Moving Markets

Equity markets weakened as continued losses in semiconductor stocks and ongoing tensions in the Middle East weighed on risk sentiment, pushing major indices firmly into negative territory. At the same time, recent economic data highlighted the resilience of the US economy, adding another layer of complexity to the market outlook. Meanwhile, Netflix shares came under pressure in after-hours trading after the company forecast slower revenue growth. In today’s episode, Tim Gagie, Head of FX Advisory in Geneva, joins us to discuss the latest moves in gold and the British pound, what's driving these markets, and the key levels investors should keep on their radar.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:25) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (06:17) - FX & metals update: Tim Gagie, Head of FX/PM PB Geneva (10:55) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

The current earnings season is seeing some bright spots, such as the Swiss luxury retailer Richemont and the US asset manager BlackRock. US producer prices came in below expectations, continuing to ease inflation concerns. In Asia, a rotation continues from this year's winners, Japan and South Korea, towards laggards such as Hong Kong, while South Korean regulators announced plans to address volatility linked to leveraged ETFs tied to SK Hynix and Samsung Electronics. The US dollar stabilised after recent weakness and sterling rose to a one-year high. Meanwhile, Norbert Rücker, Head of Economics and Next Generation Research, discusses why oil continues to flow through the Strait of Hormuz despite renewed regional tensions, why European natural gas prices remain elevated, and why gold has been largely unmoved by softer inflation data.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:27) - Markets wrap-up: Mike Rauber, Product & Investment Content (07:00) - Commodities update: Norbert Rücker, Head of Economics & Next Generation Research (13:18) - 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.

Yesterday’s release of June CPI inflation data in the US provided a welcome boost to US equity and Treasury prices, as traders drastically lowered their bets on a Fed rate hike in July. The mood was further bolstered by Q2 earnings from Wall Street’s big five banks. The buoyant mood continued in Asia this morning, especially in tech, with the Kospi rallying over 7% at one point. We had two guest speakers on today’s podcast. Dario Messi, Head of Fixed Income Research highlights his key takeaway from the inflation report and outlines his expectations for Fed policy going forwards. And our equity strategist, Nenad Dinic, assesses those US bank earnings and provides some insights into what the early European earnings reports are revealing. Tune in to find out more!(00:00) - Introduction: Lucija Caculovic, Product & Investment Content (00:41) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (06:50) - Fixed income update: Dario Messi, Head of Fixed Income Research (10:11) - Equity markets update: Nenad Dinic, Equity Strategy Research (14:50) - Closing remarks: Lucija Caculovic, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oil prices surged after fresh tensions in the Middle East raised concerns over global energy supplies, while higher inflation expectations pushed Treasury yields higher and weighed on equity markets, where semiconductor stocks led the declines. Investors are now turning their attention to the start of the US earnings season, with major banks reporting results today. Elsewhere, China’s trade data surprised to the upside, Singapore’s economy grew faster than expected, and the UK and Switzerland announced a new trade deal. On today’s show, we are joined by Enrico Chinello, Next Generation Research, to discuss quantum computing and discover whether or not it has reached its ChatGPT moment.Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Markets are feeling the pressure this Monday morning as rising US-Iran tensions fuel higher oil prices, bond yields and the dollar, while equities drift lower. But with earnings season now taking centre stage, investors are asking a bigger question: can AI leaders and chipmakers justify their stellar gains from the first half of the year? Also in this episode: Mensur Pocinci, Head of Technical Analysis, explains why he believes market leadership is unlikely to change despite recent volatility, and why he has upgraded Financials.(00:00) - Introduction: Mike Rauber, Product & Investment Content (00:52) - Markets wrap-up: Jan Bopp, Product & Investment Content (08:00) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis Research (10:22) - Closing remarks: Mike Rauber, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

With the UK preparing for a new phase of political leadership under the Labour Party's Andy Burnham, investors are watching closely for signals that could impact sterling and UK bonds. Despite headline changes at the top, market volatility has remained subdued. What’s behind the calm, and what should investors expect next?In this episode of Julius Baer’s Moving Markets: The View Beyond, Ayako Lehmann is joined by David Meier, Chief Currency Strategist, and Afonso Borges, Fixed Income Research Analyst, to examine the implications of the UK’s political reset for currency and fixed income markets. The discussion covers why sterling has remained resilient despite leadership changes, the lessons learned from past fiscal policy missteps, and the structural factors shaping the UK’s economic outlook. The conversation also explores the drivers of UK gilt yields, the impact of oil prices and inflation expectations, and the outlook for Bank of England policy. Finally, the team discusses positioning in UK bonds, the relative appeal of UK assets, and the case for hedging FX risk.(00:00) - Introduction (01:17) - Why has sterling remained calm amid political change? (03:19) - Lessons from past fiscal episodes and the risk of a repeat (04:20) - The new prime minister’s room for manoeuvre (06:19) - Structural constraints and economic outlook for the UK (07:25) - Oil prices, inflation pass-through, and UK gilt yields (10:14) - Positioning on the UK yield curve (10:56) - Bank of England policy outlook (13:22) - Implications for sterling versus major currencies (16:35) - Key factors for UK bond investors (20:30) - FX hedging and international investor considerations (21:32) - UK equities in the current environment (23:01) - Closing remarks and legal information Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

As peace talks could be back on the table in the Middle East, global equity markets breathed a sigh of relief and investors snapped up tech stocks around the world. The Kospi retreated from bear market territory rallying more than 5%. And Japanese bonds, equities and the currency were boosted by comments from the country’s finance minister that the government wants to encourage its pension funds to invest more in domestic assets. Despite geopolitical risks having returned as a key driver of bond-market performance, Dario Messi, Head of Fixed Income Research, explains why investors should avoid this temporary market noise, and if necessary, take advantage of higher yield levels – especially in Europe – to ensure appropriate duration exposure within their portfolios.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:25) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (05:18) - Bond market update: Dario Messi, Head of Fixed Income Research (09:40) - 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.

