Moving Markets

As if investors didn't already have enough to digest this week, with interest rate hikes from the major central banks and the ongoing earnings season, there was a fresh sell-off in US regional banks which only added to events. However, investors seemed to quickly regain their composure and this volatility just highlights the fragility of the market. With oil suffering some declines this week, Norbert Ruecker, our Head of Macro & Next Generation Research, joins today’s episode to share his view on the commodity. 00:14 Introduction by Helen Freer (Investment Writing)00:38 Markets wrap-up by Lucija Caculovic (Investment Writing)05:58 Update on oil by Norbert Rücker (Head of Macro & Next Generation Research)08:30 Closing remarks by Helen Freer (Investment Writing)

The US central bank raised its benchmark interest rate by a quarter of a percentage point to the 5.00%-5.25% range as forecast. In his statement following the announcement, Fed Chair Jerome Powell gave hints that the Fed could now be set to pause its current hiking cycle. Tim Gagie, Head of FX & PM Solutions Geneva, shares his thoughts on the outlook for the US dollar, and Ronny Kaufmann, CIO Strategy & Investment Analysis, gives us an update on the latest thoughts of our CIO. 00:14 Introduction by Helen Freer (Investment Writing)00:40 Markets wrap-up by Jonti Warris (Investment Writing)05:33 FX update by Tim Gagie (Head of FX & PM Solutions Geneva)09:42 Update from the CIO Office by Ronny Kaufmann (CIO Strategy & Investment Analysis)14:37 Closing remarks by Helen Freer (Investment Writing)

The US Federal Reserve is expected to raise its key interest rate to 5.25% today. However, with markets pricing in a rate cut by the end of the year, all eyes will be on the Fed's statement and Jerome Powell's press conference. Yesterday's sell-off in US regional banks and the ongoing debt ceiling debate will make his comments all the more important. Mathieu Racheter, Head of Equity Strategy, notes that US Q1 earnings are coming in better than expected, but the market reaction has been muted – one big exception: large-cap communications stocks, a sector he recently put on Overweight.00:14 Introduction by Roman Canziani (Head of Investment Writing)00:54 Markets wrap-up by Mike Rauber (Investment Writing)05:51 Earnings season update by Mathieu Racheter (Head of Equity Strategy)10:11 Closing remarks by Roman Canziani (Head of Investment Writing)

Central bank rate hike decisions are in the spotlight this week, but equity market sentiment has picked up somewhat in recent days. Our Chief Economist, David Kohl, shares his thoughts on what the markets want to hear from central banks and why the risk of a US recession has increased. And Next Generation Research's Manuel Villegas explains why he believes that regulatory action in the crypto space is set to increase.00:14 Introduction by Helen Freer (Investment Writing)00:43 Markets wrap-up by Roman Canziani (Head of Investment Writing)05:38 Comments on latest US data by David Kohl (Chief Economist)11:06 Digital Assets update by Manuel Villegas (Next Generation Analyst)14:42 Closing remarks by Helen Freer (Investment Writing)

While there are fresh jitters in the banking sector, tech stocks are lifting the broader market. Meanwhile, investors are digesting yesterday’s US GDP data while awaiting the Federal Reserve’s favourite inflation gauge – the Personal Consumption Expenditures (PCE) deflator due out later today. Tim Gagie, Head of FX & PM Solutions in Geneva, joins today’s show to give his views on how central banks are impacting FX markets and he reveals which currencies looks like good value at the moment.00:14 Introduction by Helen Freer (Investment Writing)01:09 Markets wrap-up by  Lucija Caculovic (Investment Writing)05:28 FX update by Tim Gagie (Head of FX & PM Solutions Geneva)10:02 Closing remarks by Helen Freer (Investment Writing)

With the Q1 earnings season garnering the attention of investors this week, big-tech earnings are helping to bolster sentiment amid lingering concerns about the health of US regional banks. Carsten Menke, Head of Next Generation Research, shares his thoughts on the recent rally in gold, and Ronny Kaufmann, CIO Strategy & Investment Analysis, gives us an update on the latest thoughts of our CIO.00:14 Introduction by Helen Freer (Investment Writing)00:37 Markets wrap-up by Jonti Warris (Investment Writing)04:54 Gold update by Carsten Menke (Head of Next Generation Research)08:33 Update from the CIO Office by Ronny Kaufmann (CIO Strategy & Investment Analysis)12:14 Closing remarks by Helen Freer (Investment Writing)

Just as the banking sector was recovering from the turmoil that engulfed it last month, First Republic Bank is making fresh headlines with its divestment plans. Meanwhile, the so-called FAANMG stocks have started their fair share of earnings reports, which showed that quarterly results were largely driven by their established search and cloud computing businesses, and they also used their investor calls to highlight what's next: Artificial Intelligence. Dario Messi from Fixed Income Research shares his thoughts on US high yield and emerging market hard currency debt.00:14 Introduction by Lucija Caculovic (Investment Writing)00:33 Markets wrap-up by Alexander Petersen (Investment Writing)04:18 Fixed income update by Dario Messi (Fixed Income Research)08:14 Closing remarks by Lucija Caculovic (Investment Writing)

While financial markets’ overall ups and downs remain rather muted, there is a lot happening on a single company level with about 180 S&P companies reporting this week alone. Listen to what Leonardo Pellandini, Equity Strategist thinks about the current earnings season. And in addition, there is news about crypto regulation – Manuel Villegas from Next Generation Research shares his thoughts about it.00:14 Introduction by Bernadette Anderko (Investment Writing)00:30 Markets wrap-up by Roman Canziani (Head of Investment Writing)05:27 Earnings update by Leonardo Pellandini (Equity Strategy)09:30 Digital assets and regulation by Manuel Villegas (Next Generation research)13:38 Closing remarks by Bernadette Anderko (Investment Writing)

On the earnings front, Coca-Cola and First Republic Bank, which has been at the centre of a crisis of confidence in mid-sized US banks following the collapse of SVB, will be reporting today. The major US technology companies will start reporting tomorrow, as well as SMI heavyweights. And on Friday the Bank of Japan meets, and the US Federal Reserve releases its preferred inflation indicator, the core PCE. Mensur Pocinci, our Head of Technical Analysis, talks today about the major tailwinds supporting equities, but also the resistance levels worth watching.00:14 Introduction by Bernadette Anderko (Investment Writing)00:40 Markets wrap-up by Mike Rauber (Investment Writing)05:15 Technical outlook by Mensur Pocinci (Head of Technical Analysis)07:24 Closing remarks by Bernadette Anderko (Investment Writing)

US stocks fell and US Treasuries rallied after the release of disappointing economic reports and some weaker than expected earnings. March inflation figures from Japan were slightly higher than expected. Bence Boldvai, FX & PM Advisory, comments on the Yen and next week's Bank of Japan meeting, as well as other issues driving the currency markets at the moment.00:14 Introduction by Helen Freer (Investment Writing)00:35 Markets wrap-up by Mike Rauber (Investment Writing)05:21 FX update by Bence Boldvai (FX & PM Advisory)09:26 Closing remarks by Helen Freer (Investment Writing)