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| Share Name | Share Symbol | Market | Stock Type |
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| Severfield Plc | SFR | London | Ordinary Share |
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| 0.80 | 1.16% | 69.60 | 16:35:09 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 68.00 | 68.00 | 70.00 | 69.60 | 68.80 |
| Industry Sector |
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| INDUSTRIAL ENGINEERING |
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Posted at 17/4/2024 13:55 by diesel Comfortable results, this company may not set the market on fire but they are solid and making the right strategic decisions and a yield of 7% is almost enough of an attraction. The share buyback is a bit of a surprise and the effect on EPS will also be picked up by inst investors. I agree todays performance might retrace but I stand by my prediction that 60p will be the support level. |
Posted at 04/12/2023 08:29 by ariane Swiss Cantons Basel-City and Zurich pioneer the settlement of digital bonds transactions in SNB's Swiss-Franc wCBDC on SIX Digital ExchangeZURICH, Dec. 4, 2023 /PRNewswire/ -- On 1 December 2023, digital bond issuances by the Cantons of Basel-City and Zurich were successfully settled using real CHF wholesale central bank digital currency (wCBDC) issued by the Swiss National Bank (SNB) on SIX Digital Exchange (SDX). It is the first time the SNB has issued real wCBDC in Swiss francs on a financial market infrastructure based on distributed ledger technology (DLT). This achievement is part of Project Helvetia Phase III, announced by the SNB on 2 November 2023, ushering in pilot wCBDC transactions for financial institutions from 1 December this year until mid-2024. As part of the project, Basler Kantonalbank and Zürcher Kantonalbank, acted as issuer agents of the cantons of Basel-City and Zurich. The digital bonds of Basel-City (ISIN: CH1265890678; DTI: RD9R6Z6FM) and Zurich (ISIN: CH1306117073; DTI: 7JMK1KK1R) were successfully issued on the production platform of SDX and distributed to investors and banks. These bonds can be held in both Central Securities Depositories of SDX and of SIX (SIX SIS). In addition, as dual-listed bonds, they will be listed and tradeable at SDX (exchange) and SIX Swiss Exchange. David Newns, Head of SIX Digital Exchange, adds, "A strong collaboration amongst participants of the Swiss financial center led to the successful start of the Helvetia III pilot. As the most ambitious wCBDC project in the history of capital markets, the settlement of the first securities transactions in wCBDC in a developed economy on regulated blockchain based infrastructure in a production environment represents a major milestone for the entire industry on the road of adoption of a tokenized, DLT based financial markets infrastructure." About SDX SIX Digital Exchange AG (SDX) is the first fully regulated financial market infrastructure (FMI) for the issuance, trading, settlement, and custody of digital assets. SDX is licensed by Switzerland's financial market regulator, FINMA, to operate as a stock exchange (via SDX Trading AG) and central security depository (CSD) on distributed ledger technology (DLT). As part of the SIX Group, SDX is subject to the Group's high quality and security standards covered under Swiss law. Cision View original content: SOURCE SDX (SIX Digital Exchange) |
Posted at 06/11/2023 08:05 by adrian j boris Pound-to-Euro Forecast For Coming Week: Upcoming News For GBP/EUR Exchange Rate BuyersPosted by Adam Solomon in GBP to EUR, Week Ahead Forecasts, - 6 Nov 2023 05:00 Pound-to-euro-rate-1 The Pound Euro (GBP/EUR) exchange rate trended in a mixed range last week as the Bank of England (BoE)’s interest rate decision sparked volatility. Meanwhile, the Euro (EUR) benefitted from US Dollar (USD) weakness, although gains were capped amid the release of mixed domestic data. At the time of writing, GBP/EUR is trading at €1.1512, having risen by approximately 0.45% over the course of the week. Pound (GBP) Exchange Rates Rebound Following Interest Rate Hold The Pound (GBP) rebounded toward the end of last week’s trading, having lost a considerable portion of its gains following the Bank of England’s decision to leave interest rates unchanged. GBP/EUR trended sideways on Monday as BoE consumer credit data printed close to forecasts; a low risk appetite limited gains for the currency. As the conflict in Gaza raged on, markets