Moving Markets: Daily News

European inflation surprised to the upside, driven by energy prices, while softer US inflation data offered some reassurance for markets. However, the bond market stress continued with Treasury yields rising, weighing on equities in their final stretch of the quarter. Asian markets opened Q4 positively, led by technology shares after Micron's strong revenue outlook. Richard Tang, Head of Research Hong Kong, shares his insights about Asia and what he expects from the region in the final innings of the year.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:31) - Markets wrap-up: Jan Bopp, Product & Investment Content (05:24) - Asia update: Richard Tang, Head of Research Hong Kong (11:33) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Whilst the 30-year US Treasury bond yield rose for a sixth consecutive session, traders were calmed somewhat by comments from New York Federal Reserve President John Williams yesterday. Markets are now pricing in a 49% chance of a Fed rate hike in October, down from 71% on Monday. This didn't help US indices though: they all declined on the day. Asia saw stocks recover and there was encouraging factory activity data out of China. Today sees the release of the Fed's preferred measure of inflation - the Personal Consumption Expenditures (PCE) Price Index. Our Head of Fixed Income Research, Dario Messi, joined the podcast to explain what is driving higher yields, where he believes investors can find the best value now, and why he believes that a quality bias in credit portfolios is still warranted.(00:00) - Introduction: Lucija Caculovic, Product & Investment Content (00:31) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (06:20) - Fixed income update: Dario Messi, Head of Fixed Income (10:06) - Closing remarks: Lucija Caculovic, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Rising oil prices and higher bond yields are keeping inflation concerns front and centre, pushing US Treasury yields to their highest level since 2007. The AI investment boom remains in focus, highlighted by NVIDIA's record buyback announcement and Anthropic's S-1 filing, a precursor to an eventual IPO. Policymakers continue to balance inflation and growth concerns, with Australia tightening policy further and China signalling fresh support for its slowing economy. Carsten Menke, Head of Next Generation, talks about the need of large cities to adapt to climate change, creating a very appealing structural growth outlook for the infrastructure and buildings value chains.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:31) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:00) - Adapting to a warmer world: Carsten Menke, Head of Next Generation Research (10:48) - Closing remarks: Bernadette Anderko, Product & Investment Content £Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Global bond yields moved higher once again as oil prices rallied following President Trump's rejection of Iran's ceasefire proposal. Meanwhile, Chinese equities fell to their lowest level in a year amid fresh US restrictions on technology exports. In Europe, the financial sector remains firmly in focus as market speculation grows around a potential tie-up between UBS and another major bank. In today's episode, we are joined by Mensur Pocinci, Head of Technical Analysis, who shares his latest views on market leadership, the strongest-performing sectors, and the outlook for precious metals.(00:00) - Introduction: Jan Bopp, Product & Investment Content (01:10) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (07:11) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (10:32) - Closing remarks: Jan Bopp, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

US-China relations are back in the spotlight, with investors watching whether talks between Presidents Trump and Xi can deliver meaningful progress and shift market sentiment. The discussions come as Chinese markets contend with trade uncertainty, tentative policy support and a challenging domestic growth backdrop.In this episode, Richard Tang, Head of Research Hong Kong at Julius Baer, speaks with Hong Hao, Managing Partner and CIO of Lotus Asset Management, about the Trump-Xi talks, the outlook for Chinese equities and property, and sentiment towards Chinese AI stocks. They also discuss the longer-term AI investment story and the impact of rising oil prices and interest rates on global markets.(00:00) - Trump-Xi talks: Can they deliver for markets? (01:55) - US, Europe and China: A changing trade landscape (06:40) - What could drive a year-end rebound in Chinese equities? (11:17) - Property support: Technical rebound or real recovery? (16:00) - China AI stocks: Sentiment versus fundamentals (22:38) - Oil, rates and the global market outlook

Rising government bond yields remain at the centre of investors' attention as expectations for further rate hikes in the US and Europe continue to build. Combined with a renewed rally in oil prices, higher yields are weighing on risk appetite and limiting the upside for equity markets. In today's episode, Tim Gagie, Head of FX & Precious Metals Advisory in Geneva, joins us to share his views on the US dollar, precious metals, and the key market themes investors should be watching.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:21) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (06:35) - FX & metals update: Tim Gagie, Head of FX & Precious Metals Sales Geneva (10:57) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

US Treasury yields surge the most since last year's tariff turmoil and what's next for gold? Bond yields surged globally as stronger-than-expected economic data reinforced higher-for-longer rate expectations. US Treasury yields recorded their biggest jump since last year's tariff-related market turmoil, while Japan's 10-year yield rose above 3% for the first time since 1996. Brent oil moved back above USD 100 per barrel. The safe-haven USD was well bid, while European and US equities moved lower. Asian markets were mixed today, with Japan rising after a three-day holiday. Carsten Menke, Head of Next Generation Research, discusses precious metals - from Fed policy to China's gold buying, he talks about what is likely to drive the gold and silver markets, and what is just noise.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:28) - Markets wrap-up: Mike Rauber, Product & Investment Content (07:04) - Gold and silver: Carsten Menke, Head of Next Generation Research (11:47) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

