Moving Markets

With the UBS take-over of Credit Suisse dominating all the headlines, both stock and credit markets are under pressure, the latter due to fears on deeply subordinated bond exposures, which the Swiss regulator called worthless in the case of Credit Suisse. Markus Wachter, from Technical Analysis, gives some guidance on where support and resistance levels are across the major market indices.00:14 Introduction and markets wrap-up by Mike Rauber (Investment Writing) and Roman Canziani (Head of Investment Writing)04:53 Technical update by Markus Wachter (Technical Analysis)07:24 Closing remarks by Mike Rauber (Investment Writing) 

News that the biggest banks in the US said they’ll deposit USD 30 billion with First Republic Bank seemed to boost investor confidence yesterday and equity markets rebounded. All the major indices in the US and Europe ended the day in the green. Also yesterday, the ECB raised interest rates by 50 basis points - our Chief Economist, David Kohl, shares his thoughts on this and his expectations on the pace of rate hikes going forward. Finally, Tim Gagie, Head of FX and PM Solutions Geneva, provides an update on currencies.00:14 Introduction and markets wrap-up by Helen Freer (Investment Writing)04:15 Comments on ECB decision by David Kohl (Chief Economist)08:09 FX update by Tim Gagie (Head of FX & PM Solutions Geneva)12:40 Closing remarks by Helen Freer (Investment Writing)

Credit Suisse will borrow CHF 50 billion from the SNB and make a tender offer to buy back up to CHF 3 billion in Dollar and Euro-denominated debt. European Central Bank officials have a crucial decision to make today as they consider whether the market turmoil surrounding Credit Suisse is severe enough to derail a long-anticipated interest-rate hike. Jeremy Hunt's decision to inject more than GBP 20 billion into the UK economy may push the Bank of England to raise interest rates again. Mathieu Racheter, Head of Equity Strategy provides an update on European banks and Carsten Menke, Head of Next Generation Research shares his thoughts on the impact of the market turbulence on the gold and silver markets.00:14 Introduction and markets wrap-up by Alex Petersen (Investment Writing)02:46 Thoughts on European banks by Mathieu Racheter (Head of Equity Strategy Research)05:17 Impact of market turbulence on the gold and silver markets by Carsten Menke (Head of Next Generation Research)08:10 Closing remarks by Alex Petersen (Investment Writing)

US equity markets staged a rebound yesterday following the brutal selloff earlier this week, as traders see the worst of the US banking sector turmoil now behind us. UK Chancellor Jeremy Hunt will today unveil his first budget as the country battles a cost-of-living crisis and a stalling economy. And Dario Messi, Fixed Income Research Analyst, takes a closer look at what the recent market developments and the latest US inflation print mean for bond markets.00:14 Introduction and markets wrap-up by Jonti Warris (Investment Writing)04:09 Bond market update in the light of latest US CPI data and SVB by Dario Messi (Fixed Income Research)07:56 Closing remarks by Jonti Warris (Investment Writing)

The major US indices closed lower yesterday with the exception of tech which managed to close higher. Asia also traded lower overnight. Traders and investors are now eyeing other banks to see if they have similar issues to SVB, and also mulling whether or not the bank’s collapse might lead the US federal Reserve to change their monetary policy path. All eyes will be on US inflation data later today. Manuel Villegas (Next Generation Research) and Ronny Kaufmann (CIO Office) join the show to inform us how the SVB collapse impacts crypto assets and give us the view on the collapse from our CIO.00:14 Introduction and markets wrap-up by Bernadette Anderko (Investment Writing)04:04 Digital assets & SVB by Manuel Villegas (Next Generation Research)08:38 Thoughts on the SVB situation by Ronny Kaufmann (CIO Strategy & Investment Analysis)13:44 Closing remarks by Bernadette Anderko (Investment Writing)

US regulators stepped in over the weekend to ensure that customers of the collapsed bank will have access to their insured and uninsured deposits. This is calming markets after last week's losses, with the S&P 500 set to open sharply higher and investors reducing bets on central bank tightening. In today's episode, Mensur Pocinci, Head of Technical Analysis, looks at the level that the S&P 500 must hold to remain in an uptrend, which is 3,900. Roger Degen, Equities Research, provides more details on the US banking sector, noting that Silicon Valley Bank is not representative of the US banking sector as a whole.   00:14 Introduction and markets wrap-up by Mike Rauber (Investment Writing)04:22 Technical update by Mensur Pocinci (Head of Technical Analysis)06:41 US banks by Roger Degen (Equity Research)10:24 Closing remarks by Mike Rauber (Investment Writing)

Wall Street suffered a losing session yesterday, dragged down by financials and concerns that higher interest rates could leave banks exposed to loan losses due to borrower defaults. Meanwhile, remarks from Federal Reserve Chairman Jerome Powell continue to leave market participants pondering how much the US central bank might raise interest rates and what the consequences might be. Today's guests are David Kohl, Chief Economist, who comments on the Fed, and Tim Gagie, Head of FX & PM Solutions in Geneva, who shares his latest views on currencies.00:14 Introduction and markets wrap-up by Lucija Caculovic (Investment Writing)03:12 Comments after Powell’s testimony by David Kohl (Chief Economist)06:07 FX update by Tim Gagie (Head of FX & PM Solutions Geneva)08:15 Closing remarks by Lucija Caculovic (Investment Writing)

After suggesting on Tuesday that the US Federal Reserve might be prepared to increase the pace of interest rate hikes again, in his testimony the Fed Chair Jerome Powell softened his tone slightly yesterday and said that policymakers would wait for more data before making this month’s interest rate decision. With investors considering what his remarks mean in terms of the risk of a recession, there were lots of twists and turns but no huge gains or losses in markets yesterday. Carsten Menke, Head of Next Generation Research, shares his thoughts on what this all means for the gold and silver markets, and Ronny Kaufmann from the CIO Strategy & Investment Analysis team fills us in on the Investment Committee’s most recent thoughts and actions.00:14 Introduction and markets wrap-up by Helen Freer (Investment Writing)03:52 Gold and silver update by Carsten Menke (Head of Next Generation Research)07:00 Investment Committee update by Ronny Kaufmann (CIO Strategy & Investment Analysis)11:30 Closing remarks by Helen Freer (Investment Writing)

Jerome Powell warned yesterday that the “the ultimate level of interest rates is likely to be higher than previously anticipated”, which set in motion a sell-off in stocks and bonds and saw the dollar stage a rally. Asia (ex Japan) followed suit with the added downward impetus of a more-modest-than-expected China growth target. Equity strategist Leonardo Pellandini joins the show to explain why healthcare stocks deserve their ‘Overweight’ rating.00:14 Introduction and markets wrap-up by Bernadette Anderko (Investment Writing)03:40 Overweight healthcare stocks by Leonardo Pellandini (Equity Strategy)07:00 Closing remarks by Bernadette Anderko (Investment Writing)

The rally on equity markets fizzled out towards the end of the trading day in the US as traders started squaring positions ahead of Federal Reserve Chair Jerome Powell’s US Senate testimony later today. David Kohl, our Chief Economist, explains why the path of least resistance for European inflation data is lower, despite the latest data continuously surprising to the upside, and Manuel Villegas from Next Generation Research shares his latest views on digital assets, namely layer 1 and layer 2 protocols.00:14 Introduction and markets wrap-up by Roman Canziani (Head of Investment Writing)03:49 EU inflation data and impact on ECB policy by David Kohl (Chief Economist)07:48 Digital assets update by Manuel Villegas (Next Generation Research)11:13 Closing remarks by Roman Canziani (Head of Investment Writing)