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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1,058 episodes
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Episodes1058

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May 7, 2025 · 15 min
Markets are taking a breather ahead of the Fed meeting
It took two attempts, but German conservative leader Merz was elected chancellor by parliament on Tuesday after an unprecedented defeat on the first attempt got his coalition government off to a wobbly start. Market sentiment took another U-turn yesterday, with global equities falling back for a second day ahead of today’s US Federal Reserve rate decision. News that trade negotiations are going well and that initial US and China trade talks will take place this Saturday did little to improve investors’ mood. Richard Tang, Head of Research in Hong Kong, discusses how markets reacted to the news and provides more details on Beijing’s policy measures as well as the geopolitical tensions between India and Pakistan. 00:00 Introduction: Bernadette Anderko, Investment Writing 00:28 Markets wrap-up: Jan Bopp, Investment Writing 06:09 Asia update: Richard Tang, Head of Research Hong Kong 14:29 Closing remarks: Bernadette Anderko, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.
May 6, 2025 · 13 min
US stocks stumble amid FX fluctuations
US equities struggled yesterday as the S&P 500 index snapped its nine-day winning streak with a modest rotation into defensive stocks. Meanwhile, the broad US dollar sell-off against Asian currencies is fuelling speculation that regional economies are allowing their currencies to strengthen to gain leverage in US trade negotiations. Also on today’s podcast, we are joined by Nenad Dinic, Equity Strategy Research, who shares his insights on Japan as well as the recent outperformance of emerging markets relative to developed market equities. 00:00 Introduction by Helen Freer (Investment Writing) 00:28 Markets wrap-up by Jonti Warris (Investment Writing) 06:20 Japan and EM Asia equities by Nenad Dinic (Equity Strategy Research) 12:04,8 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.
May 5, 2025 · 11 min
Stocks rebound, USD weakens, Buffett steps down
Global equity markets have largely recovered their losses since 2 April, or Liberation Day, with Australia, Mexico and Germany's DAX among the best performers. Warren Buffett will step down as the CEO of Berkshire Hathaway at the end of the year after 45 years. Brent oil falls below USD 60 a barrel, a four-year low, after OPEC+ announces further supply increases. The Taiwan dollar has jumped 5% against the USD, its biggest intraday gain in 30 years, sparking speculation that Asian countries are seeking to revalue their currencies to win US trade concessions. Mensur Pocinci, Head of Technical Analysis Research, notes that Germany's DAX index is within 2% of its all-time high, reflecting its relative strength against US equities. 00:00 Introduction: Helen Freer, Investment Writing 00:31 Markets wrap-up: Mike Rauber, Investment Writing 06:28 Technical Analysis update: Mensur Pocinci, Head of Technical Analysis 10:37 Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.
May 2, 2025 · 12 min
Microsoft and Meta boost risk-on sentiment
Equity markets continued their multi-day rally yesterday with the S&P 500 nearing its ‘Liberation Day’ level after the fastest 8-session gain since November 2020. The rally was driven by upbeat earnings from Microsoft and Meta. This optimism has continued overnight after China said it’s evaluating trade talks with the US, boosting optimism that tariff tensions will come down. And we have Markus Waeber from Real Estate Advisory on the show today to talk about the strong April performance of the Swiss Real Estate market and the unchanged positive outlook. 00:00 Introduction by Helen Freer (Investment Writing) 00:27,5 Markets wrap-up by Jan Bopp (Investment Writing) 06:17 Real estate update by Markus Waeber (Head of Indirect Real Estate Advisory & Intelligence) 11:03 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.
Apr 30, 2025 · 13 min
100 days with Trump
Donald Trump and his policies remain a key focus for investors, particularly today as he reaches his 100th day in office. Yesterday, Trump signed orders aimed at easing the pressure on carmakers, whilst Commerce Secretary Howard Lutnick hinted that the US has secured a trade deal with an unnamed country, prompting a rise in US shares. Meanwhile, US Treasury yields have fallen for a seventh consecutive day, driven by weak economic data that has fuelled speculation the Federal Reserve may cut interest rates to avoid a recession. Overnight, macroeconomic data from China and Japan was released, with both countries reporting lower-than-expected figures, suggesting early signs of damage from the ongoing trade war. A closer look at individual company reports reveals a mixed picture during this earnings season. To provide further insight into this complex earnings landscape, our Head of Equity Strategy, Mathieu Racheter, joins our show today. 00:00 Introduction: Roman Canziani, Head of Investment Writing 00:38 Markets wrap-up: Lucija Caculovic, Investment Writing 07:38 Q1 earnings season update: Mathieu Racheter, Head of Equity Strategy 11:58 Closing remarks: 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 wherever you get your podcasts.
