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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Feb 21, 2024 · 15 min
Tech headaches weigh on broader market
Concerns that Nvidia may miss high expectations for its quarterly results and that the technology sector is overvalued have weighed on the broader US equity market. Later today, investors will look to the January FOMC meeting minutes for fresh clues on the Federal Reserve’s outlook. In Asia, China’s stimulus measures appear to have been successful, with stock indices rising. In today’s episode, Dario Messi from Fixed Income Research provides an update on our fixed income strategy and Mathieu Racheter, Head of Equity Strategy, discusses cyclicals versus defensive. 00:00 Introduction by Roman Canziani (Head of Investment Writing) 00:33 Markets wrap-up by Lucija Caculovic (Investment Writing) 06:34 Fixed Income update by Dario Messi (Fixed Income Research) 11:38 Cyclicals vs. defensives by Mathieu Racheter (Head Equity Strategy) 14:14 Closing remarks by 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.
Feb 20, 2024 · 10 min
European stocks close in on record highs
Global markets have been subdued over the last 24 hours given the US holiday. In very quiet markets, the STOXX 600 built on its run of four consecutive weekly gains to close within touching distance of its record high. Overnight attention was focused on China, where stocks fluctuated after domestic banks cut a key mortgage reference rate by a record amount. Manuel Villegas from the Next Generation Research team provides the latest news on digital assets. 00:00 Introduction by Helen Freer (Investment Writing) 00:28 Markets wrap-up by Jan Bopp (Investment Writing) 06:20 Digital assets update by Manuel Villegas (Next Generation Research) 09:06 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 19, 2024 · 11 min
Sentiment remains positive for equities despite sticky inflation
While US bond markets continued to sell off last week on higher-than-expected inflation data, equities were less impressed. However, European equities managed to eke out a gain over the week for the fourth time in as many weeks. Meanwhile, Mensur Pocinci, our Head of Technical Analysis, remains bullish on US equities and shares his views on whether he thinks Japanese equities can go even higher. 00:00 Introduction by Helen Freer (Investment Writing) 00:27 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:59 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research) 10:13 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 16, 2024 · 13 min
Many (near) highs in the stock market
European equities are close to their 2022 highs, Japanese equities are just below their 1989 highs, and US equities closed at an all-time high with the rally broadening beyond the Magnificent 7. The European bond market saw the largest corporate bond offering in more than a year from Siemens, which was more than three times oversubscribed. Shares in Hong Kong are showing signs of life, up for a third day in a row, as consumer spending in China is picking up with a surge in travel during the first six days of the holiday. Tim Gagie, Head of FX & PM Solutions Geneva, says that markets got to excited about rate cuts, and discusses the implications for currency markets. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:28 Markets wrap-up by Mike Rauber (Investment Writing) 07:32 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva) 12:49 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 15, 2024 · 11 min
Markets shrug off US inflation data but recession rears its ugly head
Equity markets rallied yesterday, shrugging off Tuesday’s US inflation data whilst embracing earnings announcements. Slightly tarnishing the mood came the news this morning that the economies in both Japan and the UK have contracted for two consecutive quarters, which means that they are technically in a recession. Despite this, the Nikkei 225 closed above 38,000 today for the first time since 1990. Carsten Menke, Head of Next Generation Research, talks us through the outlook for gold and silver. 00:00 Introduction by Helen Freer (Investment Writing) 00:23 Markets wrap-up by Bernadette Anderko (Investment Writing) 05:58 Gold update by Carsten Menke (Head of Next Generation Research) 09:50 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, 2024 · 18 min
Financial markets caught off guard by sticky US CPI
Equity and bond markets sold off after US CPI data topped estimates. The tech heavy Nasdaq was hit the hardest while the broader S&P 500 fell back below the 5,000 mark. Yields increased strongly. Dario Messi, Fixed Income Strategist, talks about how to position in such a market. And Mathieu Racheter, Head of Equity Strategy, gives an update on the earnings season. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:24 Markets wrap-up by Jan Bopp (Investment Writing) 07:18 Bond Market update by Dario Messi (Fixed Income Strategy) 12:02 Earnings Season update by Mathieu Racheter (Head of Equity Strategy) 17:01 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 13, 2024 · 12 min
Consumer sentiment buoyant ahead of US CPI
US consumer expectations for inflation over the medium term have dropped to the lowest level since 2013 ahead of today’s key US CPI inflation print. Hotter-than-expected UK unemployment data is encouraging news for the labour market in the UK, where the Bank of England remains cautious about cutting interest rates prematurely. And Manuel Villegas, Next Generation Research, joins us to share his insights into crypto assets and the drivers behind the recent rally in Bitcoin. 00:00 Introduction by Helen Freer (Investment Writing) 00:31 Markets wrap-up by Jonti Warris (Investment Writing) 07:04 Digital assets update by Manuel Villegas (Next Generation Research) 11:25 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.
