Podcasts about equity markets

David discusses another impressive earnings season with guest Mike Archibald. John takes a well-deserved break. Hosted By:David Pett, Content Editor & Producer, Inside Perspectives: An AGF Podcast Series Jonathan Prias, Recording & Post‑Production Guest:Mike Archibald, Portfolio Manager, AGF Investments Chapters: 00:00 Introduction - Episode opening and guest introduction with Mike Archibald. 02:18 Earnings & Market Backdrop - Strong Q1 earnings and overall market setup. 03:14 Broad Market Growth - Drivers of earnings strength across sectors beyond AI. 05:54 Markets vs Headlines - Why markets remain resilient despite geopolitical concerns. 08:14 Earnings Outlook - Forward guidance and expectations for continued growth. 10:17 Key Risks - Energy prices, inflation, and rising bond yields. 13:01 Investing Strategy - Portfolio construction, AI exposure, and opportunity set. 16:24 Closing Remarks - Final thoughts and wrap-up. 16:40 Disclaimer - Important information regarding this broadcast.

David Shapiro of Otto1890 unpacks US inflation rates and the potential consequences for business- and consumer spending. The JSE performed strongly, led by mining counters. He explains the resilience of the US economy and the positive results of US retailers like Target and CostCo. He also talks about the upcoming Nvidia results and what it may signal for an artificial intelligence stock bubble. SAfm Market Update - Podcasts and live stream

Watch on YouTube In this week's live smallcap show, UK equity analyst & markets commentator Paul Scott & I discussed our latest thoughts on 19 stock ideas.00:00 Intertek02.45 Tate & Lyle09:00 Spire Healthcare14:35 Cordel19:25 Gamma Communications24:55 Craneware29:30 Grainger35:35 The Property Franchise Group44:55 Vistry51:20 Microlise56:20 Kromek60:45 On The Beach64:35 Pebble Group70:10 Gattaca76:05 Auction Technology Group78:10 Volvere81:05 XP Factory83:40 CT Automotive86:45 hVivo90:05 Topps TilesITRK #TATE #SPI #CRDL #GAMA #CRW #GRI #TPFG #VTY #SAAS #OTB #PEBB #GATC #ATG #VLE #XPF #CTA #HVO #TPT

In this episode, David Buik and Michael Wilson are joined by Helen Thomas, founder of Blondemoney, for a wide-ranging discussion spanning UK politics and global markets.With local elections across England, Scotland and Wales approaching, Helen gives her take on what the results could mean for Labour, the Conservatives and Reform, and whether the traditional two-party system is truly finished.The conversation turns to whether a poor result for Labour could trigger a leadership challenge for Keir Starmer, whether Reform has peaked too early, and the prospect of a Conservative-Reform coalition by 2029.On markets, the trio discuss the resilience of equities, the risk of an oil price spike if tensions escalate in the Strait of Hormuz, and the potential fallout for equity markets. Hosted on Acast. See acast.com/privacy for more information.

Chris Temple, Editor and Publisher of the National Investor, joins us to review the macroeconomic trends moving the markets, and his outlook on US general equities, precious metals, and various segments of the critical minerals space. Chris also recaps some of the companies he just saw in person at a number of site visit tours throughout Nevada, California, and Arizona.   We start off discussing the Fed meeting earlier this week, and a brief summary of Jerome Powell's 8-year tenure as the head of the US central bank.  Next, we pivot over to the macro backdrop for incoming Fed head, Kevin Warsh; and the results that have accrued as the result of prior monetary and fiscal policy in the US and abroad.  Chris note the persistent issues of record sovereign debt loads, higher-for-longer inflation levels, greatly spurred along by excessive money printing over Jerome Powell's term, pressures from the war in the Middle East, and the potential for slowing economic growth and more meaningful pullback in the broad US equities in the medium-term.   Switching over to gold, silver, and the precious metals equities, Chris had warned subscribers earlier in the year that things had become overbought and gotten ahead of themselves and to fade that rally, anticipating a medium-term sector pullback. He pointed to the coming corrective move in the PM sector, that was then exasperated by the war in Iran, when many felt that would be a bullish driver for gold and silver. Central banks and generalist momentum investors had come into the precious metals over the last couple years, but then some of these same groups had shifted over to selling PMs over the last couple months, putting further pressure on the sector. Generalist investors are still very much fully deployed into US equity markets and in particular the tech stocks and AI trade, and have pushed those valuations to record levels. As a result they are less inclined to be following the future potential of the commodities stocks. Chris is prepared for a future corrective move in US stock markets, that would initially drag everything else down with it, including most commodity and resource stocks. However, he pointed to the 2009 period coming out of the Great Financial Crisis, where gold and silver rebounded quicker and went up more on a performance basis than the broad markets. He expects to see a similar trend after a market liquidity event, where the PMs rebound first and to a greater degree, and the rest of the metals complex will follow.   Next we shifted over to trends within the broad basket of Critical Minerals, where Chris makes the point that one can't paint them all with a broad brush, as some have unique fundamental or macro drivers and have popped up periodically like a game of “whack-a-mole.”   He pointed out that critical minerals like lithium, cobalt, and nickel had popped and then dropped over the last few years, but that he was more animated by uranium, fertilizers, magnesium, tungsten, titanium, copper, and zinc at present.   Wrapping up, Chris highlighted the companies he just met with on his multi-state site visit tour through Nevada, California, and Arizona including:   Gunnison Copper Corp. (TSX: GCU) (OTCQB: GCUMF), Nevada Organic Phosphate Inc. (CSE: NOP) (OTCQB: NOPFF), Integra Resources Corp. (TSXV: ITR) (NYSE American: ITRG), North Peak Resources Ltd. (TSXV: NPR) (OTCQB: NPRLF), Borealis Mining Company Limited (TSXV: BOGO) (OTCQB: BORMF), Apollo Silver Corp. (TSX.V: APGO) (OTCQB: APGOF), and Arizona Gold & Silver Inc.  (TSXV: AZS) (OTCQB: AZASF).    Click here to follow along with Chris at the National Investor website.   For more market commentary & interview summaries, subscribe to our Substacks:   The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/     Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned, and companies profiled may be sponsors of the KE Report.    

