Financial Highlights in Switzerland
Interest Rates Decision Week. It definitely is a busy week for central banks. In addition to the US Federal Reserve, the Bank of England, the central banks of Sweden, and Norway, the Swiss national bank will announce its rate decision today.
In a fight against persistent inflation, investors expect a big hike in Interest Rates from the world’s most important central banks. Even at the risk of their economies sliding into recession.
Interest Rates Decisions:
US – rates increased by 0.75%
Swiss National Bank – rates increased by 0.75%
The Swiss National Bank raised its interest rate with a 0.75% hike to 0.5% in its September meeting, lifting borrowing costs to positive territory for the first time since 2011 and signaling that the interest rate will likely continue to increase in the coming meetings.
Banks of Norway – 22nd September at 10:00 (Switzerland time)
Bank of England – 22nd September at 13:00 (Switzerland time)
Banks of Sweden – the decision on the 24th of September
On Tuesday, Credit Suisse issued the 13th Edition of the «Global Wealth Report 2022». In that report, Credit Suisse projected that global private wealth will increase by 36 percent, or $169 trillion, by 2026.
In 2021, 62.5 million people had assets of at least $1 million. Switzerland counted 113,000 more millionaires at the turn of the year for a total of around 1.2 million.
Financial Highlights in the World
CHINA’s yuan sank to a new two-year low on Wednesday as anticipation of an upcoming Federal Reserve rate hike boosted the dollar, while concerns over slowing economic growth in the country also weighed.
The People’s Bank of China maintained some of its key interest rates on Tuesday, after cutting them several times this year to boost growth.
On Wednesday, GERMANY agreed to nationalize Uniper, raising the bill to rescue the gas importer to 29 billion euros ($28.7 billion) amid an escalating energy crisis.
Financial Highlights in Swiss Companies
Novartis Canada and the pan-Canadian Pharmaceutical Alliance (pCPA) have finalized negotiations to commercialize its gene therapy for the treatment of hereditary vision loss, they announced on Tuesday.
Novartis said in their statement that it is an important phase for all Canadians who need access to this innovative therapy. Before Luxturna was approved, there were no treatment options for the hereditary retinal dystrophy caused by RPE65 mutations.