The Nasdaq climbed to a fresh record as investors continued to back AI-related stocks, while oil prices fell on hopes of easing tensions between the US and Iran. In today's episode, Dario Messi, Head of Fixed Income Research, and Mathieu Racheter, Head of Equity Strategy Research, share how last week's Fed rate hike has impacted their expectations for bond and equity markets, and discuss the key risks and opportunities investors are watching now.(00:00) - Introduction: Lucija Caculovic, Product & Investment Content (00:34) - Markets wrap-up: Jan Bopp, Product & Investment Content (06:07) - Bond markets after the FOMC: Dario Messi, Head of Fixed Income (09:18) - Equity markets after the FOMC: Mathieu Racheter, Head of Equity Strategy (14:24) - Closing remarks: Lucija Caculovic, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oil prices fell yesterday after President Trump said he would be open to meeting Iran's leader this week. The accompanying enthusiasm carried over into both European and US bond and equity markets. And these were further boosted by positive headlines around Meta's new AI Chatbot, Muse, boosting Meta's share price by 11% in the session and powering a surge in the technology heavy hitters that helped the Nasdaq Composite close at a new record high. The upcoming summit between the US and China is now in focus. Norbert Rücker, Head of Economics and Next Generation Research, joins today's podcast and talks, amongst other things, about the impact of Chinese electric vehicles outside their home market. Tune in to hear more of his thoughts on the importance of electrification and the outlook for Future Mobility.(00:00) - Introduction: Mike Rauber, Product & Investment Content (00:55) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (06:58) - Future mobility: Norbert Rücker, Head of Economics and Next Generation Research (13:43) - Closing remarks: Mike Rauber, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Technology and semiconductor stocks started the week on a positive note, while oil prices fell as traders anticipated a recovery in Saudi shipments, despite continued geopolitical risks in the Middle East. Meanwhile, political uncertainty in Germany, pressure on the Japanese yen, and optimism ahead of the planned meeting between US President Donald Trump and Chinese President Xi Jinping, remain in focus. In today's show, we discuss the latest developments across global markets and are joined by Mensur Pocinci, Head of Technical Analysis, who examines the signals emerging from the US market, the state of investor sentiment and the technical outlook for information technology stocks(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:48) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (07:07) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (09:54) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Equity markets in 2026 have delivered a volatile ride, with a strong rebound pushing most major indices into positive territory. But as investor focus narrows on AI and the so-called Magnificent Seven, where should attention shift for the remainder of the year—and what risks are hiding in plain sight?In this episode, Ayako Lehmann, Head of Webcasts & Video, is joined by Philipp Lienhardt, Head of Equity Research at Julius Baer, for a deep dive into the drivers of equity market performance in 2026. They discuss regional and sector standouts, the breadth of earnings growth beyond mega cap technology stocks, and the implications of increasing market concentration. The conversation covers sector positioning—why financials, health care, and communications remain overweight—and explores the outlook for subsectors including retail banks, payment networks, pharma, biotech, MedTech, and telecom operators. Philipp also shares practical guidance on avoiding common equity investing mistakes as year-end approaches.(00:00) - Introduction (01:02) - Equity market performance in 2026 (02:47) - Sector winners and laggards year to date (04:10) - Key surprises from the latest earnings season (05:45) - The challenge of beating market expectations (06:05) - Concentration risk and the AI-driven rally (08:28) - Equity research process and sector ranking (10:44) - Overweight sectors: financials, health care, communications (12:31) - Financials: retail banks, payment networks, rating agencies (12:39) - Health care: pharma, biotech, MedTech (17:29) - Communications: internet platforms, telecom operators, AI infrastructure (20:49) - Year-end investing mistakes to avoid (23:17) - Closing remarks (23:43) - Legal information Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Markets rebounded after three tough sessions, fuelled by a reassuring Federal Reserve, easing yields, and falling oil prices. Julius Baer Chief Economist David Kohl breaks down what the latest Fed decision means for the US economy and shares his expectations for the Bank of Japan following its overnight rate hike. Meanwhile, Tim Gagie, Head of FX Advisory in Geneva, explores the implications for the US dollar and explains why gold continues to shine.(00:00) - Introduction: Lucija Caculovic, Product & Investment Content (00:52) - Markets wrap-up: Jan Bopp, Product & Investment Content (06:52) - Fed and BOJ: David Kohl, Chief Economist (13:43) - FX & metals update: Tim Gagie, Head of FX & Precious Metals Sales Geneva (17:55) - Closing remarks: Lucija Caculovic, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