Apr 29, 2025 · 13 min
Trade talks and tech titans: busy times for investors
The markets have seen some brief respite from volatility, thanks to positive developments in ongoing trade talks and upbeat company reports. However, this week promises to be action-packed, with four of the tech giants - Microsoft, Meta, Apple, and Amazon - set to release their earnings reports, which will likely dictate market direction. Joining us on the show is Manuel Villegas from Next Generation Research, who shares his expert insights on the recent surge in digital assets and offers his take on whether this rally has legs. 00:00 Introduction: Helen Freer, Investment Writing 00:31 Markets wrap-up: Roman Canziani, Head of Investment Writing 07:13 Digital assets update: Manuel Villegas, Next Generation Research 12:01 Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.
Apr 25, 2025 · 11 min
Stocks climb on Fed-cut hopes
Equity markets continued their multi-day rally yesterday on US Federal Reserve comments indicating an openness to rate cuts and signs that trade negotiations were progressing. China may exempt some US goods from tariffs and Apple plans to shift the assembly of all US-sold iPhones to India as soon as next year. In this episode, we are joined by Tim Gagie, Head of FX and Precious Metals Solutions in Geneva, who shares his expertise on the latest developments in foreign exchange and metals markets. 00:00 Introduction: Helen Freer, Investment Writing 00:24 Markets wrap-up: Jan Bopp, Investment Writing 05:48 FX and metals: Tim Gagie, Head of FX & PM Solutions Geneva 09:59 Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.
Apr 24, 2025 · 11 min
Optimism returns – but for how long?
Market sentiment has shifted towards optimism once again, with the US dollar gaining strength as concerns over President Trump's potential interference with the Federal Reserve's independence have eased. A two-day stock market rally has been fuelled by hopes that the US-China trade tensions will not intensify further. Meanwhile, recent data suggests that the economy may be heading towards a stagflationary environment in the coming months. Joining us to share his insights on the volatile gold market is Carsten Menke, Head of Next Generation Research. 00:00 Introduction: Helen Freer, Investment Writing 00:24 Markets wrap-up: Roman Canziani, Head of Investment Writing 06:20 Gold: Carsten Menke, Head of Next Generation Research 10:02 Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.
Apr 23, 2025 · 13 min
Relief rally
Stocks jumped and the dollar edged up as the Trump administration defused some of the tension that had rattled financial markets in recent sessions. President Donald Trump said yesterday that he does not intend to fire Fed Chair Jay Powell, while Treasury Secretary Scott Bessent told investors that the US-China trade dispute is unsustainable and that a deal will be made. This came as the International Monetary Fund slashed their global growth forecasts, with widespread downgrades after the US tariff announcements. Our Chief Economist, David Kohl, shares his views on what to expect from the ECB and the Fed in terms of monetary policy in this environment and what it means for the economy. 00:00 Introduction: Helen Freer, Investment Writing 00:34 Markets wrap-up: Jan Bopp, Investment Writing 06:38 Comments on ECB, US recession risks, Fed: David Kohl, Chief Economist 12:38 Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.
Apr 22, 2025 · 14 min
Investors ditch US assets and Fed independence comes under fire
Market uncertainty has taken hold, with the US dollar hitting 15-month lows, stocks plummeting – including the Nasdaq, which has entered bear market territory – and credit spreads spiking. In contrast, Asian markets remain relatively resilient, while gold and digital assets rally. To make sense of these trends, we're joined by two expert guests: Mathieu Racheter, Head of Equity Strategy, and Carsten Menke, Head of Next Generation Research. Together, we delve into the latest news across financial markets and explore what's driving investor sentiment. 00:00 Introduction: Helen Freer, Investment Writing 00:31 Markets wrap-up: Roman Canziani, Head of Investment Writing 05:55 Earnings season update: Mathieu Racheter, Head of Equity Strategy 09:57 Bitcoin and gold: Carsten Menke, Head of Next Generation Research 13:32 Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.
