The Swiss currency was mixed today morning. The currency was slightly strong against the dollar and sterling, but saw choppy action in trading with the Euro and Yen.
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[B]UBS Swiss June private consumption index rises to 2.31 points vs 2.10 in May[/B]
UBS AG said its monthly indicator measuring private consumption in Switzerland rose to 2.31 points in June, recovering from a downturn and a revised 2.10 points in May. The increase in June is attributable in part to the number of new car registrations, which were up 3.5 pct year-on-year, and to very good consumer sentiment, the Swiss bank said, adding that the only negative impact came from the retail sector, where business activity softened somewhat.
http://money.cnn.com/news/newsfeeds/articles/newstex/AFX-0013-18539541.htm
Source: CNNMoney.com
[B]Firms failing to plan boardroom handovers[/B]
A report has found that half of Swiss companies fail to plan properly for the succession of top positions when managers step down. The study’s authors conclude that many managers have difficulty plotting the end of their own careers. The findings come against the backdrop of a number of recent high profile executive handovers in large Swiss companies.
Firms failing to plan boardroom handovers - SWI swissinfo.ch
Source: Swissinfo
[B]Switzerland Considers Gun Control[/B]
Switzerland’s the only country that requires its soldiers to keep guns at home. But concerns over high suicide rates and killings within families have caused some to ask whether having them there is simply too dangerous. All Swiss men must do military service and when they go home, they take their assault rifles and 50 rounds of ammunition with them. The idea is to have an army ready for call up anytime. Although neutral Switzerland hasn’t fought a war for centuries, Christoph Keckeis, chief of the armed forces, said he sees no reason for change.
Switzerland Considers Gun Control | Europe| News and current affairs from around the continent | DW | 29.07.2007
Source: Deutsche Welle
[B]Currency Market:[/B]
The Swiss currency was mixed today morning. The currency was slightly strong against the dollar and sterling, but saw choppy action in trading with the Euro and Yen. Generally, the franc was moved little from the favorable consumption report. The slight advance of Swiss franc was also attributed to increased speculation that investors are unwinding carry trades. As of 14:00 EST USDCHF was trading at 1.2035.
[B]Equity Market: Swiss Market Index:[/B]
Shares in Swiss Market Index soared tracking gains from US equities. Today?s advance was the biggest one day gain in a year after declining for six consecutive days. The rally was mostly lead by financial stocks. The country?s largest bank, UBS, rose 2.83 percent whereas Credit Suisse shares gained 2.2 percent. The market’s only decliners were SGS, closing off 14 at 1,460 sfr, and Nobel Biocare, down 0.50 at 365 sfr, in the wake of yesterday’s appointment of Domenico Scala as new CEO.
[B]Fixed-Income Market: 10-Year Swiss Government Bonds:[/B]
Bond yields surged as investors tend to shift money in rebounding equity markets. The yield on the benchmark rose 3.6 basis points closing at 3.128
