Financial Highlights in Switzerland
Now you can pay in McDonalds, in Lugano, with Bitcoin. Earlier this week, we had a publication on Bitcoin Magazine about it with a video showing how to do it. The reason for this step can be the “Plan ₿ Forum” Bitcoin conference scheduled to take place in Lugano on October 28th and 29th. Maybe we will have more news about Bitcoin in the next few days!
Deloitte published the CFO Survey, where Swiss Companies evaluated the economic outlook for Switzerland. The results showed that they expect a weaker economy than the first half of 2022, but the recession in the economy is not imminent. “The geopolitical situation and its direct and indirect consequences influence the frame of mind within Swiss companies,” they said in the survey. However, the majority see growth in their company’s results in the near future.
Financial Highlights in the World
WORLD: The Swift financial network is working on a model of what a global network for central bank digital currencies could look like.
In the experiment, the national central banks of France and Germany as well as global credit institutions such as UBS, HSBC, and Standard Chartered were involved. They examined how CBDCs (Central Banks Digital Currencies) could be used internationally and even converted into fiat money (as paper money or coins) if necessary, as “Reuters” reported on Wednesday.
EUROPE: Eurozone S&P Global Composite PMI shrinks slightly from forecasted values, from a preliminary value of 48.5 to 48.1 in September of 2022 and below 48.9 in August. There were further slides on both output and new orders. Yesterday, they also released the S&P Global Composite PMI values for Spain (48.4), Italy (47.6), and Germany (45.7), which all fell from the previous month and below consensus. France was the only one in line with consensus and increased from last month, which registered 51.2 in September from 50.4 in August.
Oil: The OPEC+ alliance announced a 2 million barrels a day cut in oil production Wednesday from November. It is one of the deepest cuts since the 2020 COVID-19 pandemic.
This supply cut will increase the tensions between Saudi Arabia and the US where President Joe Biden will have the midterm election in November and was trying to control energy costs. The Crude Oil price continues to increase.
Financial Highlights in Swiss Companies
Credit Suisse shares are down almost 55% to 4.11 Swiss francs from January. The market capitalization has gone from 22.8 billion Swiss francs to 10.90 billion Swiss francs in nine months. They have almost lost 12 billion Swiss francs.
A “comprehensive strategic review” was promised at the second quarter results meeting during the summer and the replacement of Thomas Gottstein by Ulrich Körner at the head of the bank was announced. Since then, rumors started about what they will do.
Credit Suisse will announce its third-quarter results and plans on the 27th of October.