Moving Markets

US equity markets all made solid gains on Friday and 2-year and 10-year US Treasury yields rose for the first time in four days. Wheat futures have surged today after Russia has withdrawn from the Black Sea corridor agreement and in Brazil’s presidential election, the left-wing former president Lula da Silva has beaten the far-right incumbent Bolsonaro. Mensur Pocinci, Head of Technical Analysis, provides his latest thoughts from a technical perspective.00:09 Introduction and markets wrap-up by Helen Freer (Investment Writing)04:25 Technical update by Mensur Pocinci (Head of Technical Analysis)07:13 Closing remarks by Helen Freer (Investment Writing)

Shares are falling in Asia after disappointing results from US tech giants Meta and Alphabet, while the Bank of Japan does not move an inch on its ultra-low interest rate policy. David Meier, Macro & Next Generation Research, notes that the ECB is clearly focused on the inflation battle, but he explains why we have a below consensus view on future interest rate hikes. Carsten Menke, Head of Next Generation Research, sees digital assets moving from crypto crisis to crypto calm, but it’s too early to argue for a rapid rebound as bottom-up crypto-specific factors have not turned favourable (yet).00:09 Introduction and markets wrap-up by Mike Rauber (Investment Writing)04:14 ECB interest rate decision by David Meier (Macro and Next Generation Research)07:44 Digital asset update by Carsten Menke (Head of Next Generation Research)11:24 Closing remarks by Mike Rauber (Investment Writing)

Credit Suisse posted a disastrous loss of CHF 4 bn in its Q3 results, hugely below the average estimate of CHF 413m. The disappointing results come as the bank is preparing a sweeping restructuring overhaul and is said to be in advanced talks with a group including heavyweights Apollo and Pimco, who are interested in buying the bank’s securitised products business. Norbert Rücker, Head of Macro & Next Generation Research, gives an update on energy, and Nicolas Jordan, CIO Strategy and Investment Analysis, provides an update from Julius Baer’s Investment Committee.00:09 Introduction and markets wrap-up by Jonti Warris (Investment Writing)04:00 Energy update by Norbert Rücker (Head of Macro and Next Generation Research)06:25 Latest CIO views by Nicolas Jordan (CIO Strategy & Investment Analysis)09:11 Closing remarks by Jonti Warris (Investment Writing)

Chinese stocks in Hong Kong extended their rebound from their historic rout earlier this week, as authorities sought to bolster investor confidence in one of the worst-performing markets this year. Rishi Sunak is under criticism for reappointing a number of scandal-plagued former ministers to senior government positions. Philipp Lienhardt, Head of Equity Research, gives an earnings season update.00:09 Introduction and markets wrap-up by Alexander Petersen (Investment Writing)02:44 Earnings season update by Philipp Lienhardt (Head of Equities Research)06:24 Closing remarks by Alexander Petersen (Investment Writing)

US stock markets rallied yesterday but Asian markets couldn’t quite make their minds up, underscoring investor nervousness following China’s twice-a-decade Communist Party Congress and the announcement that President Xi Jinping remains in power. Rishi Sunak will become the UK’s new prime minister after meeting with the King today. David Meier, Macro & Next Generation Research, shares his thoughts on what Mr Sunak’s government needs to do now and Richard Tang, Head of Research Hong Kong provides his insights into what to expect from China’s ‘new’ cabinet.00:09 Introduction and markets wrap-up by Bernadette Anderko (Investment Writing)03:23 UK politics by David Meier (Macro & Next Generation Research)07:16 Chinese National People’s Congress by Richard Tang (Head of Research Hong Kong)12:41 Closing remarks by Bernadette Anderko (Investment Writing)

After the end of the party Congress in China, big falls in Hong Kong stocks and mainland China markets today have seen the Hang Seng index drop to its lowest levels since April 2009. There have been big swings in the yen amid signs of another intervention from the Japanese authorities. And after Boris Johnson withdraws from the Conservative party leadership race in the UK, Rishi Sunak and Penny Mordaunt are left to battle it out, with Sunak the current frontrunner. Mensur Pocinci, Head of Technical Analysis, provides his latest thoughts from a technical perspective.00:09 Introduction and markets wrap-up by Helen Freer (Investment Writing)04:02 Technical update by Mensur Pocinci (Head of Technical Analysis)07:03 Closing remarks by Helen Freer (Investment Writing)

Traders were probably less surprised about Liz Truss’s political exit than herself. However, this morning, it is economic data, which weigh on the British pound. Yields in the US are back at levels last seen during the financial crisis and European yields are expected to catch up. Tim Gagie, our Head of FX&PM Solutions Geneva, shares his views on the latest moves in FX and metals markets.00:09 Introduction and markets wrap-up by Roman Canziani (Head of Investment Writing)04:32 FX and metals update by Tim Gagie (Head of FX&PM Solutions Geneva)07:08 Closing remarks by Roman Canziani (Head of Investment Writing)

The equity market rally seen earlier in the week stalled yesterday and 2 and 10-year US Treasury yields climbed 13 basis points amid fears of a global slowdown. The Japanese Yen is inching towards the psychological barrier of 150 relative to the US dollar, so investors are watching closely for further intervention to support the currency. Nicolas Jordan, CIO Strategy & Investment Analysis, provides details on the latest discussions with regard to the bank’s investment strategy.00:09 Introduction and markets wrap-up by Helen Freer (Investment Writing)03:49 IC update by Nicolas Jordan (CIO Strategy & Investment Analysis)06:50 Closing remarks by Helen Freer (Investment Writing)

Earnings reports in the US fuelled the rally overnight but the story was more mixed in Asian trading. Mathieu Racheter, Head of Equity Strategy explains why he favours software in the IT space, and Dario Messi, Fixed Income Research joins us to reveal whether or not emerging market bond yields are just too attractive to ignore.00:09 Introduction and markets wrap-up by Bernadette Anderko (Investment Writing)03:36 Our focus in the IT space by Mathieu Racheter (Head of Equity Strategy)05:39 Emerging markets bond yields: too attractive to ignore? By Dario Messi (Fixed Income Research)08:49 Closing remarks by Bernadette Anderko (Investment Writing)

The global stock market started the week with a big rally, which saw the Nasdaq Composite Index rise 3.4%. Reasons for the rally were the solid earnings reports so far that offer a largely rosy view of the US consumer, as well as the news that Jeremy Hunt, the new UK Chancellor of the Exchequer, will reverse nearly all announced tax cuts and wind back energy subsidies. Richard Tang, Head of Research Hong Kong, provides us with an update on China’s green ambitions.00:09 Introduction and markets wrap-up by Lucija Caculovic (Investment Writing)03:53 Update on China’s green ambitions by Richard Tang (Head of Research Hong Kong)09:01 Closing remarks by Lucija Caculovic (Investment Writing)