The US Federal Reserve raised interest rates by 25 basis points to 3.75%-4.00%, its first hike in three years. The accompanying projections and comments from Fed Chair Kevin Warsh signalled a hawkish tilt. Markets responded by raising expectations for another rate hike by year-end, lifting the USD and short-term Treasury yields, while gold held up well. Equities weakened overall, although losses were relatively modest outside the Dow Jones. Norbert Rücker, Head of Economics and Next Generation Research, discusses high oil, but even higher, diesel prices and why political interference is unlikely to derail the energy transition. Fixed income strategist, Afonso Borges, notes that bond markets have taken the Fed's communication mostly positively.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:47) - Markets wrap-up: Mike Rauber, Product & Investment Content (05:40) - Energy markets update: Norbert Rücker, Head of Economics & Next Generation Research (10:35) - Fixed income update: Afonso Borges, Fixed Income Research (13:43) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Rising oil prices and higher inflation concerns dominated markets as investors prepared for the Federal Reserve's highly anticipated rate decision. Treasury yields climbed to multi-decade highs, with the US 10-year yield breaching 5%, while government bond yields moved sharply higher across Europe and Asia. Equity markets struggled under the weight of rising rates, although energy stocks outperformed as oil prices rallied on supply disruption fears. In today's show, we discuss the key market drivers ahead of the Fed meeting and are joined by Mathieu Racheter, Head of Equity Strategy Research, who explains the latest changes to Swiss equity indices and examines what the recent rise in bond yields could mean for equity investors.(00:00) - Introduction: Jan Bopp, Product & Investment Content (00:48) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (07:59) - Equity market update: Mathieu Racheter, Head of Equity Strategy (12:23) - Closing remarks: Jan Bopp, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oil prices and global bond yields continued their ascent on Monday and the US 10-year treasury yield has hit the 5.02% this morning - a level not seen since 2007. Markets are now pricing in a 92% probability of a rate hike at tomorrow's FOMC meeting. And with expectations amongst traders growing that this will just be the first hike in a cycle, Kevin Warsh's statement after the meeting will be even more closely scrutinised than normal. With AI headlines a key driver of global equity market in the last 24 hours, tune in to today's podcast to hear Next Generation research analyst Enrico Chinello's view on the unfolding situation and what it means for investors.(00:00) - Introduction: Roman Canziani, Head of Product & Investment Content (00:41) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (06:14) - AI - pacing the frontier?: Enrico Chinello, Next Generation (13:06) - Closing remarks: Roman Canziani, Head of Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Markets are starting a pivotal week on the back foot, as AI-related stocks retreat following safety concerns raised by the chief executives of Anthropic and OpenAI. Investor sentiment has been further dampened by reports that OpenAI is not expected to go public this year. Meanwhile, oil prices are moving higher as tensions in the Middle East continue to escalate. Against this backdrop, attention is turning to a busy week for monetary policy, with markets bracing for interest rate hikes from both the Federal Reserve and the Bank of Japan. In today's episode, we are joined by Mensur Pocinci, Head of Technical Analysis, who shares his views on how much further oil prices could rise and where 10-year US Treasury yields may ultimately peak.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (01:02) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (06:13) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (08:56) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

As we head towards the final quarter of 2026, investors face a shifting landscape where AI remains the key growth engine but market leadership is broadening beyond US technology. With volatility persisting and geopolitical risks still in focus, where might the best opportunities lie for investors positioning their portfolios for the year end?In this episode, Bernadette Anderko is joined by Julius Baer's Head of Research, Christian Gattiker, and Richard Tang, Head of Research Hong Kong, to discuss their outlook for the markets for the year end. The conversation covers the evolving AI investment cycle and the broadening of equity market leadership, as well as the implications of US politics, Fed uncertainty, and ongoing Middle East tensions. They examine equity opportunities across regions and sectors globally, as well as their preferred positioning in fixed income. The conversation also covers the outlook for the US dollar, oil, and gold. And finally, there's also a suggestion for investors about what not to do as they head towards 2027.(00:00) - Introduction (00:44) - Setting the big picture for 2026 and beyond (02:13) - US market focus and the AI investment cycle (03:07) - China's economic outlook and policy stance (04:18) - Japan: Rate hike expectations and yen dynamics (05:27) - Central banks, Middle East tensions, and inflation impact (07:28) - Portfolio positioning for year-end (08:26) - Broadening equity market leadership (10:21) - Fixed income opportunities and duration (11:58) - Currencies, gold, and oil outlook (13:49) - What investors should avoid now (14:22) - Key takeaways from Asia and global perspective (15:33) - Closing remarks (16:20) - Legal information Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

