Moving Markets

US equity markets jumped yesterday on hopes that President Trump may hold back from implementing some of his wide-ranging tariff plans, hinting at a narrower scope of reciprocal levies set to be announced on 2 April. In today’s Asia session, though, it’s a different story, with tech stocks on the back foot, weighing on markets. Also on today’s podcast, we are joined by Manuel Villegas, Next Generation Research, who shares his outlook on digital assets following the substantial outflows seen in recent weeks.00:00 Introduction by Bernadette Anderko (Investment Writing)00:27 Markets wrap-up by Jonti Warris (Investment Writing)05:51 Digital assets update: Manuel Villegas (Next Generation Research)09:40 Closing remarks by 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.

Central banks adopted a cautious tone on monetary policy, driving gold to a new high last week. The EUR suffered a 'sell the news' reaction following the announcement of Germany's spending plans. President Trump's comments on tariff flexibility provided a boost to the S&P 500 late on Friday. Looking ahead, this week promises to be eventful, with over 50 corporate results from China, and Ukraine peace talks. Investors will be closely watching Friday's US PCE inflation data. According to Mensur Pocinci, Head of Technical Analysis, a sustained rebound in US stocks will require broad-based buying and a shift in behaviour from retail investors - refraining from buying every dip in the market.00:00 Introduction by Bernadette Anderko (Investment Writing)00:28 Markets wrap-up by Mike Rauber (Investment Writing)06:28 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis)08:23 Closing remarks by Bernadette Anderko (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Equity markets remain fragile as a renewed focus on trade fears derailed a short-lived recovery in risky assets as a busy central bank week draws to a close. Tim Gagie, Head of FX & PM Solutions Geneva, talks about the impact of the latest central bank communications on currency markets, and what he expects for gold going forward.00:00 Introduction by Bernadette Anderko (Investment Writing)00:23 Markets wrap-up by Jan Bopp (Investment Writing)05:47 FX and metals: Tim Gagie (Head of FX & PM Solutions Geneva)10:11 Closing remarks by 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 Federal Reserve has kept interest rates steady at 4.25%-4.5%, while downgrading the growth forecast to 1.7% and increasing inflation expectations to 2.8%. Chairman Powell's comments sparked a positive market reaction, with the Treasury curve steepening and equities rising on hopes of future rate cuts. Meanwhile, Turkey's lira plummeted over 10% after the detention of Istanbul's mayor. The EU may exclude the US, the UK, and Turkey from its EUR 150bn defence spending fund if they do not sign security agreements. Today, the Swiss National Bank and Bank of England will announce their interest rate decisions. Carsten Menke, Head of Next Generation Research, notes that growth concerns are luring safe-haven seekers back into gold. Nicolas Jordan, CIO Office, says that US equities are no longer the only game in town after two years of unmatched outperformance.00:00 Introduction by Helen Freer (Investment Writing)00:34 Markets wrap-up by Mike Rauber (Investment Writing)06:51 Gold: Carsten Menke (Head of Next Generation Research)10:49 Update from the CIO Office: Nicolas Jordan (CIO Strategy & Investment Analysis)15:04 Closing remarks by 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 German parliament voted in favour of a significant fiscal package yesterday, paving the way for increased defence spending and a substantial infrastructure fund, subject to the bill passing through the Bundesrat on Friday. This news was warmly received by investors, helping to drive a solid performance in European markets. In contrast, the US market told a different story, with all three major indices closing lower, largely due to a sell-off in some of the biggest technology stocks and growing investor nervousness ahead of today’s Federal Reserve decision. Meanwhile, the Bank of Japan has already made its move, leaving its key policy rate unchanged at 0.5%. Joining us to provide further insight into the Fed’s decision is Dario Messi, our Head of Fixed Income Research. We are also joined by Mathieu Racheter, Head of Equity Strategy, who shares his thoughts on the shift away from US equities.00:00 Introduction by Bernadette Anderko (Investment Writing)00:41 Markets wrap-up by Lucija Caculovic (Investment Writing)06:35 Bond market update: Dario Messi (Head of Fixed Income Research)11:44 Equity Strategy update: Mathieu Racheter (Head of Equity Strategy)16:18 Closing remarks by 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.

