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Moving Markets

Julius Baer

Moving Markets is the home of podcasts at Julius Baer. Here, our expert teams share concise daily market updates in ‘Moving Markets Daily’ which is complemented by ‘Moving Markets: The View Beyond’, a weekly show dedicated to discussing the context, thematic angles, and investment implications behind key topics shaping the news cycle and conversations among our relationship managers and clients.

The information contained in this podcast is marketing material. Opinions expressed do not constitute independent financial/investment research, investment advice, or an offer to buy or sell securities by Julius Baer. Please refer to www.juliusbaer.com/legal/podcasts for important legal information prior to listening to this podcast.

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Today · 15 min
The View Beyond: US midterms impact on Asian markets
The Democrats recorded a full sweep at the US midterms 2026. What does this mean for Asian markets, what can investors expect from the Federal Reserve going forward and will this also impact the oil price and therefore the inflation picture? In this episode, Mark Matthews, Head of Research Asia at Julius Baer, discusses with Ayako Lehmann, Head of Webcasts & Video, why the outlook is rather optimistic for Asian markets, why both the US Dollar and oil price could potentially weaken going forward and to what extent the AI investment cycle remains important, but should be balanced out with defensive equity positions. (00:00) - Introduction (01:01) - Democrats' historic midterm sweep (02:20) - Could a Democratic victory be good news for Asian markets? (04:16) - Impact on trade policies and tariffs (06:22) - Could markets be heading for a year-end rally? (07:23) - Is a weaker US dollar on the horizon? (08:33) - Is the AI spending race finally slowing down? (10:44) - Positioning Asian equity portfolios for growth (12:28) - Key risks investors should watch (14:05) - Key takeaways
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Yesterday · 13 min
Nasdaq correction creates panic selling
All three of the main US indices closed lower yesterday but it was AI-connected stocks that suffered the most and which sent the Nasdaq Composite 5.5% lower on the day. Following the Democratic sweep at the midterms, investors are nervous about the possible impact on data centre development. The nerves were felt around the globe, with many European indices and nearly all of Asia’s closing lower yesterday and this morning. There were, however, a few exceptions. Norbert Rücker, Head of Economics & Next Generation Research, provides a timely and insightful update on what is happening in both oil and natural gas markets on today’s podcast – tune in to find out why he believes that prices will trend lower in 2027. (00:00) - Introduction: Mike Rauber, Product & Investment Content (00:48) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (07:09) - Energy market update: Norbert Rücker, Head of Economics and Next Generation Research (12:20) - 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.
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Thursday · 12 min
Oil slides and equities rally on the blue wave
Global markets rallied after the Democrats secured control of both chambers of Congress in the US midterm elections, fuelling hopes of reduced policy uncertainty and easing geopolitical tensions. Oil prices plunged nearly 9% as investors bet on a faster resolution to the US-Iran conflict, while bond yields fell and equities surged on both sides of the Atlantic. However, technology stocks were mixed, with AI platform giants advancing, while semiconductor and data centre shares came under pressure. Tim Gagie, Head of FX & Precious Metals Advisory in Geneva, joins today’s show to talk about the impact of the Democratic sweep on currencies and metals. (00:00) - Introduction: Mike Rauber, Product & Investment Content (00:41) - Markets wrap-up: Helen Freer, Product & Investment Content (06:36) - FX & metals update: Tim Gagie, Head of FX & Precious Metals Sales Geneva (11:44) - 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.
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Wednesday · 13 min
What now for equities and bonds after the blue wave?
Markets initially sold off after the Democratic blue wave in the US midterms, but much of the decline in equities, bond yields and the dollar quickly reversed. AI sentiment remained resilient, with AMD raising guidance and Meta attracting strong demand for its USD 15 billion bond issue. Gold climbed above USD 4,000 per ounce while Asian markets rebounded despite softer Chinese services data. Dario Messi, Head of Fixed Income Research, sees political gridlock as supportive for US Treasuries and highlights attractive value in high-quality intermediate-duration bonds. Mathieu Racheter, Head of Equity Strategy, believes policy uncertainty around regulation, taxation and AI spending could weigh on US stocks, supporting the case for international diversification. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:34) - Markets wrap-up: Mike Rauber, Product & Investment Content (05:27) - Bond Market reaction to US midterm elections: Dario Messi, Head of Fixed Income (09:43) - Equities in the wake of midterms: Mathieu Racheter, Head of Equity Strategy Research (13:09) - 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.
