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The Swiss National Bank (SNB) is preparing to launch a competition for the design of the tenth series of banknotes, focusing on Switzerland's diverse topography. The current series, featuring notable figures and themes, has received acclaim but lacks the iconic status of earlier designs. The CHF1,000 note, known for its "danse macabre" imagery, serves as a reminder of life's transience, while the CHF1,000 "Formicone" note, depicting ants, remains emblematic despite its rarity in circulation.
Thomas Stucki, Head of Investment at St.Galler Kantonalbank, remains optimistic about the US economy and equities, while expressing concerns about Germany's economic outlook. He anticipates no recession, low interest rates, and a gradual recovery in Europe, driven by Spain's economy. Stucki advises caution with emerging markets and suggests a small allocation to gold for security.
St. Galler Kantonalbank anticipates low inflation and interest rates, a strengthening franc, and favorable equity prospects in 2025. Economic growth will vary regionally, with the USA leading, while equities remain attractive despite high valuations, and gold continues to be a reliable safe haven. In contrast, Bitcoin lacks the stability of gold, reacting more to macroeconomic shifts.
The euro has reached its lowest exchange rate against the Swiss franc since January 2015, with experts likening it to the Italian lira due to ongoing economic concerns in the Eurozone. Analysts attribute the euro's weakness to slower growth compared to the U.S. economy and suggest that reforms in tax competition and labor markets are necessary for improvement. Additionally, Germany's reliance on a weak euro may hinder its competitiveness, while broader issues, including France's economic struggles and geopolitical tensions, further complicate the situation.
Ivan Adamovich, CEO of Private Client Bank, likens the euro to the former Italian lira, citing its weakness amid concerns over Eurozone growth. The euro recently fell to its lowest value against the Swiss franc since 2015, driven by economic disparities with the U.S. and internal challenges in Germany and France. Adamovich suggests that reforms in tax competition and labor markets are essential for improvement, but no changes are anticipated soon.
Martin Schlegel, a Swiss central banker, emphasized the need to increase equity at the Swiss National Bank (SNB) to mitigate risks associated with its large balance sheet, which currently stands at CHF840 billion. He indicated that prioritizing capital reserves over profit distributions to the government may lead to no payouts this year, following two years of skipped disbursements after a record loss in 2022. With inflation at just 0.6%, concerns arise about the potential for it to fall below the SNB's target range.
At a Zurich conference, SNB Chairman Martin Schlegel emphasized that building equity capital is a priority over profit distribution, highlighting the need for flexible monetary policy to maintain price stability amid global economic fluctuations. He noted that Switzerland's inflation target is set between 0 and 2 percent, allowing the SNB to respond effectively to external shocks while addressing the challenges posed by a low equity capital situation. Schlegel affirmed that the central bank's policies have successfully supported the Swiss economy's resilience in the face of inflation and deflation risks.
Swiss National Bank President Martin Schlegel has stated that the bank's equity is currently insufficient to cover the risks associated with its large balance sheet. He emphasized the need to prioritize strengthening the central bank's capital base over profit distribution to the government and cantons.
The Swiss property market remains robust, with house prices rising by 3.8% over the past year and 8.9% over two years, contrasting sharply with declines in Germany and France. Interest rate cuts have made financing cheaper, fueling demand, particularly for holiday apartments in mountain regions, where prices surged by 14% last year. However, the ongoing housing shortage poses challenges for locals and seasonal workers, as rental prices continue to outpace wages.
The Swiss real estate market is experiencing renewed momentum, driven by high net migration and a robust economy, leading to increased demand for yield properties. Institutional investors are returning as low interest rates and rising rental income enhance return expectations, despite challenges in new housing development due to high land prices and regulations. In mountain regions, housing shortages are acute, with second home prices soaring, exacerbating the plight of locals and seasonal workers.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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