Episodes

19h ago

Excerpt from Beyond Markets Podcast, originally published on 01.10.2025. This episode is part of a special two-week series featuring highlights from Julius Baer’s recent Beyond Markets podcasts. Our regular show that starts with daily market news returns on Monday 5th January. Structured products can provide investors with capital protection, enhanced yield, or targeted exposure to specific market scenarios. While they may appear complex to those less familiar with them, this episode of the Beyond Markets podcast aims to demystify these instruments. Helen Freer is joined by two Julius Baer experts, Conrad Bruggisser and Raffaele Perroncello, to explain how structured products work and how they can add value to a portfolio. They also discuss the key risks to consider, why market volatility is relevant and how the products can be tailored to suit different investor profiles. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:37) - Structured products: Conrad Bruggisser, Head of Markets PB Sales & Solutions and Raffaele Perroncello, Head of Cross Asset Sales (07:07) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

3d ago

In trading yesterday, lower inflation led the way, technology earnings brightened the day. A UK cut, the ECB’s soft tone, sent markets climbing, risk well-known. Across the seas, Japan stood tall, rates are the highest since the mid-2006 call. And to close the year with rhythmic cheer, Tim Gagie, Head of FX Advisory Geneva, penned a verse sincere. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:52) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:24) - A festive FX poem: Tim Gagie, Head of FX/PM PB Geneva (08:24) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

4d ago

Markets showed little festive spirit yesterday with almost all equity markets globally declining as investors continued to rotate out of key artificial intelligence names. The sell-off was triggered by concerns around financing issues of a data centre project in the US. In contrast, energy and financial sectors outperformed, supported by rising oil prices and dovish remarks from a Federal Reserve member ahead of today’s key events: interest rate decisions by the ECB and BoE, as well as the release of US inflation data. On today’s show, Norbert Rücker, Head of Economics & Next Generation Research, provides deeper insights into the oil market, while Nicolas Jordan, CIO Strategy & Investment Analysis, discusses asset allocation strategies for the coming year. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:34) - Markets wrap-up: Jan Bopp, Product & Investment Content (06:26) - Oil: Norbert Rücker, Head of Economics & Next Generation Research (12:36) - Update from the CIO Office: Nicolas Jordan, CIO Strategy & Investment Analysis (17:44) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

5d ago

Markets digested a mix of headlines yesterday. In the US, the latest jobs report pointed to a resilient but cooling labour market. US equities were mostly subdued, though Tesla stole the spotlight with a record-breaking rally on robotaxi optimism. Oil prices swung sharply, first falling on hopes of a Russia-Ukraine peace deal before rebounding on renewed geopolitical tensions, while gold edged higher as uncertainty lingered. In Europe, defence stocks slipped as peace talks gained traction, and the EU made waves by reversing its planned ban on combustion-engine cars. Asian markets were broadly higher, buoyed by strong export data from Japan. We’re joined by Dario Messi, Head of Fixed Income Research, for an update on bond markets and central banks, and Mathieu Racheter, Head of Equity Strategy Research, who shares insights on their recent upgrade of Swiss equities and their views on the financials sector. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:38) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (06:50) - Bond market update: Dario Messi, Head of Fixed Income Research (11:02) - Equity market update: Switzerland and financials: Mathieu Racheter, Head of Equity Strategy Research (15:28) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

6d ago

European equities rallied after industrial production data came in stronger than expected, while Wall Street traded cautiously ahead of a packed schedule of key labour‑market and inflation releases between today and Thursday. The US dollar, oil, gold, and bitcoin all slipped as investors absorbed a noisy flow of macro headlines. On today’s show, Dr. Damien Ng from Next Generation Research joins us to discuss the latest developments in biotech - and why he believes the outlook for the sector is finally brightening after years of underperformance. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:38) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (06:01) - A pivotal year for biotechnology: Damien Ng, Next Generation Research (11:12) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Dec 15

The story that started with Oracle in the middle of last week continued with Broadcom on Friday. Despite its earnings and guidance actually breezing past expectations, the company's stock had lost 11% by the end of the day, and this filtered through to other tech names in both the US and Europe. Asia is also lower this morning with China in particular delivering some disappointing growth data. Nevertheless, gold and silver continue to climb and on today’s podcast our Head of Technical Analysis, Mensur Pocinci, weighs in with the technical view on whether the rally can continue. He also explains why he believes that most investors are underestimating how weak the US dollar is as we head towards year end. Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Dec 12

Equities rallied broadly following the Federal Reserve’s post-rate-cut communication, though big tech underperformed amid concerns over valuations and leverage. At the same time, precious and industrial metals regained investor attention as the US dollar weakened and expectations for Chinese stimulus grew. Today, we’re joined by Tim Gagie, Head of FX Advisory in Geneva, who shares his insights on the recent dynamics in currency and metal markets. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:28) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (06:08) - FX and metals update: Tim Gagie, Head of FX/PM PB Geneva (10:41) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Dec 11

The US Federal Reserve cuts rates to 3.5%–3.75% but three dissenting members signal deepening divisions. It surprises with a new bond buying programme to start in the coming days. US small caps moved to an all-time high, US Treasury yields dipped, and the USD fell. Yet, Oracle’s outlook and additional financing needs are unsettling investors. Nasdaq futures and Asian technology stocks are lower. In Japan, strong demand at a 20-year bond auction eases yield pressures. With a record high in silver and gold close to its recent highs, Carsten Menke, Head of Next Generation Research, delivers our outlook on the two metals following the Fed decision. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:56) - Markets wrap-up: Mike Rauber, Product & Investment Content (07:21) - Gold and silver: Carsten Menke, Head of Next Generation Research (11:05) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Dec 10

We’ll finally get the last monetary policy decision of the year from the US central bank today and a 25 basis point cut is firmly priced in. Almost more important will be the dot plot, economic projections, and comments from Jerome Powell after the main event. Global equity markets have been relatively muted in the last 24 hours aside from some company specific news that you can catch up on in today’s podcast. Strong earnings growth and an accommodative Fed are a strong backdrop going forwards, as detailed by Mathieu Racheter, Head of Equity Strategy Research, who also provides more clarity on his recent downgrade of Industrials to Neutral. He even provides a sneak peek at his preferred sectors for 2026. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:28) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (05:52) - Equity market update and industrials downgrade: Mathieu Racheter, Head of Equity Strategy Research (11:15) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Dec 9

Financial markets were largely subdued yesterday, as investors awaited tomorrow’s pivotal Fed rate decision. But the corporate world was anything but quiet with Paramount challenging Netflix in the hostile bid for Warner Bros Discovery. Asian markets were mixed, oil prices eased on hopes for progress in Ukraine, and gold dipped ahead of the Fed decision. In tech, President Trump surprised markets by allowing Nvidia to export its H200 chips to China. Joining us today is Damien Ng from Next Generation Research, who shares the latest developments in Alzheimer’s research and provides an update on the extended longevity investment theme. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:31) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (05:43) - Alzheimer’s developments & update on longevity investment view: Damien Ng, Next Generation Research (10:00) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Dec 8

Equities ended the week higher with US personal consumption expenditure data signalling easing inflation and bolstering expectations of a Fed rate cut this week. Meanwhile, Netflix’s blockbuster USD 72 billion Warner Bros. Discovery acquisition could shake up the streaming and entertainment landscape if approved. Joining today’s show is Markus Wachter from our Technical Analysis team. He talks about the outlook for the US dollar; gold, silver, and copper, and why he expects a year-end rally for equities. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:27) - Markets wrap-up: Jann Bopp, Product & Investment Content (06:09) - Technical Analysis update: Markus Wachter, Technical Analysis (08:16) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Dec 5

Data showed low US jobless claims contrasting with continued corporate layoffs, leaving rate cut expectations for next week intact. This helped US small caps to outperform. Onshore China shares are rising following strong demand for the second-largest IPO this year. Global central banks now hold more gold than US Treasuries for the first time in 30 years. Tim Gagie, Head of FX Advisory Geneva, talks about volatile metals this week and what FX trading in a narrow range means for investors. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:24) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:33) - FX and metals update: Tim Gagie, Head of FX/PM PB Geneva (10:31) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Dec 4

Markets are now pricing in an 89% chance of a rate cut by the Fed next week after November private payrolls data surprised, revealing 32,000 jobs were cut (instead of the expected 40,000 added). US indices closed marginally higher on the day, with Asian markets following suit. Japan’s 30-year government bond auction saw good demand, but JGB yields remain high as markets anticipate a rate hike. Carsten Menke, Head of Next Generation Research, joins the podcast to talk about silver - its remarkable rally and whether it is justified, and what might happen next. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:24) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (06:06) - Silver: Carsten Menke, Head of Next Generation Research (09:25) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Dec 3

Equity markets staged a cautious rebound yesterday, with major indices posting modest gains. In Europe, utilities led the advance, lifting the broader market, while in the US, leadership came from big tech and AI-related stocks. Sentiment was buoyed by SoftBank founder Masayoshi Son’s revelation that he was “practically crying” to sell the company’s Nvidia stake, alongside a strong earnings report from MongoDB. However, not all segments participated in the rally – precious metals lagged, and the energy sector saw a notable reversal. Meanwhile, DarioMessi, Head of Fixed Income Research, discusses expectations surrounding the still-pending appointment of a new Fed Chair for next year and how the bond market is digesting this transition. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:28) - Markets wrap-up: Jan Bopp, Product & Investment Content (06:29) - Bond market update: Dario Messi, Head of Fixed Income Research (10:34) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Dec 2

Stocks and bonds declined amid company-specific developments and concerns over bond supply, as investors prepare for a record-level issuance of investment-grade debt in the coming days. Additionally, rising expectations of an imminent interest rate hike in Japan further pressured yields upward. In today’s programme, we welcome Manuel Villegas from Next GenerationResearch, who shares his insights on the future trajectory of artificial intelligence - and addressesthe pressing question: Is AI experiencing a bubble? (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:28) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (07:08) - Artificial Intelligence update: Manuel Villegas, Next Generation Research (12:38) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Dec 1

November closed with markets focused on hopes of a Fed rate cut, which overshadowed fears of an AI bubble. The S&P 500 made strong gains in a holiday-shortened week, while technology lagged, leaving the Nasdaq down in November for the first time after seven months of gains. European equities ended the month slightly higher, supported by the strong outperformance of Switzerland’s SMI last week. Silver is hitting new highs, while gold is also climbing. In Asia, Chinese PMI data disappointed, while India stood out with 8.2% GDP growth in the third quarter. The head of Japan’s central bank hinted at a rate rise during a speech on Monday. Mensur Pocinci, Head of Technical Analysis Research, shares his views on the USD, precious metals, and his outlook for US equities. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:28) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:31) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (09:51) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Nov 28

The US Thanksgiving holiday has given stock markets globally a brief pause following the strong performance earlier in the week. With Asian markets trading mixed this morning, attention shifts to key eurozone inflation data, while US markets resume trading for a shortened session. In today’s programme, we welcome Nicolas Jordan from the CIO Office, who discusses the concerns around potential cracks in the artificial intelligence capital expenditure cycle. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:28) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (06:23) - Update from the CIO Office: Nicolas Jordan, CIO Strategy & Investment Analysis (11:29) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Nov 27

Markets are now pricing in an almost 85% probability of a 25 basis point rate cut by the Fed in December – this boosted tech stocks and others followed suit, prompting a global rally. US markets will be shut today for the Thanksgiving holiday, and the Black Friday shopping bonanza will start tomorrow when the US market will reopen for a shortened trading session. Norbert Rücker, Head of Economic and Next Generation Research, joins the show with a timely update on energy markets and what’s driving them currently. And Tim Gagie, Head of FX Advisory Geneva, rounds off the podcast by highlighting the latest moves in Sterling after the UK budget as well as this week’s action in preciousmetals. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:38) - Markets wrap-up: Jan Bopp, Product & Investment Content (06:44) - Energy Markets: Norbert Rücker, Head of Economics & Next Generation Research (11:41) - FX and metals update: Tim Gagie, Head of FX/PM PB Geneva (15:56) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Nov 26

Equity markets continue to rally amid improving investor sentiment and rising expectations of further US interest rate cuts. Meanwhile, oil prices are trading lower, driven by signs of de-escalation efforts in relation to Russia’s war in Ukraine. In today’s programme, we are joined by Nenad Dinic, Equity Strategy Research analyst, who shares his insights on why a stronger Japanese yen is unlikely to hinder the ongoing rise of Japanese equities. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:31) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (06:44) - Japan update: Nenad Dinic, Equity Strategy Research (17:28) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Nov 25

US equities, led by technology, rallied as confidence in artificial intelligence strengthened and rate-cut expectations grew. European defence stocks slipped amid ongoing Ukraine peace talks. Novo Nordisk tumbled, while Bayer surged on positive trial results. In Asia, Taiwan tensions kept trading cautious. Manuel Villegas of Next Generation Research discusses the outlook for digital assets after last week’s sharp price drop. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:31) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:19) - Digital assets update: Manuel Villegas, Next Generation Research (10:37) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Nov 24

Last week brought significant market shifts — from concerns about bursting investment bubbles to potential peace talks in Ukraine, and a major milestone for Eli Lilly. The S&P 500 posted its second decline in three weeks, while the Nasdaq recorded a third consecutive weekly drop. However, on Friday, US markets stabilised after dovish remarks from a prominent Federal Reserve official, with most stocks closing higher. Mensur Pocinci, Head of Technical Analysis, explains why this is a positive signal and why last Thursday’s sharp intraday reversal, though counterintuitive, is technically a bullish indicator. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:24) - Markets wrap-up: Jan Bopp, Product & Investment Content (06:16) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (08:45) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Nov 21

Stock markets swung sharply as NVIDIA’s post-earnings rally reversed into losses, triggering a sell-off on Wall Street. Robust US employment data and hawkish signals from US Federal Reserve officials dampened hopes of interest rate cuts, while defensive sectors held firm and oil prices slipped amid Ukraine peace talks. Japan unveiled a new stimulus package—the largest since the Covid crisis. Tim Gagie, Head of FX Advisory in Geneva, discusses how investors are navigating tough choices amid persistent volatility in precious metals, mixed economic indicators, and shifting currency flows, including notable Swiss franc selling this week. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:27) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:52) - FX and metals update: Tim Gagie, Head of FX Advisory Geneva (10:58) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Nov 20

NVIDIA CEO Jensen Huang shrugged off concerns about an AI bubble on Wednesday, as the company surprised Wall Street with accelerating growth after several quarters of slowing sales growth. Technology-heavy indices in Asia are trading significantly higher this morning. Defence companies came under selling pressure after news of a potential US peace plan for Ukraine. Oil also fell on the news. Norbert Rücker, Head of Economics and Next Generation Research, shares his latest view on the black gold and dives deeper into the topic of data centres and related energy demand. (00:00) - Introduction: Mike Rauber, Product & Investment Content (00:38) - Markets wrap-up: Jan Bopp, Product & Investment Content (06:50) - Oil / data centres and rising electricity prices in the US: Norbert Rücker, Head of Economics and Next Generation Research (13:38) - Closing remarks: Mike Rauber, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Nov 19

Investors grew increasingly cautious ahead of today’s highly anticipated NVIDIA earnings release, scheduled after market close in New York. The uncertainty weighed on equities, pushing stock indices lower and widening credit yield spreads. Notably, the equal-weighted S&P 500 held up relatively well, indicating that the downturn was not broad-based. Joining us today is Dario Messi, who shares his insights on navigating fixed income markets amid the current macroeconomic backdrop. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:31) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (07:38) - Fixed income update: Dario Messi, Head of Fixed Income Research (12:58) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Nov 18

Equity markets saw another sharp decline yesterday as investors awaited Wednesday’s earnings report from artificial intelligence leader Nvidia and a closely watched US jobs report later this week. Sentiment was already fragile, and news that a prominent hedge fund had sold its Nvidia stake added further pressure. Our Chief Economist, David Kohl, shares his outlook on the upcoming wave of US economic data following the end of the government shutdown and explains what these developments could mean for the Federal Reserve’s monetary policy trajectory. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:28) - Markets wrap-up: Jan Bopp, Product & Investment Content (05:50) - With US data delivery resuming, what next for the Fed?: David Kohl, Chief Economist (11:45) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Nov 17

After a rollercoaster session US equities rebounded by Friday’s close, with technology even ending the day in positive territory. Europe had earlier closed lower, mirroring Thursday’s US tech selloff. Overnight, Korean technology stocks drove the Kospi higher but China and Japan’s geopolitical tensions over Taiwan weighed on the broader market. Japan’s travel and tourism sectors took a hit today after China warned its citizens not to travel there. When it comes to the week ahead, watch out for the Fed minutes, a raft of US data being unleashed after the shutdown, and Nvidia’s all-important results on Wednesday. Mensur Pocinci, Head of Technical analysis covers likely trajectories for gold and the US dollar in today’s podcast, as well as revealing what the charts say about a year-end rally. (00:00) - Introduction: Roman Canziani, Head of Product & Investment Content (00:38) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (06:03) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (08:40) - Closing remarks: Roman Canziani, Head of Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Nov 14

Markets turned risk-off after early optimism. European stocks reversed gains, with the STOXX 600 down 0.6%. In the US, hawkish Federal Reserve comments erased the relief rally: the Nasdaq dropped 2.3%, Bitcoin fell back below USD 100,000, and gold eased slightly. Odds of a December rate cut slipped to 50% following remarks by several Fed members, lifting US Treasury yields. US president Trump plans tariff cuts on food imports to tackle inflation. Brent crude rebounded from midweek losses. The dollar softened, the Swiss franc strengthened, the yen hit a record low against the euro, and sterling remains volatile. Weak Chinese data weighed on Asian equities, led by technology losses. Tim Gagie, Head of FX Advisory Geneva, highlights that precious metals are trading with equity-like dynamics, the CHF goes from strength to strength, while the Japanese yen is under pressure. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:28) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:30) - FX and metals update: Tim Gagie, Head of FX Advisory Geneva (10:51) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Nov 13

We need to exclude tech stocks though. Whilst the S&P 500 rose, and the Dow Jones closed above 48,000 for the first time ever, the Nasdaq Composite closed lower yesterday, with investors further rotating out of technology and into industrials, financials and healthcare stocks. News of the end of the US government’s longest ever shutdown also provided a muted boost to Asia’s stock markets.European stocks closed broadly higher, continuing their upward trend this week. Even gold saw a relief rally. Carsten Menke, Head of Next Generation Research joins the podcast today to try to make sense of just what is driving the current rebound in the precious metal markets. (00:00) - Introduction: Jan Bopp, Product & Investment Content (00:41) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (06:14) - Gold & silver: Carsten Menke, Head of Next Generation Research (10:16) - Closing remarks: Jan Bopp, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Nov 12

European equities hit fresh highs, led by Swiss stocks on tariff hopes. In the US, the Dow Jones Industrial Average finished Tuesday’s session also at record levels while the Nasdaq Composite faced pressure after SoftBank exited its Nvidia stake and investors moved money away from technology stocks into other parts of the market. Joining the show today are Dario Messi, Head of Fixed Income Research, who discusses the potential end of the US shutdown from a bond perspective, and Mathieu Racheter, Head of Equity Strategy Research, who shares his view on the final inning of the Q3 earnings season and why he thinks healthcare is in a good place. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:31) - Markets wrap-up: Jan Bopp, Product & Investment Content (05:36) - US corporate credit update: Dario Messi, Head of Fixed Income Research (09:54) - Earnings season, and a sector upgraded to Overweight: Mathieu Racheter, Head of Equity Strategy Research (14:21) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Nov 11

Markets staged a broad-based rebound yesterday, driven by optimism that the US government shutdown may soon be resolved. Equities rallied, led by tech, while both Bitcoin and gold also moved higher. In Asia, early gains faded after China signalled potential restrictions on rare earth exports, and Japan’s bond auction underwhelmed. We also cover Fed Governor Miran’s dovish comments, ongoing delays in US economic data, and what to watch during today’s Veterans Day trading session. Joining us is Manuel Villegas from Next Generation Research, who shares his thoughts on Bitcoin’s Q4 performance so far, which has been overshadowed by broader economic uncertainty. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:31) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (06:22) - Crypto assets update: Manuel Villegas, Next Generation Research (11:17) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Nov 10

After a volatile week in equity markets – driven by valuation concerns surrounding tech and AI-related companies – stocks are climbing this morning on news that the US government shutdown may soon come to an end. Gold is also on the rise, potentially signalling the conclusion of its brief consolidation phase. Today, we’re joined by Mensur Pocinci, Head of Technical Analysis, who shares his insights on why he believes the year-end rally is gaining momentum. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:31) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (07:15) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (10:10) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Nov 7

Outplacement firm Challenger reported over 150,000 job cuts in October – the highest for the month of October in more than 20 years. US Treasury yields fell sharply, raising expectations of a December Fed rate cut, although some officials remain cautious. AI-related stocks dragged markets lower, but the selling was selective. In Europe, German industrial output beat forecasts but remains weak; while the Euro Stoxx 50 fell on disappointing earnings. In Asia, China’s exports unexpectedly declined for the first time in eight months. Richard Tang, Head of Research in Hong Kong, discusses the lack of short-term catalysts for China’s equity markets and our outlook on the AI investment theme, which is key to markets in Japan, South Korea, and Taiwan. (00:00) - Introduction: Helen Freer, Investment Writing (00:31) - Markets wrap-up: Mike Rauber, Product & Investment Content (07:19) - Asia update – Japan, Korea and China: Richard Tang, Head of Research Hong Kong (13:50) - Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Nov 6

US, European and Asian markets have all reacted positively to news in the US yesterday. Private payrolls and ISM data revealed that the economy is more resilient than had been feared. Advanced Micro Devices’ Q3 earnings beat expectations, and their tide lifted other AI boats globally. And the Supreme Court hinted that it may well place limits on President Trump’s tariffs, although we’ll have to wait a while for any decision there. Our Head of Next Generation Research, Carsten Menke, provides insights into the rollercoaster ride that copper has been on recently, sharing his thoughts on what might come next. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:28) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (06:58) - Copper: Carsten Menke, Head of Next Generation Research (11:05) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Nov 5

Global markets retreated yesterday as investors took a closer look at lofty AI valuations. The US dollar climbed to a three-month high, supported by persistent inflation concerns and the ongoing government shutdown. Commodities came under pressure, with both gold and oil slipping, while crypto markets saw sharp declines amid broader risk-off sentiment. In Asia, tech-led losses weighed on indices, and minutes from the Bank of Japan revealed a growing internal debate over potential rate hikes. Joining the show today are Dario Messi, Head of Fixed Income Research, who discusses the US public debt dynamics, and Mathieu Racheter, Head of Equity Strategy Research, who shares insights on Q3 hyperscaler earnings, the AI bubble, and emerging market equities. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:35) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (07:13) - Bond market update: Dario Messi, Head of Fixed Income Research (11:21) - Q3 earnings season update: Mathieu Racheter, Head of Equity Strategy Research (16:49) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Nov 4

Stock markets edged higher during the European and US trading sessions, buoyed by earnings and renewed investor enthusiasm around AI-driven deals and ahead of Palantir's highly anticipated earnings release after the close. Although the company surpassed earnings expectations, its share price tumbled post-market as concerns emerged over its current valuation. In today’s discussion, we’re joined by Manuel Villegas from Next Generation Research, who provides insight into the evolving opportunities and risks within the AI ecosystem. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:24) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (06:34) - Artificial Intelligence update: Manuel Villegas, Next Generation Research (10:25) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Nov 3

Markets were buoyed by solid tech earnings, a positive Trump–Xi meeting, and a wave of AI-related deals last week. Nvidia single-handedly created an entire country’s economy in five days. Outside the tech sector, however, equity performance was more muted. European markets lagged, weighed down by persistent inflation and cautious central bank messaging. Meanwhile, emerging market equities posted their strongest year-to-date rally since the dawn of the internet era. Joining the show is Markus Wachter from our Technical Analysis team. He shares insights on what seasonality suggests for the remainder of the year, what US equity market internals are signalling, and why copper may be on the verge of a secular breakout. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:47) - Markets wrap-up: Jan Bopp, Product & Investment Content (06:40) - Technical Analysis update: Markus Wachter, Technical Analysis (08:47) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 31

US Markets closed slightly lower on Thursday after hyperscaler earnings raised concerns about increasing AI spending, but Apple and Amazon results after the close provided a boost to futures. The mood was further elevated by an agreement between China and the US that seemingly delays the trade war by a year. To date, October 2025 is bucking the historical trend, with the big three US indices all in positive territory. Our Chief Economist, David Kohl, assesses this week’s central bank action and what to expect policy-wise going forwards. And Tim Gagie, Head of FX Advisory Geneva, provides a round up of what he is seeing with the Japanese yen, the US dollar and the euro, as well as the latest on silver and gold. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:34) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (06:43) - Central bank meetings: David Kohl, Chief Economist (13:03) - FX and metals update: Tim Gagie, Head of FX/PM PB Geneva (17:10) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 30

The US Federal Reserve delivered a widely anticipated rate cut, but growing divisions among policymakers spooked markets. Strong AI-driven spending fuelled big-tech earnings, but the outlooks dented the bullish mood. Eurozone markets gained on robust banking performance, while the main indices in the UK and Spain hit another all-time high. The Bank of Japan opted to leave rates unchanged at its meeting today. The meeting between Presidents Trump and Xi ended and has eased some global trade concerns – but underlying tensions persist. Norbert Rücker, Head of Economics and Next Generation Research, talks about rare earths as well as oil in light of the latest sanctions. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:31) - Markets wrap-up: Mike Rauber, Product & Investment Content (07:41) - Oil and rare earths: Norbert Rücker, Head of Economics & Next Generation Research (13:05) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 29

As European markets experience some profit-taking ahead of key central bank meetings, all major US stock indices closed at record highs. However, market breadth remains narrow, driven primarily by gains in just a few mega-cap technology stocks. Today, we welcome Dario Messi, Head of Fixed Income Research, who shares his outlook on upcoming interest rate decisions from the Federal Reserve and the European Central Bank – and what these developments could mean for fixed income investors. (00:00) - Introduction: Lucija Caculovic, Product & Investment Content (00:35) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (07:54) - Fixed income & central banks: Dario Messi, Head of Fixed Income Research (13:09) - Closing remarks: Lucija Caculovic, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 28

Global equity markets rallied as optimism around US-China trade negotiations lifted investor sentiment. European trade-sensitive sectors led early gains, while Wall Street closed at new record highs, driven by strong performances in chip stocks. Gold sold off sharply and oil prices dipped. In tech, Qualcomm surged on its AI pivot, while AMD partnered with the US government on supercomputing. Argentina’s markets soared following political developments, and Japan signed new trade deals with the US. Joining the show today are Mathieu Racheter, Head of Equity Strategy Research, who shares insights on the unfolding earnings season, and Manuel Villegas, Next Generation Research, who covers the latest developments in crypto assets. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:31) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (06:36) - Earnings Season update: Mathieu Racheter, Head of Equity Strategy Research (09:33) - Latest news on Crypto assets: Manuel Villegas, Next Generation Research (13:20) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 27

Global stocks rose on renewed optimism that the United States and China are nearing a trade agreement. The upbeat sentiment also lifted commodity prices, with copper and oil posting gains. In contrast, Treasuries declined and gold slipped. Looking ahead, investors face a pivotal week featuring interest rate decisions from four G7 central banks and earnings reports from five of the ‘Mag-7’ tech giants—Microsoft, Alphabet, Meta, Apple, and Amazon. Joining the show is Markus Wachter from our Technical Analysis team. He discusses the significance of Japan’s Nikkei breaking above the 50,000-point level and shares his outlook on the Swiss franc, anticipating the end of a prolonged consolidation phase. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:25) - Markets wrap-up: Jan Bopp, Product & Investment Content (06:32) - Technical Analysis update: Markus Wachter, Technical Analysis (09:54) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 24

Oil prices spiked over 5% after the US imposed fresh sanctions on Russia’s top crude producers. Meanwhile, equity markets rallied on strong corporate earnings, with European luxury and US tech stocks leading the charge. The Swiss National Bank released its first-ever policy minutes, offering insights into its current stance. In Asia, markets gained ahead of President Trump’s upcoming visit to the region, where trade and security talks with China’s President Xi are in focus. Richard Tang, Head of Research Hong Kong, joins us to share his views on China, Japan, and Singapore. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:31) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (06:28) - Asia update: Richard Tang, Head of Research Hong Kong (11:41) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 23

European and US stocks moved lower in yesterday’s trading sessions, with earnings releases and new mooted curbs on US software exports to China doing nothing to boost the trading mood. Asia’s equity markets also reacted negatively to the escalation in trade tensions. Oil prices jumped about 3% last night after the US administration imposed further sanctions on Russia’s two largest crude companies, Rosneft and Lukoil, aiming to harm the Kremlin’s ability to raise revenue to fund its war against Ukraine. Our Head of Equity Strategy Research, Mathieu Racheter, joins the podcast to provide an update on a – so far – strong US earnings season. He explains why next week is the one to watch out for though, as it should reveal whether or not AI momentum is still building. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:31) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (06:11) - Earnings season update: Mathieu Racheter, Head of Equity Strategy (10:22) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 22

European and US equity markets were mixed yesterday, with gains from strong earnings offset by declines in mining stocks. French shares reached record highs despite political uncertainty. The Dow Jones Industrial Average hit a new peak following robust earnings. US Treasury yields fell on weak data; gold and silver saw steep declines; the USD strengthened, and the Swiss franc approached record highs amid resilient exports. India and the US are reportedly negotiating a trade deal involving lower tariffs and reduced Russian oil imports. Carsten Menke, Head of Next Generation Research, provides his timely take on one of the sharpest declines in precious metals in years. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:21) - Markets wrap-up: Mike Rauber, Product & Investment Content (07:04) - Gold update: Carsten Menke, Head of Next Generation Research (10:38) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 21

Stocks bounce back on diminishing fears regarding US regional bank credit quality and positive earnings reports. Meanwhile, French assets lag on the back of waning investor confidence and company specific news in the banking sector, and the gold rally continues. Today, we are joined by Eirini Tsekeridou from Fixed Income Research, who shares her thoughts on French bonds after the downgrade, on Argentina ahead of the mid-term elections on Sunday, and the credit jitters among US regional banks. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:54) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (06:28) - Bond market update: Eirini Tsekeridou, Fixed Income Research (12:21) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 20

Markets swung wildly last week as easing US-China trade tensions clashed with fresh regional bank fears. While Wall Street rebounded on Friday, Europe lagged amid banking and defence sector woes. Bond yields fell, gold slipped, and this morning Asia rallied on Japanese political shifts. All eyes now turn to earnings and US inflation data later this week. Mensur Pocinci, Head of Technical Analysis, explains why he still likes gold and why he expects equity markets to kick-off a year-end rally. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:27) - Markets wrap-up: Jan Bopp, Product & Investment Content (05:51) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (09:21) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 17

US stocks opened higher yesterday, but then reversed course. Small caps underperformed, and market volatility rose amid credit concerns at regional banks. In Europe, Swiss and French equity markets outperformed, supported by positive corporate news and France temporarily avoiding a political crisis. Gold extended its record-breaking rally. The yield on the 10-year US Treasury fell below a key threshold, reflecting weak economic data and dovish comments from Federal Reserve Governor Christopher Waller. Mathieu Racheter, Head of Equity Strategy, shares his insights on bank earnings and talks about US vs European banks. Tim Gagie, Head of FX & PM Solutions in Geneva, discusses key considerations amid the rally in precious metals and the recent pullback in the US dollar. (00:00) - Introduction: Lucija Caculovic, Product & Investment Content (00:34) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:42) - Earnings season: Mathieu Racheter, Head of Equity Strategy Research (09:25) - Currencies and metals: Tim Gagie, Head of FX/PM PB Geneva (13:46) - Closing remarks: Lucija Caculovic, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 16

Global equities rebounded midweek, driven by a sharp rally in European luxury stocks and strong earnings from major US banks. US-China trade tensions remain in focus, with Treasury Secretary Bessent reaffirming a firm stance. The AI theme continues to dominate headlines, supported by major deal announcements and robust earnings results. In commodities, both gold and oil are trading higher this Wednesday morning. Gold is benefiting from its safe-haven appeal, while oil prices are rising on reports that India may reduce its purchases of Russian crude. Today’s show features Nicolas Jordan from the CIO Office, who shares his insights on the US equity market, China, and gold. (00:00) - Introduction: Mike Rauber, Product & Investment Content (00:34) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (07:43) - Update from the CIO Office: Nicolas Jordan, CIO Strategy & Investment Analysis (13:27) - Closing remarks: Mike Rauber, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 15

Equities fluctuated on mixed US–China trade signals and a speech by the US Federal Reserve Chair, which suggested that the central bank may be ready to halt balance sheet reduction. This boosted small-cap stocks and non-technology sectors, while robust bank earnings added momentum. Asian markets rose, although China lagged due to data indicating persistent deflationary pressures. Gold reached new highs, whereas oil declined amid supply concerns. Sophie Altermatt, Macro & Next Generation Research, shares our perspective on the tense US–China trade negotiations. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:27) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:44) - Developments in China: Sophie Altermatt, Macro & Next Generation Research (10:23) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 14

President Trump’s Sunday post – “Don’t worry about China, it will all be fine” – boosted stock markets yesterday, with further positive AI-specific headlines also providing fuel to a rally that saw the main indices clawing back a good part of their losses from Friday’s sell-off. News overnight that China is imposing curbs on American units of South Korean shipbuilder Hanwha Ocean Co. have seen markets in Asia retreat and US futures drop. Gold and silver were the winners, yet again. Manuel Villegas, Next Generation Research, joins the podcast today to bring an update on Bitcoin, explaining why crypto assets are also impacted by geopolitical risks. (00:00) - Introduction: Jan Bopp, Product & Investment Content (00:31) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (06:04) - Digital assets update: Manuel Villegas, Next Generation Research (09:19) - Closing remarks: Jan Bopp, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 13

Global markets tumbled on Friday following renewed trade war fears sparked by President Trump’s aggressive rhetoric towards China. Major global indices saw sharp declines, while gold surged past USD 4,000 an ounce. In Europe, political uncertainty in France added to the risk-off mood, with President Macron’s surprise reappointment of Lecornu facing immediate opposition. Meanwhile, China’s latest trade data showed unexpected resilience, and Japan saw a shift in its political landscape with the dissolution of its ruling coalition. Joining us today is Mensur Pocinci, Head of Technical Analysis, who shares his insights on the market fallout. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:24) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (06:35) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (09:35) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 10

After a strong rally, US and European markets paused, with major indices closing lower amid a more cautious mood. In Europe, Ferrari’s downward revision to guidance and HSBC’s restructuring in Hong Kong weighed on sentiment, even as Germany’s DAX reached a fresh intra-day high. Geopolitical developments dominated headlines, with Israel and Hamas agreeing to a ceasefire. Gold and oil prices retreated on the news. Meanwhile, silver surged past USD 50 an ounce for the first time ever yesterday. China’s expanded restrictions on rare earth exports triggered a rally in US mining stocks, underscoring strategic tensions in global tech supply chains. In fixed income, US Treasury yields edged slightly higher amid ongoing uncertainty around a potential government shutdown, and Fed Governor Barr cautioned against premature rate cuts. In Asia, South Korea’s Kospi outperformed, buoyed by strong performances from AI-driven chipmakers. Joining us today is Tim Gagie, Head of FX & PM Solutions in Geneva, who shares insights on precious metals, the US dollar, and the Japanese yen. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:27) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (06:20) - FX and metals markets: Tim Gagie, Head of FX Advisory Geneva (10:00) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 9

European and US equities edged higher as gold held above USD 4,000/oz amid ongoing economic and political uncertainty. Despite strong travel data, Chinese consumer sentiment remains weak, while Germany’s industrial downturn fuels structural concerns. With the Fed maintaining a dovish stance and political tensions easing in France, investors turn to upcoming earnings and central bank cues. Today, we’re joined by Mathieu Racheter, Head of Equity Strategy Research, to discuss his outlook for the Q3 earnings season. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:24) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (06:21) - Q3 Earnings season preview: Mathieu Racheter, Head of Equity Strategy Research (13:34) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 8

Global equity markets paused after a strong rally, with US equities dipping slightly and bringing an end to a seven-day winning streak as Oracle’s weak cloud margins raised concerns about profitability in AI infrastructure. European stocks remained flat, though French luxury brands outperformed. Airbus broke a major commercial barrier when its A320 family of planes overtook the Boeing 737 to become the most delivered jetliner in history. In currencies, the yen and euro weakened amid political shifts, while the US dollar strengthened. Meanwhile, gold surged past USD 4000 per ounce, continuing its record-breaking run. To talk about what is behind the recent rally and the outlook for this precious metal, we are joined by Carsten Menke, Head of Next Generation Research. Also on the show today is Richard Tang, Head of Research Hong Kong, who shares his insights on Japan and China – and what recent developments mean for global investors. (00:00) - Introduction: Lucija Caculovic, Product & Investment Content (00:38) - Markets wrap-up: Jan Bopp, Product & Investment Content (05:56) - Gold: Carsten Menke, Head of Next Generation Research (10:17) - Japan & China: Richard Tang, Head of Research Hong Kong (16:21) - Closing remarks: Lucija Caculovic, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 7

Major US equity indices, from small caps to tech, hit fresh highs yesterday, spurred by strong corporate news – from semiconductors to banking deals. Political uncertainty in France and Japan lifted bond yields, weakened the yen and euro, and drove gold towards the historic USD 4,000 per ounce level, while oil rose on a modest OPEC+ output increase. Eirini Tsekeridou, Fixed Income Research, assesses the outlook for France following the surprise resignation of its prime minister. Manuel Villegas, Next Generation Research, sees the AI investment surge as a boom – not (yet) a bubble. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:31) - Markets wrap-up: Mike Rauber, Product & Investment Content (05:48) - Impact of French politics on markets: Eirini Tsekeridou, Fixed Income Research (08:07) - Cloud computing and Artificial Intelligence update: Manuel Villegas, Next Generation Research (12:19) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 6

Japanese equities surge to fresh record highs as Sanae Takaichi – known for being pro-stimulus - has won the LDP leadership and is likely to become the country's first female prime minister. Consequently, Japanese government bond yields have risen, while the yen weakened against major currencies. Meanwhile, both bitcoin and gold extended their rallies, reaching new highs as investors seek out alternative stores of value. Today, we welcome Mensur Pocinci, Head of Technical Analysis, who shares his insights on whether the current momentum behind gold’s upward trajectory is sustainable - or if a correction may be on the horizon. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:25) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (06:22) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (08:30) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 3

Global stock markets rally to fresh record highs amid upbeat developments in the automotive and artificial intelligence sectors, with gains extending beyond the US into European bourses. Meanwhile, Warren Buffett has re-entered acquisition mode for the first time since 2022, signalling renewed confidence in deal-making opportunities. In today’s podcast, we welcome Norbert Rücker, Head of Economics and Next Generation Research, who shares his latest insights on commodity markets – with a particular focus on oil and natural gas. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:28) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (06:48) - Commodities update: Norbert Rücker, Head of Economics & Next Generation Research (11:04) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 2

European and US stock markets rallied on Wednesday, seemingly unconcerned by the US government shutdown. The S&P 500 closed above the 6,700 level for the first time ever. Asian stocks, particularly in South Korea, were boosted overnight after OpenAI signed an agreement with Samsung Electronics and SK Hynix for them to supply the company with memory chips. OpenAI also completed a share sale at a record USD 500 billion valuation, making the creator of ChatGPT the world’s most valuable startup. Tim Gagie, Head of FX Advisory Geneva shares what he is seeing in terms of market activity in precious metals – there are some surprising revelations. His thoughts on investors only being conceptually bearish on the USD are also worth hearing. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:28) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (05:40) - FX and metals update: Tim Gagie, Head of FX/PM PB Geneva (10:15) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 1

September saw strong gains across markets, with the S&P 500 up 3%. Hong Kong outperformed, rising 7%. Gold hit multiple highs and credit spreads narrowed to multi-year lows. Yesterday, healthcare rallied after Pfizer announced discounted drug sales via a new government platform. Switzerland and the United States issued a joint statement opposing currency manipulation. In Asia, trading was subdued due to China’s Golden Week, while Tokyo declined on interest rate concerns. Dario Messi, Head of Fixed Income Research, comments on the US government shutdown, noting that while politically sensitive, the market impact is likely to remain limited. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:58) - Markets wrap-up: Mike Rauber, Product & Investment Content (07:29) - Bond market update: Dario Messi, Head of Fixed Income Research (11:09) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 30

European markets closed higher yesterday, buoyed by strong performances in the healthcare and luxury sectors. In the US, concerns over a potential government shutdown failed to dampen investor sentiment, as a rebound in AI-related stocks helped support equity markets. Beyond market movements, President Trump unveiled a proposed plan to address the conflict in Gaza, alongside announcing a new wave of tariffs targeting a wide range of goods from films to furniture. In commodities, gold continues its impressive rally, reaching yet another record high. Meanwhile, oil prices declined sharply amid expectations that OPEC+ may increase output in November. Joining us on today’s episode is James Haunso from Next Generation Research, who shares a timely and insightful update on the cybersecurity investment theme. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:35) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (07:15) - Cybersecurity: James Haunso, Next Generation Research (12:04) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 29

Markets faced a turbulent week, starting with caution amid hawkish Fed commentary and trade tensions, but ending on a more optimistic note thanks to a solid US inflation report. Global equities rebounded on Friday, though US equities still closed the week in negative territory. In contrast, European markets held steady, supported by robust economic data and reassurance regarding pharmaceutical tariffs. Meanwhile, gold continues its upward momentum. Mensur Pocinci, Head of Technical Analysis, explains why he still likes the precious metal, he discusses this year’s lacklustre performance of Swiss equities and offers guidance for Swiss investors, noting that the Swiss franc is expected to strengthen further. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:28) - Markets wrap-up: Jan Bopp, Product & Investment Content (06:07) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (09:08) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 26

Markets hit some rough patches yesterday, with all major European indices closing lower, followed by similar losses across the three main US benchmarks. Revised US data revealed an upward adjustment to second-quarter GDP, while jobless claims came in below expectations. This prompted markets to reassess the outlook for future interest rate cuts. Overnight, trade tensions resurfaced as US President Trump announced new tariffs targeting pharmaceuticals and heavy-duty trucks. Asian pharmaceutical stocks were quick to react, reflecting renewed concerns over global trade policy. Today, attention turns to the release of the US Personal Consumption Expenditures index, the Federal Reserve’s preferred measure of inflation. Joining us to unpack the latest developments in currencies and precious metals is Tim Gagie, our Head of FX & PM Solutions in Geneva. (00:00) - Introduction: Roman Canziani, Product & Investment Content (00:41) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (07:07) - Gold and silver: Tim Gagie, Head of PB Sales (Geneva) – FX and PM (12:15) - Closing remarks: Roman Canziani, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 25

US indices closed lower yesterday, despite good performance by some individual names, notably Intel, which rallied 6.4% after reports of a possible investment by Apple. President Trump’s announcements regarding Ukraine boosted defence stocks globally and semiconductor stocks powered the Asian indices. Today’s US jobless claims and tomorrow’s release of the personal consumption expenditures (PCE) price index will now be closely monitored for signs of the Fed’s intentions. With gold and silver continuing to rally, Carsten Menke, Head of Next Generation Research, provides some insights into why the inflows are continuing at such a strong pace, as he unpicks central bank and investor demand. Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 24

US equities struggled to keep up with the recent momentum yesterday, with the S&P 500 posting its worst day in three weeks, while the NASDAQ and the Magnificent 7 saw even larger declines. Questions around the Nvidia-OpenAI-deal weighed on segment. Over in Europe, there was much more of a risk-on tone after the September flash PMIs painted a picture of ongoing resilience. Powell did not offer any groundbreaking revelations in yesterday’s press conference, reiterating his arguments for last week’s rate cut. Mathieu Racheter, Head of Equity Strategy Research, discusses what the restarted rate cutting cycle means for equities going into year end, as well as what he thinks about Swiss equities after August’s tariff shock. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:27) - Markets wrap-up: Jan Bopp, Product & Investment Content (05:52) - Equity market update and outlook: Mathieu Racheter, Head of Equity Strategy Research (11:40) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 23

European markets have recently underperformed compared to their US counterparts, with German automakers weighing heavily on broader indices yesterday. Meanwhile, US technology stocks continue to power ahead, buoyed by another significant development in the AI space—the announcement of a partnership of Nvidia with one of its largest customers, OpenAI. In today’s episode of Moving Markets, we are joined by Richard Tang, Head of Research Hong Kong, who sheds light on how the ongoing AI boom is driving growth not just in the US, but also across select Asian markets. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:24) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (07:07) - China and Japan in focus: Richard Tang, Head of Equity Research Hong Kong (13:41) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 22

Wall Street trades at record highs after the Fed cut rates, led by technology stocks. Investors expect further cuts, but hawkish Fed comments pushed both US Treasury yields and the dollar higher last week. In Europe, data showed industrial output rebounding; in Asia, Bank of Japan’s ETF unwind plans initially weighed on Japanese shares, but concerns are easing this Monday. Gold rises for a fifth week with record ETF inflows, Apple climbs after the iPhone 19 launch, and Porsche postpones its EV launch. Trump’s USD 100,000 H-1B visa fee threatens US tech and India-US relations. Mensur Pocinci, Head of Technical Analysis, notes that strong US equities year-to-date and in September bode very well for the rest of the year. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:45) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:47) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (09:33) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 19

