Moving Markets: Daily News

Equity markets continued their multi-day rally yesterday with the S&P 500 nearing its ‘Liberation Day' level after the fastest 8-session gain since November 2020. The rally was driven by upbeat earnings from Microsoft and Meta. This optimism has continued overnight after China said it's evaluating trade talks with the US, boosting optimism that tariff tensions will come down. And we have Markus Waeber from Real Estate Advisory on the show today to talk about the strong April performance of the Swiss Real Estate market and the unchanged positive outlook.00:00 Introduction by Helen Freer (Investment Writing)00:27,5 Markets wrap-up by Jan Bopp (Investment Writing)06:17 Real estate update by Markus Waeber (Head of Indirect Real Estate Advisory & Intelligence)11:03 Closing remarks by Helen Freer (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Donald Trump and his policies remain a key focus for investors, particularly today as he reaches his 100th day in office. Yesterday, Trump signed orders aimed at easing the pressure on carmakers, whilst Commerce Secretary Howard Lutnick hinted that the US has secured a trade deal with an unnamed country, prompting a rise in US shares. Meanwhile, US Treasury yields have fallen for a seventh consecutive day, driven by weak economic data that has fuelled speculation the Federal Reserve may cut interest rates to avoid a recession. Overnight, macroeconomic data from China and Japan was released, with both countries reporting lower-than-expected figures, suggesting early signs of damage from the ongoing trade war. A closer look at individual company reports reveals a mixed picture during this earnings season. To provide further insight into this complex earnings landscape, our Head of Equity Strategy, Mathieu Racheter, joins our show today.00:00 Introduction: Roman Canziani, Head of Investment Writing00:38 Markets wrap-up: Lucija Caculovic, Investment Writing07:38 Q1 earnings season update: Mathieu Racheter, Head of Equity Strategy11:58 Closing remarks: Roman Canziani, Head of Investment WritingWould 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 markets have seen some brief respite from volatility, thanks to positive developments in ongoing trade talks and upbeat company reports. However, this week promises to be action-packed, with four of the tech giants - Microsoft, Meta, Apple, and Amazon - set to release their earnings reports, which will likely dictate market direction. Joining us on the show is Manuel Villegas from Next Generation Research, who shares his expert insights on the recent surge in digital assets and offers his take on whether this rally has legs.00:00 Introduction: Helen Freer, Investment Writing00:31 Markets wrap-up: Roman Canziani, Head of Investment Writing07:13 Digital assets update: Manuel Villegas, Next Generation Research12:01 Closing remarks:  Helen Freer, Investment WritingWould 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 continued their multi-day rally yesterday on US Federal Reserve comments indicating an openness to rate cuts and signs that trade negotiations were progressing. China may exempt some US goods from tariffs and Apple plans to shift the assembly of all US-sold iPhones to India as soon as next year. In this episode, we are joined by Tim Gagie, Head of FX and Precious Metals Solutions in Geneva, who shares his expertise on the latest developments in foreign exchange and metals markets.00:00 Introduction: Helen Freer, Investment Writing00:24 Markets wrap-up: Jan Bopp, Investment Writing05:48 FX and metals: Tim Gagie, Head of FX & PM Solutions Geneva09:59 Closing remarks: Helen Freer, Investment WritingWould you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Market sentiment has shifted towards optimism once again, with the US dollar gaining strength as concerns over President Trump's potential interference with the Federal Reserve's independence have eased. A two-day stock market rally has been fuelled by hopes that the US-China trade tensions will not intensify further. Meanwhile, recent data suggests that the economy may be heading towards a stagflationary environment in the coming months. Joining us to share his insights on the volatile gold market is Carsten Menke, Head of Next Generation Research.00:00 Introduction: Helen Freer, Investment Writing00:24 Markets wrap-up: Roman Canziani, Head of Investment Writing06:20 Gold: Carsten Menke, Head of Next Generation Research10:02 Closing remarks:  Helen Freer, Investment WritingWould 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 jumped and the dollar edged up as the Trump administration defused some of the tension that had rattled financial markets in recent sessions. President Donald Trump said yesterday that he does not intend to fire Fed Chair Jay Powell, while Treasury Secretary Scott Bessent told investors that the US-China trade dispute is unsustainable and that a deal will be made. This came as the International Monetary Fund slashed their global growth forecasts, with widespread downgrades after the US tariff announcements. Our Chief Economist, David Kohl, shares his views on what to expect from the ECB and the Fed in terms of monetary policy in this environment and what it means for the economy.00:00 Introduction: Helen Freer, Investment Writing00:34 Markets wrap-up: Jan Bopp, Investment Writing06:38 Comments on ECB, US recession risks, Fed: David Kohl, Chief Economist12:38 Closing remarks:  Helen Freer, Investment WritingWould you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Market uncertainty has taken hold, with the US dollar hitting 15-month lows, stocks plummeting – including the Nasdaq, which has entered bear market territory – and credit spreads spiking. In contrast, Asian markets remain relatively resilient, while gold and digital assets rally. To make sense of these trends, we're joined by two expert guests: Mathieu Racheter, Head of Equity Strategy, and Carsten Menke, Head of Next Generation Research. Together, we delve into the latest news across financial markets and explore what's driving investor sentiment.00:00 Introduction: Helen Freer, Investment Writing00:31 Markets wrap-up: Roman Canziani, Head of Investment Writing05:55 Earnings season update: Mathieu Racheter, Head of Equity Strategy09:57 Bitcoin and gold: Carsten Menke, Head of Next Generation Research13:32 Closing remarks:  Helen Freer, Investment WritingWould 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 stocks were weak, with Nvidia shares down 7% following the imposition of export restrictions to China and other countries. In a speech in Chicago, Federal Reserve Chairman Jerome Powell discussed the potential dilemma of balancing inflation control with economic growth and indicated a cautious monetary approach. The European Central Bank is expected to cut its deposit rate by 25 basis points today. Norbert Rücker, Head of Economics & Next Generation Research, talks about all things commodities, from the fading US dominance in energy markets to gold reaching new all-time highs. Nicolas Jordan, CIO Strategy & Investment Analysis, talks about the investment implications of the increased likelihood of a US recession.00:00 Introduction by Helen Freer (Investment Writing)00:28 Markets wrap-up by Mike Rauber (Investment Writing)06:03 Commodities update by Norbert Rücker (Head of Economics & Next Generation Research)11:17 Update from the CIO Office by Nicolas Jordan (CIO Strategy & Investment Analysis)15:39,5 Closing remarks by Helen Freer (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player. 

