Oil prices hit a 10-month high on Friday driven by Saudi Arabian production cuts and optimism around Chinese demand. The Federal Reserve is debating whether to raise interest rates one more time this year and how much to ease rates in 2024. Rental costs in the UK have grown at the fastest rate in at least 10 years. There’s a busy agenda of central bank meetings this week. Markus Wachter from Technical Analysis Research shares his thoughts on equities and oil from a technical perspective.00:00 Introduction by Helen Freer (Investment Writing)00:24 Markets wrap-up by Alexander Petersen (Investment Writing)04:58 Technical Analysis update by Markus Wachter (Technical Analysis Research)07:50 Closing remarks by Helen Freer (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player. 

European equities rallied yesterday on the prospect of an end to the European Central Bank's tightening cycle even as the growth outlook was downgraded, while US equities rose on strong retail sales figures and Hong Kong equities gained on better-than-expected data from China. Arm's IPO was well received, with the stock rising 25% on its first day of trading; US autoworkers went on strike, affecting a third of the US auto industry; and today's biggest ever options expiration could bring some volatility back to the US equity market. Carsten Menke, Head of Next Generation Research, points out that metal-intensive sectors in China are still struggling. Nicolas Jordan from the CIO office also joins todays show and discusses the investment implications of Europe, the US and China being at very different points in the economic cycle.00:00 Introduction by Helen Freer (Investment Writing)00:31 Markets wrap-up by Mike Rauber (Investment Writing)06:26 Industrial metals update by Carsten Menke (Head of Next Generation Research)10:27 Latest news from the Investment Committee by Nicolas Jordan (CIO Strategy & Investment Analysis)13:53 Closing remarks by Helen Freer (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

Following yesterday’s US inflation data, which came in marginally higher than expectations, today it’s the turn of the European Central Bank to decide whether the unprecedented surge in eurozone inflation has fallen enough to warrant a pause in its tightening cycle. Our Head of Equity Strategy, Mathieu Racheter, shares his insights into the European and US equity market dynamics. And Tim Gagie, Head of FX & PM Solutions Geneva, provides an update on currencies and precious metals.00:00 Introduction by Helen Freer (Investment Writing)00:37 Markets wrap-up by Jonti Warris (Investment Writing)06:08 Equities: Eurozone vs US by Mathieu Racheter (Head of Equity Strategy)08:30 Currencies and metals update by Tim Gagie (Head of FX & PM Solutions Geneva)13:33 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. 

Tech stocks are under pressure after Oracle missed on earnings and gave a rather gloomy outlook and Apple's 'Wonderlust' event failed (so far) to inspire investors' imagination. With US inflation figures due today and the European Central Bank's interest rate decision tomorrow, Dario Messi, Fixed Income Research, explains why he remains positive that yields are peaking.00:00 Introduction by Bernadette Anderko (Investment Writing)00:54 Markets wrap-up by Roman Canziani (Head of Investment Writing)07:08 Bond market / Research Calls update by Dario Messi (Fixed Income Research)11:58 Closing remarks by Bernadette Anderko (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player. 

Stocks around the world are being boosted not only by expectations that the Fed will pause its rate hike cycle next week, but also by investors buying into technology stocks after recent weakness and on news from companies like Tesla and Apple. In Asia, sentiment in the property sector improved after a Chinese property developer in distress reached an agreement to extend the repayment on six of its bonds. Hannah Wise, Head of Investment Communication, joins us today to provide a few details on our next webcast, where we will revisit our Market Outlook. The webcast takes place tomorrow, Wednesday 13th September, at 10am CEST. You can register here: http://ow.ly/rslb104TSK1 00:00 Introduction by Helen Freer (Investment Writing)00:21 Markets wrap-up by Lucija Caculovic (Investment Writing)05:20 Market Outlook Update webcast details by Hannah Wise (Head of Investment Communication)08:07 Closing remarks by Helen Freer (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player. 

Investors breathed a small sigh of relief on Friday as European and US equity markets halted their losing streak, closing the day, if not the week, marginally higher. Recent economic data in the US has reignited rate hike fears. This Thursday we will find out what the ECB will do. Meanwhile, Japan’s central bank governor boosted the yen and government bond yields as he signalled that an end to negative interest rates might be on the cards. Markus Wachter tells us why technicals are pointing to a year-end stock rally.00:00 Introduction by Helen Freer (Investment Writing)00:25 Markets wrap-up by Bernadette Anderko (Investment Writing)06:17 Technical Analysis update by Markus Wachter (Technical Analysis Research)09:02 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. 