It was a good day almost across the board for US stocks yesterday with rallies in all the major indices. The megacaps though did not fare so well and a gauge of the Magnificent 7 fell 1.1%. European markets rallied ahead of Germany’s debt brake vote which is expected to be successful in the Bundestag today. Asia joined in the rally party this morning with China tech stocks leading the charge. Japan’s markets were buoyed by Berkshire Hathaway’s investments yesterday. All this ahead of four central bank meetings this week in the US, Japan, Switzerland and the UK. Manuel Villegas, Next Generation Research, joins the podcast to tell us what investors should be watching for when it comes to Bitcoin’s moves.00:00 Introduction by Helen Freer (Investment Writing)00:28 Markets wrap-up by Bernadette Anderko (Investment Writing)06:26 Digital assets: Manuel Villegas (Next Generation Research)09:19 Closing remarks by 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.

After gold reached a record high on Friday, breaching USD 3,000 an ounce for the first time, driven by investor anxiety over the economic impact of tariffs and trade wars, US stocks managed to claw back some of last week’s harsh losses, but still ended the week in the red. Mensur Pocinci, Head of Technical Analysis, shares his outlook for markets from a technical perspective. Cyril Demaria-Bengochea, Head of Private Markets Strategy, provides an update on private equity and how it fares in an environment of increased volatility.00:00 Introduction by Helen Freer (Investment Writing)00:35 Markets wrap-up by Jonti Warris (Investment Writing)06:53 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis)09:24 Private equity update by Cyril Demaria-Bengochea (Head of Private Markets Strategy)16:57,5 Closing remarks by Helen Freer (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

US trade policy continues to weigh heavily on financial market sentiment, leading to a dismal day for US equities yesterday. The S&P 500 officially entered correction territory, joining the Nasdaq, while the Russell 2000 approached bear market territory. However, US Treasury Secretary Scott Bessent played down concerns, stating that he was not worried about ‘a little bit of volatility over three weeks’. Across the Atlantic,European wine and spirits companies came under pressure after Donald Trump threatened to impose 200% tariffs on their products, leading to a widespread downturn across the continent. In commodities, gold hit a new high overnight. Joining us today is Tim Gagie, Head of FX & PM Solutions in Geneva, who provides an in-depth update on metals and currencies, including a special focus on the Australian dollar.00:00 Introduction by Helen Freer (Investment Writing)00:21 Markets wrap-up by Lucija Caculovic (Investment Writing)06:47 FX and metals by Tim Gagie (Head of FX & PM Solutions Geneva)11:17 Closing remarks by Helen Freer (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

US equity indices rose modestly yesterday following relatively subdued inflation data. However, the rebound, that was driven primarily by the performance of the Magnificent Seven, was short-lived, while European markets continued to outpace their US counterparts. As the possibility of a US government shutdown this Saturday looms, investor sentiment remains cautious. Also on the show today is our Group Chief Investment Officer, Yves Bonzon, who offers valuable insights into the current market landscape. Additionally, Norbert Rücker, Head of Economics and Next Generation Research, provides an update on the shifting dynamics in the oil market.00:00 Introduction by Helen Freer (Investment Writing)00:34 Markets wrap-up by Roman Canziani (Head of Investment Writing)07:07 Update from our Group CIO: Yves Bonzon (Group CIO)12:59 Commodities update: Norbert Rücker (Head of Economics & Next Generation Research)17:26 Closing remarks by 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 fresh flurry of trade-policy headlines touched off another volatile trading day on Wall Street, with the S&P 500 Index’s three-week selloff briefly reaching 10% before paring some losses after Trump walked back on more tariff threats. Mathieu Racheter, Head of Equity Strategy, will talk about the details of the recent sell-off and what it means for the market outlook. And we have Manuel Villegas of Next Generation Research on the show to share his insights on what is happening in the crypto market after the 20% drop in bitcoin.00:00 Introduction by Bernadette Anderko (Investment Writing)00:31 Markets wrap-up by Jan Bopp (Investment Writing)05:26 Equity market update: Mathieu Racheter (Head of Equity Strategy)09:18 Digital assets: Manuel Villegas (Next Generation Research)13:13 Closing remarks by 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.