| Zurich Market Talk - 16-12-2011 |
| 15.12.11 23:41 | |
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Ypsomed is establishing a new subsidiary in Austria. The signal for adding to the number of national subsidiary companies came with Ypsomed’s participation in the annual conference of the Austrian Diabetes Association (ÖDG) from 17 to 19 November 2011 in Salzburg. Link: Click Here Economy ******** The Swiss National Bank (SNB) will continue to enforce the minimum exchange rate of CHF 1.20 per euro with the utmost determination. It is prepared to buy foreign currency in unlimited quantities. The target range for the Libor remains at 0.0–0.25%, and the SNB continues to aim for a three-month Libor close to zero. Link: Click Here Investors should expect another turbulent year of market volatility during 2012 from a mix of heightened policy risk, political uncertainty, low growth and low interest rates, all of which will translate into modest investment returns, according to BofA Merrill Lynch Global Research’s 2012 Year Ahead Outlook, released today. Link: Click Here BlackRock: Recession and euro stocks. A big worry is the prospect of a European recession, especially a deep and long one. It’s very clear that European companies have started to defer capital spending and stopped hiring. We now believe that we’re in for a full-fledged recession, including one in France and Germany, that could cut GDP by 1% to 2%. Link: Click Here US dollar emerges as the new “safe haven”. At 10% of GDP‚ the US annual budget deficit is greater than that of most eurozone states. The overall debt mountain continues to rise‚ and has now reached the unbelievable figure of 15 trillion dollars. The politicians in Washington appear unable to put aside their own interests for the benefit of their country. And yet investors are flocking in droves to the US dollar as the threat of the euro’s collapse looms ever larger. Link: Click Here UK retail sales weaken as high prices hit consumer spending. November retail sales were weaker than expected, but the underlying trend remains surprisingly robust. Headline retail sales fell by 0.4% m/m (consensus: -0.3%, BarCap: 0.0%) from an upwardly revised 1.0% rise previously. Link: Click Here UK industrial sector weakens further. The CBI industrial trends survey for December indicated further weakness in the sector. The headline total orders balance fell further to -23 from -19 previously (consensus: -20, BarCap: -21), reporting the fourth consecutive fall. Link: Click Here SNB and the CHF. Actions may speak louder than words but for the present the SNB is hoping that the threat that it may take a future decision to weaken the CHF will be sufficient to stop the unit appreciating. As expected, the SNB this morning revised lower its growth and inflation forecasts. Link: Click Here Companies ********** HOCHDORF Group set to produce medical nutrition products with a new sales company called HOCHDORF Nutrimedical Ltd. launched for this purpose. The company also agreed its strategy for the period up to 2015. The HOCHDORF Group is one of the leading foodstuffs companies in Switzerland. Link: Click Here Schmolz + Bickenbach: Personnel changes in the management of Deutsche Edelstahlwerke GmbH. The former CEO of Deutsche Edelstahlwerke GmbH (DEW), Karl Haase, begins his well-earned retirement on December 31, 2011. He has worked for our Group since 2004 and played a significant part in strategically realigning DEW after its formation as a merger of two former steel plants. Link: Click Here |
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