Market sentiment has weakened as renewed tensions in the Middle East have pushed oil prices and government bond yields higher. Spain’s benchmark equity index has come under additional pressure following President Trump’s threat to impose trade restrictions on the country. In this episode, Norbert Rücker, Head of Macro and Next Generation Research, joins us to discuss the latest surge in oil prices, the broader implications for inflation and whether the move reflects a lasting shift in the outlook or merely a temporary disruption.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:25) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (05:43) - Oil rallies on Trump declaration: Norbert Rücker, Head of Macro & Next Generation Research (10:44) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Sharp semiconductor losses amid AI chip rivalry fears contrast with resilient broader markets, while escalating US-Iran tensions send oil surging 5%, highlighting growing jitters over geopolitics and inflation just as central banks signal rates may stay higher for longer. Investors will now focus on the upcoming earnings season for more guidance. Matthieu Racheter, Head of Equity Strategy, shares his insights on what to expect. And Tim Gagie, Head of PB Sales (Geneva) FX & PM, talks about the British pound amid the political uncertainty in Britain and key levels to watch for gold.(00:00) - Introduction: Roman Canziani, Head of Product & Investment Content (00:41) - Markets wrap-up: Jan Bopp, Product & Investment Content (06:36) - Earnings preview: Mathieu Racheter, Head of Equity Strategy Research (10:25) - FX update: Tim Gagie, Head PB Sales (Geneva) – FX and PM (14:37) - Closing remarks: Roman Canziani, Head of Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

US equities started the week strongly as AI-related stocks rebounded yesterday and the Dow Jones closed above 53,000 for the first time. Broadcom gained after extending its partnership with Apple, while Microsoft slipped following plans to cut jobs as it reallocates resources towards AI infrastructure. In Europe, most indices were down, although Germany’s DAX bucked the trend and reached a new record high, and EasyJet surged on takeover news. Asian markets today came under pressure, led by South Korea’s Kospi, where a trading halt was triggered when the index fell more than 8%. Carsten Menke, Head of Next Generation Research, joins the show to talk about El Niño and its potential economic consequences.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:28) - Markets wrap-up: Helen Freer, Product & Investment Content (06:11) - The El Niño effects heading our way: Carsten Menke, Head of Next Generation Research (09:56) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Softer inflation data supported sentiment in the eurozone, while in the US, comments by Fed chair Kevin Warsh on inflation and a weaker-than-expected labour market report lifted equities last week. Gold rose and the USD weakened. Brent crude is holding near USD 72 despite OPEC+ announcing an output increase over the weekend. In Asia, attention is on SK Hynix ahead of its USD 29 billion US listing, which could become the largest-ever foreign IPO. SpaceX is also in focus as the expiry of the analyst quiet period is expected to trigger a wave of research reports and price targets. Mensur Pocinci, Head of Technical Analysis, discusses, among other topics, why US equity market behaviour may be more reminiscent of 1998 than 2000.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:51) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:37) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis Research (10:09) - 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.

