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
Updated Yesterday

Episodes1058

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Mar 6, 2025 · 12 min
Whatever it takes and tariff twists – bad for bonds and good for equities
European markets surged following German Chancellor-in-waiting Friedrich Merz's commitment to do 'whatever it takes' to ramp up defence and infrastructure, but this vow comes with a price tag: increased fiscal spending. Consequently, government bond yields soared across the continent. Meanwhile, in the US, markets rebounded after President Donald Trump temporarily lifted his 25% tariffs on Canadian and Mexican auto imports. Joining us to break down the implications for currencies and metals is Tim Gagie, Head of FX/PM Private Banking Sales in Geneva. 00:00 Introduction by Helen Freer (Investment Writing) 0025 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:08 FX and metals by Tim Gagie (Head of FX & PM Solutions Geneva) 11:11 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.
Mar 5, 2025 · 17 min
Investors looking to China today
Investors have a lot to digest. With US tariffs on Canada, Mexico, and China now in force – along with some retaliatory measures from affected countries – US Commerce Secretary Lutnick hinted that the US may reconsider some tariffs. Meanwhile, in Europe, the European Commission and Germany have unveiled plans to significantly increase defence spending. In Asia, all eyes are on China's National People's Congress, where the government has set an economic growth target of around 5% for 2025. No wonder global equity markets are experiencing volatility this week, and bond markets are no less turbulent. Joining us to shed light on the latest developments in fixed income is Dario Messi, our Head of Fixed Income Research. We're also joined by Richard Tang, our Head of Research in Hong Kong, for expert analysis on the National People’s Congress. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:37 Markets wrap-up by Lucija Caculovic (Investment Writing) 06:20 Bond market update: Dario Messi (Head of Fixed Income Research) 10:48 China’s NPC news: Richard Tang (Head of Research Hong Kong) 16:48 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.
Mar 4, 2025 · 12 min
Trade wars escalate
US equities did not like the news of weak manufacturing data and President Trump's announcement of tariffs on Canadian and Mexican goods, as well as increased tariffs on Chinese imports. The move prompted swift retaliation from Canada and China, who imposed their own tariffs on US goods. The S&P 500 fell 1.8% and Nvidia dropped nearly 9% but defensive sectors, like healthcare and consumer staples, rose on the day. European equities moved higher yesterday, with the Euro Stoxx 50 gaining 1.6% on easing inflation, anticipated monetary easing and the prospect of a large German stimulus package. Chinese stocks are reacting calmly to the tariff news, while export-heavy Japanese stocks are falling. Next up: Donald Trump's speech to Congress (later on Tuesday) and China's National People's Congress meeting (Wednesday). Carsten Menke, Head of Next Generation Research, notes that Bitcoin is a risk-on asset and a high-beta play on US equities in the short term. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Mike Rauber (Investment Writing) 07:14 Digital assets update: Carsten Menke (Head of Next Generation Research) 11:14 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.
Mar 3, 2025 · 11 min
Bitcoin resurgent ahead of moment of truth for tariffs
US President Trump's surprise announcement that Bitcoin will be included in a new US strategic reserve saw its value soar over 20% from last week's lows. Meanwhile, investors are now in wait-and-see mode as to whether Trump will push through his planned 25% tariffs on Mexico and Canada and the extra 10% on China this week. Mensur Pocinci, Head of Technical Analysis, shares his outlook for markets from a technical perspective. 00:00 Introduction by Helen Freer (Investment Writing) 00:27 Markets wrap-up by Jonti Warris (Investment Writing) 06:47 Technical Analysis update: Mensur Pocinci (Head of Technical Analysis) 10:04 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.
Feb 28, 2025 · 11 min
Tariffs and tech weigh on sentiment
Tariffs are back on the table after President Trump confirmed yesterday that the delayed tariffs on Mexico and Canada will take effect on 4 March, while China will face an additional 10% tariff on top of existing levies. While investors are still wondering if this is just a negotiating tactic or not, stock markets were broadly lower yesterday and overnight. Meanwhile, Nvidia had to say goodbye to the exclusive USD 3 trillion market capitalisation club, as its shares plummeted despite a robust earnings report. Today, all eyes are on the upcoming release of the US PCE price index release – the Federal Reserve’s preferred measure of inflation. Joining us today is Thomas Caflisch, Head of FX & PM Solutions, with a deep dive on currencies. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Lucija Caculovic (Investment Writing) 07:39 FX and metals: Thomas Caflisch (Head of FX & PM Solutions) 10:40 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.