Yes, Apple Inc. was the spanner in the equity markets’ works yesterday. In all fairness, it was actually the Chinese government turning the screw on Apple, as it sought to broaden its ban on foreign technology further. As Apple‘s share price dropped for the second day in a row, the impact was felt most in the tech sector and saw the Nasdaq composite fall for a fourth consecutive session yesterday, closing down 0.89%. Data released on US jobs and labour costs also upset markets and has provided some ammunition for the Fed to keep monetary policy tight for longer. Meanwhile the US dollar maintained its strength. Thomas Caflisch, Head of FX & PM Solutions, sums it up nicely today: “The dollar always trades at the level which suits the US best."00:00 Introduction by Helen Freer (Investment Writing)00:20 Markets wrap-up by Bernadette Anderko (Investment Writing)05:50 FX and metals update by Thomas Caflisch (Head of FX & PM Solutions) 08:39 Closing remarks by Helen Freer (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player. 

Good news on the US economy was bad news for US equities yesterday as increased interest rate expectations weighed on stocks. An expanded ban on using iPhones in China also weighed on market sentiment, and this is also spilling over to Asian markets that are a sea of red this Thursday. European luxury stocks were lower yesterday as Richemont’s chairman warned of the impact of high inflation on local demand in Europe. Norbert Rücker, Head of Macro & Next Generation Research, notes that brent oil at USD 90 is detached from fundamentals even as sentiment on the black gold has improved.00:00 Introduction by Helen Freer (Investment Writing)00:37 Markets wrap-up by Mike Rauber (Investment Writing)06:07 Oil market by Norbert Rücker (Head of Macro & Next Generation Research) 10:39 Closing remarks by Helen Freer (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player. 

After Saudi Arabia and Russia both pledged to extend their supply cuts until the end of the year, oil has rallied, pushing yields higher and interrupting the rally in equities. Meanwhile, Eurozone economic data continues to come in below expectations. Dario Messi, Fixed Income Research, explains what this means for the European Central Bank's interest rate decision next week.00:00 Introduction by Bernadette Anderko (Investment Writing)00:45 Markets wrap-up by Roman Canziani (Head of Investment Writing)06:19 Next week’s ECB meeting by Dario Messi (Fixed Income Research)11:02 Closing remarks by Bernadette Anderko (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player. 

As sluggish demand continues to plague the Chinese economy, investor sentiment takes a renewed hit on more disappointing data out of China. Today’s Caixin PMI data shows that China's services activity in August expanded at the slowest pace in eight months, with stimulus efforts so far unable to kickstart consumption. Manuel Villegas, Next Generation Research, provides us with an update on the latest from the world of digital assets.00:00 Introduction by Helen Freer (Investment Writing)00:28 Markets wrap-up by Jonti Warris (Investment Writing)05:46 Digital assets update by Manuel Villegas (Next Generation Research)09:05 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 US labour market data drove up stock prices on Friday, today it is China and its government's measures intended to prop up its ailing economy that are driving market sentiment. In commodities, oil prices are trading at levels last seen in November on fears over supply cuts by the OPEC+ group and strong economic data from China and the US pointing to strong demand for oil. Bitcoin, meanwhile, is struggling after the US SEC said it was delaying decisions on Bitcoin ETFs for another 45 days. US markets are closed today for the Labor Day holiday. Mensur Pocinci, Head of Technical Analysis, joins today’s show and talks about the US dollar, bond yields and investing in September.00:00 Introduction by Helen Freer (Investment Writing)00:28 Markets wrap-up by Lucija Caculovic (Investment Writing)05:32 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research)09:04 Closing remarks by Helen Freer (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

The US employment report will take centre stage today and it could well impact the US Federal Reserve’s future interest rate decisions. In China, authorities are continuing with their strategy of announcing not one big-bang stimulus measure, but rather many small measures, to help the economy. And the US Securities and Exchange Commission has again delayed the approval of spot Bitcoin ETFs – this would be a big deal for the industry as it would allow investors to own Bitcoin like any other security. Tim Gagie, Head of FX & PM Solutions Geneva, notes that he expects the USD to soften a bit more from here.00:00 Introduction by Helen Freer (Investment Writing)00:20 Markets wrap-up by Mike Rauber (Investment Writing)05:55 FX and metals update by Tim Gagie (Head of FX & PM Solutions Geneva)10:13 Closing remarks by Helen Freer (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player. 