All of the major US equity indices hit a new all-time high, a day after the US Federal Reserve’s first rate cut of the year and stronger-than-expected economic data. Europe followed suit with strength in semiconductor stocks. Central banks diverged: Norway cut rates, the Bank of England held steady, and the Bank of Japan surprised by announcing plans to offload its large equity ETF holdings. Asian markets are mixed, with Japanese stocks volatile and Asian dollar bond spreads at record lows—reflecting global optimism in credit markets. Dario Messi, Head of Fixed Income Research, shares his take on this week’s central bank decisions, while Tim Gagie, Head of FX Advisory Geneva, examines the USD and gold following a central bank heavy week. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:27) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:08) - Central bank actions – implications for bonds: Dario Messi, Head of Fixed Income Research (12:28) - FX and metals markets: Tim Gagie, Head of FX Advisory Geneva (16:56) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 18

The US central bank delivered a widely expected rate cut, sparking mixed market reactions amid cautious optimism. Tech stocks wobbled, especially Nvidia, after China’s internet regulator had told the country’s tech companies to stop buying Nvidia’s AI chips and terminate its existing orders. Robotaxis and a USD 42 billion tech pact between the US and the UK fuelled gains elsewhere. Carsten Menke, Head of Next Generation Research, explains copper’s role in powering the AI revolution and what the Fed decision means for the gold price. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:24) - Markets wrap-up: Jan Bopp, Product & Investment Content (06:44) - Copper: Carsten Menke, Head of Next Generation Research (11:00) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 17

Yesterday brought a mixed set of signals across global markets. We saw unexpected optimism from Germany, developments on the US–China trade front, stronger-than-expected US retail sales figures, and mounting anticipation ahead of the Federal Reserve’s interest rate decision. Equity markets in both Europe and the US ended the session lower, partly weighed down by profit-taking ahead of the policy announcement. In contrast, gold surged to new highs, breaking through the USD 3,700 per ounce mark. Today, all eyes are on the Fed, its forward guidance, and Chair Jerome Powell’s press conference that will follow the rate decision. Joining us on the show is Mathieu Racheter, Head of Equity Strategy Research, who provides deeper insights into the rate decision, equity market valuations, and the outlook for emerging markets. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:21) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (06:30) - Equity markets in Fed week: Mathieu Racheter, Head of Equity Strategy Research (12:31) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 16

Global stocks rise on upbeat US-China trade talks, with technology giants driving the S&P 500 and Nasdaq to record highs. Alphabet is joining the USD 3 trillion club, while Tesla is surging after Elon Musk’s USD 1 billion share purchase. US chip stocks are facing pressure from Chinese antitrust probes, and gold is at an all-time high on rate cut expectations. European markets are gaining despite France’s credit downgrade, with French 10-year government bond yields above their Italian counterparts – a first since 1999. Asian equities reach a 4-year high on strength in technology, and Tencent is launching its first offshore yuan bond. Manuel Villegas from Next Generation Research shares insights on the ‘Buy now, pay later’ industry. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:28) - Markets wrap-up: Mike Rauber, Product & Investment Content (07:21) - Future of finance: Manuel Villegas, Next Generation Research (11:01) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 15

Markets are off to a strong start this week, which will be a critical one with a 'triple-header' of major central bank decisions. The US Federal Reserve, the Bank of England, and the Bank of Japan are all scheduled to announce their latest monetary policy moves. Recent economic data suggest it may now be time for the Fed to restart its rate-cutting cycle, following a pause that began in January. In today’s discussion, we’re joined by Mensur Pocinci, Head of Technical Analysis, who anticipates further declines in US Treasury yields and the value of the US dollar. He also expects equities to continue their upward momentum, supported by improving technicals. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:28) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (07:06) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (09:58) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 12

marked a second consecutive pause following eight hikes since last year. In the US, data was mixed: inflation remains sticky but isn’t accelerating, and jobless claims unexpectedly surged. These developments have reinforced expectations of a Federal Reserve rate cut next week. Asian markets were lifted overnight by renewed enthusiasm around artificial intelligence. In commodities, gold is trading near record highs, while oil has pulled back from earlier gains this week as investors refocus on fundamentals. Joining us today is Dario Messi, Head of Fixed Income Research, who shares his insights on what the ECB’s decision and US inflation data mean for bond markets. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:35) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (07:07) - Fixed income markets after ECB and US inflation data: Dario Messi, Head of Fixed Income Research (12:43) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 11

US equities surged again yesterday, closing off their intraday highs but nevertheless achieving new records. US PPI data confirmed that growth is slowing, providing more of the data that the Fed needs to start cutting rates again – markets will now scrutinise today’s CPI data for more clues. Oracle’s near 36% rally yesterday was sparked by astonishing cloud demand numbers. Asian tech also drove markets there higher. Norbert Rücker, Head of Economics & Next Generation Research, explains why his team believes oil prices should trend lower and gold higher in the next 12 months, whilst Nicolas Jordan, CIO Strategy & Investment Analysis, provides some insights into relative trends in equity style factor performance and why they are important when making portfolio decisions. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:35) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (05:35) - Oil and gold: Norbert Rücker, Head of Economics & Next Generation Research (10:05) - Update from the CIO Office: Nicolas Jordan, CIO Strategy & Investment Analysis (14:12) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 10

Stocks in the US hit another all-time high on expectations that the Federal Reserve will fight the slowdown in jobs growth with interest rate cuts. US inflation data out today and tomorrow will be the next test for markets. The Anglo/Teck ‘merger-of-equals’ creates a premier global player in copper and critical minerals. Today, we are joined by Mathieu Racheter, Head of Equity Strategy, who explains why he believes markets will grind higher into year-end, and Tim Gagie, Head of FX/PMPrivate Banking Sales Geneva, who shares his current insights on currencies and metals markets. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:35) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (07:39) - Equity market update: Mathieu Racheter, Head of Equity Strategy Research (13:03) - FX and metals: Tim Gagie, Head of FX/PM PB Geneva (17:14) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 9

French Prime Minister Bayrou lost the confidence vote yesterday, triggering the collapse of his government. European markets had no chance to react, as the decision came after trading ended. The political uncertainty adds fresh strain to the eurozone, where stock markets actually started the week on a high. Speaking of highs, the Nasdaq hit a fresh record, driven by strength in tech and AI-related stocks, while gold also rallied to a new peak, supported by expectations of a US rate cut and ongoing geopoliticaltensions. Meanwhile, Japan’s Nikkei 225 briefly touched a record intraday high before turning negative, as investors assess the implications of Prime Minister Ishiba’s resignation. Joining us today is Manuel Villegas from Next Generation Research, who provides an update on the video game industry and the structural transformation it’s undergoing. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:35) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (05:40) - Video game industry undergoing structural transformation: Manuel Villegas, Next Generation Research (09:06) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 8

The Nikkei 225 was up around 1.5% and the Topix hit a record high this morning after Japan’s prime minister resigned over the weekend. It’s hoped that a new regime should provide greater longer-term policy and political stability, and a more conducive pro-growth environment for the equities market. Asia’s stock markets rallied after the US jobs report on Friday provided further justification for data-based Fed rate cuts.At the start of a big week including inflation data, a vote of confidence in the French government and the September ECB meeting, Mensur Pocinci, Head of Technical Analysis, explains why he believes that there’s room for both US equities and the price of gold to rally further and for US Treasury yields to keep falling. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:28) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (06:31) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (09:03) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 5

The S&P 500 is trading at fresh all-time highs ahead of today’s crucial US non-farm payrolls report, which iswidely seen as the final piece of the puzzle that could give the Federal Reserve the go-ahead to resume cutting interest rates. Meanwhile, Asian markets are rising, buoyed by positive trade developments out of Japan and broader optimism in the region. Joining us today is Tim Gagie, Head of Private Banking Sales in Geneva for FX and Precious Metals, to discuss which currencies – beyond the usual suspects – could benefit from a renewed weakening of the US dollar. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:25) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (07:03) - FX and metals: Tim Gagie, Head of FX/PM PB Geneva (11:37) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 4

Google avoiding worst-case penalties in its antitrust case lifted tech stocks yesterday, which drove the good performance of both the Nasdaq Composite and the S&P 500. Meanwhile, US job openings data provided a boost to US Treasuries, fuelling hopes of a September rate cut. Asia joined the rally, with the notable exception of China and Hong Kong. The latter had news specific to Nidec Corp to digest but China’s dropcame on the back of news that financial regulators are said to be considering a number of cooling measures for the stock market following its spectacular rally since the start of August. Carsten Menke, Head of Next Generation Research, joins the show to shed light on the latest moves in the gold and silver markets. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:42) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (05:53) - Gold and silver: Carsten Menke, Head of Next Generation Research (09:49) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 3

Global long-term government bond yields spike amid renewed concerns over fiscal sustainability. This has put pressure on equities, which declined broadly – though certain sectors held up better, including luxury stocks. In the US, both major indices ended the session lower, though they recovered somewhat from their intraday lows. Meanwhile, gold emerged as a key beneficiary, climbing to new all-time highs as investorssought safe-haven assets. Alphabet and Apple shares surged in extended trading following a favourable court ruling. Joining us today is Dario Messi, Head of Fixed Income Research, and he explains why he isn’t overly alarmed by the rise in long-end yields. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:25) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (07:47) - Fixed income markets: Dario Messi, Head of Fixed Income Research (11:28) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 2

With US markets closed yesterday for a public holiday, attention was firmly on European markets, where equities began the new month on a positive note. Two sectors led the gains: defence and healthcare. Meanwhile, European bond markets weakened slightly, weighed down by ongoing concerns over France’s political stability and fiscal outlook. Overnight in Asia, markets traded mixed as investors digested developments from the Shanghai Cooperation Organisation summit amid lingering uncertainty over tariffs. In commodities, gold hit a fresh record high, while oil prices were supported by worries of potential supply disruptions. Joining us today is Manuel Villegas from Next Generation Research, who discusses the latest developments in AI data centre projects – specifically in Asia – and their role in advancing global AI innovation and deployment. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:28) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (06:51) - Artificial Intelligence news: Manuel Villegas, Next Generation Research (11:43) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 1

August saw strong gains in global equities, particularly in the Dow Jones, as well as indices in both China, and Japan. Gold has hit a four-month high nearing USD 3,500 per ounce this morning, driven by concerns over the Federal Reserve’s independence and uncertainty around US tariffs. Silver is breaking the USD 40 an ounce level – for the first time since 2011 – boosted by supply constraints and rising demand from the clean energy sector. After tech profit-taking last week and ongoing political risks in France, investors face a seasonally weak September with pivotal US labour market data due on Friday and the anticipation of US rate cuts later in the month. Mensur Pocinci, Head of Technical Analysis, notes that declining US corporate bond yields bodes well for US stocks, while gold and silver offer further upside. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:28) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:23) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (09:16) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Aug 29

Yesterday saw a flurry of economic data releases, accompanied by significant political developments. The US economy demonstrated stronger-than-expected resilience in the second quarter, expanding at a revised annualised rate of 3.3%, while recent labour market figures suggest a supportive backdrop. Meanwhile, Donald Trump’s attempt to dismiss Federal Reserve Governor Lisa Cook, followed by her decision to sue the President, could have a profound effect on the relationship between the White House and the central bank. Stock markets remained robust yesterday, with the S&P 500 reaching a new intraday high. Attention now turns to today's key US economic data release: the Personal Consumption Expenditures Price Index – the Federal Reserve's favoured measure of inflation. Joining us today are Nenad Dinic, who offers insights into the French equity market amid ongoing political uncertainty, and Tim Gagie, who provides an update on the current trends in FX and precious metals. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:31) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (06:25) - Equity update – France: Nenad Dinic, Equity Strategy Research (10:38) - FX and metals: Tim Gagie, Head of FX/PM PB Geneva (15:08) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Aug 28

French stocks have staged a modest recovery following the recent sell-off, while government bond spreads relative to neighbouring Germany have continued to widen. Meanwhile, the S&P 500 reached a new record high, as investors awaited Nvidia's Q2 earnings report after the market close. Despite exceeding analyst expectations, Nvidia's share price declined in after-hours trading. To discuss how current geopolitical developments may influence commodity prices, we are joined by Norbert Rücker, Head of Economics and Next Generation Research. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:31) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (07:23) - Energy markets: Norbert Rücker, Head of Economics & Next Generation Research (12:02) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Aug 27

French political uncertainty sparks market jitters, sending European equities tumbling, with the CAC 40 falling a further 1.7% yesterday. In contrast, US stocks buck the trend despite concerns over the Fed's independence. Today, market participants will focus on upcoming corporate earnings, in particular Nvidia's quarterly results. And we have Dario Messi, Head of Fixed Income Research, on the show to discuss what Jackson Hole and the French confidence vote mean for bond markets, and what fixed income investors should do now. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:27) - Markets wrap-up: Jan Bopp, Product & Investment Content (05:52) - What Jackson Hole and the French confidence vote mean for bond markets: Dario Messi, Head of Fixed Income Research (11:30) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Aug 26

The US President attempted to sack Federal Reserve Board Governor Lisa Cook yesterday – a move that saw the dollar fall and gold gain. These moves were somewhat reversed when Governor Cook’s lawyer called the action illegal and lacking proper process and Cook vowed not to quit. Trump was also in the news for threatening “200% tariffs or something” on China if it does not export rare-earth magnets to the US. European markets closed Monday lower with the CAC 40 down more than 1.6% after the country’s Prime Minister announced that he will seek a confidence vote in parliament next month over the government’s budget plans. US markets also traded lower on Monday following Friday’s rally, and Asia followed suit with the exception of China’s CSI 300 which traded marginally higher. Richard Tang, Head of Equity Research Asia, shares his thoughts on the recent Chinese equity rally and explains why he now believes that A shares should outperform H shares. He also provides insights into his preferred sectors for those looking to get on board. (00:00) - Introduction: Mike Rauber, Product & Investment Content (01:05) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (07:07) - Asia update, including China: Richard Tang, Head of Equity Research Asia (12:27) - Closing remarks: Mike Rauber, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Aug 25

Global markets have rallied following Federal Reserve Chairman Jerome Powell's dovish speech on Friday that opened the door to interest rate cuts. In response, stocks, bonds, gold, and crypto assets surged, while the US dollar has fallen. Asian equity markets are following Wall Street this morning, led by shares in Hong Kong. The US government will acquire a 9.9% stake in Intel. Looking ahead to the week, key events include Nvidia's earnings report on Wednesday after the market close, as well as crucial inflation data releases on both sides of the Atlantic on Friday. According to Mensur Pocinci, Head of Technical Analysis Research, market breadth indicators in the US and Europe suggest further stock market gains are likely through to the end of the year. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:28) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:20) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (09:55) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Aug 22

US stocks extended their losses amid trade tensions and mixed corporate earnings. Stronger-than-expected PMI data and warnings from Walmart, the US retail giant, that Trump's tariffs are driving up costs, have heightened inflation concerns and lifted yields. As markets are looking for direction, investors eagerly await Federal Reserve Chairman Powell's keynote speech at Jackson Hole, seeking guidance on future interest rates. Tim Gagie, Head of FX/PM Solutions Geneva, discusses what this means for the US dollar and in which currencies he sees opportunities. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:24) - Markets wrap-up: Jan Bopp, Product & Investment Content (06:22) - FX and metals: Tim Gagie, Head of FX/PM PB Geneva (10:47) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Aug 21

The Nasdaq 100 fell as much as 1.5% before recovering to close just 0.6% lower. Markets remain on edge ahead of key events, including Jay Powell's speech at the Jackson Hole Symposium tomorrow, whilst the USD remains unchanged and gold rises amid concerns over Fed independence. UK inflation surged to an 18-month high and government bonds rallied, lifting large-cap UK stocks, whilst Asian markets showed mixed results, with technology-heavy Korea and Taiwan rising and Japan's Nikkei 225 falling. Shares in Shanghai have reached their highest in a decade. Carsten Menke, Head of Next Generation Research, discusses the Circular Economy investment theme, focusing on the plastic problem. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:28) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:34) - Circular Economy: Carsten Menke, Head of Next Generation Research (10:26) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Aug 20

While major European stock markets experienced a cautiously optimistic trading session, buoyed by hopes of de-escalation in Ukraine, the main US indices ended the day in negative territory, led by declines in large-cap technology stocks. Nevertheless, a notable 70% of S&P 500 constituents managed to finish higher, as investors looked ahead to the Jackson Hole symposium, which begins tomorrow, for fresh insights into future monetary policy. For expert analysis, Dario Messi, Head of Fixed Income Research, shares his perspectives on these developments, while Mathieu Racheter, Head of Equity Strategy Research, discusses the potential implications of a peace agreement for European equities, especially the defence sector. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:31) - Markets wrap-up: Roman Canziani, Head of Investment Writing (06:38) - Expectations for Jackson Hole: Dario Messi, Head of Fixed Income Research (12:12) - Defence stocks in the wake of peace talks: Mathieu Racheter, Head of Equity Strategy Research (16:12) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Aug 19

President Zelenskyy’s second meeting at the White House delivered more smiles than his first but resulted in expectations rather than deals. President Trump has announced that he will now set up a face-to-face meeting for Ukraine and Russia’s leaders, and President Zelenskyy has made security guarantees a ‘starting point for ending the war’. Financial markets are breathing a small sigh of relief and now turning their attention to the Jackson Hole global central bank symposium starting on Thursday. Meanwhile, technological advancements and product innovations in the asset management space are blurring the divide between public and private markets, and the exchange traded fund (ETF) market is now undergoing something of a revolution – Next Generation analyst Manuel Villegas joins the podcast to explain the trend and what it might mean for investors. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:28) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (05:27) - Future of finance: Manuel Villegas, Next Generation Research (10:14) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Aug 18

Major equity markets surge to new highs, driven by easing trade tensions, robust US earnings, and expectations of US interest rate cuts even as US inflation remains a concern. This trend is also reflected in US investment-grade credit spreads, which have reached their lowest level since 1998. Meanwhile, Indian markets are up over 1% today, following news of a planned cut in consumption tax. Looking ahead, investors are eagerly anticipating several key events this week, including today's meeting between Ukrainian President Zelensky and US President Trump in Washington DC, the release of the FOMC minutes on Wednesday, and Fed Chair Jay Powell's speech in Jackson Hole on Friday. Mensur Pocinci, Head of Technical Analysis Research, shares his insights on what market breadth reveals about our regional equity preferences from a technical perspective. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:34) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:34) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (10:01) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Aug 15

Yesterday’s hotter-than-expected US inflation data prompted a reassessment of rate cut expectations, driving yields and the US dollar higher. Although most stocks fell, the S&P 500 managed to eke out a marginal gain, largely due tothe strong performance of major tech companies. Notably, Intel’s stock jumped on news that the Trump administration was considering taking a stake in the beleaguered chipmaker. Attention now turns to the upcoming Trump-Putin summit, where discussions may significantly impact safe-haven assets like gold and the Swiss franc. To explore the potential implications and trading opportunities, Thomas Caflisch, Head of FX/PM Solutions, shares his insights. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:25) - Markets wrap-up: Jan Bopp, Product & Investment Content (05:16) - FX and metals: Thomas Caflisch, Head of FX/PM Solutions (08:23) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Aug 14

Benchmark equity indices in the US, Italy, Spain, and the UK have surged to new highs, fuelled by a benign US inflation report and Germany's inflation data confirming a sub-2% reading. US Treasury Secretary Scott Bessent says US interest rates could be 150 to 175 basis points lower. Bitcoin has hit a new all-time high, with Ether also close to its record high. Japanese shares are down on a stronger yen, after previously reaching a record high. Norbert Rücker, Head of Economics and Next Generation Research, weighs in on the energy market outlook: from oil to gas and Friday's US-Russia summit. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:45) - Markets wrap-up: Mike Rauber, Product & Investment Content (07:14) - Update on oil and gas: Norbert Rücker, Head of Economics & Next Generation Research (13:34) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Aug 13

The latest US inflation figures for July sent stocks soaring to new all-time highs once again. With a 25 basis-point rate cut in September now widely anticipated by market participants, expectations are running high. In contrast, European markets underperformed due to disappointing economic data from Germany. Joining us today are Dario Messi, Head of Fixed Income Research, and Mathieu Racheter, Head of Equity Strategy Research. Dario shares his rationale for why he doesn't foresee any significant yield spikes, while Mathieu provides insight into the challenges facing the pharmaceutical sector and the shifting landscape of market leadership in Europe. (00:00) - Introduction: Jan Bopp, Product & Investment Content (00:37) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (06:29) - Fixed Income: Dario Messi, Head of Fixed Income Research (12:34) - Equities: Mathieu Racheter, Head of Equity Strategy Research (18:10) - Closing remarks: Jan Bopp, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Aug 12

The main question on everyone’s mind is whether today's US inflation report will corroborate the narrative of easing inflation, potentially paving the way for a possible Federal Reserve rate cut in September. A stronger-than-expected inflation figure would serve as a reality check for investors. Meanwhile, geopolitical developments, such as the upcoming meeting between Trump and Putin, and trade news, including the extension of the US-China trade truce, are dominating the headlines. Overnight, the Australian central bank cut interest rates, whilst Japanese shares reached new record highs. Joining us on the show to discuss the recent surge in Bitcoin and Ethereum is Manuel Villegas from our Next Generation Research team. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:34) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (07:08) - Digital assets – Bitcoin and Ethereum rally: Manuel Villegas, Next Generation Research (10:25) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Aug 11

US stocks are on a tear with the S&P 500 trading just a whisker below its all-time high and the Nasdaq shining thanks to renewed enthusiasm around tech and artificial intelligence stocks. European stocks are also having a good run with banks in the lead. However, Switzerland has been lagging after the hefty 39% levies on Swiss exports to the US took effect on Thursday. This week’s inflation data will be decisive in terms of whether markets can rally further. Joining us this morning is Mensur Pocinci, Head of Technical Analysis, who shares his insights on the direction of US yields and explains why he believes in a rise in gold prices during the second half of this year. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:28) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (06:23) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (10:16) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Aug 8

Once again, investors are facing a flood of news to digest – from tariff updates, such as Japan’s announcement that the US will end the stacking of universal tariffs and cut levies on cars; to central bank developments, including the Bank of England’s rate decision and the appointment of Stephen Miran to the Federal Reserve Board of Governors; to company-specific headlines, such as Eli Lilly’s latest study results; and geopolitical updates, including a potential Trump - Putin meeting. Joining us to discuss the latest developments in the currencies and metals markets is Tim Gagie, our Head of FX/PM Private Banking in Geneva. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:24) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (07:22) - FX and metals: Tim Gagie, Head of FX/PM PB Geneva (12:08) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Aug 7

Markets are in a positive mood, driven by corporate earnings that are exceeding expectations, and this is despite further 'tariff sabre-rattling' by President Donald Trump, who announced a potential 100% tariff on chips and semiconductors that are not manufactured in the US. Meanwhile, Switzerland has yet to successfully negotiate a reduction in the US tariff of 39%. Yields are slightly higher this morning, partly due to the underwhelming demand in yesterday’s auction of new 10-year US Treasuries. For insights into the bank's investment strategy, we are joined by Nicolas Jordan from the CIO Investment Analysis team. (00:00) - Introduction: Helen Freer, Investment Writing (00:24) - Markets wrap-up: Roman Canziani, Head of Investment Writing (05:47) - Update from the CIO Office: Nicolas Jordan, CIO Investment Analysis (10:43) - Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Aug 6

With tariffs on Switzerland still in focus, a small Swiss delegation travels to Washington to negotiate a resolution. Meanwhile, emerging tariff threats for semiconductors and pharmaceuticals are weighing on market sentiment. Beyond trade developments, investors must digest a slew of macroeconomic figures and reports from the ongoing earnings season. The US Federal Reserve is also in the spotlight, especially after President Trump announced his intention to nominate a new Fed Chair by the end of the week. To provide clarity amidst the market turmoil, we welcome Dario Messi, our Head of Fixed Income Research, and Mathieu Racheter, our Head of Equity Strategy, to the show today. (00:00) - Introduction: Bernadette Anderko, Investment Writing (00:34) - Markets wrap-up: Lucija Caculovic, Investment Writing (07:21) - Is Fed independence really at risk? Dario Messi, Head of Fixed Income Research (13:24) - Swiss equities and Q2 earnings in focus: Mathieu Racheter, Head of Equity Strategy Research (19:34) - Closing remarks: Bernadette Anderko, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Aug 5

European and US stocks staged a recovery rally yesterday, although the Swiss market trailed behind following the recent 39% tariff shock. Meanwhile, yields have fallen sharply across Europe due to robust real money demand. In the US, yields have also dipped slightly, as markets now largely anticipate a 25 basis-point rate cut in September. With a comprehensive update on the current state of the Swiss property market, we are joined by Markus Waeber, Head of Indirect Real Estate Advisory and Intelligence. (00:00) - Introduction: Helen Freer, Investment Writing (00:24) - Markets wrap-up: Roman Canziani, Head of Investment Writing (05:24) - Real estate update: Markus Waeber, Head of Indirect Real Estate Advisory & Intelligence (11:22) - Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Aug 4

President Trump’s team delivered more tariff surprises ahead of the weekend with conditions worsening for both Canada and Switzerland. Then the jobs data delivered some ugly news for the US economy, with severe downward revisions to May and June’s data which saw the bearer of the tidings - the commissioner of the US Bureau of Labor Statistics – lose her job. Added to this, Fed Governor Adriana Kugler announced her early departure from office, leaving the President with two new job announcements to make. It’s therefore no surprise that equity markets fell, and US treasuries rallied, as markets more than doubled their previous day’s bet on a September rate cut to 87.5%. Mensur Pocinci, Head of Technical Analysis, joins the podcast today to provide insights into how the tariff news might impact Swiss investors as he discusses rates, the Swiss franc and Swiss equities. (00:00) - Introduction: Helen Freer, Investment Writing (00:31) - Markets wrap-up: Bernadette Anderko, Investment Writing (06:58) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (10:50) - Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 31

Federal Reserve Chair Jerome Powell has tempered expectations that the central bank may cut interest rates at its September meeting, leading to a modest decline in stock prices. However, after the close of trading, both Microsoft and Meta reported strong earnings for Q2, with their shares rising substantially, which could set the stage for a positive trading day ahead. Meanwhile, Tim Gagie, Head of FX/PM Private Banking Sales in Geneva, offers his insights on the current strength of the US dollar and identifies potential opportunities as we head into August. (00:00) - Introduction: Helen Freer, Investment Writing (00:34) - Markets wrap-up: Roman Canziani, Head of Investment Writing (07:26) - FX and metals: Tim Gagie, Head of FX/PM PB Geneva (11:27) - Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 30

European equities rebounded yesterday, driven by largely positive earnings, as the IMF upgraded its global growth forecast for this year and next, citing reduced US trade war impact and a weaker US dollar. Meanwhile, Novo Nordisk makes headlines with a 30% share dive on revised sales and profit guidance, and US equities lose steam ahead of today’s Fed meeting. For more on the earnings season so far and ahead of the four mega-cap tech stocks that are scheduled for this week, we have Mathieu Racheter, Head of Equity Strategy, on the show. (00:00) - Introduction: Bernadette Anderko, Investment Writing (00:24) - Markets wrap-up: Jan Bopp, Investment Writing (05:55) - Q2 Earnings season update: Mathieu Racheter, Head of Equity Strategy Research (11:32) - Closing remarks: Bernadette Anderko, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 29

The long-awaited trade deal between the EU and the US only provided a temporary boost to the markets, with concerns swiftly being voiced in Europe. Many described the agreement as one-sided, favouring US interests. Following the announcement, the US dollar strengthened while the price of gold plummeted to a three-week low. Meanwhile, oil prices rose, driven by the trade deal and President Trump’s renewed pressure on Russia. Attention now turns to US monetary policy, with the Federal Open Market Committee commencing its two-day meeting today. Joining us on the show to discuss the implications of last week's European Central Bank decision and provide insight into this week's rate decision in the US is our Chief Economist, David Kohl. (00:00) - Introduction: Bernadette Anderko, Investment Writing (00:31) - Markets wrap-up: Lucija Caculovic, Investment Writing (06:12) - Central Banks and Trade Deals: David Kohl, Chief Economist (12:26) - Closing remarks: Bernadette Anderko, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 28

The European Union and the United States have reached a significant trade agreement, substantially reducing the likelihood of an all-out trade war. While some details remain unclear, the markets have responded favourably to the announcement. In a related development, Chinese and US officials are set to convene in Stockholm today to discuss easing trade tensions. Markets have a lot to digest this week with the Federal Reserve interest rate decision and the latest US jobs data due. Also, it is a busy week for company earnings reports, with four of the Mag7 companies reporting, among other. As always on Mondays, Mensur Pocinci, Head of Technical Analysis, joins us to share his views on markets from a technical analysis perspective. (00:00) - Introduction: Jan Bopp, Investment Writing (00:38) - Markets wrap-up: Roman Canziani, Head of Investment Writing (05:35) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (09:35) - Closing remarks: Jan Bopp, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 25

Earnings remain in the spotlight, with notable gains in the banking sector, while Tesla tumbled amid US policy headwinds. The European Central Bank left interest rates unchanged and offered a modestly upbeat assessment of the eurozone economy, raising doubts among investors about further policy easing, even while US tariff threats still cloud the outlook. This pushed yields higher and weighed on gold. Tim Gagie, Head of FX/PM Private Banking in Geneva, explains why the precious metal has consolidated since Liberation Day, and why he agrees with the consensus view of higher prices for metals. (00:00) - Introduction: Helen Freer, Investment Writing (00:25) - Markets wrap-up: Jan Bopp, Investment Writing (05:54) - FX and metals: Tim Gagie, Head of FX/PM PB Geneva (10:33) - Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 24

Global equity markets rally on US-Japan trade deal progress, sparking hopes for EU agreements, with equities surging and gold easing. Japan’s Nikkei 225 reaches a new all-time high, as does the S&P 500. In earnings: Alphabet surprises positively, while Tesla disappoints. Companies reporting today include industry giants like Nestle, Roche, Deutsche Bank, and LVMH. The ECB is not expected to cut rates today, with the market’s focus on its outlook. Carsten Menke, Head of Next Generation Research, discusses China's historic new hydropower project – which is six times bigger than the Three Gorges Dam – and explores its potential impact on iron ore and steel prices. (00:00) - Introduction: Helen Freer, Investment Writing (00:25) - Markets wrap-up: Mike Rauber, Investment Writing (05:58) - Iron ore and steel: Carsten Menke, Head of Next Generation Research (09:51) - Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 23

The current earnings season is proving particularly intriguing, with some companies surpassing analyst expectations and others struggling, particularly due to the impact of US tariffs. On the subject of tariffs, the recently announced US-Japan trade deal has boosted market confidence and fuelled optimism that others, such as the European Union, may also be able to secure similar deals. Meanwhile, attention is slowly but surely shifting towards interest rate decisions, with the ECB set to announce its decision tomorrow and the US Federal Reserve scheduled to follow next week. Joining us on the show today is Manuel Villegas from Next Generation Research, who provides an update and outlook on the crypto space. (00:00) - Introduction: Jan Bopp, Investment Writing (00:35) - Markets wrap-up: Lucija Caculovic, Investment Writing (07:10) - Digital assets: Manuel Villegas, Next Generation Research (10:37) - Closing remarks: Jan Bopp, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 22

The US stock market reached new heights, driven by the strong performance of several of the top tech giants, but the broader market failed to follow suit. Meanwhile, government bond yields declined across the board as the deadline for President Trump's trade negotiations, set for 1 August, draws closer. Mathieu Racheter, Head of Equity Strategy Research, offers his insights on the Japanese market in the aftermath of the recent election upheaval and provides a comprehensive overview of the earnings season thus far. (00:00) - Introduction: Helen Freer, Investment Writing (00:35) - Markets wrap-up: Roman Canziani, Head of Investment Writing (07:04) - Implications of Japan elections and earnings season update: Mathieu Racheter, Head of Equity Strategy Research (11:27) - Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 21

Japan's Upper House election has sparked market uncertainty after the ruling LDP coalition lost control. Nevertheless, the JPY remained surprisingly stable. The S&P 500 and MSCI World indices reached new heights last week, bolstered by robust economic data and impressive corporate earnings. The US Congress passes legislation regulating stablecoins, thereby giving credibility to the digital asset industry. According to Mensur Pocinci, Head of Technical Analysis, the CHF is likely to maintain its strength, and small- and mid-cap stocks are currently preferred over large-cap equivalents in the Swiss equities market. (00:00) - Introduction: Helen Freer, Investment Writing (00:28) - Markets wrap-up: Mike Rauber, Investment Writing (06:09) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (09:17) - Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 18

Global stock markets experienced a positive day yesterday, bolstered by impressive earnings reports – including those from ABB – and favourable macroeconomic data from the US. The latter indicated a resilient retail sector, underpinned by a strong US consumer. As a result, the S&P 500 and the Nasdaq Composite both closed at record highs. In Asia, however, the outlook is more mixed, with attention centred on Japan ahead of its upper house elections this weekend. On the commodities front, oil prices remain steady, whereas gold has edged down slightly this morning. Meanwhile, Bitcoin and the US dollar have both appreciated. We are joined today by Bence Boldvai from FX/PM Solutions, who discusses the latest developments in currencies and metals. (00:00) - Introduction: Helen Freer, Investment Writing (00:25) - Markets wrap-up: Lucija Caculovic, Investment Writing (07:26) - FX and metals: Bence Boldvai, FX/PM Solutions (11:07) - Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 17

The US President’s comments regarding potentially firing Fed Chair Jerome Powell sparked market volatility. The initial reaction was swift, with the dollar and stocks tumbling, but the market later showed resilience with the S&P 500 rising. Strong US bank earnings and mixed inflation signals added to the complex picture. Global trade tensions weighed on European stocks, with shares of ASML and Renault plunging, while in Asia, TSMC came out with strong results. Manuel Villegas, Next Generation Research, provides some impressive numbers behind Bitcoin’s march to a new all-time high. (00:00) - Introduction: Helen Freer, Investment Writing (00:24) - Markets wrap-up: Mike Rauber, Investment Writing (06:39) - Digital assets: Manuel Villegas, Next Generation Research (10:40) - Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 16

Stocks retreated in response to US inflation data, which met expectations but showed that tariffs have arrived in inflation figures. The earnings season has started with mixed bank earnings dragging down broader equity markets, while the tech heavy Nasdaq reached a record high on gains by chip giant Nvidia. This followed the US decision to ease restrictions on selling AI chips to China. Mathieu Racheter, Head of Equity Strategy, shares his insights on what to expect from the earnings season and why he sees more upside potential for the defence sector. And Dario Messi, Head of Fixed Income Research, explains why Japanese bond yields increased so strongly and Japan’s election this weekend remains a risk event. (00:00) - Introduction: Roman Canziani, Head of Investment Writing (00:52) - Markets wrap-up: Jan Bopp, Investment Writing (06:14) - Fixed income update: Dario Messi, Head of Fixed Income Research (11:52) - Earnings season update: Mathieu Racheter, Head of Equity Strategy Research (16:21) - Closing remarks: Roman Canziani, Head of Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 15

Stock markets continue to show resilience in the face of the latest US tariff threats and potential countermeasures from trading partners such as the EU. Other significant news yesterday included French President Emmanuel Macron announcing plans to substantially increase defence spending, while the US shifted its stance towards Russia, threatening to introduce secondary sanctions. Overnight in Asia, investors digested a slew of Chinese macroeconomic data and the latest increase in Japanese government bond yields. Today, the focus shifts to US banks as they kick off the earnings season. Also joining the show today is Carsten Menke, Head of Next Generation Research, with an update on gold and silver. (00:00) - Introduction: Helen Freer, Investment Writing (00:25) - Markets wrap-up: Lucija Caculovic, Investment Writing (07:16) - Gold and silver update: Carsten Menke, Head of Next Generation Research (10:46) - Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 14

Markets take note of the escalating trade tensions, yet their response appears surprisingly subdued. The US dollar has edged upwards, just like global long-term yields, and stock prices have dipped slightly. Investors seem to be adopting a cautious stance, awaiting the ongoing developments and hoping that some political flexibility can be maintained until 1 August. In addition, Richard Tang, Head of Research in Hong Kong, discusses the specific drivers of China's onshore and offshore markets, as well as the potential significance of Japan's upcoming upper-house elections for the country's government. (00:00) - Introduction: Helen Freer, Investment Writing (00:28) - Markets wrap-up: Roman Canziani, Head of Investment Writing (06:29) - Asia update: Richard Tang, Head of Research Hong Kong (16:07) - Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 11

US equities reach another record high as investors downplay tariff concerns, buoyed by a positive forecast from Delta Airlines. Bitcoin soars to a new all-time high, exceeding USD 118,000. European shares see modest gains, with the Swiss market leading the way due to advancements in healthcare, and the UK market rising on the back of strong commodity performance following the announcement of the US copper tariffs. The original Hermès Birkin handbag is sold for EUR 8.58 million. According to Thomas Caflisch, Head of FX & PM Solutions, the US dollar's downward trend remains in place, although he notes that July and August are typically not periods of strong trends. (00:00) - Introduction: Helen Freer, Investment Writing (00:25) - Markets wrap-up: Mike Rauber, Investment Writing (06:15) - FX and metals: Thomas Caflisch, Head of FX/PM Solutions (08:57) - Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 10

President Trump delivers more tariff letters and lays down the gauntlet to Brazil – announcing a 50% tariff on their exports into the US. Copper also faces a 50% import tariff. US markets rally on artificial intelligence enthusiasm as Nvidia buoys tech stocks, becoming the first company ever to reach a valuation of USD 4 trillion. Our Chief Economist, David Kohl, provides his thoughts on the latest tariff developments and what they might mean for the US economy and the dollar going forwards, and sticking with the tariff theme, Carsten Menke, Head of Next Generation Research, delves into the copper news and the multiple factors at play when it comes to pricing. (00:00) - Introduction: Helen Freer, Investment Writing (00:38) - Markets wrap-up: Bernadette Anderko, Investment Writing (05:54) - Tariff developments by David Kohl, Chief Economist (13:49) - Copper: Carsten Menke, Head of Next Generation Research (18:07) - Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 9

Stock markets remain quiet, shrugging off President Trump's assertive rhetoric on additional tariffs and his stance that no exemptions will be made ahead of the 1st August deadline for reciprocal tariffs. Nevertheless, government bond yields are rising across major markets due to potential inflationary pressures triggered by the tariffs and a broader re-evaluation of risk appetite. To provide insight into these developments, Dario Messi, Head of Fixed Income Research, discusses why he remains relatively unfazed by the increase in yields, while Mathieu Racheter, Head of Equity Strategy, shares his outlook for the upcoming Q2 earnings reporting season. (00:00) - Introduction: Bernadette Anderko, Investment Writing (00:28) - Markets wrap-up: Roman Canziani, Head of Investment Writing (06:01) - Bond market update: Dario Messi, Head of Fixed Income Research (10:49) - Q2 Earnings season preview: Mathieu Racheter, Head of Equity Strategy Research (14:53) - Closing remarks: Bernadette Anderko, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 8

The US sent a flurry of ‘trade letters' to numerous countries yesterday, stating that it will impose steep tariffs from 1 August 2025 unless these countries take steps to open their markets to American products. Meanwhile, US President Trump signed an executive order, delaying the deadline for reciprocal tariffs from this Wednesday to 1 August. The stock market reacted swiftly, with US indices closing lower yesterday, but market sentiment appears to have improved slightly overnight as investors focused on the fact that Trump has left the door open for further trade discussions. With a quiet economic agenda today, investors are likely to remain focused on the trade saga and await further developments. Manuel Villegas, Next Generation Research, joins our show today to provide an update on the world of crypto. (00:00) - Introduction: Helen Freer, Investment Writing (00:24) - Markets wrap-up: Lucija Caculovic, Investment Writing (06:38) - Digital assets: Manuel Villegas, Next Generation Research (10:09) - Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 7

Investors are seeking protection in more defensive areas of the market as US President Donald Trump ratchets up trade tensions. European and US equity futures plunge alongside Asian shares amidst fresh tariff uncertainty ahead of the Wednesday tariff deadline. However, 1 August appears to be the new deadline, allowing certain countries more time for negotiations. Mensur Pocinci, Head of Technical Analysis, talks about the optical illusion of recent all-time highs in US equities and the need to hedge US dollar assets, particularly for Swiss franc investors. (00:00) - Introduction: Helen Freer, Investment Writing (00:28) - Markets wrap-up: Jan Bopp, Investment Writing (05:46) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (08:06) - Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 4

A solid US jobs report sends global stocks higher and US equities to all-time highs. But the devil lies in the detail. A US Federal Reserve rate cut in July is now off the table, pushing US Treasury yields higher and gold lower. What comes next? Investors are already looking to next week when Wednesday’s tariff deadline looms. Trump has intensified trade tensions even ahead of the deadline, saying the administration would start sending out letters to countries from today. Joining us is Tim Gagie, Head of FX/PM Private Banking in Geneva, who shares his views on the weakening US dollar, the moves in the British pound this week, and why gold remains a buy-on-dip. (00:00) - Introduction: Helen Freer, Investment Writing (00:51) - Markets wrap-up: Jan Bopp, Investment Writing (06:06) - FX and metals: Tim Gagie, Head of FX/PM PB Geneva (09:40) - Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 3

The S&P 500 reached a new high, fuelled by technology stocks. Despite weak US private jobs data, optimism prevailed thanks to a Vietnam trade deal and significant bank dividend increases. However, UK politics sparked fresh concerns, causing the pound and UK domestic equities to decline. Meanwhile, copper prices are surging due to tariff-induced stockpiling in the US – Carsten Menke, Head of Next Generation Research, provides his take. (00:00) - Introduction: Helen Freer, Investment Writing (00:24) - Markets wrap-up: Mike Rauber, Investment Writing (06:12) - Copper: Carsten Menke, Head of Next Generation Research (10:27) - Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 2

While European stocks had a subdued start yesterday, broader US indices managed to kick off the second half of 2025 firmly in the green, shrugging off concerns on the looming tariff ‘decision day’ on 9 July. However, big tech mega caps dragged down the S&P 500 and the Nasdaq. Talk of the day was the Senate’s passing of the ‘Big, beautiful (tax) bill’ as President Trump calls it, and a flurry of manufacturing activity reports from around the globe, which showed that this part of the economy keeps on facing challenges. Dario Messi, Head of Fixed Income Research, explains why he believes that the US Treasury yield curve is likely to steepen going forward. (00:00) - Introduction: Bernadette Anderko, Investment Writing (00:28) - Markets wrap-up: Roman Canziani, Head of Investment Writing (06:27) - Bond market update: Dario Messi, Head of Fixed Income Research (12:55) - Closing remarks: Bernadette Anderko, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 1

With geopolitics now taking a back seat again, investor attention is moving to US tariffs. Markets are focused on whether the EU and the US can conclude a trade deal in time for the 9 July deadline, while Canadian PM Carney yesterday said that US-Canada trade talks are set to resume after Canada withdrew its digital services tax on US tech companies. US equity markets rose yesterday, with both the S&P 500 and the Nasdaq 100 reaching new all-time highs. Manuel Villegas, Next Generation Research, provides an update on the crypto market and shares his outlook on digital assets for the second half of the year. (00:00) - Introduction: Helen Freer, Investment Writing (00:27) - Markets wrap-up: Jonti Warris, Investment Writing (06:28) - Digital assets: Manuel Villegas, Next Generation Research (11:49) - Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 30

Global equity markets closed the week on a strong note, fuelled by a series of positive developments. Trade progress, delayed trade deadlines, an important change to Trump's ‘One big, beautiful bill’, and NATO's new defence spending target all contributed to the upward momentum, propelling the S&P 500 to a new all-time high. Meanwhile, gold is on track for its first monthly decline this year. Mensur Pocinci, Head of Technical Analysis, explains why new all-time highs for US equities are a bullish signal and why he expects the US dollar to continue to weaken. (00:00) - Introduction: Bernadette Anderko, Investment Writing (00:26) - Markets wrap-up: Jan Bopp, Investment Writing (04:58) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (07:21) - Closing remarks: Bernadette Anderko, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 27

As the US dollar hits a three-and-a-half year low against its major counterparts, global stock markets continue to attract buyers, particularly in Japan, Germany, and the US. With major US equity indices poised to break their previous records set in February, a sense of (rare) geopolitical calm appears to be taking hold, leading to a consolidation in gold prices. Joining us to share his expertise is Tim Gagie, Head of FX/PM Private Banking Sales in Geneva, who shares his views on the weakening US dollar and the surge in palladium prices. (00:00) - Introduction: Bernadette Anderko, Investment Writing (00:21) - Markets wrap-up: Roman Canziani, Head of Investment Writing (06:04) - FX and metals markets: Tim Gagie, Head of FX/PM PB Geneva (10:03) - Closing remarks: Bernadette Anderko, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 26

Nvidia hits new all-time high and NATO members pledge to boost defence spending to 5% of GDP. The EUR/USD currency pair briefly surpasses 1.17 on a report that US president Trump wants to nominate a new Fed chair as early as September. The US Federal Housing Finance Agency is exploring ways to let Fannie Mae and Freddie Mac consider crypto holdings in mortgage approvals. Carsten Menke, Head of Next Generation Research, notes gold is undergoing a short-term mood-driven consolidation. Nicolas Jordan, CIO Investment Analysis, identifies the gold uptrend and USD downtrend as the most pronounced price patterns in the first half of 2025. (00:00) - Introduction: Bernadette Anderko, Investment Writing (00:34) - Markets wrap-up: Mike Rauber, Investment Writing (05:59) - Gold update: Carsten Menke, Head of Next Generation Research (10:05) - Update from the CIO Office: Nicolas Jordan, CIO Investment Analysis (14:09) - Closing remarks: Bernadette Anderko, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 25

