Moving Markets

Stock markets remain quiet, shrugging off President Trump's assertive rhetoric on additional tariffs and his stance that no exemptions will be made ahead of the 1st August deadline for reciprocal tariffs. Nevertheless, government bond yields are rising across major markets due to potential inflationary pressures triggered by the tariffs and a broader re-evaluation of risk appetite. To provide insight into these developments, Dario Messi, Head of Fixed Income Research, discusses why he remains relatively unfazed by the increase in yields, while Mathieu Racheter, Head of Equity Strategy, shares his outlook for the upcoming Q2 earnings reporting season.(00:00) - Introduction: Bernadette Anderko, Investment Writing (00:28) - Markets wrap-up: Roman Canziani, Head of Investment Writing (06:01) - Bond market update: Dario Messi, Head of Fixed Income Research (10:49) - Q2 Earnings season preview: Mathieu Racheter, Head of Equity Strategy Research (14:53) - Closing remarks: Bernadette Anderko, Investment Writing 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 sent a flurry of ‘trade letters' to numerous countries yesterday, stating that it will impose steep tariffs from 1 August 2025 unless these countries take steps to open their markets to American products. Meanwhile, US President Trump signed an executive order, delaying the deadline for reciprocal tariffs from this Wednesday to 1 August. The stock market reacted swiftly, with US indices closing lower yesterday, but market sentiment appears to have improved slightly overnight as investors focused on the fact that Trump has left the door open for further trade discussions. With a quiet economic agenda today, investors are likely to remain focused on the trade saga and await further developments. Manuel Villegas, Next Generation Research, joins our show today to provide an update on the world of crypto.(00:00) - Introduction: Helen Freer, Investment Writing (00:24) - Markets wrap-up: Lucija Caculovic, Investment Writing (06:38) - Digital assets: Manuel Villegas, Next Generation Research (10:09) - Closing remarks: Helen Freer, Investment Writing 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.

Investors are seeking protection in more defensive areas of the market as US President Donald Trump ratchets up trade tensions. European and US equity futures plunge alongside Asian shares amidst fresh tariff uncertainty ahead of the Wednesday tariff deadline. However, 1 August appears to be the new deadline, allowing certain countries more time for negotiations. Mensur Pocinci, Head of Technical Analysis, talks about the optical illusion of recent all-time highs in US equities and the need to hedge US dollar assets, particularly for Swiss franc investors.(00:00) - Introduction: Helen Freer, Investment Writing (00:28) - Markets wrap-up: Jan Bopp, Investment Writing (05:46) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (08:06) - Closing remarks: Helen Freer, Investment Writing 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.