were concerned that geopolitical tensions could disrupt supply dynamics. On Tuesday, risk aversion persisted. GBP slumped initially before shooting up against the Euro as inflation data from the bloc missed forecasts. Pound trading was mixed in other exchange rates; a speech from the BoE’s Victoria Cleland appeared to have little impact. Midweek, money markets were preoccupied with the Federal Reserve’s interest rate decision. Against the Euro, Sterling maintained its tailwinds, despite October’s finalised manufacturing PMI missing expectations. Thursday’s activity dominated UK trading. Ahead of the event, GBP/EUR softened as investors remained uncertain of the BoE’s forward guidance; subsequently, the Pound continued to fall, but pivoted upward as the European session drew to a close. On Friday, Sterling assessments were more upbeat. GBP traders seemed cheered by BoE Governor Andrew Bailey’s comments that: ‘Monetary policy is currently restrictive in the sense that if we maintain this stance for long enough, we will squeeze inflation out of the system and that’s what we will do.’ The Euro traded mixed last week, gaining a slight edge over the Pound as the Bank of England’s interest rate decision stirred volatility. Nevertheless, the publication of below-forecast inflation data on Tuesday pressured the single currency against its peers. At the start of the week, EUR traded broadly higher. Triggering this uptrend may have been a better-than-expected German GDP reading: in Q3 2023, the economy contracted by 0.1% rather than the 0.3% forecast. Moreover, economic sentiment in the bloc weakened by less than predicted, though it still printed at the lowest level since November 2020. On Tuesday, the Euro crashed lower following the release of the Eurozone’s latest GDP and inflation data. The Eurozone economy contracted unexpectedly according to flash data, while inflation in the bloc printed 0.2% below forecasts. Investors were subdued by the prospect of a dovish European Central Bank (ECB), as policymaker Francois Villeroy de Galhau commented: ‘This state of the economy fully justifies the halt to the rate hike sequence decided by the [ECB] Governing Council last Thursday. Our monetary policy must now be guided by confidence and patience.’ In the second half of the week, the single currency recovered as weakness in the US Dollar inspired an uptrend. Given the strong negative correlation between USD and the Euro, ‘GreenbackR GBP/EUR Forecast: Several Key Releases on Horizon This week, a series of pertinent data releases may influence the direction of the Pound Euro exchange rate. At the start of the week, an expected fall in German factory orders could boost GBP/EUR, while contracting industrial production on Tuesday may dent the Euro further. Midweek, Eurozone retail data is due for release. Sales are expected to have fallen by 0.2% in September, potentially depressing the Euro; although such an outcome would mark an improvement from August’s contraction of 1.2%. At the end of the week, UK GDP data is expected to reveal economic expansion of 0.1% in September, though annualised GDP is forecast to have fallen by 0.6%. The data could rekindle discussion around the likelihood of a UK recession, potentially weighing upon Pound exchange rates. Adam Solomon Adam has almost a decade of experience working in one of the UK’s leading currency brokers |
Posted at 02/11/2023 12:17 by grupo guitarlumber SNB moves CBDC into production on SIX Digital Exchange36 minutes ago FINEXTRA The Swiss National Bank is to issue its first real wholesale digital currency for tests with six commercial banks operating on the distributed ledger platform of SIX Digital Exchange. The pilot, called Helvetia Phase III, marks the first time the central bank has moved from test environments into production, making wholesale CBDC available for the settlement of real bond transactions. The banks involved will carry out the transactions on the DLT platform as intermediaries for issuers and investors. The tokenised bonds will be settled against wholesale CBDC on a delivery versus-payment basis. The pilot with real Swiss franc wholesale CBDC is scheduled to run from December 2023 to June 2024 with participating banks Banque Cantonale Vaudoise, Basler Kantonalbank, Commerzbank, Hypothekarbank Lenzburg, UBS and Zürcher Kantonalbank. In March 2023, the SNB announced that it would examine three models for settling the cash leg of tokenised asset transactions. One model