The ceasefire between Israel and Iran appears to be holding, and equity markets worldwide have been buoyed by positive sentiment. This shift in sentiment has also been evident in commodity markets, where oil prices fell back to pre-escalation levels and gold prices declined accordingly. Meanwhile, in the US, attention is focused on Jerome Powell’s testimony before the House Committee, where investors are hoping to gain insight into the Federal Reserve’s future interest rate policy. To discuss the latest developments in fixed income and monetary policy, we are joined this morning by Dario Messi, our Head of Fixed Income Research. (00:00) - Introduction: Jonti Warris, Investment Writing (00:24) - Markets wrap-up: Lucija Caculovic, Investment Writing (06:25) - Bond market update: Dario Messi, Head of Fixed Income Research (11:49) - Closing remarks: Jonti Warris, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 24

Oil prices have continued to fall after Trump’s announcement of a ceasefire in the Israel-Iran conflict, as the immediate threat to the vital Strait of Hormuz shipping lane appears to have fallen. Asia-Pacific markets are rallying sharply on the news, while European and US stock futures are also strongly higher. Also on today’s podcast, we are joined by Markus Waeber, Head of Indirect Real Estate Advisory & Intelligence, who provides an update on the Swiss real estate market now that interest rates in Switzerland have fallen to zero. (00:00) - Introduction: Bernadette Anderko, Investment Writing (00:31) - Markets wrap-up: Jonti Warris, Investment Writing (07:20) - Swiss real estate market update: Markus Waeber, Head of Indirect Real Estate Advisory & Intelligence (12:36) - Closing remarks: Bernadette Anderko, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 23

Markets are responding calmly this morning following the US airstrikes on Iran at the weekend, with oil prices initially spiking before retreating to previous levels. Global stocks are trading mixed as investors await potential Iranian reprisals and key economic indicators, including flash Purchasing Managers' Indices and US Personal Consumption Expenditure data later in the week. Key events this week include a speech by European Central Bank President Christine Lagarde today, the NATO summit, and testimony by Federal Reserve Chairman Jerome Powell before Congress on Tuesday. Mensur Pocinci, Head of Technical Analysis, observes that US equity markets are climbing the wall of worry amid the uncertainty in the Middle East, and he notes that the EUR is at a 10-year high against the JPY. (00:00) - Introduction: Bernadette Anderko, Investment Writing (00:28) - Markets wrap-up: Mike Rauber, Investment Writing (05:25) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (09:02) - Closing remarks: Bernadette Anderko, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 20

While US markets were closed yesterday for the Juneteenth holiday, the rest of the world did not escapemarket volatility. Global stocks fell as uncertainty surrounding the Israel-Iran conflict and potential US involvement continued. Meanwhile, central banks made their interest rate announcements: the Swiss National Bank cut its benchmark rate to 0%, whereas the Bank of England kept rates unchanged at 4.25%. This morning, oil prices have reversed slightly, trading lower; while gold is also down, putting it on track for a weekly loss. Joining us to discuss the latest developments in the US dollar, the Swiss franc, and precious metals is Tim Gagie, our Head of FX & PM Solutions in Geneva. (00:00) - Introduction by Bernadette Anderko (Investment Writing) (00:31) - Markets wrap-up by Lucija Caculovic (Investment Writing) (06:26) - FX and metals markets by Tim Gagie (Head of FX/PM PB Geneva) (10:36) - Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 19

Markets await clarity on US involvement in the Middle East conflict. The US Federal Reserve holds rates steady, citing inflation and tariff uncertainty. US bank stocks rise on deregulation hopes, while crypto stocks surge after stablecoin legislation passes. The Swiss National Bank will be the first major central bank to lower interest rates to 0% today. Norbert Rücker, Head of Economics and Next Generation Research, provides our latest views on the oil market amid the war in the Middle East. Mathieu Racheter, Head of Equity Strategy, talks about two interesting markets amid all the uncertainty: Swiss mid-caps and Indian stocks. (00:00) - Introduction: Bernadette Anderko, Investment Writing (00:31) - Markets wrap-up: Mike Rauber, Investment Writing (05:17) - Oil: Norbert Rücker, Head of Economics & Next Generation Research (09:30) - Equity markets: Mathieu Racheter, Head of Equity Strategy (13:32) - Closing remarks: Bernadette Anderko, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 18

Donald Trump says he wants a “real end” to the nuclear dispute with Iran, rather than just a ceasefire in the conflict with Israel, and demands “unconditional surrender”. The escalating tensions and another set of weak US macro data triggered a risk-off sentiment, weighing on equities and boosting oil prices. As the Federal Reserve prepares to announce its interest rate decision later today, investors remain cautious amidst heightened volatility in the energy market and growing concerns about a broader crisis in the Middle East. To provide insight into the implications of these events on bond markets, we have Dario Messi, Head of Fixed Income Research, on the show who shares his expectations for the US central bank's actions in the coming months. (00:00) - Introduction: Bernadette Anderko, Investment Writing (00:24) - Markets wrap-up: Jan Bopp, Investment Writing (05:39) - Bond markets: Dario Messi, Head of Fixed Income Research (10:46) - Closing remarks: Bernadette Anderko, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 17

US and European equity markets rallied on Monday, closing their sessions in positive territory. However, after President Trump called for the immediate evacuation of Tehran and decided to abandon the G7 summit to return to Washington, futures turned south. With the exception of Japan, most Asian equity markets turned in a nervous performance overnight as markets wait to see what direction the Israel/Iran situation takes next. US data and tomorrow’s FOMC decision will also be closely monitored. On todays’ show, Manuel Villegas, Next Generation Research, provides an update on digital assets where demand is strong and he sees a healthy derivatives market. (00:00) - Introduction: Helen Freer, Investment Writing (00:48) - Markets wrap-up: Bernadette Anderko, Investment Writing (06:54) - Digital assets: Manuel Villegas, Next Generation Research (11:01) - Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 16

As geopolitical tensions escalate, with Iran and Israel continuing to trade retaliatory blows, direct US involvement has so far been avoided. The sell-off in equities remains relatively contained, while the safe havens of gold, oil and the Swiss franc see inflows. Mensur Pocinci, Head of Technical Analysis, offers his thoughts from a technical perspective on the US dollar weakness and the recent rebound in oil. (00:00) - Introduction by Helen Freer (Investment Writing) (00:28) - Markets wrap-up by Mike Rauber (Investment Writing) (07:25) - Technical Analysis update by Mensur Pocinci (Head of Technical Analysis) (09:46) - Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 13

Oil prices are surging up to 10%, while equity futures are declining. Safe-haven assets like gold and US Treasuries are gaining traction. Overall, the initial market reaction to the escalation of hostilities in the Middle East is relatively contained, except for oil, as the situation remains fluid and uncertain. Dario Messi, Head of Fixed Income Research, talks about what to expect from the US, UK, Japanese, and Swiss central banks next week. Tim Gagie, Head of FX/PM Private Banking Geneva, discusses the Middle East crisis and its potential short-term impact on the US dollar, which is close to a multi-year low, and gold, which is approaching its all-time high. He also comments on platinum amid a supply/demand imbalance. (00:00) - Introduction by Helen Freer (Investment Writing) (01:01) - Markets wrap-up by Mike Rauber (Investment Writing) (05:43) - Bond market update by Dario Messi (Head of Fixed Income Research) (10:19) - FX and metals by Tim Gagie (Head of FX/PM PB Geneva) (14:13) - Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 12

Although the US trade deal with China is ‘done’, according to President Trump, the worst is not yet over for other countries. They can expect to receive a letter from Trump outlining his terms for trade in the coming weeks. Renewed trade tensions and escalating conflicts in the Middle East are dampening investor sentiment. Yesterday, stock markets saw a broad decline, while oil and gold prices rose. Also on the show today is our Group Chief Investment Officer, Yves Bonzon, who offers valuable insights into the current market landscape. Additionally, Norbert Rücker, Head of Economics & Next Generation Research, provides an update on the evolving dynamics in the commodities market. (00:00) - Introduction: Helen Freer, Investment Writing (00:27) - Markets wrap-up: Lucija Caculovic, Investment Writing (07:18) - Market update (macro update, USD, gold): Yves Bonzon, Group CIO (16:01) - Commodities update: Norbert Rücker, Head of Economics & Next Generation Research (22:25) - Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 11

US-China trade talks continue to progress positively and may conclude soon, but have still yet to reach an agreement. Optimism among investors has led to stock markets in the Asia-Pacific region rallying today, with tech stocks in particular leading the charge. Also on today’s podcast, we are joined by Mathieu Racheter, Head of Equity Strategy, who provides us with an update on equity markets and offers his outlook for how investors should position themselves for the rest of the year. (00:00) - Introduction: Bernadette Anderko, Investment Writing (00:55) - Markets wrap-up: Jonti Warris, Investment Writing (06:32) - Equity markets update: Mathieu Racheter, Head of Equity Strategy (10:34) - Closing remarks: Bernadette Anderko, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 10

US representatives including US Treasury Secretary Scott Bessent met with China’s vice premier and lead trade negotiator He Lifeng in London yesterday. Both sides have temporarily slashed tariffs to allow the talks to progress following President Trump’s phone conversation with the Chinese President Xi Jinping last Thursday. As the talks enter day two, US and Asian stock markets are cautiously optimistic. Indeed, the MSCI China Index has now rallied sufficiently to enter a bull market. Meanwhile, the markets will also be watching US inflation data tomorrow for indications regarding the next move by the Fed at their meeting next week. With Bitcoin rallying to less than 2% shy of the record high, Manual Villegas from Next Generation Research joins the podcast with all the latest news on stablecoins and the opportunities and challenges facing those who invest in them. (00:00) - Introduction by Helen Freer (Investment Writing) (00:28) - Markets wrap-up by Bernadette Anderko (Investment Writing) (06:16) - Digital assets – stablecoins by Manuel Villegas (Next Generation Research) (11:46) - Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 6

US equities closed lower after choppy trading on Thursday, although they ended off worst levels. This followed three straight daily gains for the S&P 500, and major indices remain on track for modest weekly gains. Yesterday, big tech was mixed but Tesla notably lagged as Musk and Trump's public war of words escalated. Meanwhile, the European Central Bank cut rates as expected, but surprised markets with a more hawkish tone, casting doubt on the likelihood of another rate cut in July. Tim Gagie, Head of FX/PM Private Banking in Geneva, discusses what this means for the euro and how to position for today’s US payrolls. (00:00) - Introduction by Helen Freer (Investment Writing) (00:25) - Markets wrap-up by Jan Bopp (Investment Writing) (05:34) - FX and metals markets by Tim Gagie (Head of FX/PM PB Geneva) (10:02) - Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 5

The MSCI All-Country World Index is back at a new all-time high. The German government announcement of a EUR 46 billion tax relief package boosted European investor confidence, propelling the German DAX to a new high. US private-sector labour market data revealed weak job growth, triggering a sharp decline in US Treasury yields. In Asian markets, China's services sector showed signs of growth, while Japan's economy was affected by declining inflation-adjusted earnings for the fourth consecutive month. Today, attention turns to the European Central Bank. Norbert Rücker, Head of Economics & Next Generation Research, talks about the tectonic shifts in the oil and gas markets and Nicolas Jordan, CIO Office, discusses what the US equity market recovery and the USD weakness mean for investors. (00:00) - Introduction: Helen Freer, Investment Writing (00:30) - Markets wrap-up: Mike Rauber, Investment Writing (05:39) - Oil update: Norbert Rücker, Head of Economics & Next Generation Research (10:14) - Update from the CIO Office: Nicolas Jordan, CIO Strategy & Investment Analysis (14:28) - Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 4

The S&P500 index now is at the brink of entering technical bull market territory, up nearly 20% since its lows after ‘Liberation Day’. Yesterday, equity markets rose, fuelled by a surprise fall of inflation in Europe, good labour market data in the US, a perceived easing of trade tensions and some AI chips-excitement following Meta’s energy deal. Dario Messi, Head of Fixed Income Research, joins us to share his views on where yields go and Mathieu Racheter, Head of Equity Strategy Research, speaks about the point at which yield levels start to trouble equity markets. (00:00) - Introduction: Bernadette Anderko, Investment Writing (00:34) - Markets wrap-up: Roman Canziani, Head of Investment Writing (06:34) - Bond Market update: Dario Messi, Head of Fixed Income Research (11:18) - Equity strategy update: Mathieu Racheter, Head of Equity Strategy (15:33) - Closing remarks: Bernadette Anderko, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 3

With Trump imposing new import tariffs on steel and aluminium, prices of the two metals on the US physical market have soared, lifting shares of domestic steelmakers. However, there is still a glimmer of hope on the trade front, with reports emerging that Donald Trump and Xi Jinping are set to hold talks ‘very soon’. Meanwhile, stock markets around the world have seen some volatility as investors digest the latest manufacturing activity data. Treasury yields, which have been in the spotlight recently, remained stable overnight after strong demand was seen at a 10-year Japanese government bond auction. Joining us on the show today is Manuel Villegas from Next Generation Research, who gives us an update on digital assets. (00:00) - Introduction: Helen Freer, Investment Writing (00:28) - Markets wrap-up: Lucija Caculovic, Investment Writing (07:30) - Digital assets update: Manuel Villegas, Next Generation Research (11:34) - Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 2

US action was somewhat muted on Friday, although indices closed the month of May comfortably higher. President Trump announced that he was doubling import tariffs on steel and aluminium. He also accused China of breaking the Geneva agreement. China has responded today to say that they have not. Markets in Asia are mostly lower this morning on the back of this, and US futures point to a lower open today. Mensur Pocinci, Head of Technical Analysis, joins the show to discuss the relevance, or not, of that age-old adage: ‘Sell in May and go away’. (00:00) - Introduction: Jan Bopp, Investment Writing (00:31) - Markets wrap-up: Bernadette Anderko, Investment Writing (05:36) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (09:52) - Closing remarks: Jan Bopp, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

May 30

The US economy contracted by 0.2% in the first quarter of 2025, fueling ongoing recession concerns amidst escalating trade tensions and mixed economic indicators. Technology giant NVIDIA posted strong quarterly results, providing a much-needed boost to market sentiment. US courts are deliberating on the authority to impose tariffs, with the decision pending between President Trump and the Senate. President Trump held his first meeting with Federal Reserve Chairman Jerome Powell since taking office, marking a significant encounter. US Treasury Secretary Scott Bessent described the US-China trade negotiations as "a bit stalled," which is exerting downward pressure on Asian markets today. Tim Gagie, Head of FX/PM PB Sales in Geneva, notes that the US dollar remained range-bound throughout the week and provides his thoughts on the tariff news. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:27,5 Markets wrap-up by Mike Rauber (Investment Writing) 06:04 FX and metals markets by Tim Gagie (Head of FX/PM PB Geneva) 10:04 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

May 28

US stock markets played catch-up yesterday after a long holiday weekend. A boost in consumer confidence in both the US and Germany also contributed to the upbeat market mood, as did reports that the US is nearing the signing of new trade deals, potentially as early as this week. In the Asia-Pacific region overnight, equity markets delivered a mixed performance, with South Korea posting the strongest gains, driven largely by a surge in semiconductor stocks as investors positioned themselves ahead of Nvidia's earnings report later today. Meanwhile, shifts in longer-dated government bond yields remain the dominant theme in fixed income. To shed more light on the latest developments, we are joined today by Dario Messi, our Head of Fixed Income Research. 00:00 Introduction: Bernadette Anderko, Investment Writing 01:01 Markets wrap-up: Lucija Caculovic, Investment Writing 07:31 Bond market update: Dario Messi, Head of Fixed Income Research 12:06 Closing remarks: Bernadette Anderko, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

May 27

Trade tensions took centre stage again, as President Donald Trump delayed the imposition of 50% tariffs on the EU until early July. The move sparked a relief rally in European markets, while the US dollar fell to its lowest level since 2022. Trading volumes remained subdued due to holidays in the US and UK markets. Meanwhile, Japan's long-term yields declined as the Ministry of Finance is apparently considering reducing bond issuance, which would be a potential boost for stocks and the yen. Manuel Villegas, Next Generation Research, joins us to discuss his insights on the potential investment case for digital assets and he also provides an update on AI. (00:00) - Introduction: Helen Freer, Investment Writing (00:34) - Markets wrap-up: Roman Canziani, Head of Investment Writing (06:33) - Digital assets and AI update: Manuel Villegas, Next Generation Research (13:24) - Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

May 26

US President Donald Trump says he has agreed to postpone the imposition of 50% tariffs on European Union imports until 9 July as the EU continues to negotiate a trade deal with Washington. European equity futures are higher on the news. Mensur Pocinci, Head of Technical Analysis, offers his thoughts from a technical perspective on the current US dollar weakness and the steepening Treasury yield curve. 00:00 Introduction by Helen Freer (Investment Writing) 00:28 Markets wrap-up by Jonti Warris (Investment Writing) 07:13 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis) 10:53 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

May 23

Yesterday’s trading session saw significant volatility in Treasury yields after the US House of Representatives approved President Trump’s major tax reform bill. This occurred amidst mixed macroeconomic data from the US. European stocks closed lower, while key US indices finished the day mixed around the zero line. Meanwhile, in Asia, one of the top stories overnight was the first phone call between the US and China since their meeting in Geneva. Asian markets were broadly higher. Bitcoin reached new record highs due to a combination of factors. To discuss the latest developments in the US dollar, platinum, and other foreign exchange and precious metals news, we are joined by Tim Gagie, Head of FX/PM Private Banking in Geneva. 00:00 Introduction: Helen Freer, Investment Writing 00:28 Markets wrap-up: Lucija Caculovic, Investment Writing 07:43 FX/Metals: Tim Gagie, Head of FX/PM PB Geneva 11:12 Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

May 22

US markets began yesterday's trading session on a weak footing, with sentiment deteriorating further as the day progressed. Concerns over a further widening of the US budget deficit, coupled with a disappointing US Treasury auction, led to a rise in yields and credit spreads, which in turn weighed on equity prices. In contrast, European markets defied the trend, with the German DAX index reaching a new record high. Carsten Menke, Head of Next Generation Research, offers his insights into the recently remarkable performance of the industrial metal copper. 00:00 Introduction: Helen Freer, Investment Writing 00:24 Markets wrap-up: Roman Canziani, Head of Investment Writing 06:37 Digital assets update: Manuel Villegas, Next Generation Research 10:55 Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

May 21

While European equities had another strong day yesterday, US equities took a breather following an impressive rally from their April lows. US Treasury yields near recent highs, along with the fiscal situation in the US, remain concerns for investors and weigh on sentiment and the dollar. A report about a potential attack by Israel on Iran’s nuclear facilities supported flows into traditional safe-haven assets such as the Swiss franc, the yen, and gold. Dario Messi, Head of Fixed Income Research, talks about the recent rating downgrade of the US by Moody’s and about the investment implications of the US fiscal situation. Mathieu Racheter, Head of Equity Strategy, discusses what that means for equity investors and why they should think more globally. 00:00 Introduction: Bernadette Anderko, Investment Writing 00:27 Markets wrap-up: Jan Bopp, Investment Writing 05:16 Impact of Moody’s downgrade: Dario Messi, Head of Fixed Income Research 08:51 The outlook for developed-market equities: Mathieu Racheter, Head of Equity Strategy 13:25 Closing remarks: Bernadette Anderko, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

May 20

US stocks managed to eke out a slim gain yesterday, with the S&P 500 index notching its sixth consecutive winning session, as investors sought to look past the Moody’s downgrade of the United States’ credit rating. Meanwhile, stock markets in the Asia-Pacific region are trading in the green after China cut its lending rate, which has fuelled some broad-based up moves across the region. Also on today’s podcast, we are joined by Richard Tang, Head of Research Hong Kong, who provides insights into his expectations for Chineseand Japanese equity markets. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:28 Markets wrap-up by Jonti Warris (Investment Writing) 05:52 Asia update by Richard Tang (Head of Research Hong Kong) 12:44 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

May 19

The Nasdaq surged 7% last week, driven by the US-China trade truce and President Trump's USD 2 trillion Middle East deals. Novo Nordisk's CEO resigned, and Moody's downgraded the US credit rating due to rising deficits. In China, retail sales grew 5.1% year-on-year, despite slowing industrial output. Mensur Pocinci, Head of Technical Analysis, notes that the short-term US equity market recovery remains intact, even as the USD remains in a bear market. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:28 Markets wrap-up by Mike Rauber (Investment Writing) 05:58 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis) 08:16 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

May 16

Global equities ended Thursday’s trading session mostly higher, with defensive and defence stocks leading the gains while big tech was mostly lower. This came while Walmart’s CEO warned yesterday that tariffs would force it to raise prices this year - even after the recent decrease in duties on China - and data included softer US producer prices as well as underwhelming retail sales. Dario Messi, Head of Fixed Income Research, talks about what this means for bond markets and why he would cut the allocation to higher-risk segments. And Tim Gagie, Head of FX/PM Private Banking Geneva, discusses his expectations for a weaker Swiss franc and highlights his preferred currency pair. 00:00 Introduction: Helen Freer, Investment Writing 00:31 Markets wrap-up: Jan Bopp, Investment Writing 06:22 Bond market update: Dario Messi, Head of Fixed Income Research 10:49 FX and metals: Tim Gagie, Head of FX/PM PB Geneva 15:12 Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

May 15

European markets closed lower on Wednesday after the positive sentiment induced by the weekend’s interim trade deal between China and the US seemed to run of steam. The Dow Jones closed in the red, although the S&P 500 and Nasdaq Composite closed the day slightly higher, mainly driven by the mega-cap names and a few select beneficiaries of President Trump’s trade deals in Doha. US Treasury prices and gold felt the effect of easing trade tensions, as well as the market revising its expectations of Fed rate cuts in 2025. Asia’s equity markets were lower today. Carsten Menke, Head of Next Generation Research, joins the podcast to provide extra insight into gold’s move lower. 00:00 Introduction: Helen Freer, Investment Writing 00:24 Markets wrap-up: Bernadette Anderko, Investment Writing 05:47 Gold: Carsten Menke, Head of Next Generation Research 09:16 Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

May 14

US markets rallied on the back of a US-China trade truce and lower-than-expected inflation data, easing recession concerns and boosting equities. The S&P 500 and Nasdaq 100 indices rose, driven by gains in tech stocks, such as Nvidia and AMD, following a major semiconductor deal with a Saudi Arabian AI firm. In Asia, Hong Kong's market gained ground following strong earnings from JD.com, whereas Japan's Nikkei 225 experienced a slight decline after a 13-day uptrend. Looking ahead, European shares are poised to open flat, building on the previous day's positive session, which was fuelled by improved sentiment in Germany and a record high for the DAX. Mathieu Racheter, Head of Equity Strategy, observes that Q1 earnings have exceeded expectations, but companies are issuing cautious guidance due to reduced visibility on the economic outlook. 00:00 Introduction: Bernadette Anderko, Investment Writing 00:27 Markets wrap-up: Mike Rauber, Investment Writing 06:47 Earnings/Equity Market update: Mathieu Racheter, Head of Equity Strategy 11:08 Closing remarks: Bernadette Anderko, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

May 13

After the US and China both slashed their reciprocal tariff rates, US markets responded with jubilation yesterday, sparking an impressive rally with the S&P 500 building on its recent run as investors priced out the chance of a downturn. Also on today’s podcast, we are joined by David Meier, Senior Economist, who shares his insights on the impact of recent trade talks, and Carsten Menke, Head of Next Generation Research, who provides an update on the outlook for digital assets following the recent recovery in crypto markets. 00:00 Introduction: Helen Freer, Investment Writing 00:38 Markets wrap-up: Jonti Warris, Investment Writing 06:13 Trade talks progress: Dave Meier, Senior Economist 12:41 Digital assets update: Carsten Menke, Head of Next Generation Research 16:44 Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

May 12

The United States and China have taken a step towards resolving their trade dispute, with both sides describing their initial talks in Switzerland this weekend as constructive. US Treasury Secretary Scott Bessent mentioned substantial progress, lifting equity markets in Asia and boosting investor sentiment. Meanwhile, safe havens like gold are feeling the pressure. Our guest, Mensur Pocinci, Head of Technical Analysis, joins us to discuss where he sees the most upside as good news on the trade landscape keeps on rolling in, at least for now. Tune in to find out how these developments are moving markets. 00:00 Introduction by Helen Freer (Investment Writing) 00:28 Markets wrap-up by Roman Canziani (Head of Investment Writing) 07:02 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis) 09:50 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

May 9

The US and the UK agreed a new trade deal yesterday, making the UK the first country to reach a deal with the US since US President Trump introduced new tariffs a month ago. Although this boosted global market sentiment, with US and European markets closing higher, UK stocks underperformed. The deal also weighed on safe-haven assets like US Treasuries and gold. Meanwhile, the Bank of England’s rate cut by 25 basis points was seen as a supportive move for the UK economy. Asia-Pacific markets were largely higher overnight, buoyed by China's stronger-than-expected export growth in April and a narrowing import decline, which brings some relief to Beijing ahead of tariff talks with the US this weekend. Joining us to discuss the latest developments in foreign exchange and metals markets is Tim Gagie, Head of FX and Precious Metals Solutions in Geneva. 00:00 Introduction: Helen Freer, Investment Writing 00:27 Markets wrap-up: Lucija Caculovic, Investment Writing 07:26 FX and metals: Tim Gagie, Head of FX & PM Solutions Geneva 11:45 Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

May 8

The US Federal Reserve kept interest rates unchanged at its policy meeting yesterday and Chair Jerome Powell made it clear that with inflation still running above target, the Fed has no intention of cutting rates pre-emptively. He also warned that if tariff levels remain where they are, then a risk is posed to economic growth and inflation. Dario Messi, Head of Fixed Income Research, provides more insight into the Fed’s decision making and its market impact on today’s show and Norbert Rücker, Head of Economics & Next Generation Research, provides a timely update on the oil market, sharing his insights into the latest market events. 00:00 Introduction: Helen Freer, Investment Writing 00:38 Markets wrap-up: Bernadette Anderko, Investment Writing 06:49 Oil update: Norbert Rücker, Head of Economics & Next Generation Research 10:22 Bond market update post-Fed: Dario Messi, Head of Fixed Income Research 17:36 Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

May 7

It took two attempts, but German conservative leader Merz was elected chancellor by parliament on Tuesday after an unprecedented defeat on the first attempt got his coalition government off to a wobbly start. Market sentiment took another U-turn yesterday, with global equities falling back for a second day ahead of today’s US Federal Reserve rate decision. News that trade negotiations are going well and that initial US and China trade talks will take place this Saturday did little to improve investors’ mood. Richard Tang, Head of Research in Hong Kong, discusses how markets reacted to the news and provides more details on Beijing’s policy measures as well as the geopolitical tensions between India and Pakistan. 00:00 Introduction: Bernadette Anderko, Investment Writing 00:28 Markets wrap-up: Jan Bopp, Investment Writing 06:09 Asia update: Richard Tang, Head of Research Hong Kong 14:29 Closing remarks: Bernadette Anderko, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

May 6

US equities struggled yesterday as the S&P 500 index snapped its nine-day winning streak with a modest rotation into defensive stocks. Meanwhile, the broad US dollar sell-off against Asian currencies is fuelling speculation that regional economies are allowing their currencies to strengthen to gain leverage in US trade negotiations. Also on today’s podcast, we are joined by Nenad Dinic, Equity Strategy Research, who shares his insights on Japan as well as the recent outperformance of emerging markets relative to developed market equities. 00:00 Introduction by Helen Freer (Investment Writing) 00:28 Markets wrap-up by Jonti Warris (Investment Writing) 06:20 Japan and EM Asia equities by Nenad Dinic (Equity Strategy Research) 12:04,8 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

May 5

Global equity markets have largely recovered their losses since 2 April, or Liberation Day, with Australia, Mexico and Germany's DAX among the best performers. Warren Buffett will step down as the CEO of Berkshire Hathaway at the end of the year after 45 years. Brent oil falls below USD 60 a barrel, a four-year low, after OPEC+ announces further supply increases. The Taiwan dollar has jumped 5% against the USD, its biggest intraday gain in 30 years, sparking speculation that Asian countries are seeking to revalue their currencies to win US trade concessions. Mensur Pocinci, Head of Technical Analysis Research, notes that Germany's DAX index is within 2% of its all-time high, reflecting its relative strength against US equities. 00:00 Introduction: Helen Freer, Investment Writing 00:31 Markets wrap-up: Mike Rauber, Investment Writing 06:28 Technical Analysis update: Mensur Pocinci, Head of Technical Analysis 10:37 Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

May 2

Equity markets continued their multi-day rally yesterday with the S&P 500 nearing its ‘Liberation Day’ level after the fastest 8-session gain since November 2020. The rally was driven by upbeat earnings from Microsoft and Meta. This optimism has continued overnight after China said it’s evaluating trade talks with the US, boosting optimism that tariff tensions will come down. And we have Markus Waeber from Real Estate Advisory on the show today to talk about the strong April performance of the Swiss Real Estate market and the unchanged positive outlook. 00:00 Introduction by Helen Freer (Investment Writing) 00:27,5 Markets wrap-up by Jan Bopp (Investment Writing) 06:17 Real estate update by Markus Waeber (Head of Indirect Real Estate Advisory & Intelligence) 11:03 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Apr 30

Donald Trump and his policies remain a key focus for investors, particularly today as he reaches his 100th day in office. Yesterday, Trump signed orders aimed at easing the pressure on carmakers, whilst Commerce Secretary Howard Lutnick hinted that the US has secured a trade deal with an unnamed country, prompting a rise in US shares. Meanwhile, US Treasury yields have fallen for a seventh consecutive day, driven by weak economic data that has fuelled speculation the Federal Reserve may cut interest rates to avoid a recession. Overnight, macroeconomic data from China and Japan was released, with both countries reporting lower-than-expected figures, suggesting early signs of damage from the ongoing trade war. A closer look at individual company reports reveals a mixed picture during this earnings season. To provide further insight into this complex earnings landscape, our Head of Equity Strategy, Mathieu Racheter, joins our show today. 00:00 Introduction: Roman Canziani, Head of Investment Writing 00:38 Markets wrap-up: Lucija Caculovic, Investment Writing 07:38 Q1 earnings season update: Mathieu Racheter, Head of Equity Strategy 11:58 Closing remarks: Roman Canziani, Head of Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Apr 29

The markets have seen some brief respite from volatility, thanks to positive developments in ongoing trade talks and upbeat company reports. However, this week promises to be action-packed, with four of the tech giants - Microsoft, Meta, Apple, and Amazon - set to release their earnings reports, which will likely dictate market direction. Joining us on the show is Manuel Villegas from Next Generation Research, who shares his expert insights on the recent surge in digital assets and offers his take on whether this rally has legs. 00:00 Introduction: Helen Freer, Investment Writing 00:31 Markets wrap-up: Roman Canziani, Head of Investment Writing 07:13 Digital assets update: Manuel Villegas, Next Generation Research 12:01 Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Apr 25

Equity markets continued their multi-day rally yesterday on US Federal Reserve comments indicating an openness to rate cuts and signs that trade negotiations were progressing. China may exempt some US goods from tariffs and Apple plans to shift the assembly of all US-sold iPhones to India as soon as next year. In this episode, we are joined by Tim Gagie, Head of FX and Precious Metals Solutions in Geneva, who shares his expertise on the latest developments in foreign exchange and metals markets. 00:00 Introduction: Helen Freer, Investment Writing 00:24 Markets wrap-up: Jan Bopp, Investment Writing 05:48 FX and metals: Tim Gagie, Head of FX & PM Solutions Geneva 09:59 Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Apr 24

Market sentiment has shifted towards optimism once again, with the US dollar gaining strength as concerns over President Trump's potential interference with the Federal Reserve's independence have eased. A two-day stock market rally has been fuelled by hopes that the US-China trade tensions will not intensify further. Meanwhile, recent data suggests that the economy may be heading towards a stagflationary environment in the coming months. Joining us to share his insights on the volatile gold market is Carsten Menke, Head of Next Generation Research. 00:00 Introduction: Helen Freer, Investment Writing 00:24 Markets wrap-up: Roman Canziani, Head of Investment Writing 06:20 Gold: Carsten Menke, Head of Next Generation Research 10:02 Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Apr 23

Stocks jumped and the dollar edged up as the Trump administration defused some of the tension that had rattled financial markets in recent sessions. President Donald Trump said yesterday that he does not intend to fire Fed Chair Jay Powell, while Treasury Secretary Scott Bessent told investors that the US-China trade dispute is unsustainable and that a deal will be made. This came as the International Monetary Fund slashed their global growth forecasts, with widespread downgrades after the US tariff announcements. Our Chief Economist, David Kohl, shares his views on what to expect from the ECB and the Fed in terms of monetary policy in this environment and what it means for the economy. 00:00 Introduction: Helen Freer, Investment Writing 00:34 Markets wrap-up: Jan Bopp, Investment Writing 06:38 Comments on ECB, US recession risks, Fed: David Kohl, Chief Economist 12:38 Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Apr 22

Market uncertainty has taken hold, with the US dollar hitting 15-month lows, stocks plummeting – including the Nasdaq, which has entered bear market territory – and credit spreads spiking. In contrast, Asian markets remain relatively resilient, while gold and digital assets rally. To make sense of these trends, we're joined by two expert guests: Mathieu Racheter, Head of Equity Strategy, and Carsten Menke, Head of Next Generation Research. Together, we delve into the latest news across financial markets and explore what's driving investor sentiment. 00:00 Introduction: Helen Freer, Investment Writing 00:31 Markets wrap-up: Roman Canziani, Head of Investment Writing 05:55 Earnings season update: Mathieu Racheter, Head of Equity Strategy 09:57 Bitcoin and gold: Carsten Menke, Head of Next Generation Research 13:32 Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Apr 17

Technology stocks were weak, with Nvidia shares down 7% following the imposition of export restrictions to China and other countries. In a speech in Chicago, Federal Reserve Chairman Jerome Powell discussed the potential dilemma of balancing inflation control with economic growth and indicated a cautious monetary approach. The European Central Bank is expected to cut its deposit rate by 25 basis points today. Norbert Rücker, Head of Economics & Next Generation Research, talks about all things commodities, from the fading US dominance in energy markets to gold reaching new all-time highs. Nicolas Jordan, CIO Strategy & Investment Analysis, talks about the investment implications of the increased likelihood of a US recession. 00:00 Introduction by Helen Freer (Investment Writing) 00:28 Markets wrap-up by Mike Rauber (Investment Writing) 06:03 Commodities update by Norbert Rücker (Head of Economics & Next Generation Research) 11:17 Update from the CIO Office by Nicolas Jordan (CIO Strategy & Investment Analysis) 15:39,5 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Apr 16

The ongoing tariff saga remains the dominant theme, with investors waiting to see if tensions will ease or escalate. This uncertainty is taking a toll on consumer sentiment and investor expectations. Following recent volatility, markets were relatively calm yesterday, with European bourses ending the day in positive territory, while US stocks closed marginally in the red. However, in after-hours trading, Nvidia’s shares plummeted by over 6% after the company faced new restrictions on its exports to China. Both the US dollar and US Treasury yields stabilised somewhat. In overnight trading in Asia, most markets fell, despite China releasing robust economic data. One notable exception was gold, which continued its upward trajectory. To provide further insights into the equity markets, particularly banking stocks, we are joined today by Mathieu Racheter, Head of Equity Strategy. 00:00 Introduction: Bernadette Anderko, Investment Writing 00:24 Markets wrap-up: Lucija Caculovic, Investment Writing 07:39 Equity market update: Mathieu Racheter, Head of Equity Strategy 11:52 Closing remarks: Bernadette Anderko, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Apr 15

Markets are showing signs of stabilisation as the US administration appears to be reconsidering its tariff policy. This has boosted auto stocks in particular, driven by reports that President Trump may modify the tariff package for auto-related imports from Mexico and Canada. Additionally, US Treasury yields have decreased following their sharpest increase in twenty years last week. Joining us to discuss the latest on digital assets is Manuel Villegas from Next Generation Research. 00:00 Introduction: Helen Freer, Investment Writing 01:05 Markets wrap-up: Roman Canziani, Head of Investment Writing 07:29 Digital assets: Manuel Villegas, Next Generation Research 12:52 Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Apr 14

Global financial markets experienced a tumultuous week, with safe-haven assets surging, and the US dollar and Treasury bonds posting sharp declines, raising concerns about the future of US economic dominance and global trade stability. As the escalating trade war with China continues to unfold, investors are bracing for another volatile week, in which the European Central Bank meeting takes place and the corporate earnings season gets underway. Mensur Pocinci, Head of Technical Analysis, also joins the show and shares his outlook for markets from a technical perspective. 00:00 Introduction by Helen Freer (Investment Writing) 00:31 Markets wrap-up by Jonti Warris (Investment Writing) 06:45 Technical Analysis update: Mensur Pocinci (Head of Technical Analysis) 09:55 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Apr 11

European markets played catch-up with Wednesday’s US rally yesterday, with nearly all sectors posting significant gains. However, when US markets opened, risk appetite appeared to evaporate on Wall Street, as stocks fell despite subdued inflation data. There was some brief respite for Treasuries but they then resumed their sell-off from earlier in the week, sparking concerns among many about the health of the financial system. Asian markets delivered mixed performance overnight, but gold reached yet another record high. In this episode, we are joined by Tim Gagie, Head of FX and Precious Metals Solutions in Geneva, who shares his expertise on the latest developments in foreign exchange and metals, offering valuable insights into these markets. 00:00 Introduction by Helen Freer (Investment Writing) 00:28 Markets wrap-up by Lucija Caculovic (Investment Writing) 05:49 FX and metals by Tim Gagie (Head of FX & PM Solutions Geneva) 10:25 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Apr 10

Following President Trump’s ‘pause’ announcement yesterday, US And Asian equity indices experienced a relief rally of historic proportions. The punitive tariffs imposed on dozens of countries have now been swapped for a universal 10% rate, but only for 90 days. It remains to be seen whether this rally can be sustained or if it is merely a dead-cat bounce: US futures are pointing to a lower open this afternoon. Gold and oil have not been immune to some puzzling price moves in the past few weeks too, so it was great to have Carsten Menke and Norbert Rücker on the podcast to provide their insights into what might be behind these. 00:00 Introduction by Helen Freer (Investment Writing) 00:31 Markets wrap-up by Bernadette Anderko (Investment Writing) 05:54 Oil: Norbert Rücker (Head of Economics & Next Generation Research) 09:01 Gold: Carsten Menke (Head of Next Generation Research) 12:26 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Apr 9

The global trade war intensifies as the Trump Tariffs come into effect. Equities continue to decline for the fourth consecutive day, threatening to push the S&P 500 into bear market territory, as investors seek safe havens. Meanwhile, Treasuries, once considered the world's ultimate safe haven, remain under pressure as investors appear to be losing confidence in the US. To gain more insight into the bond market's reaction, we spoke with Dario Messi, Head of Fixed Income Research, who discusses the implications for investors' positioning in more detail. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:27 Markets wrap-up by Jan Bopp (Investment Writing) 05:49 Bond market latest: Dario Messi (Head of Fixed Income Research) 10:44 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Apr 8

Global markets experienced significant volatility yesterday due to ongoing trade tensions sparked by President Donald Trump - the VIX index surged to 60 at one point. The S&P 500 closed just 0.2% lower despite threats of additional tariffs. Former New York Fed President Bill Dudley stated that a decline in stocks alone won't prompt the Fed to intervene, but an impairment to the flow of credit to businesses would. Hong Kong's Hang Seng Index rebounded slightly today after a historic 13.2% collapse on Monday, while Japan's Nikkei 225 rallied 6% on positive trade news, with the US and Japan potentially negotiating a trade deal. European equity futures are up over 2% in response to the news. Philipp Lienhardt, Head of Equity Research, notes that the upcoming earnings season will be all about companies’ comments on the trade war. 00:00 Introduction by Helen Freer (Investment Writing) 00:31 Markets wrap-up by Mike Rauber (Investment Writing) 05:49 Q1 earnings season preview: Philipp Lienhardt (Head of Equity Research) 08:29 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Apr 7

As the emerging trade war takes its toll, causing global stock markets to sell off from Japan to Mexico, investor sentiment continues to deteriorate rapidly. After US stocks fell steeply on Friday, Asian equities have plummeted today, with tech and banking stocks leading the decline in response to the retaliatory tariffs announced by China. Mensur Pocinci, Head of Technical Analysis, shares his outlook for markets from a technical perspective and Richard Tang, Head of Research Hong Kong, shares his reaction to the escalating tariff war with a focus on China. 00:00 Introduction by Helen Freer (Investment Writing) 00:44 Markets wrap-up by Jonti Warris (Investment Writing) 06:17 Technical Analysis update: Mensur Pocinci (Head of Technical Analysis) 09:04 Reaction to tariff announcements in Asia: Richard Tang (Head of Research Hong Kong) 19:04 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Apr 4

The fallout from Donald Trump’s tariff war spread across global markets on Thursday, knocking down stocks and sparking a flight to fixed-income havens. US equities and the dollar saw some of the worst selling on speculation the president’s trade offensive will cripple the American economy. In today’s special episode, Christian Gattiker, Head of Research, shares his insights on the latest developments and how investors should navigate this uncertain environment. And Tim Gagie, Head of FX & PM Solutions in Geneva, talks about why he sees more room for US dollar weakness and why he thinks gold will continue to perform well. 00:00 Introduction by Helen Freer (Investment Writing) 00:41 Markets wrap-up by Jan Bopp (Investment Writing) 06:10 Reaction to Trump tariff announcements: Christian Gattiker (Head of Research) 11:10 FX and metals: Tim Gagie (Head of FX & PM Solutions Geneva) 15:55 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Apr 3

Last night President Trump delivered a 99 minute speech in which he announced a baseline 10% tariff across the board. For many of the 180 countries on that board, the actual number is much higher: China now faces a rate of 54% and it has vowed to take ‘resolute counter-measures’ to safeguard its own rights and interests. Markets reacted badly to the news with only gold and US Treasury prices moving higher. Our Chief Economist, David Kohl, joins the podcast to share his thoughts on the impact on economic growth and why the biggest inflationary impact might actually be felt in the US. And Manuel Villegas, Next Generation Research, brings a timely update on AI. 00:00 Introduction by Helen Freer (Investment Writing) 00:44 Markets wrap-up by Bernadette Anderko (Investment Writing) 06:33 Liberation Day: David Kohl (Chief Economist) 11:20 AI update: Manuel Villegas (Next Generation Research) 15:08 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Apr 2

In this episode, we dive into the latest market developments as European government bonds and equities surge on contained eurozone inflation. Meanwhile, US stocks experience a volatile session ahead of the unveiling of the Trump administration's reciprocal tariff plans. Joining us is Dario Messi, Head of Fixed Income Research, who shares his insights on why he thinks it's not the right time to increase risk exposure in bond markets. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:24 Markets wrap-up by Roman Canziani (Head of Investment Writing) 05:49 Bond market latest: Dario Messi (Head of Fixed Income Research) 09:39 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Apr 1

European markets dropped yesterday but US stocks rebounded and the S&P 500 index closed up 0.6%, although this wasn’t enough to stop the benchmark index from posting its worst month in two years. Gold hit a fresh all-time high, up 1.2%, as investors sought safety amid concerns over the Trump administration's imminent tariffs and their potential impact on inflation and growth. Also on today’s podcast, we are joined by Norbert Rücker, Head of Economics & Next Generation Research, who shares his outlook on energy markets. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Jonti Warris (Investment Writing) 06:22 Energy markets by Norbert Rücker (Head of Economics & Next Generation Research) 10:15,5 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Mar 31

US inflation concerns intensified, with the core PCE rising 2.8% year-on-year, fuelling fears of stagflation. Tariffs remain a significant concern, with the US poised to unveil new measures on Wednesday. The EU is bracing itself for a potential 20% tariff, and Goldman Sachs has increased the likelihood of a US recession from 20% to 35%. Asian markets are feeling the strain of tariff uncertainty, with stocks declining, the Japanese yen strengthening, and gold at an all-time high. Also in focus this week: Friday's US jobs report, which may signal a cooling labour market. Meanwhile, Mensur Pocinci, Head of Technical Analysis, discusses the S&P 500, gold, and the US dollar amidst a risk-off backdrop in the markets. 00:00 Introduction by Helen Freer (Investment Writing) 00:28 Markets wrap-up by Mike Rauber (Investment Writing) 08:29 Technical Analysis update: Mensur Pocinci (Head of Technical Analysis) 11:13 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Mar 28

Wednesday’s announcement of new tariffs on all non-US-made cars sent shockwaves through the markets, with stock markets worldwide feeling the ripple effects. Carmakers were among the hardest hit, while some investors sought safer havens in more stable sectors, such as consumer packaged goods, where share prices rose. In the Asia-Pacific region, markets were largely down, despite news that Chinese President Xi Jinping had met with global CEOs in Beijing and speculation that Trump may cut tariffs on Chinese goods to facilitate a TikTok deal. Against this backdrop, gold reached yet another record high overnight. In this episode, we are joined by Tim Gagie, Head of FX & PM Solutions in Geneva, who shares his insights on the latest developments in foreign exchange and metals, and offers some interesting trade ideas. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Lucija Caculovic (Investment Writing) 07:05 FX and metals: Tim Gagie (Head of FX & PM Solutions Geneva) 11:13 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Mar 27