In this episode, Eloise Goulder, head of the Data Assets and Alpha Group, is joined by product specialist Edwina Lowe and Luca Rainero, head of Data Intelligence, to unpack how retail investors have influenced equity markets this year. They delve into how investors are staying active through volatility, navigating trends in the silver market and the relative outperformance in semiconductor versus software stocks. They also discuss how retail activity is shaping volumes, turnover and intraday trading patterns. Finally, they explore what social media activity can reveal about retail positioning and intent, and how AI tools are accelerating the retail investment cycle and potentially reshaping market structure.   This episode was recorded on April 13, 2026.   The podcast's views do not necessarily reflect those of J.P. Morgan Chase & Co or its affiliates (together “J.P. Morgan) and are not from J.P. Morgan's Research Department. They do not constitute recommendations or offers to buy or sell securities. Intended for institutional and professional investors, not retail use, it is for informational purposes only. Products and services mentioned may not suit all investors or be available in all jurisdictions. J.P. Morgan may make markets and trade in discussed securities and asset classes. Visit www.jpmorgan.com/disclosures/salesandtradingdisclaimer for more disclaimers and regulatory disclosures. External speakers' opinions are personal and not J.P. Morgan's views. © 2026 JPMorgan Chase & Company. All rights reserved.

Tune in to our weekly LIVE Mastermind Q+A Podcast for expert advice, peer collaboration, and actionable insights on success in the Probate, Divorce, Late Mortgage/Pre-Foreclosure, and Aged Expired niches!  On episode 574 of All the Leads Mastermind, Tim and Alyssa unveil a new reverse mortgage lead product designed for mortgage professionals, targeting homeowners 62+ with strong equity who are behind on payments but not yet in foreclosure. They explain how respectful, education-first outreach can create stronger conversations and help seniors stay in their homes while preserving value for lenders and agents. A key feature is a professionally written first-contact letter mailed on behalf of the broker, supported by an integrated print/mail and CRM system with accurate data, multiple phone numbers, and automated follow-up. Veteran reverse mortgage expert Laurie adds valuable insight on Life Expectancy Set Aside (LISA) accounts used to cover taxes and insurance, how reverse mortgages can help in divorce settlements or estate planning, and why reverse for purchase can be a powerful option for downsizing seniors. Throughout the call, experts also discuss probate, pre-probate, and late mortgage scenarios, reinforcing how education, trust, and compliance can turn difficult situations into opportunities. The core message: this is a complete, partner-driven system built to help brokers start conversations earlier, earn trust faster, and close more deals with less guesswork. Key Takeaways: - Not all late mortgage leads are equal. High-equity senior homeowners can be strong reverse mortgage opportunities.  - The new product targets homeowners 62+ with significant equity who are behind on payments but not yet in foreclosure.  - Professionally written first-contact letters are designed to educate, build trust, and start conversations early.  - Life Expectancy Set Aside (LISA) accounts can cover taxes and insurance, helping protect seniors from future defaults.  - Reverse for Purchase can help seniors downsize, while reverse mortgages may also assist in estate or divorce situations.  - The ATL platform combines leads, CRM tools, print/mail services, and automation into one system built for execution.  To learn more, visit https://www.AllTheLeads.com or call (844) 532-3369 to check how many leads are available in your market.  Previous episodes: AllTheLeads.com/probate-mastermindInterested in Leads? AllTheLeads.comJoin Future Episodes Live in the All The Leads Facebook Mastermind Group:  https://facebook.com/groups/alltheleadsmastermindBe sure to check out our full Mastermind Q&A PlaylistSupport the show

Singapore's stability and business-friendly environment have long made it the regional hub of choice for tech giants such as Amazon, Google and ByteDance. However, the city-state's traditional role as a bridge between East and West is under pressure. Rising protectionism, technological decoupling and a global retreat from free trade now threaten the open flows of capital that built its wealth. To defend its crown, Singapore is going on the offensive. The government is pouring a fresh S$1 billion into public AI research, expanding critical infrastructure like Changi Airport, and pursuing capital market reform, including a tie-up with the Nasdaq. Will Singapore continue to thrive as a global hub? And will measures aimed at improving liquidity be enough to revive its IPO market? Sarah Jane Mahmud, senior financials analyst for Bloomberg Intelligence, joins host John Lee to discuss Singapore's global ambitions.See omnystudio.com/listener for privacy information.

Tokenizing the $70T U.S. equity market. On this episode of CoinDesk's Public Keys from the New York Stock Exchange, host Jennifer Sanasie breaks down Strategy's proposal to shift STRC preferred stock dividends from monthly to semi-monthly, and unpacks Wall Street's deepening crypto push: from Goldman Sachs's new Bitcoin Premium Income ETF filing to Morgan Stanley's record-breaking ETF launch. Brett Redfearn, President of Securitize, joins to discuss his new role, the $30 billion in tokenized assets on chain, the outlook for the Clarity Act. NYSE Senior Market Strategist and Head of the MAC Desk Michael Reinking weighs in on the macro picture heading into the week, Bitcoin's correlation with tech stocks, DeFi hacks, and ETF flows. Plus, AVAX One CEO Jolie Kahn explains her company's treasury strategy around Avalanche and its new initiative to develop an AI data center in Alberta, Canada. - Timecodes: 00:00 Welcome to Public Keys 00:24 Strategy Proposes Semi-Monthly STRC Dividends 02:05 Tokenized Assets On Chain Near $30B 02:13 Securitize's Brett Redfearn Joins Public Keys 05:53 Why Securitize Built Inside the Regulatory Framework 06:37 The Clarity Act and Market Structure 11:43 Tokenizing the $70 Trillion US Equity Market 13:51 NYSE's Michael Reinking on the Week Ahead 15:20 Bitcoin's Correlation With Tech Stocks 16:30 DeFi Hacks and Institutional Overhang 17:54 What's Driving $1B in BTC ETF Inflows 20:26 Bitcoin Miners Pivot to AI Data Centers 21:52 Goldman Sachs Files Bitcoin Premium Income ETF 22:38 Morgan Stanley's Record BTC ETF Launch 22:53 BTC ETFs see $1B in Inflows 24:44 AVAX One CEO Jolie Kahn Joins Public Keys 26:17 AVAX Bull and Bear Case 27:41 Inside AVAX One's Alberta AI Data Center Plan 30:45 Fear and Greed Index at 29 - This episode was hosted by Jennifer Sanasie.

