Charting the Global Economy: Key Central Banks Hold on Rates
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(Bloomberg) — Central bankers in the US, UK and Japan held the line on interest rates this week as officials attempt to gauge the impact of tariffs, uncertainty about economic activity and war in the Middle East.
S&P 500 Trading Volume Spikes at Wall Street Close: Markets Wrap
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(Bloomberg) — A jittery week ended with losses in stocks as investors weighed geopolitical and trade developments, chipmakers sank while a $6.5 trillion options expiration spurred a surge in volume. Short-dated yields fell as Federal Reserve’s Christopher Waller said rates could drop as early as July.
Swiss Seek European Arms Procurement Ties to Bolster Defense
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(Bloomberg) — The Swiss government is seeking closer collaboration with other European nations in defense procurement, following warnings by senior officials over the country’s struggling arms industry.
Currency Traders Are Ditching Dollar for Euro on Option Bets
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(Bloomberg) — The euro is taking on a bigger role in the global currency options market as traders skirt around the dollar given the risks from unpredictable US policy and a global trade war.
US Futures Drop as Trump Weighs Strikes on Iran: Markets Wrap
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(Bloomberg) — Oil trimmed earlier gains and equity futures remained lower after White House press secretary Karoline Leavitt said President Trump will decide within two weeks whether to back Israel militarily in its conflict with Iran. The remarks offered some short-term clarity but did little to resolve broader uncertainty around potential US involvement and the risk of renewed energy-driven inflation.
BOE Holds Rates and Monitors ‘Deeply Concerning’ Mid-East Events
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(Bloomberg) — The Bank of England held interest rates at 4.25% in a more divided vote than expected as policymakers weighed up the UK’s softening jobs market and weak growth against a backdrop of mounting geopolitical tensions.
SNB Policy Setup Means Big FX Interventions Unlikely, UBS Says
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(Bloomberg) — Large-scale interventions in the franc by the Swiss National Bank are unlikely even though the currency’s strength pushed interest rates to zero, according to economists at UBS.
Three Rate Cuts in 24 Hours Show Europe’s Tariff Challenges
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(Bloomberg) — Three interest-rate cuts in just over 24 hours by central banks in Europe highlighted a shift as monetary officials seek to manage the fallout from Donald Trump’s unpredictable trade policies.
SNB Introduces Stealth Negative Rate to Protect Money Market
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(Bloomberg) — The Swiss National Bank may have cut its interest rate to zero, but the way it penalizes banks’ excess reserve holdings means lenders will face negative rates if they park too much cash at the central bank.
SNB Cuts Rate to Zero and Hints at More to Stop Franc Inflows
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(Bloomberg) — The Swiss National Bank cut its interest rate to zero and signaled it’s ready to go further if necessary as it seeks to deter investors from pushing up the franc.
Swiss Watch Exports Slump in May as US Tariffs Shake Market
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(Bloomberg) — Swiss watch exports dropped by almost 10% in May led by a slump in shipments to the US, reversing the previous month’s surge when manufacturers were trying to get ahead of a looming trade war.
Nestlé Picks Ex-Inditex Boss to Succeed Bulcke as Chairman
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(Bloomberg) — Nestlé SA extended its leadership overhaul by proposing longtime Inditex SA executive Pablo Isla as its next chairman to succeed company veteran Paul Bulcke when he retires next year.
Swiss Exports to US Collapse as Shippers Wait for Tariff Deal
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(Bloomberg) — Swiss exports to the US plunged for a second month as cross-border shippers wait for a trade deal to cushion tariffs proposed by President Donald Trump.
UBS Capital Boost From Swiss Reforms Is Feasible, SNB Says
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(Bloomberg) — UBS Group AG should be able to meet any new capital requirements arising from the Swiss government’s recent reform proposals without tapping shareholders or unduly curtailing investor payouts, according to the Swiss National Bank.
Stocks Erase Gains as Powell Flags Inflation Risks: Markets Wrap
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(Bloomberg) — A rally in stocks fizzled out after Federal Reserve Chair Jerome Powell warned that tariff-driven economic uncertainty and inflation risk continued to complicate the central bank’s bid to ease monetary policy in earnest. Gains in bonds waned. The dollar barely budged.
Ex-Credit Suisse Banker Skips Prison for Aiding US Case
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(Bloomberg) — A former Credit Suisse Group AG banker who admitted to his role in a $2 billion fraud and money-laundering scheme avoided prison Wednesday after cooperating with the government.
Swiss Reignite Controversial Plebiscite on Business Liability
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(Bloomberg) — Swiss campaigners collected enough signatures to revive a previously rejected plebiscite on whether multinational corporations should be held responsible for human rights and environmental lapses abroad.
UBS Confirms Data Stolen After Hack at External Supplier
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(Bloomberg) — UBS Group AG said that information about the company had been stolen in a cyber attack on one of its suppliers, following a report a Swiss newspaper that data on more than 130,000 employees had been subject to a hack.
Riksbank Cuts Key Rate and Signals Potential for More Easing
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(Bloomberg) — Sweden’s central bank lowered borrowing costs by a quarter point, resuming attempts to jump-start growth in the biggest Nordic economy, and raised the prospect of one more cut this year.
Train vs plane: would you take a direct train between London and Geneva?
Eurostar is planning to run direct trains from Britain to Germany and Switzerland from the early 2030s. Would you favour the train over the plane? If not, why not?