A three-day period of relative calm on Wall Street came to an end as major tech and automobile companies led a decline in global equity markets yesterday. Concerns about the economic impact of ever more tariff announcements, weak consumer sentiment and rising inflation risks are dampening investor risk appetite. Nvidia and Tesla slumped nearly 6%, and the automobile sector was among yesterday’s laggards after Trump announced 25% tariffs on the sector. Carsten Menke, Head of Next Generation Research, talks about the impact of tariffs on copper and why he expects the latest rally will not last. 00:00 Introduction by Helen Freer (Investment Writing) 00:28 Markets wrap-up Jan Bopp (Investment Writing) 05:29 Copper: Carsten Menke (Head of Next Generation Research) 08:54 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Mar 26

Consumer sentiment in the US continues to decline, with some indices flashing warning signs of a potential recession. Despite the weakness in sentiment, hard economic data remains resilient - for now. Meanwhile, one of the main beneficiaries of the ongoing uncertainty surrounding US tariffs, is industrial metal copper, whose price has reached an all-time-high in New York. Join us as we discuss the latest developments with Dario Messi, Head of Fixed Income Research, who predicts further volatility on the horizon, and Mathieu Racheter, Head of Equity Strategy, who argues that investors should capitalise on the current US equity bounce to diversify into international markets. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:27 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:09 Bond market update: Dario Messi (Head of Fixed Income Research) 11:24 Equity strategy update: Mathieu Racheter (Head of Equity Strategy) 16:43 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Mar 25

US equity markets jumped yesterday on hopes that President Trump may hold back from implementing some of his wide-ranging tariff plans, hinting at a narrower scope of reciprocal levies set to be announced on 2 April. In today’s Asia session, though, it’s a different story, with tech stocks on the back foot, weighing on markets. Also on today’s podcast, we are joined by Manuel Villegas, Next Generation Research, who shares his outlook on digital assets following the substantial outflows seen in recent weeks. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:27 Markets wrap-up by Jonti Warris (Investment Writing) 05:51 Digital assets update: Manuel Villegas (Next Generation Research) 09:40 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Mar 24

Central banks adopted a cautious tone on monetary policy, driving gold to a new high last week. The EUR suffered a 'sell the news' reaction following the announcement of Germany's spending plans. President Trump's comments on tariff flexibility provided a boost to the S&P 500 late on Friday. Looking ahead, this week promises to be eventful, with over 50 corporate results from China, and Ukraine peace talks. Investors will be closely watching Friday's US PCE inflation data. According to Mensur Pocinci, Head of Technical Analysis, a sustained rebound in US stocks will require broad-based buying and a shift in behaviour from retail investors - refraining from buying every dip in the market. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:28 Markets wrap-up by Mike Rauber (Investment Writing) 06:28 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis) 08:23 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Mar 21

Equity markets remain fragile as a renewed focus on trade fears derailed a short-lived recovery in risky assets as a busy central bank week draws to a close. Tim Gagie, Head of FX & PM Solutions Geneva, talks about the impact of the latest central bank communications on currency markets, and what he expects for gold going forward. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:23 Markets wrap-up by Jan Bopp (Investment Writing) 05:47 FX and metals: Tim Gagie (Head of FX & PM Solutions Geneva) 10:11 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Mar 20

The US Federal Reserve has kept interest rates steady at 4.25%-4.5%, while downgrading the growth forecast to 1.7% and increasing inflation expectations to 2.8%. Chairman Powell's comments sparked a positive market reaction, with the Treasury curve steepening and equities rising on hopes of future rate cuts. Meanwhile, Turkey's lira plummeted over 10% after the detention of Istanbul's mayor. The EU may exclude the US, the UK, and Turkey from its EUR 150bn defence spending fund if they do not sign security agreements. Today, the Swiss National Bank and Bank of England will announce their interest rate decisions. Carsten Menke, Head of Next Generation Research, notes that growth concerns are luring safe-haven seekers back into gold. Nicolas Jordan, CIO Office, says that US equities are no longer the only game in town after two years of unmatched outperformance. 00:00 Introduction by Helen Freer (Investment Writing) 00:34 Markets wrap-up by Mike Rauber (Investment Writing) 06:51 Gold: Carsten Menke (Head of Next Generation Research) 10:49 Update from the CIO Office: Nicolas Jordan (CIO Strategy & Investment Analysis) 15:04 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Mar 19

The German parliament voted in favour of a significant fiscal package yesterday, paving the way for increased defence spending and a substantial infrastructure fund, subject to the bill passing through the Bundesrat on Friday. This news was warmly received by investors, helping to drive a solid performance in European markets. In contrast, the US market told a different story, with all three major indices closing lower, largely due to a sell-off in some of the biggest technology stocks and growing investor nervousness ahead of today’s Federal Reserve decision. Meanwhile, the Bank of Japan has already made its move, leaving its key policy rate unchanged at 0.5%. Joining us to provide further insight into the Fed’s decision is Dario Messi, our Head of Fixed Income Research. We are also joined by Mathieu Racheter, Head of Equity Strategy, who shares his thoughts on the shift away from US equities. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:41 Markets wrap-up by Lucija Caculovic (Investment Writing) 06:35 Bond market update: Dario Messi (Head of Fixed Income Research) 11:44 Equity Strategy update: Mathieu Racheter (Head of Equity Strategy) 16:18 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Mar 18

It was a good day almost across the board for US stocks yesterday with rallies in all the major indices. The megacaps though did not fare so well and a gauge of the Magnificent 7 fell 1.1%. European markets rallied ahead of Germany’s debt brake vote which is expected to be successful in the Bundestag today. Asia joined in the rally party this morning with China tech stocks leading the charge. Japan’s markets were buoyed by Berkshire Hathaway’s investments yesterday. All this ahead of four central bank meetings this week in the US, Japan, Switzerland and the UK. Manuel Villegas, Next Generation Research, joins the podcast to tell us what investors should be watching for when it comes to Bitcoin’s moves. 00:00 Introduction by Helen Freer (Investment Writing) 00:28 Markets wrap-up by Bernadette Anderko (Investment Writing) 06:26 Digital assets: Manuel Villegas (Next Generation Research) 09:19 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Mar 17

After gold reached a record high on Friday, breaching USD 3,000 an ounce for the first time, driven by investor anxiety over the economic impact of tariffs and trade wars, US stocks managed to claw back some of last week’s harsh losses, but still ended the week in the red. Mensur Pocinci, Head of Technical Analysis, shares his outlook for markets from a technical perspective. Cyril Demaria-Bengochea, Head of Private Markets Strategy, provides an update on private equity and how it fares in an environment of increased volatility. 00:00 Introduction by Helen Freer (Investment Writing) 00:35 Markets wrap-up by Jonti Warris (Investment Writing) 06:53 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis) 09:24 Private equity update by Cyril Demaria-Bengochea (Head of Private Markets Strategy) 16:57,5 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Mar 14

US trade policy continues to weigh heavily on financial market sentiment, leading to a dismal day for US equities yesterday. The S&P 500 officially entered correction territory, joining the Nasdaq, while the Russell 2000 approached bear market territory. However, US Treasury Secretary Scott Bessent played down concerns, stating that he was not worried about ‘a little bit of volatility over three weeks’. Across the Atlantic,European wine and spirits companies came under pressure after Donald Trump threatened to impose 200% tariffs on their products, leading to a widespread downturn across the continent. In commodities, gold hit a new high overnight. Joining us today is Tim Gagie, Head of FX & PM Solutions in Geneva, who provides an in-depth update on metals and currencies, including a special focus on the Australian dollar. 00:00 Introduction by Helen Freer (Investment Writing) 00:21 Markets wrap-up by Lucija Caculovic (Investment Writing) 06:47 FX and metals by Tim Gagie (Head of FX & PM Solutions Geneva) 11:17 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Mar 13

US equity indices rose modestly yesterday following relatively subdued inflation data. However, the rebound, that was driven primarily by the performance of the Magnificent Seven, was short-lived, while European markets continued to outpace their US counterparts. As the possibility of a US government shutdown this Saturday looms, investor sentiment remains cautious. Also on the show today is our Group Chief Investment Officer, Yves Bonzon, who offers valuable insights into the current market landscape. Additionally, Norbert Rücker, Head of Economics and Next Generation Research, provides an update on the shifting dynamics in the oil market. 00:00 Introduction by Helen Freer (Investment Writing) 00:34 Markets wrap-up by Roman Canziani (Head of Investment Writing) 07:07 Update from our Group CIO: Yves Bonzon (Group CIO) 12:59 Commodities update: Norbert Rücker (Head of Economics & Next Generation Research) 17:26 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Mar 12

A fresh flurry of trade-policy headlines touched off another volatile trading day on Wall Street, with the S&P 500 Index’s three-week selloff briefly reaching 10% before paring some losses after Trump walked back on more tariff threats. Mathieu Racheter, Head of Equity Strategy, will talk about the details of the recent sell-off and what it means for the market outlook. And we have Manuel Villegas of Next Generation Research on the show to share his insights on what is happening in the crypto market after the 20% drop in bitcoin. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:31 Markets wrap-up by Jan Bopp (Investment Writing) 05:26 Equity market update: Mathieu Racheter (Head of Equity Strategy) 09:18 Digital assets: Manuel Villegas (Next Generation Research) 13:13 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Mar 11

US markets plummeted yesterday due to growing fears of a looming recession, with the major US stock indices all falling sharply, amid ongoing trade tensions and uncertainty over the Trump administration's tariff policies. The sell-off was particularly brutal in the tech sector, while the VIX volatility index surged 19% and bond yields plunged, reflecting heightened investor anxiety. On today’s podcast, we are also joined by Dario Messi, Head of Fixed Income Research, with an update on the German Bund market. 00:00 Introduction by Helen Freer (Investment Writing) 00:31 Markets wrap-up by Jonti Warris (Investment Writing) 06:18 Bond market update: Dario Messi (Head of Fixed Income Research) 11:01 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Mar 10

Last week, the S&P 500 fell 3.10% suffering its worst week since September last year. The Dow Jones fell 2.37%, while the Nasdaq Composite lost 3.45%. Meanwhile, in Europe the Stoxx 600 closed 0.46% lower on Friday, marking its first losing week in 2025. Nevertheless, Europe’s new plans to increase spending on defence did have a positive effect on the aerospace and defence sectors. Canada has a new Prime Minister in the form of ex Bank of England Governor, Mark Carney. Although he has not actually assumed the role yet, he is already promising to stand up to President Trump. He might have to stand up to China first: they announced new tariffs (some up to 100%) on some of Canada’s goods over the weekend. Our Head of Technical Analysis, Mensur Pocinci, joins the show today to explain why we should pay attention to the 200-day moving average when examining US equities charts. 00:00 Introduction by Helen Freer (Investment Writing) 00:31 Markets wrap-up by Bernadette Anderko (Investment Writing) 06:19 Technical Analysis update: Mensur Pocinci (Head of Technical Analysis) 09:09 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Mar 7

US equity markets continued to sell-off yesterday, driven by disappointing tech-earnings, Chinese AI innovations, and the ongoing uncertainty surrounding Trump's tariff policy – even after he decided to exempt some goods from Mexico and Canada. In contrast, European equities largely defied the trend, with German equities continuing to rally. Joining us today to discuss the energy landscape is Norbert Ruecker, Head of Economics & Next Generation Research, who discusses the potential implications of a ceasefire deal in Ukraine on energy prices. 00:00 Introduction by Helen Freer (Investment Writing) 0025 Markets wrap-up by Jan Bopp (Investment Writing) 06:33 Geopolitics and energy markets by Norbert Rücker (Head of Economics & Next Generation Research) 11:39 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Mar 6

European markets surged following German Chancellor-in-waiting Friedrich Merz's commitment to do 'whatever it takes' to ramp up defence and infrastructure, but this vow comes with a price tag: increased fiscal spending. Consequently, government bond yields soared across the continent. Meanwhile, in the US, markets rebounded after President Donald Trump temporarily lifted his 25% tariffs on Canadian and Mexican auto imports. Joining us to break down the implications for currencies and metals is Tim Gagie, Head of FX/PM Private Banking Sales in Geneva. 00:00 Introduction by Helen Freer (Investment Writing) 0025 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:08 FX and metals by Tim Gagie (Head of FX & PM Solutions Geneva) 11:11 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Mar 5

Investors have a lot to digest. With US tariffs on Canada, Mexico, and China now in force – along with some retaliatory measures from affected countries – US Commerce Secretary Lutnick hinted that the US may reconsider some tariffs. Meanwhile, in Europe, the European Commission and Germany have unveiled plans to significantly increase defence spending. In Asia, all eyes are on China's National People's Congress, where the government has set an economic growth target of around 5% for 2025. No wonder global equity markets are experiencing volatility this week, and bond markets are no less turbulent. Joining us to shed light on the latest developments in fixed income is Dario Messi, our Head of Fixed Income Research. We're also joined by Richard Tang, our Head of Research in Hong Kong, for expert analysis on the National People’s Congress. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:37 Markets wrap-up by Lucija Caculovic (Investment Writing) 06:20 Bond market update: Dario Messi (Head of Fixed Income Research) 10:48 China’s NPC news: Richard Tang (Head of Research Hong Kong) 16:48 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Mar 4

US equities did not like the news of weak manufacturing data and President Trump's announcement of tariffs on Canadian and Mexican goods, as well as increased tariffs on Chinese imports. The move prompted swift retaliation from Canada and China, who imposed their own tariffs on US goods. The S&P 500 fell 1.8% and Nvidia dropped nearly 9% but defensive sectors, like healthcare and consumer staples, rose on the day. European equities moved higher yesterday, with the Euro Stoxx 50 gaining 1.6% on easing inflation, anticipated monetary easing and the prospect of a large German stimulus package. Chinese stocks are reacting calmly to the tariff news, while export-heavy Japanese stocks are falling. Next up: Donald Trump's speech to Congress (later on Tuesday) and China's National People's Congress meeting (Wednesday). Carsten Menke, Head of Next Generation Research, notes that Bitcoin is a risk-on asset and a high-beta play on US equities in the short term. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Mike Rauber (Investment Writing) 07:14 Digital assets update: Carsten Menke (Head of Next Generation Research) 11:14 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Mar 3

US President Trump's surprise announcement that Bitcoin will be included in a new US strategic reserve saw its value soar over 20% from last week's lows. Meanwhile, investors are now in wait-and-see mode as to whether Trump will push through his planned 25% tariffs on Mexico and Canada and the extra 10% on China this week. Mensur Pocinci, Head of Technical Analysis, shares his outlook for markets from a technical perspective. 00:00 Introduction by Helen Freer (Investment Writing) 00:27 Markets wrap-up by Jonti Warris (Investment Writing) 06:47 Technical Analysis update: Mensur Pocinci (Head of Technical Analysis) 10:04 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Feb 28

Tariffs are back on the table after President Trump confirmed yesterday that the delayed tariffs on Mexico and Canada will take effect on 4 March, while China will face an additional 10% tariff on top of existing levies. While investors are still wondering if this is just a negotiating tactic or not, stock markets were broadly lower yesterday and overnight. Meanwhile, Nvidia had to say goodbye to the exclusive USD 3 trillion market capitalisation club, as its shares plummeted despite a robust earnings report. Today, all eyes are on the upcoming release of the US PCE price index release – the Federal Reserve’s preferred measure of inflation. Joining us today is Thomas Caflisch, Head of FX & PM Solutions, with a deep dive on currencies. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Lucija Caculovic (Investment Writing) 07:39 FX and metals: Thomas Caflisch (Head of FX & PM Solutions) 10:40 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Feb 27

The much-anticipated earnings report of chipmaker Nvidia, the posterchild of the AI revolution, failed to spark enthusiasm although it did suggest that the AI investment boom remains alive and well. For now, European stocks may be a good place for investors too with benchmark indices scaling fresh highs almost daily. Carsten Menke, Head of Next Generation, shares his insights on how a potential peace agreement in Ukraine could impact the construction and rebuilding industries. 00:00 Introduction by Helen Freer (Investment Writing) 00:31 Markets wrap-up by Roman Canziani (Head of Investment Writing) 05:37 Ukraine reconstruction by Carsten Menke (Head of Next Generation Research) 09:29 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Feb 26

US growth concerns and geopolitics keep investors busy ahead of Nvidia’s much-anticipated earnings report later today. Germany's incoming chancellor seeks to boost defence spending, while US yields decline amid uncertainty over Trump's policies and weaker-than-expected US consumer confidence data. Global markets react, with bonds rallying, the dollar down, and equities slipping, especially tech stocks. Dario Messi, Head of Fixed Income Research, explains why he expects European yields to continue to trend lower. And we have Mathieu Racheter, Head of Equity Strategy, on the show to share his expectations for Nvidia’s earnings report after today’s market close. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:34 Markets wrap-up by Jan Bopp (Investment Writing) 06:13 Bond market update: Dario Messi (Head of Fixed Income Research) 11:04 European equity markets: Mathieu Racheter (Head of Equity Strategy) 14:56 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Feb 25

US stock markets lost steam yesterday with big tech leading losses and the 10-year US Treasury yield moving back towards the 4.40% level while European bourses put in a mixed performance as investors digested the results of German federal election. Meanwhile the gold price continues to gain ground trading just shy of the USD 3000 mark. On today’s podcast we are also joined by Manuel Villegas Next Generation Research with an update on drivers in the artificial intelligence space. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:24 Markets wrap-up by Jonti Warris (Investment Writing) 06:53 Artificial Intelligence update: Manuel Villegas (Next Generation Research) 11:41 Closing remarks by Bernadette Anderko (Investment Writing) Watch our upcoming Beyond Markets Webcast “Market update & artificial intelligence” live at 10:00 CET on 27.02.2025: https://ow.ly/Sf6e30sKaH6 Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Feb 24

The S&P 500 experienced a sharp decline on Friday, falling 1.7% in its worst session of 2025, after hitting record highs earlier in the week. Concerns about stagflation spooked investors. In Germany, the opposition conservative CDU/CSU won the election with 28.5% of the vote. In a first reaction, German equities and the EUR rose on Monday morning. Berkshire Hathaway reported strong earnings growth and over USD 300 billion in cash available for investment. This week in focus: Nvidia earnings on Wednesday, core PCE (US inflation) on Friday. Mensur Pocinci, Head of Technical Analysis, notes that the S&P 500 has to hold 5,900 in order to continue its upward trend after last week's drop. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:45 Markets wrap-up by Mike Rauber (Investment Writing) 07:27 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis) 10:28 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Feb 21

While the US labour market remains resilient despite a modest increase in initial jobless claims, concerns are growing about a potential stagflation scenario in the US. Meanwhile, in Europe, eurozone consumer sentiment improved slightly in February, albeit from a low base, and UK retail sales beat expectations. In Asia, markets digested news that Japan's inflation rate hit a two-year high of 4%, but Alibaba's robust quarterly earnings boosted Chinese stocks. Joining us today are Tim Gagie, Head of FX & PM Solutions in Geneva, with a deep dive on currencies and metals, and Cheng Hin Saw, Head of Equities Specialists Asia, with insights on China. 00:00 Introduction by Jan Bopp (Investment Writing) 00:41 Markets wrap-up by Lucija Caculovic (Investment Writing) 07:25 FX and metals: Tim Gagie (Head of FX & PM Solutions Geneva) 11:53 Update on China: Cheng Hin Saw (Head of Equities Specialists Asia) 16:41 Closing remarks by Jan Bopp (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Feb 20

US President Trump's plan to impose 25% tariffs on European imports triggered a sell-off in European markets. The European Stoxx 600 had its worst day of the year, while US markets closed flat. Bonds and currencies also felt the impact of the tariff news, with gold hitting a new all-time high overnight. And we also have Nicolas Jordan from the CIO office on the show to discuss the reasons behind this year's impressive rally in European equities and why he believes the US market remains a structural overweight. 00:00 Introduction by Helen Freer (Investment Writing) 00:54 Markets wrap-up by Jan Bopp (Investment Writing) 06:21 Update from the CIO Office: Nicolas Jordan (CIO Strategy & Investment Analysis) 09:32 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Feb 19

Hopes for an end to the conflict in Ukraine has provided a significant sentiment boost, driving European and US stocks to new heights. Despite ongoing discussions, announcements, and postponements of new tariffs, markets are increasingly looking beyond the short-term noise. For a deeper analysis of the latest developments, we turn to our experts. Dario Messi, Head of Fixed Income Research, offers his insights into the recent moves in bond yields, while Nenad Dinic, Equity Strategy Research, shares his views on the surge in emerging market stocks and identifies areas with further growth potential. 00:00 Introduction by Jonti Warris (Investment Writing) 00:31 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:23 Bond market update: Dario Messi (Head of Fixed Income Research) 10:36 Emerging market equities update: Nenad Dinic (Equity Strategy) 16:23 Closing remarks by Jonti Warris (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Feb 18

European leaders yesterday called for increased spending to boost the continent's defence capabilities, amid hopes of a potential Ukraine/Russia peace deal. Meanwhile, Asian markets today are being led higher by a surge in Chinese technology stocks as investors express optimism about fresh potential support measures from the Chinese government. On today’s podcast, we are also joined by Manuel Villegas, Next Generation Research, for a weekly update on digital assets and a look at the drivers behind the recent softening in Bitcoin prices. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Jonti Warris (Investment Writing) 05:55 Digital assets update: Manuel Villegas (Next Generation Research) 09:28 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Feb 17

Friday was a mixed bag for Europe’s and America’s main indices, but they still saw gains on the week. The Munich Security Conference gained more attention than usual as the world awaits a solution for Ukraine. As of Friday it seemed that Ukraine and Europe would be left out of negotiations to end the war, but since then US Secretary of State Marco Rubio has said that both Ukraine and Europe will be part of any ‘real negotiations’. In Asia, Japan’s GDP has risen a surprising 2.8% year-on-year, well above expectations, and China’s President Xi Jinping has met with Chinese entrepreneurs at a symposium, signalling his support of the private sector. Mensur Pocinci, Head of Technical Analysis, provides his perspective on China’s tech rally as well as his assessment on the Swiss franc. 00:00 Introduction by Helen Freer (Investment Writing) 00:28 Markets wrap-up by Bernadette Anderko (Investment Writing) 07:33 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis) 10:17 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Feb 14

Amid the noise surrounding Donald Trump’s policies and potential tariffs, European equities have been quietly shining, defying expectations with several robust trading sessions. Investors in Europe seem to be shrugging off trade tensions and there are even signs that the Russia-Ukraine conflict may be easing. Elsewhere, Indian Prime Minister Narendra Modi made headlines at a joint press conference with Donald Trump, outlining bold plans to significantly increase bilateral trade between India and the US. On the commodities front, oil looks set to snap a three-week losing streak, while gold is on track for its seventh consecutive weekly gain. In this episode, we’re joined by Tim Gagie, Head of FX Advisory & Execution Geneva, for a deep dive into currencies and metals. 00:00 Introduction by Helen Freer (Investment Writing) 00:28 Markets wrap-up by Lucija Caculovic (Investment Writing) 07:31 FX and metals: Tim Gagie (Head of FX & PM Solutions Geneva) 12:22 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Feb 13

US inflation rose 0.5% in January, beating expectations. The market reacted with rising yields but unlike previous months, US equities held up and the USD failed to rally. In Europe, stocks rose slightly, helped by strong earnings from several large companies. European equities are pointing higher again today, with the focus now on the Ukraine peace talks. In Asia, stocks in Hong Kong and Japan gained ground on improved sentiment and lower oil prices, rounding out a significant 24 hours in global financial markets. Norbert Rücker, Head of Economics and Next Generation Research, gives a world tour of the energy markets and offers his initial thoughts on the Ukraine news, noting that it comes as no surprise. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:35 Markets wrap-up by Mike Rauber (Investment Writing) 07:18 What’s interesting in Energy markets: Norbert Rücker (Head of Economics & Next Generation Research) 12:39 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Feb 12

Markets are already showing signs of tariff headline fatigue, with US stocks little changed after the latest US tariff announcements. Meanwhile, European equities continue to outperform. French, German, and Swiss markets are all hitting new all-time highs. Traders are now braced for the US inflation report later today. Dario Messi, Head of Fixed Income Research, explains why the Fed is in no hurry to make further interest rate cuts. And we have Mathieu Racheter, Head of Equity Strategy, on the show to give us an update on the ongoing earnings season, and to discuss opportunities in Europe and China. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:28 Markets wrap-up by Jan Bopp (Investment Writing) 05:30 Bond market update by Dario Messi (Head of Fixed Income Research) 11:27 Earnings Season latest by Mathieu Racheter (Head of Equity Strategy) 16:47 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Feb 11

US president Donald Trump has said he will call for an end to the Gaza ceasefire unless Hamas releases all Israeli hostages by Saturday. Meanwhile, the US president has signed executive orders to impose 25% tariffs on all steel and aluminium imports, boosting safe-haven demand and sending gold to its seventh record high this year alone. Also on today’s podcast, we are also joined by Manuel Villegas, Next Generation Research, who provides an update on artificial intelligence after the dust has settled from the DeepSeek shock. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:25 Markets wrap-up by Jonti Warris (Investment Writing) 06:57 Artificial Intelligence update: Manuel Villegas (Next Generation Research) 11:24 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Feb 10

US stock market futures are slightly up this morning despite President Trump announcing another set of tariffs, this time on all imports of steel and aluminum. The US dollar is slightly up on the news and gold is trading at all-time highs. This week, we will be watching US and global inflation figures, the Federal Reserve Chair's testimony, and a slew of big companies reporting earnings. Our special guest Markus Wachter, Technical Analysis, believes that stocks are bound to rally further. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:38 Markets wrap-up by Roman Canziani (Investment Writing) 05:34 Technical Analysis update by Markus Wachter (Technical Analysis) 07:30 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Feb 7

European equities surged to a new all-time high, driven by robust earnings reports and positive developments regarding a potential peace plan for Ukraine. US equities also gained ground, with the S&P 500 finishing just shy of 1% below its record high. However, Amazon's post-market earnings release tempered the positive mood, as strong results were offset by slower cloud growth and cautious first-quarter guidance. Notably, the company announced plans to invest USD 100 billion in AI infrastructure this year, outspending its rivals. Tim Gagie, Head of FX & PM Solutions in Geneva, joins the podcast to discuss the high volatility in currency markets, which has been exacerbated by increasing political uncertainty since Trump took office, and he also talks about opportunities in precious metals. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Jan Bopp (Investment Writing) 06:14 FX and metals: Tim Gagie (Head of FX & PM Solutions Geneva) 10:40 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Feb 6

Join us for a recap of a dramatic trading day, marked by a late-day surge in stocks as inflation concerns eased in the US and earnings reports exceeded expectations. While tech stocks stumbled, rate-sensitive sectors and financials shone in both European and US markets. Meanwhile, gold continued its upward trajectory, reaching yet another intraday record high. In this episode, we're joined by two expert guests: Carsten Menke, Head of Next Generation, who shares his insights on the gold market, and Mathieu Racheter, Head of Equity Strategy, who provides an update on the earnings season so far. 00:00 Introduction by Helen Freer (Investment Writing) 00:31 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:44 Gold: Carsten Menke (Head of Next Generation Research) 10:16 Earnings season update: Mathieu Racheter (Head of Equity Strategy) 14:44 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Feb 5

Marking the most significant change in US policy towards the Middle East in decades, President Trump has shocked markets by announcing plans for the US to take over the Gaza Strip, resettle Palestinians, and turn it into what he has called the ‘riviera of the Middle East’. Meanwhile, gold notches a fresh record close as tariff concerns remain at the forefront of investors' minds. On today’s podcast, we are also joined by Markus Allenspach, Fixed Income Research, who provides an update on fixed income markets. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:31 Markets wrap-up by Jonti Warris (Investment Writing) 08:05 Bond market update: Markus Allenspach (Fixed Income Research) 13:11 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Feb 4

The ongoing tariff saga continues to dominate financial markets, as President Trump’s trade policies spark uncertainty and volatility. While Mexico and Canada have temporarily avoided tariffs through an agreement with the US, China has been hit with 10% tariffs, prompting retaliatory measures including its own tariffs, export controls on critical minerals and an antitrust investigation into Google. Meanwhile, in separate news, Trump has signed an executive order paving the way for the creation of a potential sovereign wealth fund that could acquire TikTok. In this episode, we’re also joined by Manuel Villegas from Next Generation Research to discuss the latest news from the world of crypto. 00:00 Introduction by Helen Freer (Investment Writing) 00:20 Markets wrap-up by Lucija Caculovic (Investment Writing) 06:23 Digital assets update: Manuel Villegas (Next Generation Research) 09:16 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Feb 3

US President Donald Trump has announced tariffs on Mexico, Canada and China, citing economic and non-economic reasons. The tariffs are set to go into effect on 4 February, unless a last-minute deal is reached. Mexico and Canada promptly announced retaliatory tariffs. This has led to risk-off sentiment in the market, with safe-haven assets in demand, equities lower and volatility rising across asset classes. The USdollar is the big winner and is rising. Chinese equities are outperforming thanks to gains in technology stocks. Looking ahead to this week, investors will be closely watching tariffs, earnings (including UBS, Amazon, and Eli Lilly) and the continued impact of DeepSeek on technology stocks. Mensur Pocinci, Head of Technical Analysis, notes that 5900 on the S&P 500 must hold for the medium-term uptrend to continue. 00:00 Introduction by Helen Freer (Investment Writing) 00:25 Markets wrap-up by Mike Rauber (Investment Writing) 06:33 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis) 09:16 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Jan 31

The European Central Bank delivered a 25 basis point rate cut yesterday and their comments left investors and traders alike expecting more cuts to come. The Stoxx 600 Index closed at a new all-time high. A busy day for earnings in both Europe and the US saw results from some of the big names and more news from the Magnificent 7. Microsoft, Meta, Tesla, and Apple all saw their shares move higher on the day and the major US indices ended the session in positive territory. Tim Gagie, Head of FX & PM Solutions Geneva, joins the podcast to talk about the reaction of the euro to the ECB rate cut and provide an overview of precious metals in light of gold reaching a new all-time high. 00:00 Introduction by Helen Freer (Investment Writing) 00:23 Markets wrap-up by Bernadette Anderko (Investment Writing) 07:17 FX and metals: Tim Gagie (Head of FX & PM Solutions Geneva) 11:23 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jan 30

Global markets react to central banks’ cautious stance, with the Fed holding rates steady and the Bank of Canada cutting amid trade concerns. Big Tech earnings were mixed, with Microsoft, Meta and Tesla all reporting and AI optimism prevailing. European equities hit all-time highs with ASML jumping while LVMH disappointed. Norbert Rücker, Head of Economics & Next Generation Research, provides an update on the global energy markets. Nicolas Jordan, CIO Office, notes that DeepSeek has led to a broadening of market performance, but its long-term impact remains to be seen. 00:00 Introduction by Helen Freer (Investment Writing) 00:37 Markets wrap-up by Mike Rauber (Investment Writing) 06:55 Energy market update: Norbert Rücker (Head of Economics & Next Generation Research) 11:36Update from the CIO Office: Nicolas Jordan (CIO Strategy & Investment Analysis) 15:07 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jan 29

Stocks rebounded after a rocky start to the week, sparked by concerns over a low-cost artificial intelligence model developed by Chinese startup DeepSeek. However, investors are beginning to see the development as a potential boon for the industry, while OpenAI says it has evidence that DeepSeek has used its model to train its own. The focus today shifts to the Federal Reserve's decision and the upcoming big tech earnings reports. Dario Messi, Head of Fixed Income Research, and Mathieu Racheter, Head of Equity Strategy, provide their insights on these key events. 00:00 Introduction by Jonti Warris (Investment Writing) 00:27 Markets wrap-up by Jan Bopp (Investment Writing) 05:13 Bond market update: Dario Messi (Head of Fixed Income 10:56 Earnings season update: Mathieu Racheter (Head of Equity Strategy) 15:13 Closing remarks by Jonti Warris (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jan 28

This week’s biggest story has the financial world reeling: Chinese startup DeepSeek’s revolutionary AI model is challenging conventional wisdom about the need for massive AI investment. Companies heavily reliant on AI, including Nvidia, were among the biggest losers. However, the fallout extends far beyond the tech sector, with implications for derivative plays on AI development, such as energy providers. Manuel Villegas joins us to dissect the implications of DeepSeek’s groundbreaking technology, and we also have special guest Markus Waeber on the show today to share his insights on the Swiss property market. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:31 Markets wrap-up by Lucija Caculovic (Investment Writing) 07:07 Artificial Intelligence latest: Manuel Villegas (Next Generation Research) 11:23 Swiss Real Estate update: Markus Waeber (Head of Indirect Real Estate Advisory & Intelligence) 15:47 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jan 27

After US stocks notched their best start to a presidential term since 1985 last week, DeepSeek, China's answer to ChatGPT, is making big waves in the tech sector. The AI startup is gaining significant traction and sending US stock futures sharply lower. Mensur Pocinci, Head of Technical Analysis, shares his outlook for markets from a technical perspective. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:35 Markets wrap-up by Jonti Warris (Investment Writing) 07:13 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis) 09:18 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Jan 24

Two of this week’s biggest stories collided when US President Donald Trump addressed the World Economic Forum, where he made some big demands. US stock markets rose in late trading yesterday and are on track to end the week higher. European stock markets are also building on the positive momentum seen earlier in the week. Meanwhile in Asia, the Bank of Japan’s decision to raise interest rates has caused some market moves. Joining us to break down the latest in FX and metals is Tim Gagie, Head of FX & PM Solutions in Geneva, and we are also joined by Richard Tang, Head of Research Hong Kong, for a thorough update on Asian markets. 00:00 Introduction by Helen Freer (Investment Writing) 00:31 Markets wrap-up by Lucija Caculovic (Investment Writing) 07:18 FX and metals: Tim Gagie (Head of FX & PM Solutions Geneva) 11:31 Asia update: Richard Tang (Head of Research Hong Kong) 21:50 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jan 23

The Euro Stoxx 600 index reached an all-time high yesterday, as did the German DAX index, led by strong earnings from companies like Siemens Energy and Adidas. In the US, President Trump's USD 100 billion AI infrastructure plan, called Stargate, and its focus on growth rather than protectionism has eased inflation concerns, causing the US yield curve and the US dollar to dip. US equities closer higher, but the CEO of JPMorgan cautioned that asset prices are somewhat inflated. Gold is near its all-time high. In Japan, the latest economic data supports a rate hike tomorrow. Carsten Menke, Head of Next Generation Research, notes that Stargate constitutes a continuation, rather than an acceleration, of the established structural trend. 00:00 Introduction by Helen Freer (Investment Writing) 00:34 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:02 Expansion of AI infrastructure: Carsten Menke (Head of Next Generation Research) 10:08 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jan 22

Headline risks are back. Stocks extended their gains after Trump announced a major AI infrastructure initiative called Stargate, while vowing to hit the European Union and China with tariffs. Markets were focusing on the positive news, pushing global equities higher. This has also been supported by positive earnings news. Leonardo Pellandini from Equity Strategy discusses the ongoing earnings season in more detail, while Dario Messi, Head of Fixed Income Research, shares his view on the world of bonds and how to navigate the credit market. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:34 Markets wrap-up by Jan Bopp (Investment Writing) 05:41 Bond Market update: Dario Messi (Head of Fixed Income Research) 09:35 Earnings Season update: Leonardo Pellandini (Equity Strategy) 13:10 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jan 21

President Trump has spent his first hours back in the White House tearing up many of Joe Biden’s policiesand issuing a flurry of executive orders on matters including immigration, energy and the cost of living. The US dollar surged on news of potential tariffs on Canada and Mexico, while oil prices slipped after Trump announced plans to boost US oil and gas production. Manuel Villegas, Next Generation Research, shares his thoughts on digital assets amid increased volatility in the new Trump 2.0 era. 00:00 Introduction by Helen Freer (Investment Writing) 00:38 Markets wrap-up by Jonti Warris (Investment Writing) 06:24 Digital assets update by Manuel Villegas (Next Generation Research) 10:19 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Jan 20

Bitcoin is trading sharply higher as Donald Trump prepares to take office as the 47th President of the United States, with many anticipating that his presidency will further boost the price of the largest cryptocurrency. Meanwhile, despite US markets being closed today, investors are bracing themselves for a hectic week ahead, marked by the new administration's expected announcement of numerous executive orders, the commencement of the World Economic Forum in Davos, and the intensification of earnings season. Mensur Pocinci, Head of Technical Analysis, believes that stocks still have room to rise, while yields appear poised for a downturn. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:38 Markets wrap-up by Roman Canziani (Head of Investment Writing) 07:00 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis) 10:27 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Jan 17

US banks kick off the earnings season with strong beats, while European luxury companies such as Richemont impress with better-than-expected sales. Comments from Fed official Waller on potential rate cuts in 2025 boost investor sentiment, supporting equities and pushing yields lower against a backdrop of robust but slightly softer US economic data. We have Bence Boldvai from our FX & PM Solutions team on the show to talk about the currency market and the particularities of the gold market. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:27 Markets wrap-up by Jan Bopp (Investment Writing) 06:13 FX and metals: Bence Boldvai (FX & PM Advisory) 09:50 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jan 16

Stocks rally and government bond yields drop on positive inflation reports from the US and the UK. Another catalyst for the positive mood across markets is the season's first earnings reports from several Wall Street heavyweights, which all beat estimates and provided positive outlooks. Meanwhile, gold has been quietly gaining ground, despite a strengthening US dollar. We're joined by Carsten Menke, Head of Next Generation Research, who shares his thoughts on why he believes last year's rally in the yellow metal might resume. 00:00 Introduction by Helen Freer (Investment Writing) 00:31 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:10 Gold: Carsten Menke (Head of Next Generation Research) 11:27 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jan 15

US small business owners are experiencing their highest level of optimism in over 40 years, fuelled by expectations of tax cuts and deregulation under Donald Trump. US producer prices rose less than expected in December, providing some relief, although today's consumer price data release will be key. The UK reported lower-than-expected inflation in December, weighing on the pound, while Japan's yen strengthened on hints of impending rate hikes. The US earnings season kicks off today, including Goldman Sachs, JPMorgan, and Citigroup. Dario Messi, Head of Fixed Income Research, talks about Treasury Inflation Protected Securities (TIPS) and what makes them outperform. Leonardo Pellandini, Equity Strategy Research, discusses the US earnings season and what to look out for. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:24 Markets wrap-up by Mike Rauber (Investment Writing) 06:33 Bond market update: Dario Messi (Head of Fixed Income Research) 12:25 Earnings Season Preview: Leonardo Pellandini (Equity Strategy) 17:04 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jan 14

It was a mixed bag for global equities at the start of the new trading week. European equities stumbled in response to last week's robust US jobs data, while US markets saw a significant shift away from technology stocks and towards energy, healthcare and materials. Market sentiment is being driven by expectations that the Federal Reserve will be cautious with regard to cutting interest rates this year, higher global government bond yields and a strengthening US dollar. Meanwhile, Japanese equities faced headwinds overnight amid growing expectations of an imminent rate hike. Joining us to break down the current state of the crypto world is Manuel Villegas from Next Generation Research. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Lucija Caculovic (Investment Writing) 06:50 Digital assets update by Manuel Villegas (Next Generation Research) 10:12 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Jan 13

Friday’s US jobs report saw global stocks wipe out their 2025 gains while the US dollar jumped to its highest level in over two years. Meanwhile, swap traders are slashing their bets for Federal Reserve rate cuts this year amid the global bond rout. Mensur Pocinci, Head of Technical Analysis, provides his latest views on markets from a technical perspective. 00:00 Introduction by Helen Freer (Investment Writing) 00:27 Markets wrap-up by Jonti Warris (Investment Writing) 06:58 Technical Analysis update: Mensur Pocinci (Technical Analysis update) 09:27 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jan 10

Global economic data showed mixed signals, with German exports and industrial production beating expectations, while UK bond yields rose to a 15-year high. In China, the government suspended purchases of government bonds, sending yields soaring, as the currency is suffering from an interest rate disadvantage versus the USD. Meanwhile, gold prices are showing resilience, rising to a four-week high. Next up is the critical US employment report. Tim Gagie, Head of FX&PM Solutions Geneva, discusses the massive USD surge and GBP weakness so far this year. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Mike Rauber (Investment Writing) 07:08 FX and metals: Tim Gagie (Head of FX & PM Solutions Geneva) 10:57 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jan 9

December’s Fed Minutes released yesterday revealed that FOMC members believe that upside risks to their inflation outlook have increased and that incoming President Trump’s policies likely will not help matters. Neither US nor European data releases helped stocks yesterday. European markets had a mixed Wednesday with indices up or down in the order of half a percent. US stocks also struggled for direction ahead of today’s market closure for President Jimmy Carter’s funeral. China’s overnight inflation data seemed to confirm that Beijing’s stimulus efforts aren’t reviving demand yet. Bond market prices continued to fall with new record highs being set in longer-dated yields from the US to the UK. Carsten Menke, Head of Next Generation Research, joins the podcast to provide an update on digital assets, whilst Nicolas Jordan delivers his regular update from the CIO office. 00:00 Introduction by Helen Freer (Investment Writing) 00:31 Markets wrap-up by Bernadette Anderko (Investment Writing) 07:07 Digital assets update: Carsten Menke (Head of Next Generation Research) 10:58 Update from the CIO Office: Nicolas Jordan (CIO Strategy & Investment Analysis) 14:43 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jan 8

While European equity markets rose in yesterday's trading, their US counterparts had a rough day as the latest economic data added to speculation that the Federal Reserve will leave interest rates unchanged this month amid inflationary pressures. This pushed Treasury yields higher across the curve, with traders no longer fully pricing in a Fed rate cut before July. Dario Messi, Head of Fixed Income Research, tells us why he would tactically take the opportunity to close any duration gap, but would still avoid excessive duration at this stage. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:31 Markets wrap-up by Jan Bopp (Investment Writing) 05:40 Starting the year with higher bond yields: Dario Messi (Head of Fixed Income Research) 11:00 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jan 7

A rally in the world’s largest US technology companies lifted stocks globally yesterday amid renewed investor optimism for all things AI, prompting Nvidia to close at an all-time high. Meanwhile, Japan’s finance minister Katsunobu Kato issued a fresh warning today against speculative yen selling after the currency fell to its weakest level since July 2024. Norbert Rücker, Head of Economics & Next Generation Research, provides an update on supply and demand drivers in the natural gas market. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Jonti Warris (Investment Writing) 06:02 Natural gas: Norbert Rücker (Head of Economics & Next Generation Research) 10:41 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jan 6

US equities began 2025 with a brief sell-off followed by a rebound, while Chinese shares are having their worst start to a year since 2016. Microsoft said that it will spend USD 80 billion on data centres this year. This week, investors will be watching economic data releases, including PMI and employment figures, to gauge the global economic outlook. Upcoming events later this month include earnings reports from majorUS banks, the People's Bank of China's interest rate decision, Donald Trump's inauguration, and US Federal Reserve and ECB interest rate decisions at the end of the month. Mensur Pocinci, Head of Technical Analysis, notes that the S&P 500 needs to regain the psychologically important 6000 level after last month's decline. 00:00 Introduction by Helen Freer (Investment Writing) 00:31 Markets wrap-up by Mike Rauber (Investment Writing) 06:52 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis) 09:54 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Jan 3

As part of a special two-week series featuring highlights from Julius Baer’s recent Beyond Markets podcasts, today's show features a clip from a conversation where Carsten Menke, Head of Next Generation Research at Julius Baer, talks to host Emily Rookwood about the surprising fact that buildings surpass sectors like aviation and transportation in terms of global carbon emissions. Carsten highlights investment opportunities in insulation materials, heating and cooling systems, and smart building technologies, while addressing the challenges of retrofitting existing buildings and the cyclical nature of the real estate market. 00:00 Introduction by Helen Freer (Investment Writing) 00:45 How can we make buildings better? Carsten Menke (Head of Next Generation Research) and Emily Rookwood (Head of Publications) 10:29 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Dec 31, 2024

As part of a special two-week series featuring highlights from Julius Baer’s recent Beyond Markets podcasts, today's show features a clip from a conversation where Christian Gattiker, Head of Research, and Mark Matthews, Head of Research Asia, talk to Bernadette Anderko about the current and expected market environment as the new economic cycle unfolds, and what opportunities this should present going into 2025. 00:00 Introduction by Helen Freer (Investment Writing) 00:31 Market Outlook 2025: Christian Gattiker (Head of Research), Mark Matthews (Head of Research Asia), Bernadette Anderko (Investment Writing) 11:15 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Dec 30, 2024

As part of a special two-week series featuring highlights from Julius Baer’s recent Beyond Markets podcasts, today's show features a clip from a conversation where Julius Baer’s Chief Investment Officer Yves Bonzon joins journalist Hannah Wise to take a closer look at Julius Baer's investment strategy. They discuss performance and risk and how this impacts investors. Yves shares how we analyse and assess performance, how to avoid ‘bad’ performance and what ‘healthy’ performance looks like, especially in a volatile market. He also talks about the risks involved with performance, how we mitigate those risks, and how he measures his success as a CIO. Our regular show that starts with daily market news returns on Monday 6th January. 00:00 Introduction by Helen Freer (Investment Writing) 00:54 How we manage money: Yves Bonzon (Group CIO) and Hannah Wise (Head of Investment Communications) 12:44 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Dec 27, 2024