Feb 27, 2025 · 10 min
European stocks keep on climbing and Nvidia fails to inspire (really)
The much-anticipated earnings report of chipmaker Nvidia, the posterchild of the AI revolution, failed to spark enthusiasm although it did suggest that the AI investment boom remains alive and well. For now, European stocks may be a good place for investors too with benchmark indices scaling fresh highs almost daily. Carsten Menke, Head of Next Generation, shares his insights on how a potential peace agreement in Ukraine could impact the construction and rebuilding industries. 00:00 Introduction by Helen Freer (Investment Writing) 00:31 Markets wrap-up by Roman Canziani (Head of Investment Writing) 05:37 Ukraine reconstruction by Carsten Menke (Head of Next Generation Research) 09:29 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.
Feb 26, 2025 · 16 min
Markets on edge ahead of Nvidia
US growth concerns and geopolitics keep investors busy ahead of Nvidia’s much-anticipated earnings report later today. Germany's incoming chancellor seeks to boost defence spending, while US yields decline amid uncertainty over Trump's policies and weaker-than-expected US consumer confidence data. Global markets react, with bonds rallying, the dollar down, and equities slipping, especially tech stocks. Dario Messi, Head of Fixed Income Research, explains why he expects European yields to continue to trend lower. And we have Mathieu Racheter, Head of Equity Strategy, on the show to share his expectations for Nvidia’s earnings report after today’s market close. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:34 Markets wrap-up by Jan Bopp (Investment Writing) 06:13 Bond market update: Dario Messi (Head of Fixed Income Research) 11:04 European equity markets: Mathieu Racheter (Head of Equity Strategy) 14:56 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.
Feb 25, 2025 · 12 min
US tech takes a hit as gold continues to shine
US stock markets lost steam yesterday with big tech leading losses and the 10-year US Treasury yield moving back towards the 4.40% level while European bourses put in a mixed performance as investors digested the results of German federal election. Meanwhile the gold price continues to gain ground trading just shy of the USD 3000 mark. On today’s podcast we are also joined by Manuel Villegas Next Generation Research with an update on drivers in the artificial intelligence space. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:24 Markets wrap-up by Jonti Warris (Investment Writing) 06:53 Artificial Intelligence update: Manuel Villegas (Next Generation Research) 11:41 Closing remarks by Bernadette Anderko (Investment Writing) Watch our upcoming Beyond Markets Webcast “Market update & artificial intelligence” live at 10:00 CET on 27.02.2025: https://ow.ly/Sf6e30sKaH6 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.
Feb 24, 2025 · 11 min
Markets react positively to German elections
The S&P 500 experienced a sharp decline on Friday, falling 1.7% in its worst session of 2025, after hitting record highs earlier in the week. Concerns about stagflation spooked investors. In Germany, the opposition conservative CDU/CSU won the election with 28.5% of the vote. In a first reaction, German equities and the EUR rose on Monday morning. Berkshire Hathaway reported strong earnings growth and over USD 300 billion in cash available for investment. This week in focus: Nvidia earnings on Wednesday, core PCE (US inflation) on Friday. Mensur Pocinci, Head of Technical Analysis, notes that the S&P 500 has to hold 5,900 in order to continue its upward trend after last week's drop. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:45 Markets wrap-up by Mike Rauber (Investment Writing) 07:27 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis) 10:28 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.
Feb 21, 2025 · 17 min
Chinese shares continue to rally
While the US labour market remains resilient despite a modest increase in initial jobless claims, concerns are growing about a potential stagflation scenario in the US. Meanwhile, in Europe, eurozone consumer sentiment improved slightly in February, albeit from a low base, and UK retail sales beat expectations. In Asia, markets digested news that Japan's inflation rate hit a two-year high of 4%, but Alibaba's robust quarterly earnings boosted Chinese stocks. Joining us today are Tim Gagie, Head of FX & PM Solutions in Geneva, with a deep dive on currencies and metals, and Cheng Hin Saw, Head of Equities Specialists Asia, with insights on China. 00:00 Introduction by Jan Bopp (Investment Writing) 00:41 Markets wrap-up by Lucija Caculovic (Investment Writing) 07:25 FX and metals: Tim Gagie (Head of FX & PM Solutions Geneva) 11:53 Update on China: Cheng Hin Saw (Head of Equities Specialists Asia) 16:41 Closing remarks by Jan Bopp (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.
