Financial Highlights in Switzerland
Swiss mortgage interest rates jump sharply. After a significant decline in July, mortgage rates have risen to 2.44 percent for two-year mortgages, 2.9 percent for five-year, and 2.90 percent for ten-year fixed-rate mortgages, according to a statement from the online comparison service.
Investors and traders are already counting on the interest rate hikes due next Wednesday by the US Federal Reserve and the SNB priced into the current mortgage rates.
Metabloqs/Metaverse: The first Swiss Metaverse, Metabloqs, opens its doors today. After successful fundraising, it is the first to provide access to a (virtual) district of Paris, the first of many other international cities. Since Paris is a city of fashion and a popular destination with numerous attractions, it was the first to be built.
Metabloqs is a decentralized metaverse that claims to focus on the corporate and education sector with realistic graphics, real cities, and real identities. It is developing a world in which users can monetize their experience with the native utility token “Bloqs”. The citizens of Metabloqs will have a passport that allows them to enter the Metaverse and buy land and rare goods as NFT and create their dream projects. The digital assets are stored in a smart contract and can be transferred.
Financial Highlights in the World
CHINA: China is emerging as the world’s major creditor and an IMF competitor with emergency loans to low-income countries that are currently in or close to debt distress, or at high risk of it.
EUROPE: There will be no price cap on gas imports entering the European Union, at least not for now. The EU’s exceptional measures to combat this energy crisis will focus on power savings and capturing excess revenues.
UK: Unemployment falls to the lowest level since 1974, standing at 3.6% in the 3 months to July, according to the Office for National Statistics. And regular pay, excluding bonuses, grew by 5.2% over the period, but when inflation is taken into account, real pay dropped by 3.9% year-on-year.
Financial Highlights in Swiss Companies
NESTLE shares fell on Wednesday after a downgrade by the major French Bank Exane BNP Paribas. Now, they rate the stock as “Neutral” from “Overweight” but their price target (119CHF) is still above the current price (109.90CHF).