Newsletter Archive


After spending close to 400 billion euros on interventions since 2010, the Swiss central bank threw in the towel on Thursday. It was harsh for anyone who has loans in Swiss francs.

Last week Switzerland surprisingly ended the cap on the minimum exchange for the Franc, freeing it to fluctuate, while the key interest rate was cut by half a percentage point to minus 0.75 percent. It got the Swiss franc to bounce up 20 percent.

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In 2015 pessimism will gradually let go of the Eurozone. Money printing and an end to the sanction war with Russia will provide declining risk premiums and a good year for European equities.

"Its morning again in America" was the iconic message from President Reagan in the early 80s. After a decade marked by the loss in the Vietnam War, oil price shocks and economic crises, optimists were an endangered breed.

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The Eurozone celebrated the start of the year with a new member, Lithuania. The next big news from the monetary union will probably be the launch of a "Shock and Awe" monetary printing program.

Right now the fate of the financial markets rests in the hands of Mario Draghi. Not because of the government crisis and the elections in Greece. The Greek elections are important for the Greeks, but not for the Eurozone’s continued existence. Too many firewalls have been raised for that.

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Russia dominated the headlines in 2014. First through the invasion of the Crimea, then the sanction war and now the ruble crisis. What can we expect from our corrupt friends in the east going forward?

Russia is important for the Oslo Stock Exchange for three reasons. Firstly it is the world's largest oil producer. The fall in the ruble exchange rate is negative for the price of oil as it strengthens the Russian producers’ competitiveness in the world markets.

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Despite having rising global stock markets for six years, there is remarkably little euphoria and optimism.

Stock markets are now in their longest bull market since the 90s. Six years into the rally back in the 90s people stood in line to buy mutual funds and internet stocks, while you got free stock tips during taxi rides.

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