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Tuesday · 12 min
Oil plunges, tech under pressure
A dramatic drop in oil prices set the tone for global markets yesterday, as investors reacted to signs of progress in US-Iran negotiations. Lower energy prices boosted European equities and particularly travel and leisure stocks, but concerns surrounding the AI trade continued to drag on US technology names. China's yuan is set for its biggest one-day drop against the dollar for six months today, after the central bank said it would raise the amount of foreign currency that financial institutions have to set aside as reserves. The US midterm elections dominate the political agenda today, with polls suggesting that the Democrats are favoured to win the House, but the Senate will be a close call. Carsten Menke, Head of Next Generation Research, joins the show to talk about cybersecurity after the world's largest crypto exchange, Binance, was hacked last week. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:28) - Markets wrap-up: Helen Freer, Product & Investment Content (07:04) - Cybersecurity in focus: Carsten Menke, Head of Next Generation Research (11:45) - 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.
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Monday · 11 min
US equity markets sneezed on Friday but Asia hasn’t caught the cold
The last trading day of October saw the rotation trade continue with the Nasdaq Composite and S&P 500 falling more than the blue-chip Dow Jones, which was also the only one of the three indices to end the month higher than it began it. Asian markets - with the exception of Japan - have rallied at the start of this week, and there has been good news in China, signalling that authorities have renewed their efforts to halt a slump. In a week where investors might become distracted by US politics, Head of Technical Analysis, Mensur Pocinci, delves into the mechanics of the US equity sell-off to untangle the moves in the IT and Communications sectors, and what they might mean for investors (00:00) - Introduction: Helen Freer, Product & Investment Content (00:41) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (07:23) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (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.
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October 31 · 18 min
The View Beyond: Will the French fallout spread?
Unrest in France has escalated from student protests to broader concerns about public finances and long-term growth, putting French assets under pressure and raising questions about potential contagion across Europe. Investors are now assessing which sectors and asset classes are most exposed and whether the turmoil could trigger wider instability. In this episode, Bernadette Anderko is joined by David Kohl, Chief Economist at Julius Baer, and Nenad Dinic, European Equity Strategist at Julius Baer, to analyse the drivers behind the French protests, the implications for French government bonds and equities, and the likelihood of spillover into other European markets. The discussion covers sector-specific risks, the impact of fiscal policy and political uncertainty, and what it would take for sentiment to improve. The episode concludes with reflections on the latest European Central Bank meeting and Christine Lagarde’s resignation. (01:08) - What’s driving the French protests and why markets are reacting (02:24) - Investor concerns: French government bonds and equities (04:40) - Risk of contagion to other European assets (06:07) - What rising French bond yields signal for investors (07:32) - Which sectors and companies are most exposed? (10:06) - Why have French equities underperformed? (11:10) - Are there opportunities after the French equity sell-off? (12:56) - What needs to change to improve France’s fiscal situation (15:37) - ECB meeting takeaways and Christine Lagarde’s resignation (17:35) - Closing remarks (18:02) - 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.
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October 30 · 12 min
A surprise exit, sinking tech, and a flight to safety
Markets are digesting a major ECB surprise as Christine Lagarde announces her early departure while keeping the door open to another rate hike. Meanwhile, investors are rotating out of technology despite resilient US growth, with Alphabet, Amazon, and Intel all under pressure. We also discuss the risk-off mood sweeping Asia, the Bank of Japan's milestone inflation declaration, and the largest crypto hack on record. Tim Gagie, Head of FX and Precious Metals Advisory Geneva, joins us to discuss the euro, the sell-off in precious metals and the sharp move in the Brazilian real following the surprise election outcome. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:32) - Markets wrap-up: Mike Rauber, Product & Investment Content (07:01) - FX & metals update: Tim Gagie, Head of FX and Precious Metals Advisory Geneva (11:30) - 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.
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October 29 · 12 min
AI earnings upset the applecart
Chip stocks lifted US stock markets, helping them to close higher on Wednesday, but Alphabet and Samsung's earnings have since dampened investors' enthusiasm. The Bank of Canada raised rates by 25 basis points whilst the Fed stayed on hold. Today it's Europe's turn and the ECB is also expected to keep its powder dry. Gold dipped below the magic USD 4,000 per ounce this week and silver has fallen too. Carsten Menke, Head of Next Generation Research, offers his insights into what might be behind the moves, and shares his views on the longer-term outlook for both precious metals. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:31) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (06:44) - Gold and silver: Carsten Menke, Head of Next Generation Research (11:16) - 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.