involves the issuance of wholesale CBDC for settling tokenised assets; another involves the linking of settlement systems for tokenised assets with the existing SIC payment system; and a third involves the use of private, bankruptcy-protected token money that is backed by central bank money. The upcoming pilot project adopts the first model, for which the SNB will be able to build on the findings of earlier Project Helvetia phases. SNB chairman Thomas Jordan says: “With this pilot project, we are now, for the first time, making it possible to securely and efficiently settle transactions with tokenised assets on a regulated and productive DLT platform using real wholesale CBDC. We are proud of our internationally pioneering role in this area as we carry out this innovative project together with SIX and the participating banks.” |
Posted at 20/10/2023 15:56 by la forge INVESTOMAMIA,COSwiss Franc emerges as safe haven king amid Israel-Hamas conflict Investors seek refuge in the Swiss franc, as traditional havens lose appeal amidst geopolitical tensions and disappointing corporate earnings. Berto Tordecilla October 20, 2023 Amid the escalating Israel-Hamas conflict and a wave of disappointing financial reports from corporate giants, investors have been seeking safety in the Swiss franc. The Swiss currency has recently soared to its highest level against the euro since 2015, standing tall as its customary rivals lose their appeal. Global stock markets have taken a hit, with a 1.6% decline in global shares this week and a 2% loss on Wall Street over two sessions. This has driven investors towards safe haven assets, raising questions about where to find shelter in these turbulent times. As risk aversion grows and conventional safe havens like bonds face pressure due to high U.S. rate expectations, only the Swiss franc and gold appear to remain as viable options, Ielpo stated. On Friday, the euro fell to 0.9419 Swiss francs, marking its lowest level since the Swiss National Bank abandoned the peg to the euro in January 2015, reflecting a 2.4% depreciation against the Swiss currency this month. The dollar has also weakened about 1% against the franc this week, putting it on track for its most substantial weekly drop since July. In contrast, the U.S. dollar has been soaring to its highest level against the Japanese yen in nearly a year, while 10-year Treasury yields have touched 5%, diverting funds away from the low-yielding yen. Traders are also perceiving a higher risk of currency intervention by Japanese authorities, resulting in greater volatility than any Swiss action. The Swiss franc has rallied over 3% against the yen this month, making it a preferred choice for investors looking for safe alternatives. Since the Hamas attacks on Israel in early October, the Swiss franc, often referred to as the Swissie, has risen approximately 2% against the U.S. dollar. In contrast, the dollar index, measuring its value against a basket of currencies, has remained relatively stable. Substantial currency fluctuations may attract the attention of the Swiss National Bank (SNB), given the increasing frequency of daily swings. For example, the euro experienced its most significant daily drop since November 2022 on October 13, falling 0.89% against the franc. The Swiss National Bank declined to comment on Friday about the currency’s value or the possibility of interventions. Since late 2022, the SNB has been buying francs to support its value, thereby reducing the inflationary impact of rising costs related to commodity imports. Some analysts believe that the SNB, known for its unpredictability since it roiled currency markets in 2015, might consider abandoning currency support if exporters start to voice concerns more loudly. |
Posted at 16/10/2023 20:50 by ariane Swiss franc nearing all-time high against euro due to Middle East crisisThe franc has risen in recent days to its highest value against the euro in a year and is approaching an all-time high. A very uncertain international situation in the Middle East is pushing investors towards safer positions. This content was published on October 16, 2023 - 10:33 On Friday evening, the exchange rate against the euro fell as low as 0.9457. One has to go back to September 2022 to find a lower euro value (0.9409), a rate that represents the absolute minimum in the history of exchange rates between the two currencies. This morning the euro changed hands between 0.9486 and 0.9502. According to market