As the United States marks 250 years of independence, investors are asking whether its markets can continue to deliver long-term outperformance in the face of elevated valuations and global competition. What are America’s enduring structural advantages, and could we be entering a new investment era?In this episode of The View Beyond, Bernadette Anderko is joined by Mark Matthews, Head of Research Asia at Julius Baer, to discuss the investability of the US market as it celebrates a major milestone. Together, they examine the historical drivers of US market leadership, from industrialisation to the current wave of artificial intelligence, and consider whether the region’s capitalist foundations and deep capital markets remain intact. The conversation covers the implications of high valuation multiples, the role of innovation cycles, the impact of market concentration, and the risks posed by political and economic shifts. Mark also shares his perspective on what could signal a regime change, and how investors should think about their US exposure in the context of global opportunities.(00:00) - Introduction (02:01) - US structural advantages: Resources, population, and capitalism (05:17) - Historical cycles: How US leadership translated into market outperformance (06:30) - Innovation today: Artificial intelligence and the speed of change (07:23) - Valuations and earnings: Are US equities too expensive? (08:22) - Market concentration: The Magnificent Seven and broader performance (09:15) - Could US market leadership be ending? Comparing global markets (11:23) - Key risks: Economic inequality and political shifts (13:11) - Are we in a new investment era? Technology, IPOs, and market sentiment (14:01) - What would signal a regime shift? The role of the dollar and interest rates (14:45) - Investment approach: Staying invested for the long term (15:10) - Can US structural advantages support continued outperformance? (17:03) - Closing remarks and legal reminder 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 job growth slowed significantly in June, giving support to our economists’ view that the US Federal Reserve will not raise interest rates again this year. This pushed Treasury yields and the USD lower, while supporting gold and most equities. US technology and semiconductor stocks fell sharply after reports that Anthropic is looking into developing its own AI chip together with Samsung Electronics. European marketsrose on Brent oil moving towards USD 70 per barrel, reduced rate-hike expectations by the Fed and new German growth measures. Asian equities outperformed, driven by gains in semiconductor stocks and encouraging economic data from China and Japan. Tim Gagie, Head of FX Advisory in Geneva, talks about the USD, gold and his favourite commodity currencies, the AUD and CAD.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:25) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:09) - FX & metals update: Tim Gagie, Head of FX/PM PB Geneva (10:52) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Equity markets began the third quarter on a slightly subdued note, with semiconductor stocks coming under particular pressure. In contrast, Meta emerged as one of the standout performers yesterday, with its shares rallying on reports that the company is actively developing a cloud business aimed at selling AI computing power. Fixed income markets remained relatively calm as investors awaited one of the week’s key economic releases: the June US jobs report, due later today. In today’s episode, Carsten Menke, Head of Next Generation Research, joins us to discuss the potential implications of President Trump’s decision on copper duties and what it could mean for copper prices.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:28) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (06:18) - Copper: Carsten Menke, Head of Next Generation Research (11:03) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Markets closed a volatile quarter with sharply lower oil and gold prices, while AI optimism continued to support equities on both sides of the Atlantic. European stocks posted their strongest quarter in over five years, and US markets remained resilient despite weakness in the ‘Magnificent Seven’. In today’s show, we also discuss easing eurozone inflation, strong US labour market data and key developments across Asia. In addition, our fixed income research analyst Eirini Tsekeridou joins us to explain why bond yields have remained elevated despite falling oil prices, and to discuss the impact of AI on fixed income markets.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:28) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (07:27) - What’s driving bond yields now? Eirini Tsekeridou, Fixed Income Research (10:34) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

After tensions rose again in the Middle East over the weekend, news yesterday that US envoys will travel to Doha for fresh talks with Iran today allowed markets room to rally. The Dow Jones, which now includes Alphabet, ended yesterday’s session above 52,000 for the first time. Asia continued the rally overnight with the Kospi set to exceed a 105% year-to-date performance by the end of its session. Meanwhile, the yen fell to a 40-year low against the US dollar. And, as Europe melts in the midst of the highest June temperatures on record, Carsten Menke, Head of Next Generation Research, joins the podcast today to talk about the economic impact of climate change, why ‘sponge’ cities are being developed, and what the implications are for investors.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:27) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (05:06) - Future cities and the heatwave: Carsten Menke, Head of Next Generation Research (10:21) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

US-Iran tensions eased over the weekend, supporting risk sentiment going into the new week. However, Asian markets are mixed despite South Korea's pledge of major semiconductor investment, as tech sector concerns temper enthusiasm. Markus Wachter from our Technical Analysis team talks about the change in the technical picture of the US dollar, why they do not expect the S&P 500 to fall into correction territory, and the outlook for gold. Meanwhile, Richard Tang, Head of Research Hong Kong, gives an update on Asian equity markets, including his thoughts on why China’s stock market has been disappointing lately.(00:00) - Introduction: Helen Freer, Product & Investment Content (01:01) - Markets wrap-up: Jan Bopp, Product & Investment Content (06:47) - Technical Analysis update: Markus Wachter, Technical Analysis Research (09:22) - Asia update: Richard Tang, Head of Research Hong Kong (15:40) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

With 2026 at its midpoint, investors are navigating an environment marked by geopolitical tensions, persistent inflation, and shifting growth dynamics across major economies. How are asset allocators responding, and what does this mean for portfolio construction in the months ahead?In this episode of The View Beyond, Ayako Lehmann is joined by David Kohl, Chief Economist, and Yves Klenk, Head of Client Coverage and Advisory, to examine the mid-year market outlook from an investor’s perspective. The discussion covers the impact of ongoing conflicts on commodity prices, the evolution of inflation expectations, and why Europe’s growth outlook is finally turning a corner. The conversation also explores the implications for equity and fixed income allocations, the realities of the AI investment boom, and the case for diversifying away from US dollar assets. The episode concludes with a look at private markets, infrastructure, and the enduring role of gold in portfolios.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.

There was a mixed picture in financial markets yesterday as persistent US inflation continues to test the Federal Reserve’s patience. European equities climbed to fresh record highs, boosted by healthcare and chip stocks, while US markets diverged, with tech weakness weighing on the Nasdaq. Overnight, Asia-Pacific markets came under pressure, led by sharp declines in Japan and South Korea, while oil volatility continues amid uncertainty around the Strait of Hormuz. In today’s show, we are joined by Tim Gagie, Head of FX Advisory in Geneva, who shares his views on the US dollar, gold and broader currency dynamics.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:27) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (06:17) - FX & metals update: Tim Gagie, Head of FX/PM PB Geneva (11:23) - 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.