Apr 17, 2025 · 17 min
Nvidia down and Jerome Powell delivers cautious speech
Technology stocks were weak, with Nvidia shares down 7% following the imposition of export restrictions to China and other countries. In a speech in Chicago, Federal Reserve Chairman Jerome Powell discussed the potential dilemma of balancing inflation control with economic growth and indicated a cautious monetary approach. The European Central Bank is expected to cut its deposit rate by 25 basis points today. Norbert Rücker, Head of Economics & Next Generation Research, talks about all things commodities, from the fading US dominance in energy markets to gold reaching new all-time highs. Nicolas Jordan, CIO Strategy & Investment Analysis, talks about the investment implications of the increased likelihood of a US recession. 00:00 Introduction by Helen Freer (Investment Writing) 00:28 Markets wrap-up by Mike Rauber (Investment Writing) 06:03 Commodities update by Norbert Rücker (Head of Economics & Next Generation Research) 11:17 Update from the CIO Office by Nicolas Jordan (CIO Strategy & Investment Analysis) 15:39,5 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.
Apr 16, 2025 · 12 min
The tariff tightrope: investors walking a fine line
The ongoing tariff saga remains the dominant theme, with investors waiting to see if tensions will ease or escalate. This uncertainty is taking a toll on consumer sentiment and investor expectations. Following recent volatility, markets were relatively calm yesterday, with European bourses ending the day in positive territory, while US stocks closed marginally in the red. However, in after-hours trading, Nvidia’s shares plummeted by over 6% after the company faced new restrictions on its exports to China. Both the US dollar and US Treasury yields stabilised somewhat. In overnight trading in Asia, most markets fell, despite China releasing robust economic data. One notable exception was gold, which continued its upward trajectory. To provide further insights into the equity markets, particularly banking stocks, we are joined today by Mathieu Racheter, Head of Equity Strategy. 00:00 Introduction: Bernadette Anderko, Investment Writing 00:24 Markets wrap-up: Lucija Caculovic, Investment Writing 07:39 Equity market update: Mathieu Racheter, Head of Equity Strategy 11:52 Closing remarks: Bernadette Anderko, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.
Apr 15, 2025 · 14 min
Markets gain stability amid hints of tariff revisions
Markets are showing signs of stabilisation as the US administration appears to be reconsidering its tariff policy. This has boosted auto stocks in particular, driven by reports that President Trump may modify the tariff package for auto-related imports from Mexico and Canada. Additionally, US Treasury yields have decreased following their sharpest increase in twenty years last week. Joining us to discuss the latest on digital assets is Manuel Villegas from Next Generation Research. 00:00 Introduction: Helen Freer, Investment Writing 01:05 Markets wrap-up: Roman Canziani, Head of Investment Writing 07:29 Digital assets: Manuel Villegas, Next Generation Research 12:52 Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.
Apr 14, 2025 · 11 min
Safe havens see record demand amid plunge in US bonds and dollar
Global financial markets experienced a tumultuous week, with safe-haven assets surging, and the US dollar and Treasury bonds posting sharp declines, raising concerns about the future of US economic dominance and global trade stability. As the escalating trade war with China continues to unfold, investors are bracing for another volatile week, in which the European Central Bank meeting takes place and the corporate earnings season gets underway. Mensur Pocinci, Head of Technical Analysis, also joins the show and shares his outlook for markets from a technical perspective. 00:00 Introduction by Helen Freer (Investment Writing) 00:31 Markets wrap-up by Jonti Warris (Investment Writing) 06:45 Technical Analysis update: Mensur Pocinci (Head of Technical Analysis) 09:55 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.
Apr 11, 2025 · 11 min
Risk appetite disappeared on Wall Street
European markets played catch-up with Wednesday’s US rally yesterday, with nearly all sectors posting significant gains. However, when US markets opened, risk appetite appeared to evaporate on Wall Street, as stocks fell despite subdued inflation data. There was some brief respite for Treasuries but they then resumed their sell-off from earlier in the week, sparking concerns among many about the health of the financial system. Asian markets delivered mixed performance overnight, but gold reached yet another record high. In this episode, we are joined by Tim Gagie, Head of FX and Precious Metals Solutions in Geneva, who shares his expertise on the latest developments in foreign exchange and metals, offering valuable insights into these markets. 00:00 Introduction by Helen Freer (Investment Writing) 00:28 Markets wrap-up by Lucija Caculovic (Investment Writing) 05:49 FX and metals by Tim Gagie (Head of FX & PM Solutions Geneva) 10:25 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.