"We are not trying to save the planet, we are first trying to save ourselves". As part of a special two-week series featuring highlights from Julius Baer’s recent Beyond Markets podcasts, today's show features a clip from a conversation where Roy Athanasius Ang, Strategy & Business Operations Singapore, talks to Julius Baer's in-house climate and stewardship specialist Jean-Damien Bogner about the origins of carbon credits and their applicability in the climate change scene today. Our regular show that starts with daily market news returns on Monday 6th January. 00:00 Introduction by Helen Freer (Investment Writing) 00:48 Carbon credits, markets and trading: Jean-Damien Bogner (Climate and stewardship specialist) and Roy Athanasius Ang (Strategy & Business Operations Singapore) 10:12 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Dec 24, 2024

As part of a special two-week series featuring highlights from Julius Baer’s recent Beyond Markets podcasts, today's show features a clip from a conversation that Nicolas de Skowronski, Head Wealth Management Solutions and member of the Executive Board, and Sonia Goessi, Head of Region Switzerland and Europe and member of the Executive Board had with host Emily Rookwood on Julius Baer’s 360-degree approach to wealth management and why it is important for everyone. Our regular show that starts with daily market news returns on Monday 6th January. 00:00 Introduction by Helen Freer (Investment Writing) 01:03 What is 360 Wealth Management and why does it matter? Nicolas de Skowronski (Head of Wealth Management Solutions, Member Executive Board), Sonia Gössi (Head of Region Switzerland and Europe, Member Executive Board), Emily Rookwood (Head of Publications) 09:40 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Dec 23, 2024

As part of a special two-week series featuring highlights from Julius Baer’s recent Beyond Markets podcasts, today's show features a clip from a conversation one of our Next Generation analysts, Damien Ng, had with host Emily Rookwood about the background and economic significance of obesity drugs. Our regular show that starts with daily market news returns on Monday 6th January. 00:00 Introduction by Helen Freer (Investment Writing) 00:38 What is the cost of obesity? Damien Ng (Next Generation Research), Emily Rookwood (Head of Publications) 06:05 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Dec 20, 2024

Markets struggled to recover from hawkish comments by Fed Chair Jerome Powell, with equities ending the day lower despite a stronger-than-expected US GDP reading. Investors now turn their attention to European producer prices and the Fed's preferred inflation metric due out today, amid concerns over a potential US government shutdown. And we have Maeve Timoney on the show to talk about the topic of water and potential solutions to tackle water-related challenges. 00:00 Introduction by Helen Freer (Investment Writing) 00:28 Markets wrap-up by Jan Bopp (Investment Writing) 05:42 Water – too little and too much by Maeve Timoney (Next Generation Research) 10:41 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Dec 19, 2024

The Federal Reserve announced a 0.25% cut in interest rates, bringing the total cuts since September to 1%. The Fed's economic projections indicate a slower pace of cuts next year, citing a solid labour market and a stalled decline in inflation. Equity markets reacted negatively, with US equities falling sharply. Other asset classes also reacted, with US Treasury yields rising, the USD strengthening, and gold and Bitcoinfalling, although Bitcoin did hold above the USD 100,000 level. Meanwhile, the Bank of Japan kept interest rates unchanged, weighing on the JPY. In what has become an annual tradition, Tim Gagie, Head of FX&PM Solutions Geneva, reviews the year in the world of currencies and gold, not in prose but in rhyme. 00:00 Introduction by Helen Freer (Investment Writing) 00:31 Markets wrap-up by Mike Rauber (Investment Writing) 06:39 FX Christmas poem by Tim Gagie (Head of FX & PM Solutions Geneva) 09:32 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Dec 18, 2024

Today's main event is undoubtedly the Federal Reserve's much-anticipated interest rate decision. Recent US economic data releases have been mixed, but investors are heavily betting on a 25 basis point cut. Meanwhile, German economic data has also been mixed as the country continues to navigate choppy waters. Over in Asia, a potential merger between Japanese car giants Nissan and Honda is making headlines. In commodities, cocoa prices have risen to new record highs, while oil and gold are trading in narrow ranges ahead of the US interest rate announcement. We're joined today by Leonardo Pellandini from our Equity Strategy Research team, who explains why US equities remain in favour. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:34 Markets wrap-up by Lucija Caculovic (Investment Writing) 06:56 Why US equities remain in favour: Leonardo Pellandini (Equity Strategy Research) 10:34 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Dec 17, 2024

In this episode, we explore why US stocks are continuing their upward momentum into year-end, and why some European markets are performing better than others. With major central banks set to announce interest rate policy decisions this week, traders are on high alert. We'll also examine the unrelenting surge in the Bitcoin price and take a closer look at industrial metals. To provide expert insights on the latter, we're joined by our Head of Next Generation Research, Carsten Menke. 00:00 Introduction by Helen Freer (Investment Writing) 00:28 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:25 Industrial Metals: Carsten Menke (Head of Next Generation Research) 10:47 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Dec 16, 2024

Bitcoin surged to a new record high today, extending a rapturous rally since Donald Trump's re-election.With value stocks having been beaten down recently, Mensur Pocinci, Head of Technical Analysis, explains why he believes a year-end rally remains on the cards. Our Chief Economist, David Kohl, shares his insights into last week’s central bank decisions along with an outlook for the Fed’s interest rate path. 00:00 Introduction by Helen Freer (Investment Writing) 00:52 Markets wrap-up by Jonti Warris (Investment Writing) 07:40 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis) 10:46 Central bank meetings by David Kohl (Chief Economist) 15:51 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Dec 13, 2024

Europe was the main focus yesterday with rate cuts from both the European Central Bank and the Swiss National Bank. The ECB mulled a 50 basis point cut but delivered 25 bps. The SNB, however, led by its new chief Martin Schlegel, surprised markets, announcing a half a percentage point cut. In the US, a raft of data didn’t convince the markets and they closed lower ahead of the Fed meeting next week where the bet is still on for a 25 bps rate cut. Asian markets were uninspired by the outcome of the Chinese Central Economic Working Conference. Richard Tang, Head of Research Hong Kong, supplies the details of this meeting as well as sharing his thoughts on adopting an offensive/defensive stance when it comes to the Chinese equity market. 00:00 Introduction by Helen Freer (Investment Writing) 00:30 Markets wrap-up by Bernadette Anderko (Investment Writing) 05:56 China’s Politburo meeting: Richard Tang (Head of Research Hong Kong) 12:31 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Dec 12, 2024

US inflation comes in as expected, solidifying interest rate cut hopes ahead of the Fed's policy decision next week. Equity markets breathe a sigh of relief, with technology names leading the charge, while the ECB and SNB prepare to announce rate decisions amidst growing growth concern. And we have Carsten Menke, Head of Next Generation Research, and Nicolas Jordan, CIO Office, on the show to talk about the comeback of central bank gold buying and why it was a difficult year for Swiss equities. 00:00 Introduction by Mike Rauber (Investment Writing) 00:37 Markets wrap-up by Jan Bopp (Investment Writing) 05:23 Gold: Carsten Menke (Head of Next Generation Research) 09:37 Update from the CIO Office: Nicolas Jordan (CIO Strategy & Investment Analysis) 14:26 Closing remarks by Mike Rauber (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Dec 11, 2024

As investors await the release of November inflation figures in the US later today, markets have edged slightly lower. The upcoming data is expected to provide clarity on the likelihood of a rate cut in the US next week. Meanwhile, central banks are set to take centre stage, with the Bank of Canada announcing its decision today, followed by the European Central Bank and the Swiss National Bank tomorrow. All three institutions are anticipated to reduce their policy rates. To shed light on the potential implications for the US dollar and gold, we're joined by Tim Gagie, Head of FX & PM Solutions at our Geneva office. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:25 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:48 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva) 10:27 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Dec 10, 2024

Chinese officials’ pledges to provide bolder support for economic growth are fuelling a rally in shares related to Chinese consumption, Chinese real estate, and Asian mining stocks. China beneficiaries in Europe also posted strong gains yesterday. Meanwhile, US equity markets took something of a breather following the recent strong rally, as traders await tomorrow’s key inflation data. Manuel Villegas, Next Generation Research, provides a detailed update on Bitcoin’s breach of USD 100,000. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:24 Markets wrap-up by Jonti Warris (Investment Writing) 06:31 Crypto asset update: Manuel Villegas (Next Generation Research) 09:51 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Dec 9, 2024

Global markets are starting the week cautiously due to geopolitical tensions, including the toppling of Syria's leader and the ongoing unrest in South Korea. Despite this, European markets performed well last week, with the CAC 40 and DAX rising. US jobs data was mixed and the Nasdaq and S&P 500 reached fresh highs. China's inflation slowed, and investors await tangible policies from the government's economic meeting. This week, major central banks, from Australia, Canada, Brazil, the eurozone, and Switzerland, will decide on interest rates. Mensur Pocinci, Head of Technical Analysis, notes that despite the strong (US) equity market gains this year inflows into equities are far from euphoric levels. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:41 Markets wrap-up by Mike Rauber (Investment Writing) 07:05 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis) 10:45 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Dec 6, 2024

Global markets are awaiting the US employment report, which could influence the US Federal Reserve's interest rate decision on 18 December. European stocks rose despite political turmoil in France. Asian markets were mixed, with Chinese stocks rising ahead of a key policy meeting. OPEC+ delayed an increase in oil production to support prices. Bitcoin fell below USD 100,000 and Donald Trump named a prominent venture capitalist as his artificial intelligence and crypto czar. Argentina's central bank cut interest rates and the country's stock market has soared 90% this year. David Kohl, Chief Economist, talks about the political and economic challenges facing the eurozone and what it means for the ECB. 00:00 Introduction by Helen Freer (Investment Writing) 00:31 Markets wrap-up by Mike Rauber (Investment Writing) 07:15 Eurozone outlook: David Kohl (Chief Economist) 16:51 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Dec 5, 2024

A rally in the world's biggest technology companies led global equities higher yesterday as traders digested the latest economic data. US Treasury yields fell, while the euro regained some strength as investors watched the no-confidence vote in France. Bitcoin has crossed the USD 100,000 mark overnight for the first time. And we have Norbert Ruecker, Head of Economics & Next Generation Research, on the show ahead of today’s OPEC+ meeting to discuss the state of the energy market and his outlook for 2025. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:31 Markets wrap-up by Jan Bopp (Investment Writing) 05:17 Energy markets: Norbert Rücker (Head of Economics & Next Generation Research) 10:58 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Dec 4, 2024

Join us on MovingMarkets, your daily dose of global market insights. In this episode, we explore the latest records broken in Germany and the US, with the DAX index surpassing 20,000 points for the first time and US stocks hitting an all-time high for the 55th time this year. But not all markets are thriving - South Korea's political turmoil has raised concerns. Our expert guests weigh in on the latest developments: Dario Messi, Head of Fixed Income Research, analyses the situation in France ahead of the no-confidence vote, while Tim Gagie, Head of FX/PM PB Sales in Geneva, shares his expertise on currencies and metals. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:28 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:34 Bond market update: Dario Messi (Head of Fixed Income Research) 10:26 FX and Metals markets: Tim Gagie (Head of FX & PM Solutions Geneva) 14:30 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Dec 3, 2024

US equities advanced further yesterday, led by the Magnificent Seven stocks, with the S&P 500 and the Nasdaq Composite posting fresh record highs. Meanwhile, France’s 10-year yield premium widened to levels not seen since June, as the country’s budget impasse risks plunging France’s government into its second political crisis in six months. Manuel Villegas, Next Generation Research, talks about why exchange-traded funds have been a quiet disruptor of the asset management industry. 00:00 Introduction by Helen Freer (Investment Writing) 00:28 Markets wrap-up by Jonti Warris (Investment Writing) 06:18 Future of Finance: Manuel Villegas (Next Generation Research) 10:54 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Dec 2, 2024

It was probably too soon for the S&P 500 to feel the impact of Black Friday, but the index did just fine without it, closing the day, the week, and the month higher. The same could be said for the Dow Jones Industrial Average and the Nasdaq Composite. The small cap Russell 2000 saw the biggest monthly gain though – up 10% since Donald Trump won the election. European stocks shrugged off poor inflation data to see the Stoxx 600 also close November 0.96% higher. Europe is now focused on political events in France. Mensur Pocinci, Head of Technical Analysis, joins the show to talk on a range of topics, including why the charts still look good for the S&P 500 as we head into year end. 00:00 Introduction by Helen Freer (Investment Writing) 01:00 Markets wrap-up by Bernadette Anderko (Investment Writing) 07:23 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis) 09:14 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Nov 29, 2024

Trading volumes were low due to the Thanksgiving holiday in the US. Investors’ focus was on the French budget discussions as French bond yields surpassed those of Greece for the first time on budget concerns. This morning some headlines around a potential further stimulus package in China at a key policy meeting in December are shaping the markets going into the weekend. And we also have Tim Gagie, Head of FX&PM Solutions Geneva, on the show. He talks about the US dollar, why he likes precious metals, and the seasonality of the Swiss franc. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Jan Bopp (Investment Writing) 05:29 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva) 09:23 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Nov 28, 2024

French assets took a hit yesterday, with stocks and bonds underperforming all other major markets. The current coalition government's instability has investors spooked, causing French 10-year government debt to yield the same as its Greek counterparts. Carsten Menke, Head of Next Generation Research, and Nicolas Jordan, CIO Office, provide updates on the outlook for gold and Julius Baer's investment strategy. 00:00 Introduction by Mike Rauber (Investment Writing) 00:32 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:32 Gold: Carsten Menke (Head of Next Generation Research) 10:09 Update from the CIO Office: Nicolas Jordan (CIO Strategy & Investment Analysis) 13:52 Closing remarks by Mike Rauber (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Nov 27, 2024

European markets closed lower yesterday, with auto stocks down 1.7%. The big US equity indices all inched higher, although small caps fell after Monday’s gains. Asia was mixed this morning with Chinese stocks up and Japanese stocks down. Bitcoin is now trading nearer USD 90,000 than 100,000. Geopolitical tensions have eased a touch today after a 2-month ceasefire between Israel and Hezbollah was initiated in the early hours of this morning. Dario Messi, Head of Fixed Income Research, assesses the likely growth enhancing/hindering policies of the incoming US administration, whilst Mathieu Racheter, Head of Equity Strategy, shares the reasoning behind some of his team’s recent sector rating changes. 00:00 Introduction by Roman Canziani (Head of Investment Writing) 00:37 Markets wrap-up by Bernadette Anderko (Investment Writing) 06:30 Fixed income update: Dario Messi (Head of Fixed Income Research) 10:12 Consumer cyclicals up, utilities down: Mathieu Racheter (Head of Equity Strategy) 12:22 Closing remarks by Roman Canziani (Head of Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Nov 26, 2024

Markets reacted to the nomination of Scott Bessent as the next US Treasury Secretary on Monday, with the dollar pulling back from two-year highs and US Treasury yields falling. US stocks rose, led by small caps which hit an intraday high, while European markets were mixed. A survey showed a drop in German business confidence and ECB Chief Economist Philip Lane called for gradual interest rate cuts. Other notable developments include UniCredit's attempted takeover of Banco BPM; a potential deal to end the Israel-Hezbollah conflict; and President-elect Trump's plan to impose tariffs on Canada, Mexico, and China. Manuel Villegas, Next Generation Research, says Bitcoin has established itself as a global macro asset this year. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:24 Markets wrap-up by Mike Rauber (Investment Writing) 06:11 Digital assets: Manuel Villegas (Next Generation Research) 09:38 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Nov 25, 2024

After upbeat data out of the US provided a boost to investor sentiment, US markets extended their rally on Friday. A stock market rotation into small caps saw the Russell 2000 index make outsized gains last week, while safe haven assets continued to attract investors. As the market turns its attention to a data-packed week ahead, Mensur Pocinci, Head of Technical Analysis, offers an update on the markets from a technical perspective and explains why a year-end rally is still on the table. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:38 Markets wrap-up by Jonti Warris (Investment Writing) 06:39 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis) 09:17 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Nov 22, 2024

European equities enjoyed a strong day yesterday, while Wall Street had a moderately positive day, marked by a rotation out of tech stocks and into more cyclical sectors such as financials, industrials and retail. Elsewhere, Gary Gensler announced his resignation as Chairman of the US Securities and Exchange Commission as of 20 January 2025. Treasury yields rose across the curve as investors digested mixed economic data and comments from Federal Reserve policymakers. In Asia, Japanese stocks led the way following the release of Japan's October CPI and preliminary PMI figures. Commodities also posted gains, with oil and gold prices rising amid escalating geopolitical tensions. Bitcoin, meanwhile, is marching towards the USD 100,000 mark. Joining us today to break down the latest developments in the world of currencies is David Meier, Senior Economist. 00:00 Introduction by Helen Freer (Investment Writing) 00:27 Markets wrap-up by Lucija Caculovic (Investment Writing) 06:57 Currencies update - USD, EUR, CHF: David Meier (Senior Economist) 12:44 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Nov 21, 2024

The market’s reaction to Nvidia’s highly anticipated results last night indicates just how high expectations were. The company’s results exceeded analysts’ expectations and it delivered a strong forecast for the current quarter, but the revenue forecast just wasn’t enough for the market and the company’s shares fell 2.5% in extended trading. Asia’s tech heavy markets also sold off somewhat following the results and the growing geopolitical tensions arising from developments in Ukraine. Bitcoin hit another new high. Norbert Ruecker, Head of Economics & Next Generation Research, joins the podcast for a detailed look at what’s going on in the oil and gas market. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Bernadette Anderko (Investment Writing) 04:59 Oil and gas: Norbert Rücker (Head of Economics & Next Generation Research) 10:21 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Nov 20, 2024

Escalating tensions between Russia and Ukraine dampened global risk appetite and sent investors scrambling for safe-haven assets yesterday. While European markets ended the day in the red, US equities recovered from earlier losses as the focus turned to Nvidia's earnings report due after the close today. Mathieu Racheter, Head of Equity Strategy, talks about the most anticipated earnings report of the season and explains why the path of least resistance for equities is up. And we have Dario Messi, Head of Fixed Income Research, on the show to talk about the divergence between ECB and Fed rate cut expectations. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:24 Markets wrap-up by Jan Bopp (Investment Writing) 05:17 Bond market update: Dario Messi (Head of Fixed Income Research) 10:06 What we learned from the earnings season: Mathieu Racheter (Head of Equity Strategy) 14:07 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Nov 19, 2024

US stocks yesterday regained some ground after last week's sharp sell-off that reversed the S&P 500’s post-election gains as Wall Street looks ahead to some major market-moving earnings reports and bets for a December Fed rate cut are losing steam. Fabian Wenner, Equities Research, provides an update on the healthcare sector, and Manuel Villegas, Next Generation Research, shares with us the latest from the world of digital assets. 00:00 Introduction by Helen Freer (Investment Writing) 00:38 Markets wrap-up by Jonti Warris (Investment Writing) 06:53 Update on healthcare sector: Fabian Wenner (Research Analyst) 10:51 Digital assets: Manuel Villegas (Next Generation Research) 14:38 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Nov 18, 2024

The Trump rally came to a halt last week as the S&P 500 fell 2% despite confirmation that the Republicans also won the House of Representatives. The USD strengthened to a one-year high and gold had its worst weekly drop in three years. Trump's cabinet appointments raised concerns and led to a sell-off in pharmaceutical stocks on Friday. Upcoming events this week include the G20 Summit starting on Monday, Nvidia earnings on Wednesday, and PMIs on Friday. Markus Wachter, Technical Analysis Research, notes that the S&P 500 remains in an uptrend despite dropping last week. 00:00 Introduction by Helen Freer (Investment Writing) 00:27 Markets wrap-up by Mike Rauber (Investment Writing) 06:49 Technical Analysis update by Markus Wachter (Technical Analysis Research) 09:23 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Nov 15, 2024

US equities stumbled yesterday, in contrast with a more positive day for European markets. The shift comes as investors reassess the likelihood of a Federal Reserve rate cut in December, following a speech by Chairman Jerome Powell that suggested the economy was not sending any signals that would necessitate a rush to cut rates. Meanwhile, some ‘Trump trades’ have begun to unwind as investors continue to navigate the post-election landscape. In commodities, both oil and gold are feeling the pinch of a stronger US dollar. Joining us today to break down the latest developments in the currency and metals markets is Tim Gagie, Head of FX & PM Solutions in Geneva. 00:00 Introduction by Helen Freer (Investment Writing) 00:27 Markets wrap-up by Lucija Caculovic (Investment Writing) 07:51 Currencies and metals: Tim Gagie (Head of FX & PM Solutions Geneva) 12:24 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Nov 14, 2024

European bourses closed Wednesday’s session lower. The Nasdaq followed suit in the US, with the Dow and the S&P 500 ekeing out small gains on the day. This followed the release of October US CPI data which came in as expected and added support to the expectation of another interest rate cut by the US Federal Reserve in December. There was also further US political news last night as the Associated Press announced that the Republicans have secured a majority in the US House of Representatives, which means that the new president will have the power to enact his legislative agenda. With gold down 8% since Mr Trump’s victory, Carsten Menke, Head of Next Generation Research, delivers his assessment of where the precious metal will go now, and Nicolas Jordan joins from the CIO Office to update us on the current expectations of the bank’s investment committee. 00:00 Introduction by Helen Freer (Investment Writing) 00:31 Markets wrap-up by Bernadette Anderko (Investment Writing) 05:30 Impact of Trump victory on gold: Carsten Menke (Head of Next Generation Research) 09:28 Update from the CIO Office: Nicolas Jordan (CIO Strategy & Invnestment Analysis) 13:04 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Nov 13, 2024

Following a strong start to the week, markets took a step back yesterday as investors continued to digest the implications of the US election outcome. With key events on the horizon – including a slew of earnings reports and the release of US inflation data later today – traders are cautious about the potential for further interest rate cuts by the Federal Reserve. Joining us to provide expert analysis on how these developments are shaping their respective markets are Dario Messi, Head of Fixed Income Research, and Mathieu Racheter, Head of Equity Strategy. They share insights into their latest rating changes in response to the shifting US political landscape. 00:00 Introduction by Lucija Caculovic (Investment Writing) 00:34 Markets wrap-up by Jan Bopp (Investment Writing) 05:58 Fixed income rating changes: Dario Messi (Head of Fixed Income Research) 10:52 Upgrade cyclicals and financials: Mathieu Racheter (Head of Equity Strategy) 15:07 Closing remarks by Lucija Caculovic (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Nov 12, 2024

Stock markets in Europe and the US started the week on a high note, with all three major US indices hitting new record highs. However, the momentum did not carry over to the Asia-Pacific region, where markets fell across the board in overnight trading. Meanwhile, commodities were lower, with gold and oil also bucking the upward trend. In contrast, Bitcoin has been on a tear, rising nearly 30% since the US presidential election last week. To help make sense of the current crypto market landscape, we’re joined by Manuel Villegas from Next Generation Research. 00:00 Introduction by Helen Freer (Investment Writing) 00:27 Markets wrap-up by Lucija Caculovic (Investment Writing) 06:49 Digital assets: Manuel Villegas (Next Generation Research) 10:40 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Nov 11, 2024

Donald Trump's presidential victory boosted US equities, with gains led by banks, energy and small caps – the S&P 500 had its best week so far this year. Bitcoin crossed USD 81,000 for the first time ever and Nvidia became the first company to surpass USD 3.6 trillion in market value. Meanwhile, China’s economic stimulus disappointed. Key economic data and earnings reports are due this week, including AstraZeneca,Siemens, Alibaba and Tencent. Also watch for news on Trump cabinet picks. Mensur Pocinci, our Head of Technical Analysis, notes that US equities have more upside, while gold is in a healthy consolidation. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Mike Rauber (Investment Writing) 06:54 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis) 09:21 Closing remarks by Mike Rauber (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Nov 8, 2024

Global equities continued to celebrate the US election results, with European stocks joining the rally despite German Chancellor Olaf Scholz announcing potential snap elections. US equities hit new record highs yesterday, driven by technology stocks, upbeat earnings reports and another Fed rate cut. Chief Economist David Kohl expects this to be the last one for the year. And we also have Tim Gagie, Head of FX&PM Solutions Geneva, on today’s show talking about the US dollar, why he likes sterling, and the fundamentals behind this year's gold rally. 00:00 Introduction by Helen Freer (Investment Writing) 00:41 Markets wrap-up by Jan Bopp (Investment Writing) 06:06 Comments on FOMC Meeting: David Kohl (Chief Economist) 10:05 Currencies and metals: Tim Gagie (Head of FX & PM Solutions Geneva) 15:00 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Nov 7, 2024

With Mr Trump confirmed as the next US President and a Republican sweep priced in as a 94% probability, US equities, especially those likely to benefit from his policy changes, took off yesterday. The rally was echoed by the US dollar and Bitcoin. US Treasuries sold off on expectations that Mr Trump’s fiscal plans and proposal to hike tariffs will boost inflation and erode the Fed’s ability to lower rates. Europe’s equity markets were lower on the day as they digested the US news. Chinese markets have rallied this morning on the back of positive export growth data and the expectation of renewed stimulus. On the agenda for today – central bank meetings in the UK and the US: expectations are for a 25 basis point rate cut by both the Bank of England and the US Federal Reserve. Mathieu Racheter, Head of Equity Strategy, joins the podcast to talk us through what a Trump sweep would mean for various different asset classes. 00:00 Introduction by Helen Freer (Investment Writing) 00:54 Markets wrap-up by Bernadette Anderko (Investment Writing) 07:27 Cross-asset class implications of US election result: Mathieu Racheter (Head of Equity Strategy) 16:12 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Nov 6, 2024

Join us on MovingMarkets as we break down the market implications of a potential second term for Donald Trump. With his pro-growth policies, including corporate tax cuts, deregulation, and new tariffs, investors are betting on a boost to US stocks, the US dollar, and crypto assets. Meanwhile, concerns about inflation are driving up US Treasury yields. In this episode, we're joined by Dario Messi, Head of Fixed Income Research, who shares his insights on how a Trump presidency could impact US Treasury markets. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:41 Markets wrap-up by Roman Canziani (Head of Investment Writing) 07:29 Bond market update: Dario Messi (Head of Fixed Income Research) 11:06 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Nov 5, 2024

While it's still anyone's guess who will become the next US President, some currency analysts took the latest polls favouring Kamala Harris to unwind some of their 'Trump trades' by selling the US dollar. US equities saw some volatility yesterday, but safe-haven US Treasuries rallied, suggesting that investors may be getting cautious ahead of the election result. Christian Gattiker, our Head of Research, joins the show today to share his views on the US election and the possible outcomes and market reactions. 00:00 Introduction by Helen Freer (Investment Writing) 00:31 Markets wrap-up by Lucija Caculovic (Investment Writing) 06:24 US election preview: Christian Gattiker (Head of Research) 11:06 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Nov 4, 2024

A busy week ahead with key events including the US presidential election, the US Federal Reserve’s interest rate decision, and China's National People's Congress meeting to name but a few. The latest Iowa poll shows Kamala Harris leading Donald Trump, despite him winning the state in 2016 and 2020. The US Federal Reserve is expected to cut interest rates by 25bps on Wednesday. Among the 300 major companies reporting earnings are weight-loss company NovoNordisk and luxury group Richemont. Mensur Pocinci, Head of Technical Analysis, notes that in the past a Democratic president and a divided Congress have produced the best returns, if history is any guide. 00:00 Introduction by Helen Freer (Investment Writing) 00:31 Markets wrap-up by Mike Rauber (Investment Writing) 07:43 Technical Analysis update – Focus on US election by Mensur Pocinci (Head of Technical Analysis) 10:58 Closing remarks by Mike Rauber (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Nov 1, 2024

Markets had a risk-off day, with global equities, gold and Bitcoin falling. Investors are getting jittery ahead of next week's US elections, the Federal Reserve's interest rate decision, and China's National People's Congress. European stocks slumped after the release of eurozone inflation data. Big Tech earnings disappointed, with Meta and Microsoft shares tumbling. Amazon was higher, but Apple was lower in after-hours trading following its earnings release. China showed signs of recovery and oil prices ticked higher amid renewed tensions in the Middle East. Tim Gagie, Head of FX&PM Solutions Geneva, talks about the sharp move in GBP, the latest moves in metals and the USD ahead of the US elections. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Mike Rauber (Investment Writing) 08:18 Currencies and metals: Tim Gagie (Head of FX & PM Solutions Geneva) 15:52 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 31, 2024

Global stock markets are facing headwinds as several high-profile companies have fallen short of earnings expectations. However, recent economic data releases have painted a more optimistic picture, with Germany's economy unexpectedly posting growth in Q3. In this episode, we're joined by Carsten Menke, Head of Next Generation Research, who shares his expert insights on the surge in the price of gold, which has recently reached new heights. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:24 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:25 An update on Gold: Carsten Menke (Head of Next Generation Research) 10:53 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 30, 2024

European stock markets struggled yesterday, while US markets closed higher and a strong tech sector pushed the Nasdaq to a new all-time high. Earnings reports from top companies including Meta and Microsoft will be closely watched today as investors navigate high expectations and uncertain market conditions ahead of next week's US elections. An important event that is partly behind the recent rise in US yields, says Dario Messi, Head of Fixed Income Research. And we have Mathieu Racheter, Head of Equity Strategy, on the show. He tells us why the robust earnings season is a stock picker's paradise. 00:00 Introduction by Roman Canziani (Head of Investment Writing) 00:34 Markets wrap-up by Jan Bopp (Investment Writing) 06:35 Bond market update: Dario Messi (Head of Fixed Income Research) 11:07 Earnings season update: Mathieu Racheter (Head of Equity Strategy) 15:09 Closing remarks by Roman Canziani (Head of Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 29, 2024

Markets had a quiet session yesterday, but a flurry of earnings reports and economic data releases are set to breathe new life into trading in the coming days. The US presidential election and the Federal Reserve’s upcoming interest rate decision are also looming large on the horizon. Meanwhile in Europe, carmakers face significant challenges in maintaining profitability in a rapidly changing landscape. In commodities, oil had its worst day in more than two years yesterday as geopolitical concerns began to fade, but gold hit a new record high this morning. With Bitcoin breaking through the psychologically important USD 70,000 mark, Manuel Villegas of Next Generation Research joins the show today to discuss the latest developments in the world of crypto. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:24 Markets wrap-up by Lucija Caculovic (Investment Writing) 06:50 Digital assets by Manuel Villegas (Next Generation Research) 11:54 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Oct 28, 2024

Japanese PM Ishiba’s gamble to call a snap election backfired yesterday, as Japan’s ruling party lost its majority in a general election amid political scandals and soaring inflation. The Japanese yen is plunging and stocks are surging on the news. As investors turn their attention to a busy, data-packed week ahead, Mensur Pocinci, Head of Technical Analysis, offers an update on the markets from a technical perspective and shares his outlook for the global equity bull market. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:32 Markets wrap-up by Jonti Warris (Investment Writing) 06:08 Technical Analysis update: Mensur Pocinci (Head of Technical Analysis) 09:03 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 25, 2024

Positive earnings surprises in the eurozone weren't enough to lift its major equity indices significantly, as economic data disappointed yesterday. Tesla had its best day since 2013 after a positive earnings release. US stock indices are in a wait-and-see mode ahead of some big earnings releases, starting with Amazon after the close today. Newmont Mining plunged as the gold miner struggles to keep costs under control. Mercedes-Benz vows to cut costs after weak results. Japanese national elections will be in focus this Sunday. Thomas Caflisch, Head of FX & PM Solutions, talks about popular Trump trades in the currency market and also why they could disappoint some. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:25 Markets wrap-up by Mike Rauber (Investment Writing) 06:39 Currencies and metals: Thomas Caflisch (Head of FX Sales Zurich) 09:47 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 24, 2024

US stock markets experienced a downturn, with all major indices posting significant losses. Consumer discretionary stocks felt the brunt of the decline, led by disappointing performances from Coca-Cola and McDonald's. Meanwhile, the tech sector faced pressure ahead of the highly anticipated earnings report from Tesla, the first set of Q3 results from the ‘Magnificent 7’, which were released after the market close. Joining us to share their insights are two experts: Norbert Rücker, Head of Macro Research and Next Generation, who discusses his current views on commodities, and Nicolas Jordan, CIO Office, who explains why, and which European equities remain a crucial component of a diversified investment portfolio. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:27 Markets wrap-up by Roman Canziani (Head of Investment Writing) 05:39 Commodity update: Norbert Rücker (Head of Macro and Next Generation Research) 09:28 Update from the CIO Office: Nicolas Jordan (CIO Strategy & Investment Analysis) 13:22 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 23, 2024

US stocks saw their first back-to-back drop in six weeks yesterday as traders weighed the prospects of a slower pace of Federal Reserve rate cuts. Meanwhile, gold posted another new record high on geopolitical concerns. Dario Messi, Head of Fixed Income Research, shares his thoughts on the recent steep rise in US Treasury yields. And Mathieu Racheter, Head of Equity Strategy, provides an update on the Q3 earnings season. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:34 Markets wrap-up by Jonti Warris (Investment Writing) 06:20 Fixed income update: Dario Messi (Head of Fixed Income Research) 11:35 Earnings season update: Mathieu Racheter (Head of Equity Strategy) 14:49 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 22, 2024

As investors grapple with the implications of an ‘earnings yield inversion’, where the S&P 500 Index yields more than 10-year US Treasuries, US equities took a breather yesterday from last week’s gains. Meanwhile, Asia is seeing its busiest IPO week in more than two years, a key test of market risk appetite. With the US election just two weeks away and US politics increasingly in the headlines, we're joined by Leonardo Pellandini to discuss the impact of the US election on European equities. 00:00 Introduction by Jan Bopp (Investment Writing) 00:41 Markets wrap-up by Lucija Caculovic (Investment Writing) 08:08 Impact of US election on European equities: Leonardo Pellandini (Equity Strategy) 12:28 Closing remarks by Jan Bopp (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 21, 2024

Markets experienced a wild ride last week, with mixed earnings reports, shifting sentiment on China, and monetary policy moves. Despite volatility, the S&P 500 closed at an all-time high, while gold hit a new record high. This week, investors will watch global flash PMIs, corporate earnings, and sentiment indicators for direction. Mensur Pocinci, Head of Technical Analysis, explains why silver has plenty of upside potential, the path of least resistance for Swiss rates is the one towards zero, and why the year-end rally is still on track. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:34 Markets wrap-up by Jan Bopp (Investment Writing) 06:55 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis) 09:28 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Oct 18, 2024

US economic data showed a mixed picture and the S&P 500 ended the day flat. Weakness in healthcare insurance names was offset by gains in financials and semiconductors. The ECB cut interest rates by 25 basis points, as expected, with eurozone stocks rising. The Swiss Market Index also gained, led by Nestle as it unveiled a corporate realignment. China shares are ending a volatile week higher, after the central bank provided more details on the stock buyback program. The yen weakened, while gold surged above USD 2,700 an ounce, up over 30% this year, on its way to its best annual performance since 1979. Tim Gagie, FX & PM Solutions Geneva, also takes up gold in his comments, pondering what investors can consider doing now. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:31 Markets wrap-up by Mike Rauber (Investment Writing) 07:19 Currencies and metals: Tim Gagie (Head of FX & PM Solutions Geneva) 11:47 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 17, 2024

US stocks soared on strong earnings reports, with small caps leading the charge. Could this be a sign of a broader market rally? Meanwhile, European markets saw a mixed bag, with luxury stocks feeling the pinch. Our expert guest, Carsten Menke, Head of Next Generation Research, shares his insights on why a potential correction in the gold price could be a buying opportunity. Tune in for analysis and commentary on the markets that matter. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:45 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:44 Gold’s latest rally: Carsten Menke (Head of Next Generation Research) 11:06 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 16, 2024

Global equities fell after weak orders and a disappointing guidance from chipmaker ASML dragged down the entire tech sector, wiping USD 420 billion off the sector’s market capitalisation. Energy companies were hit by falling oil prices after the Washington Post reported that Israel has no plans to target Iran’s oil facilities. US banks continued to report solid earnings. Dario Messi, Head of Fixed Income Research, joins today’s episode to talk about what to expect from tomorrow’s ECB decision. And we have Mathieu Racheter, Head of Equity Strategy, on the show to give us more details on the recent earnings reports. 00:00 Introduction by Lucija Caculovic (Investment Writing) 00:34 Markets wrap-up by Jan Bopp (Investment Writing) 05:47 Fixed income update: Dario Messi (Head of Fixed Income Research) 10:23 Earnings season update: Mathieu Racheter (Head of Equity Strategy) 14:06 Closing remarks by Lucija Caculovic (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 15, 2024

US equities rose to new highs yesterday, led by a strong performance from information technology and semiconductor stocks. As the earnings season continues, investors are closely watching corporate reports for signs of growth and momentum. Meanwhile, European governments are making waves with investment and tax plans, while China's stimulus efforts continue to shape the Asian landscape. In this episode, we are joined by Manuel Villegas from Next Generation Research to discuss the latest developments in the world of crypto. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:28 Markets wrap-up by Lucija Caculovic (Investment Writing) 06:47 Digital assets: Manuel Villegas (Next Generation Research) 10:59 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 14, 2024

Global equities bounced back on Friday, buoyed by strong earnings reports from leading US banks. The S&P 500 wrapped up the week at a fresh all-time high. Meanwhile, Chinese equities started the week on a mixed note after news on China's fiscal stimulus was light on details. With a plethora of company reports, US retail sales data, and the ECB rate decision on the horizon, this week is shaping up to be particularly eventful. Markus Wachter of our Technical Analysis team explains why equities are poised for a year-end rally and his positive view on gold and silver remains unchanged. 00:00 Introduction by Roman Canziani (Head of Investment Writing) 00:28 Markets wrap-up by Jan Bopp (Investment Writing) 06:19 News from the charts by Markus Wachter (Technical Analysis) 09:38 Closing remarks by Roman Canziani (Head of Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Oct 11, 2024

Yesterday’s biggest economic story was the US inflation data for September, which showed a slight rise in prices, leaving investors to wonder whether the Fed will opt for a smaller rate cut – or none at all – at its next meeting in November. Meanwhile in Europe, the French government unveiled its budget plan for next year in an attempt to tackle the country’s large public debt and restore investor confidence. Today marks the official start of the earnings season, which should provide a nice distraction from all the other macroeconomic news. Tim Gagie, Head of FX & PM Solutions in Geneva, joins today’s show to talk about the US dollar, gold and where he sees opportunities in FX at the moment. We’re also joined by Markus Waeber, Head Indirect Real Estate Advisory & Intelligence, for an update on the Swiss and German property markets. 00:00 Introduction by Helen Freer (Investment Writing) 00:31 Markets wrap-up by Lucija Caculovic (Investment Writing) 07:08 Currencies and metals: Tim Gagie (Head of FX & PM Solutions Geneva) 11:41 Switzerland and Germany Real Estate: Markus Waeber (Head Indirect Real Estate Advisory & Intelligence) 14:58 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 10, 2024

The S&P 500 has reached yet another all-time high, marking its 44th record close this year. As investors await key inflation data, US Treasury yields are rising in tandem with stocks, fueling speculation about a 'no landing' scenario. In this episode, we're joined by two expert guests: Norbert Rücker, Head of Economics and Next Generation Research, who shares his insights on the latest commodity trends, and Nicolas Jordan from our CIO office, who discusses the pros and cons of UCITS-compliant hedge fund exposure. 00:00 Introduction by Helen Freer (Investment Writing) 00:31 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:41 Oil by Norbert Rücker (Head of Economics & Next Generation Research) 12:16 Update from the CIO Office by Nicolas Jordan (CIO Strategy & Investment Analysis) 15:10 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Oct 9, 2024

Global markets saw divergent trends, with European stocks struggling due to a falling oil price and high China exposure, while US markets saw a broad-based rally driven by positive tech sector news. Bond yields steadied, and investors await the release of the FOMC minutes for insights into the Fed's next move. Chinese stocks continue to pull back from their post-holiday opening highs yesterday. Mathieu Racheter, Head of Equity Strategy, tells us what to expect from the upcoming reporting season, while Dario Messi, Head of Fixed Income Research, explains why long-term yields remain elevated despite the Fed’s rate cuts. 00:00 Introduction by Jonti Warris (Investment Writing) 00:24 Markets wrap-up by Jan Bopp (Investment Writing) 05:42 Earnings season preview by Mathieu Racheter (Head of Equity Strategy) 10:18 Fixed income update by Dario Messi (Head of Fixed Income Research) 14:47 Closing remarks by Jonti Warris (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Oct 8, 2024

US stocks fell due to concerns about the Middle East, a fall in large-cap tech stocks (except Nvidia), and reduced expectations for interest rate cuts following a strong US labour market. Oil prices rose above USD 80 a barrel on Middle East concerns, but then fell back due to lack of new stimulus measures announced by China. The USD strengthened to a 7-week high against major currencies, while gold held steady. Chinese stocks initially surged after a week-long holiday, but gave up some gains as investors were disappointed by the lack of new stimulus measures announced after the Golden Week holiday. This also weighed on Hong Kong shares, which are down sharply today. Manuel Villegas, Next Generation Research, notes that a Democratic sweep is a tail risk for digital assets. 00:00 Introduction by Lucija Caculovic (Investment Writing) 00:24 Markets wrap-up by Mike Rauber (Investment Writing) 07:34 Digital assets: Manuel Villages (Head of Next Generation Research) 11:13 Closing remarks by Lucija Caculovic (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 7, 2024

At the end of a turbulent week in markets, Friday’s September US jobs report surprised to the upside, helping stocks to close up on the week. US stocks remain close to their all-time highs as traders bet that the Federal Reserve will be able to engineer a soft landing. Mensur Pocinci, Head of Technical Analysis, offers an update on the markets from a technical perspective and shares his outlook for the global equity bull market. 00:00 Introduction by Jan Bopp (Investment Writing) 00:31 Markets wrap-up by Jonti Warris (Investment Writing) 07:03 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis) 10:32 Closing remarks by Jan Bopp (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Oct 4, 2024

Ahead of US non-farm payrolls data due out later today, and following the latest developments in the Middle East, European and US stock markets closed lower yesterday. Hong Kong, Japan and South Korea, however, had a positive session as mainland China continued to enjoy the Golden Week holiday. Tim Gagie, Head of FX & PM Solutions Geneva, provided his weekly update on what to watch in the currency markets, covering the US dollar, the Swiss franc, the British pound and the Japanese yen. 00:00 Introduction by Helen Freer (Investment Writing) 00:21 Markets wrap-up by Bernadette Anderko (Investment Writing) 06:03 Currencies and metals: Tim Gagie (Head of FX & PM Solutions Geneva) 10:02 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 3, 2024

Global markets were mixed yesterday as geopolitical tensions between Israel and Iran offset investor optimism driven by central bank easing. This was also reflected in US and European equities, which were little changed on the day. The USD gained on strong employment figures and safe-haven demand. OpenAI raised USD 6.6 billion in funding, valuing the company at USD 157 billion, and Nvidia shares rose after hours on strong demand for its chips. In Japan, stocks are higher on a weaker JPY following comments from the new prime minister. Sophie Altermatt, Macro Research, talks about China's new stimulus measures and whether they are enough to revive the economy. 00:00 Introduction by Helen Freer (Investment Writing) 00:31 Markets wrap-up by Mike Rauber (Investment Writing) 07:40 Latest developments in China: Sophie Altermatt (Macro & Next Generation Research) 12:49 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 2, 2024

Financial markets have calmed a little after investors seeking safe havens drove stocks and government bond yields lower and gold, oil, the US dollar and the Swiss franc higher. Iran’s attack on Israel has been left unanswered by Israel so far, so markets remain on tenterhooks – they hope for ‘more barking rather than biting’ for now. Mathieu Racheter, Head of Equity Strategy, shares his fundamental assessment across asset classes, now that the Federal Reserve has embarked on its rate cutting cycle. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:27 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:11 Rate cuts - implications for different assets: Mathieu Racheter (Head of Equity Strategy) 11:14 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oct 1, 2024

The S&P 500 and Dow Jones stock indices climbed to fresh new highs yesterday after US Federal Reserve Chair Jerome Powell said that he foresees two more rate cuts of 25 basis points this year following fresh data underlining sustained economic growth and robust consumer spending. Meanwhile, Chinese stocks yesterday posted their biggest daily gains in 16 years as Beijing’s latest stimulus package sparked a searing rally. Manuel Villegas, Next Generation Research, provides an update on the global macroeconomic factors driving demand for digital assets. 00:00 Introduction by Helen Freer (Investment Writing) 00:34 Markets wrap-up by Jonti Warris (Investment Writing) 05:59 Digital assets: Manuel Villegas (Next Generation Research) 09:36 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 30, 2024

China's massive stimulus package has boosted markets, sending the CSI 300 index to a gain of 15.7% last week. This has also lifted export-oriented European equities and industrial metals. Meanwhile, inflation data came in below expectations, and investors await key releases this week, including the US jobs report and eurozone inflation data. Markus Wachter from our Technical Analysis team is also on today’s show and he talks about why he expects further weakness of the US dollar and more upside for Chinese equities and gold. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Jan Bopp (Investment Writing) 06:17 Technical Analysis update by Markus Wachter (Technical Analysis Research) 08:15 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Sep 27, 2024

Global markets rallied, with the S&P 500 and Euro Stoxx 600 hitting all-time highs. China's promise of fiscal stimulus lifts the Hang Seng Index by well over 2% today, its best weekly gain since 2007. ECB rate cut expectations rise after comments from ECB member Isabel Schnabel. Swatch shares jump on speculation that the company may be taken private. The Swiss National Bank cuts its benchmark interest rate for the third time this year and hints at further rate cuts to come. Tim Gagie, Head of FX&PM Solutions Geneva, talks about what the CHF, gold/silver/platinum and the USD are doing and shares his thoughts. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:28 Markets wrap-up by Mike Rauber (Investment Writing) 06:38 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva) 11:48 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Sep 26, 2024