Not only did Micron’s fiscal Q3 earnings exceed expectations yesterday, but the company also guided for current-quarter revenue of USD 50 billion, positively surprising analysts and investors and boosting its share price by 16%. The euphoria around the announcement spilled over into other chip names, and Asia’s markets, excluding Hong Kong, all rallied overnight. Oil prices and bond yields have fallen as flows through the Strait of Hormuz have continued to ramp up, and expectations of rate hikes have receded. Today’s PCE reading in the US might provide more clues. Carsten Menke, Head of Next Generation Research, joined today’s podcast to share his thoughts on gold’s continued dive. He explains why such sharp and swift moves point to flows rather than fundamentals, and shares why he remains constructive longer-term.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:28) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (06:33) - Gold and silver: Carsten Menke, Head of Next Generation Research (12:23) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Equity markets are facing renewed pressure as investors question whether AI-driven stocks, particularly semiconductors, can sustain their remarkable rally. All eyes are on Micron, set to report earnings after today’s close in New York, for clues on the sector’s next move. At the same time, the broader economic backdrop remains supportive, with US business activity expanding at its fastest pace in five months. In today’s episode, Dario Messi, Head of Fixed Income Research, shares his perspective on newly appointed Federal Reserve Chair Kevin Warsh’s communication framework – and what it could mean for markets and investors.(00:00) - Introduction: Lucija Caculovic, Product & Investment Content (00:38) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (06:41) - Fixed income update: Dario Messi, Head of Fixed Income Research (11:31) - Closing remarks: Lucija Caculovic, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Markets reacted cautiously after the US granted Iran a temporary 60‑day licence to sell oil in USD. Euro area consumer confidence remained weak in June, and pressure on Hermès weighed on luxury stocks. In the UK, Sir Keir Starmer’s resignation adds to a decade of political instability, but markets stayed calm. ECB president Christine Lagarde said that the central bank doesn’t need to react more forcefully to the fallout from the Middle East conflict. In US equities, investors rotated out of large tech stocks into small caps. In Asia, speculation about USD/JPY intervention grew after talks between Japanese and US officials. Regional equities declined. Damien Ng, Next Generation Research, joins the podcast to talk about what strong dealmaking says about the healthcare sector.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:48) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:50) - Dealmaking in the healthcare sector: Damien Ng, Next Generation Research (11:28) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Progress in US–Iran talks in Switzerland helped ease geopolitical concerns. And while positive momentum in Asian tech lifted regional markets, European and US equity futures have started the week on a more cautious footing. Mensur Pocinci, Head of Technical Analysis, takes a closer look at the current trend in the S&P 500, shares his view on the ‘Magnificent Seven’, and outlines which segment of the US market he expects to outperform.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:55) - Markets wrap-up: Jan Bopp, Product & Investment Content (06:53) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (09:34) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Against a shifting macro backdrop, markets are responding to easing geopolitical tensions following a US-Iran peace deal, with oil prices falling sharply and Asian equities rallying. Within China, however, a stark divergence persists: Hong Kong’s “old tech” sector has lagged, while mainland “new tech,” particularly AI infrastructure, continues to attract strong inflows and outperform. In this episode, Richard Tang speaks with Hong Hao, Managing Partner and CIO of Lotus Asset Management, about China’s uneven market outlook. They discuss the prospects for a rebound in Hong Kong internet stocks, the sustainability of the AI rally and signs of froth, alongside liquidity risks from IPO activity and the outlook for gold amid shifting oil and interest rate dynamics. This episode was originally recorded on 16 June 2026.(00:30) - The old and new tech divide in China (01:45) - Will Hong Kong internet stocks see a rebound? (03:25) - Why is there a lack of stimulus this time? (07:05) - A “K-shaped” economy (07:40) - A strong run in A-share tech — is the AI rally getting frothy? (15:48) - The liquidity impact of the IPO glut (20:27) - Where might gold be headed?

Global markets have been driven this week by a US–Iran deal, a more hawkish Fed under Kevin Warsh, and a Bank of Japan rate hike to multi-decade highs. Markets are now pricing in further US policy tightening, with record Treasury futures volumes signalling strong expectations for rate rises. Equities were mixed yesterday, with early weakness offset by gains in semiconductor stocks. Central banks remain in focus, as the Bank of England held rates and the Swiss National Bank maintained ultra-loose policy amid low inflation. Oil fell below USD 80 on improved supply. Tim Gagie, Head of FX Advisory Geneva, highlights USD strength and gold weakness as the Fed sharpens its inflation focus. He also discusses the prospects for the major low-yielding currencies, the CHF and JPY.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:24) - Markets wrap-up: Mike Rauber, Product & Investment Content (07:09) - FX & metals update: Tim Gagie, Head of FX/PM PB Geneva (11:44) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

European equities extended their upward momentum, while US markets faced selling pressure after the first FOMC meeting under Chair Kevin Warsh delivered a surprisingly hawkish tone, pushing Treasury yields higher. Yet, sentiment later shifted again as news of a signed memorandum of understanding between the US and Iran lifted Asian markets and drove US equity futures firmly into positive territory. In today’s episode, Norbert Rücker, Head of Economics and Next Generation Research, explores how easing geopolitical tensions could reshape the outlook for global energy markets.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:28) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (05:48) - Energy market update: Norbert Rücker, Head of Economics & Next Generation Research (10:47) - 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.

