With the US celebrating Independence Day yesterday, investors turned their attention to Europe where French equities continue to outperform ahead of the second round of the country's parliamentary elections. Meanwhile, UK voters have handed power to the Labour Party. Dave Meier, Macro & Next Generation Research, puts the election result into context and Tim Gagie, Head of FX & PM Solutions Geneva, talks about currencies and metals and prepares you for the weekend with his now traditional end-of-week joke.00:00 Introduction by Helen Freer (Investment Writing)00:34 Markets wrap-up by Roman Canziani (Head of Investment Writing)05:59 UK election result by David Meier (Investment Research Analyst)10:21 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva)15:10 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 string of weaker macroeconomic data out of the US yesterday was unable to shake investor sentiment, with the S&P 500 and Nasdaq Composite indices touching fresh all-time highs, propelled by a rally in mega-cap tech stocks. Nicolas Jordan, CIO Strategy & Investment Analysis, provides an update from our CIO office. Dr Damien Ng, Next Generation Research, joins us to talk about longevity and explains why we should be paying attention to extending our healthspan.00:00 Introduction by Helen Freer (Investment Writing)00:34 Markets wrap-up by Jonti Warris (Investment Writing)07:00 Latest news from the CIO Office by Nicolas Jordan (CIO Strategy & Investment Analysis)09:58 Longevity by Damien Ng (Next Generation Research)13:49 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.

Markets reacted positively to Fed Chair Powell's upbeat comments on disinflation, sending US equities to another record high and bond yields lower. European equities struggled however, amid prevailing political concerns, despite inflationary pressures easing in June. Dario Messi, Head of Fixed Income Research, discusses what political risks in Europe mean for bond investors and why he believes there is value in peripheral European bonds.00:00 Introduction by Bernadette Anderko (Investment Writing)00:31 Markets wrap-up by Jan Bopp (Investment Writing)06:08 European bonds in the current climate by Dario Messi (Head of Fixed Income Research)10:19 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.

Germany's Ifo Institute predicts that inflation could fall to 2% by August. European equities rose after the first round of parliamentary elections in France suggested that no party would win an outright majority in the second round. The Nasdaq hit an all-time high, but stocks were held back by a jump in Treasury yields. In Asia, Japan's Nikkei 225 is back above 40,000. Manuel Villegas from Next Generation Research notes that crypto has become politicised in the US, with recent gains coming on the back of Donald Trump's increased chances of becoming the next US president following his debate with President Biden.00:00 Introduction by Helen Freer (Investment Writing)00:21 Markets wrap-up by Mike Rauber (Investment Writing)06:44 Digital assets update by Manuel Villegas (Next Generation Research)10:59 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.

Most of the key US and European indices closed the first half of the year in positive territory, with the Nasdaq Composite turning in 18.1% in H1. In Asia, the Taiwan Weighted Index made a 28% gain. Mensur Pocinci, Head of Technical Analysis, points out what he thinks investors should take away from the first half of the year. Europe’s focus is now firmly on the second round of the French elections – these will take place on Sunday and all parties other than the National Rally will be out to prevent them from achieving a majority.00:00 Introduction by Helen Freer (Investment Writing)00:24 Markets wrap-up by Bernadette Anderko (Investment Writing)06:45 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research)09:59 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 batch of underwhelming data out of the US keeps rate cut expectations for the Fed alive. While that helped US yields to trade lower in yesterday’s session, European yields remained steady for the most part ahead of this Sunday’s first round of parliamentary elections in France. The political uncertainty continued to weigh on equities in Europe, while their US counterparts ended the day higher, with the Magnificent 7 cohort closing at a new record. Tim Gagie, Head of FX & PM Solutions Geneva, talks about what is going on in FX markets and explains why it might be a good idea to protect your gains in gold.00:00 Introduction by Helen Freer (Investment Writing)00:21 Markets wrap-up by Jan Bopp (Investment Writing)05:51 Currencies and metals: Tim Gagie (Head of FX & PM Solutions Geneva)10:42 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.