Is your money actually safe anymore?On this episode of Futures Edge, Jim Iuorio and Bob Iaccino sit down with Lawrence Lepard, author of The Big Print, to break down what today's investors are really up against: rising debt, shaky fiat currencies, inflation, Bitcoin, gold, and the growing loss of trust in government stewardship of money.Larry explains why more everyday people are turning to sound money assets like Bitcoin and gold, what a potential sovereign debt crisis could mean for your portfolio, and why understanding monetary debasement matters whether you're a trader, investor, or just trying to protect your future.This conversation is real, timely, and packed with insight for anyone wondering:- Why are bond markets acting strange?- Is Bitcoin replacing gold?- What happens if governments keep printing?- How do regular investors hedge against bad policy?Timestamps: 00:00 Introduction and Guest Introduction02:27 Geopolitical Uncertainty and Economic Conditions04:59 Market Reactions to Geopolitical Events08:04 Gold and Bitcoin: Safe Havens or Speculative Assets?11:17 Sovereign Debt Crisis and Market Implications14:15 Equity Markets and Economic Predictions17:13 Bitcoin vs. Gold: A Shift in Perspective19:13 Skepticism in the Crypto Space25:00 Investment Strategies and Market Timing32:02 The Current State of Bitcoin and Stock Market Valuations34:57 Market Valuations and Economic Indicators36:18 Monetary Debasement and Its Implications39:06 The Role of Bitcoin in Government Strategy41:50 Government Control and the Future of Bitcoin44:22 The Nature of Wealth Distribution in a Bitcoin Economy47:01 The Historical Context of Money and Economic Systems48:26 Investment Strategies for Bitcoin and Future OutlookNewsletter: https://unfilteredinvestor.com/Shopify Podcast: open.spotify.com/show/60zQnUdSfZC43ZNoUJjTVp Stay Connected With Us.Twitter (X) [Bob Iaccino]: https://x.com/bob_iaccinoTwitter(X)  [jim Iuorio]: https://x.com/jimiuorio LinkedIn [Bob Iaccino]: https://www.linkedin.com/in/bob-iaccino/ LinkedIn [James Iuorio]: https://www.linkedin.com/in/james-iuorio/ 

Global markets showed signs of recovery yesterday after a highly volatile March, with European equities stabilising and US indices staging an impressive rally. However, persistent geopolitical tensions in the Middle East continue to weigh on sentiment, fuelling higher energy prices and pushing Eurozone inflation above the ECB's target. Asian markets opened April on a strong footing, led by a sharp surge in Japanese and South Korean equities. Today we're joined by Dario Messi, Head of Fixed Income Research, to explore the latest developments in corporate credit markets and explain the headlines in private credit. We also welcome Mathieu Racheter, Head of Equity Strategy, who discusses how equity markets are reacting to the ongoing geopolitical situation and offers a deep dive into emerging market equities.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:31) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (07:13) - Bond market update: Dario Messi, Head of Fixed Income Research (11:26) - Equity market update: Mathieu Racheter, Head of Equity Strategy Research (16:24) - 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.

What does a potential energy shock mean for inflation, growth, and the Fed's next move? • Learn more at thriventfunds.com • Follow us on LinkedIn • Share feedback and questions with us at podcast@thriventfunds.com • Thrivent Distributors, LLC is a member of FINRA and a subsidiary of Thrivent, the marketing name for Thrivent Financial for Lutherans. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

With uncertainty over how long, the Iranian conflict will last, it's not just the oil market that's been affected. Natural gas prices have risen, but so too have grain and aluminium prices, pointing to inflation pressures in the coming months. However, as Chris Holdsworth, Chief Investment Strategist, at Investec Wealth & Investment International, highlights, global equities are only 2% down, implying that equity investors expect a quick reopening of the Strait of Hormuz. Investec Focus Radio SA

WAR HAWKS TELLING LIES TO KEEP THE EQUITY MARKETS FLYING HIGH The Trends Journal is a weekly magazine analyzing global current events forming future trends. Our mission is to present Facts and Truth over fear and propaganda to help subscribers prepare for What's Next in these increasingly turbulent times. To access our premium content, subscribe to the Trends Journal: https://trendsjournal.com/subscribe The Trends Journal Shop: https://trendsjournal.com/shop Follow Gerald Celente on X: https://x.com/geraldcelente Follow Gerald Celente on Instagram: https://www.instagram.com/geraldcelentetrends Follow Gerald Celente on Facebook: https://www.facebook.com/gcelente/ TikTok: https://www.tiktok.com/@trends.journal Follow Gerald Celente on Threads: https://www.threads.com/@geraldcelentetrends Follow Gerald Celente on Gab: http://gab.com/geraldcelente Substack: https://Trendsinthenews.substack.com Follow Gerald Celente on Truth: https://truthsocial.com/@TrendsJournal Follow Gerald Celente on Reddit: https://www.reddit.com/user/Trends-Journal/ Copyright © 2026 Trends Research Institute. All rights reserved.

Markets reacted to volatile geopolitics as hopes of a swift resolution in the Iran crisis clashed with heightened military tensions. Strong gains in European equities and a sharp drop in oil prices highlighted a session defined by fragile optimism. With central banks watching inflation and safe havens like gold and the Swiss franc holding firm, uncertainty remains. Dario Messi, Head of Fixed Income Research at Julius Baer, and Mathieu Racheter, Head of Julius Baer's Equity Strategy Research team, discuss how recent geopolitical developments are shaping global bond and equity markets and how investors can navigate markets amid the fog of war.(00:00) - Introduction: Lucija Caculovic, Product & Investment Content (00:41) - Markets wrap-up: Jan Bopp, Product & Investment Content (06:06) - Fixed income market update: Dario Messi, Head of Fixed Income Research (10:25) - Equity market update: Mathieu Racheter, Head of Equity Strategy Research (15:36) - 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.

