Moving Markets

OPEC+ announced an unexpected cut in oil production of more than a million barrels per day, breaking its promise to maintain supply stability and introducing a new risk to the global economy. In company news, after completing its takeover of Credit Suisse, UBS is expected to reduce its workforce by 20% to 30%; and Tesla has fallen short of Elon Musk's long-term goal of 50% annual growth despite record first-quarter deliveries. Mensur Pocinci, our Head of Technical Analysis, provides some insights into the this morning’s oil rally.00:14 Introduction by Helen Freer (Investment Writing)00:36 Markets wrap-up by Alexander Petersen (Investment Writing)04:21 Technical analysis update by Mensur Pocinci (Head of Technical Analysis)06:41 Closing remarks by Helen Freer (Investment Writing)

US large-cap equities had another strong day, and the Biden administration wants to strengthen banking regulation. China’s non-manufacturing PMI data release points towards the country’s economic recovery gaining strength. Yet, for trading action today all eyes will be on the release of the Core US PCE Deflator, the US Federal Reserve’s preferred inflation measure, at 14:30 CET. Carsten Menke, Head of Next Generation Research, takes a closer look at gold after it has moved back towards USD 2,000 an ounce as of late.00:14 Introduction by Roman Canziani (Head of Investment Writing)00:34 Markets wrap-up by Mike Rauber (Investment Writing)05:24 Gold in the spotlight by Carsten Menke (Head of Next Generation Research)09:08 Closing remarks by Roman Canziani (Head of Investment Writing)

Global equities advanced yesterday, and investors are now turning their focus to tomorrow’s core PCE deflator data. The Bank of England has warned that the UK financial system urgently needs to be made more resilient. Nicolas Jordan from CIO & Strategy Analysis provides us with the latest from the Julius Baer Investment Committee. And we have an update from Tim Gagie, our Head of FX&PM Solutions in Geneva, on forex and precious metals00:14 Introduction by Mike Rauber (Investment Writing)00:39 Markets wrap-up by Jonti Warris (Investment Writing)04:21 News from the Investment Committee by Nicolas Jordan (CIO Strategy & Investment Analysis)07:23 FX & PM update by Tim Gagie (Head of FX & PM Solutions Geneva)11:15 Closing remarks by Mike Rauber (Investment Writing)

With nerves calmed, traders have started to reassess the odds of additional interest rate hikes in Europe and the US. Leonardo Pellandini, Equity Strategy Research, explains why he believes in a comeback for quality growth stocks, and Dario Messi, Fixed Income Research, highlights where fixed income investors can now find value.00:14 Introduction by Lucija Caculovic (Investment Writing)00:34 Markets wrap-up Roman Canziani (Head of Investment Writing)05:07 The comeback of quality growth by Leonardo Pellandini (Equity Strategy)07:50 Fixed income update by Dario Messi (Fixed Income Research)11:50 Closing remarks by Lucija Caculovic (Investment Writing)

With news of the prospect of further support from US authorities, there were signs of investors trying to move on from the regional banking crisis yesterday. The DJIA and the S&P 500 index both rose, although the Nasdaq Composite fell. Our Chief Economist, David Kohl, shares his thoughts on the economic outlook and the impact of the banking turmoil, and then Manuel Villegas, Next Generation Research analyst, provides an update on digital assets and the implications of tougher regulation in the crypto space.00:14 Introduction and markets wrap-up by Helen Freer (Investment Writing)03:29 Monetary Policy transmission by David Kohl (Chief Economist)07:53 Digital assets by Manuel Villegas (Next Generation Research)12:16 Closing remarks by Helen Freer (Investment Writing)

Whilst US markets closed last week on a high, Asian markets were more circumspect overnight and sentiment in China was dented by declining industrial profits data. Although it has been announced that First Citizens Bank & Trust Co is buying Silicon Valley Bank’s deposits and loans, nervousness persists in the banking sector. In today's episode, our Head of Technical Analysis, Mensur Pocinci, urges investors not to bottom-fish and explains why he’s watching gold and equities right now.00:14 Introduction and markets wrap-up by Bernadette Anderko (Investment Writing)03:21 Technical update by Mensur Pocinci (Head of Technical Analysis)06:06 Closing remarks by Bernadette Anderko (Investment Writing)

Bank stocks have held down overall stock markets over the past hours as traders remain wary of further potentially disruptive news from the sector. Short-dated government bonds rallied after several central banks hiked rates yesterday. David Kohl, our Chief Economist, puts these moves into perspective and Tim Gagie, our Head of FX&PM Solutions in Geneva, summarises his thoughts on the week in FX and metals.00:14 Introduction by Mike Rauber (Investment Writing)00:44 Markets wrap-up by Roman Canziani (Head of Investment Writing)05:01 Central bank decision week by David Kohl (Chief Economist)10:01 FX Update by Tim Gagie (Head of FX & PM Solutions Geneva)14:56 Closing remarks by Mike Rauber (Investment Writing)

The US Federal Reserve increased interest rates for the ninth consecutive time and signalled that additional increases might be forthcoming, prompting equity markets to tank. Today, the Swiss National Bank and the Bank of England are likely to follow suit with increases in their respective policy rates, continuing their fight against sticky inflation. Damien Ng from Next Generation Research gives insights on Genomics and Nicolas Jordan from CIO Strategy & Investment Analysis shares the latest news from the Investment Committee.00:14 Introduction and markets wrap-up by Alex Petersen (Investment Writing)03:00 Genomics – bright prospects by Dr. Damien Ng (Next Generation Research)08:31 News from the Investment Committee by Nicolas Jordan (CIO Strategy & Investment Analysis)11:33 Closing remarks by Alex Petersen (Investment Writing)

US equities rose yesterday, supported by comments from US Treasury Secretary Janet Yellen that the US government would step in again if smaller banks suffered deposit runs. Investors are now firmly focused on today's Federal Reserve meeting and Jerome Powell's press conference - it will be interesting to see if the markets give the decisions a thumbs up or thumbs down. In today's episode, Dario Messi, Fixed Income Research, looks at the surprise write-down of Credit Suisse's AT1 bonds following the UBS takeover announcement.00:14 Introduction and markets wrap-up by Bernadette Anderko & Mike Rauber (Investment Writing)07:28 Bond market update with a focus on AT1 by Dario Messi (Fixed income research)11:29 Closing remarks by Bernadette Anderko (Investment Writing)

The Credit Suisse ‘solution’ seems to have calmed global equity markets – with the major indices trading up in yesterday’s/overnight sessions. Regulators outside of Switzerland have been keen to clarify that shareholder capital has to be written down before AT1 debt, following the upset that has been caused in bond markets by Credit Suisse’s AT1 bonds being written down to zero. David Meier joins the show to provide insights on upcoming SNB, Bank of England and US Fed rate decisions, and Manuel Villegas charts Bitcoin’s moves in the wake of the recent market activity.00:14 Introduction and markets wrap-up by Bernadette Anderko (Investment Writing)02:41 Fed, BoE and SNB meetings by David Alexander Meier (Senior Economist)07:52 Digital assets update by Manuel Villegas (Next Generation Research)10:55 Closing remarks by Bernadette Anderko (Investment Writing)