Major US stock indices eked out only minor gains yesterday as investors remained cautious ahead of the Fed’s preferred measure of inflation (PCE), due tomorrow. Shares in chipmaker Micron Technology slumped in afterhours trading yesterday, with reverberations being felt across Asia-Pacific markets today. Norbert Rücker, Head of Economics & Next Generation Research, shares his thoughts on the drivers behind the recent rebound in oil prices.00:00 Introduction by Helen Freer (Investment Writing)00:24 Markets wrap-up by Jonti Warris (Investment Writing)06:09 Oil update by Norbert Rücker (Head of Economics & Next Generation 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.

While it was only a few consumer services and information technology stocks that drove the gains in the US equity markets yesterday, the good news came from a successful auction of 2-year Treasury notes by the US Treasury Department. Dario Messi of Fixed Income Research explains why the results of these US Treasury auctions have become so important for investors.00:00 Introduction by Bernadette Anderko (Investment Writing)00:21 Markets wrap-up by Roman Canziani (Head of Investment Writing)06:01 Bond market update by Dario Messi (Fixed Income Strategy)10:15 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 equity markets rose on reports that China and the European Union will sit down to discuss the EU's plan to impose additional tariffs on electric vehicle imports, despite uncertainty over the French election. 70% of the S&P 500 constituents were higher, but the index was lower on weakness in Nvidia. Shein is in the news for a possible IPO. Asian stocks are higher, but mainland China is lower. Hannah Wise, Head of Investment Communications, previews this week's Market Outlook Mid-Year 2024 webcast on Thursday, details of which are available on the Julius Baer LinkedIn page. Manuel Villegas, Next Generation Research, highlights the importance of being able to tolerate short-term drawdowns amid weakness in digital assets.00:00 Introduction by Bernadette Anderko (Investment Writing)00:31 Markets wrap-up by Mike Rauber (Investment Writing)07:19 Market Outlook Mid Year 2024 Webcast, on 27th June: Hannah Wise (Head of Investment Communication)10:39 Digital assets update by Manuel Villegas (Next Generation Research)14:26 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.

After markets were rattled by weaker-than-expected economic data last Friday, investors are facing rising political risks this week, with the first US presidential debate between Joe Biden and Donald Trump scheduled for Thursday and the French election on Sunday. Recent leading indicators point to a slowdown in economic momentum in Europe, weighing on equities, while US technology companies are having a tough time with European regulators. Mensur Pocinci, Head of Technical Analysis, explains why the technical setup for equities remains positive, why interest rates could trend lower in the summer months and why US equities remain his favourite region.00:00 Introduction by Bernadette Anderko (Investment Writing)00:28 Markets wrap-up by Jan Bopp (Investment Writing)07:08 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis)11:10 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 equities were higher as investor confidence returned following a successful auction of French government debt. In the US, however, mega-cap tech stocks dragged the broader market lower, pausing the impressive rally seen in recent weeks. David Kohl, Chief Economist, discusses why he believes Swiss interest rates will continue to fall and that the Bank of England is unlikely to cut until September this year.00:00 Introduction by Helen Freer (Investment Writing)00:24 Markets wrap-up by Roman Canziani (Head of Investment Writing)06:35 Comments on SNB and BoE meetings by David Kohl (Chief Economist)13:34 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.

Stock markets in Europe took a breather yesterday as traders looked for fresh catalysts to extend the latest tech-driven gains. After government bond yields across the eurozone edged higher, we take a look at the line-up of today’s central bank meetings and expectations for their policy decisions. Carsten Menke, Head of Next Generation Research, gives an update on supply and demand in the copper market, and the outlook for the metal.00:00 Introduction by Helen Freer (Investment Writing)00:51 Markets wrap-up by Jonti Warris (Investment Writing)07:16 Copper: Carsten Menke (Head of Next Generation Research)11:19 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.