The ongoing tariff saga remains the dominant theme, with investors waiting to see if tensions will ease or escalate. This uncertainty is taking a toll on consumer sentiment and investor expectations. Following recent volatility, markets were relatively calm yesterday, with European bourses ending the day in positive territory, while US stocks closed marginally in the red. However, in after-hours trading, Nvidia's shares plummeted by over 6% after the company faced new restrictions on its exports to China. Both the US dollar and US Treasury yields stabilised somewhat. In overnight trading in Asia, most markets fell, despite China releasing robust economic data. One notable exception was gold, which continued its upward trajectory. To provide further insights into the equity markets, particularly banking stocks, we are joined today by Mathieu Racheter, Head of Equity Strategy.00:00 Introduction: Bernadette Anderko, Investment Writing00:24 Markets wrap-up: Lucija Caculovic, Investment Writing07:39 Equity market update: Mathieu Racheter, Head of Equity Strategy11:52 Closing remarks: Bernadette Anderko, Investment WritingWould 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 showing signs of stabilisation as the US administration appears to be reconsidering its tariff policy. This has boosted auto stocks in particular, driven by reports that President Trump may modify the tariff package for auto-related imports from Mexico and Canada. Additionally, US Treasury yields have decreased following their sharpest increase in twenty years last week. Joining us to discuss the latest on digital assets is Manuel Villegas from Next Generation Research.00:00 Introduction: Helen Freer, Investment Writing01:05 Markets wrap-up: Roman Canziani, Head of Investment Writing07:29 Digital assets: Manuel Villegas, Next Generation Research12:52 Closing remarks: Helen Freer, Investment WritingWould 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 financial markets experienced a tumultuous week, with safe-haven assets surging, and the US dollar and Treasury bonds posting sharp declines, raising concerns about the future of US economic dominance and global trade stability. As the escalating trade war with China continues to unfold, investors are bracing for another volatile week, in which the European Central Bank meeting takes place and the corporate earnings season gets underway. Mensur Pocinci, Head of Technical Analysis, also joins the show and shares his outlook for markets from a technical perspective.00:00 Introduction by Helen Freer (Investment Writing)00:31 Markets wrap-up by Jonti Warris (Investment Writing)06:45 Technical Analysis update: Mensur Pocinci (Head of Technical Analysis)09:55 Closing remarks by Helen Freer (Investment Writing)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.

European markets played catch-up with Wednesday's US rally yesterday, with nearly all sectors posting significant gains. However, when US markets opened, risk appetite appeared to evaporate on Wall Street, as stocks fell despite subdued inflation data. There was some brief respite for Treasuries but they then resumed their sell-off from earlier in the week, sparking concerns among many about the health of the financial system. Asian markets delivered mixed performance overnight, but gold reached yet another record high. In this episode, we are joined by Tim Gagie, Head of FX and Precious Metals Solutions in Geneva, who shares his expertise on the latest developments in foreign exchange and metals, offering valuable insights into these markets.00:00 Introduction by Helen Freer (Investment Writing)00:28 Markets wrap-up by Lucija Caculovic (Investment Writing)05:49 FX and metals by Tim Gagie (Head of FX & PM Solutions Geneva)10:25 Closing remarks by Helen Freer (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player. 