players, there is a rush to so-called safe haven assets, such as the Swiss franc. It is not yet clear how long this phase will last: such episodes are usually short-lived, says an analyst at Commerzbank. "But as long as there is a danger of a ground offensive by the Israeli army in Gaza and as long as it is not clear how the Arab states will react, it is probably too early to give up on the new risk stance”. Historical comparison The euro (in actual monetary circulation since 2002) hit its all-time high against the franc in 2007 at CHF 1.7146. These were the days of the so-called “super-euro&rd A reputation, however, that was only built up after a long time. The Swiss franc is in fact over 170 years old: it was created in 1850 and was then geared to the French system. The first coins were minted in Paris: the Federal Mint in Bern only came into operation in 1853. And at the time there were probably not many who bet that the currency of a neutral state would one day become more valuable than that of neighbouring great powers. |
Posted at 21/9/2023 15:35 by gibbs1 Euro To Swiss Franc Outlook: "Dip Below 0.95 In Q4 2023" Say RabobankPosted by Dave Taylor in CHF, EUR, Institutional FX Forecasts, - 21 Sep 2023 14:35 Currency exchange analysts at Rabobank forecast that due to declining growth prospects in the Eurozone, the Euro to Swiss Franc exchange rate (EUR/CHF) will fall below 0.95 in the fourth quarter, driven by investors seeking safer assets. At the time of writing EUR/CHF is trading at 0.96423, 0.66% higher than the daily opening levels. At the centre of their assessment is the Swiss National Bank's (SNB) surprising decision to keep interest rates unchanged, a move justified by the Swiss growth and inflation forecasts. Furthermore, while the CHF might benefit from its "safe haven" status, especially in light of risks in the Eurozone, it's believed the currency may face challenges against the US Dollar (USD). The Swiss central bank's decision to maintain rates caught markets off-guard, especially given that the European Central Bank (ECB) recently raised its rates. In light of potential inflationary repercussions of this decision on the CHF compared to the Euro (EUR), the SNB emphasised its willingness to intervene in the foreign exchange market if deemed necessary. "Today’s statement from the SNB makes it very clear why it surprised the market by keeping rates on hold this morning... the SNB included in the first paragraph of today’s statement the warning that it is 'willing to be active in the foreign exchange market as necessary. In the current environment, the focus is on selling foreign currency'" says Jane Foley, Senior FX Strategist at Rabobank. Even so, there was an immediate reaction with the EUR/CHF pair spiking. But the overarching sentiment from Rabobank is cautious. banner"Going forward, however, we expect the worsened growth outlook in the Eurozone will allow EUR/CHF to dip back below the 0.95 level in Q4 on safe haven flows" the strategist adds. Switzerland's inflation is modest, especially when compared with other G10 nations. Recent data reveals a headline Consumer Price Index (CPI) inflation of a mere 1.6%. The SNB's projections anticipate inflation rates that many nations might envy. "Inflation in Switzerland is far more contained than in its G10 peers... The SNB’s new inflation forecast... is an enviable 2.2% in 2023 and 2024 and 1.9% for 2025" says Foley. Switzerland's history of battling deflation and disinflation plays a role in shaping its current economic landscape. The CHF's overvaluation according to certain models suggests that it's aiding in mitigating inflation. "The fact that the SNB appears to have had more success than most of its G10 peers in winning the battle against inflation must be set against Switzerland’s previous decades’ long battles vs. deflation and disinflation" Foley points out. With SNB's intervention policies under scrutiny and the potential challenges tied to world growth slowing, the CHF's position becomes intriguing. Given the risks observed in the Eurozone and credit conditions tightening, there's a likelihood of a growth slowdown, consequently elevating the prospects of financial mishaps. "In view of Switzerland’s strong fundamentals, the CHF can be the subject of safe haven inflows particularly when risks rise in the Eurozone... However, as ECB rate hikes work through the system, the odds of bad news is set to rise. We see risk that the EUR/CHF will dip below 0.95 in Q4 on the back of safe haven flow" the analyst elucidates. Nonetheless, the outlook also indicates that the CHF may encounter challenges when matched against the USD, underscoring the intricate nature of the currency landscape. Dave Taylor |