Recent macroeconomic data from the US may encourage the Federal Reserve to start cutting interest rates, although officials have stressed that inflation needs to fall further before any action is taken. Meanwhile, in company-specific news, Nvidia’s share price soared, making it the most valuable listed company in the world. In Asia, Japan released a mixed batch of economic data, while minutes from the Bank of Japan’s latest meeting revealed that officials discussed the possibility of accelerating the pace of policy normalisation. With several central bank meetings scheduled this week, Markus Allenspach, Head of Fixed Income Research, joins us today to share his insights on what to expect.00:00 Introduction by Bernadette Anderko (Investment Writing)00:34 Markets wrap-up by Lucija Caculovic (Investment Writing)06:46 Central banks and bond markets by Markus Allenspach (Head of Fixed Income Research)12:33 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.

French assets stabilised after last week's rout and the S&P 500 hit its 30th all-time high this year, while Indian equities also hit new highs after their election blues. Nvidia's rally this year is making life difficult for technology sector ETFs. The Reserve Bank of Australia left interest rates unchanged at its meeting today, but a rate hike was discussed. Bitcoin is at its lowest level in a month, but remains well within its trading range since March. Tim Gagie, Head of FX & PM Solutions Geneva, talks about the Swiss franc, which is caught between a likely rate cut and safe-haven demand amid French election uncertainty.00:00 Introduction by Helen Freer (Investment Writing)00:24 Markets wrap-up by Mike Rauber (Investment Writing)07:22 FX and metals update by Tim Gagie (Head of FX & PM Solutions Geneva)12:14 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.

European markets were weighed down last week by heightened political uncertainty emanating from France, while US markets enjoyed a solid week on the back of encouraging inflation data. The divergence was clearly visible in relative equity performance, with the weekly gap between the S&P 500 (+1.6%) and the French CAC 40 (-6.2%) the widest since early March 2022, just after Russia's full-scale invasion of Ukraine. Investors looking for safe-haven assets pushed gold higher and yields lower. Mensur Pocinci, Head of Technical Analysis, explains why he would still wait before turning bearish on European equities, why yields could very well fall further and why he still likes large-cap US growth stocks.00:00 Introduction by Helen Freer (Investment Writing)00:24 Markets wrap-up by Jan Bopp (Investment Writing)07:07 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research)10:19 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.

While most of Europe looks to Germany for football, investors are turning their attention to France, where President Macron’s decision to hold a parliamentary vote has caused quite a stir – French equities and bonds are both down on the week. Meanwhile, in the US, this week’s data pointed to a cooling of inflation and the labour market, making a strong case for interest rate cuts. David Kohl, our Chief Economist, joins the show today to share his insights into the latest US macroeconomic data and what it means for our interest rate expectations this year.00:00 Introduction by Helen Freer (Investment Writing)00:28 Markets wrap-up by Lucija Caculovic (Investment Writing)07:36 Comments on latest US data and FOMC meeting by David Kohl (Chief Economist)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.

After US consumer prices for May rose by slightly less than expected, the US Federal Reserve yesterday left its policy rate unchanged, as anticipated, but dialled back its expectations for interest-rate cuts, now pencilling in just one for the rest of the year. Carsten Menke, Head of Next Generation Research, gives an update on the gold market and central bank purchases. And Nicolas Jordan, CIO Strategy & Investment Analysis, provides a rundown of the latest news from the CIO Office.00:00 Introduction by Helen Freer (Investment Writing)00:34 Markets wrap-up by Jonti Warris (Investment Writing)06:16 Gold/PBOC halt in purchases: Carsten Menke (Head of Next Generation Research)10:17 Latest news from the CIO Office byLatest news from the CIO Office byNicolas Jordan (CIO Strategy & Investment Analysis)13:40 Closing remarks by CIO Office 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.