US and European bond yields rose sharply as investors priced in higher inflation amid this week's rise in oil prices. The 10-year US Treasury yield approached 5%, but the increase in bond yields was truly global, weighing on global equities and precious metals. Despite the broader risk-off tone, AI-related investment remained a constructive theme, supported by Oracle's results and Microsoft's data centre expansion plans. David Kohl, Chief Economist, discusses the ECB's hawkish message and key considerations ahead of next week's Fed meeting.(00:00) - Introduction: Lucija Caculovic, Product & Investment Content (00:42) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:46) - ECB and US inflation data: David Kohl, Chief Economist (15:03) - Closing remarks: Lucija Caculovic, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Markets remain under pressure as oil prices continue to climb, with Brent crude now trading above the psychologically significant USD 100 per barrel mark. Attention is firmly focused on today's European Central Bank rate decision, where another hike is widely expected, as well as key US inflation data due later today and tomorrow. Against this backdrop, global government bond yields have risen to levels not seen in years. In today's episode, we welcome Afonso Borges from our Fixed Income Research team. He shares his perspective on the US Treasury's somewhat underwhelming buyback announcement and explains why he believes many of the concerns surrounding France's fiscal outlook are already reflected in current market pricing.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:42) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (05:59) - US and European Government bond markets: Afonso Borges, Fixed Income Research (09:37) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oil prices surged amid escalating tensions in the Middle East, pushing inflation back into focus ahead of key US CPI and PPI releases later this week. Meanwhile, trade tensions between the US and Canada intensified, while political uncertainty in Europe remained elevated following German state elections and continued debate over France's fiscal outlook. In today's show, Norbert Rücker, Head of Economics & Next Generation Research, shares his views on the energy market and explains why global oil supply remains more resilient than many investors fear. We also speak with Mathieu Racheter, Head of Equity Strategy Research, about rising political fragmentation across Europe and what it means for equity investors.(00:00) - Introduction: Roman Canziani, Head of Product & Investment Content (00:15) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (07:45) - Energy update: Norbert Rücker, Head of Economics & Next Generation Research (14:11) - Equity market update: Mathieu Racheter, Head of Equity Strategy Research (19:06) - Closing remarks: Roman Canziani, Head of Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Rising oil prices and renewed inflation concerns are pushing bond yields higher, and the result of Sunday's German state elections is weighing on sentiment in Europe. China bought the most gold in a month since 2023, and the Japanese yen is up to its strongest since February. Robust Chinese export growth comes ahead of ahead of President Xi's upcoming visit to the US this month. Carsten Menke, Head of Next Generation Research, talks about digital assets - not only what has driven their wild ride this year, but also what would be needed for them to recover more permanently.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:31) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:35) - Update on the digital assets market: Carsten Menke, Head of Next Generation Research (11:01) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Equity markets reacted to the August US non-farm payrolls data on Friday, which surprised to the upside, leading traders to believe that a hike is now more likely from the Fed on 16 September. Treasury yields moved higher, and the Dow and the S&P 500 closed the day lower. The Nasdaq 100 however closed above the flatline on Friday as tech stocks received a boost from OpenAI. This optimism spread to Asian markets this morning, with tech stocks there in buoyant mood, despite renewed hostilities in the Strait of Hormuz over the weekend. Mensur Pocinci, our Head of Technical Analysis, assesses rising Treasury yields and what investors should watch out for in the coming days, and also offers his technical view on the yen and Japanese equities after a remarkable week.(00:00) - Introduction: Mike Rauber, Product & Investment Content (01:10) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (07:32) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (11:55) - Closing remarks: Mike Rauber, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Strong earnings, improving shareholder returns, corporate reforms, and continued AI-related demand have reinforced the case for Japanese equities. But with a stronger yen and policy normalisation underway, can Japan's momentum continue? In this episode, Cheng Hin Saw, Head of Investment Specialists at Julius Baer, speaks with Louis Chua, Equity Research Analyst Asia, about the latest earnings season, the outlook for AI and the Japanese yen, opportunities beyond technology, and the structural drivers underpinning their constructive view on Japanese equities.(00:00) - Introduction (01:13) - Key highlights of a strong earnings season (03:19) - Why does management guidance remain conservative (04:26) - A pickup in earnings revisions (05:25) - Has the dynamic between yen and Japanese equities changed? (07:14) - Why are we still positive on AI? (08:16) - Japan's position in the AI ecosystem (09:00) - Opportunities beyond AI (10:00) - The big narrative shift (10:44) - Why we remain constructive on Japan

Markets received a boost from stronger-than-expected economic data in Switzerland and resilient activity across the eurozone. In the US, dovish comments from Federal Reserve Governor Christopher Waller helped push Treasury yields lower and supported risk assets. Meanwhile, oil prices climbed to their highest levels in weeks amid escalating tensions in the Middle East. In today's show, Tim Gagie, Head of FX Advisory in Geneva, discusses the outlook for the Japanese yen, gold and EUR/USD.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:27) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (07:34) - FX & metals update: Tim Gagie, Head of FX & Precious Metals Sales Geneva (11:45) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Equity markets found their footing as oil prices and Treasury yields paused their recent rise, while US economic data and Fed commentary reinforced a resilient growth outlook. The Fed's Beige Book pointed to continued expansion, albeit with persistent inflation pressures and geopolitical uncertainty. Higher energy prices weighed on sentiment in Europe, while the yen strengthened on expectations of further Bank of Japan rate hikes. Gold gained after days of weakness on a weaker USD, and Asian equities were somewhat supported by renewed optimism around AI-driven chip demand. Norbert Rücker, Head of Economics and Next Generation Research, talks about the latest escalation of hostilities in the Middle East and whether oil is flowing through the Strait of Hormuz.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:27) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:30) - Energy markets: Norbert Rücker, Head of Economics & Next Generation Research (11:31) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Renewed fighting in the Middle East sent oil prices and bond yields higher yesterday as gold lost its lustre and equity markets retreated. Inflation data in the eurozone did not help matters, rising to 3.3% in August, up from 2.9% in July. Markets are now pricing in a 25 basis point hike from the ECB next week, and concerns are mounting about whether the Fed will also raise rates in September. Dario Messi, Head of Fixed Income Research, joins the podcast to discuss the elevated yield levels, Kevin Warsh's messaging, and how he believes bond investors could best position themselves in the current environment.(00:00) - Introduction: Roman Canziani, Head of Product & Investment Content (00:54) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (06:09) - Yields on the rise, fixed income update: Dario Messi, Head of Fixed Income (10:20) - Closing remarks: Roman Canziani, Head of Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Renewed US-Iran tensions impacted global markets yesterday, pushing oil prices higher and weighing on equities. Bond yields rose, with Japan's 10-year bond yield actually hitting 3% this morning for the first time since 1996. Tesla gained 5.5%, making it the best performer in the S&P 500 yesterday. Today's key economic releases include US ISM manufacturing data, but the highlight will undoubtedly be Friday's closely watched jobs report. Enrico Chinello, Next Generation Research analyst, joins today's podcast to talk about how intensifying competition in the AI space, particularly from lower-cost Chinese models, is driving AI token prices down, andwhat it all means for investors.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:25) - Markets wrap-up: Helen Freer, Product & Investment Content (05:55) - AI competition from China: Enrico Chinello, Next Generation Research (11:33) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Following hawkish remarks from Federal Reserve Chair Kevin Warsh at Jackson Hole, markets have repriced expectations for US monetary policy, with traders now assigning a 60% probability to a rate hike at the Fed's mid-September meeting. Meanwhile, Asian markets have started the week on the back foot, although they have recovered somewhat from their session lows. In today's episode, Chief Economist David Kohl discusses the outlook for US interest rates and the implications for investors. And Mensur Pocinci, Head of Technical Analysis, shares his market perspectives and highlights the most compelling opportunities from a technical analysis standpoint.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:44) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (06:03) - Jackson Hole comments: David Kohl, Chief Economist (09:41) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (13:08) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

