Financial Highlights in Switzerland
The Federal Statistical Office pubished a statement about the unpaid Work in Switzerland in 2020 on December 5th, which coincided with the United Nations International Volunteer.
It showed CHF434 billion ($463 billion) of unpaid work, including household and gardening work, caring for children and relatives, voluntary work in associations, political organisations or church charities.
Economiesuisse said Swizerland could feel the slow global economic environment but may avoid a recession next year.
The Inflation is expected to increase to 2.9% in 2022 and 2.7% in 2023, a statement said on Monday. The central bank is seeking an inflation rate between 0% and 2%, and they will try to reach it by a hiking the interest rates.
It is also expected gross domestic product (GDP) growth of 1.8% in 2022 and by 0.6% next year.
Financial Highlights in the World
Interest Rates Decisions this week
– Reserve Bank of Australia raised to 3.1%
– Bank of Canada raised to 4.25%
– Reserve Bank of India raised to 6.25%
– People’s Bank of China (PBoC) kept rates unchanged at 3.65%
– National Bank of Poland kept rates unchanged at 6.75%
– SNB is expected to rise again the intrerest rates later this month
UK house prices saw their biggest drop in November falling 2.3%, according to mortgage lender Halifax. The average UK house price in November was £285,579.
Eurozone economy expanded 2.3% year-on-year in the third quarter of 2022. Among the biggest economies, Germany expanded 1.3%, France 1%, Italy 2.6% and Spain 3.8%.
The S&P Global Eurozone Construction PMI fell to 43.6 in November of 2022 from 44.9 in October, indicating a seventh consecutive monthly contraction in activity levels across eurozone’s construction sector. France fell to 40.7, which was the biggest drop. Followed by Germany with 41.5 which had registered the worst direction in the prior two months. By contrast, Italy registered the first increase in activity levels in five months with 52.0.
CHINA. Exports from China plunged 8.7% yoy in November 2022, worse than market consensus of a 3.5% drop. This was the second straight month of decline in shipments, and the steepest fall since February 2020.
Financial Highlights in Companies
GLENCORE: The production of raw materials such as copper and iron will continue to be impacted in 2023 after a series of obstacles verified at several mines in its portfolio. Production expectations between 2023 and 2025 were lower than expected by analysts.
Credit Suisse: The Chairman of the Swiss bank revealed that liquidity is improving and the large withdrawal of capital by clients has “pretty much ended”. The capital flight amounted to the equivalent of EUR 90 MM.