President Emanuel Macron's call for legislative elections sends shockwaves through European financial markets. It is the big day for US inflation and the Federal Reserve's interest rate decision. Apple hits a new all-time high. China remains in a deflationary environment, while Japan's producer prices surprise to the upside. Dario Messi, Fixed Income Strategy, remains positive on peripheral European government bonds despite political uncertainty in France. Tim Gagie, Head of FX & PM Solutions Geneva, discusses the news that China's central bank has stopped buying gold (for now).00:00 Introduction by Bernadette Anderko (Investment Writing)00:31 Markets wrap-up by Mike Rauber (Investment Writing)07:25 European politics/The Fed by Dario Messi (Fixed Income Strategy)13:32 FX and Metals update by Tim Gagie (Head FX & PM Solutions Geneva)18:22 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 stocks rose to new record highs yesterday as two of the major tech mega-caps led the way for the major indices. Meanwhile, Europe suffered a hangover of fresh political uncertainty after right-wing parties emerged victorious in the European Parliament elections over the weekend. Next Generation analyst Manuel Villegas shares his insights on the latest regulatory twists and turns in the crypto markets.00:00 Introduction by Helen Freer (Investment Writing)00:21 Markets wrap-up by Roman Canziani (Head of Investment Writing)06:20 Digital assets update by Manuel Villegas (Next Generation Research)09:17 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 wherever you get your podcasts.

US jobs growth surged in May and wages accelerated, prompting traders to push back the expected timing of US Federal Reserve interest rate cuts. US Treasuries sold off, pushing yields higher on Friday. And while equity markets in Europe ended the day lower, US stocks initially fell but largely pared losses to end the day just slightly in the red. Markus Wachter from our Technical Analysis team talks about the technical setup for the S&P 500 and Dax indices, and why he expects US Treasury yields to fall.00:00 Introduction by Helen Freer (Investment Writing)00:21 Markets wrap-up by Jan Bopp (Investment Writing)06:03 Technical Analysis update by Markus Wachter (Technical Analysis Research)08:40 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 ECB cut its deposit rate yesterday, but did not commit to further rate cuts. Eurozone banks rallied the most on the prospect of fewer rate cuts than previously expected. Microsoft and Nvidia may face antitrust investigation in the US. Two giant banks, Mitsubishi UFJ and Sumitomo Mitsui, are to start selling their strategic stakes in Toyota Motor worth around USD 8.5 billion, illustrating that corporate reform in Japan is for real. India's financial markets are returning to calm after the surprise outcome of the national elections, while European parliamentary elections are in focus this weekend. Leonardo Pellandini, Equity Strategy Research, explains why we like German equities.00:00 Introduction by Helen Freer (Investment Writing)00:21 Markets wrap-up by Mike Rauber (Investment Writing)06:26 German equities by Leonardo Pellandini (Equity Strategy Research)09:43 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.

Nvidia became the second biggest company in the world yesterday as its market value exceeded USD 3 trillion, whilst ASML pushed LVMH aside to take over the number 2 spot in European markets. Other technology stocks also performed well – pushing their indices to new all-time highs. Markets now await more the discussion than the decision when it comes to the ECB later today: whilst the rate cut is firmly priced in, what Christine Lagarde says afterwards will be the main focus. Norbert Rücker, Head of Economics & Next Generation Research, joins the podcast to explain his ‘Cautious’ outlook for the oil markets.00:00 Introduction by Helen Freer (Investment Writing)00:34 Markets wrap-up by Bernadette Anderko (Investment Writing)05:18 Update on oil / OPEC meeting by Norbert Rücker (Head of Economics & Next Generation Research)08:44 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 Swiss equity market continues to shine among its European peers, with inflation well below the Swiss National Bank’s upper target and the stock market outperforming. In Asia, all eyes are on the Indian elections, where Prime Minister Modi’s party failed to win an outright majority but he looks set for a third term in office. Mark Matthews, Head of Research Asia, shares his views on the Indian election and reviews the Chinese and Japanese markets. Dario Messi from Fixed Income Research discusses our expectations for tomorrow’s European Central Bank rate decision.00:00 Introduction by Bernadette Anderko (Investment Writing)00:44 Markets wrap-up by Lucija Caculovic (Investment Writing)05:55 India election results & Asia calls by Mark Matthews (Head of Research Asia)14:36 Bond markets update by Dario Messi (Fixed Income Strategy)19:48 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.

