Moving Markets

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.