Aktuelle Frage im Economics Forum:
„Wie beurteilen Sie die überraschende Aufhebung des Euro-Mindestkurses durch die Schweizerische Nationalbank und auf welche Implikationen sollten sich Investoren nun besonders genau fokussieren?“Current Question in the Economics Forum:
“How do you assess the Swiss national bank’s surprising decision to abandon its currency cap with immediate effect and on which implications should investors especially focus going forward?”
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„The breaking of the Swiss Franc peg with the Euro could potentially hit earnings for Swiss companies. However, it’s a mixed bag, especially given the international nature of businesses listed on the Swiss stock exchange. Many Swiss companies have learnt to deal with an appreciating currency over the years and have adapted their cost bases. Nestle, for example, only has 5% of their total cost base in Switzerland, so any margin squeeze from the currency move should be minimised. Overall, the companies that will fare best are those that have focused on aligning their cost and revenue bases. The Fidelity Switzerland Fund is well-positioned versus the Index. It has greater relative economic exposure to Switzerland than the Index; 15.1% versus 8.1% respectively, leaving it less exposed to downgrades to foreign earnings of companies.“