China’s latest stimulus failed to ripple beyond Asian markets on Wednesday with US and European stocks broadly lower as investors pondered central banks’ path of rate cuts and digested housing-market data. Our Head of Research in Hong Kong, Richard Tang, shares his take on the latest policy measures in China and talks about why he thinks Chinese equity markets should continue to do well, while Norbert Ruecker, Head of Economics & Next Generation Research, discusses the implications for the commodity sector. 00:00 Introduction by Helen Freer (Investment Writing) 00:41 Markets wrap-up by Jan Bopp (Investment Writing) 05:38 China stimulus measures: Richard Tang (Head of Research Hong Kong) 10:55 Impact of China stimulus on commodities: Norbert Rücker (Head of Economics & Next Generation Research) 14:52 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 25, 2024

The biggest story in the markets remains China’s massive stimulus efforts, which have not only lifted Chinese equities but also had a spillover effect on European and US equities, particularly those that stand to benefit from a Chinese economic recovery. Despite some lacklustre economic indicators – including waning consumer confidence in the US, declining business sentiment in Germany and rising borrowing costs in France – investor optimism has been boosted by Beijing’s moves. In this episode, we’re joined by Manuel Villegas from Next Generation Research, who brings us up to speed on the latest developments in the crypto asset market. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:28 Markets wrap-up by Lucija Caculovic (Investment Writing) 07:01 Digital assets: Manuel Villegas (Next Generation Research) 10:21 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 24, 2024

Chinese authorities this morning unleashed a package of monetary policy stimulus measures and property market support to help revive the country’s struggling economy, which continues to battle with deflationary pressures and is in danger of missing this year's growth target. Meanwhile, US equities built further on last week's gains yesterday, with the S&P 500 index reaching a fresh closing high after data showed that US business activity remained steady in September. Dario Messi, Head of Fixed Income Research, takes a look at bond markets after the Fed’s jumbo rate cut last week and provides his key takeaways for bond investors. 00:00 Introduction by Helen Freer (Investment Writing) 00:28 Markets wrap-up by Jonti Warris (Investment Writing) 06:29 Fixed income update: Dario Messi (Head of Fixed Income Research) 10:53 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 23, 2024

Equity markets across the world have performed well, supported by a big rate cut in the US and the growing belief that the Federal Reserve can engineer a soft landing. This week, there is more central bank action expected as Australia, Sweden and Switzerland decide upon their policy rates. Our expert guest, Mensur Pocinci, Head of Technical Analysis, shares insights from the charts, revealing a promising outlook for a year-end rally. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:34 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:26 Technical Analysis update: Mensur Pocinci (Head of Technical Analysis) 09:51 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 20, 2024

Stocks across the globe moved higher yesterday following the Federal Reserve’s interest rate cut, with both the Dow and S&P 500 seeing new all-time highs. Meanwhile, other major central banks – including those in England, Norway, Turkey, Japan and China – opted to keep their key rates steady. Joining us on today’s show is Tim Gagie, Head of FX & PM Solutions in Geneva, who offers insights on the implications of some of these central bank decisions for currency markets and identifies potential opportunities for investors. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:31 Markets wrap-up by Lucija Caculovic (Investment Writing) 05:40 Currencies and metals: Tim Gagie (Head of FX & PM Solutions Geneva) 09:51 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 19, 2024

In a surprise move, the Federal Reserve has cut its benchmark interest rate by 0.5%, kicking off its first easing cycle since the pandemic began. But unlike previous rate cuts, this decision is not a response to economic weakness – instead, it's a proactive bid to prevent future downturns. We break down what this means for markets, including stocks, bonds, gold and oil. Among the guests today are Norbert Rücker, Head of Economics & Next Generation Research, and Nicolas Jordan, CIO Office, who share their insights on the implications for investors. 00:00 Introduction by Helen Freer (Investment Writing) 00:41 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:33 Commodities – energy and gold: Norbert Rücker (Head of Economics & Next Generation Research) 11:21 Update from the CIO Office: Nicolas Jordan (CIO Strategy & Investment Analysis) 14:47 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 18, 2024

It was an up-and-down session for US equities yesterday. Markets reacted positively to stronger-than-expected US economic data before worrying about getting ahead of itself before today’s US central bank meeting. Dario Messi, Head of Fixed Income Research, talks about the unusually high uncertainty ahead of today’s FOMC decision and recommends focusing on the messaging. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:31 Markets wrap-up by Jan Bopp (Investment Writing) 05:48 Bond markets and Central banks: Dario Messi (Head of Fixed Income Research) 09:53 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 17, 2024

The US Empire State manufacturing survey showed a jump in sentiment, a welcome sign amid weakness in the manufacturing sector. Ahead of the Federal Reserve's interest rate decision, markets are pricing in a 50 basis point cut, leading to a rotation out of tech stocks and the S&P 500 Equal Weighted Index hitting an all-time high. Microsoft announced a new USD 60 billion share buyback and a 10% dividend increase. Gold hit an all-time high yesterday. Hong Kong's Hang Seng rallied after a successful IPO by Midea Group. Manuel Villegas, Next Generation Research, explains why Bitcoin is a risk-on asset and what this means ahead of US interest rate cuts. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:21 Markets wrap-up by Mike Rauber (Investment Writing) 07:40 Digital assets by Manuel Villegas (Next Generation Research) 13:06 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Sep 16, 2024

Markets are eagerly anticipating a rate cut from the US Federal Reserve this week. We only have to wait until Wednesday to find out whether they opt for 25 or 50 basis points. Ahead of this, US stock markets rallied. European markets also advanced after the ECB cut rates on Thursday. Asian markets are a little more mixed after disappointing Chinese data and the upcoming Bank of Japan meeting on Friday. Markus Wachter joins the show today to provide the technical viewpoint on, amongst other things, precious metals. 00:00 Introduction by Helen Freer (Investment Writing) 00:31 Markets wrap-up by Bernadette Anderko (Investment Writing) 06:06 Technical Analysis update: Markus Wachter (Technical Analysis Research) 09:51 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 13, 2024

Markets are abuzz with speculation that the Federal Reserve may deliver a larger-than-expected 50 basis-point rate cut next week. As a result, yields have tumbled, and gold prices have surged to new record highs. Meanwhile, equity markets continue their winning streak, with the S&P 500 index closing higher for the fourth consecutive day. Tim Gagie, Head of FX/PM PB Sales in Geneva, also joins the podcast today and he breaks down the latest developments in currencies and metals markets and shares his insights on the current trading landscape. 00:00 Introduction by Helen Freer (Investment Writing) 00:25 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:00 Currencies and metals: Tim Gagie (Head of FX & PM Solutions Geneva) 10:29 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 12, 2024

US inflation unexpectedly rose in August, with core inflation up 0.3% month-on-month and 3.2% year-on-year. The data suggests that the Fed will cut rates next week by 25bps rather than 50bps. Markets initially reacted negatively, but US equities later rallied strongly, led by tech stocks. OpenAI is in the news for a new round of funding, valuing the company at USD 150bn. The ECB meets today and is expected to cut rates due to weak demand and low wage growth. Commerzbank rose almost 17% yesterday after UniCredit confirmed reports that it had taken a 9% stake in the company, fuelling takeover speculation. Carsten Menke, Head of Next Generation Research, suggests that gold investors need to be patient before this year's record moves are repeated. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Mike Rauber (Investment Writing) 07:47 Gold update: Carsten Menke (Head of Next Generation Research) 11:35 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 11, 2024

Tech stocks led the charge overnight, while financials felt the pinch, as yields fell, and the S&P 500 eked out a gain. But despite the market's mixed signals, all eyes were on the presidential debate between Kamala Harris and Donald Trump - and some believe Harris may have gained ground. Meanwhile, with a packed schedule of central bank meetings on the horizon, we're joined by Eirini Tsekeridou from Fixed Income Research to share her insights on what to expect from policymakers in the critical weeks ahead. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:35 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:33 Central bank expectations/implications: Eirini Tsekeridou (Fixed Income Research) 11:21 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 10, 2024

Global stocks rebounded yesterday following the worst week for the S&P 500 since March 2023, as investors await US inflation data for clues on the size of the US Federal Reserve’s coming interest-rate cut. Meanwhile, weakness in Chinese equities is intensifying as a benchmark of onshore Chinese stocks hovers near its lowest close since January 2019. Manuel Villegas, Next Generation Research, provides an update on the latest price moves in digital assets and how US politics and macroeconomics are impacting Bitcoin. 00:00 Introduction by Helen Freer (Investment Writing) 00:27 Markets wrap-up by Jonti Warris (Investment Writing) 07:37 Digital assets update: Manuel Villegas (Next Generation Research) 10:58 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 9, 2024

The US employment report for August showed a slower than expected increase in jobs, but a fall in the unemployment rate to 4.2%. Markets reacted negatively, with the S&P 500 having its worst week since March 2023, closing at 5408 points. Other asset classes such as Bitcoin and oil also fell sharply. Key events this week include the release of Apple's iPhone 16 on Monday, the Harris-Trump presidential debate on Tuesday and key economic data releases, including US consumer price inflation on Wednesday and an expected ECB rate cut on Thursday. Mensur Pocinci, Head of Technical Analysis, notes that 5350 is a key support level for the S&P 500. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Mike Rauber (Investment Writing) 07:58 Technical Analysis update: Mensur Pocinci (Head of Technical Analysis Research) 11:05 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 6, 2024

Global equity markets struggled to find interest in the last 24 hours as traders and investors alike digested more US and European data whilst waiting with baited breath for today’s US non-farm payrolls data. The only area that saw appetite was the tech sector, in particular the Magnificent Seven. Richard Tang, Head of Research Hong Kong, provides an update on the latest developments in China, as well as reiterating why we see good opportunities in Japanese equities. 00:00 Introduction by Helen Freer (Investment Writing) 00:21 Markets wrap-up by Bernadette Anderko (Investment Writing) 05:35 Asia update by Richard Tang (Head of Research Hong Kong) 15:32 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Sep 5, 2024

Investors are grappling with a flood of data this week. Yesterday’s releases from the US revealed a two-year high in the trade deficit, a slowdown in the labour market and a cautious outlook from the Fed’s Beige Book. However, there was some respite as US factory orders rebounded after two lacklustre months. As equities continue to struggle for traction in September, a key segment of the US Treasury yield curve brieflyinverted yesterday. In this episode, we’re joined by Norbert Rücker, Head of Economics & Next Generation Research, who provides an update on the oil market. In addition, Ronny Kaufmann from our CIO Strategy & Investment Analysis team provides insights into our investment strategy and discusses the recent investment boom in the technology sector. 00:00 Introduction by Helen Freer (Investment Writing) 00:34 Markets wrap-up by Lucija Caculovic (Investment Writing) 07:30 Oil update by Norbert Rücker (Head of Economics & Next Generation Research) 11:15 Update from the CIO Office by Ronny Kaufmann (CIO Strategy & Investment Analysis) 14:40 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Sep 4, 2024

September gets off to a rocky start for stocks, with semiconductors plummeting. The S&P 500 index has suffered its worst September opening in years, tumbling over 2% amid renewed worries about overstretched valuations in AI-related stocks and a disappointing manufacturing report. Meanwhile, oil prices have wiped out their entire year-to-date gain, while the Japanese yen surges. In this episode, we're joined by Eirini Tsekeridou, Fixed Income Research expert, who shares her bullish case for Brazilian stocks and bonds. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:38 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:41 Brazilian bond market update by Eirini Tsekeridou (Fixed Income Research) 09:58 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Sep 3, 2024

European markets were flat after reaching a record high last week, held back by weak economic demand from China. Rolls Royce fell sharply on concerns over a faulty engine part in the Airbus 350. Swiss PMIs surprise to the upside, while manufacturing activity in France and Germany remains sluggish. Volkswagen plans its first plant closure in Germany since it was founded 87 years ago. In Asia, Japan's Topix index rises for a sixth consecutive session, led by financials on higher bond yields. Manuel Villegas, Next Generation Research, notes that the next few weeks will shape the outlook for crypto assets for the rest of the year. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Mike Rauber (Investment Writing) 07:46 Digital assets: Manuel Villegas (Next Generation Research) 10:01 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sep 2, 2024

After US Treasuries and the S&P 500 index advanced for a fourth consecutive month in August, investors brace for September, a typically challenging month for markets, ahead of crucial US jobs data due on Friday. A significant shift to the far right in German state elections yesterday sent shockwaves through the European political landscape. Mensur Pocinci, Head of Technical Analysis Research, offers an update on the markets from a technical perspective and shares his outlook for the US dollar. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Jonti Warris (Investment Writing) 07:21 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research) 09:49 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Aug 30, 2024

Nvidia did not meet lofty earnings expectations and its stock fell 6%, while revised Q2 US GDP figures beat expectations at 3%, meaning more stocks rose than fell on the S&P 500. US Treasury yields rose on the better economic data, although Treasuries are on track for a fourth month of gains. In Europe, inflation fell and Germany's DAX rose to near all-time highs. Asian equities are higher, led by China on reports ofincreased support for the ailing housing market, while Tokyo inflation data supports the case for further interest rate increases there. Today's key data will be the core PCE inflation figures - the US Federal Reserve's key inflation indicator. Tim Gagie, Head of FX & PM Solutions Geneva, discusses whether we have seen the end of the dollar's weakness. 00:00 Introduction by Helen Freer (Investment Writing) 00:21 Markets wrap-up by Mike Rauber (Investment Writing) 08:48 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva) 12:58 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Aug 29, 2024

Markets braced themselves for Nvidia’s Q2 results yesterday with the top three indices all closing lower on the day. Nvidia then delivered results that beat expectations, but apparently not by enough and the stock fell more than 8% in after-hours trading. The impact was felt globally by the rest of the tech universe. In today’s special episode we also hear from our Group CIO, Yves Bonzon, who talks about his views on markets after elevated volatility this month, the Fed, where the question is no longer if they will cut interest rates, but by how much, and gold, which continues to rise to new all-time highs. Norbert Rucker also provides a timely update on the state of the energy markets. 00:00 Introduction by Helen Freer (Investment Writing) 00:31 Markets wrap-up by Bernadette Anderko (Investment Writing) 05:09 Market update, the Fed and gold (pre-recorded): Yves Bonzon (Group CIO) 13:58 Energy markets – update on oil and gas: Norbert Rücker (Head of Economics & Next Generation Research) 18:36 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Aug 28, 2024

Artificial intelligence leader Nvidia reports earnings today and the market is bracing for impact. Meanwhile, US consumer confidence has taken a step up, but still lags behind pre-pandemic levels. In China, another set of disappointing earnings results has sparked concerns over the country’s slowing economy. In today’s episode, we're joined by Dario Messi, Head of Fixed Income Research, for an update on monetary policy and bonds, and Mathieu Racheter, Head of Equity Strategy, who provides an update on the healthcare sector and obesity drugs. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:41 Markets wrap-up by Lucija Caculovic (Investment Writing) 06:16 Fixed income update: Dario Messi (Head of Fixed Income Research) 10:45 Healthcare Stocks: Mathieu Racheter (Head of Equity Strategy) 14:26 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Aug 27, 2024

US equity benchmarks struggled in trading yesterday with the S&P 500 and Nasdaq indices posting losses amid a rotation out of big tech and into small caps. However, the Dow Jones Industrial Average and the S&P 500 Equal Weight indices both hit record highs after US Fed Chair Powell’s dovish comments on Friday. David Kohl, Chief Economist, shares his key takeaways from last week’s Jackson Hole summit and outlines his thoughts on the future paths of Fed and ECB policy. 00:00 Introduction by Helen Freer (Investment Writing) 00:41 Markets wrap-up by Jonti Warris (Investment Writing) 07:03 Jackson Hole/Fed outlook: David Kohl (Chief Economist) 13:19 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Aug 26, 2024

Risk assets ended the week on a strong note after Jerome Powell made it almost certain that interest rates will be cut next month. This led to a further fall in the USD and gold closing above USD 2500 an ounce for the second week in a row. Oil prices rose on rising tensions in the Middle East, but only a little as investors seem to have become immune to short-term military exchanges in the region. Nvidia is due to report quarterly results after the US close on Wednesday - it could well shape investor sentiment given its bellwether status. Mensur Pocinci, Head of Technical Analysis Research, notes that the technical picture looks good, with the MSCI World, S&P 500 Equal Weight index and US high-yield bonds all at all-time 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Mike Rauber (Investment Writing) 07:01 Technical Analysis by Mensur Pocinci (Head of Technical Analysis Research) 10:15 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Aug 23, 2024

Markets saw a decent pullback over the last 24 hours, with the S&P 500 recording its worst daily performance for over two weeks. Meanwhile, the 10-year Treasury yield moved back up to 3.85%. These moves reflected investors becoming more sceptical about the chances of rate cuts of 50bps this year, thanks to more positive data and comments from Fed officials yesterday. Tim Gagie, Head of FX & PM Solutions in Geneva, talks about why this should be positive for the US dollar and why he likes platinum. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Jan Bopp (Investment Writing) 05:53 Currencies and metals: Tim Gagie (Head of FX & PM Solutions Geneva) 10:27 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Aug 22, 2024

Stocks continue their upward march as markets gear up for the much-anticipated Jackson Hole Symposium, commencing today. Preliminary payroll revisions, coupled with the latest Federal Reserve meeting minutes, strongly indicate a potential rate cut in the US in September. This could also spell good news for gold as Carsten Menke, Head of Next Generation Research, explains in today’s podcast – and there are more reasons to be positive on the price of the yellow metal. 00:00 Introduction by Helen Freer (Investment Writing) 00:45 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:06 Gold: Carsten Menke (Head of Next Generation Research) 09:59 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Aug 21, 2024

Global equities have paused in their winning streak, posting losses ahead of revisions to US jobs data due today. Dario Messi, Head of Fixed Income Research, shares his thoughts into the future path of Fed policy. And Mathieu Racheter, Head of Equity Strategy, outlines his sector preferences when it comes to equities. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:41 Markets wrap-up by Jonti Warris (Investment Writing) 06:31 Fixed income strategy update: Dario Messi (Head of Fixed Income Research) 12:44 Equity strategy update: Mathieu Racheter (Head of Equity Strategy) 16:00 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Aug 20, 2024

European and US equities extended their rebound yesterday, starting the new trading week on a strong footing and maintaining the momentum built last week. Most Asian-Pacific markets followed suit, with Hong Kong and China being notable exceptions. Meanwhile, oil prices saw some relief following reports that Israel had accepted a proposal to resolve disputes hindering a Gaza ceasefire agreement. Joining today’s show is Manuel Villegas from Next Generation Research, who shares his expert insights on what’s happening in the crypto space. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:28 Markets wrap-up by Lucija Caculovic (Investment Writing) 06:39 Digital assets update: Manuel Villegas (Next Generation Research) 10:57 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Aug 19, 2024

Equity markets rebounded strongly last week, driven by tame inflation data, stabilising macro data, and solid earnings. Quant funds are expected to rebuild their positions, and corporate America is buying the dip, with record orders for share buybacks. And Mensur Pocinci, Head of Technical Analysis, talks about why he thinks the recent bounce is an early start to the year-end rally. 00:00 Introduction by Roman Canziani (Head of Investment Writing) 00:28 Markets wrap-up by Jan Bopp (Investment Writing) 07:03 Technical Analysis by Mensur Pocinci (Head of Technical Analysis) 13:00 Closing remarks by Roman Canziani (Head of Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Aug 16, 2024

Global equities surged, driven by US stocks, as strong retail numbers and encouraging jobless claims alleviated recession fears. US Treasury yields and the dollar also climbed. Meanwhile, gold rose on Middle East tensions and expectations of interest rate cuts. Retail giants Walmart (the world’s largest retailer) and Alibaba (China’s largest retailer) saw their shares jump, with Walmart boosting its sales guidance and Alibaba benefiting from broker upgrades despite mixed earnings. According to Mark Matthews, Head of Research Asia, major Asian markets look promising, including Japan (where a weaker yen should boost stocks), India (with its structural growth drivers), and China (too cheap to ignore). 00:00 Introduction by Helen Freer (Investment Writing) 00:34 Markets wrap-up by Mike Rauber (Investment Writing) 07:21 Asia update: Mark Matthews (Head of Research Asia) 15:17 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Aug 15, 2024

This week's inflation data releases have been favourably received by financial markets. After the UK, the US also released inflation figures that indicate further progress towards disinflation, paving the way for potential interest rate cuts beginning in September. The extent of the first cut – whether it will be 0.25% or even 0.5% – will be determined by incoming data. Also on today’s show, Norbert Rücker, Head of Economics and Next Generation Research, offers his insights on oil prices and reassures listeners that Europe won't face a gas shortage, even if supplies from Eastern Europe dwindle. 00:00 Introduction by Helen Freer (Investment Writing) 00:28 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:57 Update on oil and gas by Norbert Rücker (Head of Economics & Next Generation Research) 12:45 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Aug 14, 2024

European equities had a good session despite disappointing sentiment data from Germany while US producer prices rose less than forecast, indicating continued disinflation. This has boosted hopes for a US Federal Reserve rate cut in September, sending yields lower and stocks higher. And Dario Messi, Head of Fixed Income Research, talks about the health of the bond market, why his team upgraded the US high yield segment and what the latest data means for the Fed’s policy path. 00:00 Introduction by Jonti Warris (Investment Writing) 00:27 Markets wrap-up by Jan Bopp (Investment Writing) 06:48 Fixed income update: Dario Messi (Head of Fixed Income Research) 11:41 Closing remarks by Jonti Warris (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Aug 13, 2024

Oil prices have rallied on reports that an Iranian retaliatory attack against Israel has grown even more likely and could be imminent. In the US, stocks closed yesterday’s session flat, maintaining the momentum from late last week as investors braced for key inflation data due this week. Manuel Villegas, Next Generation Research, provides us with the latest news from the world of digital assets including what’s driving the moves in Bitcoin and the role of Bitcoin miners. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Jonti Warris (Investment Writing) 05:47 Digital assets update: Manuel Villegas (Next Generation Research) 09:02 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Aug 12, 2024

Global equity markets staged a remarkable recovery from the panic at the start of last week, while government bonds and gold acted as effective hedges during the market turmoil. This week, all eyes will be on the US economic reports and whether they will show that the US economy is indeed set for a soft landing and lower inflation. There will be a lot of attention on the JPY after its recent movements were felt inglobal markets. In the US elections, Kamala Harris is leading in three key states according to the latest polls, brightening the outlook for the Democrats. Mensur Pocinci, Head of Technical Analysis Research, notes that after last week's turmoil, investors are likely to be over-pricing short-term risks, which is traditionally a promising sign for equity markets. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Mike Rauber (Investment Writing) 07:48 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research) 12:00 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Aug 9, 2024

US stocks surged yesterday, with the S&P 500 climbing 2.3% in its strongest session since November 2022. The positive market sentiment was fuelled by a drop in US initial jobless claims to the lowest level since late May, which also led to an upward shift in the yield curve. In Asia, equities rose across the region on the back of encouraging Chinese consumer price data, which pointed to a potential rebound in domestic demand. Meanwhile, Bitcoin and oil prices have risen this week, while gold has fallen slightly. Joining us today is our Chief Economist, David Kohl, who will help us make sense of the past week’s volatile markets. 00:00 Introduction by Helen Freer (Investment Writing) 00:31 Markets wrap-up by Lucija Caculovic (Investment Writing) 06:28 Macro update: David Kohl (Chief Economist) 18:08 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Aug 8, 2024

Equity markets rallied after Bank of Japan Deputy Governor Uchida talked down the Japanese yen - but the rally faded into the US close as investors realised that more economic challenges may lie ahead. Nicolas Jordan, CIO Office, explains how our investment strategy is affected by the current bout of volatility across markets and asset classes. 00:00 Introduction by Helen Freer (Investment Writing) 00:28 Markets wrap-up by Roman Canziani (Head of Investment Writing) 07:53 Latest news from the CIO Office: Nicolas Jordan (CIO Strategy & Investment Analysis) 11:57 Closing remarks by Helen Freer (Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Aug 7, 2024

US stocks surged yesterday, recouping some of the losses from the massive sell-off, and the rally continued overnight with all major Asia-Pacific markets trading in the green. As investor confidence grows globally, demand for safe-haven assets such as Treasuries has decreased, leading to a decline in Treasury prices and a rise in yields. In today’s episode, we're joined by Mathieu Racheter, Head of Equity Strategy,who provides an update on the fundamental state of the stock markets, including insights into the ongoing earnings season; and Dario Messi, Head of Fixed Income Strategy, who delves into the repricing of the bond market and the expectations for Federal Reserve rate cuts. 00:00 Introduction by Roman Canziani (Head of Investment Writing) 00:38 Markets wrap-up by Lucija Caculovic (Investment Writing) 07:07 Earnings season update by Mathieu Racheter (Head of Equity Strategy) 12:15 Fixed income update by Dario Messi (Head of Fixed Income Research) 16:24 Closing remarks by Roman Canziani (Head of Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Aug 6, 2024

After the global stock-market rout accelerated yesterday, with losses cascading across tech shares and Japanese equities crashing by the most in over a decade, Japanese stock indices have staged a turnaround and are leading gains in Asia today. In today’s special episode, Christian Gattiker, Head of Research, shares his insights into the latest equity market developments and how he see things going forward. Manuel Villegas, Next Generation Research, provides us with an update on digital assets and talks about the prospects of a Trump trade. 00:00 Introduction by Helen Freer (Investment Writing) 00:27 Markets wrap-up by Jonti Warris (Investment Writing) 04:40 Equity market developments: Christian Gattiker (Head of Equity Strategy) 09:22 Digital assets update: Manuel Villegas (Next Generation Research) 13:03 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Aug 5, 2024

A weaker-than-expected US jobs report added to concerns that the Federal Reserve has been too slow to cut interest rates. Rate cut expectations increased strongly amid a slowing US job market pulling government bond yields lower, while global equities continue to sell off with the tech-heavy Nasdaq underperforming. The sell-off wiped out more than USD 2 trillion in value in just over three weeks as several megacaps entered bear-market territory. Mathieu Racheter, Head of Equity Strategy, guides us through the fundamentals and why he sees attractive entry opportunities in some areas of the market, while Mensur Pocinci, Head of Technical Analysis, discusses the implications of the latest sell-off from a technical perspective. 00:00 Introduction by Helen Freer (Investment Writing) 00:34 Markets wrap-up by Jan Bopp (Investment Writing) 06:51 Latest equity market developments: Mathieu Racheter (Head of Equity Strategy) 10:22 Technical Analysis update: Mensur Pocinci (Head of Technical Analysis Research) 12:52 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Aug 2, 2024

The past 24 hours have seen an increasingly precarious backdrop for risk markets. A perfect storm of weak US data and disappointing earnings outlooks or results from industry behemoths such as Amazon, Apple and Intel triggered a global sell-off. Safe havens such as US Treasuries rallied, with the policy-sensitive two-year yields touching a 14-month low amid increased bets on rate cuts by the Federal Reserve. We have David Kohl, Chief Economist, on the show to take us through this week's central bank decisions and give us more details on what to expect going forward. 00:00 Introduction by Helen Freer (Investment Writing) 00:21 Markets wrap-up by Jan Bopp (Investment Writing) 06:46 Comments on central bank meetings by David Kohl (Chief Economist) 15:10 Closing remarks by Helen Freer(Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Jul 31, 2024

Ahead of the US Federal Reserve’s policy decision later today, the Bank of Japan raised interest rates to around 0.25% this morning, whilst also announcing a reduction to its bond buying programme. The Bank of England will announce their rate decision tomorrow and there, the markets are still undecided as to whether they will cut rates or wait another month. Microsoft’s results yesterday showed that its Azure cloud computing service saw a slowdown in quarterly growth, leading to a further fall in big tech stocks in extended trading. Head of Fixed Income Research, Dario Messi, explains why although the Fed has room to cuts rates today, it will probably wait until September’s meeting instead. And Mathieu Racheter, Head of Equity Strategy, explains his recent downgrade of the global communications sector, while also providing an update on the busy earnings season. Please note that there will be no episode tomorrow due to Switzerland’s National Day. 00:00 Introduction by Lucija Caculovic (Investment Writing) 00:41 Markets wrap-up by Bernadette Anderko (Investment Writing) 08:22 Fixed income update by Dario Messi (Head of Fixed Income Research) 12:21 Communications downgrade and earnings season by Mathieu Racheter (Head of Equity Strategy) 15:41 Closing remarks by Lucija Caculovic (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Jul 30, 2024

The sell-off in large-cap tech companies seemed to have found a pause yesterday, with a Magnificent 7 ETF rising for the second day in a row. This week’s earnings reports from major US tech firms will be crucial in determining whether they can bounce back from last week’s losses. Meanwhile, in fixed income, companies are scrambling to secure funding ahead of this week’s pivotal central bank meetings. On today’s show, we’re joined by Tim Gagie, Head of FX & PM Solutions in Geneva, who sheds some light on the recent turbulence in precious metals and the significant carry unwind. We’re also joined by Manuel Villegas from Next Generation Research, who provides an update on the latest developments in the world of crypto. 00:00 Introduction by Helen Freer (Investment Writing) 00:28 Markets wrap-up by Lucija Caculovic (Investment Writing) 07:00 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva) 11:20 Digital assets update by Manuel Villegas (Next Generation Research) 14:52 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Jul 29, 2024

Equity markets are broadly higher following a string of positive economic data on US growth and inflation at the end of last week. The entire crypto space is also rallying after presidential hopeful Donald Trump said that, if elected, he would make the US the ‘crypto capital of the planet and the bitcoin superpower’. Mensur Pocinci, Head of Technical Analysis, believes that the consolidation in tech stocks is healthy from a technical point of view. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:38 Markets wrap-up by Roman Canziani (Head of Investment Writing) 07:05 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research) 11:07 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Jul 26, 2024

Beyond the dominant theme of investors rotating out of technology and into small-cap stocks, another interesting trend has emerged: a shift from growth stocks to value stocks. Meanwhile, despite a widespread decline in business confidence across the eurozone, some upbeat earnings reports have managed to stand out. In the Asia-Pacific region, markets largely rebounded today, although Taiwan was a notable exception. Joining today’s show is Tim Gagie, Head of FX & Portfolio Management Solutions in Geneva, who shares his insights on a potential carry trade unwind and the key drivers behind precious metals markets this week. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:31 Markets wrap-up by Lucija Caculovic (Investment Writing) 06:52 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva) 11:26 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 25, 2024

Equity investors are having a tough few days as one after another of the darlings of the past 18 months or so report disappointing Q2 earnings or issue profit warnings. Meanwhile, the Japanese yen is staging an impressive comeback ahead of next week's Bank of Japan meeting. Carsten Menke, Head of Next Generation, gives us his view on the major industrial metals. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:21 Markets wrap-up by Roman Canziani (Head of Investment Writing) 07:42 Industrial Metals update by Carsten Menke (Head of Next Generation Research) 12:08 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 24, 2024

Luxury companies continue to face cooling demand for their high-end goods in China. And mega-cap tech companies have had a lacklustre start to the earnings season. While equity markets are moving big on earnings reports, bond markets are taking a back seat. Dario Messi, Head of Fixed Income Research, talks about his expectations for bond markets going forward. And we have Mathieu Racheter, Head of Equity Strategy, who talks about a positive earnings season so far and where he sees strengths and weaknesses. 00:00 Introduction by Lucija Caculovic (Investment Writing) 00:34 Markets wrap-up by Jan Bopp (Investment Writing) 06:19 Fixed income update by Dario Messi (Head of Fixed Income Research) 09:46 Q2 earnings season update by Mathieu Racheter (Head of Equity Strategy) 12:27 Closing remarks by Lucija Caculovic (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 23, 2024

Stocks are broadly higher as most markets take a breather after last week's dismal performance. The second largest digital token, Ethereum, is outperforming Bitcoin on news that several spot ETFs will start trading today. Manuel Villegas of Next Generation Research explains what potential investors in these ETFs need to consider. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:27 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:21 Digital assets update: Manuel Villegas (Next Generation Research) 10:41 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 22, 2024

There has been no summer lull in the markets so far. After last week's broad-based weakness in equity markets, a massive IT outage on Friday that caused global chaos and US President Joe Biden's announcement that he is dropping out of the race for the White House are keeping markets on their toes. Mensur Pocinci, Head of Technical Analysis, discusses the implications for broader trends from a technical perspective and why he sees the recent weakness in equity markets as a healthy consolidation, with the larger positive trends remaining intact. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:48 Markets wrap-up by Jan Bopp (Investment Writing) 07:08 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research) 11:21 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Jul 19, 2024

The move away from large cap technology companies towards small cap and more cyclical names remains the big theme in the markets and led to a broad sell-off in US equities yesterday. Meanwhile in Europe, the European Central Bank decided to leave its main refinancing rate unchanged at 4.25% at its meeting yesterday. Across Asia, equities have largely struggled today, with the Hang Seng Index leading regional declines. Tim Gagie, Head of FX & PM Solutions in Geneva, joins the show today to share his thoughts on the recent moves in gold, the US dollar, the Japanese yen and the Swiss franc. 00:00 Introduction by Helen Freer (Investment Writing) 00:48 Markets wrap-up by Lucija Caculovic (Investment Writing) 06:14 Currencies and metals: Tim Gagie (Head of FX & PM Solutions Geneva) 11:34 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 18, 2024

Stocks, especially those in the IT and communication services sectors, came under heavy pressure yesterday as investors were forced to price in new political developments – political markets are back in focus. Nicolas Jordan from the CIO office talks about how our investment strategy is dealing with the new situation, and Norbert Rücker, Head of Economics and Next Generation Research, remains cautious on oil. 00:00 Introduction by Helen Freer (Investment Writing) 00:31 Markets wrap-up by Roman Canziani (Head of Investment Writing) 07:03 Energy markets: Norbert Rücker (Head of Economics & Next Generation Research) 11:35 Latest news from the CIO Office: Nicolas Jordan (CIO Strategy & Investment Analysis) 14:49 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 17, 2024

Rotation is the key word in financial markets at the moment, as leadership of the US market has shifted very quickly from the Magnificent 7 to the broader market. Mathieu Racheter, Head of Equity Strategy Research, talks about how investors should position themselves in this environment and sheds some light on the ongoing earnings season. And we have Dario Messi, Head of Fixed Income Research, on the show. He talks about the recent move lower in bond yields as well as expectations for tomorrow’s ECB meeting. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:38 Markets wrap-up by Jan Bopp (Investment Writing) 06:44 Bonds update: Dario Messi (Head of Fixed Income Research) 11:12 Q2 earnings season update by Mathieu Racheter (Head of Equity Strategy) 15:24 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 16, 2024

US stock markets are broadly higher as the odds increase that former President Donald Trump will return to the Oval Office in 2025. Meanwhile, European equities are suffering from a string of underwhelming economic data out of China. And Bitcoin is on the rise after Germany sold all of its confiscated tokens last week. Manuel Villegas from Next Generation Research talks about this and also links the performance of the largest digital asset to the US elections. 00:00 Introduction by Helen Freer (Investment Writing) 00:27 Markets wrap-up: Roman Canziani (Head of Investment Writing) 06:40 Digital assets update by Manuel Villegas (Next Generation Research) 09:56 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 15, 2024

European and US markets closed the week higher with some stock rotation in evidence after Thursday’s US CPI data fuelled optimism of a first Fed rate cut in September. The big banks started to announce Q2 earnings, and more than 40 S&P 500 companies are due to report second-quarter earnings this week . Then came the shock attempt on Donald Trump’s life at a rally in Pennsylvania. He escaped serious injuryand as he plans the next stages of his presidential campaign, pollsters currently see a higher likelihood of him winning the race. Mensur Pocinci, Head of Technical Analysis, gives his insights into where the markets might go from here. 00:00 Introduction by Helen Freer (Investment Writing) 00:28 Markets wrap-up by Bernadette Anderko (Investment Writing) 08:00 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research) 10:53 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Jul 12, 2024

Bond markets rallied as signs of US disinflation reinforced bets the Fed will cut rates in September. This led to heavy profit-taking in the big tech space and a strong rotation into previously unloved stocks, which pulled the S&P 500 lower, while small caps jumped higher. And Tim Gagie, Head of FX & PM Solutions Geneva, also joins the show. He talks about the strength in gold, the weak US dollar and what’s behind the recent rise of the yen. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Jan Bopp (Investment Writing) 05:38 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva 10:29 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 11, 2024

Big tech and chip companies were the main drivers of stock markets yesterday ahead of the all-important US June CPI data due out today. Even the CAC 40 closed the day in positive territory, despite France’s uncertain political future. Fed Chair Jerome Powell told Congress that the risks to the economy are more balanced between inflation and recession, and that the Fed does not need inflation to fall below 2% before cutting rates. Norbert Rücker, Head of Economics & Next Generation Research, updates listeners on his expectations for the oil/energy markets. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Bernadette Anderko (Investment Writing) 06:11 Oil/Energy market update by Norbert Rücker (Head of Economics & Next Generation Research) 10:48 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 10, 2024

US stocks inched higher yesterday with the S&P 500 and Nasdaq indices reaching new record highs following Fed Chair Powell’s encouraging remarks that the US is no longer an overheated economy. Dario Messi, Head of Fixed Income Research, provides an update on the bond market ahead of the ECB’s monetary policy meeting next week. And Mathieu Racheter, Head of Equity Strategy gives a preview of what to expect from the Q2 earnings season. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:28 Markets wrap-up by Jonti Warris (Investment Writing) 06:20 Bond market update by Dario Messi (Head of Fixed Income Research) 11:25 Q2 Earnings Season Preview by Mathieu Racheter (Head of Equity Strategy) 16:06 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Jul 9, 2024

While European markets remain preoccupied with the prospect of a prolonged period of political uncertainty in France, investors in the US are shifting their focus to the upcoming earnings season, with the S&P 500 hitting a new all-time high. In Japan, the Nikkei 225 has also hit a new record high as the country sees a significant increase in machine tool orders. Meanwhile, the Chinese market is struggling with uncertainty after the People’s Bank of China announced new liquidity operations yesterday. Manuel Villegas from Next Generation Research joins us today to discuss Bitcoin’s recent price drop and why investors should brace themselves for more volatility ahead. 00:00 Introduction by Helen Freer (Investment Writing) 00:21 Markets wrap-up by Lucija Caculovic (Investment Writing) 05:57 Digital assets update by Manuel Villegas (Next Generation Research) 09:49 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 8, 2024

The bond market is starting to think about what another Trump presidency could mean for yields. Despite slowing inflation and weak growth figures in the US and Europe, equities are thriving – the S&P 500 and Japan's Topix have just hit new all-time highs. On Friday, US Treasury yields fell and gold rose after a downward revision to US employment data. The Q2 earnings season kicks off later this week, with analysts expecting a 9% year-on-year rise in EPS, the strongest since Q1 2022. Kaspar Köchli, Economist, talks about the French election and the likely impact on French assets of the uncertainty following Sunday's vote. Mensur Pocinci, Head of Technical Analysis Research, stresses that gold is outperforming every other major asset class except US large-cap equities. 00:00 Introduction by Helen Freer (Investment Writing) 00:34 Markets wrap-up by Mike Rauber (Investment Writing) 07:18 French election result by Kaspar Köchli (Economist) 11:34 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research) 14:30 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 5, 2024

With the US celebrating Independence Day yesterday, investors turned their attention to Europe where French equities continue to outperform ahead of the second round of the country's parliamentary elections. Meanwhile, UK voters have handed power to the Labour Party. Dave Meier, Macro & Next Generation Research, puts the election result into context and Tim Gagie, Head of FX & PM Solutions Geneva, talks about currencies and metals and prepares you for the weekend with his now traditional end-of-week joke. 00:00 Introduction by Helen Freer (Investment Writing) 00:34 Markets wrap-up by Roman Canziani (Head of Investment Writing) 05:59 UK election result by David Meier (Investment Research Analyst) 10:21 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva) 15:10 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 4, 2024

A string of weaker macroeconomic data out of the US yesterday was unable to shake investor sentiment, with the S&P 500 and Nasdaq Composite indices touching fresh all-time highs, propelled by a rally in mega-cap tech stocks. Nicolas Jordan, CIO Strategy & Investment Analysis, provides an update from our CIO office. Dr Damien Ng, Next Generation Research, joins us to talk about longevity and explains why we should be paying attention to extending our healthspan. 00:00 Introduction by Helen Freer (Investment Writing) 00:34 Markets wrap-up by Jonti Warris (Investment Writing) 07:00 Latest news from the CIO Office by Nicolas Jordan (CIO Strategy & Investment Analysis) 09:58 Longevity by Damien Ng (Next Generation Research) 13:49 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 3, 2024

Markets reacted positively to Fed Chair Powell's upbeat comments on disinflation, sending US equities to another record high and bond yields lower. European equities struggled however, amid prevailing political concerns, despite inflationary pressures easing in June. Dario Messi, Head of Fixed Income Research, discusses what political risks in Europe mean for bond investors and why he believes there is value in peripheral European bonds. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:31 Markets wrap-up by Jan Bopp (Investment Writing) 06:08 European bonds in the current climate by Dario Messi (Head of Fixed Income Research) 10:19 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 2, 2024

Germany's Ifo Institute predicts that inflation could fall to 2% by August. European equities rose after the first round of parliamentary elections in France suggested that no party would win an outright majority in the second round. The Nasdaq hit an all-time high, but stocks were held back by a jump in Treasury yields. In Asia, Japan's Nikkei 225 is back above 40,000. Manuel Villegas from Next Generation Research notes that crypto has become politicised in the US, with recent gains coming on the back of Donald Trump's increased chances of becoming the next US president following his debate with President Biden. 00:00 Introduction by Helen Freer (Investment Writing) 00:21 Markets wrap-up by Mike Rauber (Investment Writing) 06:44 Digital assets update by Manuel Villegas (Next Generation Research) 10:59 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jul 1, 2024

Most of the key US and European indices closed the first half of the year in positive territory, with the Nasdaq Composite turning in 18.1% in H1. In Asia, the Taiwan Weighted Index made a 28% gain. Mensur Pocinci, Head of Technical Analysis, points out what he thinks investors should take away from the first half of the year. Europe’s focus is now firmly on the second round of the French elections – these will take place on Sunday and all parties other than the National Rally will be out to prevent them from achieving a majority. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Bernadette Anderko (Investment Writing) 06:45 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research) 09:59 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 28, 2024

A batch of underwhelming data out of the US keeps rate cut expectations for the Fed alive. While that helped US yields to trade lower in yesterday’s session, European yields remained steady for the most part ahead of this Sunday’s first round of parliamentary elections in France. The political uncertainty continued to weigh on equities in Europe, while their US counterparts ended the day higher, with the Magnificent 7 cohort closing at a new record. Tim Gagie, Head of FX & PM Solutions Geneva, talks about what is going on in FX markets and explains why it might be a good idea to protect your gains in gold. 00:00 Introduction by Helen Freer (Investment Writing) 00:21 Markets wrap-up by Jan Bopp (Investment Writing) 05:51 Currencies and metals: Tim Gagie (Head of FX & PM Solutions Geneva) 10:42 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 27, 2024

Major US stock indices eked out only minor gains yesterday as investors remained cautious ahead of the Fed’s preferred measure of inflation (PCE), due tomorrow. Shares in chipmaker Micron Technology slumped in afterhours trading yesterday, with reverberations being felt across Asia-Pacific markets today. Norbert Rücker, Head of Economics & Next Generation Research, shares his thoughts on the drivers behind the recent rebound in oil prices. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Jonti Warris (Investment Writing) 06:09 Oil update by Norbert Rücker (Head of Economics & Next Generation Research) 11:01 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 26, 2024

While it was only a few consumer services and information technology stocks that drove the gains in the US equity markets yesterday, the good news came from a successful auction of 2-year Treasury notes by the US Treasury Department. Dario Messi of Fixed Income Research explains why the results of these US Treasury auctions have become so important for investors. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:21 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:01 Bond market update by Dario Messi (Fixed Income Strategy) 10:15 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 25, 2024

European equity markets rose on reports that China and the European Union will sit down to discuss the EU's plan to impose additional tariffs on electric vehicle imports, despite uncertainty over the French election. 70% of the S&P 500 constituents were higher, but the index was lower on weakness in Nvidia. Shein is in the news for a possible IPO. Asian stocks are higher, but mainland China is lower. Hannah Wise, Head of Investment Communications, previews this week's Market Outlook Mid-Year 2024 webcast on Thursday, details of which are available on the Julius Baer LinkedIn page. Manuel Villegas, Next Generation Research, highlights the importance of being able to tolerate short-term drawdowns amid weakness in digital assets. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:31 Markets wrap-up by Mike Rauber (Investment Writing) 07:19 Market Outlook Mid Year 2024 Webcast, on 27th June: Hannah Wise (Head of Investment Communication) 10:39 Digital assets update by Manuel Villegas (Next Generation Research) 14:26 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 24, 2024

After markets were rattled by weaker-than-expected economic data last Friday, investors are facing rising political risks this week, with the first US presidential debate between Joe Biden and Donald Trump scheduled for Thursday and the French election on Sunday. Recent leading indicators point to a slowdown in economic momentum in Europe, weighing on equities, while US technology companies are having a tough time with European regulators. Mensur Pocinci, Head of Technical Analysis, explains why the technical setup for equities remains positive, why interest rates could trend lower in the summer months and why US equities remain his favourite region. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:28 Markets wrap-up by Jan Bopp (Investment Writing) 07:08 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis) 11:10 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts

Jun 21, 2024

European equities were higher as investor confidence returned following a successful auction of French government debt. In the US, however, mega-cap tech stocks dragged the broader market lower, pausing the impressive rally seen in recent weeks. David Kohl, Chief Economist, discusses why he believes Swiss interest rates will continue to fall and that the Bank of England is unlikely to cut until September this year. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:35 Comments on SNB and BoE meetings by David Kohl (Chief Economist) 13:34 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 20, 2024

Stock markets in Europe took a breather yesterday as traders looked for fresh catalysts to extend the latest tech-driven gains. After government bond yields across the eurozone edged higher, we take a look at the line-up of today’s central bank meetings and expectations for their policy decisions. Carsten Menke, Head of Next Generation Research, gives an update on supply and demand in the copper market, and the outlook for the metal. 00:00 Introduction by Helen Freer (Investment Writing) 00:51 Markets wrap-up by Jonti Warris (Investment Writing) 07:16 Copper: Carsten Menke (Head of Next Generation Research) 11:19 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 19, 2024

Recent macroeconomic data from the US may encourage the Federal Reserve to start cutting interest rates, although officials have stressed that inflation needs to fall further before any action is taken. Meanwhile, in company-specific news, Nvidia’s share price soared, making it the most valuable listed company in the world. In Asia, Japan released a mixed batch of economic data, while minutes from the Bank of Japan’s latest meeting revealed that officials discussed the possibility of accelerating the pace of policy normalisation. With several central bank meetings scheduled this week, Markus Allenspach, Head of Fixed Income Research, joins us today to share his insights on what to expect. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:34 Markets wrap-up by Lucija Caculovic (Investment Writing) 06:46 Central banks and bond markets by Markus Allenspach (Head of Fixed Income Research) 12:33 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 18, 2024

French assets stabilised after last week's rout and the S&P 500 hit its 30th all-time high this year, while Indian equities also hit new highs after their election blues. Nvidia's rally this year is making life difficult for technology sector ETFs. The Reserve Bank of Australia left interest rates unchanged at its meeting today, but a rate hike was discussed. Bitcoin is at its lowest level in a month, but remains well within its trading range since March. Tim Gagie, Head of FX & PM Solutions Geneva, talks about the Swiss franc, which is caught between a likely rate cut and safe-haven demand amid French election uncertainty. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Mike Rauber (Investment Writing) 07:22 FX and metals update by Tim Gagie (Head of FX & PM Solutions Geneva) 12:14 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 17, 2024

European markets were weighed down last week by heightened political uncertainty emanating from France, while US markets enjoyed a solid week on the back of encouraging inflation data. The divergence was clearly visible in relative equity performance, with the weekly gap between the S&P 500 (+1.6%) and the French CAC 40 (-6.2%) the widest since early March 2022, just after Russia's full-scale invasion of Ukraine. Investors looking for safe-haven assets pushed gold higher and yields lower. Mensur Pocinci, Head of Technical Analysis, explains why he would still wait before turning bearish on European equities, why yields could very well fall further and why he still likes large-cap US growth stocks. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Jan Bopp (Investment Writing) 07:07 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research) 10:19 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 14, 2024

While most of Europe looks to Germany for football, investors are turning their attention to France, where President Macron’s decision to hold a parliamentary vote has caused quite a stir – French equities and bonds are both down on the week. Meanwhile, in the US, this week’s data pointed to a cooling of inflation and the labour market, making a strong case for interest rate cuts. David Kohl, our Chief Economist, joins the show today to share his insights into the latest US macroeconomic data and what it means for our interest rate expectations this year. 00:00 Introduction by Helen Freer (Investment Writing) 00:28 Markets wrap-up by Lucija Caculovic (Investment Writing) 07:36 Comments on latest US data and FOMC meeting by David Kohl (Chief Economist) 15:55 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 13, 2024

After US consumer prices for May rose by slightly less than expected, the US Federal Reserve yesterday left its policy rate unchanged, as anticipated, but dialled back its expectations for interest-rate cuts, now pencilling in just one for the rest of the year. Carsten Menke, Head of Next Generation Research, gives an update on the gold market and central bank purchases. And Nicolas Jordan, CIO Strategy & Investment Analysis, provides a rundown of the latest news from the CIO Office. 00:00 Introduction by Helen Freer (Investment Writing) 00:34 Markets wrap-up by Jonti Warris (Investment Writing) 06:16 Gold/PBOC halt in purchases: Carsten Menke (Head of Next Generation Research) 10:17 Latest news from the CIO Office byLatest news from the CIO Office byNicolas Jordan (CIO Strategy & Investment Analysis) 13:40 Closing remarks by CIO Office by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 12, 2024

President Emanuel Macron's call for legislative elections sends shockwaves through European financial markets. It is the big day for US inflation and the Federal Reserve's interest rate decision. Apple hits a new all-time high. China remains in a deflationary environment, while Japan's producer prices surprise to the upside. Dario Messi, Fixed Income Strategy, remains positive on peripheral European government bonds despite political uncertainty in France. Tim Gagie, Head of FX & PM Solutions Geneva, discusses the news that China's central bank has stopped buying gold (for now). 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:31 Markets wrap-up by Mike Rauber (Investment Writing) 07:25 European politics/The Fed by Dario Messi (Fixed Income Strategy) 13:32 FX and Metals update by Tim Gagie (Head FX & PM Solutions Geneva) 18:22 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 11, 2024

US stocks rose to new record highs yesterday as two of the major tech mega-caps led the way for the major indices. Meanwhile, Europe suffered a hangover of fresh political uncertainty after right-wing parties emerged victorious in the European Parliament elections over the weekend. Next Generation analyst Manuel Villegas shares his insights on the latest regulatory twists and turns in the crypto markets. 00:00 Introduction by Helen Freer (Investment Writing) 00:21 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:20 Digital assets update by Manuel Villegas (Next Generation Research) 09:17 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 10, 2024

US jobs growth surged in May and wages accelerated, prompting traders to push back the expected timing of US Federal Reserve interest rate cuts. US Treasuries sold off, pushing yields higher on Friday. And while equity markets in Europe ended the day lower, US stocks initially fell but largely pared losses to end the day just slightly in the red. Markus Wachter from our Technical Analysis team talks about the technical setup for the S&P 500 and Dax indices, and why he expects US Treasury yields to fall. 00:00 Introduction by Helen Freer (Investment Writing) 00:21 Markets wrap-up by Jan Bopp (Investment Writing) 06:03 Technical Analysis update by Markus Wachter (Technical Analysis Research) 08:40 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 7, 2024

The ECB cut its deposit rate yesterday, but did not commit to further rate cuts. Eurozone banks rallied the most on the prospect of fewer rate cuts than previously expected. Microsoft and Nvidia may face antitrust investigation in the US. Two giant banks, Mitsubishi UFJ and Sumitomo Mitsui, are to start selling their strategic stakes in Toyota Motor worth around USD 8.5 billion, illustrating that corporate reform in Japan is for real. India's financial markets are returning to calm after the surprise outcome of the national elections, while European parliamentary elections are in focus this weekend. Leonardo Pellandini, Equity Strategy Research, explains why we like German equities. 00:00 Introduction by Helen Freer (Investment Writing) 00:21 Markets wrap-up by Mike Rauber (Investment Writing) 06:26 German equities by Leonardo Pellandini (Equity Strategy Research) 09:43 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 6, 2024

Nvidia became the second biggest company in the world yesterday as its market value exceeded USD 3 trillion, whilst ASML pushed LVMH aside to take over the number 2 spot in European markets. Other technology stocks also performed well – pushing their indices to new all-time highs. Markets now await more the discussion than the decision when it comes to the ECB later today: whilst the rate cut is firmly priced in, what Christine Lagarde says afterwards will be the main focus. Norbert Rücker, Head of Economics & Next Generation Research, joins the podcast to explain his ‘Cautious’ outlook for the oil markets. 00:00 Introduction by Helen Freer (Investment Writing) 00:34 Markets wrap-up by Bernadette Anderko (Investment Writing) 05:18 Update on oil / OPEC meeting by Norbert Rücker (Head of Economics & Next Generation Research) 08:44 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 5, 2024

The Swiss equity market continues to shine among its European peers, with inflation well below the Swiss National Bank’s upper target and the stock market outperforming. In Asia, all eyes are on the Indian elections, where Prime Minister Modi’s party failed to win an outright majority but he looks set for a third term in office. Mark Matthews, Head of Research Asia, shares his views on the Indian election and reviews the Chinese and Japanese markets. Dario Messi from Fixed Income Research discusses our expectations for tomorrow’s European Central Bank rate decision. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:44 Markets wrap-up by Lucija Caculovic (Investment Writing) 05:55 India election results & Asia calls by Mark Matthews (Head of Research Asia) 14:36 Bond markets update by Dario Messi (Fixed Income Strategy) 19:48 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 4, 2024

A flurry of weaker US economic data, which included a slowdown in factory output and a surprise contraction in the construction industry, saw the US dollar index drop to a new two-month low. The data also saw US equities post lacklustre, flat returns yesterday, while the US bond market rallied and US Treasury bond yields fell. Manuel Villegas, Next Generation Research, provides us with an update on digital assets, and takes a closer look at the approval of Ethereum ETFs and the topic of regulation. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Jonti Warris (Investment Writing) 05:32 Digital assets update by Manuel Villegas (Next Generation Research) 08:37 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Jun 3, 2024

Major stock market indices are building on May's strong performance as we enter the meteorological summer here in Europe. In Asia, Indian markets are leading the way as exit polls show a landslide victory for incumbent Prime Minister Narendra Modi. Mensur Pocinci, Head of Technical Analysis, believes there is more upside ahead for both equities and gold. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:29 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research) 09:35 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

May 31, 2024

Yesterday’s weaker-than-expected US GDP data helped to boost rate cut expectations by the Fed and bring yields down from their highs. And while equity markets in Europe and Asia gained, tech stocks in the US came under selling pressure. Disappointing earnings data and US officials reviewing licenses to chipmakers for shipments to the Middle East pulled the sector down. Tim Gagie, Head of FX & PM Solutions Geneva, talks about the importance of central bank meetings in the coming weeks, recent developments in precious metals and why he thinks the recent CHF strength will only be temporary. 00:00 Introduction by Helen Freer (Investment Writing) 00:21 Markets wrap-up by Jan Bopp (Investment Writing) 05:59 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva 09:59 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

May 30, 2024

Markets came under pressure yesterday after a USD 44bn Treasury auction saw weak investor demand, following two lacklustre auctions on Tuesday. The broad risk aversion gripping markets comes as rising bond yields are putting an increasing strain on risk assets. Norbert Rücker, Head of Economics & Next Generation Research, comments on the latest drivers in the oil market and shares his outlook for oil prices. 00:00 Introduction by Helen Freer (Investment Writing) 00:27 Markets wrap-up by Jonti Warris (Investment Writing) 06:25 Oil update by Norbert Rücker (Head of Economics & Next Generation Research) 10:24 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

May 29, 2024

While equities were broadly flat on Tuesday, US Treasury yields jumped on weak 2- and 5-year auctions and comments from Minneapolis Fed President Neel Kashkari, who said policymakers had not completely ruled out further rate hikes - even if the current policy stance was restrictive. Fixed Income strategist, Dario Messi, explains what's behind the more cautious tone from Fed speakers and what it means for investors. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:24 Markets wrap-up by Roman Canziani (Head of Investment Writing) 05:02 Bond markets update by Dario Messi (Fixed Income Strategy) 09:56 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

May 28, 2024

Germany's Ifo business climate survey shows an improved outlook, while European equities see renewed inflows. Elon Musk's AI startup xAI raises USD 6 billion in its second round of funding. Japan's inflation picks up, supporting the case for higher interest rates. Shanghai makes it easier for home buyers. And the US moves to T+1 stock settlement. Manuel Villegas of Next Generation Research wonders if it will be ‘sell the news’ once Ethereum ETFs will be trading on US exchanges. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:24 Markets wrap-up by Mike Rauber (Investment Writing) 07:24 Digital Assets update by Manuel Villegas (Next Generation Research) 12:12 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

May 27, 2024

Fresh data from China showed that industrial profits rose, boosting Asia-Pacific markets today. Meanwhile, Ethereum, the second largest digital token, rose as the US SEC signed off on a proposal by major US exchanges to list Ether-linked products. Gold edged higher this morning, while oil prices are in a holding pattern ahead of the OPEC+ meeting later this week. Today’s public holidays in the US and UK are expected to keep trading relatively thin. Mensur Pocinci, Head of Technical Analysis, joins us today to discuss what the charts say about where equities and bonds might go from here. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:24 Markets wrap-up by Lucija Caculovic (Investment Writing) 06:03 Technical analysis update by Mensur Pocinci (Head of Technical Analysis Research) 10:41 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

May 24, 2024

Stronger US economic data reduces the case for an interest rate cut, weighing on gold, US Treasuries and global equities. Bucking the trend, Nvidia was up almost 10% and its market cap is now larger than the entire German stock market. The latest eurozone data points to a recovery. Ethereum received a big regulatory boost and the launch of spot Ether ETFs in the US looks more likely. Tim Gagie, Head of FX & PM Solutions Geneva, notes that the CHF, which has now weakened slightly, had been too strong and recalls the time when one of his British pounds bought him more than two Swiss francs. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Mike Rauber (Investment Writing) 07:30 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva) 11:58 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

May 23, 2024

Equity markets are higher following NVIDIA's stellar results and despite news that the Federal Reserve may keep interest rates in restrictive territory for longer than expected. Carsten Menke, Head of Next Generation, explains why the latest Chinese stimulus package has little impact on industrial metals, and Nicolas Jordan from our CIO office summarises the views and positioning of the bank's investment committee. 00:00 Introduction by Bernadette Anderko (Investment Writing) 01:02 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:27 Impact of China’s rescue package on industrial metals by Carsten Menke (Head of Next Generation Research) 10:12 Investment Committee update by Nicolas Jordan (CIO Office) 13:45 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

May 22, 2024

US stocks moved higher yesterday, with the S&P 500 closing at another all-time high, but not without signs of caution among investors ahead of Nvidia’s earnings announcement today. UK inflation has fallen to its lowest level in almost three years, although April’s drop was not as large as expected which helped the pound sterling jump to its highest level in two months. Dario Messi, Fixed Income Strategy, provides us with his insights into the impact of last week’s US CPI print on the interest rate outlook in the US. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:20 Markets wrap-up by Jonti Warris (Investment Writing) 05:56 Bond markets update by Dario Messi (Fixed Income Strategy) 11:47 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

May 21, 2024

With artificial intelligence so prominent in our lives, it’s perhaps no surprise that one of the biggest players – Nvidia – is not only partially responsible for the current explosion in the sector, but will also be a key factor in where the markets go this week, given that it reports its results tomorrow. Wall Street firms are certainly lining up for good news so let’s hope that they are not disappointed. Stock markets continue to hit new highs, with gold and silver joining the party. Our Head of Technical Analysis, Mensur Pocinci, explores whether this can continue on today’s show. 00:00 Introduction by Helen Freer (Investment Writing) 00:27 Markets wrap-up by Bernadette Anderko (Investment Writing) 06:41 Technical analysis update by Mensur Pocinci (Head of Technical Analysis Research) 09:32 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

May 17, 2024

Both European and US stock markets ended yesterday’s trading session in negative territory, but the Dow Jones made some positive headlines as it touched the significant milestone of 40,000 points for the first time in history. Macroeconomic data releases from the US continued to point to a stable or gradually cooling US economy, while China reported a mixed economic picture, weighing on Asia-Pacific markets. Tim Gagie, Head of FX & PM Solutions in Geneva, joins the show today to talk about the US dollar and metals. 00:00 Introduction by Helen Freer (Investment Writing) 00:21 Markets wrap-up by Lucija Caculovic (Investment Writing) 06:14 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva) 10:49 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

May 16, 2024

Global equities are rallying on yesterday's lighter-than-expected US Consumer Price Index data, with investors snapping up stocks and riskier currencies. The data has led traders to raise their bets that the Fed will cut its policy rate at least twice this year. And after a recent rally in copper prices, Carsten Menke, Head of Next Generation Research, discusses whether the copper market has moved too far, too fast. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Jonti Warris (Investment Writing) 06:51 Copper update by Carsten Menke (Head of Next Generation Research) 11:38 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

May 15, 2024

A rally in big tech drove US equities close to their all-time highs as bond yields fell, with investors awaiting key inflation data for clues on the Federal Reserve’s next steps. And meme stocks are back on investors’ radar. GameStop surged 180% this week alone, raising questions about the prevailing market sentiment. Markus Allenspach, Head of Fixed Income Research, talks about how to navigate through volatile bond markets around CPI data. And Mathieu Racheter, Head of Equity Strategy, gives us the latest news on the key takeaways from this earnings season. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:30 Markets wrap-up by Jan Bopp (Investment Writing) 06:37 Bond markets update by Markus Allenspach (Head of Fixed Income Research) 11:31 Earnings Season Review by Mathieu Racheter (Head of Equity Strategy) 14:13 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

May 14, 2024

Financial markets are in wait-and-see mode ahead of US inflation data today and tomorrow, as well as Alibaba and Tencent earnings later today. French President Emanuel Macron said he is open to a major French bank being taken over by a European rival, in a bid to spur deeper financial integration in the euro bloc. Yields on 20-year Japanese government bonds rose to their highest level since 2013. Manuel Villegas, Next Generation Research, says that like any risk-on asset, Bitcoin is awaiting US inflation reports. 00:00 Introduction by Helen Freer (Investment Writing) 00:23 Markets wrap-up by Mike Rauber (Investment Writing) 07:38 Digital assets update by Manuel Villegas (Next Generation Research) 11:03 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

May 13, 2024

Equity markets closed last week stronger than they started it and futures broadly project the upward trend to continue today. Nevertheless, China’s latest inflation data over the weekend was disappointingly strong and the news today that China will begin an ultra-long bond selling programme was not enough to support onshore equities today. Hong Kong’s equity benchmark however climbed to its highest level since August 2023. With oil prices moving sideways and precious metals moving higher, our Head of Technical Analysis, Mensur Pocinci, explains what this traditionally means for equity markets, whilst also covering his outlook for other asset classes. 00:00 Introduction by Helen Freer (Investment Writing) 00:23 Markets wrap-up by Bernadette Anderko (Investment Writing) 07:01 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research) 10:58 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

May 10, 2024

A higher-than-expected reading on US jobless claims rekindled expectations of earlier interest rate cuts this year, helping US equities to close at their highest levels ever. After the Swedish Riksbank cut interest rates on Wednesday, the Bank of England gave clear indications at its policy meeting yesterday that rate cuts are on the horizon. Meanwhile, demand for corporate bonds remains very strong, although risk premiums on debt remain very tight. And Hong Kong stocks are rising on a report that the dividend tax for mainland investors will be abolished. Fixed Income strategist Dario Messi says that there is no need to rush into longer-dated bonds at any price. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:23 Markets wrap-up by Mike Rauber (Investment Writing) 07:11 Fixed Income update by Dario Messi (Fixed Income Strategy) 12:17 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

May 8, 2024

While European markets ended the day firmly in the green yesterday, US equities struggled as investors remained fixated on when the Federal Reserve will start cutting interest rates. Asian markets followed the US lower, with Japanese equities underperforming and the recent rally in Hong Kong and mainland China came to a halt. Oil fell close to its lowest level since mid-March, while gold held steady this morning. Mathieu Racheter, Head of Equity Strategy, and Tim Gagie, Head of FX & PM Solutions in Geneva, join today’s show to provide further insights into our equity calls and what has been driving the FX markets. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:36 Markets wrap-up by Lucija Caculovic (Investment Writing) 06:35 Changes to our equity calls by Mathieu Racheter (Head of Equity Strategy) 10:42 FX and metals update by Tim Gagie (Head of FX & PM Solutions Geneva) 15:42 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

May 7, 2024

Global equity markets are rallying further as investors continue to revise their Fed policy bets after last week’s softer US jobs data. Asian stocks are hitting 15-month highs on renewed confidence in US interest rate cuts, while encouraging PMI data shows further evidence that the eurozone economy is healing. And as Bitcoin shows renewed strength, Manuel Villegas, Next Generation Research, provides us with an update on digital assets. 00:00 Introduction by Helen Freer (Investment Writing) 00:23 Markets wrap-up by Jonti Warris (Investment Writing) 06:25 Digital assets update by Manuel Villegas (Next Generation Research) 09:37 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

May 6, 2024

Fed Chair Powell’s ‘No hike’ message and weaker-than-expected labour market data was the perfect combination for a strong end to the week for financial markets. Off the back of this, equity markets continued their uptrend after a difficult start to the month. And Chinese equities joined other regions in entering bull market territory. Mensur Pocinci, Head of Technical Analysis, talks about the improved sentiment for equity markets after April’s weakness, why he expects US Treasury yields to continue to fall, and why he thinks both have set the stage for new all-time highs. 00:00 Introduction by Helen Freer (Investment Writing) 00:23 Markets wrap-up by Jan Bopp (Investment Writing) 06:00 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research) 10:47 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

May 3, 2024

Swiss inflation data yesterday showed that the Swiss National Bank is in a comfortable position compared to its peers, but Swiss equity markets are clearly underperforming year-to-date. Strong earnings reports lifted US equities while markets also breathed a sigh of relief that the Fed meeting was less hawkish than feared. Oil and gold are both higher this morning as investors turn their attention to macroeconomic data releases later this afternoon. Tim Gagie, Head of FX & PM Solutions in Geneva, joins the show today to talk more about the latest currency moves. 00:00 Introduction by Helen Freer (Investment Writing) 00:21 Markets wrap-up by Lucija Caculovic (Investment Writing) 06:26 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva) 10:51 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

May 2, 2024

After the US Fed announced a hold in interest rates as expected, Fed chair Powell said that fighting inflation was taking longer than expected but he poured cold water on speculation that the central bank’s next move would be to raise rates. Carsten Menke, Head of Next Generation Research, discusses the recent spike in the price of gold and assesses the impact of Chinese demand and central bank buying. 00:00 Introduction by Helen Freer (Investment Writing) 00:31 Markets wrap-up by Jonti Warris (Investment Writing) 06:17 Gold update by Carsten Menke (Head of Next Generation Research) 10:23 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Apr 30, 2024

German inflation accelerated for the first time since December, while China PMI data releases point to a slowly healing economy and Tesla's 15% gain helps the S&P 500 close slightly higher. Japanese stocks are gaining, with the focus on yesterday's currency intervention. Samsung's profits rise on AI demand for its chips, while German carmakers report a drop in profits. Manuel Villegas, Next Generation Research, says that macro-economic factors are in the driving seat when it comes to Bitcoin. Mathieu Racheter, Head of Equity Strategy, highlights that the US earnings season is surprising on the upside. 00:00 Introduction by Helen Freer (Investment Writing) 00:31 Markets wrap-up by Mike Rauber (Investment Writing) 07:40 Digital assets update by Manuel Villegas (Next Generation Research) 11:26 Q1 Earnings Season update by Mathieu Racheter (Head of Equity Strategy Research) 13:42 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Apr 29, 2024

Equity markets ended a volatile week on a strong note, with US markets recording their best week since November. Earnings generally boosted markets, although US inflation and activity data were worrying, and yields remained elevated. In the commodities space, M&A talks are adding some noise as miners look to increase their share of copper production. Markus Wachter from our Technical Analysis team talks about the technical setup of the markets and what to expect from equities, currencies and gold in the coming months. 00:00 Introduction by Helen Freer (Investment Writing) 00:23 Markets wrap-up by Jan Bopp (Investment Writing) 06:38 Technical Analysis update by Markus Wachter (Technical Analysis Research) 10:29 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Apr 26, 2024

While central bankers in Europe are sending signals that monetary easing may be around the corner, the Bank of Japan left its key interest rate unchanged overnight. Meanwhile in the US, stocks tumbled after data showed a sharp slowdown in economic growth and pointed to persistent inflation. The earnings season continues to make headlines, particularly the big tech companies, whilst Anglo American has rejected BHP's takeover bid. Tim Gagie, Head of FX & PM Solutions in Geneva, joins the show today to talk about the Japanese yen and the US dollar. 00:00 Introduction by Helen Freer (Investment Writing) 00:23 Markets wrap-up by Bernadette Anderko (Investment Writing) 05:15 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva) 09:25 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Apr 25, 2024

Markets have had a challenging 24 hours, with equities flat in the US but lower in Europe as bonds sold off and disappointing revenue guidance from Meta weighed particularly on the tech sector overnight. Our Head of Economics & Next Generation Research, Norbert Rücker, talks about the energy market amid geopolitical risks, and Nicolas Jordan from the CIO office talks about the impact of endogenous and exogenous risks on markets and how they have adjusted their asset allocation amidst the recent volatility. 00:00 Introduction by Helen Freer (Investment Writing) 00:30 Markets wrap-up by Jan Bopp (Investment Writing) 05:41 Energy market update by Norbert Rücker (Head of Economics & Next Generation Research) 09:58 Latest news from the CIO Office by Nicolas Jordan (CIO Strategy & Investment Analysis) 14:36 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Apr 24, 2024

While the earnings season remains in focus, yesterday’s release of PMI data from around the globe helped to assess the economic environment. Equity markets across the board posted positive gains as investors bought into the dip in tech stocks and a strong batch of corporate earnings eased concerns about higher interest rates. In the Asia-Pacific region, Australia reported a slowdown in inflation, while the Bank of Japan is again said to be looking at currency intervention. Mathieu Racheter, Head of Equity Strategy, joins the show today to provide an update on the ongoing earnings season. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:25 Markets wrap-up by Lucija Caculovic (Investment Writing) 07:08 Q1 Earnings Season update by Mathieu Racheter (Head of Equity Strategy) 10:51 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Apr 23, 2024

Following last week’s worst selloff in a year, US equities turned a corner yesterday as the risks of a Middle East escalation appeared to ease. Investor sentiment was decidedly more risk-on as this week’s corporate earnings and economic data shifted into focus. Dario Messi, Fixed Income Strategy, discusses the impact of geopolitics on bond markets and talks about emerging market debt in the current climate. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:25 Markets wrap-up by Jonti Warris (Investment Writing) 05:18 The dominance of inflation signals by Dario Messi (Fixed Income Strategy) 08:49 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Apr 22, 2024

Markets are in a rallying mood this morning, with most major Asia-Pacific equity markets up on the lack of signs of further escalation in the Middle East. This follows a dismal end to the week in US trading, with the AI darlings in particular weighing on markets. And Richard Tang, our Head of Research in Hong Kong, takes us on a tour of Asia in 80 seconds and explains why Japan remains his top pick. 00:00 Introduction by Bernadette Anderko (Investment Writing) 01:14 Markets wrap-up by Roman Canziani (Head of Investment Writing) 07:10 Asian Markets Update by Richard Tang (Head of Research Hong Kong) 13:18 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Apr 19, 2024

European and US equity index futures declined overnight as global markets were rocked by fresh conflict in the Middle East that sent stocks lower while oil and safe-haven assets are trading higher. The Fed is hammering home its patient rhetoric. And Mensur Pocinci, Head of Technical Analysis, joins the show today to tell us more about the adage 'sell in May and go away' and what to expect from equity market seasonality in the coming months. 00:00 Introduction by Helen Freer (Investment Writing) 00:28 Markets wrap-up by Jan Bopp (Investment Writing) 06:37 Special: Sell in May and go away? by Mensur Pocinci (Head of Technical Analysis Research) 12:58 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Apr 18, 2024

US equities were lower again in yesterday’s afternoon session, with a drop in orders at European semiconductor company ASML Holdings weighing on technology stocks. US and Asian authorities are pushing back against USD strength and oil is lower on ample US supply. Stocks are in the green this Thursday morning, supported by some upbeat earnings results and comments from Christine Lagarde that Europe's economy is nearing the end of its malaise. Carsten Menke, Head of Next Generation Research, talks about the impact of new sanctions imposed by the UK and US on Russian industrial metals. Tim Gagie, Head of FX&PM Solutions Geneva, comments on the Swiss franc's recent recovery and much more. 00:00 Introduction by Helen Freer (Investment Writing) 00:33 Markets wrap-up by Mike Rauber (Investment Writing) 07:31 Impact of sanctions on Russian metals by Carsten Menke (Head of Next Generation Research) 10:50 FX and metals by Tim Gagie (Head of FX & PM Solutions Geneva) 14:56 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Apr 17, 2024

Yesterday the US Federal Reserve chair Jerome Powell signalled that policymakers will wait longer than previously anticipated to begin cutting interest rates. Nevertheless, despite the recent selloff, global equities are starting to show signs of stability. Investors are now betting on just one to two US rate cuts this year starting in July or September. Mathieu Racheter, Head of Equity Strategy, provides us with an update on the Q1 earnings season. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:20 Markets wrap-up by Jonti Warris (Investment Writing) 06:28 Q1 Earnings Season update by Mathieu Racheter (Head of Equity Strategy) 09:44 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Apr 16, 2024

European markets managed to close Monday’s session higher but the same could not be said for the US, where tech stocks fared the worst. Strong US retail sales data pushed back expectations of rate cuts there until September. Concerns about an escalation of the conflict in the Middle East did little to calm jittery Asian markets and they fell further on mixed economic data from China. Norbert Rücker explains why it’s important not to underestimate the resilience of the energy market regardless of geopolitical storms, and Manuel Villegas reveals the reasons for the recent price reversal in digital assets. 00:00 Introduction by Helen Freer (Investment Writing)w 00:30 Markets wrap-up by Bernadette Anderko (Investment Writing) 06:04 Geopolitical update: Norbert Rücker (Head of Macro & Next Generation Research) 09:38 Digital assets update by Manuel Villegas (Next Generation Research) 13:55 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Apr 12, 2024

Despite global government bond yields remaining high following this week’s US inflation reports, equities staged a recovery rally into the close. And overnight, gold hit another record high, edging closer to the USD 2,400 mark each day. Tim Gagie, Head of FX/PM PB Solutions Geneva, shares his views on tuna, pianos and why he is not short the Japanese yen. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:41 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:56 FX and metals update by Tim Gagie (Head of FX & PM Solutions Geneva) 12:31 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Apr 11, 2024

Hotter US inflation lowered expectations of interest rate cuts. Wall Street reacted with a down day, but the weakness did not spread to European or Asian equities. However, it was government bond yields and the USD that rose sharply. Today's focus is on the ECB's rate decision – a rate cut is not expected, so the focus will be on the comments from ECB President Christine Lagarde. And the JPY is at its lowest level since 1980, raising the spectre of monetary intervention. Tensions are rising in the Middle East, but so far the markets have remained calm. Carsten Menke, Head of Next Generation Research, notes that the latest news on supply and demand dynamics is very supportive for copper, and Nicolas Jordan from the CIO Office highlights the benefits of Swiss and value stocks in diversified equity portfolios. 00:00 Introduction by Helen Freer (Investment Writing) 00:31 Markets wrap-up by Mike Rauber (Investment Writing) 07:21 Copper update by Carsten Menke (Head of Next Generation Research) 10:35 Latest news from the CIO Office by Nicolas Jordan (CIO Strategy & Investment Analysis) 14:01 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Apr 10, 2024

Market action appears subdued as investors around the world await key US inflation data later today. Meanwhile, on a more company-specific level, ‘everything AI’ still seems to be the trend. In the Asia-Pacific region overnight, data showed that Japan’s corporate inflation rate rose for the third month in a row, while the Reserve Bank of New Zealand kept its benchmark interest rate steady at 5.5%. Fixed Income strategist Dario Messi joins the show today to discuss longer-maturity bonds, and Mathieu Racheter, our Head of Equity Strategy, previews the upcoming earnings season. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:34 Markets wrap-up by Lucija Caculovic (Investment Writing) 05:12 Bond Market Update by Dario Messi (Fixed Income Strategy) 10:08 Q1 Earnings Season Preview by Mathieu Racheter (Head of Equity Strategy) 14:04 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Apr 9, 2024

The major US equity indices closed around flat yesterday while small caps outperformed, with the Russell 2000 index gaining 0.5%. The 10-year US Treasury yield climbed to 4.43%, prompting investors to raise their bets on the Fed cutting rates just twice this year following last week’s jobs data upside surprise. And David Kohl, Chief Economist, provides his outlook for the future interest rate policy paths for the Fed and the ECB. 00:00 Introduction by Helen Freer (Investment Writing) 00:28 Markets wrap-up by Jonti Warris (Investment Writing) 05:54 Outlook for the Fed and ECB by David Kohl (Chief Economist) 11:53 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Apr 8, 2024

Markets had a difficult start to the second quarter last week, with the S&P 500 posting its worst weekly performance for 3 months as geopolitical tensions in the Middle East and rising oil prices led to growing concerns about inflation. A stronger-than-expected US jobs report on Friday has led investors to continue to price in fewer Fed rate cuts, pushing yields on government bonds to key levels. Mensur Pocinci, Head of Technical Analysis, explains why 4.5% is an important level for 10-year US Treasury yields. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Jan Bopp (Investment Writing) 07:10 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research) 10:21 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Apr 5, 2024

Markets took a sharp risk-off turn in late US trading yesterday. The main catalyst was rising tensions in the Middle East, with oil prices rallying above USD 90/bbl for the first time since October, which in turn added to existing fears about inflation. In Switzerland, inflation figures for March once again surprised to the downside, which put pressure on the Swiss franc. Tim Gagie, Head of FX & PM Solutions Geneva, talks about what he expects for the safe-haven currency going forward and why he expects some currency crosses to continue to trade rangebound. 00:00 Introduction by Helen Freer (Investment Writing) 00:21 Markets wrap-up by Jan Bopp (Investment Writing) 07:02 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva) 11:42 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Apr 4, 2024

After a cautious start to Q2, equity markets regained their stride in Wednesday’s session climbing higher across regions. The Federal Reserve Chairman Jerome Powell said that the Fed is still in wait-and-see mode when it comes to rate cuts, but markets took more comfort from the fact that he reaffirmed that the Fed is likely to cut rates this year. Our Head of Economics & Next Generation Research, Norbert Rücker, explains the different narratives at play in the oil market and what they might mean for the future trajectory of the oil price, and Head of Equity Strategy, Mathieu Racheter, makes the case for his upgrade of global industrial stocks to Overweight. 00:00 Introduction by Helen Freer (Investment Writing) 00:28 Markets wrap-up by Bernadette Anderko (Investment Writing) 06:09 Oil by Norbert Rücker (Head of Economics & Next Generation Research) 10:05 Industrials upgrade by Mathieu Racheter (Head of Equity Strategy) 14:37 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Apr 3, 2024

The second quarter is off to a rocky start for global equities as sticky inflation data and strong economic figures have pushed bond yields higher and their prices lower, weighing on a stock market that has so far ignored the repricing of central bank rate cuts in recent months. The only asset currently seeing an upside seems to be commodities, with oil hitting a five-month high and gold reaching a record high yesterday. Fixed Income strategist Dario Messi joins the show today to discuss the latest bond moves and what they mean for investors right now. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:38 Markets wrap-up by Lucija Caculovic (Investment Writing) 06:10 Bond Market Update by Dario Messi (Fixed Income Strategy) 10:52 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Apr 2, 2024

Strong US manufacturing data, pointing to expansion for the first time in over a year, pushed US Treasury yields higher and stocks lower, albeit in light trading. Meanwhile, gold continues to trade higher, almost on a daily basis. But Mensur Pocinci, Head of Technical Analysis, says investors should favour productive assets as momentum remains strong in many parts of the market. 00:00 Introduction by Helen Freer (Investment Writing) 00:28 Markets wrap-up by Roman Canziani (Head of Investment Writing) 05:56 Technical analysis by Mensur Pocinci (Head of Technical Analysis Research) 09:31 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Mar 28, 2024

The equity market rally is continuing ahead of the Easter break, while fixed income markets are a little less euphoric following Federal Reserve Governor Waller’s comments that recent economic data does not warrant as many interest rate cuts as expected. Carsten Menke, Head of Next Generation Research, argues that sentiment in the gold market is overly bullish. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:17 Gold by Carsten Menke (Head of Next Generation Research) 10:53 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Mar 27, 2024

While there are still a few trading days left in the quarter, equity trading already seems to be driven by end-of-quarter positioning. Overnight in Asia, Japanese stocks rose as the yen fell to its lowest level against the US dollar in around 34 years, while the rest of Asia struggled for momentum. Dario Messi from Fixed Income Research joins the show today to discuss the Swiss National Bank's interest rate decision and what it means for Swiss franc-denominated bonds. 00:00 Introduction by Roman Canziani (Head of Investment Writing) 01:06 Markets wrap-up by Lucija Caculovic (Investment Writing) 06:39 CHF bonds by Dario Messi (Fixed Income Research) 10:18 Closing remarks by Roman Canziani (Head of Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Mar 26, 2024

Social media stocks are in the spotlight as the EU takes a closer look at their activities and Florida Governor Ron DeSantis signs a bill banning minors under 14 from having social media accounts. In fixed income, the US yield curve has been inverted for more than 430 trading days, the longest period on record. In Asia, the Chinese government continues its efforts to shore up confidence amid a slowdown in foreign investment. Meanwhile, cocoa prices are at an all-time high, trading higher than copper for the first time ever. Manuel Villegas from Next Generation Research talks about Bitcoin’s healthy correction and what’s next for the world’s number one digital asset. 00:00 Introduction by Lucija Caculovic (Investment Writing) 00:23 Markets wrap-up by Mike Rauber (Investment Writing) 06:20 Digital assets update by Manuel Villegas (Next Generation Research) 10:04 Closing remarks by Lucija Caculovic (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Mar 25, 2024

US equities had their best week of the year, with the technology sector leading the way. Global equities were also strong. The broader risk-on sentiment was driven by relatively dovish central bank meetings on both sides of the Atlantic, including the first G10 rate cut of the cycle by the SNB. The dovish backdrop led to a sharp fall in global government bond yields. Mensur Pocinci, Head of Technical Analysis, joins the show to discuss the market's technical setup and what the strong momentum in European equity markets means going forward. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:59 Markets wrap-up by Jan Bopp (Investment Writing) 05:15 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research) 08:48 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Mar 22, 2024

The Swiss National Bank (SNB) surprised markets by cutting interest rates ahead of other major central banks, sending Swiss equities higher yesterday. Equities were also higher elsewhere: in the US, all three major indices closed at record levels, and European equities also ended at new all-time highs, with UK equities seeing strong gains. Overnight in Asia, however, stock markets were mostly lower, with Japan – once again – being the outlier. Tim Gagie, Head of FX & PM Solutions Geneva, and Markus Waeber from Real Estate Advisory join today’s show to discuss what the central banks' decisions mean for the FX and Swiss real estate markets. 00:00 Introduction by Helen Freer (Investment Writing) 00:45 Markets wrap-up by Lucija Caculovic (Investment Writing) 07:02 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva) 12:22 What the SNB rate cut means for the Swiss real estate market by Markus Waeber (Head Indirect Real Estate Advisory & Intelligence) 15:03 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Mar 21, 2024

US stocks rallied yesterday, closing at all-time highs after the US Federal Reserve left its benchmark interest rate unchanged for a fifth straight meeting in a range of 5.25 to 5.5 percent. The market optimism is extending to Asia today, where stocks are at their highest levels in nearly two years as the tech sector rallies. Carsten Menke, Head of Next Generation Research, provides an update on industrial production in China, what this means for industrial metals and why we like copper. 00:00 Introduction by Helen Freer (Investment Writing) 00:27 Markets wrap-up by Jonti Warris (Investment Writing) 05:45 Industrial metals by Carsten Menke (Head of Next Generation Research) 09:10 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Mar 20, 2024

Investors adopted a cautious stance ahead of the much-anticipated Fed decision, with government bond yields stabilising yesterday. That didn’t stop equities in the US and Europe from reaching new record highs. The focusnow moves to central banks for the rest of the week. Dario Messi, Fixed Income Strategist, talks about the Bank of Japan, the Swiss National Bank and what to expect from the FOMC meeting today. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:25 Markets wrap-up by Jan Bopp (Investment Writing) 07:10 Bond markets and central banks by Dario Messi (Fixed income Strategy) 11:59 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Mar 19, 2024

After 17 years, the Bank of Japan has become the last global central bank to end its negative interest rate policy, but the JPY is lower as some expected even more policy tightening. US equities outperformed on strength in AI names, in particular Alphabet. Nvidia unveiled a new chip that is up to 30 times faster than its predecessor. Demand for high yield bonds remains strong despite low spreads. Oil has moved above its range from earlier in the year amid supply concerns. Manuel Villegas from Next Generation Research talks about how the price of Bitcoin has become a function of demand for the new spot Bitcoin ETFs. 00:00 Introduction by Helen Freer (Investment Writing) 00:27 Markets wrap-up by Mike Rauber (Investment Writing) 07:16 Digital assets update by Manuel Villegas (Next Generation Research) 10:00 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Mar 18, 2024

With a number of major central banks meeting this week, volatility will potentially return to equity markets. Slightly weaker economic growth data, coupled with inflation that is proving stickier than expected, is making life difficult for central bankers now. Mensur Pocinci, Head of Technical Analysis, explains why investing at market tops tends to be beneficial over time. 00:00 Introduction by Helen Freer (Investment Writing) 00:27 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:15 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research) 09:56 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Mar 15, 2024

Higher-than-expected producer prices spooked investors yesterday, sending Treasury yields and the US dollar higher and equity markets lower. In Asia, the People’s Bank of China kept its one-year medium term lending facility rate unchanged and investors are now focusing on Japan’s interest rate decision next week. Bitcoin saw a pullback, while oil climbed to a fresh 2024 high after the International Energy Agency warned of a supply deficit throughout this year. Tim Gagie, Head of FX & PM Solutions Geneva, joins today’s show to share his insights on the FX markets. 00:00 Introduction by Helen Freer (Investment Writing) 00:25 Markets wrap-up by Lucija Caculovic (Investment Writing) 06:16 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva) 10:23 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Mar 14, 2024

European stocks closed broadly higher on Wednesday whilst the US took a breather, with some of the big tech stocks lower on the day. Japan was the standout Asian stock market with stocks boosted by an advance in commodity companies and a slightly weaker yen. The general market focus now turns to US PPI data due out today. Our Head of Economics & Next Generation Research Norbert Rücker, gives his latest thoughts on the oil market, and Nicolas Jordan provides the latest market insights from our CIO office. 00:00 Introduction by Helen Freer (Investment Writing) 00:27 Markets wrap-up by Bernadette Anderko (Investment Writing) 06:22 Oil market update by Norbert Rücker (Head of Economics & Next Generation Research) 10:05 Latest news from the CIO Office by Nicolas Jordan (CIO Strategy & Investment Analysis) 14:04 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts

Mar 13, 2024

US and European equity markets put in another strong performance yesterday, climbing to fresh records as the latest hotter-than-expected inflation figures did little to alter bets the Federal Reserve will cut rates this year - even if officials keep a more cautious stance for now. Dario Messi, Fixed Income Strategist, shares details about yesterday’s US inflation report and what it means for the Fed and bond investors. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:27 Markets wrap-up by Jan Bopp (Investment Writing) 05:37 Bond market update by Dario Messi (Fixed Income Strategy) 09:54 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Mar 12, 2024

US equities ended mostly lower in a calmer session yesterday ahead of today’s eagerly awaited inflation print out of the US. The Japanese yen fell against its peers after the latest comments from Bank of Japan Governor Ueda. Manuel Villegas, Next Generation Research, provides an update on Bitcoin and shares his insights into what’s driving its string of new all-time highs. 00:00 Introduction by Helen Freer (Investment Writing) 00:25 Markets wrap-up by Jonti Warris (Investment Writing) 05:30 Digital assets update by Manuel Villegas (Next Generation Research) 09:42 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Mar 11, 2024

The US labour market continues to cool, but red-hot Nvidia first hit a record high then recorded a 10% intra-day drop, the USD had its longest losing streak since last October, and gold and Bitcoin reached all-time highs – these are just some of the headlines from last week. Asia is starting this week with better inflation figures out of China, but prospects of higher interest rates and a stronger JPY mean that Japanese shares are off their all-time high. Mensur Pocinci, our Head of Technical Analysis Research, notes that in a bull market, momentum peaking indicates a slowing uptrend, which is followed by a sideways consolidation, not a lasting decline in prices. 00:00 Introduction by Helen Freer (Investment Writing) 00:26 Markets wrap-up by Mike Rauber (Investment Writing) 07:09 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research) 11:02 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Mar 8, 2024

Both European and US stock market indices rally to new all-time highs as the two most important central bankers hint at interest rate cuts as early as this summer. In currencies, the Japanese yen is higher again this morning, trading at multi-month highs against the US dollar. And Carsten Menke, our Head of Next Generation Research, shares his thoughts on why he thinks gold's rally has no legs. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Roman Canziani (Head of Investment Writing) 07:13 Gold by Carsten Menke (Head of Next Generation Research) 10:36 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Mar 7, 2024

After Fed Chair Jerome Powell’s congressional testimony yesterday, US equity markets rallied further, recouping some of Tuesday's pullback. And Europe’s STOXX 600 index reached an all-time high yesterday, ahead of today’s ECB policy rate decision. Tim Gagie, Head of FX & PM Solutions Geneva, joins us with an update on currencies and precious metal markets. And Richard Tang, Head of Research Hong Kong, talks to us about the outcome of China’s ‘Two Sessions’ politburo meeting. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:36 Markets wrap-up by Jonti Warris (Investment Writing) 07:34 Currencies and metals markets update by Tim Gagie (Head of FX & PM Solutions Geneva) 13:02 Outcome of China’s ‘Two Sessions’ by Richard Tang (Head of Research Hong Kong) 18:46 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Mar 6, 2024