Lower-than-expected Q2 US GDP data yesterday added to investors’ hopes that the Fed might take a breather in its hiking cycle. Stock markets might have rallied in response but they are still set to end August lower. China’s official manufacturing purchasing managers’ index data came out below the magic 50 mark, indicating the economy is still contracting, but some Chinese building and AI companies were given a boost by positive sector news. Meanwhile, UBS announced record-breaking Q2 results. Our Head of Next Generation Research, Carsten Menke, explains that something does glisten more than gold (spoiler alert: it’s US Treasuries) and Nicolas Jordan from CIO Strategy & Investment Analysis joins us to share what our Investment Committee makes of the ‘unbelievable strength of the US economy’.00:00 Introduction by Helen Freer (Investment Writing)00:35 Markets wrap-up by Bernadette Anderko (Investment Writing)07:36 Gold update by Carsten Menke (Head of Next Generation Research)11:41 Update from the CIO Office by Nicolas Jordan (CIO Strategy & Investment Analysis)15:19 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 your favourite podcast player. 

The cooling of the US labour market suggests that the US Federal Reserve may pause its rate hike cycle in September. This sent equity prices soaring yesterday, while government bond yields fell substantially. In China's latest state-led measures, the country's largest banks are preparing to cut interest rates on existing mortgages and deposits. Bitcoin is also back in the headlines as a new ruling by a federal court in the US has given the green light for the launch of a Bitcoin ETF. In today's episode, Dario Messi from Fixed Income Research shares his views on the impact of central bank comments on bond markets and explains why we are now less convinced about the emerging market segment of the bond market.00:00 Introduction by Bernadette Anderko (Investment Writing)00:29 Markets wrap-up by Lucija Caculovic (Investment Writing)05:41 Bond markets – what’s changed? by Dario Messi (Fixed Income Research)10:17 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 your favourite podcast player. 

Global equities advance as investors continue to ponder central bankers’ comments at the Jackson Hole economic symposium last week and ahead of a series of key data releases later this week. Shop price inflation in the UK fell sharply to 6.9% in August reflecting hopes that this slowing in the pace of rising prices is a sign that UK households may soon be over the worst of the sharp squeeze on living standards. And David Kohl, Chief Economist, talks about the resilience of the US economy and shares with us where he thinks monetary policy will go from here.00:00 Introduction by Helen Freer (Investment Writing)00:27 Markets wrap-up by Jonti Warris (Investment Writing)06:07 Jackson Hole review by David Kohl (Chief Economist)14:42 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.

After central bankers delivered no surprises to markets at Jackson Hole, equities are rallying this morning led by Chinese on-shore stocks, which are rising on the back of the new measures announced to lure investors back into the ailing stock market. Markus Wachter, from Technical Analysis, explains why he believes that the uptrend for stocks remains intact.00:00 Introduction by Helen Freer (Investment Writing)00:23 Markets wrap-up by Roman Canziani (Head of Investment Writing)06:03 Technical Analysis update by Markus Wachter (Technical Analysis Research)10:22 Closing remarks by Helen Freer (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player. 

US stock markets stumbled yesterday as strong results from blockbuster Nvidia failed to boost the broader stock market and as investors seemed nervous ahead of today’s speech by Federal Reserve Chairman Jerome Powell. The negative sentiment spread to the Asia-Pacific region overnight. In other news, the BRICS group announced plans to increase its number of members, which could well lead to some complicated geopolitics going forwards. Tim Gagie, Head of FX & PM Solutions Geneva, also joins today’s show and he comments on the major developments in the FX and metals markets.00:00 Introduction by Helen Freer (Investment Writing)00:24 Markets wrap-up by Lucija Caculovic (Investment Writing)05:45 FX update by Tim Gagie (Head of FX & PM Solutions Geneva)10:30 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. 

