000 francs that the initiative stipulates.
    • Businesses are against the union-backed proposal, saying it would force more people into part-time jobs and increase Switzerland's 3.2% unemployment rate. Polls show 64% of voters are against the initiative.
    • Still, major corporations that could be affected include UBS (UBS), Credit Suisse (CS), Roche (RHHBY), Novartis (NVS), ABB (ABB), Glencore Xstrata (GLCNF) and Nestle (NSRGY).
    • The referendum is the latest nationwide ballot relating to business. In March last year, voters authorized giving shareholders more say over executive pay but rejected a measure in November to cap management salaries.
    • The Swiss are also voting today over whether to spend 3.1B francs on 22 new Saab (SAABF) fighter jets.
    • ETFs: FXF, EWL, FSZ
  • Nov. 28, 2013, 2:05 AM
    • Swiss Q3 GDP +0.5% on quarter vs +0.5% in Q2 and consensus of +0.4%.
    • On year, GDP +1.9% vs +2.5% and +1.7%
    • Household consumption +0.2% on quarter, construction investment +1%, and exports of goods +0.5% following a long period of relative stagnation.
    • The USD-CHF is flat at 0.908 francs, while SMI stock futures are also little changed. (PR)
    • ETFs: FXF, EWL, FSZ
    | Comment!
  • Nov. 25, 2013, 3:15 AM
    • Voters in Switzerland - home to at least five of Europe's 20 best-paid CEOs - have rejected a proposal by a margin of around 2-1 to cap the salary of company bosses at 12 times that of their lowest-paid staff.
    • Firms that would 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).
    • The referendum came after the Swiss electorate approved a proposal in March to give shareholders a binding vote on the pay of senior managers.
    • ETFs: EWL, FSZ
    | Comment!
  • Sep. 3, 2013, 3:14 AM
    • Swiss Q2 GDP +0.5% on quarter vs +0.6% in Q1 and consensus of +0.3%.
    • On year, GDP +2.5% vs +1.2% and +1.7%.
    • GDP particularly boosted by a rise private consumption, as well as an increase in investment on machinery.
    • USD-CHF +0.2% to $0.9364, shares +0.1%. (PR)
    • ETFs - Stocks: FSZ, EWL. Currency: FXF.
    | Comment!
  • Mar. 14, 2013, 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
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EWL Description
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”).
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Country: Switzerland
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