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

April 27 · 10 min
Risk back on? Earnings, central banks, and the next leg higher
Markets have kicked off the week on a strong note, with Asian - particularly tech - stocks rallying amid renewed diplomatic efforts to ease tensions in the Middle East and an exceptionally robust earnings season. The days ahead will be pivotal, with major central banks delivering key monetary policy decisions and several members of the “Magnificent 7” set to report earnings. In this episode, we’re joined by Markus Wachter from Technical Analysis, who shares why he believes both equity markets and gold still have room to run. (00:00) - Introduction: Jan Bopp, Product & Investment Content (00:38) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (06:49) - Technical Analysis update: Markus Wachter, Technical Analysis (09:35) - Closing remarks: Jan Bopp, 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.
April 25 · 32 min
The View Beyond: Private infrastructure - Resilience & growth amidst volatility
In an environment marked by higher inflation, geopolitical uncertainty and increased market volatility, private infrastructure is regaining focus as a resilient allocation. In this episode of Moving Markets: The View Beyond, William Fong, Head of Alternatives Specialists Asia & Middle East at Julius Baer, speaks with Daniel McCormack, Head of Research at Macquarie Asset Management's Client Solutions Group, about the shifting global macro landscape and how private infrastructure can play a vital dual role in portfolios - providing resilience through inflation linkage and essential services, while positioning investors for long‑term growth driven by digitalisation, AI‑led data demand, the energy transition and evolving supply chains. (00:00) - Introduction (01:16) - The shifting global macro landscape (03:37) - Why private infrastructure matters in an age of volatility (04:45) - Infrastructure sub-sectors that look promising (06:40) - Macquarie's infrastructure origins (09:21) - Opportunities in debt investment (11:05) - Inflation-hedging properties of infrastructure (13:15) - Private vs public infrastructure (14:59) - Opportunities in the transport sector (17:22) - The inflationary impact of shifting supply chain dynamics (18:48) - Digitalisation, AI and data (20:23) - Is AI in a bubble? (23:29) - The growing energy demand (26:04) - Rising power prices and inflation (27:43) - Is it too late to get into infrastructure? (31:38) - Closing
April 24 · 12 min
Diverging data and higher oil price keep markets cautious
Global markets sent mixed signals as US data pointed to surprising resilience, while the eurozone slipped back into contraction. Rising energy prices remain a key concern, driving inflation pressures and weighing on confidence. Equity markets reflected this caution yesterday, with US tech stocks pulling back as several software names underperformed after reporting earnings. Meanwhile, signs of Swiss National Bank FX intervention are emerging, while oil prices continue to climb and gold has moved lower. Asia‑Pacific markets were mostly weaker, with Japan the notable exception following firmer inflation data ahead of next week’s Bank of Japan meeting. Joining our show today is Tim Gagie, Head of FX Advisory in Geneva, with the latest insights on currencies and metals. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:28) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (07:18) - FX & metals update: Tim Gagie, Head of FX/PM PB Geneva (11:36) - 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.
April 23 · 10 min
Fragile ceasefire extension sees global rally peter out
New record highs were set in the US trading session on Wednesday as markets embraced the ceasefire extension and more strong Q1 earnings. But despite Asian markets rallying at the open, they failed to hold onto their gains as investors’ focus returned to the fact that the Strait of Hormuz effectively remains closed for business. As EU leaders meet to discuss how to address the energy price shock, Norbert Rücker, Head of Economics & Next Generation Research, explains why he believes that Europe’s energy resilience is overlooked – not only is the continent exiting the heating season but drivers are increasingly refuelling their cars with electricity rather than petrol. Tune in to find out more! (00:00) - Introduction: Helen Freer, Product & Investment Content (00:25) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (06:13) - Energy market update: Norbert Rücker, Head of Economics & Next Generation Research (09:32) - 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.
April 22 · 17 min
Trump extends ceasefire unilaterally
Geopolitical tensions and a late ceasefire extension kept markets on edge. Equities were lower in Tuesday’s trading session as stocks ended near session lows. Strong nominal US retail sales and upbeat earnings clashed with fading optimism. Afonso Borges, Fixed Income Strategist, shares his takeaways from Fed Chair-to-be Kevin Warsh’s Senate hearing and the implications for bond markets. Mathieu Racheter, Head of Equity Strategy Research, also joins the show to provide an update on the ongoing earnings season and outline what investors should be watching in the weeks ahead. (00:00) - Introduction: Roman Canziani, Head of Product & Investment Content (00:52) - Markets wrap-up: Jan Bopp, Product & Investment Content (06:38) - Fixed income strategy update: Afonso Borges, Fixed Income Research (12:38) - Reporting season update - bank earnings: Mathieu Racheter, Head of Equity Strategy Research (16:48) - 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.