SpaceX moves beyond rockets with its acquisition of AI firm Anysphere, igniting investor excitement and propelling the company to become the world’s fifth-most valuable after its blockbuster IPO. As technology and geopolitics continue to reshape markets, attention now turns to today’s FOMC decision and Kevin Warsh’s first press conference as Fed Chair. Dario Messi, Head of Fixed Income Research, outlines what to expect from the Fed, while Mathieu Racheter, Head of Equity Strategy Research, discusses the impact of mega-IPOs and a potential US–Iran deal on equity markets, as well as how investors should position portfolios for the second half of 2026.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:34) - Markets wrap-up: Jan Bopp, Product & Investment Content (06:05) - Bond market update: Dario Messi, Head of Fixed Income Research (09:51) - Equity market update: Mathieu Racheter, Head of Equity Strategy Research (14:19) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Markets rallied strongly yesterday as easing geopolitical tensions between the US and Iran lifted risk sentiment, with European equities reaching fresh record highs and US indices surging across the board. Optimism was driven by a framework agreement pointing towards a gradual reopening of the Strait of Hormuz, although uncertainty remains around the timeline and terms. Oil prices fell sharply, while gold moved higher amid softer rate expectations and a weaker dollar. Overnight, central banks remained in focus, with the Bank of Japan delivering its first rate hike since 1995, while weak macro data out of China reinforced concerns about slowing domestic demand. Today, we were joined by Enrico Chinello from Next Generation Research, who unpacked the intensifying price war among leading AI model providers.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:38) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (07:34) - Token pricing war: Enrico Chinello, Next Generation Research (12:08) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Yesterday, the US and Iran agreed to the immediate and permanent termination of military operations on all fronts, including in Lebanon. The deal is set to be signed on Friday and still allows for a 60-day window to negotiate issues around Iran’s nuclear program. Evidently some details are still to be ironed out, but equity and bond markets have reacted positively, with Asia trading higher this morning and futures pointing to a higher opening globally today. Added to this, the price of oil has already dropped more than 4% and gold has climbed 3%. Mensur Pocinci, Head of Technical Analysis, provides his thoughts on where these assets might trade from here, as well as sharing his view on semiconductor stocks. (00:00) - Introduction: Jan Bopp, Product & Investment Content (01:09) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (07:18) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (09:22) - Closing remarks: Jan Bopp, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

As global markets adjust to a world where capital is no longer abundant, investors face new challenges and opportunities. How should they adapt their portfolios, and what are the most compelling prospects for the second half of 2026? Christian Gattiker, Head of Research at Julius Baer, and Mark Matthews, Head of Research Asia, join Bernadette Anderko to discuss Julius Baer’s mid-year market outlook. The conversation dissects the shift from a savings glut to a savings grab, and focuses on why selectivity and capital discipline are paramount. Mark and Christian explain the outlook for equities and fixed income, investigating not just sectors but also regions of interest, together with the case for investment grade and emerging market debt, and the ongoing impact of AI and clean energy themes. They also review the prospects for commodities, gold, and currencies as investors position themselves for the remainder of the year.(00:00) - Introduction and agenda (00:55) - From a ‘savings glut’ to a ‘savings grab’ (02:16) - Be selective amidst capital expenditure opportunities (03:03) - Bond yields, duration, and global opportunities (05:33) - Credit quality and emerging market debt (06:49) - US vs. non-US markets (08:07) - European equity dynamics (08:59) - AI, Asia, and regional drivers (10:14) - Cloud computing, AI, clean energy (11:24) - Commodities: Super shock vs. super cycle (12:53) - Gold outlook (14:04) - US dollar, yen, and commodity currencies (15:08) - Key takeaways, closing remarks and legal information Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

President Trump halted strikes on Iran yesterday and announced that a peace deal will be signed imminently. Markets reacted accordingly, with oil prices falling and equities rallying. Chip stocks contributed to the rally in both the US and Asia overnight. Even US Treasuries held on to their gains, as markets lowered their bets on a Fed rate hike in October from 51% to 36%. SpaceX raised USD 75 billion, pricing itsshares at USD 135 – its debut will be a big focus later today. Tim Gagie, Head of FX Sales in Geneva, joined today’s podcast for his weekly take on all things currency and precious metals, so tune in to hear his views on the US dollar, the euro and the Swiss franc, as well as his perspective on the sharp fall in the gold price.(00:00) - Introduction: Lucija Caculovic, Product & Investment Content (00:28) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (06:07) - FX & metals update: Tim Gagie, Head of FX/PM PB Geneva (10:40) - 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.

While European markets proved more resilient, US equities declined amid renewed escalation in the Middle East and fresh inflation data highlighting mounting pressure on US household budgets, driven in part by higher energy costs. In today’s episode, Carsten Menke, Head of Next Generation Research, shares his outlook on gold and silver in this environment. We also hear from Dario Messi, Head of Fixed Income Research, who previews the European Central Bank’s upcoming rate decision and discusses the implications for investors.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:41) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (06:16) - Update on gold: Carsten Menke. Head of Next Generation Research, Product & Investment Content (09:42) - ECB expectations & investment impact: Dario Messi, Head of Fixed Income Research (12:56) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Markets saw a cautious session yesterday, as investors remained on edge amid ongoing Middle East uncertainty, with both European and US equities ending broadly lower. Overnight, tensions escalated sharply, with US strikes on Iran followed by retaliatory actions across the Gulf, placing further strain on an already fragile ceasefire. Despite these developments, oil prices remained relatively contained. Macro data painted a mixed but broadly stable picture, with solid US housing demand, a sharply narrowing trade deficit, and modest growth signals from Europe. In Asia, rising producer prices in China and Japan highlighted ongoing cost pressures, keeping central banks in focus. Today, we were joined by Mathieu Racheter, Head of Equity Strategy Research, who discussed the revival of the IPO market and what investors should watch for in the months ahead.(00:00) - Introduction: Jan Bopp, Product & Investment Content (00:38) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (07:02) - The great IPO comeback: Mathieu Racheter, Head of Equity Strategy Research (14:15) - Closing remarks: Jan Bopp, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

