Moving Markets

Yesterday’s weaker-than-expected US GDP data helped to boost rate cut expectations by the Fed and bring yields down from their highs. And while equity markets in Europe and Asia gained, tech stocks in the US came under selling pressure. Disappointing earnings data and US officials reviewing licenses to chipmakers for shipments to the Middle East pulled the sector down. Tim Gagie, Head of FX & PM Solutions Geneva, talks about the importance of central bank meetings in the coming weeks, recent developments in precious metals and why he thinks the recent CHF strength will only be temporary.00:00 Introduction by Helen Freer (Investment Writing)00:21 Markets wrap-up by Jan Bopp (Investment Writing)05:59 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva09:59 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.

Markets came under pressure yesterday after a USD 44bn Treasury auction saw weak investor demand, following two lacklustre auctions on Tuesday. The broad risk aversion gripping markets comes as rising bond yields are putting an increasing strain on risk assets. Norbert Rücker, Head of Economics & Next Generation Research, comments on the latest drivers in the oil market and shares his outlook for oil prices.00:00 Introduction by Helen Freer (Investment Writing)00:27 Markets wrap-up by Jonti Warris (Investment Writing)06:25 Oil update by Norbert Rücker (Head of Economics & Next Generation Research)10:24 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.

While equities were broadly flat on Tuesday, US Treasury yields jumped on weak 2- and 5-year auctions and comments from Minneapolis Fed President Neel Kashkari, who said policymakers had not completely ruled out further rate hikes - even if the current policy stance was restrictive. Fixed Income strategist, Dario Messi, explains what's behind the more cautious tone from Fed speakers and what it means for investors.00:00 Introduction by Bernadette Anderko (Investment Writing)00:24 Markets wrap-up by Roman Canziani (Head of Investment Writing)05:02 Bond markets update by Dario Messi (Fixed Income Strategy)09:56 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.

Germany's Ifo business climate survey shows an improved outlook, while European equities see renewed inflows. Elon Musk's AI startup xAI raises USD 6 billion in its second round of funding. Japan's inflation picks up, supporting the case for higher interest rates. Shanghai makes it easier for home buyers. And the US moves to T+1 stock settlement. Manuel Villegas of Next Generation Research wonders if it will be ‘sell the news’ once Ethereum ETFs will be trading on US exchanges.00:00 Introduction by Bernadette Anderko (Investment Writing)00:24 Markets wrap-up by Mike Rauber (Investment Writing)07:24 Digital Assets update by Manuel Villegas (Next Generation Research)12:12 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.

Fresh data from China showed that industrial profits rose, boosting Asia-Pacific markets today. Meanwhile, Ethereum, the second largest digital token, rose as the US SEC signed off on a proposal by major US exchanges to list Ether-linked products. Gold edged higher this morning, while oil prices are in a holding pattern ahead of the OPEC+ meeting later this week. Today’s public holidays in the US and UK are expected to keep trading relatively thin. Mensur Pocinci, Head of Technical Analysis, joins us today to discuss what the charts say about where equities and bonds might go from here.00:00 Introduction by Bernadette Anderko (Investment Writing)00:24 Markets wrap-up by Lucija Caculovic (Investment Writing)06:03 Technical analysis update by Mensur Pocinci (Head of Technical Analysis Research)10:41 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.

Stronger US economic data reduces the case for an interest rate cut, weighing on gold, US Treasuries and global equities. Bucking the trend, Nvidia was up almost 10% and its market cap is now larger than the entire German stock market. The latest eurozone data points to a recovery. Ethereum received a big regulatory boost and the launch of spot Ether ETFs in the US looks more likely. Tim Gagie, Head of FX & PM Solutions Geneva, notes that the CHF, which has now weakened slightly, had been too strong and recalls the time when one of his British pounds bought him more than two Swiss francs.00:00 Introduction by Helen Freer (Investment Writing)00:24 Markets wrap-up by Mike Rauber (Investment Writing)07:30 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva)11:58 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 are higher following NVIDIA's stellar results and despite news that the Federal Reserve may keep interest rates in restrictive territory for longer than expected. Carsten Menke, Head of Next Generation, explains why the latest Chinese stimulus package has little impact on industrial metals, and Nicolas Jordan from our CIO office summarises the views and positioning of the bank's investment committee.00:00 Introduction by Bernadette Anderko (Investment Writing)01:02 Markets wrap-up by Roman Canziani (Head of Investment Writing)06:27 Impact of China’s rescue package on industrial metals by Carsten Menke (Head of Next Generation Research)10:12 Investment Committee update by Nicolas Jordan (CIO Office)13:45 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.

US stocks moved higher yesterday, with the S&P 500 closing at another all-time high, but not without signs of caution among investors ahead of Nvidia’s earnings announcement today. UK inflation has fallen to its lowest level in almost three years, although April’s drop was not as large as expected which helped the pound sterling jump to its highest level in two months. Dario Messi, Fixed Income Strategy, provides us with his insights into the impact of last week’s US CPI print on the interest rate outlook in the US.00:00 Introduction by Bernadette Anderko (Investment Writing)00:20 Markets wrap-up by Jonti Warris (Investment Writing)05:56 Bond markets update by Dario Messi (Fixed Income Strategy)11:47 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 wherever you get your podcasts.

With artificial intelligence so prominent in our lives, it’s perhaps no surprise that one of the biggest players – Nvidia – is not only partially responsible for the current explosion in the sector, but will also be a key factor in where the markets go this week, given that it reports its results tomorrow. Wall Street firms are certainly lining up for good news so let’s hope that they are not disappointed. Stock markets continue to hit new highs, with gold and silver joining the party. Our Head of Technical Analysis, Mensur Pocinci, explores whether this can continue on today’s show.00:00 Introduction by Helen Freer (Investment Writing)00:27 Markets wrap-up by Bernadette Anderko (Investment Writing)06:41 Technical analysis update by Mensur Pocinci (Head of Technical Analysis Research)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.

Both European and US stock markets ended yesterday’s trading session in negative territory, but the Dow Jones made some positive headlines as it touched the significant milestone of 40,000 points for the first time in history. Macroeconomic data releases from the US continued to point to a stable or gradually cooling US economy, while China reported a mixed economic picture, weighing on Asia-Pacific markets. Tim Gagie, Head of FX & PM Solutions in Geneva, joins the show today to talk about the US dollar and metals.00:00 Introduction by Helen Freer (Investment Writing)00:21 Markets wrap-up by Lucija Caculovic (Investment Writing)06:14 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva)10:49 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.