A flurry of weaker US economic data, which included a slowdown in factory output and a surprise contraction in the construction industry, saw the US dollar index drop to a new two-month low. The data also saw US equities post lacklustre, flat returns yesterday, while the US bond market rallied and US Treasury bond yields fell. Manuel Villegas, Next Generation Research, provides us with an update on digital assets, and takes a closer look at the approval of Ethereum ETFs and the topic of regulation.00:00 Introduction by Helen Freer (Investment Writing)00:24 Markets wrap-up by Jonti Warris (Investment Writing)05:32 Digital assets update by Manuel Villegas (Next Generation Research)08:37 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.

Major stock market indices are building on May's strong performance as we enter the meteorological summer here in Europe. In Asia, Indian markets are leading the way as exit polls show a landslide victory for incumbent Prime Minister Narendra Modi. Mensur Pocinci, Head of Technical Analysis, believes there is more upside ahead for both equities and gold.00:00 Introduction by Helen Freer (Investment Writing)00:24 Markets wrap-up by Roman Canziani (Head of Investment Writing)06:29 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research)09:35 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.

Yesterday’s weaker-than-expected US GDP data helped to boost rate cut expectations by the Fed and bring yields down from their highs. And while equity markets in Europe and Asia gained, tech stocks in the US came under selling pressure. Disappointing earnings data and US officials reviewing licenses to chipmakers for shipments to the Middle East pulled the sector down. Tim Gagie, Head of FX & PM Solutions Geneva, talks about the importance of central bank meetings in the coming weeks, recent developments in precious metals and why he thinks the recent CHF strength will only be temporary.00:00 Introduction by Helen Freer (Investment Writing)00:21 Markets wrap-up by Jan Bopp (Investment Writing)05:59 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva09:59 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.

Markets came under pressure yesterday after a USD 44bn Treasury auction saw weak investor demand, following two lacklustre auctions on Tuesday. The broad risk aversion gripping markets comes as rising bond yields are putting an increasing strain on risk assets. Norbert Rücker, Head of Economics & Next Generation Research, comments on the latest drivers in the oil market and shares his outlook for oil prices.00:00 Introduction by Helen Freer (Investment Writing)00:27 Markets wrap-up by Jonti Warris (Investment Writing)06:25 Oil update by Norbert Rücker (Head of Economics & Next Generation Research)10:24 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.

While equities were broadly flat on Tuesday, US Treasury yields jumped on weak 2- and 5-year auctions and comments from Minneapolis Fed President Neel Kashkari, who said policymakers had not completely ruled out further rate hikes - even if the current policy stance was restrictive. Fixed Income strategist, Dario Messi, explains what's behind the more cautious tone from Fed speakers and what it means for investors.00:00 Introduction by Bernadette Anderko (Investment Writing)00:24 Markets wrap-up by Roman Canziani (Head of Investment Writing)05:02 Bond markets update by Dario Messi (Fixed Income Strategy)09:56 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.

Germany's Ifo business climate survey shows an improved outlook, while European equities see renewed inflows. Elon Musk's AI startup xAI raises USD 6 billion in its second round of funding. Japan's inflation picks up, supporting the case for higher interest rates. Shanghai makes it easier for home buyers. And the US moves to T+1 stock settlement. Manuel Villegas of Next Generation Research wonders if it will be ‘sell the news’ once Ethereum ETFs will be trading on US exchanges.00:00 Introduction by Bernadette Anderko (Investment Writing)00:24 Markets wrap-up by Mike Rauber (Investment Writing)07:24 Digital Assets update by Manuel Villegas (Next Generation Research)12:12 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.

Fresh data from China showed that industrial profits rose, boosting Asia-Pacific markets today. Meanwhile, Ethereum, the second largest digital token, rose as the US SEC signed off on a proposal by major US exchanges to list Ether-linked products. Gold edged higher this morning, while oil prices are in a holding pattern ahead of the OPEC+ meeting later this week. Today’s public holidays in the US and UK are expected to keep trading relatively thin. Mensur Pocinci, Head of Technical Analysis, joins us today to discuss what the charts say about where equities and bonds might go from here.00:00 Introduction by Bernadette Anderko (Investment Writing)00:24 Markets wrap-up by Lucija Caculovic (Investment Writing)06:03 Technical analysis update by Mensur Pocinci (Head of Technical Analysis Research)10:41 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.

