Earnings boost markets but tariffs loom large

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

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