Equity markets are shifting, with value and quality equities stepping into the spotlight and AI's impact reaching far beyond technology. Small- and mid-cap names are drawing fresh attention, while international and emerging markets are finding new momentum. Changing consumer trends, evolving fiscal policy and sector standouts in financials and healthcare are all shaping the landscape for investors seeking what's next.   In this episode, join the Market Insights team's Meera Pandit, Global Market Strategist, and Katie Korngiebel, Research Analyst, as they share timely perspectives on the forces driving equities and where opportunity may emerge in today's market. Watch the video version on YouTube.  Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify

Michael Toth, Research Director of the Civitas Institute, compares the thriving US equity markets with Europe's "eurosclerosis," attributing American growth to deregulation and dynamism while critiquing Europe's failure to produce new unicorns. 11.1900 BRUSSELS

Markets keep climbing, headlines keep swinging, and yet sentiment still feels stuck somewhere between cautious and confused. In Episode 175 of Facts vs Feelings, Ryan Detrick, Chief Market Strategist, and Sonu Varghese, VP, Global Macro Strategist at Carson Group, zoom out to examine what is actually driving markets right now and where investors may be misreading the signals. From shifting expectations around growth and inflation to the way earnings, liquidity, and policy are interacting beneath the surface, they separate the emotional narrative from the measurable data.The conversation moves through current market leadership, valuation concerns, recession odds, and the risks that deserve attention without overreacting to every headline. They also explore what history suggests about similar environments, how positioning can amplify volatility, and why staying disciplined often feels hardest right when it matters most.Key Takeaways:• Earnings remain the foundation: Corporate profits continue to anchor market strength, even as narratives shift week to week • Sentiment lags fundamentals: Investor psychology still reflects caution despite improving breadth and resilient data • Policy and liquidity matter: Rate expectations, fiscal dynamics, and capital flows are shaping the next phase of returns • Volatility is part of the process: Pullbacks and headline shocks fit within historical patterns of ongoing expansions • Discipline beats drama: Long-term investors benefit more from structure and perspective than from reacting to every news cycleJump to:0:00 - New Titles And Warm-Up Banter2:42 - Framing A Tale Of Two Markets5:10 - Sector Splits And Market Breadth11:55 - Global Equity Strength And Style Shifts16:30 - AI Shockwaves Across Industries22:40 - Tech's Three Tracks: Software, Semis, Telecom27:35 - Short Interest, Contrarian Signals In Tech31:30 - International Rallies And Country Leaders37:15 - Jobs Revisions And Labor Market Reality44:20 - Youth Employment, AI Fears, And Data50:05 - Spurious Correlations And Market Folklore56:20 - CPI Details, Shelter Math, And Services HeatConnect with Ryan:• LinkedIn: https://www.linkedin.com/in/ryandetrick/• X: https://x.com/RyanDetrickConnect with Sonu:• LinkedIn: https://www.linkedin.com/in/sonu-varghese-phd/• X: https://x.com/sonusvarghese?lang=enQuestions about the show? We'd love to hear from you! factsvsfeelings@carsongroup.com

Find all of our Podcasts at: https://www.commercetrustcompany.com/research-and-insights/podcasts

Today, we unpack the Friday crash in silver, and to a lesser extent gold, noting that the Kevin Warsh as Fed Chair nominee news was a mere excuse for a market that was already showing signs of total dysfunction, as covered in our Thursday January 29 podcast. Elsewhere, we look at the general contagion of the metals volatility into other markets, including in rates, FX and equities, where we continue to monitor some strange behaviors that my suggest considerable market fragility. Today's pod features Saxo Head of Commodity Strategy Ole Hansen and is hosted by Saxo Global Head of Macro Strategy John J. Hardy. The two links mentioned on today's pod: Izabella Kaminska on X, one of the greatest observers of narrative versus reality and measurer of the Zeitgeist. Especially this post caught my eye today. Russell Napier's most recent appearance on a podcast - one of the most important thinkers about the new market regime we are in and the need to ask the right questions appropriate to that regime. Two or three times per week, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro and outro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

The new year is getting under way, but concerns have been raised over what investors should focus on for 2026. There's risks impacting the tech sector and experts are hoping things will improve going forward. Sam Dickie from Fisher Funds explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

What factors could drive global markets in 2026 – and how should investors think about hedging their exposure? Kunal Shah, co-CEO of Goldman Sachs International and global co-head of the Fixed Income, Currency, and Commodities business, discusses with Chris Hussey. Recorded on January 14, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. © 2025 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

The UK Investor Magazine was delighted to welcome Michael Field, Chief Equity Market Strategist EMEA at Morningstar, back to the Podcast to explore the investment landscape for 2026.Download Morningstar's Outlook and Top Picks for 2026 here.Michael shares his key themes and macro outlook for the year ahead, outlining what will differentiate 2026 from 2025. We dive into sector-level analysis across his coverage universe, identifying which areas appear overvalued or undervalued heading into the new year.The discussion covers geographical opportunities, with particular focus on how the UK compares with global markets and which countries offer the strongest potential. Michael reveals Morningstar's specific stock picks for 2026, with detailed analysis of UK constituents, including Persimmon's continued appeal in the housebuilding sector and the catalysts that make Diageo an intriguing opportunity.We conclude by assessing the overall investment case for 2026, weighing current valuations against the macro backdrop to understand Michael's level of conviction and what opportunities he finds most compelling for the year ahead. Hosted on Acast. See acast.com/privacy for more information.

The average stock in the US rose yesterday, but investors shifted away from technology and bank stocks. European equities reached a new all-time high, though German stocks experienced their first decline in eleven days. Geopolitical tensions and announcements from the Trump administration led to demand for US Treasuries driving yields lower and also caused volatility in precious metals and oil, which rose initially but then declined. Weakness in US technology is affecting Asia, however, the main equity indices there remain stable. Carsten Menke, Head of Next Generation Research, discusses the factors behind silver's incredible rally, and Mathieu Racheter, Head of Equity Strategy Research, talks about why he anticipates a positive earnings season overall.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:34) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:51) - Silver: Carsten Menke, Head of Next Generation Research (11:04) - Earnings season preview: Mathieu Racheter, Head of Equity Strategy Research (14:47) - 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.