European equities closed off their lows as oil reversed most of its early 5% gain after easing Middle East tensions, leaving Brent near USD 94. Weak German factory orders weighed on sentiment, while stocks diverged, with Zealand Pharma down 23% and Banca Monte dei Paschi up 13% on takeover news. In the US, technology led gains as chip stocks rebounded, though sentiment softened after Apple’s developer conference. Strong demand for SpaceX’s IPO and OpenAI’s filing point to a solid pipeline. Asian markets followed the tech rebound, led by Korea and Japan, while Hong Kong lagged and China reported stronger-than-expected trade data. Biotech deal activity remained strong, while inflation concerns kept rate hike expectations elevated, with muted moves in precious metals and FX. Enrico Chinello, Next Generation Research, joined to discuss rising opposition to data centres in the US, and what it could mean for investors.(00:00) - Introduction: Roman Canziani, Head of Product & Investment Content (00:28) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:42) - Growing data centre opposition: Enrico Chinello, Next Generation Research (10:03) - Closing remarks: Roman Canziani, Head of Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

The market reaction to Friday’s better-than-expected US jobs report started bad and got worse. The Nasdaq closed down 4.2%, marking its steepest decline since April 2025, following ‘Liberation Day’. The sell-off spread to Asia this morning, where investors slammed the brakes on the red-hot AI rally. South Korea’s KOSPI fell by more than 8%, triggering circuit breakers. Mensur Pocinci, Head of Technical Analysis, explains why he thinks the latest weakness in tech is a well-deserved pause, and why gold is on the watch list.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:21) - Markets wrap-up: Jan Bopp, Product & Investment Content (06:44) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (10:39) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

The role of a Chief Investment Officer is multifaceted – acting as both the guardian and the architect of a company’s investment process, and preventing people from making mistakes that might destroy value. A key requisite for the job is the ability to stay calm amid the panic when a global crisis hits.In this special edition of The View Beyond, produced jointly with the World Economic Forum's Radio Davos, Bernadette Anderko and WEF Editor Robin Pomeroy sit down with Julius Baer's Group CIO Yves Bonzon to explore the history and nature of recent crises. Yves has spent more than three decades steering portfolios through other people's worst weeks: the crash of '87, the Asian crisis 10 years later, 2008’s Global Financial Crisis, COVID, the tariff wars, and now of course the war in Iran. He explains why each crisis provides opportunities to make a difference. After all, in the face of a crisis, a CIO must decide: is history repeating itself, or is a new paradigm emerging?(00:00) - Introduction: A special joint episode from Julius Baer and Radio Davos (02:02) - Crisis navigation: Every crisis is different (03:30) - Exogenous vs. endogenous shocks (06:48) - Oil, markets, and resilience (11:31) - Looking back to the financial crisis of 2008 (13:50) - Crises are opportunities to make a difference (16:25) - Balancing risk mitigation and opportunity (20:26) - Liquidity events in turbulent times (22:32) - Private markets vs. public markets (23:34) - When does a crisis become a crisis? (29:29) - How crises and responses have evolved since the 1980s (33:04) - Emotional decisions and the cost of anchoring (35:18) - Education, discipline, and the importance of process (38:47) - Closing remarks and legal disclaimer 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.Radio Davos is the flagship weekly podcast from the World Economic Forum. Get it on any podcast app:https://pod.link/1504682164. Find all Forum podcasts at  wef.ch/podcasts and YouTube(https://www.youtube.com/@wef/podcasts).

Markets delivered a mixed session yesterday, driven by geopolitical tensions, a sharp semiconductor sell-off following Broadcom’s disappointing results, and steady macro data from Switzerland and the US. Oil remained driven by developments in the Middle East, while gold fluctuated alongside moves in the dollar and bond yields. European equities closed higher despite lingering uncertainty, while the US showed a clear divergence: the Dow reached a record high, supported by defensive stocks, as tech weakness weighed on the Nasdaq. In Asia, the rotation out of tech continued, pressuring chip-heavy markets such as South Korea and Japan, with broader sentiment remaining cautious. Today, we were joined by David Kohl, Chief Economist, who shared insights on next week’s ECB meeting.(00:00) - Introduction: Mike Rauber, Product & Investment Content (00:41) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (07:59) - ECB preview: David Kohl, Chief Economist (13:16) - Closing remarks: Mike Rauber, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

