Tariffs have arrived in US inflation data

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

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