April 21 · 11 min
Geopolitics weigh on markets as Middle East tensions rise again
After a brief bout of optimism on Friday, concerns over a potential escalation between the US and Iran swiftly re-emerged yesterday. Oil prices climbed by around 5%, while equity markets came under pressure. Europe’s broad indices fell by roughly 0.8%, and all major U.S. indices closed slightly lower, with the Nasdaq snapping a 14-session winning streak. In today’s episode, we are joined by Carsten Menke, Head of Next Generation Research, who shares his insights on silver. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (01:05) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (06:58) - What we learned from the World Silver Survey: Carsten Menke, Head of Next Generation 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.
April 18 · 9 min
The View Beyond: When earnings meet geopolitics
The first quarter of 2026 has presented investors with complex and worsening financial conditions, volatile oil prices, and heightened geopolitical tensions. Q1 earnings are already being reported, and so far, the indications have been promising. What are the expectations for the rest of the season? And what should investors be watching out for? In this episode of The View Beyond Podcast, Bernadette Anderko is joined by Mathieu Racheter, Head of Equity Strategy Research at Julius Baer, to preview the first-quarter earnings season and explore how markets are dealing with the ongoing uncertainty. They examine the resilience of equity markets, the concentration of earnings growth in big tech and commodity sectors, and the early signals from major banks. The conversation includes expectations for European markets, the critical importance of forward guidance this time around, and thoughts on how investors might navigate the current environment. (00:00) - Introduction (01:04) - Market backdrop ahead of Q1 earnings (02:00) - Consensus expectations for Q1 (02:59) - Early results and the performance of big banks (04:08) - European earnings outlook (05:08) - What investors should focus on now (05:59) - Assessing equity markets amid geopolitical uncertainty (07:20) - Investment views in the current environment (08:24) - Closing remarks and legal disclaimer 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.
April 17 · 10 min
Nasdaq on its best winning streak since 2009
Wall Street ended modestly higher yesterday, with the S&P 500 and Nasdaq closing at record highs following a twelfth consecutive advance. US markets reacted positively to the announcement of a 10‑day ceasefire between Lebanon and Israel. Earnings also provided support, led by banks and semiconductor companies, while luxury remained the weak spot this week. Notably, shares of Charles Schwab and Netflix both fell sharply yesterday after releasing their results. US economic data was mixed, with industrial production declining but survey indicators staying firm. In Europe, inflation surprised to the upside and Germany cut its growth forecast for the year. Thomas Caflisch, Head of FX Sales Switzerland, talks about why the US dollar may be trading lower despite unresolved tensions between the US and Iran. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:27) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:19) - FX & metals update: Thomas Caflisch, Head of FX/PM Solutions (09:31) - 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.
April 16 · 13 min
Bullish signs of a peace deal send stocks soaring
President Trump indicated that Tehran wants to make a deal yesterday and officials from Pakistan signalled that new talks are planned. Meanwhile, it seems as if Israel and Lebanon might also be poised to have ceasefire discussions. US and Asia stock markets have reacted very positively with several indices surging to new all-time highs. Norbert Rücker, Head of Economics and Next Generation Research, joins the podcast to unravel the complicated nuances of different fuel prices and explain why he believes that oil prices might now be past their peak. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:28) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (06:18) - Energy market update: Norbert Rücker, Head of Economics & Next Generation Research (12:45) - 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.
April 15 · 10 min
Stocks closing in on record highs
Investors grapple with rising stagflation fears amid slowing growth and persistent inflation, yet optimism over renewed US-Iran peace talks has fuelled a broad equity rally, pushing major markets close to record highs. Banks are reporting booming trading revenues even as they sounded a note of caution about the ripple effect of higher oil prices. Dario Messi, Head of Fixed Income Research, discusses how major central banks may respond to the repercussions of the war and whether credit markets can benefit from the equity rebound. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:28) - Markets wrap-up: Jan Bopp, Product & Investment Content (06:08) - Bond market update: Dario Messi, Head of Fixed Income Research (09:27) - 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.