With yields at historically attractive levels and the yield curve offering attractive opportunities, fixed income is drawing renewed attention from investors seeking both income and capital preservation. But is the short end of the curve really as appealing as it seems—and what should investors know about the risks and rewards?In this episode, Ayako Lehmann, Head of Webcasts & Video at Julius Baer, is joined by Roman Frey, Head of CIO Office Global Fixed Income and voting member of the Fixed Income Investment Committee. Together, they explore why fixed income deserves a place in every portfolio, the importance of duration, credit risk, and liquidity, and how macroeconomic factors and central bank policy shape the opportunity set. The conversation covers the dynamics of the primary and secondary bond markets, the role of market technicals, and why short-dated bond strategies may offer a compelling alternative to cash and money market funds. Roman also discusses the impact of the Federal Reserve's evolving communication style under Kevin Warsh, the practicalities of managing strategic cash, and why now may be a particularly attractive time to lock in yields.(00:00) - Introduction (01:28) - Is fixed income really boring? (04:39) - Understanding duration and credit risk (06:53) - Liquidity and the importance of the primary market (10:08) - Macroeconomic factors and central bank policy (12:40) - Market technicals and the impact of supply and demand (14:03) - Hyperscalers and the shape of new bond issuance (16:31) - Cash versus bonds—what investors should consider (20:34) - The Fed's new communication style and implications for investors (23:08) - Is short duration the right approach now? (25:27) - What makes short-dated bond strategies attractive? (28:28) - Managing short-dated bonds: hold to maturity or switch? (29:48) - Risk and return trade-offs in short-dated strategies (32:21) - Investment horizon and the role of strategic cash (34:51) - Yield curve steepness and the roll-down effect (36:16) - Is now a good time to invest in bonds? (38:23) - Closing and legal information Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