Global equity markets closed marginally lower yesterday as they weighed the US administration's moves on Venezuela and the potential for escalation regarding Greenland. Nevertheless, there were some bright spots: the Nasdaq was boosted by Alphabet, and the Kospi saw gains this morning as Samsung announced impressive Q4 earnings guidance. Defence stocks rose in Europe, but fell in the US, for different reasons. Amidst the surge in precious metals prices, Carsten Menke, Head of Next Generation Research, explains why he believes that silver prices have moved too far, too fast of late, and why investors need to distinguish between flow-driven and fundamentals-driven price moves. Tune in to find out where he sees prices going from here.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:24) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (06:22) - Precious metals update: Carsten Menke, Head of Next Generation Research (11:30) - 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.

Joel Elconin, co-host of the PreMarket Prep show and founder of the Stock Trader Network joins me to outline the key investing themes in US equity markets for 2026. We discuss the upcoming macroeconomic data that matters, and circle around to a number of market sectors, getting his outlook on whether we'll see a continuation or a reversal in the prevailing trends.   Key discussion points include:   2025 Market Recap & Broadening Participation – A look at index performance, the shift away from mega-cap dominance, and a broadening out in other sectors from biotech to small caps in the Russell 2000.   Macroeconomic Data On Tap – Joel points to jobs data coming out this Friday, inflation data next week, the upcoming supreme court decision regarding tariffs, and in just a few weeks the kick off of Q4 earnings season.     Dovish Fed Policy Is Anticipated In Mid-2026 -  Joel notes that so far the TLT longer-duration treasuries are not reacting, but typically monetary policy only really affects the short-duration rates.  Lower rates should help small caps and be a boon to the financial sector. A Technical Outlook on the S&P 500 and Nasdaq Indexes – Joel shares the technical levels he is watching on a shorter-term basis for support and resistance; but notes that with markets still up in uncharted waters, that there are no easily identifiable resistance levels.   Government Defense Budget and New Guidelines Created Volatility In The Defense Stocks – Joel highlights how all the new restrictions from the government with regards to management and company incentives sent defense stock reeling lower, but the announcement of $1.5 Trillion in a military spending package sent them right back higher again.   Rotation Trade Into Low P/E and Value Stocks Is The Big Theme at present – There is capital that has rotated out of the Mag 7 leadership and into a broader range of value stocks like Berkshire Hathaway, auto manufacturers like Ford and GM, home builders, healthcare stocks, and consumer staples.  Geopolitics are also playing a factor of investors seeking safer brands and investing names. Click here to visit Joel's PreMarket Prep website   Click here to visit the Stock Trader Network   For more market commentary & interview summaries, subscribe to our Substacks:   The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/     Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.    

Selling a medical practice is no longer a straightforward transaction, especially in today's private equity–driven market. In this episode, we are joined by attorneys Jonathan Eskow and Greg Rutstein of Eskow Law Group to share what physicians can realistically expect when selling a practice today. Learn how private equity is affecting valuations, the risks of relying on few key individuals, and the continued role of non-compete agreements. Tune in for insights on navigating today's M&A landscape while protecting the value of your practice.Chapters00:00 Intro01:10 Banter03:35 Guest backgrounds13:53 How has private equity changed medical practices? 17:33 Is private equity buzz driving unrealistic expectations among physicians?21:40 What do physicians need to know about non-competes?25:12 What are the top buyer concerns in medical practice acquisitions?27:02  Access+27:55 Legal Takeaways29:08 OutroLearn more about Eskow Law by visiting: www.eskowlawgroup.comWatch full episodes of our podcast on our YouTube channel: https://www.youtube.com/@byrdadatto  Stay connected for the latest business and health care legal updates:WebsiteFacebookInstagramLinkedIn

2025 has been a memorable year for global equity markets, and it's prompted speculation from investors. Between economic downturns and tariffs, there's been plenty for experts to voice concerns about. Fisher Funds expert Sam Dickie explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

In this conversation, Shifu Xi Miao Jingshen shares his extensive experience in trading, private banking, and wealth creation. He discusses the importance of understanding debt, the psychology behind trading, and the current economic landscape. Shifu emphasizes the advantages of private funding and banking, as well as the legal structures that allow for tax-efficient operations. He also provides insights into market trends and strategies for navigating the equity markets effectively.   Professional Real Estate Investors - How we can help you: Investor Fuel Mastermind:  Learn more about the Investor Fuel Mastermind, including 100% deal financing, massive discounts from vendors and sponsors you're already using, our world class community of over 150 members, and SO much more here: http://www.investorfuel.com/apply   Investor Machine Marketing Partnership:  Are you looking for consistent, high quality lead generation? Investor Machine is America's #1 lead generation service professional investors. Investor Machine provides true 'white glove' support to help you build the perfect marketing plan, then we'll execute it for you…talking and working together on an ongoing basis to help you hit YOUR goals! Learn more here: http://www.investormachine.com   Coaching with Mike Hambright:  Interested in 1 on 1 coaching with Mike Hambright? Mike coaches entrepreneurs looking to level up, build coaching or service based businesses (Mike runs multiple 7 and 8 figure a year businesses), building a coaching program and more. Learn more here: https://investorfuel.com/coachingwithmike   Attend a Vacation/Mastermind Retreat with Mike Hambright: Interested in joining a "mini-mastermind" with Mike and his private clients on an upcoming "Retreat", either at locations like Cabo San Lucas, Napa, Park City ski trip, Yellowstone, or even at Mike's East Texas "Big H Ranch"? Learn more here: http://www.investorfuel.com/retreat   Property Insurance: Join the largest and most investor friendly property insurance provider in 2 minutes. Free to join, and insure all your flips and rentals within minutes! There is NO easier insurance provider on the planet (turn insurance on or off in 1 minute without talking to anyone!), and there's no 15-30% agent mark up through this platform!  Register here: https://myinvestorinsurance.com/   New Real Estate Investors - How we can work together: Investor Fuel Club (Coaching and Deal Partner Community): Looking to kickstart your real estate investing career? Join our one of a kind Coaching Community, Investor Fuel Club, where you'll get trained by some of the best real estate investors in America, and partner with them on deals! You don't need $ for deals…we'll partner with you and hold your hand along the way! Learn More here: http://www.investorfuel.com/club   —--------------------

Join Trevor Garvin, Head of Multi-Management at Nedgroup Investments, as he reflects on a transformative year for South Africa and global markets in our final Market and Economic Wrap podcast for 2025. From political shifts under the Government of National Unity and Eskom's turnaround to record-breaking equity returns and a historic credit rating upgrade, 2025 was a year of resilience. Trevor also explores global trends, monetary policy pivots, and what lies ahead for 2026—highlighting opportunities and risks for disciplined investors. LinkedIn · YouTube

The big things you need to know:First, several things that US equity markets have been linked to (breadth, bitcoin, private market fears, Fed cut expectations, consumer sentiment) have gotten better in recent updates.Second, a few signals from our year-ahead outlook analysis have shifted over the past week.Third, there have been a few interesting twists and turns in positioning since Thanksgiving week in terms of sectors and factors.