Nvidia delivered sterling results yesterday, topping analysts’ expectations for earnings per share, revenue and the forecast for quarterly sales. Stock markets globally rallied with tech and AI stocks benefitting disproportionately. US treasuries stabilised in Asian trading, having recovered some ground in the US session on Wednesday following softer-than-expected PMI data. Norbert Ruecker, Head of Macro and Next Generation Research, provides insights into the current ups and downs of European energy prices and Nicolas Jordan shares how our Investment Committee expects the Jackson Hole Symposium to unfold.  00:00 Introduction by Helen Freer (Investment Writing)00:33 Markets wrap-up by Bernadette Anderko (Investment Writing)05:59 European energy market update by Norbert Rücker (Head of Macro & Next Generation Research)09:08 Update from the CIO Office by Nicolas Jordan (CIO Strategy & Investment Analysis)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 your favourite podcast player. 

US equities fell further yesterday, weighed by concerns over rising Treasury yields ahead of a key speech later this week from Fed Chairman Jerome Powell. Dario Messi, Fixed Income Research, shares with us his recommendations on how to tackle the current environment in bond markets. And in a special contribution from Richard Tang, Head of Research Hong Kong, we talk about the latest developments in China.00:00 Introduction by Bernadette Anderko (Investment Writing)00:33 Markets wrap-up by Jonti Warris (Investment Writing)05:56 Bond market update by Dario Messi (Fixed Income Research)10:57 Latest developments in China (pre-recorded): Helen Freer (Investment Writing) and Richard Tang (Head of Research Hong Kong)11:26 China: Triggers for latest economic concerns 13:09 China: Impact of Chinese deflation14:36 China: Explanation of recent rate decisions15:43 China: Support for the property sector17:29 China: Increase in risks to growth?18:47 China: Our current investment philosophy19:47 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 your favourite podcast player. 

The sell-off in US bond markets resumed yesterday, pushing yields on typical Treasuries and Treasury Inflation Protected Securities (TIPS) up to levels not seen in years. Meanwhile, tech stocks rallied on optimistic earnings reports, which is particularly interesting as they have historically struggled in a high interest rate environment. In Asia, Japanese yields also surged, fuelling speculation that the Bank of Japan could launch an unscheduled bond-buying operation. Manuel Villegas from Next Generation Research joins today’s episode with his views on the latest news on digital assets. 00:00 Introduction by Bernadette Anderko (Investment Writing)00:41 Markets wrap-up by Lucija Caculovic (Investment Writing)05:25 Latest news on digital assets by Manuel Villegas (Next Generation Research)08:17 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 your favourite podcast player. 

Banks in China have cut their short-term lending rates, but markets are disappointed having expected more. Meanwhile, fixed income investors are looking for clues on monetary policy at this week's Jackson Hole conference. Mensur Pocinci, Head of Technical Analysis, sees the market rout in August as a consolidation only.00:00 Introduction by Helen Freer (Investment Writing)00:30 Markets wrap-up by Roman Canziani (Head of Investment Writing)05:45 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research)09:48 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. 

Higher bond yields in developed markets are spooking equity markets, but some on the bond side see the higher yields as too attractive to miss out on. Services prices in Japan rose at the fastest annual rate since 1993. China is pushing hard against a weaker yuan. Bitcoin drops like a stone on a report that Elon Musk's SpaceX company has sold the digital asset. A big options expiration day could explain some sharp moves in the US today. Tim Gagie, Head of FX & PM Solutions Geneva, also joins today’s podcast and he notes that the British Pound has a big interest rate advantage over the CHF.00:00 Introduction by Helen Freer (Investment Writing)00:20 Markets wrap-up by Mike Rauber (Investment Writing)06:32 FX update by Tim Gagie (Head of FX & PM Solutions Geneva)11:29 Closing remarks by Helen Freer (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player. 

Strong economic data out of the US highlighting the country’s resilience contrasts with an increasingly worrying picture in China and economic woes in Europe. Carsten Menke, Head of Next Generation Research, provides an update on industrial metals in the context of developments in China. And Ronny Kaufmann, CIO Strategy & Investment Analysis, shares with us the latest decisions from Julius Baer’s Investment Committee.00:00 Introduction by Helen Freer (Investment Writing)00:33 Markets wrap-up by Jonti Warris (Investment Writing)05:59 Industrial metals by Carsten Menke (Head of Next Generation Research)10:46 Update from the CIO Office by Ronny Kaufmann (CIO Strategy & Investment Analysis)15:37 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 your favourite podcast player. 

