Greenback continued its downtrend against the Swiss Franc touching 1.2000 figure. The subprime market meltdown fears alleviated further today as Moody?s and S&P downgraded securities backed by subprime mortgages.
First brain cancer vaccine launched in Switzerland:
US biotech firm Northwest Biotherapeutics launched a new brain cancer vaccine in Switzerland today. It is known to be the first commercially available therapeutic vaccine for such cancer and one seen by some analysts as the “Holy Grail” of cancer treatment. The company received approval from the Swiss Institute of Public Health this week to market DCVax-Brain and expects the product to be available to patient in the third quarter of this year, six months ahead of schedule.
Schindler announces 8 pct price hike for new products in Switzerland:
Schindler Holding AG said it plans an 8 pct price hike for new installations and major overhauls in Switzerland amid rising raw material prices and the falling Swiss franc. The Swiss maker of lifts and elevators said that improved productivity was able to compensate only part of the significant raw material price increases, making the move necessary.
Red Mosque attack forces NGO to freeze project:
Swiss non-governmental organization Terre des Hommes has been forced to put one of its Pakistani projects on hold in the aftermath of the Red Mosque clashes .Western NGOs left the northwestern city of Battagram after two of their compounds were torched by angry locals, and have not yet decided if and when they should return. Pakistani troops launched an assault on the mosque in the capital Islamabad on Tuesday. The extremists are alleged to have used the mosque as a base to send out radicalized students to enforce their version of Islamic morality, including abducting alleged prostitutes and trying to “re-educate” them at the compound. More than 50 militants were killed in the attack, as well as nine soldiers.
Greenback continued its downtrend against the Swiss Franc touching 1.2000 figure. The subprime market meltdown fears alleviated further today as Moody?s and S&P downgraded securities backed by subprime mortgages. The pair retreated minutely as US stock markets approached the positive territory today afternoon. As of 12:00pm New York time USDCHF was trading at 1.2020. Furthermore investors continued to pull back carry trades. Policymakers will meet to decide on interest on Sept 13 and a sudden change in the carry trades cannot be expected before the meeting.
Equity Market: Swiss Market Index:
Swiss share market plummeted today as the fears of losses in the subprime mortgages spread across the world. Poor performance of the subprime market is being considered as and indication of economic and earnings growth erosion. The benchmark index closed the lowest this month at 9214.39. UBS, the regions largest bank, was off by 1.9 percent resting at 72.15. Adecco, the world?s largest supplier of temporary workers whose 18 percent revenue comes from the US, fell 2.5 percent. Roche Holding fell 0.6 percent as Citigroup lowered its price estimate explaining that competition from rival drug Erbitux might curb expansion.
Fixed-Income Market: 10-Year Swiss Government Bonds:
Swiss government debt market was little changed. Bond prices increased as it did throughout the world after their demand soared due fall in the share market. The yield on 10-year bond was down 0.9 basis points closing at 3.343.