NVIDIA added USD 442 billion to its market capitalisation yesterday, with gains spreading beyond chipmakers into software and cybersecurity stocks amid strong earnings releases. Political uncertainty and debt concerns weighed on French markets ahead of the country's first presidential debate yesterday evening. A two-year Japanese government bond auction saw relatively weak demand amid growing expectations of Bank of Japan tightening next month. Reports suggest Venezuela may leave OPEC, potentially weakening the organisation's influence. The focus today is on Kevin Warsh's highly anticipated Jackson Hole speech. What can we learn from past speeches by Fed presidents at Jackson Hole? Tim Gagie, Head of FX Advisory in Geneva, discusses the USD debasement trade and what he is seeing in markets amid widespread claims surrounding the theme.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:27) - Markets wrap-up: Mike Rauber, Product & Investment Content (07:06) - FX & metals update: Tim Gagie, Head of FX & Precious Metals Sales Geneva (11:17) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Markets traded largely sideways ahead of the earnings release from NVIDIA, the world's most valuable company by market capitalisation. After the US market close, the company once again exceeded expectations, delivering stronger-than-anticipated guidance and sending its shares more than 4% higher in after-hours trading. Elsewhere, US inflation data came in slightly above forecasts, prompting a modest rise in Treasury yields. In today's episode, we welcome Carsten Menke, Head of Next Generation Research, to discuss the outlook for the copper market, the key forces shaping supply and demand, and where prices could be heading next.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:28) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (05:47) - Copper: Carsten Menke, Head of Next Generation Research (10:03) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Markets found their footing yesterday despite an intensification of US sanctions on Iran, as traders focused on the shift towards economic rather than military pressure and the resulting decline in oil prices. Equity markets generally moved higher, led by gains in technology shares, while Germany's stronger-than-expected economic growth figures added to the constructive backdrop. Attention now turns to today's US inflation data and Nvidia's earnings report, two events that could shape the market direction in the days ahead. Dario Messi, Head of Fixed Income Research, shares his views on Treasury buybacks, fiscal policy and the outlook for US yields and the US dollar, while Mathieu Racheter, Head of Equity Strategy Research, assesses whether recent moves in bond markets are beginning to influence equity valuations.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:34) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (06:58) - Bond market update: Dario Messi, Head of Fixed Income Research (11:20) - Equity market update: Mathieu Racheter, Head of Equity Strategy Research (15:19) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Both the S&P 500 and the Nasdaq Composite ended Monday's trading session lower as chip stocks faltered, while the Dow Jones gained 0.25% on the day. It was a similar story in Asia this morning as investors digested the potential ramifications of 'Operation Economic Outcast', while awaiting not only Nvidia's and Marvell Technology's results and US PCE data tomorrow, but also a highly anticipated speech by Kevin Warsh at Jackson Hole this Friday. Damien Ng, Next Generation Research, joins the podcast today to provide his take on the good news last week from the Moderna/Merck cancer trials. Tune in to the podcast to find out why he believes that innovation-driven healthcare remains one of the most compelling long-term investment opportunities.(00:00) - Introduction: Lucija Caculovic, Product & Investment Content (00:41) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (07:07) - How personalised vaccines could transform cancer treatment: Damien Ng, Next Generation Research (12:23) - Closing remarks: Lucija Caculovic, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Stronger-than-expected US PMI data could not save equities from a down week as rising bond yields and the Treasury's bond-buying intervention renewed dollar debasement fears, fuelling a blistering rally in gold and Bitcoin. Trade tensions returned as US-Canada talks collapsed over the weekend, and investors brace for a pivotal week featuring NVIDIA earnings and Fed Chair Warsh's Jackson Hole address. Mensur Pocinci, Head of Technical Analysis, looks at the recent US dollar weakness from a technical perspective and what it means for other asset classes.(00:00) - Introduction: Helen Freer, Product & Investment Content (01:06) - Markets wrap-up: Jan Bopp, Product & Investment Content (07:03) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (09:58) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

The Q2 earnings season delivered a strong set of results, with positive surprises across sectors and regions. As investors look ahead to the remainder of the year, the broadening of earnings growth and market participation is creating opportunities beyond the dominant AI and technology themes.In this episode, Mathieu Racheter, Head of Equity Strategy at Julius Baer, talks to Helen Freer about the key takeaways from the Q2 earnings season. They explore sector performance, forward guidance provided by companies, the ongoing strength of the AI investment cycle, and the implications of increased competition and monetisation in AI. The conversation also covers the importance of diversification, and how investors can position portfolios for a broader and potentially more volatile market environment into year end.(00:00) - Introduction (00:47) - Key takeaways from Q2 earnings season (02:01) - Sector performance shows broadening growth (03:08) - Forward guidance (04:12) - Evidence of broadening returns (05:13) - The health of the AI investment cycle (06:37) - Volatility in AI-related stocks (07:54) - Monetisation of AI investments (09:18) - Impact of lower cost AI models (10:44) - The case for diversification beyond AI (12:03) - Alternatives to AI across sectors and regions (13:30) - Closing remarks and legal information Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Markets largely dipped yesterday as geopolitical tensions, rising oil prices and disappointing guidance from Walmart weighed on investor sentiment. After yields fell on Wednesday following the announcement from the US Treasury of doubling buybacks of longer-term debt, yesterday they resumed their upward trend, even after Treasury Secretary Bessent suggested further increases to the buyback programme. Tim Gagie, Head of FX Advisory in Geneva, joins the show today to talk about the impact of the Treasury's announcement on the US dollar, and he also shares his latest thoughts on precious metals.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:31) - Markets wrap-up: Helen Freer, Product & Investment Content (05:45) - FX & metals update: Tim Gagie, Head of FX & Precious Metals Sales Geneva (10:21) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

The US Treasury provided a boost to bond and equity markets yesterday, announcing that it will more than double repurchases of 10, 20, and 30-year debt in the next few months. This saw the long bond yield fall 10 bps from its 19-year high on Tuesday, to 5.184%. Gold had its best day since March. US stock markets also closed up on the day with Moderna and Merck providing a boost. Asian equity markets continued the rally overnight and the KOSPI leapt over 6% after SK Hynix announced a big stock buyback. Carsten Menke, Head of Next Generation Research, joins the podcast today to talk about gold and silver. Tune in to find out what he believes has been driving the August rally, and whether he thinks it can continue from here.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:28) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (06:49) - Gold and silver: Carsten Menke, Head of Next Generation Research (11:21) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