Apr 10, 2025 · 13 min
Equity markets spring back, for now
Following President Trump’s ‘pause’ announcement yesterday, US And Asian equity indices experienced a relief rally of historic proportions. The punitive tariffs imposed on dozens of countries have now been swapped for a universal 10% rate, but only for 90 days. It remains to be seen whether this rally can be sustained or if it is merely a dead-cat bounce: US futures are pointing to a lower open this afternoon. Gold and oil have not been immune to some puzzling price moves in the past few weeks too, so it was great to have Carsten Menke and Norbert Rücker on the podcast to provide their insights into what might be behind these. 00:00 Introduction by Helen Freer (Investment Writing) 00:31 Markets wrap-up by Bernadette Anderko (Investment Writing) 05:54 Oil: Norbert Rücker (Head of Economics & Next Generation Research) 09:01 Gold: Carsten Menke (Head of Next Generation Research) 12:26 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.
Apr 9, 2025 · 11 min
Tariff-ied markets
The global trade war intensifies as the Trump Tariffs come into effect. Equities continue to decline for the fourth consecutive day, threatening to push the S&P 500 into bear market territory, as investors seek safe havens. Meanwhile, Treasuries, once considered the world's ultimate safe haven, remain under pressure as investors appear to be losing confidence in the US. To gain more insight into the bond market's reaction, we spoke with Dario Messi, Head of Fixed Income Research, who discusses the implications for investors' positioning in more detail. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:27 Markets wrap-up by Jan Bopp (Investment Writing) 05:49 Bond market latest: Dario Messi (Head of Fixed Income Research) 10:44 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.
Apr 8, 2025 · 9 min
Markets between despair and guarded hope
Global markets experienced significant volatility yesterday due to ongoing trade tensions sparked by President Donald Trump - the VIX index surged to 60 at one point. The S&P 500 closed just 0.2% lower despite threats of additional tariffs. Former New York Fed President Bill Dudley stated that a decline in stocks alone won't prompt the Fed to intervene, but an impairment to the flow of credit to businesses would. Hong Kong's Hang Seng Index rebounded slightly today after a historic 13.2% collapse on Monday, while Japan's Nikkei 225 rallied 6% on positive trade news, with the US and Japan potentially negotiating a trade deal. European equity futures are up over 2% in response to the news. Philipp Lienhardt, Head of Equity Research, notes that the upcoming earnings season will be all about companies’ comments on the trade war. 00:00 Introduction by Helen Freer (Investment Writing) 00:31 Markets wrap-up by Mike Rauber (Investment Writing) 05:49 Q1 earnings season preview: Philipp Lienhardt (Head of Equity Research) 08:29 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.
Apr 7, 2025 · 20 min
Global stock markets plunge deeper as trade war escalates
As the emerging trade war takes its toll, causing global stock markets to sell off from Japan to Mexico, investor sentiment continues to deteriorate rapidly. After US stocks fell steeply on Friday, Asian equities have plummeted today, with tech and banking stocks leading the decline in response to the retaliatory tariffs announced by China. Mensur Pocinci, Head of Technical Analysis, shares his outlook for markets from a technical perspective and Richard Tang, Head of Research Hong Kong, shares his reaction to the escalating tariff war with a focus on China. 00:00 Introduction by Helen Freer (Investment Writing) 00:44 Markets wrap-up by Jonti Warris (Investment Writing) 06:17 Technical Analysis update: Mensur Pocinci (Head of Technical Analysis) 09:04 Reaction to tariff announcements in Asia: Richard Tang (Head of Research Hong Kong) 19:04 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 wherever you get your podcasts.
Apr 4, 2025 · 17 min
Liberation Day fallout
The fallout from Donald Trump’s tariff war spread across global markets on Thursday, knocking down stocks and sparking a flight to fixed-income havens. US equities and the dollar saw some of the worst selling on speculation the president’s trade offensive will cripple the American economy. In today’s special episode, Christian Gattiker, Head of Research, shares his insights on the latest developments and how investors should navigate this uncertain environment. And Tim Gagie, Head of FX & PM Solutions in Geneva, talks about why he sees more room for US dollar weakness and why he thinks gold will continue to perform well. 00:00 Introduction by Helen Freer (Investment Writing) 00:41 Markets wrap-up by Jan Bopp (Investment Writing) 06:10 Reaction to Trump tariff announcements: Christian Gattiker (Head of Research) 11:10 FX and metals: Tim Gagie (Head of FX & PM Solutions Geneva) 15:55 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.