Equity markets are pricing in a new reality in which US interest rates will stay higher for longer and China will no longer be a growth engine for the global economy. This has implications for investors, as Dario Messi of Fixed Income Research explains: "The momentum for higher yields in the US has increased”.00:14 Introduction by Jonti Warris (Investment Writing)00:38 Markets wrap-up by Roman Canziani (Head of Investment Writing)06:19 Fixed income markets by Dario Messi (Fixed Income Research)10:27 Closing remarks by Jonti Warris (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player. 

China's central bank has unexpectedly cut a key interest rate due to weakness in its economy and it being on the brink of deflation, while Japan's economy accelerated in the second quarter on a surge in exports. In the US, artificial intelligence stocks led a market rally in technology stocks, while small caps traded at their lowest level in a month. Argentina was forced to devalue its currency by 18% and hiked its key interest rate by 21% after an election upset, while the Bank of Russia is meeting as the Russian ruble fell below 100 per USD. David Kohl, Chief Economist, said that the US Federal Reserve has completed its tightening cycle, while the Bank of England only has one more rate hike of 0.25% to go.00:14 Introduction by Helen Freer (Investment Writing)00:47 Markets wrap-up by Mike Rauber (Investment Writing)06:35 Outlook for Fed and Bank of England 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 your favourite podcast player. 

Asia Pacific markets are trading lower this morning after reported liquidity concerns at one of China's largest private wealth managers. A team at Goldman Sachs are expecting interest rate cuts by the Federal Reserve by the end of June next year. Markus Wachter from the Technical Analysis Research team provides a technical insight on oil, precious metals and US and European stocks.00:14 Introduction by Helen Freer (Investment Writing)00:43 Markets wrap-up by Alexander Petersen (Investment Writing)04:05 Technical Analysis update by Markus Wachter (Technical Analysis Research)08:12 Closing remarks by Helen Freer (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player. 

The rally across markets faded into the end of trading as Fed officials warned that the battle against inflation is not yet won, despite a benign US inflation report for July. Tim Gagie, Head of FX&PM Solutions Geneva, shares his thoughts on what the latest inflation data means for currencies and metals.00:14 Introduction by Helen Freer (Investment Writing)00:40 Markets wrap-up by Roman Canziani (Head of Investment Writing)06:27 FX update by Tim Gagie (Head of FX & PM Solutions Geneva)11:31 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. 

A down day for US equities yesterday may not be so telling ahead of today’s all-important US inflation data release. The Italian government qualified the extent of its windfall tax on excess profits of banks; a US 10-year Treasury auction was well received; the US announces new restrictions on investments in key sectors in China; China is allowing group travel to key countries again; and oil, natural gas, and rice prices are all on the rise – so plenty to talk about on a peak summer day. Ronny Kaufmann, CIO Strategy & Investment Analysis, talks about China being in a balance sheet recession, the benign US economic picture, and that a consolidation in the US equity advance may not be such a bad thing.00:14 Introduction by Helen Freer (Investment Writing)00:39 Markets wrap-up by Mike Rauber (Investment Writing)06:39 Update from the CIO Office by Ronny Kaufmann (CIO Strategy & Investment Analysis)11:59 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 your favourite podcast player. 

Investor sentiment in Asia-Pacific takes a hit after China’s CPI and PPI data for July fell in tandem for the first time since November 2020, indicating deflation pressure amid weakening demand. And in a bid to restore calm to its financial system, Italy caps its new tax on banks' windfall profits at 0.1% of the firms’ assets. Dario Messi, Fixed Income Research, provides his thoughts on fixed income markets and shares his expectations ahead of tomorrow’s US CPI print.00:14 Introduction by Roman Canziani (Head of Investment Writing)00:37 Markets wrap-up by Jonti Warris (Investment Writing)04:54 Fixed income markets by Dario Messi (Fixed Income Research)11:19 Closing remarks by Roman Canziani (Head of 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. 

Asia Pacific markets are mixed this morning after China reported trade data that showed a worse-than-expected decline in imports and exports. US markets closed higher on Monday, despite Moody's Investors Service downgrading ten small and mid-sized US banks. The Italian government approved a surprise tax on the ‘extra profits’ of banks this year, which could bring in over EUR 2 billion to the state. Manuel Villegas from Next Generation Research provides an update on digital assets.00:14 Introduction by Helen Freer (Investment Writing)00:32 Markets wrap-up by Alexander Petersen (Investment Writing)04:17 Digital assets update by Manuel Villegas (Next Generation Research)07:42 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. 