A global bond sell-off sent yields to multi-year highs, dragging equities lower as tech stocks bore the brunt amid persistent inflation concerns. Yet Bank of America's fund manager survey reveals remarkably bullish positioning, with investors reducing cash and piling into equities on hopes of a soft landing and faith in the AI boom. Dario Messi, Head of Fixed Income Research, shares his views on the latest bond selloff and the drivers behind the move. We also speak with Nenad Dinic from our Equity Strategy Research team about European equities and where he sees opportunities in the region as we head into year end.(00:00) - Introduction: Mike Rauber, Product & Investment Content (00:48) - Markets wrap-up: Jan Bopp, Product & Investment Content (07:04) - Fixed income amid higher long-term US Treasury yields: Dario Messi, Head of Fixed Income (10:35) - European cyclicals: Nenad Dinic, Equity Strategy Research (15:24) - Closing remarks: Mike Rauber, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Higher oil prices and rising bond yields weighed on equity markets, pushing global stocks lower at the start of the week. US Treasury yields remained in focus as strong corporate bond issuance added to concerns over US fiscal deficits. Meanwhile, artificial intelligence remained a standout theme, with Anthropic's rapid growth boosting sentiment across the sector. Enrico Chinello, Next Generation Research, takes a closer look at AI, noting that record investment by hyperscalers and institutional investors continues to support strong demand for AI infrastructure. Investors are increasingly focused on when that spending will translate into earnings and cash flow.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:27) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:08) - Institutional investing in Artificial Intelligence: Enrico Chinello, Next Generation Research (11:06) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Global market performance was mixed last week, with Japanese equities emerging as the standout winner, driven by strong gains in technology and semiconductor stocks. Meanwhile, oil prices surged around 6% amid renewed geopolitical tensions, and longer-term government bond yields moved higher despite softer-than-expected signals from US inflation and consumer data. In this episode, we are joined by Mensur Pocinci, Head of Technical Analysis, who shares his latest insights on the recent weakness in both the US dollar and the Swiss franc. He also explains why he remains constructive on precious metals and discusses the key market trends investors should be watching in the weeks ahead.(00:00) - Introduction: Helen Freer, Product & Investment Content (01:16) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (07:03) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis Research (09:53) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

With Korean semiconductor stocks down nearly 50% from their June peak, has the AI correction finally run its course? Where could the next leg of the AI rally come from, and how are China's cheaper AI models — including DeepSeek's rumoured new release — reshaping the competitive landscape?Richard Tang, Head of Research Hong Kong at Julius Baer, speaks with Hong Hao, Managing Partner and CIO of Lotus Asset Management, on these latest developments in AI, as well as the broader market themes driving China and global markets — including the rotation back into value names, China's growth outlook ahead of the fifth plenum, the new Renminbi government bond futures listing in Hong Kong, and the sharp rebound in gold and silver.(00:00) - Introduction (00:29) - Has the AI stock correction bottomed out? (03:03) - Sectors to watch in the next leg of the AI rally (05:57) - China's competitive AI models (09:52) - The China internet/hyperscaler rally — can it continue? (12:00) - China's economic outlook and policy direction for H2 (16:37) - AI vs non-AI: what drives the next rotation? (19:28) - Thoughts on the listing of Chinese government bond futures in Hong Kong (21:25) - Gold and silver: has the recovery arrived?

US equities continued their upward climb this week, supported by a series of encouraging inflation releases, while European stocks have taken a breather after hitting record highs earlier in the week. In fixed income markets, government bond yields moved lower as investors scaled back expectations for rate hikes from the Federal Reserve. Joining us today is Norbert Rücker, Head of Economics & Next Generation Research, who shares his latest outlook on the energy market and explains why he continues to expect oil prices to trend lower in the months ahead.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:27) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (06:24) - Energy market update: Norbert Rücker, Head of Economics & Next Generation Research (11:52) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