April 14 · 11 min
Markets bounce back as deal hopes resurface
After an early sell-off, equities rebounded during the trading session following President Trump’s comments that further negotiations with Iran - and a potential deal - remain within reach in the coming days. Both the Dow Jones Industrial Average and the S&P 500 moved back into positive territory for the year, while oil prices slipped below USD 100 per barrel once again. In today’s episode, we are joined by Carsten Menke, Head of Next Generation Research, who shares his outlook on cybersecurity and explains why we remain constructive on the theme going forward. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:35) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (07:08) - Cybersecurity in focus: Carsten Menke, Head of Next Generation Research (10:41) - 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.
April 13 · 9 min
From ceasefire relief to risk‑off reality
Last week’s market rally was driven by ceasefire optimism and a sharp drop in oil prices, lifting equities despite growing signs of economic strain and energy‑led inflation pressures, although US core inflation in March (excluding energy) remained contained. Over the weekend, geopolitical risks moved back to centre stage as failed US–Iran talks and an effective embargo on Iranian oil pushed energy prices higher, shifting markets into a cautious risk‑off stance. The earnings season begins in earnest today, with results set to test whether corporate profits can withstand rising costs and heightened uncertainty. Notable companies reporting today include LVMH and Goldman Sachs. Mensur Pocinci, Head of Technical Analysis, highlights an improvement in market breadth in US equities, and explains why semiconductor stocks are in favour. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:41) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:39) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (08:52) - 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.
April 10 · 28 min
The View Beyond: What the fragile Middle East truce means for China
The US and Iran have agreed to a two‑week ceasefire in the Middle East conflict, but the deal continues to look fragile. Markets have reacted swiftly, with crude oil prices falling sharply while gold and equity markets rebounded. However, the Strait of Hormuz remains largely closed, keeping energy supply risks firmly in focus. In this complex backdrop, how attractive is the current market risk‑reward, and how might the geopolitical landscape evolve from here? Richard Tang, China Strategist and Head of Research Hong Kong at Julius Baer, speaks with Hong Hao, Managing Partner and CIO of Lotus Asset Management, to assess the implications for global markets and China. They discuss whether investors should chase the recent rebound or stay defensive, the outlook for oil, gold, and the US dollar, and why China’s equity market has shown relative resilience. The conversation also covers China’s economic momentum, sector preferences, and the role of defensive, value, and high‑dividend stocks -- particularly Chinese banks -- in navigating ongoing geopolitical and macro uncertainty. This episode was recorded on 9 April, 2026. (00:00) - A fragile ceasefire and the market rebound (02:00) - Assessing the market risk-reward, geopolitical landscape (04:44) - Has the USD/gold long-term trend changed? (09:22) - How vulnerable is China to high oil prices? (14:58) - Green shoots in China’s economy – signal or seasonal? (19:05) - China’s consumption sector – staples vs discretionary (24:02) - Views on Chinese banks
April 10 · 10 min
Ceasefire hopes lift markets as eyes turn to US inflation
Equity markets are trading higher amid renewed optimism that the ceasefire will hold, reinforced by Israel’s signal that it is ready to enter direct negotiations with Lebanon. Meanwhile, oil prices continue to rebound following Wednesday’s sharp losses. Investors’ focus now turns to today’s US CPI data for March. In this episode, we are joined by Thomas Caflisch, Head of FX Sales Switzerland, who shares his perspective on what lies ahead for the US dollar. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:31) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (06:45) - FX & metals update: Thomas Caflisch, Head of FX/PM Solutions (10:00) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.
April 9 · 10 min
Global equity rally falters after disagreements on ceasefire terms
The last 24 hours were a game of two halves for equity markets – Europe and the US rallied as they celebrated the Middle East ceasefire and crude oil ended Wednesday 16% lower. But then the cracks in the terms of the ceasefire appeared – Israel attacked Lebanon, which Iran said breached the agreement, and Iran claimed that it has the right to enrich uranium, which the US says it does not. And so, oil rose again and Asian equity markets fell. Our Head of Next Generation Research, Carsten Menke, joins the podcast today to unravel the reaction of commodity markets to the ongoing situation. He explains how the ceasefire fits into a pattern in which extreme price spikes trigger both behavioural and political responses, and that markets respond in a monochrome fashion. Tune in to find out more about the possible shades of grey that need consideration. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:31) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (05:38) - Reaction of commodities to ceasefire: Carsten Menke, Head of Next Generation Research (10:08) - 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.