Equities had one of their worst weeks in months, but most market participants believe this was due to profit taking rather than a significant change in the investment environment. The US employment report triggered a rally in US Treasuries - the entire yield curve has shifted significantly lower. Markus Wachter from Technical Analysis shares his thoughts on the direction of both equities and yields in the coming months.00:14 Introduction by Helen Freer (Investment Writing)00:38 Markets wrap-up by Roman Canziani (Head of Investment Writing)06:51 Technical Analysis update by Markus Wachter (Technical Analysis Research)10:27 Closing remarks by Helen Freer (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player. 

The Bank of England is the latest major central bank to raise interest rates in the face of high inflation figures. Elsewhere, earnings reports are pushing equities in one direction or the other, but US non-farm payrolls are the main focus for investors today. In Asia, China has pledged further support for the private sector and capital markets, while Hong Kong opens its doors to crypto. Also joining today’s show is Tim Gagie, Head of FX & PM Solutions Geneva, who shares his thoughts on the Bank of England's latest decisions and other major developments in the FX markets.00:14 Introduction by Helen Freer (Investment Writing)00:38 Markets wrap-up by Lucija Caculovic (Investment Writing)07:05 FX update by Tim Gagie (Head of FX & PM Solutions Geneva)13:59 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 your favourite podcast player. 

The Bank of Japan intervened in the bond market for the second time this week in an effort to slow gains in benchmark sovereign bond yields. ADP data showed private sector job gains in the US totalled 324,000 in July outstripping expectations, driven by a jump in the services sector. And Leonardo Pellandini, Equity Strategy Research, provides an update on how the Q2 earnings season is progressing.00:14 Introduction by Helen Freer (Investment Writing)00:35 Markets wrap-up by Jonti Warris (Investment Writing)04:37 Q2 Earnings season update by Leonardo Pellandini (Equity Strategy Research)07:41 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. 

Mixed US jobs data, a string of underwhelming earnings reports, another lower-than-expected reading on US manufacturing activity and Fitch's surprise downgrade of US sovereign debt are weighing on markets today. Dario Messi of Fixed Income Research comments on the latest twists and turns in the fixed income markets.00:14 Introduction by Bernadette Anderko (Investment Writing)00:58 Markets wrap-up by Roman Canziani (Head of Investment Writing)06:26 Central Bank actions last week and this week by Dario Messi (Fixed Income Research)12:30 Closing remarks by Bernadette Anderko (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player. 

On this last day of July, investors this morning are still digesting last week’s central bank actions and assessing the latest supportive government measures from China. In commodities, oil – although trading lower this morning – is broadly supported and on track for its biggest monthly gain in over a year. In equities, more earnings reports and a slew of economic data releases could drive this week’s market action. Mensur Pocinci, our Head of Technical Analysis, joins today’s episode with his views on yields and equity markets.00:14 Introduction by Bernadette Anderko (Investment Writing)00:44 Markets wrap-up by Lucija Caculovic (Investment Writing)05:17 Technical Analysis viewpoints by Mensur Pocinci (Head of Technical Analysis) 08:28 Closing remarks by Bernadette Anderko (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player. 

After the US Federal Reserve raised interest rates by a quarter of a percentage point and the European Central Bank followed suit, it was the Bank of Japan’s turn to announce its policy decisions this morning. While leaving its monetary policy unchanged, it signalled a loosening of its yield curve control, and this has caused volatility in the markets. Meanwhile, economic and labour market data from the US continues to signal strength, leading some to question whether the Fed will raise rates again. Tim Gagie, Head of FX & PM Solutions Geneva, also joins today’s show and he reports on the latest developments in FX markets with a focus on the currency calls from our Market Outlook campaign.00:14 Introduction by Helen Freer (Investment Writing)00:49 Markets wrap-up by Lucija Caculovic (Investment Writing)07:35 Mid-Year Market Outlook - FX market update by Tim Gagie (Head of FX & PM Solutions Geneva)14:34 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 your favourite podcast player. 