Markets were on the back foot yesterday, dragged down by tech giants such as Tesla and Apple, which added to their year-to-date losses. While tech stocks led the declines, the losses were fairly broad-based. In addition to the tech correction, some weaker than expected economic data added to fears that a soft landing might not be a done deal. The general weakness in data helped to push government bond yields lower throughout the day, with gold and bitcoin hitting new all-time highs in intraday trading. Dario Messi, Fixed Income Strategist, gives more insight into what to expect from central bank meetings in the coming weeks. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:27 Markets wrap-up by Jan Bopp (Investment Writing) 06:30 A big central bank month: Dario Messi (Fixed Income Strategy) 11:40 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Mar 5, 2024

It’s a big day in politics today. Not only is it Super Tuesday in the US where primaries are being held, but China has also kicked off its National People’s Congress today, where it has set its annual growth target ‘at around 5%’. So far, China has not announced any major fiscal stimulus and as such, Asia-Pacific markets are mostly lower today. This also follows yesterday’s session in the US, where stocks took a breather from the recent rally. Meanwhile, for Bitcoin, it looks like there is no stopping the rally and we have Manuel Villegas on the show to share his views on the latest developments there. 00:00 Introduction by Helen Freer (Investment Writing) 00:27 Markets wrap-up by Lucija Caculovic (Investment Writing) 05:48 Digital assets update by Manuel Villegas (Next Generation Research) 09:45 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Mar 4, 2024

European and US equity indices reached new highs on Friday and indeed, one bank has now set a 5,400 year-end target for the S&P 500. And the rally continues in Asia this morning with both Japan and India setting new highs. Ahead of a busy week that will culminate with the all-important US employment report on Friday, our Head of Technical Analysis Mensur Pocinci tackles the technical challenges of trying to spot the end of a rally … before moving on to grapple with other technical conundrums. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Bernadette Anderko (Investment Writing) 07:29 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research) 11:25 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Mar 1, 2024

The release of US and European inflation data eased concerns about renewed price pressures, pushing bond yields lower and giving a boost to US equities in particular, with the S&P 500 and Nasdaq closing at all-time highs. But the real star of February in terms of monthly equity performance was Asia, with Japan (also at an all-time high) and China outperforming global equities. And India just raised its growth forecast to 7.6%, the strongest figure among the major economies. In Switzerland, there was a surprise announcement that the chairman of the Swiss National Bank, Thomas Jordan, has decided to step down. Tim Gagie, Head of FX & PM Solutions in Geneva, talks about how, contrary to some perceptions, range-bound currency markets are quite attractive. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Mike Rauber (Investment Writing) 06:13 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva) 10:17 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Feb 29, 2024

While equities traded slightly lower yesterday ahead of some key economic data due today, all the action was around Bitcoin, the largest digital asset, which shot through the USD 60,000 mark, accelerating a rally that has seen it gain 50% in February alone. And Norbert Rücker, Head of Economics and Next Generation Research, puts the latest moves in the energy market into perspective - the main message being that the energy crisis is over. 00:00 Introduction by Helen Freer (Investment Writing) 00:27 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:59 European energy markets by Norbert Rücker (Head of Economics & Next Generation Research) 10:57 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Feb 28, 2024

While most investors are eagerly awaiting tomorrow's US inflation numbers, yesterday's data releases have raised some doubts about the stability of the US economy. Meanwhile in Asia, new government initiatives in Hong Kong are boosting the property sector, while the Chinese government is tightening its national security protocols. Corporate news is also moving markets, such as Apple's decision to abandon its decade-long effort to develop an electric car. In today's episode, our equity strategist, Nenad Dinic, explains why the Indian stock market stands out amongst its emerging market peers. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:23 Markets wrap-up by Lucija Caculovic (Investment Writing) 05:45 Indian equities by Nenad Dinic (Equity Strategy) 11:27 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Feb 27, 2024

US benchmark equity indices broke their winning streak yesterday as fresh economic data underwhelmed investors. In Japan, core consumer inflation slowed for a third straight month in January but beat forecasts, fuelling speculation that the central bank may soon abandon its negative-interest-rate policy. And Manuel Villegas, Next Generation Research, joins us with an update on Bitcoin spot ETFs and looks at why a supply squeeze may lie ahead. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:24 Markets wrap-up by Jonti Warris (Investment Writing) 06:08 Digital assets update by Manuel Villegas (Next Generation Research) 10:15 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Feb 26, 2024

While equity markets are pushing higher, bond investors need to navigate carefully. Last week’s FOMC minutes, PMIs and employment data, all had a hawkish tilt to them. US weekly jobless claims fell more than expected, showing the continued strength in the US labour market. The price components of the PMI data showed that inflationary pressures remain. And the FOMC minutes sent a clear message that the members have ruled out any interest rate cuts in the near future. Mensur Pocinci, our Head of Technical Analysis, joins the show to talk in more detail about the Japanese rally and what springtime might have in store for Swiss equities. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:27 Markets wrap-up by Jan Bopp (Investment Writing) 05:46 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research) 09:57 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Feb 23, 2024

Nothing is certain but death and taxes … and Nvidia beating earnings. Global equity markets stormed to fresh all-time highs on Thursday following Nvidia’s blowout earnings report. The company added USD 277 billion to its market capitalisation yesterday alone, making this the biggest single-session gain in value of all time. The Nvidia-led optimism sent the S&P 500, Nasdaq 100 and Dow Jones indices to new all-time highs. However, all global equities benefited yesterday, with Europe also reaching new all-time highs. Luca Menozzi from Next Generation Research joins the show today to talk about the automation and robotics theme. 00:00 Introduction by Lucija Caculovic (Investment Writing) 00:24 Markets wrap-up by Jan Bopp (Investment Writing) 05:37 Automation and Robotics by Luca Menozzi (Next Generation Research) 09:02 Closing remarks by Lucija Caculovic (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Feb 22, 2024

Giant chipmaker Nvidia published an eye-watering set of results and forecasts yesterday, sparking a rally in Asian equities this morning. Meanwhile, the minutes from the Federal Reserve’s last meeting provided more fuel to those believing that interest rates will remain where they are for longer. David Kohl, Chief Economist, puts things into perspective after the latest round of inflation prints, and Nicolas Jordan updates us on the latest views from the CIO Office. 00:00 Introduction by Helen Freer (Investment Writing) 00:43 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:45 Inflation/central bank outlook in US and Switzerland by David Kohl (Chief Economist) 10:58 Latest news from the CIO Office by Nicolas Jordan (CIO Strategy & Investment Analysis) 14:56 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Feb 21, 2024

Concerns that Nvidia may miss high expectations for its quarterly results and that the technology sector is overvalued have weighed on the broader US equity market. Later today, investors will look to the January FOMC meeting minutes for fresh clues on the Federal Reserve’s outlook. In Asia, China’s stimulus measures appear to have been successful, with stock indices rising. In today’s episode, Dario Messi from Fixed Income Research provides an update on our fixed income strategy and Mathieu Racheter, Head of Equity Strategy, discusses cyclicals versus defensive. 00:00 Introduction by Roman Canziani (Head of Investment Writing) 00:33 Markets wrap-up by Lucija Caculovic (Investment Writing) 06:34 Fixed Income update by Dario Messi (Fixed Income Research) 11:38 Cyclicals vs. defensives by Mathieu Racheter (Head Equity Strategy) 14:14 Closing remarks by Roman Canziani (Head of Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Feb 20, 2024

Global markets have been subdued over the last 24 hours given the US holiday. In very quiet markets, the STOXX 600 built on its run of four consecutive weekly gains to close within touching distance of its record high. Overnight attention was focused on China, where stocks fluctuated after domestic banks cut a key mortgage reference rate by a record amount. Manuel Villegas from the Next Generation Research team provides the latest news on digital assets. 00:00 Introduction by Helen Freer (Investment Writing) 00:28 Markets wrap-up by Jan Bopp (Investment Writing) 06:20 Digital assets update by Manuel Villegas (Next Generation Research) 09:06 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Feb 19, 2024

While US bond markets continued to sell off last week on higher-than-expected inflation data, equities were less impressed. However, European equities managed to eke out a gain over the week for the fourth time in as many weeks. Meanwhile, Mensur Pocinci, our Head of Technical Analysis, remains bullish on US equities and shares his views on whether he thinks Japanese equities can go even higher. 00:00 Introduction by Helen Freer (Investment Writing) 00:27 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:59 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research) 10:13 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Feb 16, 2024

European equities are close to their 2022 highs, Japanese equities are just below their 1989 highs, and US equities closed at an all-time high with the rally broadening beyond the Magnificent 7. The European bond market saw the largest corporate bond offering in more than a year from Siemens, which was more than three times oversubscribed. Shares in Hong Kong are showing signs of life, up for a third day in a row, as consumer spending in China is picking up with a surge in travel during the first six days of the holiday. Tim Gagie, Head of FX & PM Solutions Geneva, says that markets got to excited about rate cuts, and discusses the implications for currency markets. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:28 Markets wrap-up by Mike Rauber (Investment Writing) 07:32 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva) 12:49 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Feb 15, 2024

Equity markets rallied yesterday, shrugging off Tuesday’s US inflation data whilst embracing earnings announcements. Slightly tarnishing the mood came the news this morning that the economies in both Japan and the UK have contracted for two consecutive quarters, which means that they are technically in a recession. Despite this, the Nikkei 225 closed above 38,000 today for the first time since 1990. Carsten Menke, Head of Next Generation Research, talks us through the outlook for gold and silver. 00:00 Introduction by Helen Freer (Investment Writing) 00:23 Markets wrap-up by Bernadette Anderko (Investment Writing) 05:58 Gold update by Carsten Menke (Head of Next Generation Research) 09:50 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Feb 14, 2024

Equity and bond markets sold off after US CPI data topped estimates. The tech heavy Nasdaq was hit the hardest while the broader S&P 500 fell back below the 5,000 mark. Yields increased strongly. Dario Messi, Fixed Income Strategist, talks about how to position in such a market. And Mathieu Racheter, Head of Equity Strategy, gives an update on the earnings season. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:24 Markets wrap-up by Jan Bopp (Investment Writing) 07:18 Bond Market update by Dario Messi (Fixed Income Strategy) 12:02 Earnings Season update by Mathieu Racheter (Head of Equity Strategy) 17:01 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Feb 13, 2024

US consumer expectations for inflation over the medium term have dropped to the lowest level since 2013 ahead of today’s key US CPI inflation print. Hotter-than-expected UK unemployment data is encouraging news for the labour market in the UK, where the Bank of England remains cautious about cutting interest rates prematurely. And Manuel Villegas, Next Generation Research, joins us to share his insights into crypto assets and the drivers behind the recent rally in Bitcoin. 00:00 Introduction by Helen Freer (Investment Writing) 00:31 Markets wrap-up by Jonti Warris (Investment Writing) 07:04 Digital assets update by Manuel Villegas (Next Generation Research) 11:25 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Feb 12, 2024

US equity markets are greeting this week at lofty levels, having been driven higher and higher by the tech mega-caps, despite the recent rise in yields. Even European markets managed to close last week higher for the third time in a row. Are investors too euphoric? Mensur Pocinci, our Head of Technical Analysis, does not think so. Rather, he says, they were too pessimistic going into 2024. 00:00 Introduction by Helen Freer (Investment Writing) 00:27 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:26 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research) 10:01 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Feb 9, 2024

The major US and European stock indices only moved slightly, but the reaction to earnings surprises was very strong, including that of stocks such as ARM, SoftBank, Disney and L'Oreal, to name but a few. US Treasury Secretary Janet Yellen addressed concerns about the US commercial real estate market and focused on non-bank mortgage lenders. Bitcoin is showing strong gains as the new ETFs in the US are seeing steady inflows. Thomas Caflisch, Head of FX & PM Solutions, talks about how to invest in currencies when FX markets are calm. 00:00 Introduction by Helen Freer (Investment Writing) 00:21 Markets wrap-up by Mike Rauber (Investment Writing) 06:52 Currencies and metals by Thomas Caflisch (Head of FX & PM Solutions) 08:55 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Feb 8, 2024

US stocks extended their rally yesterday on prospects that a solid global economy will continue to fuel corporate earnings. The S&P 500 climbed to a new high just shy of the milestone 5,000 mark, as the rally led by technology stocks powered ahead. We speak to our Head of Economics & Next Generation Research, Norbert Rücker, who gives an update on the natural gas market. And Nicolas Jordan, CIO Strategy & Investment Analysis, joins us to share the latest views from the CIO Office. 00:00 Introduction by Helen Freer (Investment Writing) 00:34 Markets wrap-up by Jonti Warris (Investment Writing) 07:25 Natural gas update by Norbert Rücker (Head of Economics & Next Generation Research) 11:25 Latest news from the CIO Office by Nicolas Jordan (CIO Strategy & Investment Analysis) 14:22 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Feb 7, 2024

In the absence of any significant economic data releases, equity markets take a breather and US Treasury yields slightly retreat after a period of volatility following strong US labour market data and Jerome Powell’s comments on Sunday. Richard Tang, Head of Research Hong Kong, shares his thoughts on the latest policy actions in China and Mathieu Racheter, Head of Equity Strategy, provides an update on the US earnings season. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:25 Markets wrap-up by Roman Canziani (Head of Investment Writing) 07:07 Chinese equities by Richard Tang (Head of Research, Hong Kong) 12:23 Earnings Season update by Mathieu Racheter (Head of Equity Strategy) 15:52 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Feb 6, 2024

Yesterday's strong economic data from the US prompted traders to scale back their expectations regarding interest rate cuts, sending Treasury yields higher along with the US dollar. Equity markets suffered across the board, but overnight news of new Chinese stimulus measures improved market sentiment. We are about halfway through the earnings season and it is still making plenty of headlines. Dario Messi, from Fixed Income Research, also shares an update on bond markets in today’s show. 00:00 Introduction by Helen Freer (Investment Writing) 00:30 Markets wrap-up by Lucija Caculovic (Investment Writing) 05:33 Fixed income market update by Dario Messi (Fixed Income Strategist) 09:00 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Feb 5, 2024

On Friday US bond yields soared, the USD strengthened and expectations for the size of the 2024 rate cuts were scaled back. Equities didn’t mind, with the US indices reaching new all-time highs. All of this was driven by a red-hot US January jobs report last Friday, following an already eventful week for financial markets on the back of some exciting earnings reports. Mensur Pocinci, Head of Technical Analysis, joins the show today to discuss the technical setup of the market and why equity markets continue to have all the characteristics of a bull market. 00:00 Introduction by Helen Freer (Investment Writing) 00:26 Markets wrap-up by Jan Bopp (Investment Writing) 07:13 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research) 10:20 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Feb 2, 2024

After falling on Wednesday on renewed concerns about the path of US interest rate cuts and the state of commercial property valuations, equities bounced back yesterday - Meta, Amazon and Apple all delivered solid earnings reports after the close of trading, sending equity market futures higher. Tim Gagie, Head of FX and PM Solutions in Geneva, shares his views on how investors can make the most of the current environment in the FX markets. 00:00 Introduction by Helen Freer (Investment Writing) 00:21 Markets wrap-up by Roman Canziani (Head of Investment Writing) 07:02 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva) 11:04 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Feb 1, 2024

The Fed held interest rates steady yesterday but pushed back on the prospect of rate cuts in March. US equities took a hit on Wednesday after some of the biggest names failed to live up to high expectations, dragging European markets lower in the afternoon session. Softer price data out of Europe and concerns over a regional US bank led to a rally in bonds. Norbert Ruecker, Head of Macro & Next Generation Research, shares his latest insights on the oil market, and Ronny Kaufmann from our CIO Office talks about the ongoing earnings season. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:30 Markets wrap-up by Jan Bopp (Investment Writing) 06:11 Commodity update by Norbert Rücker (Head of Economics and Next Generation Research) 09:17 Latest from the Investment Committee by Ronny Kaufmann (CIO Strategy & Investment Analysis) 14:30 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Jan 31, 2024

The latest GDP figures from the eurozone boosted equities in the region yesterday. Meanwhile, the US reported a robust labour market and strong consumer confidence ahead of today’s interest rate decision, both of which suggest that the US economy remains in good health. In China, manufacturing activity remained in contraction mode while services activity continued to expand. China is also reportedly planning to merge hundreds of rural banks into regional giants. Dario Messi, from Fixed Income Research, joins today’s show to outline our view on TIPS and Mathieu Racheter, Head of Equity Strategy, updates us on the Q4 earnings season. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:37 Markets wrap-up by Lucija Caculovic (Investment Writing) 06:49 Now is not the time for TIPS by Dario Messi (Fixed Income Strategy) 12:05 Earnings Season update by Mathieu Racheter (Head of Equity Strategy) 15:41 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Jan 30, 2024

The S&P 500 recorded a fresh record high yesterday ahead of key economic reports and central bank action this week, which could prove pivotal for markets in 2024. We speak to our Head of Research in Hong Kong, Richard Tang, who shares his views on the health of China’s real estate sector and the impact for the broader Chinese and Hong Kong markets. Manuel Villegas, Next Generation Research, joins us to discuss the key drivers behind the selloff in Bitcoin in recent weeks. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:24 Markets wrap-up by Jonti Warris (Investment Writing) 07:44 Evergrande liquidation impact by Richard Tang (Head of Research, Hong Kong) 12:17 Digital assets update by Manuel Villegas (Next Generation Research) 16:05 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Jan 29, 2024

LVMH and Richemont earnings reports drove luxury stocks higher last week, with Eurozone equities outperforming. US equities underperformed, but still reached an all-time high. This week will be all about the Fed, but also the Bank of England’s interest rate decision. Alphabet, Apple, Amazon, Microsoft and Meta (five of the Magnificent 7) will also likely drive markets as they report earnings. Geopolitical tensions will be in focus after the first US troops were killed in the Middle East since hostilities between Israel and Hamas began. Mensur Pocinci, Head of Technical Analysis, notes that the path of least resistance in the markets is for bond yields to fall and (US growth) equities to rise. 00:00 Introduction by Lucija Caculovic (Investment Writing) 00:27 Markets wrap-up by Mike Rauber (Investment Writing) 06:18 Technical analysis update by Mensur Pocinci (Head of Technical Analysis) 09:19 Closing remarks by Lucija Caculovic (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Jan 26, 2024

Equities kept their positive momentum yesterday, with the S&P 500 closing at another record high and yields falling across the entire yield curve amid softer US price data and a more dovish than expected ECB. Tim Gagie, Head of FX & PM Solutions Geneva, shares his thoughts on what this means for FX markets and suggests taking advantage of increased volatility, while Nenad Dinic from our Equity Strategists team gives us an update on the Q4 earnings season and why he still prefers US over European equities. 00:00 Introduction by Lucija Caculovic (Investment Writing) 00:42 Markets wrap-up by Jan Bopp (Investment Writing) 06:46 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva) 11:38 Earnings season update by Nenad Dinic (Equity Strategy) 15:19 Closing remarks by Lucija Caculovic (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Jan 25, 2024

Large-cap US tech stocks rallied yesterday, with Microsoft closing just shy of a USD 3 trillion market cap, while most other sectors were lower as yields on 30-year US Treasuries rose to their highest this year. Germany's DAX index closed at an all-time high following strong gains in SAP and some better-than-expected German manufacturing data. The rally in Chinese equities continued for a second day. Today's focus will be on central banks, including the ECB, and earnings from heavyweights such as LVMH. Carsten Menke, Head of Next Generation Research, discusses the outlook for the Future Mobility and Circular Economy investment themes. 00:00 Introduction by Helen Freer (Investment Writing) 00:30 Markets wrap-up by Mike Rauber (Investment Writing) 06:31 Future Mobility and Circular Economy by Carsten Menke (Head of Next Generation Research) 11:42 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Jan 24, 2024

As equity markets in Europe struggle for direction, US stocks advanced, with the S&P 500 reaching a fresh all-time closing high. In politics, Donald Trump defeated Nikki Haley to win the key New Hampshire primary, in what pundits are claiming is now a done deal for Trump moving ahead. And Dario Messi, Fixed Income Strategy, shares with us his views on European government bonds ahead of the ECB’s policy meeting tomorrow. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:40 Markets wrap-up by Jonti Warris (Investment Writing) 07:23 European government bonds by Dario Messi (Fixed Income Strategy) 11:54 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Jan 23, 2024

In the US, both the Dow Jones Industrial Average and the S&P 500 hit new all-time highs yesterday, suggesting that Wall Street is indeed in a bull run. Meanwhile, in Asia, the Bank of Japan kept its monetary policy unchanged and Chinese authorities are reportedly planning fresh stimulus measures to help ailing stock markets both onshore and offshore. In Europe, Italy’s yield premium over Germany narrowed to its smallest in almost two years. Manuel Villegas from Next Generation Research joins the show today to discuss the implications of the US Securities and Exchange Commission’s approval of Bitcoin ETFs. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:21 Markets wrap-up by Lucija Caculovic (Investment Writing) 07:12 Digital assets update by Manuel Villegas (Next Generation Research) 10:46 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Jan 22, 2024

The S&P 500 closed at an all-time high last week, but European stocks ended the week lower. This morning the Nikkei 225 is up more than 1.6% but China’s stocks are in the red. Investors now anticipate European Central Bank policy decisions and two major US data reports at the end of this week. Mensur Pocinci, Head of Technical Analysis, reveals what the charts are saying about the current market situation and Richard Tang, Head of Research Hong Kong, provides insights into the Chinese equity doldrums. 00:00 Introduction by Mike Rauber (Investment Writing) 00:37 Markets wrap-up by Bernadette Anderko (Investment Writing) 05:39 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research) 09:44 China markets by Richard Tang (Head of Research Hong Kong) 14:45 Closing remarks by Mike Rauber (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Jan 19, 2024

The world’s largest technology companies are leading stocks higher around the globe, with the Nasdaq 100 reaching an all-time high yesterday. Treasuries spiked inthe immediate aftermath of yesterday’s jobs report, but the move quickly lost steam. Meanwhile, Italy looks set to proceed with its privatisation push, which could see the country sell EUR 20 billion worth of its stakes in state-owned companies by 2026. InAsia, Japan’s inflation numbers for December came in at the lowest level since June 2022. Tim Gagie, Head of FX & PM Solutions Geneva, shares his thoughts on what’s happening in the FX markets and Adrienne Jaersvall, Head of Funds Advisory, talks about alternative investments. 00:00 Introduction by Helen Freer (Investment Writing) 00:38 Markets wrap-up by Lucija Caculovic (Investment Writing) 06:01 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva) 11:29 Market Outlook 2024 – Alternative investments by Adrienne Jaersvall (Head of Funds Advisory) 16:16 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Jan 18, 2024

Stocks around the globe fell for a third day and bond yields rose, as traders trimmed their bets on rate cuts by the Fed after stronger-than-expected US retail sales data. Fed swaps are now showing the probability of a rate cut in March at just 58%, versus 90% for May. Carsten Menke, Head of Next Generation Research, gives an update on industrial metals and the Chinese economy. And Nicolas Jordan, CIO Strategy and Investment Analysis, talks to us about external shocks in markets and the outlook for the global economy. 00:00 Introduction by Helen Freer (Investment Writing) 00:33 Markets wrap-up by Jonti Warris (Investment Writing) 06:15 China/Iron ore by Carsten Menke (Head of Next Generation Research) 10:32 Latest news from the CIO Office by Nicolas Jordan (CIO Strategy & Investment Analysis) 13:05 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Jan 17, 2024

The market’s positioning for aggressive cuts in the US and Europe is being tested this week by several central bank officials. All of this is pushing US and European bond yields higher and continuing to weigh on equity markets. In Asia, a stock selloff deepened after fresh data redoubled concerns about China’s economy. Dario Messi from Fixed Income Research joins today’s show to shed some light on what to expect from bonds this year, and Mathieu Racheter, Head of Equity Strategy, gives us more insight into the ongoing earnings season. 00:00 Introduction by Bernadette Anderko (Investment Writing) 01:05 Markets wrap-up by Jan Bopp (Investment Writing) 07:28 Market Outlook 2024 - fixed income calls by Dario Messi (Fixed Income Strategy) 11:22 Earnings Season update by Mathieu Racheter (Head of Equity Strategy) 14:59 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Jan 16, 2024

US markets were shut for Martin Luther King Day yesterday, but polling booths in frozen Iowa were open for Republicans who voted overwhelmingly for Donald Trump as their next presidential nominee. Also yesterday, the World Economic Forum in Davos kicked off, with the ECB’s Robert Holzmann stealing most of the headlines as he sent European stock prices down and bond prices up with his comments that there might be no scope for rate cuts in the Eurozone in 2024. Hannah Wise, Head of Investment Communication, provides a sneak peek into the forthcoming Market Outlook 2024 Webcast taking place at 10:00 CET on the 18th January, whilst Manuel Villegas rejoins the show from Next Generation Research with the latest news on digital assets. 00:00 Introduction by Helen Freer (Investment Writing) 00:38 Markets wrap-up by Bernadette Anderko (Investment Writing) 06:47 Market Outlook 2024 Webcast 18th January by Hannah Wise (Head of Investment Communication) 10:15 Digital assets update by Manuel Villegas (Next Generation Research) 15:28 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Jan 15, 2024

US equities rallied last week on growing expectations of lower interest rates and Microsoft became the largest company by market capitalisation. The earnings season kicked off in earnest on Friday with the major banks including JPMorgan reporting, and this will be followed by Morgan Stanley and Goldman Sachs announcing results on Tuesday. The Republican nomination process for the US presidency begins tonight with the Iowa caucuses, where the former President Trump is seen as the clear frontrunner. Chinese equities are only marginally lower as China's central bank did not cut a key interest rate, while Baidu is sharply down as the risk of sanctions on the company has increased. Mensur Pocinci, Head of Technical Analysis Research, points out that the uptrend in (US) equities remains intact, as does the downtrend in bond yields. 00:00 Introduction by Helen Freer (Investment Writing) 00:27 Markets wrap-up by Mike Rauber (Investment Writing) 07:01 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research) 09:50 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Jan 12, 2024

US CPI data, revealing that headline prices increased more than expected in December while core inflation fell, disappointed equity markets on Thursday. A US/UK airstrike on Houthi rebels in Yemen added to inflationary concerns although it did provide a boost to oil prices. Markets are now turning their attention to the US earnings season. Tim Gagie, Head of FX & PM Solutions Geneva, and Mathieu Racheter, Head of Equity Strategy, provide timely updates on what’s hot and what’s not in the FX and equity markets as we start the year. 00:00 Introduction by Helen Freer (Investment Writing) 00:33 Markets wrap-up by Bernadette Anderko (Investment Writing) 06:30 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva) 12:24 Market Outlook 2024 – Equities by Mathieu Racheter (Head of Equity Strategy) 16:06 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Jan 11, 2024

Today’s main focus will be the first trading day of the newly approved US spot Bitcoin ETFs and the market’s reaction to the release of US inflation figures. Asian shares are seeing their best day since the start of the year on USD weakness, and the EUR is higher as ECB officials caution against interest rate cuts. Carsten Menke, Head of Next Generation Research, notes that the muted price reaction to the SEC’s approval of the spot Bitcoin ETFs is probably a positive sign. Nicolas Jordan, from the CIO Office, highlights that a more optimistic investor consensus compared with the start of last year means that market fragility has increased in the short term. 00:00 Introduction by Helen Freer (Investment Writing) 00:33 Markets wrap-up by Mike Rauber (Investment Writing) 06:41 Bitcoin ETF approval by Carsten Menke (Head of Next Generation Research) 11:24 Latest news from the CIO Office by Nicolas Jordan (CIO Strategy & Investment Analysis) 14:42 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Jan 10, 2024

As global equities continue to struggle, Japanese equities are hitting highs last seen in 1990. US Treasury yields are higher ahead of tomorrow’s US inflation data while investors continue to look for clues as to the state of the US economy and the direction of interest rates. Bitcoin had a volatile evening yesterday following a false report that the US Securities and Exchange Commission had approved a spot Bitcoin ETF. Dario Messi from Fixed Income Research joins today’s show to shed some light on the US fiscal budget and bond issuance, and Mathieu Racheter, Head of Equity Strategy, tells us what to expect from the earnings season that’s just around the corner. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:24 Markets wrap-up by Lucija Caculovic (Investment Writing) 05:38 Bond marker update by Dario Messi (Fixed Income Strategy) 10:20 Earnings Season Preview by Mathieu Racheter (Head of Equity Strategy) 13:25 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Jan 9, 2024

While a string of economic data prints out of Germany disappoint, big tech made a comeback yesterday, with the Nasdaq Composite posting its best daily return since November. After Swiss inflation remained stable in December, the Swiss franc shows renewed strength and the SMI is one of the few European indices in positive territory year to date. And Mark Matthews, Head of Research Asia, talks to us about the health of the Japanese equity market and why he sees India as a rose among the thorns. 00:00 Introduction by Helen Freer (Investment Writing) 00:34 Markets wrap-up by Jonti Warris (Investment Writing) 06:36 Asia update: India, China and Japan by Mark Matthews (Head of Research Asia) 16:12 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Jan 8, 2024

A string of hawkish comments, a rise in inflation rates in Europe and a strong US employment report last week had market participants worried that interest rates were set to stay higher for longer than they had hoped, putting stocks and bonds on course for one of the worst starts to the year in a decade. In China, investors are faced with the shadow banking giant Zhongzhi filing for bankruptcy, marking one of China’s biggest-ever corporate collapses. Mensur Pocinci, Head of Technical Analysis, joins the show today to discuss the technical setup of the market and why you shouldn’t pay too much attention to the first week of equity market performance when it comes to its implications for the rest of the year. 00:00 Introduction by Helen Freer (Investment Writing) 00:27 Markets wrap-up by Jan Bopp (Investment Writing) 07:20 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research) 11:32 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Jan 5, 2024

Equities around the world continue to struggle, with US equities set to end the week lower, snapping a nine-week winning streak. This comes as traders increasingly reduce their bets on how quickly and how deeply central banks will cut interest rates. In Asia, investors are speculating that the Bank of Japan will find it difficult to scrap its negative interest rates at a time when the country needs monetary support following the tragic events there. Meanwhile, oil rose overnight despite yesterday's data showing an oversupply in the US. Dario Messi from Fixed Income Research joins the show today to provide further insights into the bond market. 00:00 Introduction by Helen Freer (Investment Writing) 00:30 Markets wrap-up by Lucija Caculovic (Investment Writing) 05:46 Fixed income market update by Dario Messi (Fixed Income Strategist) 09:25 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Jan 4, 2024

Equity markets continued to slide yesterday, with most markets posting negative performance for the day. Economic data pointing to some weakness in the US and China, as well as the minutes of the Federal Reserve's December meeting, have been the main talking points over the last few hours. Meanwhile, oil is rising again this morning - Norbert Rücker, Head of Economics & Next Generation Research, shares his views on where the price of black gold is heading. 00:00 Introduction by Helen Freer (Investment Writing) 00:33 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:38 Energy update by Norbert Rücker (Head of Economics & Next Generation Research) 10:11 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Jan 3, 2024

As part of a special winter series featuring highlights from recent Julius Baer podcasts, today's show features a conversation on Beyond Markets between Gaetano Petrocelli, Head of Wealth Planning Insurance, and Grace Treston, Content Editor about what factors we should consider for good retirement planning. Our regular programme featuring daily market news returns on Thursday 4th January. 00:00 Introduction by Helen Freer (Investment Writing) 00:35 Good Retirement Planning by Gaetano Petrocelli (Head of Wealth Planning Insurance) and Grace Treston (Content Editor) 05:26 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Jan 2, 2024

As part of a special winter series featuring highlights from recent Julius Baer podcasts, today's show features a conversation between Carsten Menke, Head of Next Generation Research, and Emily Rookwood, Head of Publications on the topic of food inflation and food security. Our regular programme featuring daily market news returns on Thursday 4th January. 00:00 Introduction by Helen Freer (Investment Writing) 00:41 Food inflation and food security by Carsten Menke (Head of Next Generation Research) 12:33 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Dec 29, 2023

As part of a special winter series featuring highlights from recent Julius Baer podcasts, today's show features a conversation about investing in Swiss assets between Helen Freer and Mathieu Racheter, Head of Equity Strategy, along with Dario Messi, a Fixed Income Strategist on Julius Baer’s Beyond Markets series. They talk about the strength of the labour market in Switzerland as well as the currency, the high-quality businesses, the safe-haven status of both the currency and the country, and much more. 00:00 Introduction by Helen Freer (Investment Writing) 00:45 Investing in Swiss Assets by Mathieu Racheter (Head of Equity Strategy) and Dario Messi (Fixed Income Strategist) 08:16 Closing remarks by Helen Freer (Investment Writing) Our regular programme featuring daily market news returns on Thursday 4th January. Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Dec 28, 2023

As part of a special winter series featuring highlights from recent Julius Baer podcasts, today's show features a recent conversation about the Chinese market between Hong Hao, Partner and Chief Economist at GROW Investment Group, and China Strategist Richard Tang (Head of Research Hong Kong). Together, they discuss China’s exports and property market. Our regular programme featuring daily market news returns on Thursday 4th January. 00:00 Introduction by Helen Freer (Investment Writing) 00:38 China's Economy by Hong Hao (Partner and Chief Economist at GROW Investment Group) 08:22 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Dec 27, 2023

As part of a special winter series featuring highlights from recent Julius Baer podcasts, today's show features a recent conversation on biotechnology between healthcare analyst Fabian Wenner and equity specialist Yaw Shin Wong on the Julius Baer Beyond Markets podcast. Together they talk about the fundamentals of this segment of healthcare, mRNA technology and the number of acquisitions taking place. Our regular programme featuring daily market news returns on Thursday 4th January. 00:00 Introduction by Helen Freer (Investment Writing) 00:41 Biotechnology by Fabian Wenner (Healthcare Analyst) and Yaw Shin Wong (Equity Specialist Asia) 05:57 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Dec 22, 2023

US equities recovered from Wednesday’s sell-off and are now on track for a Santa Claus rally, which refers to the last five trading days of the year. However, the positive mood could be spoilt by two things: the PCE deflator figures due later today, which will provide a fresh indication of where US inflation is heading, and concerns in China as the country cracks down on the mobile gaming industry. In commodities, Angola’s decision to leave OPEC has raised some questions about how effective the organisation really is, but oil is currently well supported by tensions in the Red Sea. Cyril Demaria-Bengochea, Head of Private Markets Strategy, joins the show today to discuss the impact of higher interest rates on private markets. 00:00 Introduction by Helen Freer (Investment Writing) 00:33 Markets wrap-up by Lucija Caculovic (Investment Writing) 07:10 What higher interest rates mean for private markets by Cyril Demaria-Bengochea (Head of Private Markets Strategy) 13:44 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Dec 21, 2023

Yields in Europe have come under significant pressure as inflation has collapsed across the board, with the German 10-year benchmark yield now back below 2%. Meanwhile, the relentless rally in equity markets over the past few weeks took a pause yesterday, with traders apparently taking some chips off the table ahead of the long weekend. Carsten Menke, Head of Next Generation Research, talks about our commodities outlook for 2024 and Nicolas Jordan, CIO Strategy & Investment Analysis, shares the latest thoughts from the CIO Office. 00:00 Introduction by Helen Freer (Investment Writing) 00:53 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:49 Commodities Market Outlook 2024 by Carsten Menke (Head of Next Generation Research) 12:44 Latest news from the CIO Office by Nicolas Jordan (CIO Strategy & Investment Analysis) 15:58 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Dec 20, 2023

US equities continued to rally yesterday on encouraging economic data prints and Fed officials’ comments, furthering strengthening the narrative for a soft-landing in the US economy. In the UK, core and headline inflation data came in lower than estimated, with the pound sterling falling on the news. And as fixed income markets reflect a growing consensus that central banks have reached the peak of their rate-hiking cycles, Dario Messi, Fixed Income Strategy, shares his latest insights into bond markets. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:35 Markets wrap-up by Jonti Warris (Investment Writing) 06:16 Bond market update by Dario Messi (Fixed Income Strategy) 11:19 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Dec 19, 2023

Central bank officials continue to push back on aggressive rate cut expectations. While US equity markets are still powering ahead, Europe is looking for direction. Our Chief Economist, David Kohl, talks about the latest central bank decisions and what it means for markets in 2024. And Tim Gagie, Head of FX & PM Solutions Geneva, has a special Christmas gift for us. 00:00 Introduction by Helen Freer (Investment Writing) 00:34 Markets wrap-up by Jan Bopp (Investment Writing) 07:19 Latest central bank meetings and interest rate outlook by David Kohl (Chief Economist) 13:46 Review of FX markets in 2023 by Tim Gagie (Head of FX & PM Solutions Geneva) 16:19 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Dec 18, 2023

European and US equities closed last week higher and a few new record highs were reached following a series of central bank decisions to leave rates unchanged. A few Fed speakers then stepped in to curb traders’ enthusiasm over likely rate cuts, causing Asian equites (Korea aside) to stall this morning. US futures however point to a steady day ahead. Mensur Pocinci, Head of Technical Analysis, explains why he believes that the rally still has legs, and he adds the technical reasons to invest in Indian equities to our fundamental call. 00:00 Introduction by Helen Freer (Investment Writing) 00:31 Markets wrap-up by Bernadette Anderko (Investment Writing) 06:13 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research) 08:35 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Dec 15, 2023

After starting the trading day on a strong footing, European markets petered out during the day but still ended in positive territory. European central banks refrain from declaring victory over inflation and stick to their tight monetary policy. Tim Gagie, Head of FX & PM Solutions Geneva, shares his thoughts on what this means for currencies and metals. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Roman Canziani (Head of Investment Writing) 07:00 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva) 12:26 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Dec 14, 2023

After the US Federal Reserve yesterday left interest rates unchanged as expected and signalled interest-rate cuts next year, global stocks gained for a sixth straight session and US Treasury yields plummeted. Today it’s the turn of the European Central Bank, the Bank of England and the Swiss National Bank to announce their latest rate decisions, with expectations for a hold in rates across the board. Norbert Rücker, Head of Economics & Next Generation Research, shares with us his key takeaways from COP 28 and his current views on the energy transition. 00:00 Introduction by Helen Freer (Investment Writing) 00:31 Markets wrap-up by Jonti Warris (Investment Writing) 05:46 COP 28 by Norbert Rücker (Head of Economics & Next Generation Research) 10:36 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Dec 13, 2023

Although US consumer price inflation figures came in slightly higher than expected, equities continued their Santa Claus rally, with the S&P500 Index now trading at highs not seen since January 2022. Dario Messi, Fixed Income Research, talks about this week's key central bank meetings and his expectations for their interest rate decisions. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:21 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:26 Bond market update/Central bank preview by Dario Messi (Fixed Income Strategy) 11:30 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Dec 12, 2023

Trading has started this week on a subdued note as investors await the US Consumer Price Index figures later today, which will test the market’s optimism for interest rate cuts in 2024. Meanwhile, in Asia, China’s Central Economic Work Conference is expected to conclude today and could shed light on how the country plans to support economic growth. In commodities, copper is making headlines as the metal’s supply could tighten due to political and social opposition, and the difficulty of developing new operations. Manuel Villegas from Next Generation Research is also on the show today to discuss the key developments in digital assets in 2023. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Lucija Caculovic (Investment Writing) 06:25 Digital assets update by Manuel Villegas (Next Generation Research) 10:11 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Dec 11, 2023

The world's major central banks meet this week. Apart from Brazil, no rate changes are expected. The focus will therefore be on their forward-looking communication. Germany's DAX index hit a new all-time high on Friday, while better-than-expected US non-farm payroll figures boosted the S&P 500 index. In Asia, China's consumer prices fell by the most in three years in November and the JPY remains in focus after a dramatic spike on Friday. Bitcoin is giving back some of its gains this Monday morning after this year's spike. Mensur Pocinci, Head of Technical Analysis Research, notes that it is a good sign for equities that this year's laggards (European and small caps) are catching up quickly. 00:00 Introduction by Helen Freer (Investment Writing) 00:31 Markets wrap-up by Mike Rauber (Investment Writing) 07:28 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research) 10:02 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Dec 8, 2023

On a day when we await non-farm payrolls data, ahead of a central bank heavy week, one might have expected muted markets. Instead, the three main US indices broke their three-day losing streak as artificial intelligence (AI) announcements drove equities higher. And India’s election results, combined with their central bank’s decision to keep rates unchanged, boosted their stock markets to record highs. The yen surged more than 1% and Tim Gagie, Head of FX & PM Solutions Geneva, talks us through all of the associated market reactions, and highlights his calls ahead of those central bank meetings next week. 00:00 Introduction by Lucija Caculovic (Investment Writing) 00:28 Markets wrap-up by Bernadette Anderko (Investment Writing) 06:07 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva) 11:46 Closing remarks by Lucija Caculovic (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Dec 7, 2023

A string of labour-focused data releases in the US has the potential to move markets at the end of this week. Meanwhile in Europe, traders are increasing their bets on monetary policy easing from the European Central Bank and are now pricing in six quarter-point rate cuts in 2024. In Asia, Chinese imports and the auction of a 30-year Japanese government bond both disappointed. In commodities, oil stabilised after several days of declines and US gasoline prices hit their lowest level since 3 January 2023. Carsten Menke, Head of Next Generation Research, joins today’s show to explain what’s going on in the gold market. 00:00 Introduction by Helen Freer (Investment Writing) 00:28 Markets wrap-up by Lucija Caculovic (Investment Writing) 05:40 Gold update by Carsten Menke (Head of Next Generation Research) 09:25 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Dec 6, 2023

Germany's Dax index, arguably the most cyclical market in Europe, closed at a record high after Isabel Schnabel, a prominent official at the European Central Bank, said the slowdown in inflation was ‘remarkable’. Dario Messi, Fixed Income Research, says that the bond rally may have gone a little too far for now, but there is still plenty of value to be found. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:21 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:14 Bond market update by Dario Messi (Fixed Income Strategy) 10:21 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Dec 5, 2023

US stock markets slipped yesterday after US factory orders fell by more than expected in October adding to signs that the US economy looks set to slow in the fourth quarter. The latest core inflation data out of Tokyo slowed from the previous month in an encouraging sign that cost pressure in Japan is easing. Manuel Villegas, Next Generation Research, talks about the latest Bitcoin rally and whether it looks sustainable. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Jonti Warris (Investment Writing) 05:28 Digital assets update by Manuel Villegas (Next Generation Research) 09:04 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Dec 4, 2023

US equities rallied and bond yields fell sharply on Friday after comments from Fed Chairman Jerome Powell raised market bets that interest rates will be cut next year sooner than markets had previously discounted. Gold rose to an all-time high in Asian trading today, at one point reaching USD 2,135 an ounce. Bitcoin rose above USD 41,500 on the prospect of lower interest rates and the approval of a spot Bitcoin ETF. Roche buys Carmot Therapeutics to enter the obesity treatment market. And at COP 28, more than 20 countries pledged to triple nuclear power by 2050. Mensur Pocinci, Head of Technical Analysis Research, notes that the decline in bond yields could be much faster than most expect. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Mike Rauber (Investment Writing) 05:55 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research 08:47 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Dec 1, 2023

Equities and bonds rallied in November on the back of softer inflation data and inflation expectations. This was confirmed by yesterday's data releases from the US and the eurozone, with the latter reporting year-on-year inflation of just 2.4% in November, close to the ECB's 2.0% target. Oil moved lower on an uninspiring OPEC+ decision to cut output and a report showing record US production in September 2023. Chinese equities are off their lows on rumours that state-owned companies have been buying local ETFs. The Israel-Hamas ceasefire appears to have ended but markets have remained calm. All eyes are on today's fireside chat with Federal Reserve Chairman Jerome Powell. Tim Gagie, Head of FX & PM Solutions Geneva, notes that you can have all the protection you want in a portfolio but it does not do you any good if you never take any profits. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Mike Rauber (Investment Writing) 06:28 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva) 12:22 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Nov 30, 2023

Global stocks are on course for their best month in three years, as bond yields continue to tumble on speculation that the US Federal Reserve is done tightening and will start cutting rates next year. This has led to the US dollar falling further against its peers, with the greenback set for its worst month in a year. Norbert Rücker, Head of Economics & Next Generation Research, talks to us about the outlook for the oil market and why he thinks the European energy crisis is behind us. And we hear from Nicolas Jordan, CIO Strategy & Investment Analysis, on the outlook for the global economy and whether the year-end rally still has legs. 00:00 Introduction by Helen Freer (Investment Writing) 00:28 Markets wrap-up by Jonti Warris (Investment Writing) 05:31 Update on energy markets by Norbert Rücker (Head of Economics & Next Generation Research) 10:48 Latest news from the CIO Office by Nicolas Jordan (CIO Strategy & Investment Analysis) 13:50 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Nov 29, 2023

Federal Reserve Governor Christopher Waller triggered the US Treasury market to rally by saying that he believes that monetary policy is tight enough and that the US economy is likely to pull off a soft landing. Markus Allenspach, Head of Fixed Income Research, shares his views and explains where he sees the best opportunities to build fixed income exposure. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:24 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:59 US bonds update by Markus Allenspach (Head of Fixed Income Research) 13:32 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Nov 28, 2023