Following President Trump's ‘pause' announcement yesterday, US And Asian equity indices experienced a relief rally of historic proportions. The punitive tariffs imposed on dozens of countries have now been swapped for a universal 10% rate, but only for 90 days. It remains to be seen whether this rally can be sustained or if it is merely a dead-cat bounce: US futures are pointing to a lower open this afternoon. Gold and oil have not been immune to some puzzling price moves in the past few weeks too, so it was great to have Carsten Menke and Norbert Rücker on the podcast to provide their insights into what might be behind these.00:00 Introduction by Helen Freer (Investment Writing)00:31 Markets wrap-up by Bernadette Anderko (Investment Writing)05:54 Oil: Norbert Rücker (Head of Economics & Next Generation Research)09:01 Gold: Carsten Menke (Head of Next Generation Research)12:26 Closing remarks by Helen Freer (Investment Writing)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 global trade war intensifies as the Trump Tariffs come into effect. Equities continue to decline for the fourth consecutive day, threatening to push the S&P 500 into bear market territory, as investors seek safe havens. Meanwhile, Treasuries, once considered the world's ultimate safe haven, remain under pressure as investors appear to be losing confidence in the US. To gain more insight into the bond market's reaction, we spoke with Dario Messi, Head of Fixed Income Research, who discusses the implications for investors' positioning in more detail.00:00 Introduction by Bernadette Anderko (Investment Writing)00:27 Markets wrap-up by Jan Bopp (Investment Writing)05:49 Bond market latest: Dario Messi (Head of Fixed Income Research)10:44 Closing remarks by Bernadette Anderko (Investment Writing)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 markets experienced significant volatility yesterday due to ongoing trade tensions sparked by President Donald Trump - the VIX index surged to 60 at one point. The S&P 500 closed just 0.2% lower despite threats of additional tariffs. Former New York Fed President Bill Dudley stated that a decline in stocks alone won't prompt the Fed to intervene, but an impairment to the flow of credit to businesses would. Hong Kong's Hang Seng Index rebounded slightly today after a historic 13.2% collapse on Monday, while Japan's Nikkei 225 rallied 6% on positive trade news, with the US and Japan potentially negotiating a trade deal. European equity futures are up over 2% in response to the news. Philipp Lienhardt, Head of Equity Research, notes that the upcoming earnings season will be all about companies' comments on the trade war.00:00 Introduction by Helen Freer (Investment Writing)00:31 Markets wrap-up by Mike Rauber (Investment Writing)05:49 Q1 earnings season preview: Philipp Lienhardt (Head of Equity Research)08:29 Closing remarks by Helen Freer (Investment Writing)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 the emerging trade war takes its toll, causing global stock markets to sell off from Japan to Mexico, investor sentiment continues to deteriorate rapidly. After US stocks fell steeply on Friday, Asian equities have plummeted today, with tech and banking stocks leading the decline in response to the retaliatory tariffs announced by China. Mensur Pocinci, Head of Technical Analysis, shares his outlook for markets from a technical perspective and Richard Tang, Head of Research Hong Kong, shares his reaction to the escalating tariff war with a focus on China.00:00 Introduction by Helen Freer (Investment Writing)00:44 Markets wrap-up by Jonti Warris (Investment Writing)06:17 Technical Analysis update: Mensur Pocinci (Head of Technical Analysis)09:04 Reaction to tariff announcements in Asia: Richard Tang (Head of Research Hong Kong)19:04 Closing remarks by Helen Freer (Investment Writing)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 fallout from Donald Trump's tariff war spread across global markets on Thursday, knocking down stocks and sparking a flight to fixed-income havens. US equities and the dollar saw some of the worst selling on speculation the president's trade offensive will cripple the American economy. In today's special episode, Christian Gattiker, Head of Research, shares his insights on the latest developments and how investors should navigate this uncertain environment. And Tim Gagie, Head of FX & PM Solutions in Geneva, talks about why he sees more room for US dollar weakness and why he thinks gold will continue to perform well.00:00 Introduction by Helen Freer (Investment Writing)00:41 Markets wrap-up by Jan Bopp (Investment Writing)06:10 Reaction to Trump tariff announcements: Christian Gattiker (Head of Research)11:10 FX and metals: Tim Gagie (Head of FX & PM Solutions Geneva)15:55 Closing remarks by Helen Freer (Investment Writing)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.

Last night President Trump delivered a 99 minute speech in which he announced a baseline 10% tariff across the board. For many of the 180 countries on that board, the actual number is much higher: China now faces a rate of 54% and it has vowed to take ‘resolute counter-measures' to safeguard its own rights and interests. Markets reacted badly to the news with only gold and US Treasury prices moving higher. Our Chief Economist, David Kohl, joins the podcast to share his thoughts on the impact on economic growth and why the biggest inflationary impact might actually be felt in the US. And Manuel Villegas, Next Generation Research, brings a timely update on AI.00:00 Introduction by Helen Freer (Investment Writing)00:44 Markets wrap-up by Bernadette Anderko (Investment Writing)06:33 Liberation Day: David Kohl (Chief Economist)11:20 AI update: Manuel Villegas (Next Generation Research)15:08 Closing remarks by Helen Freer (Investment Writing)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.

In this episode, we dive into the latest market developments as European government bonds and equities surge on contained eurozone inflation. Meanwhile, US stocks experience a volatile session ahead of the unveiling of the Trump administration's reciprocal tariff plans. Joining us is Dario Messi, Head of Fixed Income Research, who shares his insights on why he thinks it's not the right time to increase risk exposure in bond markets.00:00 Introduction by Bernadette Anderko (Investment Writing)00:24 Markets wrap-up by Roman Canziani (Head of Investment Writing)05:49 Bond market latest: Dario Messi (Head of Fixed Income Research)09:39 Closing remarks by Bernadette Anderko (Investment Writing)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.