The S&P 500 snapped its nine-day winning streak yesterday, as renewed tensions in the Middle East dented risk sentiment, and momentum in the AI-driven rally eased. At the same time, bond yields pushed higher on the back of resilient labour market data, reigniting concerns that inflation pressures may persist. In today’s episode, our Group CIO Yves Bonzon shares his latest perspectives on the market backdrop, while Norbert Rücker, Head of Economics and Next Generation Research, explains why he expects oil prices to trend lower from here.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:28) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (05:42) - Latest market perspectives: Yves Bonzon, Group CIO (14:15) - An update on oil: Norbert Rücker, Head of Economics & Next Generation Research (19:13) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

AI fever is fuelling a fresh wave of market excitement, with soaring valuations and high-profile endorsements pointing to the next potential trillion-dollar tech company. With major players doubling down on artificial intelligence, investor confidence remains resilient despite rising eurozone inflation and mounting expectations of another ECB rate hike. Meanwhile, Afonso Borges from our Fixed Income Research team makes the case for UK gilts amid shifting bond dynamics, while Nenad Dinic, Equity Strategy Research, explores the broadening strength in emerging market equities and explains why it’s not only about tech.(00:00) - Introduction: Lucija Caculovic, Product & Investment Content (00:38) - Markets wrap-up: Jan Bopp, Product & Investment Content (06:25) - Fixed income update: Afonso Borges, Fixed Income Research (10:12) - Emerging market equities: Nenad Dinic, Equity Strategy Research (14:13) - Closing remarks: Lucija Caculovic, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Markets were mixed yesterday, with Middle East tensions driving a sharp rise in oil and weighing on sentiment. European equities edged lower, while all three major US indices reached fresh highs, supported by strong momentum in AI-linked names. Macro data showed a divided backdrop — resilient manufacturing in Asia, slowing growth and rising cost pressures in the Eurozone, modest but improving trends in Switzerland, and solid momentum in the US. Today, we were joined by Carsten Menke, Head of Next Generation Research, who provided a deep-dive into cybersecurity, highlighting the sector’s remarkable rebound and why it is becoming increasingly mission critical, even more so in the age of AI.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:28) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (06:58) - What's behind the cybersecurity rebound?: Carsten Menke, Head of Next Generation (10:17) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

US equity indices closed the week at new record highs, topping off a winning month as tech stocks once again provided the momentum. Despite no agreement emerging between the US and Iran, and indeed continued strikes over the weekend, many of Asia’s key indices also saw gains this morning with the Kospi and Nikkei 225 soaring to new heights. It’s therefore timely that Mensur Pocinci, Head of Technical Analysis, joins the podcast today to discuss his thoughts on whether US equities are now overbought; why a previous laggard sub-sector might now help drive the IT sector even higher, and whether mega IPOs have historically lived up to their hype.(00:00) - Introduction: Jan Bopp, Product & Investment Content (01:20) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (07:15) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (11:00) - Closing remarks: Jan Bopp, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

After a period of relative calm, gold has re-emerged as a focal point for investors amid geopolitics, shifting central bank strategies, and evolving global demand. How should investors interpret gold’s recent volatility, and what does the outlook hold as we move through 2026?In this episode of Julius Baer’s Moving Markets:The View Beyond, Ayako Lehmann is joined by Carsten Menke, Head of Next Generation Research, and Chris Irwin, Head of FX and Precious Metals Trading Asia at Julius Baer, to discuss the drivers behind gold’s remarkable run, the impact of central bank activity, and the changing dynamics of investment demand. The conversation covers gold’s behaviour during recent global shocks, the significance of central bank buying (and selling), the evolving role of ETFs, and the influence of Asian and Indian markets. The episode concludes with an outlook for gold through the remainder of 2026, highlighting both the structural and cyclical forces at play.(00:00) - Introduction (01:21) - Lessons from recent events (03:08) - The role of geopolitics in gold’s long-term performance (04:15) - Central bank buying (06:16) - A multipolar world and central bank strategies (07:10) - Investment demand and the shifting role of ETFs (09:15) - US monetary policy (10:45) - Trading trends in the US and China (12:51) - China’s investment flows and retail participation (13:44) - India’s import tax hike and its impact on gold demand (15:57) - Outlook for gold in 2026 (18:28) - Closing remarks and legal information Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

US equities surged to record highs on optimism over a potential US–Iran ceasefire extension, with the S&P 500, Nasdaq, and Russell 2000 all closing at all-time highs yesterday. Oil prices fell sharply and are on track for their steepest monthly decline since March 2020. US economic data was mixed, pointing to slowing growth and increasing pressure on household finances. Technology remained the primary market driver, with strong gains in AI and tech stocks contrasting with weak momentum in Bitcoin. Tim Gagie, Head of FX Advisory Geneva, highlights gold being at critical levels, the continued attractiveness of the AUD, and persistently low FX volatility.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:28) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (06:11) - FX & metals update: Tim Gagie, Head of FX/PM PB Geneva (09:41) - 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.

