Moving Markets AI disruption, US Treasury funding, earnings, and emerging-market outperformance
Feb 4, 2026
19:31
The rotation out of technology stocks continued, with software shares selling off on AI‑disruption concerns, while cyclical stocks outperformed. WalMart reached a USD 1 trillion market‑cap milestone. German long‑dated yields hit their highest level since 2011 as heavy issuance lifted supply. Precious metals remain volatile but rebounded sharply, while Brent oil rises on Middle East tensions. In earnings, Novo Nordisk expects sales to fall this year due to pricing pressure. Afonso Borges from Fixed Income Research outlines developments in the US fixed income market and our Overweight stance on duration. Nenad Dinic from Equity Strategy provides an update on the earnings season and the outperformance of emerging‑market equities this year.
- (00:00) - Introduction: Jan Bopp, Product & Investment Content
- (00:51) - Markets wrap-up: Mike Rauber, Product & Investment Content
- (07:08) - Update on US Federal Reserve: Afonso Borges, Fixed Income Research
- (11:48) - Earnings season and EM update: Nenad Dinic, Equity Strategy Research
- (18:34) - Closing remarks: Jan Bopp, Product & Investment Content
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