European markets dropped yesterday but US stocks rebounded and the S&P 500 index closed up 0.6%, although this wasn't enough to stop the benchmark index from posting its worst month in two years. Gold hit a fresh all-time high, up 1.2%, as investors sought safety amid concerns over the Trump administration's imminent tariffs and their potential impact on inflation and growth. Also on today's podcast, we are joined by Norbert Rücker, Head of Economics & Next Generation Research, who shares his outlook on energy markets.00:00 Introduction by Helen Freer (Investment Writing)00:24 Markets wrap-up by Jonti Warris (Investment Writing)06:22 Energy markets by Norbert Rücker (Head of Economics & Next Generation Research)10:15,5 Closing remarks by Helen Freer (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

US inflation concerns intensified, with the core PCE rising 2.8% year-on-year, fuelling fears of stagflation. Tariffs remain a significant concern, with the US poised to unveil new measures on Wednesday. The EU is bracing itself for a potential 20% tariff, and Goldman Sachs has increased the likelihood of a US recession from 20% to 35%. Asian markets are feeling the strain of tariff uncertainty, with stocks declining, the Japanese yen strengthening, and gold at an all-time high. Also in focus this week: Friday's US jobs report, which may signal a cooling labour market. Meanwhile, Mensur Pocinci, Head of Technical Analysis, discusses the S&P 500, gold, and the US dollar amidst a risk-off backdrop in the markets.00:00 Introduction by Helen Freer (Investment Writing)00:28 Markets wrap-up by Mike Rauber (Investment Writing)08:29 Technical Analysis update: Mensur Pocinci (Head of Technical Analysis)11:13 Closing remarks by Helen Freer (Investment Writing)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.

Wednesday's announcement of new tariffs on all non-US-made cars sent shockwaves through the markets, with stock markets worldwide feeling the ripple effects. Carmakers were among the hardest hit, while some investors sought safer havens in more stable sectors, such as consumer packaged goods, where share prices rose. In the Asia-Pacific region, markets were largely down, despite news that Chinese President Xi Jinping had met with global CEOs in Beijing and speculation that Trump may cut tariffs on Chinese goods to facilitate a TikTok deal. Against this backdrop, gold reached yet another record high overnight. In this episode, we are joined by Tim Gagie, Head of FX & PM Solutions in Geneva, who shares his insights on the latest developments in foreign exchange and metals, and offers some interesting trade ideas.00:00 Introduction by Helen Freer (Investment Writing)00:24 Markets wrap-up by Lucija Caculovic (Investment Writing)07:05 FX and metals: Tim Gagie (Head of FX & PM Solutions Geneva)11:13 Closing remarks by Helen Freer (Investment Writing)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 three-day period of relative calm on Wall Street came to an end as major tech and automobile companies led a decline in global equity markets yesterday. Concerns about the economic impact of ever more tariff announcements, weak consumer sentiment and rising inflation risks are dampening investor risk appetite. Nvidia and Tesla slumped nearly 6%, and the automobile sector was among yesterday's laggards after Trump announced 25% tariffs on the sector. Carsten Menke, Head of Next Generation Research, talks about the impact of tariffs on copper and why he expects the latest rally will not last.00:00 Introduction by Helen Freer (Investment Writing)00:28 Markets wrap-up Jan Bopp (Investment Writing)05:29 Copper: Carsten Menke (Head of Next Generation Research)08:54 Closing remarks by Helen Freer (Investment Writing)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.

Consumer sentiment in the US continues to decline, with some indices flashing warning signs of a potential recession. Despite the weakness in sentiment, hard economic data remains resilient - for now. Meanwhile, one of the main beneficiaries of the ongoing uncertainty surrounding US tariffs, is industrial metal copper, whose price has reached an all-time-high in New York. Join us as we discuss the latest developments with Dario Messi, Head of Fixed Income Research, who predicts further volatility on the horizon, and Mathieu Racheter, Head of Equity Strategy, who argues that investors should capitalise on the current US equity bounce to diversify into international markets.00:00 Introduction by Bernadette Anderko (Investment Writing)00:27 Markets wrap-up by Roman Canziani (Head of Investment Writing)06:09 Bond market update: Dario Messi (Head of Fixed Income Research)11:24 Equity strategy update: Mathieu Racheter (Head of Equity Strategy)16:43 Closing remarks by Bernadette Anderko (Investment Writing)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 equity markets jumped yesterday on hopes that President Trump may hold back from implementing some of his wide-ranging tariff plans, hinting at a narrower scope of reciprocal levies set to be announced on 2 April. In today's Asia session, though, it's a different story, with tech stocks on the back foot, weighing on markets. Also on today's podcast, we are joined by Manuel Villegas, Next Generation Research, who shares his outlook on digital assets following the substantial outflows seen in recent weeks.00:00 Introduction by Bernadette Anderko (Investment Writing)00:27 Markets wrap-up by Jonti Warris (Investment Writing)05:51 Digital assets update: Manuel Villegas (Next Generation Research)09:40 Closing remarks by Bernadette Anderko (Investment Writing)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.

