Moving Markets

US markets closed higher on Monday with the technology, financials and industrials sectors outperforming. Asia Pacific markets are mixed this morning, as China's sluggish economic recovery has led to a downgrade in growth forecasts. In response, China has unveiled an 11-point package of measures to support household spending. Microsoft has moved closer to completing its USD 69 billion acquisition of Activision but the deal is not likely to close by today’s deadline. Thomas Caflisch, our Head of FX & PM Solutions, provides an update on the currency markets and Leonardo Pellandini, from the Equity Strategy Research team, reviews the Q2 earnings season so far.00:14 Introduction by Helen Freer (Investment Writing)00:44 Markets wrap-up by Alexander Petersen (Investment Writing)04:34 FX update by Thomas Caflisch (Head of FX & PM Solutions)06:50 Q2 earnings season by Leonardo Pellandini (Equity Strategy Research)10:03 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 your favourite podcast player. 

In a week full of optimism that the Fed was getting closer to ending its rate hikes, global equities rallied. The USD could not hold its own and sold off sharply last week. China's Q2 growth figures out this morning disappoint and are weighing on local equities. In the US, the Q2 earnings season has kicked off in earnest, with the big US banks surprising on the upside on Friday. UnitedHealth's strong results are an encouraging sign for the defensive healthcare sector, which is lagging this year. More than 150 companies will report this week. Mensur Pocinci, our Head of Technical Analysis, notes that the USD has broken major support levels.00:14 Introduction by Helen Freer (Investment Writing)00:38 Markets wrap-up by Mike Rauber (Investment Writing)06:06 Technical Analysis viewpoints by Mensur Pocinci (Head of Technical Analysis)09:46 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. 

Global equities are heading for their best weekly gains since November last year after another set of lower than expected US inflation data. In Asia, optimism over policy support in China as well as the easing of some restrictions on artificial intelligence is supporting markets. Currencies have also seen some movement this week, with the US Dollar Index struggling. David Kohl, our Chief Economist, shares his views on the latest US data and the likely path of the Federal Reserve.00:14 Introduction by Bernadette Anderko (Investment Writing)00:33 Markets wrap-up by Lucija Caculovic (Investment Writing)04:59 Assessment of recent US data and Fed’s likely path now by David Kohl (Chief Economist)10:00 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. 

US equities rose, bond yields fell, gold advanced, and the US dollar dropped after US inflation data showed that core inflation fell to 4.8%. The lower inflation means that the real (inflation-adjusted) Fed Funds rate has turned positive for the first time in this economic cycle. Norbert Rücker, Head of Macro & Next Generation Research, talks about the clean energy investment theme, noting that it has become a victim of its own success. Nicolas Jordan, CIO Strategy & Investment Analysis, discusses the strong performance of the Magnificent 7 this year, highlighting that the rise of technology stocks is creating a positive performance backdrop for the broader equity market.00:14 Introduction by Bernadette Anderko (Investment Writing)00:33 Markets wrap-up by Mike Rauber (Investment Writing)05:37 Clean Energy downgraded to Neutral by Norbert Rücker (Head of Macro & Next Generation Research)08:52 Update from the CIO Office by Nicolas Jordan (CIO Strategy & Investment Analysis)11:54 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. 

US markets closed higher on Tuesday with the S&P 500 seeing Energy, Utilities & Industrials all outperforming. Asia Pacific markets were mixed, with Japan's Nikkei 225 trading lower and China's CSI 300 down 0.4% this morning, a sign that local investors would like to see more stimulus to support the ailing economy. Microsoft moved closer to completing its USD 69 billion bid for Activision. Dario Messi of the Fixed Income team highlights our strategy for investing in longer dated bonds and looks ahead to the release of US CPI data and the next FOMC meeting.00:14 Introduction by Bernadette Anderko (Investment Writing)00:35 Markets wrap-up by Alexander Petersen (Investment Writing)04:16 Strategy for adding duration to a portfolio by Manuel Villegas (Next Generation Research)09:38 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. 

China has signalled that it will extend a number of policies and concrete economic support measures to support its ailing real estate sector. Asian markets are trading higher on the news today. And we hear from Manuel Villegas, Next Generation Research, who talks to us about digital assets and provides an update on Solana.00:14 Introduction by Helen Freer (Investment Writing)00:32 Markets wrap-up by Jonti Warris (Investment Writing)06:15 Digital assets update update by Manuel Villegas (Next Generation Research)09:05 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 markets closed lower on the day and the week on Friday after non-farm payrolls data indicated that the Fed might raise rates at their forthcoming July meeting. Inflation data coming on Thursday and Friday will complete the final piece of the rate-hike puzzle. Meanwhile China’s disappointing CPI/PPI data this morning has heightened expectations of more monetary policy support being required. As the Q2 earnings season is set to kick-off, hear what our Head of Technical Analysis, Mensur Pocinci, has to say about the prospects for the US equity and bond markets.00:14 Introduction by Helen Freer (Investment Writing)00:35 Markets wrap-up by Bernadette Anderko (Investment Writing)06:09 Technical analysis update by Mensur Pocinci (Head of Technical Analysis)10:30 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 have suffered steep losses in recent hours on the back of better-than-expected private employment data - today's official US non-farm payrolls report for June is likely to shed further light on the resilience of the US economy. Tim Gagie, our Head of FX & PM Solutions Geneva, shares his thoughts on how these figures could impact currencies and metals. And Kelly Chia, Deputy Head of Research Asia, talks about where he sees the best investment opportunities in Asian equity markets at the moment.00:14 Introduction by Helen Freer (Investment Writing)00:44 Markets wrap-up by Roman Canziani (Investment Writing)06:54 FX update by Tim Gagie (Head of FX & PM Solutions Geneva)12:32 Market Outlook Mid-Year 2023 deep-dive – Asian Equities by Kelly Chia (Deputy Head of Asia Research)18:15 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. 

The Fed minutes released yesterday revealed some disagreement among committee members regarding the future path of interest-rate policy. After their June ‘pause’ it seems that members do expect to resume hiking rates but perhaps at a slower pace. US and Asian markets closed lower, with Asian stocks also impacted by the recent disappointing data from China. Norbert Rücker, Head of Macro and Next Generation Research, updates us on events in the oil markets, whilst Nicolas Jordan fills us in on our CIO’s current thinking.00:14 Introduction by Helen Freer (Investment Writing)00:39 Markets wrap-up by Bernadette Anderko (Investment Writing)06:09 Oil update by Norbert Rücker (Head of Macro & Next Generation Research)09:05 Update from the CIO Office by Nicolas Jordan (CIO Strategy & Investment Analysis)11:09 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. 

China’s services sector activity is seeing a deceleration in its growth rate, as some firms reported softer than expected market demand, denting investor sentiment ahead of US Treasury Secretary Janet Yellen's visit to China. And we hear from Mathieu Racheter, Head of Equity Strategy, who shares with us his outlook for developed market equities in the second half of 2023.00:14 Introduction by Bernadette Anderko (Investment Writing)00:41 Markets wrap-up by Jonti Warris (Investment Writing)04:39 Mid-Year Market Outlook - Developed-Market Equity Strategy by Mathieu Racheter (Head of Equity Strategy)10:07 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.