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October 28 · 13 min
AI optimism returns as central banks and hyperscalers take centre stage
Anthropic’s IPO filing has reignited enthusiasm for the technology and semiconductor sectors, providing fresh momentum for the broader AI ecosystem ahead of earnings releases from Microsoft and Alphabet after the US market close today. Meanwhile, government bond yields are edging higher this morning as investors remain cautious ahead of policy meetings from the world's three major central banks in the coming days. In today’s episode, we are joined by Eirini Tsekeridou from Fixed Income Research and Nenad Dinic from Equity Strategy Research. They discuss what investors can expect from Brazilian President Luiz Inácio Lula da Silva’s fourth term in office and the key themes to watch as the European earnings season gathers pace, respectively. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:38) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (06:29) - Brazilian bonds: Eirini Tsekeridou, Fixed Income Research (09:34) - European earnings season: Nenad Dinic, Equity Strategy Research (13:04) - 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.
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October 27 · 12 min
AI sparks a market rebound
Global equities rallied as optimism around artificial intelligence returned to the market, with Anthropic's IPO filing helping to revive sentiment toward the sector. Also, Meta announced massive fundraising plans. A circuit breaker was triggered in Brazil as stock markets plunged after the surprise re-election of President Lula da Silva. Today, Asian markets are mixed but South Korea's KOSPI gained on the revival of the AI trade. The Fed begins its latest policy meeting in what is a crucial week for central bank meetings and earnings. Dr. Damien Ng joins the podcast today to discuss wearables and how they are evolving into a tool to help people make better decisions about their health. (00:00) - Introduction: Roman Canziani, Head of Product & Investment Content (00:38) - Markets wrap-up: Helen Freer, Product & Investment Content (07:17) - Wearables; from fitness tracking to healthcare infrastructure: Dr. Damien Ng, Next Generation (11:15) - 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.
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October 26 · 11 min
AI doubts, oil fears and a defining week ahead
Markets are pulling investors in several directions at once. Strong US economic data is colliding with growing questions over AI spending, while French bond markets have seen historic moves and Middle East tensions have pushed oil prices sharply higher. In Brazil, Lula's surprise election victory is a market earthquake. It promises to be a critical week, with the Fed, ECB and BoJ all set to meet, while companies including Alphabet, Eli Lilly and BP provide fresh guidance. We also hear from Mensur Pocinci, Head of Technical Analysis, on the recent underperformance of technology stocks and what to look out for in gold after last week's decline. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:41) - Markets wrap-up: Mike Rauber, Product & Investment Content (07:41) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (10:28) - 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.
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October 24 · 21 min
The View Beyond: What's really driving markets?
Despite a complex backdrop of geopolitical tensions, elevated bond yields, and rapid technological change, capital markets have shown remarkable resilience this year, defying expectations of deeper disruption. What’s behind this strength, and how should investors position for what's next? In this episode, Yves Klenk, Head of Client Coverage and Advisory, and Marko Radovic, Senior Portfolio Manager and Head of Alternatives at Julius Baer, join Helen Freer to discuss the major themes shaping financial markets today. They reflect on the biggest surprises of the year, the outlook for broadening market performance, and where investors can find opportunities to diversify their exposure. The conversation also explores the implications of the upcoming US midterm elections, the role of private markets in portfolio construction, and the key forces driving markets today. (00:00) - Introduction (00:52) - The biggest surprises for financial markets so far this year (03:07) - Has equity market performance broadened? (05:30) - The challenge for stockpickers (07:15) - Where to diversify: Europe, Asia, and beyond (09:40) - Positioning for the US midterm elections and volatility (13:24) - The rising importance of private markets (17:12) - The single most important theme driving markets (20:45) - 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.
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October 23 · 12 min
Tech turmoil and China’s market test
Meta Platforms sparked a broader sell-off across the semiconductor complex after reporting its first cash outflow in more than a decade. At the same time, government bonds rallied, pushing the 10-year US Treasury yield back below 5%. Meanwhile, pressure on French assets intensified, with the spread between French and German 10-year government bond yields widening towards 180 basis points. In today’s Moving Markets episode, Richard Tang, Head of Research in Hong Kong, joins us to discuss the outlook for Chinese equities after major indices slipped into bear-market territory. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:38) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (07:17) - Chinese equity sell-off: Richard Tang, Head of Research Hong Kong (12:00) - 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.