Stronger US economic data reduces the case for an interest rate cut, weighing on gold, US Treasuries and global equities. Bucking the trend, Nvidia was up almost 10% and its market cap is now larger than the entire German stock market. The latest eurozone data points to a recovery. Ethereum received a big regulatory boost and the launch of spot Ether ETFs in the US looks more likely. Tim Gagie, Head of FX & PM Solutions Geneva, notes that the CHF, which has now weakened slightly, had been too strong and recalls the time when one of his British pounds bought him more than two Swiss francs.00:00 Introduction by Helen Freer (Investment Writing)00:24 Markets wrap-up by Mike Rauber (Investment Writing)07:30 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva)11:58 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.

Equity markets are higher following NVIDIA's stellar results and despite news that the Federal Reserve may keep interest rates in restrictive territory for longer than expected. Carsten Menke, Head of Next Generation, explains why the latest Chinese stimulus package has little impact on industrial metals, and Nicolas Jordan from our CIO office summarises the views and positioning of the bank's investment committee.00:00 Introduction by Bernadette Anderko (Investment Writing)01:02 Markets wrap-up by Roman Canziani (Head of Investment Writing)06:27 Impact of China’s rescue package on industrial metals by Carsten Menke (Head of Next Generation Research)10:12 Investment Committee update by Nicolas Jordan (CIO Office)13:45 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 stocks moved higher yesterday, with the S&P 500 closing at another all-time high, but not without signs of caution among investors ahead of Nvidia’s earnings announcement today. UK inflation has fallen to its lowest level in almost three years, although April’s drop was not as large as expected which helped the pound sterling jump to its highest level in two months. Dario Messi, Fixed Income Strategy, provides us with his insights into the impact of last week’s US CPI print on the interest rate outlook in the US.00:00 Introduction by Bernadette Anderko (Investment Writing)00:20 Markets wrap-up by Jonti Warris (Investment Writing)05:56 Bond markets update by Dario Messi (Fixed Income Strategy)11:47 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.

With artificial intelligence so prominent in our lives, it’s perhaps no surprise that one of the biggest players – Nvidia – is not only partially responsible for the current explosion in the sector, but will also be a key factor in where the markets go this week, given that it reports its results tomorrow. Wall Street firms are certainly lining up for good news so let’s hope that they are not disappointed. Stock markets continue to hit new highs, with gold and silver joining the party. Our Head of Technical Analysis, Mensur Pocinci, explores whether this can continue on today’s show.00:00 Introduction by Helen Freer (Investment Writing)00:27 Markets wrap-up by Bernadette Anderko (Investment Writing)06:41 Technical analysis update by Mensur Pocinci (Head of Technical Analysis Research)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.

Both European and US stock markets ended yesterday’s trading session in negative territory, but the Dow Jones made some positive headlines as it touched the significant milestone of 40,000 points for the first time in history. Macroeconomic data releases from the US continued to point to a stable or gradually cooling US economy, while China reported a mixed economic picture, weighing on Asia-Pacific markets. Tim Gagie, Head of FX & PM Solutions in Geneva, joins the show today to talk about the US dollar and metals.00:00 Introduction by Helen Freer (Investment Writing)00:21 Markets wrap-up by Lucija Caculovic (Investment Writing)06:14 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva)10:49 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.

Global equities are rallying on yesterday's lighter-than-expected US Consumer Price Index data, with investors snapping up stocks and riskier currencies. The data has led traders to raise their bets that the Fed will cut its policy rate at least twice this year. And after a recent rally in copper prices, Carsten Menke, Head of Next Generation Research, discusses whether the copper market has moved too far, too fast.00:00 Introduction by Helen Freer (Investment Writing)00:24 Markets wrap-up by Jonti Warris (Investment Writing)06:51 Copper update by Carsten Menke (Head of Next Generation Research)11:38 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 rally in big tech drove US equities close to their all-time highs as bond yields fell, with investors awaiting key inflation data for clues on the Federal Reserve’s next steps. And meme stocks are back on investors’ radar. GameStop surged 180% this week alone, raising questions about the prevailing market sentiment. Markus Allenspach, Head of Fixed Income Research, talks about how to navigate through volatile bond markets around CPI data. And Mathieu Racheter, Head of Equity Strategy, gives us the latest news on the key takeaways from this earnings season.00:00 Introduction by Bernadette Anderko (Investment Writing)00:30 Markets wrap-up by Jan Bopp (Investment Writing)06:37 Bond markets update by Markus Allenspach (Head of Fixed Income Research)11:31 Earnings Season Review by Mathieu Racheter (Head of Equity Strategy)14:13 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.