Feb 20, 2025 · 10 min
The tariff noise continues
US President Trump's plan to impose 25% tariffs on European imports triggered a sell-off in European markets. The European Stoxx 600 had its worst day of the year, while US markets closed flat. Bonds and currencies also felt the impact of the tariff news, with gold hitting a new all-time high overnight. And we also have Nicolas Jordan from the CIO office on the show to discuss the reasons behind this year's impressive rally in European equities and why he believes the US market remains a structural overweight. 00:00 Introduction by Helen Freer (Investment Writing) 00:54 Markets wrap-up by Jan Bopp (Investment Writing) 06:21 Update from the CIO Office: Nicolas Jordan (CIO Strategy & Investment Analysis) 09:32 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.
Feb 19, 2025 · 17 min
‘Tariff Man’ strikes again – but stocks rally to new all-time highs
Hopes for an end to the conflict in Ukraine has provided a significant sentiment boost, driving European and US stocks to new heights. Despite ongoing discussions, announcements, and postponements of new tariffs, markets are increasingly looking beyond the short-term noise. For a deeper analysis of the latest developments, we turn to our experts. Dario Messi, Head of Fixed Income Research, offers his insights into the recent moves in bond yields, while Nenad Dinic, Equity Strategy Research, shares his views on the surge in emerging market stocks and identifies areas with further growth potential. 00:00 Introduction by Jonti Warris (Investment Writing) 00:31 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:23 Bond market update: Dario Messi (Head of Fixed Income Research) 10:36 Emerging market equities update: Nenad Dinic (Equity Strategy) 16:23 Closing remarks by Jonti Warris (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.
Feb 18, 2025 · 10 min
Ukraine peace talks boost Europe defence spending
European leaders yesterday called for increased spending to boost the continent's defence capabilities, amid hopes of a potential Ukraine/Russia peace deal. Meanwhile, Asian markets today are being led higher by a surge in Chinese technology stocks as investors express optimism about fresh potential support measures from the Chinese government. On today’s podcast, we are also joined by Manuel Villegas, Next Generation Research, for a weekly update on digital assets and a look at the drivers behind the recent softening in Bitcoin prices. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Jonti Warris (Investment Writing) 05:55 Digital assets update: Manuel Villegas (Next Generation Research) 09:28 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.
Feb 17, 2025 · 11 min
Markets pause for breath ahead of US/Russia talks
Friday was a mixed bag for Europe’s and America’s main indices, but they still saw gains on the week. The Munich Security Conference gained more attention than usual as the world awaits a solution for Ukraine. As of Friday it seemed that Ukraine and Europe would be left out of negotiations to end the war, but since then US Secretary of State Marco Rubio has said that both Ukraine and Europe will be part of any ‘real negotiations’. In Asia, Japan’s GDP has risen a surprising 2.8% year-on-year, well above expectations, and China’s President Xi Jinping has met with Chinese entrepreneurs at a symposium, signalling his support of the private sector. Mensur Pocinci, Head of Technical Analysis, provides his perspective on China’s tech rally as well as his assessment on the Swiss franc. 00:00 Introduction by Helen Freer (Investment Writing) 00:28 Markets wrap-up by Bernadette Anderko (Investment Writing) 07:33 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis) 10:17 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.
Feb 14, 2025 · 13 min
Europe shines amid US politics
Amid the noise surrounding Donald Trump’s policies and potential tariffs, European equities have been quietly shining, defying expectations with several robust trading sessions. Investors in Europe seem to be shrugging off trade tensions and there are even signs that the Russia-Ukraine conflict may be easing. Elsewhere, Indian Prime Minister Narendra Modi made headlines at a joint press conference with Donald Trump, outlining bold plans to significantly increase bilateral trade between India and the US. On the commodities front, oil looks set to snap a three-week losing streak, while gold is on track for its seventh consecutive weekly gain. In this episode, we’re joined by Tim Gagie, Head of FX Advisory & Execution Geneva, for a deep dive into currencies and metals. 00:00 Introduction by Helen Freer (Investment Writing) 00:28 Markets wrap-up by Lucija Caculovic (Investment Writing) 07:31 FX and metals: Tim Gagie (Head of FX & PM Solutions Geneva) 12:22 Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.
