Moving Markets

US stock markets lost steam yesterday with big tech leading losses and the 10-year US Treasury yield moving back towards the 4.40% level while European bourses put in a mixed performance as investors digested the results of German federal election. Meanwhile the gold price continues to gain ground trading just shy of the USD 3000 mark. On today’s podcast we are also joined by Manuel Villegas Next Generation Research with an update on drivers in the artificial intelligence space. 00:00 Introduction by Bernadette Anderko (Investment Writing)00:24 Markets wrap-up by Jonti Warris (Investment Writing)06:53 Artificial Intelligence update: Manuel Villegas (Next Generation Research)11:41 Closing remarks by Bernadette Anderko (Investment Writing)Watch our upcoming Beyond Markets Webcast “Market update & artificial intelligence” live at 10:00 CET on 27.02.2025: https://ow.ly/Sf6e30sKaH6Would 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 experienced a sharp decline on Friday, falling 1.7% in its worst session of 2025, after hitting record highs earlier in the week. Concerns about stagflation spooked investors. In Germany, the opposition conservative CDU/CSU won the election with 28.5% of the vote. In a first reaction, German equities and the EUR rose on Monday morning. Berkshire Hathaway reported strong earnings growth and over USD 300 billion in cash available for investment. This week in focus: Nvidia earnings on Wednesday, core PCE (US inflation) on Friday. Mensur Pocinci, Head of Technical Analysis, notes that the S&P 500 has to hold 5,900 in order to continue its upward trend after last week's drop.00:00 Introduction by Bernadette Anderko (Investment Writing)00:45 Markets wrap-up by Mike Rauber (Investment Writing)07:27 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis)10:28 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.

While the US labour market remains resilient despite a modest increase in initial jobless claims, concerns are growing about a potential stagflation scenario in the US. Meanwhile, in Europe, eurozone consumer sentiment improved slightly in February, albeit from a low base, and UK retail sales beat expectations. In Asia, markets digested news that Japan's inflation rate hit a two-year high of 4%, but Alibaba's robust quarterly earnings boosted Chinese stocks. Joining us today are Tim Gagie, Head of FX & PM Solutions in Geneva, with a deep dive on currencies and metals, and Cheng Hin Saw, Head of Equities Specialists Asia, with insights on China.00:00 Introduction by Jan Bopp (Investment Writing)00:41 Markets wrap-up by Lucija Caculovic (Investment Writing)07:25 FX and metals: Tim Gagie (Head of FX & PM Solutions Geneva)11:53 Update on China: Cheng Hin Saw (Head of Equities Specialists Asia)16:41 Closing remarks by Jan Bopp (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.

US President Trump's plan to impose 25% tariffs on European imports triggered a sell-off in European markets. The European Stoxx 600 had its worst day of the year, while US markets closed flat. Bonds and currencies also felt the impact of the tariff news, with gold hitting a new all-time high overnight. And we also have Nicolas Jordan from the CIO office on the show to discuss the reasons behind this year's impressive rally in European equities and why he believes the US market remains a structural overweight.00:00 Introduction by Helen Freer (Investment Writing)00:54 Markets wrap-up by Jan Bopp (Investment Writing)06:21 Update from the CIO Office: Nicolas Jordan (CIO Strategy & Investment Analysis)09:32 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.

Hopes for an end to the conflict in Ukraine has provided a significant sentiment boost, driving European and US stocks to new heights. Despite ongoing discussions, announcements, and postponements of new tariffs, markets are increasingly looking beyond the short-term noise. For a deeper analysis of the latest developments, we turn to our experts. Dario Messi, Head of Fixed Income Research, offers his insights into the recent moves in bond yields, while Nenad Dinic, Equity Strategy Research, shares his views on the surge in emerging market stocks and identifies areas with further growth potential.00:00 Introduction by Jonti Warris (Investment Writing)00:31 Markets wrap-up by Roman Canziani (Head of Investment Writing)06:23 Bond market update: Dario Messi (Head of Fixed Income Research)10:36 Emerging market equities update: Nenad Dinic (Equity Strategy)16:23 Closing remarks by Jonti Warris (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.

