ZURICH/LONDON (Reuters) – Switzerland’s companies warned of a plunge in exports, tourist revenues and profits after the country’s central bank scrapped its cap on the Swiss franc, sending the currency soaring up to 30 percent and crushing their competitiveness in world markets.
Analysts said the country’s renowned watchmakers and luxury goods companies, including Swatch and Richemont, were likely to be the biggest casualties, with the starkest mismatch between revenues abroad and costs at home.
Switzerland’s #SMI set for biggest one day fall since October 1989
LONDON, Jan 14 (Reuters) – European shares fell on
Wednesday, mirroring a slump in copper and oil prices after the
World Bank cut its global growth forecast for this year.
However, shares trimmed losses after an adviser to Europe’s
top court said an ECB bond-buying programme was legal under some
conditions, potentially smoothing the way for a widely
anticipated quantitative easing package for the euro zone.