Central banks adopted a cautious tone on monetary policy, driving gold to a new high last week. The EUR suffered a 'sell the news' reaction following the announcement of Germany's spending plans. President Trump's comments on tariff flexibility provided a boost to the S&P 500 late on Friday. Looking ahead, this week promises to be eventful, with over 50 corporate results from China, and Ukraine peace talks. Investors will be closely watching Friday's US PCE inflation data. According to Mensur Pocinci, Head of Technical Analysis, a sustained rebound in US stocks will require broad-based buying and a shift in behaviour from retail investors - refraining from buying every dip in the market.00:00 Introduction by Bernadette Anderko (Investment Writing)00:28 Markets wrap-up by Mike Rauber (Investment Writing)06:28 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis)08:23 Closing remarks by Bernadette Anderko (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Equity markets remain fragile as a renewed focus on trade fears derailed a short-lived recovery in risky assets as a busy central bank week draws to a close. Tim Gagie, Head of FX & PM Solutions Geneva, talks about the impact of the latest central bank communications on currency markets, and what he expects for gold going forward.00:00 Introduction by Bernadette Anderko (Investment Writing)00:23 Markets wrap-up by Jan Bopp (Investment Writing)05:47 FX and metals: Tim Gagie (Head of FX & PM Solutions Geneva)10:11 Closing remarks by Bernadette Anderko (Investment Writing)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 has kept interest rates steady at 4.25%-4.5%, while downgrading the growth forecast to 1.7% and increasing inflation expectations to 2.8%. Chairman Powell's comments sparked a positive market reaction, with the Treasury curve steepening and equities rising on hopes of future rate cuts. Meanwhile, Turkey's lira plummeted over 10% after the detention of Istanbul's mayor. The EU may exclude the US, the UK, and Turkey from its EUR 150bn defence spending fund if they do not sign security agreements. Today, the Swiss National Bank and Bank of England will announce their interest rate decisions. Carsten Menke, Head of Next Generation Research, notes that growth concerns are luring safe-haven seekers back into gold. Nicolas Jordan, CIO Office, says that US equities are no longer the only game in town after two years of unmatched outperformance.00:00 Introduction by Helen Freer (Investment Writing)00:34 Markets wrap-up by Mike Rauber (Investment Writing)06:51 Gold: Carsten Menke (Head of Next Generation Research)10:49 Update from the CIO Office: Nicolas Jordan (CIO Strategy & Investment Analysis)15:04 Closing remarks by Helen Freer (Investment Writing)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 German parliament voted in favour of a significant fiscal package yesterday, paving the way for increased defence spending and a substantial infrastructure fund, subject to the bill passing through the Bundesrat on Friday. This news was warmly received by investors, helping to drive a solid performance in European markets. In contrast, the US market told a different story, with all three major indices closing lower, largely due to a sell-off in some of the biggest technology stocks and growing investor nervousness ahead of today's Federal Reserve decision. Meanwhile, the Bank of Japan has already made its move, leaving its key policy rate unchanged at 0.5%. Joining us to provide further insight into the Fed's decision is Dario Messi, our Head of Fixed Income Research. We are also joined by Mathieu Racheter, Head of Equity Strategy, who shares his thoughts on the shift away from US equities.00:00 Introduction by Bernadette Anderko (Investment Writing)00:41 Markets wrap-up by Lucija Caculovic (Investment Writing)06:35 Bond market update: Dario Messi (Head of Fixed Income Research)11:44 Equity Strategy update: Mathieu Racheter (Head of Equity Strategy)16:18 Closing remarks by Bernadette Anderko (Investment Writing)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.

It was a good day almost across the board for US stocks yesterday with rallies in all the major indices. The megacaps though did not fare so well and a gauge of the Magnificent 7 fell 1.1%. European markets rallied ahead of Germany's debt brake vote which is expected to be successful in the Bundestag today. Asia joined in the rally party this morning with China tech stocks leading the charge. Japan's markets were buoyed by Berkshire Hathaway's investments yesterday. All this ahead of four central bank meetings this week in the US, Japan, Switzerland and the UK. Manuel Villegas, Next Generation Research, joins the podcast to tell us what investors should be watching for when it comes to Bitcoin's moves.00:00 Introduction by Helen Freer (Investment Writing)00:28 Markets wrap-up by Bernadette Anderko (Investment Writing)06:26 Digital assets: Manuel Villegas (Next Generation Research)09:19 Closing remarks by Helen Freer (Investment Writing)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.

After gold reached a record high on Friday, breaching USD 3,000 an ounce for the first time, driven by investor anxiety over the economic impact of tariffs and trade wars, US stocks managed to claw back some of last week's harsh losses, but still ended the week in the red. Mensur Pocinci, Head of Technical Analysis, shares his outlook for markets from a technical perspective. Cyril Demaria-Bengochea, Head of Private Markets Strategy, provides an update on private equity and how it fares in an environment of increased volatility.00:00 Introduction by Helen Freer (Investment Writing)00:35 Markets wrap-up by Jonti Warris (Investment Writing)06:53 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis)09:24 Private equity update by Cyril Demaria-Bengochea (Head of Private Markets Strategy)16:57,5 Closing remarks by Helen Freer (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

US trade policy continues to weigh heavily on financial market sentiment, leading to a dismal day for US equities yesterday. The S&P 500 officially entered correction territory, joining the Nasdaq, while the Russell 2000 approached bear market territory. However, US Treasury Secretary Scott Bessent played down concerns, stating that he was not worried about ‘a little bit of volatility over three weeks'. Across the Atlantic,European wine and spirits companies came under pressure after Donald Trump threatened to impose 200% tariffs on their products, leading to a widespread downturn across the continent. In commodities, gold hit a new high overnight. Joining us today is Tim Gagie, Head of FX & PM Solutions in Geneva, who provides an in-depth update on metals and currencies, including a special focus on the Australian dollar.00:00 Introduction by Helen Freer (Investment Writing)00:21 Markets wrap-up by Lucija Caculovic (Investment Writing)06:47 FX and metals by Tim Gagie (Head of FX & PM Solutions Geneva)11:17 Closing remarks by Helen Freer (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