European leaders yesterday called for increased spending to boost the continent's defence capabilities, amid hopes of a potential Ukraine/Russia peace deal. Meanwhile, Asian markets today are being led higher by a surge in Chinese technology stocks as investors express optimism about fresh potential support measures from the Chinese government. On today’s podcast, we are also joined by Manuel Villegas, Next Generation Research, for a weekly update on digital assets and a look at the drivers behind the recent softening in Bitcoin prices.00:00 Introduction by Helen Freer (Investment Writing)00:24 Markets wrap-up by Jonti Warris (Investment Writing)05:55 Digital assets update: Manuel Villegas (Next Generation Research)09:28 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.

Friday was a mixed bag for Europe’s and America’s main indices, but they still saw gains on the week. The Munich Security Conference gained more attention than usual as the world awaits a solution for Ukraine. As of Friday it seemed that Ukraine and Europe would be left out of negotiations to end the war, but since then US Secretary of State Marco Rubio has said that both Ukraine and Europe will be part of any ‘real negotiations’. In Asia, Japan’s GDP has risen a surprising 2.8% year-on-year, well above expectations, and China’s President Xi Jinping has met with Chinese entrepreneurs at a symposium, signalling his support of the private sector. Mensur Pocinci, Head of Technical Analysis, provides his perspective on China’s tech rally as well as his assessment on the Swiss franc.00:00 Introduction by Helen Freer (Investment Writing)00:28 Markets wrap-up by Bernadette Anderko (Investment Writing)07:33 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis)10:17 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. 

Amid the noise surrounding Donald Trump’s policies and potential tariffs, European equities have been quietly shining, defying expectations with several robust trading sessions. Investors in Europe seem to be shrugging off trade tensions and there are even signs that the Russia-Ukraine conflict may be easing. Elsewhere, Indian Prime Minister Narendra Modi made headlines at a joint press conference with Donald Trump, outlining bold plans to significantly increase bilateral trade between India and the US. On the commodities front, oil looks set to snap a three-week losing streak, while gold is on track for its seventh consecutive weekly gain. In this episode, we’re joined by Tim Gagie, Head of FX Advisory & Execution Geneva, for a deep dive into currencies and metals.00:00 Introduction by Helen Freer (Investment Writing)00:28 Markets wrap-up by Lucija Caculovic (Investment Writing)07:31 FX and metals: Tim Gagie (Head of FX & PM Solutions Geneva)12:22 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.

US inflation rose 0.5% in January, beating expectations. The market reacted with rising yields but unlike previous months, US equities held up and the USD failed to rally. In Europe, stocks rose slightly, helped by strong earnings from several large companies. European equities are pointing higher again today, with the focus now on the Ukraine peace talks. In Asia, stocks in Hong Kong and Japan gained ground on improved sentiment and lower oil prices, rounding out a significant 24 hours in global financial markets. Norbert Rücker, Head of Economics and Next Generation Research, gives a world tour of the energy markets and offers his initial thoughts on the Ukraine news, noting that it comes as no surprise.00:00 Introduction by Bernadette Anderko (Investment Writing)00:35 Markets wrap-up by Mike Rauber (Investment Writing)07:18 What’s interesting in Energy markets: Norbert Rücker (Head of Economics & Next Generation Research)12:39 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.

Markets are already showing signs of tariff headline fatigue, with US stocks little changed after the latest US tariff announcements. Meanwhile, European equities continue to outperform. French, German, and Swiss markets are all hitting new all-time highs. Traders are now braced for the US inflation report later today. Dario Messi, Head of Fixed Income Research, explains why the Fed is in no hurry to make further interest rate cuts. And we have Mathieu Racheter, Head of Equity Strategy, on the show to give us an update on the ongoing earnings season, and to discuss opportunities in Europe and China.00:00 Introduction by Bernadette Anderko (Investment Writing)00:28 Markets wrap-up by Jan Bopp (Investment Writing)05:30 Bond market update by Dario Messi (Head of Fixed Income Research)11:27 Earnings Season latest by Mathieu Racheter (Head of Equity Strategy)16:47 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.