Feb 12, 2024 · 11 min
Equity markets rally to new highs – but investors are not euphoric
US equity markets are greeting this week at lofty levels, having been driven higher and higher by the tech mega-caps, despite the recent rise in yields. Even European markets managed to close last week higher for the third time in a row. Are investors too euphoric? Mensur Pocinci, our Head of Technical Analysis, does not think so. Rather, he says, they were too pessimistic going into 2024. 00:00 Introduction by Helen Freer (Investment Writing) 00:27 Markets wrap-up by Roman Canziani (Head of Investment Writing) 06:26 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research) 10:01 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 9, 2024 · 10 min
Strong price reactions to earnings releases
The major US and European stock indices only moved slightly, but the reaction to earnings surprises was very strong, including that of stocks such as ARM, SoftBank, Disney and L'Oreal, to name but a few. US Treasury Secretary Janet Yellen addressed concerns about the US commercial real estate market and focused on non-bank mortgage lenders. Bitcoin is showing strong gains as the new ETFs in the US are seeing steady inflows. Thomas Caflisch, Head of FX & PM Solutions, talks about how to invest in currencies when FX markets are calm. 00:00 Introduction by Helen Freer (Investment Writing) 00:21 Markets wrap-up by Mike Rauber (Investment Writing) 06:52 Currencies and metals by Thomas Caflisch (Head of FX & PM Solutions) 08:55 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 your favourite podcast player.
Feb 8, 2024 · 15 min
Tech stocks power US equity market rally
US stocks extended their rally yesterday on prospects that a solid global economy will continue to fuel corporate earnings. The S&P 500 climbed to a new high just shy of the milestone 5,000 mark, as the rally led by technology stocks powered ahead. We speak to our Head of Economics & Next Generation Research, Norbert Rücker, who gives an update on the natural gas market. And Nicolas Jordan, CIO Strategy & Investment Analysis, joins us to share the latest views from the CIO Office. 00:00 Introduction by Helen Freer (Investment Writing) 00:34 Markets wrap-up by Jonti Warris (Investment Writing) 07:25 Natural gas update by Norbert Rücker (Head of Economics & Next Generation Research) 11:25 Latest news from the CIO Office by Nicolas Jordan (CIO Strategy & Investment Analysis) 14:22 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 your favourite podcast player.
Feb 7, 2024 · 16 min
Some calm returns to markets after bond rout, China in the spotlight
In the absence of any significant economic data releases, equity markets take a breather and US Treasury yields slightly retreat after a period of volatility following strong US labour market data and Jerome Powell’s comments on Sunday. Richard Tang, Head of Research Hong Kong, shares his thoughts on the latest policy actions in China and Mathieu Racheter, Head of Equity Strategy, provides an update on the US earnings season. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:25 Markets wrap-up by Roman Canziani (Head of Investment Writing) 07:07 Chinese equities by Richard Tang (Head of Research, Hong Kong) 12:23 Earnings Season update by Mathieu Racheter (Head of Equity Strategy) 15:52 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 6, 2024 · 10 min
Chinese stocks rally on fresh stimulus
Yesterday's strong economic data from the US prompted traders to scale back their expectations regarding interest rate cuts, sending Treasury yields higher along with the US dollar. Equity markets suffered across the board, but overnight news of new Chinese stimulus measures improved market sentiment. We are about halfway through the earnings season and it is still making plenty of headlines. Dario Messi, from Fixed Income Research, also shares an update on bond markets in today’s show. 00:00 Introduction by Helen Freer (Investment Writing) 00:30 Markets wrap-up by Lucija Caculovic (Investment Writing) 05:33 Fixed income market update by Dario Messi (Fixed Income Strategist) 09:00 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 5, 2024 · 11 min
A red-hot US employment report
On Friday US bond yields soared, the USD strengthened and expectations for the size of the 2024 rate cuts were scaled back. Equities didn’t mind, with the US indices reaching new all-time highs. All of this was driven by a red-hot US January jobs report last Friday, following an already eventful week for financial markets on the back of some exciting earnings reports. Mensur Pocinci, Head of Technical Analysis, joins the show today to discuss the technical setup of the market and why equity markets continue to have all the characteristics of a bull market. 00:00 Introduction by Helen Freer (Investment Writing) 00:26 Markets wrap-up by Jan Bopp (Investment Writing) 07:13 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research) 10:20 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 2, 2024 · 12 min
Big tech continues to dominate - earnings reports fuel rally
After falling on Wednesday on renewed concerns about the path of US interest rate cuts and the state of commercial property valuations, equities bounced back yesterday - Meta, Amazon and Apple all delivered solid earnings reports after the close of trading, sending equity market futures higher. Tim Gagie, Head of FX and PM Solutions in Geneva, shares his views on how investors can make the most of the current environment in the FX markets. 00:00 Introduction by Helen Freer (Investment Writing) 00:21 Markets wrap-up by Roman Canziani (Head of Investment Writing) 07:02 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva) 11:04 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 your favourite podcast player.