US equity indices rose modestly yesterday following relatively subdued inflation data. However, the rebound, that was driven primarily by the performance of the Magnificent Seven, was short-lived, while European markets continued to outpace their US counterparts. As the possibility of a US government shutdown this Saturday looms, investor sentiment remains cautious. Also on the show today is our Group Chief Investment Officer, Yves Bonzon, who offers valuable insights into the current market landscape. Additionally, Norbert Rücker, Head of Economics and Next Generation Research, provides an update on the shifting dynamics in the oil market.00:00 Introduction by Helen Freer (Investment Writing)00:34 Markets wrap-up by Roman Canziani (Head of Investment Writing)07:07 Update from our Group CIO: Yves Bonzon (Group CIO)12:59 Commodities update: Norbert Rücker (Head of Economics & Next Generation Research)17:26 Closing remarks by Helen Freer (Investment Writing)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 fresh flurry of trade-policy headlines touched off another volatile trading day on Wall Street, with the S&P 500 Index's three-week selloff briefly reaching 10% before paring some losses after Trump walked back on more tariff threats. Mathieu Racheter, Head of Equity Strategy, will talk about the details of the recent sell-off and what it means for the market outlook. And we have Manuel Villegas of Next Generation Research on the show to share his insights on what is happening in the crypto market after the 20% drop in bitcoin.00:00 Introduction by Bernadette Anderko (Investment Writing)00:31 Markets wrap-up by Jan Bopp (Investment Writing)05:26 Equity market update: Mathieu Racheter (Head of Equity Strategy)09:18 Digital assets: Manuel Villegas (Next Generation Research)13:13 Closing remarks by Bernadette Anderko (Investment Writing)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 markets plummeted yesterday due to growing fears of a looming recession, with the major US stock indices all falling sharply, amid ongoing trade tensions and uncertainty over the Trump administration's tariff policies. The sell-off was particularly brutal in the tech sector, while the VIX volatility index surged 19% and bond yields plunged, reflecting heightened investor anxiety. On today's podcast, we are also joined by Dario Messi, Head of Fixed Income Research, with an update on the German Bund market.00:00 Introduction by Helen Freer (Investment Writing)00:31 Markets wrap-up by Jonti Warris (Investment Writing)06:18 Bond market update: Dario Messi (Head of Fixed Income Research)11:01 Closing remarks by Helen Freer (Investment Writing)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.

Last week, the S&P 500 fell 3.10% suffering its worst week since September last year. The Dow Jones fell 2.37%, while the Nasdaq Composite lost 3.45%. Meanwhile, in Europe the Stoxx 600 closed 0.46% lower on Friday, marking its first losing week in 2025. Nevertheless, Europe's new plans to increase spending on defence did have a positive effect on the aerospace and defence sectors. Canada has a new Prime Minister in the form of ex Bank of England Governor, Mark Carney. Although he has not actually assumed the role yet, he is already promising to stand up to President Trump. He might have to stand up to China first: they announced new tariffs (some up to 100%) on some of Canada's goods over the weekend. Our Head of Technical Analysis, Mensur Pocinci, joins the show today to explain why we should pay attention to the 200-day moving average when examining US equities charts.00:00 Introduction by Helen Freer (Investment Writing)00:31 Markets wrap-up by Bernadette Anderko (Investment Writing)06:19 Technical Analysis update: Mensur Pocinci (Head of Technical Analysis)09:09 Closing remarks by Helen Freer (Investment Writing)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 equity markets continued to sell-off yesterday, driven by disappointing tech-earnings, Chinese AI innovations, and the ongoing uncertainty surrounding Trump's tariff policy – even after he decided to exempt some goods from Mexico and Canada. In contrast, European equities largely defied the trend, with German equities continuing to rally. Joining us today to discuss the energy landscape is Norbert Ruecker, Head of Economics & Next Generation Research, who discusses the potential implications of a ceasefire deal in Ukraine on energy prices.00:00 Introduction by Helen Freer (Investment Writing)0025 Markets wrap-up by Jan Bopp (Investment Writing)06:33 Geopolitics and energy markets by Norbert Rücker (Head of Economics & Next Generation Research)11:39 Closing remarks by Helen Freer (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