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October 22 · 12 min
What a difference a day makes
On Wednesday equity markets across Europe rallied on the back of strong earnings announcements with even France’s CAC 40 gaining more than 1% on the day. Nervousness in French bonds markets continues though, with the 10-year government bond yield reaching 5% for the first time since 2002. The positive tone was echoed in the US where indices also closed higher and earnings again broadly satisfied. However, after the close the mood changed as Tesla’s earnings disappointed and geopolitical tensions saw Brent oil rise above USD 110 per barrel. Asian equity markets have sold off this morning with China’s CSI 300 heading into bear market territory. Norbert Rücker, Head of Economics and Next Generation Research, joins the podcast today for a timely look at why oil is trading at such unjustified levels, as well as sharing why he believes that the direction for both oil and gas prices should be down. (00:00) - Introduction: Mike Rauber, Product & Investment Content (00:38) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (06:46) - Energy – Oil, European natural gas: Norbert Rücker, Head of Economics and Next Generation Research (11:56) - 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.
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October 21 · 18 min
Oil swings, markets broaden, SpaceX soars
Oil volatility, a broadening equity rally and earnings dominated markets yesterday. While Netflix disappointed, SpaceX delivered standout results and Elon Musk floated the idea of a potential tie-up with Tesla. In Asia, stronger semiconductor sentiment and robust Japanese export growth supported risk appetite, offsetting weakness in CATL, China’s top battery maker, following its earnings release. Dario Messi, Head of Fixed Income Research, and Mathieu Racheter, Head of Equity Strategy, examine Europe as France's debt concerns deepen, European bank stocks central to Italy’s and Spain’s stock markets hit a four-month low, and Swiss large caps have been outperforming. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:31) - Markets wrap-up: Mike Rauber, Product & Investment Content (07:03) - Bond market update: Dario Messi, Head of Fixed Income Research (11:52) - Equity market update: Mathieu Racheter, Head of Equity Strategy Research (17:42) - 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.
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October 20 · 14 min
Markets diverge as France rattles Europe and AI rebounds
US technology stocks bounced back on Monday after last week's sharp sell-off, while political unrest in France weighed heavily on European markets, French bonds, and the euro. Oil prices swung on escalating geopolitical tensions in the Middle East, and investors continued to assess the implications of higher interest rates, AI investment spending, and upcoming earnings. In today's show, Enrico Chinello from Next Generation Research discusses last week's weakness in AI-related stocks, explains why we remain constructive on the long-term AI opportunity, and highlights the growing importance of cybersecurity. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:38) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (07:12) - The state of artificial intelligence: Enrico Chinello, Next Generation Research (13:17) - 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.
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October 19 · 10 min
Flying cars and falling chips
The Nasdaq just posted its worst week since Liberation Day amid growing doubts over AI momentum. Capital rotated into bonds, with the US 10-year Treasury yield recording its biggest weekly decline since February, despite firm inflation data. Meanwhile, the ongoing earnings season looks set to test market sentiment. Mensur Pocinci, Head of Technical Analysis, explains why the medium- to long-term outlook for the technology sector is still positive, and what it would take for this to change. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (01:02) - Markets wrap-up: Jan Bopp, Product & Investment Content (07:07) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (10:12) - 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.
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October 17 · 24 min
The View Beyond: China's post-Golden Week reality check
China's Golden Week is often viewed as a pulse check on the health of the world's second-largest economy. This year, the results have reignited debate over consumer confidence, policy stimulus and the outlook for growth. In this episode, we examine what the latest Golden Week trends reveal, while exploring the bigger investment questions around China's property market, technological ambitions, export outlook and the impact of escalating trade tensions. Richard Tang, China Strategist and Head of Research, Hong Kong at Julius Baer, sits down with Hong Hao, Managing Partner and Chief Investment Officer of Lotus Asset Management, for a wide-ranging discussion on market sentiment, economic recovery and where investors may find the most compelling opportunities in China over the next 6 months. (00:28) - What options do policymakers have following weaker Golden Week data? (03:51) - Property stimulus and growth outlook (09:30) - China's rapid advancements in technological innovation (13:40) - Tightening trade restrictions - what's the impact? (18:07) - Are investors being overly pessimistic? (21:04) - Sectors to watch in the next 6 months
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October 16 · 11 min
Equities up, bond prices up, Fed hike expectations down
European markets closed in positive territory on Thursday as investors rotated out of AI and tech stocks into defensive sectors such as healthcare and materials, as well as buying up government bonds. The same story played out in the US where the Dow Jones was the star performer. Overnight comments from Fed Chair Warsh led to traders reducing their bets on an October hike from 25% to 15%. Warsh also made some encouraging comments about artificial intelligence which doubtless assisted the Asian equity market recovery this morning. As ever on a Friday, Tim Gagie, Head of FX Advisory in Geneva, joins the podcast to deliver his thoughts on currencies and metals this week. Tune in to find out what he thinks about gold, the Aussie dollar, the Brazilian real, and even the Mexican peso. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:28) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (06:16) - FX & metals update: Tim Gagie, Head of FX & Precious Metals Sales 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.
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