Feb 1, 2024 · 15 min
Powell closes the door for a March rate cut
The Fed held interest rates steady yesterday but pushed back on the prospect of rate cuts in March. US equities took a hit on Wednesday after some of the biggest names failed to live up to high expectations, dragging European markets lower in the afternoon session. Softer price data out of Europe and concerns over a regional US bank led to a rally in bonds. Norbert Ruecker, Head of Macro & Next Generation Research, shares his latest insights on the oil market, and Ronny Kaufmann from our CIO Office talks about the ongoing earnings season. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:30 Markets wrap-up by Jan Bopp (Investment Writing) 06:11 Commodity update by Norbert Rücker (Head of Economics and Next Generation Research) 09:17 Latest from the Investment Committee by Ronny Kaufmann (CIO Strategy & Investment Analysis) 14:30 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.
Jan 31, 2024 · 16 min
Data, earnings and rate decisions keep investors on their toes
The latest GDP figures from the eurozone boosted equities in the region yesterday. Meanwhile, the US reported a robust labour market and strong consumer confidence ahead of today’s interest rate decision, both of which suggest that the US economy remains in good health. In China, manufacturing activity remained in contraction mode while services activity continued to expand. China is also reportedly planning to merge hundreds of rural banks into regional giants. Dario Messi, from Fixed Income Research, joins today’s show to outline our view on TIPS and Mathieu Racheter, Head of Equity Strategy, updates us on the Q4 earnings season. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:37 Markets wrap-up by Lucija Caculovic (Investment Writing) 06:49 Now is not the time for TIPS by Dario Messi (Fixed Income Strategy) 12:05 Earnings Season update by Mathieu Racheter (Head of Equity Strategy) 15:41 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.
Jan 30, 2024 · 17 min
Investor sentiment jumpy ahead of this week’s Fed’s meeting
The S&P 500 recorded a fresh record high yesterday ahead of key economic reports and central bank action this week, which could prove pivotal for markets in 2024. We speak to our Head of Research in Hong Kong, Richard Tang, who shares his views on the health of China’s real estate sector and the impact for the broader Chinese and Hong Kong markets. Manuel Villegas, Next Generation Research, joins us to discuss the key drivers behind the selloff in Bitcoin in recent weeks. 00:00 Introduction by Bernadette Anderko (Investment Writing) 00:24 Markets wrap-up by Jonti Warris (Investment Writing) 07:44 Evergrande liquidation impact by Richard Tang (Head of Research, Hong Kong) 12:17 Digital assets update by Manuel Villegas (Next Generation Research) 16:05 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.
Jan 29, 2024 · 10 min
It’s Fed week
LVMH and Richemont earnings reports drove luxury stocks higher last week, with Eurozone equities outperforming. US equities underperformed, but still reached an all-time high. This week will be all about the Fed, but also the Bank of England’s interest rate decision. Alphabet, Apple, Amazon, Microsoft and Meta (five of the Magnificent 7) will also likely drive markets as they report earnings. Geopolitical tensions will be in focus after the first US troops were killed in the Middle East since hostilities between Israel and Hamas began. Mensur Pocinci, Head of Technical Analysis, notes that the path of least resistance in the markets is for bond yields to fall and (US growth) equities to rise. 00:00 Introduction by Lucija Caculovic (Investment Writing) 00:27 Markets wrap-up by Mike Rauber (Investment Writing) 06:18 Technical analysis update by Mensur Pocinci (Head of Technical Analysis) 09:19 Closing remarks by Lucija Caculovic (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.
Jan 26, 2024 · 16 min
US growth continues to surprise on the upside
Equities kept their positive momentum yesterday, with the S&P 500 closing at another record high and yields falling across the entire yield curve amid softer US price data and a more dovish than expected ECB. Tim Gagie, Head of FX & PM Solutions Geneva, shares his thoughts on what this means for FX markets and suggests taking advantage of increased volatility, while Nenad Dinic from our Equity Strategists team gives us an update on the Q4 earnings season and why he still prefers US over European equities. 00:00 Introduction by Lucija Caculovic (Investment Writing) 00:42 Markets wrap-up by Jan Bopp (Investment Writing) 06:46 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva) 11:38 Earnings season update by Nenad Dinic (Equity Strategy) 15:19 Closing remarks by Lucija Caculovic (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.
Jan 25, 2024 · 13 min
Microsoft just shy of USD 3 trillion market capitalisation
Large-cap US tech stocks rallied yesterday, with Microsoft closing just shy of a USD 3 trillion market cap, while most other sectors were lower as yields on 30-year US Treasuries rose to their highest this year. Germany's DAX index closed at an all-time high following strong gains in SAP and some better-than-expected German manufacturing data. The rally in Chinese equities continued for a second day. Today's focus will be on central banks, including the ECB, and earnings from heavyweights such as LVMH. Carsten Menke, Head of Next Generation Research, discusses the outlook for the Future Mobility and Circular Economy investment themes. 00:00 Introduction by Helen Freer (Investment Writing) 00:30 Markets wrap-up by Mike Rauber (Investment Writing) 06:31 Future Mobility and Circular Economy by Carsten Menke (Head of Next Generation Research) 11:42 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.