A great chart by Quartr about swiss luxury giant Richemont
In 1987, Bernard Arnault created $LVMH. In 1988, Johann Rupert created richemont $CFR.SW – an acquisition-driven luxury group much like LVMH, and to date, one of Arnault's largest competitors. Richemont is now the second largest luxury conglomerate and the third largest luxury company (with $RMS being the second) in the world. The group's many prestigious maisons include Cartier, Van Cleef & Arpels, Montblanc, Piaget, and Vacheron Constantin, to name a few. Since inception, Richemont has compounded its top line at 5% per year. Looking instead at the last 15 years, the group has grown its revenue and FCF at a 6% and 9% CAGR respectively. Quartr just created this infographic, mapping out every acquisition since Richemont's inception.
Swiss National Bank SNB cuts interest rates by 0.25%, chart
@BloombergTV
Swiss inflation vs. German inflation.
The inflation rate in Switzerland is already well below the target of 2%. At 1.7%, it is a full 2ppts lower than the German rate. Source: Bloomberg, HolgerZ
Switzerland’s inflation forecast backs SNB rate staying on hold
Switzerland’s government sees next year’s
inflation within the central bank’s target range, the latest evidence supporting a likely hold from policymakers this week. Consumer prices will grow at an annual 1.9% in 2024, in line with the previous forecast, the State Secretariat for Economic Affairs said on Wednesday.
Source: Bloomberg
15 great swiss inventions
Source: World of statistics
The 10 Biggest Swiss Watch Brands 🏆by revenues
Source: Morgan Stanley
The Swiss National Bank pauses its monetary tightening, defying expectations of another interest-rate hike to avoid adding constriction on a stalled economy
- The SNB left today its key rate unchanged at 1.75%, debunking market expectations of an additional 25bp hike - The slowdown in inflation, the magnitude of the monetary policy tightening already implemented (CHF short term rates were still negative a year ago) and rising risks surrounding the global outlook underpin this decision. - Indeed, as inflation is within the SNB target (1.6%, in the 0%-to-2% target), economic activity is slowing down (0% GDP growth in Q2 2023) and the Swiss franc remains firm, the case for further tightening had turned much less compelling in the past few weeks. Unlike the ECB, forced to hike last week due to an inflation rate still much above its target, the SNB had very good reasons to pause today and adopt a cautious stance. - The SNB doesn’t rule out additional hikes in the future if warranted, but the combination of slowing growth in Europe (likely to dampen underlying price pressures) and of the strength of the currency are highly likely, in our view, to keep Swiss inflation dynamics in check in the months ahead.
SNB unexpectedly leaves policy rate unchanged at 1.75%.
The Swiss national bank unexpectedly leaves its policy rate unchanged at 1.75%. Market was estimating the probability of a 25bps hike at more than 70% yesterday.
USDCHF broke the 200 daily moving average of 0.9036 and now trading higher over 0.9060.
EURCHF also trading higher at 0.9650.