Financial markets are in wait-and-see mode ahead of US inflation data today and tomorrow, as well as Alibaba and Tencent earnings later today. French President Emanuel Macron said he is open to a major French bank being taken over by a European rival, in a bid to spur deeper financial integration in the euro bloc. Yields on 20-year Japanese government bonds rose to their highest level since 2013. Manuel Villegas, Next Generation Research, says that like any risk-on asset, Bitcoin is awaiting US inflation reports.00:00 Introduction by Helen Freer (Investment Writing)00:23 Markets wrap-up by Mike Rauber (Investment Writing)07:38 Digital assets update by Manuel Villegas (Next Generation Research)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 wherever you get your podcasts.

Equity markets closed last week stronger than they started it and futures broadly project the upward trend to continue today. Nevertheless, China’s latest inflation data over the weekend was disappointingly strong and the news today that China will begin an ultra-long bond selling programme was not enough to support onshore equities today. Hong Kong’s equity benchmark however climbed to its highest level since August 2023. With oil prices moving sideways and precious metals moving higher, our Head of Technical Analysis, Mensur Pocinci, explains what this traditionally means for equity markets, whilst also covering his outlook for other asset classes.00:00 Introduction by Helen Freer (Investment Writing)00:23 Markets wrap-up by Bernadette Anderko (Investment Writing)07:01 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research)10:58 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 higher-than-expected reading on US jobless claims rekindled expectations of earlier interest rate cuts this year, helping US equities to close at their highest levels ever. After the Swedish Riksbank cut interest rates on Wednesday, the Bank of England gave clear indications at its policy meeting yesterday that rate cuts are on the horizon. Meanwhile, demand for corporate bonds remains very strong, although risk premiums on debt remain very tight. And Hong Kong stocks are rising on a report that the dividend tax for mainland investors will be abolished. Fixed Income strategist Dario Messi says that there is no need to rush into longer-dated bonds at any price.00:00 Introduction by Bernadette Anderko (Investment Writing)00:23 Markets wrap-up by Mike Rauber (Investment Writing)07:11 Fixed Income update by Dario Messi (Fixed Income Strategy)12:17 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.

While European markets ended the day firmly in the green yesterday, US equities struggled as investors remained fixated on when the Federal Reserve will start cutting interest rates. Asian markets followed the US lower, with Japanese equities underperforming and the recent rally in Hong Kong and mainland China came to a halt. Oil fell close to its lowest level since mid-March, while gold held steady this morning. Mathieu Racheter, Head of Equity Strategy, and Tim Gagie, Head of FX & PM Solutions in Geneva, join today’s show to provide further insights into our equity calls and what has been driving the FX markets.00:00 Introduction by Bernadette Anderko (Investment Writing)00:36 Markets wrap-up by Lucija Caculovic (Investment Writing)06:35 Changes to our equity calls by Mathieu Racheter (Head of Equity Strategy)10:42 FX and metals update by Tim Gagie (Head of FX & PM Solutions Geneva)15:42 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 equity markets are rallying further as investors continue to revise their Fed policy bets after last week’s softer US jobs data. Asian stocks are hitting 15-month highs on renewed confidence in US interest rate cuts, while encouraging PMI data shows further evidence that the eurozone economy is healing. And as Bitcoin shows renewed strength, Manuel Villegas, Next Generation Research, provides us with an update on digital assets.00:00 Introduction by Helen Freer (Investment Writing)00:23 Markets wrap-up by Jonti Warris (Investment Writing)06:25 Digital assets update by Manuel Villegas (Next Generation Research)09:37 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.

