Moving Markets

US stocks surged yesterday, with the S&P 500 climbing 2.3% in its strongest session since November 2022. The positive market sentiment was fuelled by a drop in US initial jobless claims to the lowest level since late May, which also led to an upward shift in the yield curve. In Asia, equities rose across the region on the back of encouraging Chinese consumer price data, which pointed to a potential rebound in domestic demand. Meanwhile, Bitcoin and oil prices have risen this week, while gold has fallen slightly. Joining us today is our Chief Economist, David Kohl, who will help us make sense of the past week’s volatile markets.00:00 Introduction by Helen Freer (Investment Writing)00:31 Markets wrap-up by Lucija Caculovic (Investment Writing)06:28 Macro update: David Kohl (Chief Economist)18:08 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.

Equity markets rallied after Bank of Japan Deputy Governor Uchida talked down the Japanese yen - but the rally faded into the US close as investors realised that more economic challenges may lie ahead. Nicolas Jordan, CIO Office, explains how our investment strategy is affected by the current bout of volatility across markets and asset classes.00:00 Introduction by Helen Freer (Investment Writing)00:28 Markets wrap-up by Roman Canziani (Head of Investment Writing)07:53 Latest news from the CIO Office: Nicolas Jordan (CIO Strategy & Investment Analysis)11:57 Closing remarks by Helen Freer (Investment WritingWould 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 surged yesterday, recouping some of the losses from the massive sell-off, and the rally continued overnight with all major Asia-Pacific markets trading in the green. As investor confidence grows globally, demand for safe-haven assets such as Treasuries has decreased, leading to a decline in Treasury prices and a rise in yields. In today’s episode, we're joined by Mathieu Racheter, Head of Equity Strategy,who provides an update on the fundamental state of the stock markets, including insights into the ongoing earnings season; and Dario Messi, Head of Fixed Income Strategy, who delves into the repricing of the bond market and the expectations for Federal Reserve rate cuts.00:00 Introduction by Roman Canziani (Head of Investment Writing)00:38 Markets wrap-up by Lucija Caculovic (Investment Writing)07:07 Earnings season update by Mathieu Racheter (Head of Equity Strategy)12:15 Fixed income update by Dario Messi (Head of Fixed Income Research)16:24 Closing remarks by Roman Canziani (Head of 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. 

After the global stock-market rout accelerated yesterday, with losses cascading across tech shares and Japanese equities crashing by the most in over a decade, Japanese stock indices have staged a turnaround and are leading gains in Asia today. In today’s special episode, Christian Gattiker, Head of Research, shares his insights into the latest equity market developments and how he see things going forward. Manuel Villegas, Next Generation Research, provides us with an update on digital assets and talks about the prospects of a Trump trade.00:00 Introduction by Helen Freer (Investment Writing)00:27 Markets wrap-up by Jonti Warris (Investment Writing)04:40 Equity market developments: Christian Gattiker (Head of Equity Strategy)09:22 Digital assets update: Manuel Villegas (Next Generation Research)13:03 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 weaker-than-expected US jobs report added to concerns that the Federal Reserve has been too slow to cut interest rates. Rate cut expectations increased strongly amid a slowing US job market pulling government bond yields lower, while global equities continue to sell off with the tech-heavy Nasdaq underperforming. The sell-off wiped out more than USD 2 trillion in value in just over three weeks as several megacaps entered bear-market territory. Mathieu Racheter, Head of Equity Strategy, guides us through the fundamentals and why he sees attractive entry opportunities in some areas of the market, while Mensur Pocinci, Head of Technical Analysis, discusses the implications of the latest sell-off from a technical perspective.00:00 Introduction by Helen Freer (Investment Writing)00:34 Markets wrap-up by Jan Bopp (Investment Writing)06:51 Latest equity market developments: Mathieu Racheter (Head of Equity Strategy)10:22 Technical Analysis update: Mensur Pocinci (Head of Technical Analysis Research)12:52 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 past 24 hours have seen an increasingly precarious backdrop for risk markets. A perfect storm of weak US data and disappointing earnings outlooks or results from industry behemoths such as Amazon, Apple and Intel triggered a global sell-off. Safe havens such as US Treasuries rallied, with the policy-sensitive two-year yields touching a 14-month low amid increased bets on rate cuts by the Federal Reserve. We have David Kohl, Chief Economist, on the show to take us through this week's central bank decisions and give us more details on what to expect going forward.00:00 Introduction by Helen Freer (Investment Writing)00:21 Markets wrap-up by Jan Bopp (Investment Writing)06:46 Comments on central bank meetings by David Kohl (Chief Economist)15:10 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. 