Posted at 18/8/2023 05:53 by adrian j boris Pound To Euro Outlook: GBP/EUR Exchange Rate Rises On Sterling OptimismPosted by Adam Solomon in GBP to EUR, - 18 Aug 2023 05:05 The Pound Euro (GBP/EUR) exchange rate firmed through Thursday’s European session, excepting a brief dip in the morning as the Eurozone’s trade balance impressed. Supporting the Pound (GBP) was investor optimism regarding the potential for a hawkish stance from the Bank of England (BoE). At the time of writing, the Pound Euro exchange rate is trading at €1.1729, having risen by over 0.3% on a daily basis. Pound (GBP) Exchange Rates Supported by Investor Optimism The Pound continued to trend up against the Euro and several other peers on Thursday, spurred on by bullish rate hike expectations combined with partially stabilising inflationary pressures. Tuesday’s jobs report initially inspired GBP tailwinds, as it demonstrated employer resilience: in response to pressure from employees struggling with the cost of living, businesses could afford to hike wages. Subsequently, Wednesday’s core inflation release revealed that the price of essential items was still climbing, although the rate of headline inflation year-on-year remained unchanged. Analysts at ING bank observed yesterday: ‘While a 25 bps September hike should be a done deal, we still think a November move is an open question, given indications of abating price pressures in other parts of the economy.’ The stabilisation of headline inflation for the year-to-July went some way to quell growing recession fears amid bullish expectations from Sterling investors. Several economists are concerned, however, that this week’s strong UK data distracts from a bleaker overall picture, as George Dibb, head of the Institute for Public Policy Research’s Centre for Economic Justice, says: ‘There is a very real risk that a recession may soon overtake price rises as the main economic concern.’ Nevertheless, the general mood amongst Pound traders on Thursday was upbeat. Expectations of an imminent interest rate hike appear to buoy – rather than unsettle – investors, while news of falling fuel prices and easing grocery inflation is roundly welcomed. The Euro (EUR) succumbed to losses on Thursday, hitting a one-month low against the Pound amid headwinds relating to economic growth. Wednesday’s GDP release indicated that the Eurozone economy grew only marginally in the last quarter, putting a dampener on single currency sentiment. Uninspiring economic data also compounds another obstacle to Euro tailwinds: disagreement between the European Central Bank (ECB)’s rate-setters. Uncertainty over the central bank’s policy tightening agenda prevents EUR traders from placing bullish bets. Opinions within the ECB appear to remain concurrent with last week’s Economic Bulletin, which cautioned that due to high inflation and tighter financing conditions, reduced spending across the bloc left the outlook for economic growth highly uncertain. The Latvian central bank chief, Martins Kazaks, gave a noncommittal speech yesterday, in which he remarked that any additional interest rate hikes would necessarily be very small. Kazaks added that he would need to see the ECB’s quarterly projections before deciding on a course of action. Further depressing the Euro on Thursday was its strong negative correlation with the US Dollar (USD). Resurgent strength in the ‘Greenback&rsq GBP/EUR Forecast: UK Retail Data to Determine Movement? The Pound Euro exchange rate is likely to be influenced today by the UK’s latest retail report. If sales contracted as forecast in July, GBP may weaken - depressing GBP/EUR. On an annualised basis, the contraction in sales growth is expected to have deepened from –1% in June to –2.1% last month. On the other hand, Euro headwinds could cap gains for the single currency, leaving the Pound Euro exchange rate to trend sideways. So long as the ECB remains divided and growth prospects fair to inspire, EUR is likely to struggle against its peers. Adam Solomon |