Feb 13, 2025 · 13 min
A Ukraine peace deal?
US inflation rose 0.5% in January, beating expectations. The market reacted with rising yields but unlike previous months, US equities held up and the USD failed to rally. In Europe, stocks rose slightly, helped by strong earnings from several large companies. European equities are pointing higher again today, with the focus now on the Ukraine peace talks. In Asia, stocks in Hong Kong and Japan gained ground on improved sentiment and lower oil prices, rounding out a significant 24 hours in global financial markets. Norbert Rücker, Head of Economics and Next Generation Research, gives a world tour of the energy markets and offers his initial thoughts on the Ukraine news, noting that it comes as no surprise. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:35 Markets wrap-up by Mike Rauber (Investment Writing) 07:18 What’s interesting in Energy markets: Norbert Rücker (Head of Economics & Next Generation Research) 12:39 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.
Feb 12, 2025 · 17 min
Tariff headline fatigue
Markets are already showing signs of tariff headline fatigue, with US stocks little changed after the latest US tariff announcements. Meanwhile, European equities continue to outperform. French, German, and Swiss markets are all hitting new all-time highs. Traders are now braced for the US inflation report later today. Dario Messi, Head of Fixed Income Research, explains why the Fed is in no hurry to make further interest rate cuts. And we have Mathieu Racheter, Head of Equity Strategy, on the show to give us an update on the ongoing earnings season, and to discuss opportunities in Europe and China. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:28 Markets wrap-up by Jan Bopp (Investment Writing) 05:30 Bond market update by Dario Messi (Head of Fixed Income Research) 11:27 Earnings Season latest by Mathieu Racheter (Head of Equity Strategy) 16:47 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.
Feb 11, 2025 · 12 min
Gold shines as Trump weighs in on Gaza and tariffs
US president Donald Trump has said he will call for an end to the Gaza ceasefire unless Hamas releases all Israeli hostages by Saturday. Meanwhile, the US president has signed executive orders to impose 25% tariffs on all steel and aluminium imports, boosting safe-haven demand and sending gold to its seventh record high this year alone. Also on today’s podcast, we are also joined by Manuel Villegas, Next Generation Research, who provides an update on artificial intelligence after the dust has settled from the DeepSeek shock. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:25 Markets wrap-up by Jonti Warris (Investment Writing) 06:57 Artificial Intelligence update: Manuel Villegas (Next Generation Research) 11:24 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.
Feb 10, 2025 · 8 min
Market movers: tariffs, inflation and earnings
US stock market futures are slightly up this morning despite President Trump announcing another set of tariffs, this time on all imports of steel and aluminum. The US dollar is slightly up on the news and gold is trading at all-time highs. This week, we will be watching US and global inflation figures, the Federal Reserve Chair's testimony, and a slew of big companies reporting earnings. Our special guest Markus Wachter, Technical Analysis, believes that stocks are bound to rally further. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:38 Markets wrap-up by Roman Canziani (Investment Writing) 05:34 Technical Analysis update by Markus Wachter (Technical Analysis) 07:30 Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.
Feb 7, 2025 · 11 min
Amazon outspends its rivals on AI
European equities surged to a new all-time high, driven by robust earnings reports and positive developments regarding a potential peace plan for Ukraine. US equities also gained ground, with the S&P 500 finishing just shy of 1% below its record high. However, Amazon's post-market earnings release tempered the positive mood, as strong results were offset by slower cloud growth and cautious first-quarter guidance. Notably, the company announced plans to invest USD 100 billion in AI infrastructure this year, outspending its rivals. Tim Gagie, Head of FX & PM Solutions in Geneva, joins the podcast to discuss the high volatility in currency markets, which has been exacerbated by increasing political uncertainty since Trump took office, and he also talks about opportunities in precious metals. 00:00 Introduction by Helen Freer (Investment Writing) 00:24 Markets wrap-up by Jan Bopp (Investment Writing) 06:14 FX and metals: Tim Gagie (Head of FX & PM Solutions Geneva) 10:40 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.