European markets surged following German Chancellor-in-waiting Friedrich Merz's commitment to do 'whatever it takes' to ramp up defence and infrastructure, but this vow comes with a price tag:  increased fiscal spending. Consequently, government bond yields soared across the continent. Meanwhile, in the US, markets rebounded after President Donald Trump temporarily lifted his 25% tariffs on Canadian and Mexican auto imports. Joining us to break down the implications for currencies and metals is Tim Gagie, Head of FX/PM Private Banking Sales in Geneva.00:00 Introduction by Helen Freer (Investment Writing)0025 Markets wrap-up by Roman Canziani (Head of Investment Writing)06:08 FX and metals by Tim Gagie (Head of FX & PM Solutions Geneva)11:11 Closing remarks by Helen Freer (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Investors have a lot to digest. With US tariffs on Canada, Mexico, and China now in force – along with some retaliatory measures from affected countries – US Commerce Secretary Lutnick hinted that the US may reconsider some tariffs. Meanwhile, in Europe, the European Commission and Germany have unveiled plans to significantly increase defence spending. In Asia, all eyes are on China's National People's Congress, where the government has set an economic growth target of around 5% for 2025. No wonder global equity markets are experiencing volatility this week, and bond markets are no less turbulent. Joining us to shed light on the latest developments in fixed income is Dario Messi, our Head of Fixed Income Research. We're also joined by Richard Tang, our Head of Research in Hong Kong, for expert analysis on the National People's Congress.00:00 Introduction by Bernadette Anderko (Investment Writing)00:37 Markets wrap-up by Lucija Caculovic (Investment Writing)06:20 Bond market update: Dario Messi (Head of Fixed Income Research)10:48 China's NPC news: Richard Tang (Head of Research Hong Kong)16:48 Closing remarks by Bernadette Anderko (Investment Writing)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 equities did not like the news of weak manufacturing data and President Trump's announcement of tariffs on Canadian and Mexican goods, as well as increased tariffs on Chinese imports. The move prompted swift retaliation from Canada and China, who imposed their own tariffs on US goods. The S&P 500 fell 1.8% and Nvidia dropped nearly 9% but defensive sectors, like healthcare and consumer staples, rose on the day. European equities moved higher yesterday, with the Euro Stoxx 50 gaining 1.6% on easing inflation, anticipated monetary easing and the prospect of a large German stimulus package. Chinese stocks are reacting calmly to the tariff news, while export-heavy Japanese stocks are falling. Next up: Donald Trump's speech to Congress (later on Tuesday) and China's National People's Congress meeting (Wednesday). Carsten Menke, Head of Next Generation Research, notes that Bitcoin is a risk-on asset and a high-beta play on US equities in the short term.00:00 Introduction by Helen Freer (Investment Writing)00:24 Markets wrap-up by Mike Rauber (Investment Writing)07:14 Digital assets update: Carsten Menke (Head of Next Generation Research)11:14 Closing remarks by Helen Freer (Investment Writing)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 President Trump's surprise announcement that Bitcoin will be included in a new US strategic reserve saw its value soar over 20% from last week's lows. Meanwhile, investors are now in wait-and-see mode as to whether Trump will push through his planned 25% tariffs on Mexico and Canada and the extra 10% on China this week. Mensur Pocinci, Head of Technical Analysis, shares his outlook for markets from a technical perspective.00:00 Introduction by Helen Freer (Investment Writing)00:27 Markets wrap-up by Jonti Warris (Investment Writing)06:47 Technical Analysis update: Mensur Pocinci (Head of Technical Analysis)10:04 Closing remarks by Helen Freer (Investment Writing)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.

Tariffs are back on the table after President Trump confirmed yesterday that the delayed tariffs on Mexico and Canada will take effect on 4 March, while China will face an additional 10% tariff on top of existing levies. While investors are still wondering if this is just a negotiating tactic or not, stock markets were broadly lower yesterday and overnight. Meanwhile, Nvidia had to say goodbye to the exclusive USD 3 trillion market capitalisation club, as its shares plummeted despite a robust earnings report. Today, all eyes are on the upcoming release of the US PCE price index release – the Federal Reserve's preferred measure of inflation. Joining us today is Thomas Caflisch, Head of FX & PM Solutions, with a deep dive on currencies.00:00 Introduction by Helen Freer (Investment Writing)00:24 Markets wrap-up by Lucija Caculovic (Investment Writing)07:39 FX and metals: Thomas Caflisch (Head of FX & PM Solutions)10:40 Closing remarks by Helen Freer (Investment Writing)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 much-anticipated earnings report of chipmaker Nvidia, the posterchild of the AI revolution, failed to spark enthusiasm although it did suggest that the AI investment boom remains alive and well. For now, European stocks may be a good place for investors too with benchmark indices scaling fresh highs almost daily. Carsten Menke, Head of Next Generation, shares his insights on how a potential peace agreement in Ukraine could impact the construction and rebuilding industries.00:00 Introduction by Helen Freer (Investment Writing)00:31 Markets wrap-up by Roman Canziani (Head of Investment Writing)05:37 Ukraine reconstruction by Carsten Menke (Head of Next Generation Research)09:29 Closing remarks by Helen Freer (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player. 

US growth concerns and geopolitics keep investors busy ahead of Nvidia's much-anticipated earnings report later today. Germany's incoming chancellor seeks to boost defence spending, while US yields decline amid uncertainty over Trump's policies and weaker-than-expected US consumer confidence data. Global markets react, with bonds rallying, the dollar down, and equities slipping, especially tech stocks. Dario Messi, Head of Fixed Income Research, explains why he expects European yields to continue to trend lower. And we have Mathieu Racheter, Head of Equity Strategy, on the show to share his expectations for Nvidia's earnings report after today's market close.00:00 Introduction by Bernadette Anderko (Investment Writing)00:34 Markets wrap-up by Jan Bopp (Investment Writing)06:13 Bond market update: Dario Messi (Head of Fixed Income Research)11:04 European equity markets: Mathieu Racheter (Head of Equity Strategy)14:56 Closing remarks by Bernadette Anderko (Investment Writing)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 stock markets lost steam yesterday with big tech leading losses and the 10-year US Treasury yield moving back towards the 4.40% level while European bourses put in a mixed performance as investors digested the results of German federal election. Meanwhile the gold price continues to gain ground trading just shy of the USD 3000 mark. On today's podcast we are also joined by Manuel Villegas Next Generation Research with an update on drivers in the artificial intelligence space. 00:00 Introduction by Bernadette Anderko (Investment Writing)00:24 Markets wrap-up by Jonti Warris (Investment Writing)06:53 Artificial Intelligence update: Manuel Villegas (Next Generation Research)11:41 Closing remarks by Bernadette Anderko (Investment Writing)Watch our upcoming Beyond Markets Webcast “Market update & artificial intelligence” live at 10:00 CET on 27.02.2025: https://ow.ly/Sf6e30sKaH6Would 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 S&P 500 experienced a sharp decline on Friday, falling 1.7% in its worst session of 2025, after hitting record highs earlier in the week. Concerns about stagflation spooked investors. In Germany, the opposition conservative CDU/CSU won the election with 28.5% of the vote. In a first reaction, German equities and the EUR rose on Monday morning. Berkshire Hathaway reported strong earnings growth and over USD 300 billion in cash available for investment. This week in focus: Nvidia earnings on Wednesday, core PCE (US inflation) on Friday. Mensur Pocinci, Head of Technical Analysis, notes that the S&P 500 has to hold 5,900 in order to continue its upward trend after last week's drop.00:00 Introduction by Bernadette Anderko (Investment Writing)00:45 Markets wrap-up by Mike Rauber (Investment Writing)07:27 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis)10:28 Closing remarks by Bernadette Anderko (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