Yesterday the US raised rates by 25 basis points in line with market expectations, and gave no hints as to whether a further hike will take place on September 20th. Markets took the news in their stride and Asian stocks rallied this morning. Today it’s the ECB’s turn and they are also expected to raise rates by 25bps. With oil settling above USD 80 a barrel, Norbert Ruecker, Head of Macro and Next Generation Research, shares his thoughts on where the bullishness is coming from, and Nicolas Jordan updates us on the latest views from the CIO Office. 00:14 Introduction by Helen Freer (Investment Writing)00:46 Markets wrap-up by Bernadette Anderko (Investment Writing)06:28 Commodities update by Norbert Rücker (Head of Macro & Next Generation Research)09:57 Update from the CIO Office by Nicolas Jordan (CIO Strategy & Investment Analysis)12:50 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. 

Earnings results from the big tech companies are keeping investors on their toes as they wait for more colour on the interest rate decisions due today in the US and tomorrow in the Eurozone. Dario Messi of Fixed Income Research talks us through his expectations and makes the case for peripheral eurozone sovereign debt.00:14 Introduction by Bernadette Anderko (Investment Writing)00:39 Markets wrap-up by Roman Canziani (Head of Investment Writing)05:13 European Peripheral Government bonds by Dario Messi (Fixed Income Research)10:33 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 your favourite podcast player.

The latest purchasing managers' indices for July from Europe and the US point to a slowdown in economic activity in both regions. Investors are now turning their attention to this week's interest rate decisions and any clues as to the future path of interest rates. In addition to economic data, earnings reports and corporate news are also driving equity markets. In the Asia-Pacific region, news that China is planning further stimulus measures has given hope and lifted stock prices in the region. Joining today's show are David Kohl, our Chief Economist, who revisits our currency calls from our Market Outlook campaign, and Mathieu Racheter, Head of Equity Strategy, who provides an update on the current earnings season.00:14 Introduction by Bernadette Anderko (Investment Writing)00:32 Markets wrap-up by Lucija Caculovic (Investment Writing)05:26 Mid-year Market Outlook – currencies by David Kohl (Chief Economist)15:05 Q2 Earnings season update by Mathieu Racheter (Head of Equity Strategy) 18:18 Closing remarks by Bernadette Anderko (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player. 

The outcome of the Spanish elections came as a surprise and is causing uncertainty among investors. Equity markets have generally performed well of late, with the exception of the Nasdaq, which fell slightly on Friday on heavy volumes ahead of rebalancing. However, Mensur Pocinci, Head of Technical Analysis, remains positive on equities, and particularly the Nasdaq.00:14 Introduction by Bernadette Anderko (Investment Writing)00:49 Markets wrap-up by Roman Canziani (Head of Investment Writing)05:34 Technical Analysis viewpoints by Mensur Pocinci (Head of Technical Analysis)09:43 Closing remarks by Bernadette Anderko (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player. 

The US labour market continues to send out strong signals, which could be crucial for consumer spending and avoiding a recession this year. Meanwhile, disappointing results from some tech giants are weighing on the markets, raising the question of whether the recent rally has gone too far. Elsewhere, some commodity-related news is hitting the headlines, pushing commodity indices higher for the week. Manuel Villegas, from Next Generation Research, talks about Bitcoin’s supply mechanisms and what factors could start off Bitcoin’s next rally.00:14 Introduction by Helen Freer (Investment Writing)00:33 Markets wrap-up by Lucija Caculovic (Investment Writing)06:01 Digital assets by Manuel Villegas (Next Generation Research)10:11 Closing remarks by Helen Freer (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.

European stocks closed higher yesterday after UK inflation came in at its lowest level in 15 months. US markets also closed higher but futures fell stateside after both Tesla (record quarterly revenue but lower margins) and Netflix (revenue miss) reported Q2 results. In Asia, the People’s Bank of China surprised traders as it stepped in harder than expected to support the yuan, and Japan delivered its first trade surplus in nearly two years. Carsten Menke, Head of Next Generation Research, explains the impact of China’s recent data releases on the industrial metals market.00:14 Introduction by Helen Freer (Investment Writing)00:41 Markets wrap-up by Bernadette Anderko (Investment Writing)05:52 Industrial metals and China by Carsten Menke (Head of 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 your favourite podcast player. 

After a somewhat sluggish start to the month, equities and bonds have picked up momentum in recent sessions, driven by positive earnings reports and lower yields. Dario Messi from our Fixed Income Research department explains why he remains positive on one of our core ideas in a risk-on environment: emerging market hard currency bonds.00:14 Introduction by Bernadette Anderko (Investment Writing)01:00 Markets wrap-up by Roman Canziani (Head of Investment Writing)05:47 Impact of China’s stuttering economy on emerging market bonds by Dario Messi (Fixed Income Research)11:02 Closing remarks by Bernadette Anderko (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player. 