Join Jeremy Zirin, Head of the Private Client U.S. Equity Teams with UBS Asset Management, as he shares a performance update and outlook for U.S. equities. Host: Dominic Schagar, Senior Equity Investment Specialist. Recorded on 25.11.19

In this episode, Eloise Goulder speaks with Andrew Tyler, Global head of Market Intelligence, and Federico Manicardi, International head of the Market Intelligence at J.P. Morgan. They discuss strength in equity markets over 2025, from the macro backdrop to corporate earnings and central bank policy. They also explore the relative outperformance in EM, Europe and several APAC markets, as well as the respective drivers for these moves. Finally, they hone in on highest conviction opportunities for equities into year-end, plus key catalysts and risks to watch in the weeks ahead.    This episode was recorded on December 1, 2025.   The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan's Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument.  This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions.  J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed.  For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2025 JPMorgan Chase & Company. All rights reserved.

The big things you need to know:First, our 12-month-forward price target for the S&P 500 is 7,750, approximately the median and average of five different models that we use, which focus on sentiment, valuation, the appeal of stocks relative to bonds, the economic outlook, and monetary policy.Second, some of the key headwinds / downside risks and tailwinds / upside risks we're monitoring include shifts in expectations for the economic backdrop, renewed interest in geographical diversification, and the midterm elections.Third, tactically (near term) we are leaning into the rotation in leadership within the US equity market from Growth to Value and the mega cap Growth trade to the rest of the market, but caution that a shift in earnings dynamics is still needed for this transition to have significant duration.Fourth, we have gotten more comfortable adding to Small Caps but see risk that recent outperformance ends up being short-lived once again unless the underlying economic backdrop / overall economic conditions heat up significantly.

The Inside Economics crew welcomes Alan Blinder back to the podcast. The Princeton University economics professor and former Vice Chair of the Fed offers his perspective on the outlook for artificial intelligence, the risk of a bubble in equity markets, and the potential implications of current threats to Fed independence. The team also breaks down the much-delayed September employment report.Guest: Alan Blinder – Professor of Economics and Public Affairs at Princeton UniversityGet more information on Alan Blinder's book - A Monetary and Fiscal History of the United States, 1961-2021Hosts: Mark Zandi – Chief Economist, Moody's Analytics, Cris deRitis – Deputy Chief Economist, Moody's Analytics, and Marisa DiNatale – Senior Director - Head of Global Forecasting, Moody's AnalyticsFollow Mark Zandi on 'X' and BlueSky @MarkZandi, Cris deRitis on LinkedIn, and Marisa DiNatale on LinkedIn Questions or Comments, please email us at helpeconomy@moodys.com. We would love to hear from you. To stay informed and follow the insights of Moody's Analytics economists, visit Economic View. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Today, we cover the very ugly day for US equity markets, with the selling quite broad, but most concentrated in AI-related and crypto-related names as the latter is in a real funk and suggests poor liquidity. With Saxo Equity Strategist Ruben Dalfovo, we pick out several names to discuss including Oracle and Disney. Also, we look to next Wednesday's Nvidia earnings report as the next critical event risk for this market, noting other big retail names reporting in the US as well, including Walmart. Macro, FX and more also on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.  Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (within one to three hours from the time of the podcast release). Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro and outro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Join Jeremy Zirin, Senior Portfolio Manager of the House View Equity Portfolios and Head of the Private Client US Equity Team with UBS Asset Management, as he shares a performance update for US equities. Host: Dominic Schagar, Senior Equity Investment Specialist. Recorded on 15.10.25

Tony Zhang, Blaine Reed and Rich Excell are back again. What are they talking about? AI Is there anything else to talk about? Seriously though.  What about yield curves and credit spreads and Fed policy and US/China trade talks and earnings analysis and seasonal stock patterns?  Yep, covered that too.  For a recap of the last 2 weeks and what to look for going forward, have a listen.  Remember to like/share/subscribe

NEW: Send us Your Comments!This Week's Topics:Geriatric No Kings! Protest Fails 3:00This is All About Presidential Power 7:30Schumer Shutdown Continues 12:30What is the Left's Real End Game? 16:00Healthcare Costs Soar 20:30Outrage over WH Ballroom was Distraction 25:30US Debt tops $38 TRILLION! 27:00Important Glenn Beck Video 29:30Donor gives $130 Million to Pay Troops 32:30US Army Looking to Equity Markets?? 34:00Trump Sanctions Russia 37:00EU Wants War with Russia 2:00Trump Heads to South Korea to meet Xi 42:00Us & Australia Make Rare Earths Deal 44:00Court Says Title XI is NOT Gender 45:30Trump Ends Canada Trade Talks over Ad 48:00NC Changes House Districts 53:00Trump Legal Team Files $230 Million Suit 55:00FBI Makes 28,000 Arrests since Jan 20th 1:04:00NBA/Mob Gambling Crimes Exposed 1:06:00Trump Drug War Expands to Columbia 1:10:00Crackdown on Fentanyl is Working 1:12:30Court Ok's Troops in Portland 1:15:30Portland Police are Helping Antifa 1:17:30Dems Create Ice Tracking App 1:19:30Memphis Crackdown is working! 1:24:00Mass Shooting Stopped in Atlanta Airport 1:29:30Court: Rape “Did not last long enough”?? 1:31:00Who is John Fetterman Really? 1:34:00EPA Moves to Control Your Solar Panels 1:37:30Trump Mixed Message for US Ranchers 1:40:00Earth Defense Group Activated! 1:44:30Oxford Union President Ousted 1:48:30Bible Sales Soar after Kirk Shooting 1:51:00Support the showView our Podcast and our other videos and news stories at:www.WethePeopleConvention.orgSend Comments and Suggestions to:info@WethePeopleConvention.org