April 8 · 14 min
US and Iran agree 2-week ceasefire that will open Strait of Hormuz
Oil fell the most in nearly six years, while stocks surged after the US and Iran agreed to a two-week ceasefire just hours before a Trump-imposed deadline, giving markets a brief respite from Middle East–driven turbulence. Asian equity markets jumped, Treasuries rallied, the US dollar weakened, and precious metals advanced. Afonso Borges, Fixed Income Strategist, discusses the implications for bond markets, while Mathieu Racheter, Head of Equity Strategy Research, joins the show to outline what to expect from the upcoming earnings season. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:31) - Markets wrap-up: Jan Bopp, Product & Investment Content (06:02) - Bond market update: Afonso Borges, Fixed Income Research (09:55) - Earnings season preview: Mathieu Racheter, Head of Equity Strategy Research (13:24) - 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.
April 7 · 10 min
Markets on edge as oil, inflation, and AI drive a fragile mood
Equity gains on Monday were modest and fragile. Risk appetite is fading as investors focus on President Trump’s deadline, rising oil prices, and Middle East tensions. Strong US payrolls on Friday contrast with weaker services employment and rising input costs on Monday, leaving uncertainty over whether inflation pressures will persist. Technology remains a key theme: strong AI demand supported Samsung and Broadcom, while potential IPOs from SpaceX, Anthropic, and OpenAI point to rising competition for a limited pool of capital. Norbert Rücker, Head of Economics and Next Generation Research, comments on developments in energy markets ahead of President Trump’s deadline. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:55) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:29) - Energy: Norbert Rücker, Head of Economics & Next Generation Research (10:01) - 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.
April 4 · 10 min
The View Beyond: The continued resilience of emerging market equities
Despite a significant selloff following the outbreak of conflict in the Middle East, global emerging market equities have demonstrated a surprising degree of resilience. What explains this contained drawdown, and how should investors differentiate across regions even as volatility persists? (00:00) - Introduction (01:11) - Current resilience of emerging markets (01:59) - Earnings revisions and relative performance (03:18) - Market sensitivity and the nature of the drawdown (04:23) - Energy costs and financial conditions (06:16) - Monetary policy impact and US dollar outlook (07:00) - AI as a growth driver in emerging markets (07:30) - Outlook for EM equities (09:14) - Closing remarks and legal information In this episode of Julius Baer’s Moving Markets: The View Beyond, Ayako Lehmann is joined by Nenad Dinic, Emerging Market Strategist at Julius Baer, to examine the recent performance of emerging market equities in the wake of geopolitical shocks. They discuss why the fundamental story for the asset class remains robust, the importance of distinguishing between net energy importers and exporters, and how factors such as a weakening US dollar and the AI-driven CapEx cycle are shaping the outlook. The conversation also addresses the implications of regional dispersion, the role of earnings revisions, and why patient investors may find compelling opportunities amid ongoing uncertainty.
April 2 · 10 min
Tensions rise, markets shift after Trump dashes hopes of a quick resolution
In his highly anticipated address to the nation, President Trump dashed hopes of a swift resolution to the conflict with Iran, announcing that the US would ‘hit Iran very hard’ in the coming weeks. Markets reacted immediately: stocks reversed earlier gains, government bond yields rose, and oil prices and the US dollar moved sharply higher on the news. In this episode, we are joined by Carsten Menke, Head of Next Generation Research, who shares his insights on the increasingly concerning developments in the aluminium market - and what these dynamics could mean for the market in the weeks ahead. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:24) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (06:29) - Aluminium: Carsten Menke, Head of Next Generation Research (09:46) - 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.
April 1 · 17 min
Equity markets finish a turbulent March with a solid rebound
Global markets showed signs of recovery yesterday after a highly volatile March, with European equities stabilising and US indices staging an impressive rally. However, persistent geopolitical tensions in the Middle East continue to weigh on sentiment, fuelling higher energy prices and pushing Eurozone inflation above the ECB’s target. Asian markets opened April on a strong footing, led by a sharp surge in Japanese and South Korean equities. Today we’re joined by Dario Messi, Head of Fixed Income Research, to explore the latest developments in corporate credit markets and explain the headlines in private credit. We also welcome Mathieu Racheter, Head of Equity Strategy, who discusses how equity markets are reacting to the ongoing geopolitical situation and offers a deep dive into emerging market equities. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:31) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (07:13) - Bond market update: Dario Messi, Head of Fixed Income Research (11:26) - Equity market update: Mathieu Racheter, Head of Equity Strategy Research (16:24) - 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.