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Shortly before Russia's invasion of Ukraine, Raiffeisen Bank International reportedly facilitated cash deliveries totaling over nine billion euros, with some arriving as Russian troops advanced. This financial support has drawn criticism for potentially aiding the Kremlin's military efforts, as the bank continues operations in Russia despite the ongoing conflict.
Speculation about a potential merger between insurers Baloise and Helvetia has resurfaced, driven by major shareholder Cevian's influence. While Baloise shares have underperformed compared to Helvetia, analysts consider the merger scenario unlikely despite its intriguing nature. In financial markets, the US dollar strengthened against major currencies ahead of the Fed's interest rate decision, while oil prices fell due to rising US reserves. The SMI index struggled near the 13,000-point mark as investors awaited key interest rate announcements from both the Fed and the Swiss National Bank.
The Swiss forest has faced significant challenges over the past decade due to extreme weather events and pests. Meanwhile, Allianz experts predict a wave of bankruptcies globally, including in Switzerland, as the economy braces for potential turmoil. In financial news, FINMA's director suggests that tightening capital requirements for UBS could be phased in over several years, emphasizing the need for a careful approach. The treatment of UBS is deemed appropriate given its substantial role in the Swiss economy, and the decision on capital requirements will ultimately rest with parliament.
Goldman Sachs has revised its Brent Crude price forecast down by $5 to a range of $65-80, citing medium-term risks skewed to the downside due to tariff wars and increased OPEC+ supply. The bank anticipates a surplus in the oil market this year, with a projected 200,000-bpd excess, as demand growth lags behind supply. Meanwhile, HSBC echoes these concerns, predicting a surplus in the coming years as supply growth outpaces demand.
Russia is seeking to collaborate with Elon Musk on a potential joint mission to Mars, with discussions expected soon, according to Kirill Dmitriev, a special envoy for President Putin. This initiative aims to enhance the capabilities of Russia's space agency, Roscosmos, and its nuclear corporation, Rosatom, amidst ongoing geopolitical tensions. Dmitriev emphasized the importance of creative progress and the need for international cooperation in space exploration.
Russia is set to engage in discussions with Elon Musk regarding Mars flight plans, as stated by Kirill Dmitriev, President Putin's envoy for international cooperation. Dmitriev emphasized the potential for collaboration in the space sector, aiming to enhance Russia's space agency Roscosmos and its nuclear corporation Rosatom. This initiative comes amid ongoing efforts to restore dialogue between the U.S. and Russia, particularly in light of the conflict in Ukraine.
Goldman Sachs has revised its outlook, stating that $70 is no longer the floor price for Brent crude oil. European stock markets are expected to show minimal fluctuations as investors await key monetary policy decisions, with no anticipated rate changes from major central banks, except for a likely cut from the Swiss National Bank. Geopolitical developments are also on the horizon, with Donald Trump set to meet Vladimir Putin to discuss the Ukraine conflict, while European discussions on increased military spending and infrastructure funding are intensifying.
Gold prices remain near record highs, hovering around $3,000 an ounce, driven by safe haven demand amid trade tariff uncertainties and geopolitical tensions in the Middle East. UBS has raised its price target for gold to $3,200 per ounce, reflecting increased investor interest in gold ETFs as a stable investment during turbulent times.Copper prices are steady, supported by expectations of stimulus measures from China, while concerns over potential U.S. tariffs on copper imports could tighten supplies.
Belinda Bencic has returned to the top 50 in the world tennis rankings, currently sitting at 45 after winning the Abu Dhabi tournament and reaching the quarterfinals at Indian Wells. In Brussels, EU foreign ministers are discussing military aid for Ukraine, with proposals for support ranging from €20 to €40 billion. In the Grisons, an anti-racism week is taking place, featuring 22 events from March 17 to 23, while a tragic avalanche in Valragn has left one climber severely injured. Cuira reported a surplus of over 10 million francs in revenue last year, exceeding budget expectations.
The Swiss bond market saw yields of 0.35% for two-year bonds and 0.767% for ten-year bonds, with the spot interest rate easing to 0.704%. The euro gained against the US dollar, now above 1.09, amid expectations of a supportive fiscal package in Germany and a busy week for central bank announcements, including the Fed and SNB. US stock markets are anticipated to open lower, influenced by Treasury Secretary Scott Bessent's comments on market corrections, while Nvidia shares rose ahead of a key AI conference.
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