US markets closed higher on Monday with the technology, financials and industrials sectors outperforming. Asia Pacific markets are mixed this morning, as China's sluggish economic recovery has led to a downgrade in growth forecasts. In response, China has unveiled an 11-point package of measures to support household spending. Microsoft has moved closer to completing its USD 69 billion acquisition of Activision but the deal is not likely to close by today’s deadline. Thomas Caflisch, our Head of FX & PM Solutions, provides an update on the currency markets and Leonardo Pellandini, from the Equity Strategy Research team, reviews the Q2 earnings season so far.00:14 Introduction by Helen Freer (Investment Writing)00:44 Markets wrap-up by Alexander Petersen (Investment Writing)04:34 FX update by Thomas Caflisch (Head of FX & PM Solutions)06:50 Q2 earnings season by Leonardo Pellandini (Equity Strategy Research)10:03 Closing remarks by Helen Freer (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player. 

In a week full of optimism that the Fed was getting closer to ending its rate hikes, global equities rallied. The USD could not hold its own and sold off sharply last week. China's Q2 growth figures out this morning disappoint and are weighing on local equities. In the US, the Q2 earnings season has kicked off in earnest, with the big US banks surprising on the upside on Friday. UnitedHealth's strong results are an encouraging sign for the defensive healthcare sector, which is lagging this year. More than 150 companies will report this week. Mensur Pocinci, our Head of Technical Analysis, notes that the USD has broken major support levels.00:14 Introduction by Helen Freer (Investment Writing)00:38 Markets wrap-up by Mike Rauber (Investment Writing)06:06 Technical Analysis viewpoints by Mensur Pocinci (Head of Technical Analysis)09:46 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. 

Global equities are heading for their best weekly gains since November last year after another set of lower than expected US inflation data. In Asia, optimism over policy support in China as well as the easing of some restrictions on artificial intelligence is supporting markets. Currencies have also seen some movement this week, with the US Dollar Index struggling. David Kohl, our Chief Economist, shares his views on the latest US data and the likely path of the Federal Reserve.00:14 Introduction by Bernadette Anderko (Investment Writing)00:33 Markets wrap-up by Lucija Caculovic (Investment Writing)04:59 Assessment of recent US data and Fed’s likely path now by David Kohl (Chief Economist)10:00 Closing remarks by Bernadette Anderko (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player. 

US equities rose, bond yields fell, gold advanced, and the US dollar dropped after US inflation data showed that core inflation fell to 4.8%. The lower inflation means that the real (inflation-adjusted) Fed Funds rate has turned positive for the first time in this economic cycle. Norbert Rücker, Head of Macro & Next Generation Research, talks about the clean energy investment theme, noting that it has become a victim of its own success. Nicolas Jordan, CIO Strategy & Investment Analysis, discusses the strong performance of the Magnificent 7 this year, highlighting that the rise of technology stocks is creating a positive performance backdrop for the broader equity market.00:14 Introduction by Bernadette Anderko (Investment Writing)00:33 Markets wrap-up by Mike Rauber (Investment Writing)05:37 Clean Energy downgraded to Neutral by Norbert Rücker (Head of Macro & Next Generation Research)08:52 Update from the CIO Office by Nicolas Jordan (CIO Strategy & Investment Analysis)11:54 Closing remarks by Bernadette Anderko (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player. 

US markets closed higher on Tuesday with the S&P 500 seeing Energy, Utilities & Industrials all outperforming. Asia Pacific markets were mixed, with Japan's Nikkei 225 trading lower and China's CSI 300 down 0.4% this morning, a sign that local investors would like to see more stimulus to support the ailing economy. Microsoft moved closer to completing its USD 69 billion bid for Activision. Dario Messi of the Fixed Income team highlights our strategy for investing in longer dated bonds and looks ahead to the release of US CPI data and the next FOMC meeting.00:14 Introduction by Bernadette Anderko (Investment Writing)00:35 Markets wrap-up by Alexander Petersen (Investment Writing)04:16 Strategy for adding duration to a portfolio by Manuel Villegas (Next Generation Research)09:38 Closing remarks by Bernadette Anderko (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.