Moving Markets

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.