The latest US inflation data came in in line with expectations and reinforced the view that the Federal Reserve is likely to keep interest rates unchanged in September. The S&P 500 and the Nasdaq Composite both finished the day in positive territory yesterday, with technology stocks leading the gains. Earlier in Europe, equities eased as investors balanced earnings releases with ongoing geopolitical developments. Oil markets are weighing up the escalating tensions in the Middle East against softer global demand expectations from both OPEC and the IEA. Tim Gagie, Head of FX Advisory in Geneva, joins the show today to share his thoughts on gold, the US dollar and the Swiss franc.(00:00) - Introduction: Roman Canziani, Head of Product & Investment Content (00:51) - Markets wrap-up: Helen Freer, Product & Investment Content (07:23) - FX & metals update: Tim Gagie, Head of FX/PM PB Geneva (11:44) - Closing remarks: Roman Canziani, Head of Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Markets struggled for direction yesterday, with investors balancing geopolitical tensions, higher oil prices and a busy corporate news flow. US equities fell for a second straight session as technology shares came under pressure, while European stocks consolidated near record highs and Asian markets traded mixed overnight. With markets searching for direction, the spotlight now shifts to today's US inflation report, a release that could prove pivotal for interest-rate expectations and broader investor sentiment. Dario Messi, Head of Fixed Income Research, joins us to discuss what the inflation figures mean for bond investors, while Mathieu Racheter, Head of Equity Strategy Research, provides an update on the earnings season.(00:00) - Introduction: Jan Bopp, Product & Investment Content (00:52) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (06:37) - Fixed Income update: Dario Messi, Head of Fixed Income Research (09:56) - Q2 earnings season / Equity market update: Mathieu Racheter, Head of Equity Strategy Research (13:16) - Closing remarks: Jan Bopp, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Eurozone growth expectations have improved, supported by a strong earnings season. Oil prices rose on renewed Strait of Hormuz tensions, while OPEC output recovered in July. AI investment remained in focus, with Intel raising capital, Nvidia securing funding for AI infrastructure, and regulatory changes supporting additional financing channels. However, this did not support the Nasdaq, which edged lower on Monday. Gold and silver extended their rally from late last week, supported by rebounding gold ETF demand. Enrico Chinello, Next Generation Research, discusses the state of AI infrastructure spending, arguing that it is not a bubble, while stressing that investors should focus more closely on valuations, earnings visibility and monetisation.(00:00) - Introduction: Lucija Caculovic, Product & Investment Content (00:42) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:49) - Artificial Intelligence: Enrico Chinello, Next Generation Research (12:07) - Closing remarks: Lucija Caculovic, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Markets are starting the week on a strong footing. Softer US jobs data, falling bond yields, robust corporate earnings, and Berkshire Hathaway's return to share buybacks have fuelled optimism among investors. Mensur Pocinci, Head of Technical Analysis, discusses what the latest signals mean for equities, the US dollar, gold, and silver, and why he believes key market trends still have room to run.(00:00) - Introduction: Mike Rauber, Product & Investment Content (01:10) - Markets wrap-up: Jan Bopp, Product & Investment Content (07:08) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis Research (11:32) - Closing remarks: Mike Rauber, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Amid rising market volatility and a shift beyond the dominant AI-driven rally, investor interest is turning to hedge funds. In this episode, we examine the appeal of market-neutral, Asia-focused multi-manager hedge funds and how institutional investors are incorporating them into diversified portfolios to pursue resilient outcomes. William Fong, Head of Alternatives Specialists for Asia and the Middle East at Julius Baer, sits down with Angus Wai, Founder, CEO and CIO of Polymer Capital Management, to discuss the evolution of the multi-manager model, the importance of risk management, and the opportunities he sees across Asia's dynamic investment landscape.

Three themes dominated markets yesterday: earnings, AI and macro risks. Strong results boosted stocks such as Deutsche Telekom and Diageo, while disappointments weighed on several industrial and technology names. AI remained a key driver, supporting China's trade data and attracting strong demand for Alphabet's USD 25 billion bond offering. Meanwhile, Middle East tensions lifted oil prices and bond yields as investors looked ahead to today's US payrolls report for clues on Fed policy. Damian Ng, Next Generation Research, explains why success in biotechnology increasingly depends on strong innovation ecosystems. Tim Gagie, Head of FX Advisory in Geneva, discusses gold's breakout attempt, the possibility of further JPY intervention, and why expectations for USD weakness may have become overly pessimistic.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:38) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:43) - Ecosystems in Genomics: Damien Ng, Next Generation Research (09:12) - FX & metals update: Tim Gagie, Head of FX/PM PB Geneva (13:44) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

With changing sentiment around Middle East tensions and a busy earnings season driving market moves, the Dow Jones recorded its fifth consecutive gain yesterday and a third straight record close. Meanwhile, the S&P 500 and the Nasdaq both slipped, with the latter weighted down by declines in SpaceX and AMD, while European equities reached a fresh all-time high. Dario Messi, Head of Fixed Income Research, joins the show to discuss expectations for the US Federal Reserve and what it means for fixed income portfolios.(00:00) - Introduction: Roman Canziani, Head of Product & Investment Content (00:42) - Markets wrap-up: Helen Freer, Product & Investment Content (07:08) - Fixed income update: Dario Messi, Head of Fixed Income Research (11:55) - Closing remarks: Roman Canziani, Head of Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Stocks are breaking records as investors double down on the AI trade. Strong earnings across sectors, easing geopolitical concerns and renewed risk appetite have pushed markets higher, but SpaceX's latest results reveal the growing price tag of the AI revolution. Mathieu Racheter, Head of Equity Strategy, provides more details on the ongoing earnings season, the rotation shaping markets, and where he sees the most attractive opportunities in technology today.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:31) - Markets wrap-up: Jan Bopp, Product & Investment Content (06:51) - Q2 earnings season / equity market update: Mathieu Racheter, Head of Equity Strategy Research (10:50) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Markets were supported by hopes of de-escalation in the Middle East, sending oil prices sharply lower and easing inflation concerns. Investors also digested a rare coordinated yen-buying intervention by Japan and the United States, while strong US manufacturing data pointed to continued resilience in the industrial sector. Equities advanced on both sides of the Atlantic, with the Dow Jones reaching a record close and the STOXX 600 remaining near all-time highs. Meanwhile, company news included reports of potential merger talks between AstraZeneca and Bristol Myers Squibb, Visa's acquisition of cybersecurity firm BioCatch, and Alibaba's latest AI model launch. Joining us today is Enrico Chinello from Next Generation Research, who discusses the scale of hyperscaler AI spending and whether the industry is starting to see a clear path towards monetising these investments.(00:00) - Introduction: Mike Rauber, Product & Investment Content (00:38) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (06:39) - Q2 hyperscaler capex: Enrico Chinello, Next Generation Research (11:52) - Closing remarks: Mike Rauber, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.