Oil prices are swinging on every twist in the Middle East, while AI continues to dominate global markets. Europe’s stocks are under pressure from high energy costs, but in the US, AI momentum is driving major indices to fresh record highs. In today’s episode, Carsten Menke, Head of Next Generation Research, dives into copper, and why electrification is set to shape markets for years to come.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:28) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (06:12) - Copper market update: Carsten Menke, Head of Next Generation Research (10:29) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Global equities extended their record rally as momentum in technology shares accelerated and geopolitical tensions eased. Micron and SK Hynix have joined the USD 1 trillion market-capitalisation club, fuelled by surging demand for AI chips. This milestone underscores the growing dominance of semiconductor companies in global markets, with ripple effects from Seoul to Silicon Valley. Mensur Pocinci, Head of Technical Analysis, explains why he expects this momentum to continue and shares compelling statistics on IPO returns ahead of the landmark SpaceX listing.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:38) - Markets wrap-up: Jan Bopp, Product & Investment Content (05:47) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (08:33) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Despite US consumer confidence falling to a record low, the S&P 500 extended gains last week, driven by semiconductors, as AI enthusiasm remains strong and crowded. Global equities also advanced, led by Europe and Japan. Kevin Warsh was sworn in as Fed Chair, while Governor Waller emphasised inflation risks. Middle East tensions remain volatile, with shifting ceasefire prospects, US military action, and moves in oil, gold, and bonds. This week, focus turns to US PCE inflation, growth data, and key geopolitical meetings in Asia. Damian Ng, Next Generation Research, talks about why the recent outbreak of the Ebola virus demonstrates the need to invest in health system innovation, as well as covering key investment trends in healthcare.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:38) - Markets wrap-up: Mike Rauber, Product & Investment Content (05:48) - Why Ebola demonstrates the need to invest in health system innovation: Damien Ng, Next Generation Research (12:05) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

The petrodollar system has long been a cornerstone of global finance, underpinning the US dollar’s dominance for decades. But as energy markets shift, and talk of de-dollarisation grows louder, is this system now fading? And what could that mean for the future global order?In this episode of The View Beyond, Jan Bopp is joined by Julius Baer’s currency strategist, David Meier, and Norbert Rücker, Head of Macro and Next Generation Research, to explore the origins and evolution of the petrodollar system, the impact of the US shale oil revolution, and the practical realities of de-dollarisation. The discussion covers the shifting correlation between oil prices and the US dollar, the significance of Saudi Arabia’s move to accept multiple currencies, and why the US dollar’s dominance remains largely unchallenged despite headlines. The episode also examines the scale of non-dollar oil trade, the role of sanctions, and the structural factors underpinning reserve currency status.(00:00) - Introduction (00:53) - What is the petrodollar system and why has it mattered? (02:44) - Geopolitics and the petrodollar narrative (03:40) - Has the petrodollar system ended or evolved? (04:33) - The US shale oil revolution (05:02) - Oil prices and the US dollar (08:00) - Saudi Arabia and the rise of multi-currency oil trade (09:02) - Sanctions and non-dollar oil markets (09:59) - De-dollarisation or diversification - what’s really happening? (11:52) - Why less oil in dollars doesn’t weaken the dollar (13:46) - What could truly challenge the US dollar’s dominance? (15:33) - Closing remarks and legal disclaimer 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 remained choppy as weak PMI data across Europe and the UK signalled slowing growth, while US data painted a mixed but still resilient picture. Oil prices were volatile amid shifting headlines around Iran, underlining ongoing geopolitical sensitivity. Equities in both Europe and the US ended modestly higher despite intraday swings, with pockets of strength in sectors like satellites and quantum computing following fresh investment momentum. Overnight, softer inflation in Japan supported Asian markets, while US yields edged lower and the dollar held firm. Today, we were joined by Bence Boldvai from our FX & Precious Metals team, who shared insights on key themes this week, including USD/JPY dynamics and his take on metals.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 and US stock markets rallied yesterday after President Trump hinted that the US administration is in the final stages of an agreement to end the war with Iran. The 10-year US Treasury shaved 9 basis points off the previous session’s yield. Asian markets were further boosted overnight by an impressive set of results from NVIDIA. Warnings did come in from the Fed though, in the form of the minutes of its last meeting, which revealed a heightened level of disagreement about where rates should go next and a majority of participants highlighting that rates will need to rise if inflation runs persistently above 2%. Head of Economics & Next Generation Research, Norbert Rücker, joins today’s podcast to discuss not only the outlook for oil and energy prices, but also to explain why he is so constructive on the theme of Clean Energy. Tune in to find out more.(00:00) - Introduction: Mike Rauber, Product & Investment Content (00:49) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (08:11) - (Clean) energy update: Norbert Rücker, Head of Economics & Next Generation Research (13:33) - Closing remarks: Mike Rauber, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

US markets dipped amid rising long-term bond yields, with the 30-year Treasury hitting the highest level in almost two decades fuelled by inflation fears and potential Fed tightening. Geopolitical tensions and key upcoming catalysts, including Nvidia’s earnings and FOMC minutes, keep investors on edge. Dario Messi, Head of Fixed Income Research, explains what is behind the recent surge in bond yields and Mathieu Racheter, Head of Equity Strategy Research, discusses the implications for equity markets and outlines his key message for the second half of the year.(00:00) - Introduction: Roman Canziani, Head of Product & Investment Content (00:49) - Markets wrap-up: Jan Bopp, Product & Investment Content (06:13) - Fixed income strategy update: Dario Messi, Head of Fixed Income Research (09:23) - Equity strategy outlook: Mathieu Racheter, Head of Equity Strategy Research (14:14) - Closing remarks: Roman Canziani, Head of Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.