Ahead of the US Federal Reserve’s policy decision later today, the Bank of Japan raised interest rates to around 0.25% this morning, whilst also announcing a reduction to its bond buying programme. The Bank of England will announce their rate decision tomorrow and there, the markets are still undecided as to whether they will cut rates or wait another month. Microsoft’s results yesterday showed that its Azure cloud computing service saw a slowdown in quarterly growth, leading to a further fall in big tech stocks in extended trading. Head of Fixed Income Research, Dario Messi, explains why although the Fed has room to cuts rates today, it will probably wait until September’s meeting instead. And Mathieu Racheter, Head of Equity Strategy, explains his recent downgrade of the global communications sector, while also providing an update on the busy earnings season.Please note that there will be no episode tomorrow due to Switzerland’s National Day.00:00 Introduction by Lucija Caculovic (Investment Writing)00:41 Markets wrap-up by Bernadette Anderko (Investment Writing)08:22 Fixed income update by Dario Messi (Head of Fixed Income Research)12:21 Communications downgrade and earnings season by Mathieu Racheter (Head of Equity Strategy)15:41 Closing remarks by Lucija Caculovic (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. 

The sell-off in large-cap tech companies seemed to have found a pause yesterday, with a Magnificent 7 ETF rising for the second day in a row. This week’s earnings reports from major US tech firms will be crucial in determining whether they can bounce back from last week’s losses. Meanwhile, in fixed income, companies are scrambling to secure funding ahead of this week’s pivotal central bank meetings. On today’s show, we’re joined by Tim Gagie, Head of FX & PM Solutions in Geneva, who sheds some light on the recent turbulence in precious metals and the significant carry unwind. We’re also joined by Manuel Villegas from Next Generation Research, who provides an update on the latest developments in the world of crypto.00:00 Introduction by Helen Freer (Investment Writing)00:28 Markets wrap-up by Lucija Caculovic (Investment Writing)07:00 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva)11:20 Digital assets update by Manuel Villegas (Next Generation Research)14:52 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. 

Equity markets are broadly higher following a string of positive economic data on US growth and inflation at the end of last week. The entire crypto space is also rallying after presidential hopeful Donald Trump said that, if elected, he would make the US the ‘crypto capital of the planet and the bitcoin superpower’. Mensur Pocinci, Head of Technical Analysis, believes that the consolidation in tech stocks is healthy from a technical point of view.00:00 Introduction by Bernadette Anderko (Investment Writing)00:38 Markets wrap-up by Roman Canziani (Head of Investment Writing)07:05 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research)11:07 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.

Beyond the dominant theme of investors rotating out of technology and into small-cap stocks, another interesting trend has emerged: a shift from growth stocks to value stocks. Meanwhile, despite a widespread decline in business confidence across the eurozone, some upbeat earnings reports have managed to stand out. In the Asia-Pacific region, markets largely rebounded today, although Taiwan was a notable exception. Joining today’s show is Tim Gagie, Head of FX & Portfolio Management Solutions in Geneva, who shares his insights on a potential carry trade unwind and the key drivers behind precious metals markets this week.00:00 Introduction by Bernadette Anderko (Investment Writing)00:31 Markets wrap-up by Lucija Caculovic (Investment Writing)06:52 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva)11:26 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.