A solid US jobs report sends global stocks higher and US equities to all-time highs. But the devil lies in the detail. A US Federal Reserve rate cut in July is now off the table, pushing US Treasury yields higher and gold lower. What comes next? Investors are already looking to next week when Wednesday’s tariff deadline looms. Trump has intensified trade tensions even ahead of the deadline, saying the administration would start sending out letters to countries from today. Joining us is Tim Gagie, Head of FX/PM Private Banking in Geneva, who shares his views on the weakening US dollar, the moves in the British pound this week, and why gold remains a buy-on-dip.(00:00) - Introduction: Helen Freer, Investment Writing (00:51) - Markets wrap-up: Jan Bopp, Investment Writing (06:06) - FX and metals: Tim Gagie, Head of FX/PM PB Geneva (09:40) - Closing remarks: Helen Freer, Investment Writing 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 S&P 500 reached a new high, fuelled by technology stocks. Despite weak US private jobs data, optimism prevailed thanks to a Vietnam trade deal and significant bank dividend increases. However, UK politics sparked fresh concerns, causing the pound and UK domestic equities to decline. Meanwhile, copper prices are surging due to tariff-induced stockpiling in the US – Carsten Menke, Head of Next Generation Research, provides his take.(00:00) - Introduction: Helen Freer, Investment Writing (00:24) - Markets wrap-up: Mike Rauber, Investment Writing (06:12) - Copper: Carsten Menke, Head of Next Generation Research (10:27) - Closing remarks: Helen Freer, Investment Writing 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 European stocks had a subdued start yesterday, broader US indices managed to kick off the second half of 2025 firmly in the green, shrugging off concerns on the looming tariff ‘decision day’ on 9 July. However, big tech mega caps dragged down the S&P 500 and the Nasdaq. Talk of the day was the Senate’s passing of the ‘Big, beautiful (tax) bill’ as President Trump calls it, and a flurry of manufacturing activity reports from around the globe, which showed that this part of the economy keeps on facing challenges. Dario Messi, Head of Fixed Income Research, explains why he believes that the US Treasury yield curve is likely to steepen going forward.(00:00) - Introduction: Bernadette Anderko, Investment Writing (00:28) - Markets wrap-up: Roman Canziani, Head of Investment Writing (06:27) - Bond market update: Dario Messi, Head of Fixed Income Research (12:55) - Closing remarks: Bernadette Anderko, Investment Writing 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 geopolitics now taking a back seat again, investor attention is moving to US tariffs. Markets are focused on whether the EU and the US can conclude a trade deal in time for the 9 July deadline, while Canadian PM Carney yesterday said that US-Canada trade talks are set to resume after Canada withdrew its digital services tax on US tech companies. US equity markets rose yesterday, with both the S&P 500 and the Nasdaq 100 reaching new all-time highs. Manuel Villegas, Next Generation Research, provides an update on the crypto market and shares his outlook on digital assets for the second half of the year.(00:00) - Introduction: Helen Freer, Investment Writing (00:27) - Markets wrap-up: Jonti Warris, Investment Writing (06:28) - Digital assets: Manuel Villegas, Next Generation Research (11:49) - Closing remarks: Helen Freer, Investment Writing 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 equity markets closed the week on a strong note, fuelled by a series of positive developments. Trade progress, delayed trade deadlines, an important change to Trump's ‘One big, beautiful bill’, and NATO's new defence spending target all contributed to the upward momentum, propelling the S&P 500 to a new all-time high. Meanwhile, gold is on track for its first monthly decline this year. Mensur Pocinci, Head of Technical Analysis, explains why new all-time highs for US equities are a bullish signal and why he expects the US dollar to continue to weaken.(00:00) - Introduction: Bernadette Anderko, Investment Writing (00:26) - Markets wrap-up: Jan Bopp, Investment Writing (04:58) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (07:21) - Closing remarks: Bernadette Anderko, Investment Writing 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.

As the US dollar hits a three-and-a-half year low against its major counterparts, global stock markets continue to attract buyers, particularly in Japan, Germany, and the US. With major US equity indices poised to break their previous records set in February, a sense of (rare) geopolitical calm appears to be taking hold, leading to a consolidation in gold prices. Joining us to share his expertise is Tim Gagie, Head of FX/PM Private Banking Sales in Geneva, who shares his views on the weakening US dollar and the surge in palladium prices.(00:00) - Introduction: Bernadette Anderko, Investment Writing (00:21) - Markets wrap-up: Roman Canziani, Head of Investment Writing (06:04) - FX and metals markets: Tim Gagie, Head of FX/PM PB Geneva (10:03) - Closing remarks: Bernadette Anderko, Investment Writing 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.

Nvidia hits new all-time high and NATO members pledge to boost defence spending to 5% of GDP. The EUR/USD currency pair briefly surpasses 1.17 on a report that US president Trump wants to nominate a new Fed chair as early as September. The US Federal Housing Finance Agency is exploring ways to let Fannie Mae and Freddie Mac consider crypto holdings in mortgage approvals. Carsten Menke, Head of Next Generation Research, notes gold is undergoing a short-term mood-driven consolidation. Nicolas Jordan, CIO Investment Analysis, identifies the gold uptrend and USD downtrend as the most pronounced price patterns in the first half of 2025.(00:00) - Introduction: Bernadette Anderko, Investment Writing (00:34) - Markets wrap-up: Mike Rauber, Investment Writing (05:59) - Gold update: Carsten Menke, Head of Next Generation Research (10:05) - Update from the CIO Office: Nicolas Jordan, CIO Investment Analysis (14:09) - Closing remarks: Bernadette Anderko, Investment Writing 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.