Posted at 28/4/2023 07:20 by florenceorbis Swiss National Bank to face Credit Suisse and climate protests at fraught AGMPublished Fri, Apr 28 20231:07 AM EDT Elliot Smith @ElliotSmithCNBC Key Points More than 170 climate activists have now purchased a SNB share. Around 50 will be in attendance on Friday, and activists plan around a dozen speeches on stage at the AGM. The central bank played a key role in brokering the controversial rescue of Credit Suisse by UBS over the course of a chaotic weekend in March. Climate campaigner Jonas Kampus told CNBC that activists hope the national focus on the SNB after the Credit Suisse crisis provides fertile ground to advance concerns about climate risk. The Swiss National Bank will hold its annual general meeting in Bern on Friday against a backdrop of protest over its action on climate change and its role in the emergency sale of Credit Suisse to Swiss rival UBS . The central bank played a key role in brokering the rescue of Credit Suisse over the course of a chaotic weekend in March, as a flight of deposits and plummeting share price took the 167-year-old institution to the brink of collapse. The deal remains mired in controversy and legal challenges, particularly over the lack of investor input and the unconventional decision to wipe out 15 billion Swiss francs ($16.8 billion) of Credit Suisse AT1 bonds. The demise of the country’s second-largest bank fomented widespread discontent and severely damaged Switzerland’s long-held reputation for financial stability. It also came against a febrile political backdrop, with federal elections coming up in October. While the SNB will no doubt face questions and grievances from shareholders about the Credit Suisse situation on Friday, the country’s network of climate activists will also be seeking to use the central bank’s unwanted spotlight to challenge its investment policies. Unlike many major central banks, the SNB operates publicly-traded company, with just over half of its roughly 25 million Swiss franc ($28.1 million) share capital held by public shareholders — including various Swiss cantons (states) and cantonal banks — while the remaining shares are held by private investors. More than 170 climate activists have now purchased a SNB share, according to the SNB Coalition, a dedicated pressure group spun out of Alliance Climatique Suisse — an umbrella organization representing around 140 Swiss environmental campaign groups. Around 50 of the activist shareholders will be in attendance on Friday, and activists plan to make around a dozen speeches on stage at the AGM, climate campaigner Jonas Kampus told CNBC on Wednesday. Protests will also be held outside the event. The group is calling for the SNB to dispose of its stock holdings of “companies that cause serious environmental damage and/or violate fundamental human rights,” pointing to the central bank’s own investment guidelines. In particular, campaigners have highlighted SNB holdings in Chevron, Shell, TotalEnergies, ExxonMobil, Repsol, Enbridge and Duke Energy. Members of a Ugandan community objecting to TotalEnergies’ East African Crude Oil Pipeline, will also attend on Friday, with one planning to speak on stage directly to the SNB directorate. As well as a full exit from fossil fuel investments, activists are demanding that the SNB implement the “one for one rule,” — a capital requirement designed to prevent banks and insurers benefiting from activities that are detrimental for the transition to net zero. In this context, the SNB would be required to set aside one Swiss franc of its own funds to cover potential losses for each franc allocated to financing new fossil fuel exploration or extraction. Ahead of the AGM, the central bank declined on legal grounds to schedule three motions tabled by the activists, and said on Wednesday that it would not comment on protest plans, instead directing CNBC to its formal agenda. Yet Kampus suggested that just the process of submitting the motions itself had helped expand public and political awareness of the issues. “From all sides, there is public pressure and also political pressure that the SNB needs to change things. At this moment, the SNB is really far behind in terms of their actions taken compared to other central banks,” Kampus told CNBC via telephone, adding that the SNB takes a “very conservative view” of its mandate regarding price stability and financial stability, which is “very narrow.” The shareholders’ cause is also backed by a motion in parliament, with support from lawmakers ranging from the Green Party to the Centre [center-right party], which demands an extension of the SNB’s mandate to cover climate and environmental risks. “While other central banks