Mabrouk Chetouane says he's seeing some signs of weakening in the U.S. equity markets, expecting less growth and says investors should be careful. He says the government shutdown complicates his analysis as there's been a lack of economic data to track over the last several weeks. Mabrouk dissects the health of the U.S. financials, saying he's bullish on the "big banks" but says he's still taking a cautious approach on the overall group. He later adds commentary on elevated interest rates and what impact it has on the rest of the economy, including the surge in gold prices. ======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – / schwabnetwork Follow us on Facebook – / schwabnetwork Follow us on LinkedIn - / schwab-network About Schwab Network - https://schwabnetwork.com/about

Join Jeff Hans, Senior Portfolio Manager of the House View Equity Portfolios with UBS Asset Management, as he shares a performance update for US equities. We also discuss the impact of Fed rate cuts to US equities, why investors should consider diversifying into value, along with a look at equity sector themes. Host: Dominic Schagar, Senior Equity Investment Specialist. Recorded on 25.09.25

Despite uncertainty around the US government shutdown and signs of economic weakness, equities have rallied, though tech stocks paused as AI enthusiasm met valuation concerns. With non-farm payroll data delayed, investors are turning to private sector indicators for labour market insights. Meanwhile, in Japan, Sanae Takaichi's surprise win as Liberal Democratic Party (LDP) leader signals a potential return to expansionary “Sanaenomics”, a policy stance reminiscent of Abenomics, boosting equities and pressuring the yen. Tune in for a deep dive into the macro shifts shaping markets this week.This episode is presented by Magdalene Teo, Head of Fixed Income Research Asia, Julius Baer.

Today we make a structural, if patient call on the direction of crude oil from here, while also looking at the situation for European natural gas heading into the winter. Also, while stocks staged a decent comeback from the lows yesterday, we note some potential headwinds that could keep volatility high, with or without a US government shutdown next Wednesday. A preview of upcoming earnings and macro event risks and much more also on today's pod, which features Saxo Head of Commodity Strategy Ole Hansen and Saxo Global Head of Macro Strategy John J. Hardy. Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (with a one- to two-hour delay from the time of the podcast release). Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro and outro music by AShamaluevMusic

The Trends Journal is a weekly magazine analyzing global current events forming future trends. Our mission is to present Facts and Truth over fear and propaganda to help subscribers prepare for What's Next in these increasingly turbulent times. To access our premium content, subscribe to the Trends Journal: https://trendsjournal.com/subscribe Follow Gerald Celente on Twitter: http://twitter.com/geraldcelente Follow Gerald Celente on Facebook: http://facebook.com/gcelente Follow Gerald Celente on Instagram: https://www.instagram.com/geraldcelentetrends Follow Gerald Celente on Gab: http://gab.com/geraldcelente Copyright © 2025 Trends Research Institute. All rights reserved.

My guest today is Andrew Milgram. Andrew is the founder of Marblegate Asset Management, an alternative investment firm that invests in credit opportunities and special situations. He joins me to discuss his unique approach to distressed investing in the middle market, revealing how middle market EBITDA has declined 20-25% since 2019, creating what he calls the "K-shaped economy." His investment stories are legendary, particularly his $600+ million bet on NYC taxi medallions, which we go into in great detail. We discuss Marblegate's approach to negotiation, sourcing deals directly from hundreds of regional banks, and understanding the human element in distressed situations. Please enjoy this conversation with Andrew Milgram. For the full show notes, transcript, and links to mentioned content, check out the episode page⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠.⁠⁠⁠⁠⁠⁠⁠⁠ ----- This episode is brought to you by⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Ramp⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Ramp.com/invest⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to sign up for free and get a $250 welcome bonus. – This episode is brought to you by⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Ridgeline⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Head to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ridgelineapps.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to learn more about the platform. – This episode is brought to you by⁠⁠⁠⁠⁠⁠⁠ AlphaSense⁠⁠⁠⁠⁠⁠⁠. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Invest Like the Best listeners can get a free trial now at⁠⁠⁠⁠⁠⁠⁠ Alpha-Sense.com/Invest⁠⁠⁠⁠⁠⁠⁠ and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:04:58) Understanding the K-Shaped Economy (00:07:08) Middle Market Challenges and Data Insights (00:16:56) Distressed Investing Explained (00:25:06) The Taxi Medallion Investment Story (00:46:46) Navigating New York's Taxi Medallion System (00:47:17) Building Relationships with Regulators and Unions (00:50:22) Taking the Taxi Operation Public (00:51:26) The Future of Autonomous Vehicles and Medallions (00:54:30) Investment Strategies and Risk Management (00:58:41) Negotiation Principles and Human Drama (01:11:55) Personal Reflections and Formative Experiences (01:17:22) The State of the American Economy (01:23:29) Insights on Private Credit and Equity Markets (01:30:39) Future of Asset Management (01:33:16) The Kindest Thing Anyone Has Done For Andrew

