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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1,057 episodes
Updated Yesterday

Episodes1057

Newest first

July 9 · 11 min
Oil shock or short detour? Markets react to Middle East tensions
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.
July 8 · 15 min
Semi sell-off and US-Iran escalation test market resilience
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.
July 7 · 10 min
AI stocks lift Wall Street
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.
July 6 · 10 min
It looks like 1998, rather than 2000
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.
July 4 · 18 min
The View Beyond: Will the 4th of July party continue for US markets?
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.
July 3 · 11 min
Weak US jobs data and AI chip news shakes tech
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.
July 2 · 11 min
Copper, chips and jobs: markets kick off the third quarter
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.
July 1 · 11 min
Winners and losers of Q2 2026
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.
June 30 · 11 min
Prospective peace talks in Doha soothe markets
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.
June 29 · 16 min
US-Iran de-escalation and South Korea’s USD 1.3 trillion spending plan
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.
June 27 · 41 min
The View Beyond: An investor's perspective of the mid-year outlook 2026
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.
June 26 · 12 min
Sticky inflation meets tech weakness
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.
June 25 · 13 min
Micron's guidance boosts markets
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.
June 24 · 12 min
Markets wobble: Is the AI rally running out of steam?
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.
June 23 · 12 min
Tech sell-off drowns out US–Iran oil news
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.
June 22 · 10 min
US and Iran agree on roadmap for final deal
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.
June 20 · 25 min
The View Beyond: China’s old and new tech divide
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?
June 19 · 12 min
A week dominated by geopolitics and central banks
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.
June 18 · 11 min
Hawkish Fed, calmer world? Markets reprice as geopolitics shift
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.
June 17 · 15 min
SpaceX overtakes Amazon in market cap
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.