around the world are going well beyond the steps taken by the SNB in this respect — the SNB has repeatedly taken the position that its mandate does not give it sufficient leeway to take climate risks fully into account in its decisions and monetary policy instruments,” reads the motion, filed on March 16 by Green Party lawmaker Delphine Klopfenstein Broggini. “The present parliamentary initiative is intended to ensure this leeway and to make it clear that the SNB must take climate risks into account when conducting monetary policy.” The motion argues that climate risks are “classified worldwide as significant financial risks that can endanger financial and price stability,” concluding that it is in “Switzerland&r Kampus and his fellow activists hope the national focus on the SNB after the Credit Suisse crisis provides fertile ground to advance concerns about climate risk, which he said poses a risk to the financial system that is “several times larger” than the potential fallout from Credit Suisse’s collapse. “We feel that there is also a window of opportunity on the SNB side in that they maybe this time are a bit more humble, because they obviously also have done some things wrong in terms of the Credit Suisse crash,” Kampus said. He noted that the central bank has always asserted that climate risk was incorporated into its models and that there was “no need for further exchange with the public of further transparency.” Investor who predicted Credit Suisse decline says Swiss banking model is 'damaged' “Very central to the SNB’s work is that the public just needs to trust them. Trust is something that is very important to the central bank, and to demand trust from the public without leading up to it or supporting it with further evidence that we can trust them in the long run is quite scary, especially when we don’t know what their climate model is,” he said. The SNB has long argued that its passive investment strategy, which invests in global indexes, is part of its mandate to remain market neutral, and that it is not for the central bank to engage in climate policy. Activists hope mounting political pressure will eventually force a change in legislation to broaden the SNB’s mandate to accommodate climate and human rights as risks to financial and price stability. UBS and Credit Suisse also faced protests from climate activists at their respective AGMs earlier this month over investment in fossil fuel companies. |
Posted at 12/10/2022 10:58 by la forge Swiss National Bank SNB is actively dumping FANG stocksDino Kurbegovic 27 mins ago 2 mins read Firms in the US are pointing to economic turbulence in the face of the upcoming earnings season, potentially preparing investors for lower guidance. This makes the markets more treacherous within the tech sector, with the Nasdaq 100 total returns slumping for the first time in 13 years. Such market conditions push investors to rotate out of stocks into either cash or haven-like assets, for example, gold. Large hedge funds and banks are not immune to portfolio rotations, where the Swiss National Bank (SNB) has been the largest seller of FANG (an acronym that refers to the stocks of companies Meta, Amazon, Apple, Netflix, and Alphabet) stocks, according to Welt’s Holger Zscaepitz, who took to Twitter on October 11 to show SNB’s balance sheet changes as relating to FANG stocks. SNB balance sheet. Source: Twitter 13F holdings Scanning SNB’s 13F holdings indicate that the bank was and still is a major shareholder in large US high-growth companies such as Amazon (NASDAQ: AMZN), Apple (NASDAQ: AAPL), Tesla (NASDAQ: TSLA), Nvidia (NASDAQ: NVDA), Meta (NASDAQ: META), Netflix (NASDAQ: NFLX) and Alphabet Inc. (NASDAQ: GOOG). Over the past quarter, the bank disposed of $4.2 million worth of AMZN shares, $1.6 million NVDA, $2.5 million TSLA, $9.6 million AAPL, $1.6 million META, $2.6 million GOOG, and $0.3 million NFLX. Swiss franc In the past, the bank decided to invest 94% of its balance sheet outside of Switzerland in an attempt to devalue the Swiss franc back in 2015; however, its balance sheet looked like the one of a hedge fund and not a typical central bank. Such investments have probably brought hefty returns to the bank as the Nasdaq index returned roughly 23% annually since 2010. Profit-taking in a tough environment could be prudent for institutional investors with large funds looking to make outsized returns for their investors. |
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