Today, we look at the downdraft in the euro and European stocks yesterday and wonder if this is merely a kneejerk reaction to the EU-US trade deal or the start of something bigger. We also run down a few big movers in the US yesterday as the AI theme remains strong in the "shovel" space in AI (those who make the hardware driving AI data centers). Finally, we use Visa's valuation to demonstrate the rich valuation in US equities, look at levels for major Euro crosses and gold and silver, break down the US macro data up today and more. Today's pod hosted by John J. Hardy, Saxo Global Head of Macro Strategy. Link to John's substack for more links to Saxo and other content. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Our CIO and Chief U.S. Equity Strategist Mike Wilson explains how his outlook on earnings and valuations give him a constructive view on U.S. equities for the next 12 months.Read more insights from Morgan Stanley.----- Transcript -----Mike Wilson: Welcome to Thoughts on the Market. I'm Mike Wilson, Morgan Stanley's CIO and Chief U.S. Equity Strategist. Today on the podcast I'll discuss where there is the most push back to our Mid-year outlook and why I remain convicted in our generally constructive view on U.S. equities for the next 12 months.It's Monday, June 2nd at 11:30am in New York.So, let's get after it.To briefly summarize our outlook, we have maintained our 6500 12-month price target for the S&P 500 this year despite what has been a very volatile first five months – both in terms of news flow and price action. Part of the reason we didn't change this view stems from the fact that we expected the first half to be challenging for U.S. stocks but to be followed by a more favorable second half. Much of this was related to our view that the new administration would pursue the growth negative part of their policy agenda first. This played out -- with their focus on immigration enforcement, spending cutbacks and tariffs. In addition to these policy adjustments, we also expected AI capex to decelerate in the first half after such fast growth last year. All of these factors conspired to weigh on both economic growth and earnings revisions.Second, the way in which tariffs were rolled out on Liberation Day was a shock to most market participants, including us, and served as the perfect catalyst for what can only be described as capitulation selling by many institutional investors. That capitulation has set the stage for the very reflexive snap back in equity prices that is also supported by a positive rate of change on policy, earnings revisions breadth, financial conditions and a weaker U.S. dollar.The main push back to our views centers on our constructive earnings outlook for high single digit growth both this year and next and our view that valuations can remain elevated at 21.5x forward Earnings. On the earnings front, our calendar year earnings estimates already incorporate a mid-single-digit percent hit to bottoms-up consensus forecasts. Second, our Leading Earnings Indicator which projects Earnings Per Share growth 12 months out is suggesting a sideways consolidation in growth in the high single-digit range over the next year.Third, a weaker dollar, elements of the tax bill and AI-driven productivity should be incremental tailwinds for earnings that are not in our model. Fourth, we have experienced rolling recessions for many sectors of the private economy for the last 3 years, which makes growth comparisons easier. Finally, and most importantly, the rate of change on earnings revisions breadth has inflected higher from a very low level after a year-long downturn. On valuation, our work shows that if earnings growth is above the long-term median of 7 percent and if the fed funds rate is down on a year-over-year basis, it's very rare to see multiple compression. In fact, Price Earnings multiples have expanded 90 percent of the time under these conditions to the tune of 9 percent over a 12- month period. Therefore, in some ways we're being conservative with our forecast for the S&P 500's price earnings ratio to remain flat at current levels over the next year.With respect to our favorite valuation metric, the equity risk premium, it's interesting to note that in the week following Liberation Day, the Equity Risk Premium reached the same level we witnessed in the aftermath of the 9-11 shock in 2001 and even exceeded the risk premium reached during the Long-Term Capital Management crisis in 1998. Both episodes resulted in 20 percent corrections to the S&P 500 much like we experienced this year only to be followed by very strong equity markets over the next year.The bottom line is that I remain convicted in both our earnings forecast for high single digit earnings growth for this year and next; and my view that valuations can remain elevated in this classic late cycle expansion of slower economic growth that typically elicits interest rate cuts from the Fed.Thanks for tuning in; I hope you found it informative and useful. Let us know what you think by leaving us a review; and if you find Thoughts on the Market worthwhile, tell a friend or colleague to try it out!

Global trade tensions have eased after a steadying in U.S. policy shifts, leading our CIO and Chief U.S. Equity Strategist Mike Wilson to make a more bullish case for the second half of 2025.Read more insights from Morgan Stanley.----- Transcript -----Welcome to Thoughts on the Market. I'm Mike Wilson, Morgan Stanley's CIO and Chief U.S. Equity Strategist. Today on the podcast, I will discuss recent developments on tariffs and interest rates, and how it affects our 12 month view for U.S. Equities.It's Friday, May 23rd at 9am in New York.So, let's get after it.The reduction in the headline tariff rate on China from 145 percent to 30 percent extended the rally in stocks last week and should help to support both corporate and consumer confidence. More importantly, the 90-day détente came at a critical juncture, in my view, as a few more weeks of what was essentially a trade embargo would have likely led to a recession.Equity market volatility also subsided considerably amid the decline in trade policy uncertainty. In fact, both measures peaked well before the deal with China came together and are now back below where they were pre-Liberation Day. To me, this means trade headwinds have likely peaked in rate of change terms and are unlikely to return to such levels again. This would fit with the capitulatory price action we saw in early April with the average stock in the S&P 500 experiencing a 30 percent drawdown. In short, while the lagging hard data is likely to come in softer over the next coming months, the equity market already priced it in April. In the event of a recession that still arrives, we think the April lows will still hold, assuming it's a mild one with manageable risk to credit and funding markets.As further support for stocks, earnings revisions breadth appears to have bottomed. This indicator has leading properties in terms of the direction of earnings forecasts and is an important gauge of corporate confidence, in our view. The combination of upside momentum in revision breadth and last week's deal with China has placed the S&P 500 firmly back in our original pre-Liberation Day first half range of 5500-6100. Having said that, we think continued upward progress in earnings revisions breadth into positive territory will be necessary to break through 6100 in the near term, given the stickiness of 10-year Treasury yields.Amidst these developments, we released our mid -year outlook earlier this week and updated our base, bear and bull case targets for the S&P 500. In short, we effectively pushed out the timing of our original 6500 price target for the end of this year to 12 months from today. This is mainly due to a less dovish Fed and therefore higher 10-year Treasury yields than our economists and rates strategists expected at the end of last year. We also trimmed our EPS forecasts modestly to adjust for higher than expected tariff rates, at least for now.Looking ahead, we are more bullish today than we were at the end of last year given the growth negative policy announcements are now behind us and the Fed's next move is likely to be multiple cuts. In short, the rate of change on earnings revisions breadth, interest rates and policy changes from the administration are all now pointing in a positive direction, the opposite of six months ago and why I was not bullish on the first half of this year.The near-term risk for U.S. equities remains very overbought conditions and interest rates. With the Fed on hold due to lingering inflation concerns and Moody's downgrade of U.S. Treasury debt last Friday, 10-year Treasury yields are back above 4.5 percent; the level where the correlation between equities and rates tends to move back into negative territory. Ultimately, we think the Treasury and Fed have tools they can and will use to manage this risk. However, in the short term, this is a potential catalyst for the S&P 500 to take a break and even lead to a 5 percent correction. We would look to add equity risk into such a correction should it materialize given our bullish 6-12-month view.Thanks for tuning in. I hope you found it informative and useful. Let us know what you think by leaving us a review; and if you find Thoughts on the Market worthwhile, tell a friend or colleague to try it out!