Fed Chair Powell’s ‘No hike’ message and weaker-than-expected labour market data was the perfect combination for a strong end to the week for financial markets. Off the back of this, equity markets continued their uptrend after a difficult start to the month. And Chinese equities joined other regions in entering bull market territory. Mensur Pocinci, Head of Technical Analysis, talks about the improved sentiment for equity markets after April’s weakness, why he expects US Treasury yields to continue to fall, and why he thinks both have set the stage for new all-time highs.00:00 Introduction by Helen Freer (Investment Writing)00:23 Markets wrap-up by Jan Bopp (Investment Writing)06:00 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research)10:47 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.

Swiss inflation data yesterday showed that the Swiss National Bank is in a comfortable position compared to its peers, but Swiss equity markets are clearly underperforming year-to-date. Strong earnings reports lifted US equities while markets also breathed a sigh of relief that the Fed meeting was less hawkish than feared. Oil and gold are both higher this morning as investors turn their attention to macroeconomic data releases later this afternoon. Tim Gagie, Head of FX & PM Solutions in Geneva, joins the show today to talk more about the latest currency moves.00:00 Introduction by Helen Freer (Investment Writing)00:21 Markets wrap-up by Lucija Caculovic (Investment Writing)06:26 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva)10:51 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.

After the US Fed announced a hold in interest rates as expected, Fed chair Powell said that fighting inflation was taking longer than expected but he poured cold water on speculation that the central bank’s next move would be to raise rates. Carsten Menke, Head of Next Generation Research, discusses the recent spike in the price of gold and assesses the impact of Chinese demand and central bank buying.00:00 Introduction by Helen Freer (Investment Writing)00:31 Markets wrap-up by Jonti Warris (Investment Writing)06:17 Gold update by Carsten Menke (Head of Next Generation Research)10:23 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.

German inflation accelerated for the first time since December, while China PMI data releases point to a slowly healing economy and Tesla's 15% gain helps the S&P 500 close slightly higher. Japanese stocks are gaining, with the focus on yesterday's currency intervention. Samsung's profits rise on AI demand for its chips, while German carmakers report a drop in profits. Manuel Villegas, Next Generation Research, says that macro-economic factors are in the driving seat when it comes to Bitcoin. Mathieu Racheter, Head of Equity Strategy, highlights that the US earnings season is surprising on the upside.00:00 Introduction by Helen Freer (Investment Writing)00:31 Markets wrap-up by Mike Rauber (Investment Writing)07:40 Digital assets update by Manuel Villegas (Next Generation Research)11:26 Q1 Earnings Season update by Mathieu Racheter (Head of Equity Strategy Research)13:42 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. 

Equity markets ended a volatile week on a strong note, with US markets recording their best week since November. Earnings generally boosted markets, although US inflation and activity data were worrying, and yields remained elevated. In the commodities space, M&A talks are adding some noise as miners look to increase their share of copper production. Markus Wachter from our Technical Analysis team talks about the technical setup of the markets and what to expect from equities, currencies and gold in the coming months.00:00 Introduction by Helen Freer (Investment Writing)00:23 Markets wrap-up by Jan Bopp (Investment Writing)06:38 Technical Analysis update by Markus Wachter (Technical Analysis Research)10:29 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.

While central bankers in Europe are sending signals that monetary easing may be around the corner, the Bank of Japan left its key interest rate unchanged overnight. Meanwhile in the US, stocks tumbled after data showed a sharp slowdown in economic growth and pointed to persistent inflation. The earnings season continues to make headlines, particularly the big tech companies, whilst Anglo American has rejected BHP's takeover bid. Tim Gagie, Head of FX & PM Solutions in Geneva, joins the show today to talk about the Japanese yen and the US dollar.00:00 Introduction by Helen Freer (Investment Writing)00:23 Markets wrap-up by Bernadette Anderko (Investment Writing)05:15 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva)09:25 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 wherever you get your podcasts.