While the US labour market remains resilient despite a modest increase in initial jobless claims, concerns are growing about a potential stagflation scenario in the US. Meanwhile, in Europe, eurozone consumer sentiment improved slightly in February, albeit from a low base, and UK retail sales beat expectations. In Asia, markets digested news that Japan's inflation rate hit a two-year high of 4%, but Alibaba's robust quarterly earnings boosted Chinese stocks. Joining us today are Tim Gagie, Head of FX & PM Solutions in Geneva, with a deep dive on currencies and metals, and Cheng Hin Saw, Head of Equities Specialists Asia, with insights on China.00:00 Introduction by Jan Bopp (Investment Writing)00:41 Markets wrap-up by Lucija Caculovic (Investment Writing)07:25 FX and metals: Tim Gagie (Head of FX & PM Solutions Geneva)11:53 Update on China: Cheng Hin Saw (Head of Equities Specialists Asia)16:41 Closing remarks by Jan Bopp (Investment Writing)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 President Trump's plan to impose 25% tariffs on European imports triggered a sell-off in European markets. The European Stoxx 600 had its worst day of the year, while US markets closed flat. Bonds and currencies also felt the impact of the tariff news, with gold hitting a new all-time high overnight. And we also have Nicolas Jordan from the CIO office on the show to discuss the reasons behind this year's impressive rally in European equities and why he believes the US market remains a structural overweight.00:00 Introduction by Helen Freer (Investment Writing)00:54 Markets wrap-up by Jan Bopp (Investment Writing)06:21 Update from the CIO Office: Nicolas Jordan (CIO Strategy & Investment Analysis)09:32 Closing remarks by Helen Freer (Investment Writing)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.

Hopes for an end to the conflict in Ukraine has provided a significant sentiment boost, driving European and US stocks to new heights. Despite ongoing discussions, announcements, and postponements of new tariffs, markets are increasingly looking beyond the short-term noise. For a deeper analysis of the latest developments, we turn to our experts. Dario Messi, Head of Fixed Income Research, offers his insights into the recent moves in bond yields, while Nenad Dinic, Equity Strategy Research, shares his views on the surge in emerging market stocks and identifies areas with further growth potential.00:00 Introduction by Jonti Warris (Investment Writing)00:31 Markets wrap-up by Roman Canziani (Head of Investment Writing)06:23 Bond market update: Dario Messi (Head of Fixed Income Research)10:36 Emerging market equities update: Nenad Dinic (Equity Strategy)16:23 Closing remarks by Jonti Warris (Investment Writing)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.

European leaders yesterday called for increased spending to boost the continent's defence capabilities, amid hopes of a potential Ukraine/Russia peace deal. Meanwhile, Asian markets today are being led higher by a surge in Chinese technology stocks as investors express optimism about fresh potential support measures from the Chinese government. On today's podcast, we are also joined by Manuel Villegas, Next Generation Research, for a weekly update on digital assets and a look at the drivers behind the recent softening in Bitcoin prices.00:00 Introduction by Helen Freer (Investment Writing)00:24 Markets wrap-up by Jonti Warris (Investment Writing)05:55 Digital assets update: Manuel Villegas (Next Generation Research)09:28 Closing remarks by Helen Freer (Investment Writing)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.

Friday was a mixed bag for Europe's and America's main indices, but they still saw gains on the week. The Munich Security Conference gained more attention than usual as the world awaits a solution for Ukraine. As of Friday it seemed that Ukraine and Europe would be left out of negotiations to end the war, but since then US Secretary of State Marco Rubio has said that both Ukraine and Europe will be part of any ‘real negotiations'. In Asia, Japan's GDP has risen a surprising 2.8% year-on-year, well above expectations, and China's President Xi Jinping has met with Chinese entrepreneurs at a symposium, signalling his support of the private sector. Mensur Pocinci, Head of Technical Analysis, provides his perspective on China's tech rally as well as his assessment on the Swiss franc.00:00 Introduction by Helen Freer (Investment Writing)00:28 Markets wrap-up by Bernadette Anderko (Investment Writing)07:33 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis)10:17 Closing remarks by Helen Freer (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.