Moving Markets

Julius Baer

Moving Markets is the home of podcasts at Julius Baer. Here, our expert teams share concise daily market updates in ‘Moving Markets Daily’ which is complemented by ‘Moving Markets: The View Beyond’, a weekly show dedicated to discussing the context, thematic angles, and investment implications behind key topics shaping the news cycle and conversations among our relationship managers and clients.

The information contained in this podcast is marketing material. Opinions expressed do not constitute independent financial/investment research, investment advice, or an offer to buy or sell securities by Julius Baer. Please refer to www.juliusbaer.com/legal/podcasts for important legal information prior to listening to this podcast.

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1,058 episodes
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Episodes1058

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January 21 · 12 min
Markets hold their breath as Trump takes the stage in Davos
Markets continue to de-risk and the “Sell America” narrative gains traction as geopolitical tensions over Greenland spook investors, triggering an equity sell-off, a weaker dollar, and soaring precious metals. With scant data ahead, all eyes are now on President Trump’s keynote speech at the World Economic Forum in Davos later today for clues on policy direction and de-escalation potential. We’re joined by Dario Messi, Head of Fixed Income Research, for an update on Japanese bond markets, and Mathieu Racheter, Head of Equity Strategy Research, who shares his view on how recent geopolitical risks might impact global equity markets. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:25) - Markets wrap-up: Jan Bopp, Product & Investment Content (05:22) - Japanese government bond yields: Dario Messi, Head of Fixed Income Research (08:05) - Geopolitics disrupting equity markets: Mathieu Racheter, Head of Equity Strategy Research (11:38) - 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.
January 20 · 12 min
Tariff threats rattle European stocks as bonds sell off globally
European equities pulled back sharply yesterday after President Trump threatened tariffs on European goods, sending trade-sensitive sectors like autos and luxury sharply lower while defence stocks bucked the trend. Bond markets also came under pressure, with global yields rising and Japan’s 40-year government bond yield hitting a record high amid fiscal concerns and election uncertainty. In Asia, equity markets were mostly weaker despite fresh record highs in South Korea, while Chinese regulators moved to cool an overheating rally. Gold and silver jumped on safe-haven demand, oil edged higher, and diplomatic tensions flared further over Trump’s proposed ‘Board of Peace’. We’re joined by Carsten Menke, Head of Next Generation Research, for a timely update on critical minerals, with a focus on Greenland. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:34) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (07:18) - Critical minerals and the Greenland connection: Carsten Menke, Head of Next Generation Research (11:39) - 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.
January 19 · 10 min
Gold soars and the US dollar dips on new US tariffs announcement
President Trump’s weekend announcement of new tariffs on eight European allies - linked to the US push to acquire Greenland - is set to ripple through global financial markets this week. Gold and silver have surged to fresh record highs on the news, while the US dollar has weakened. Today, we’re joined by Mensur Pocinci, our Head of Technical Analysis, who continues to see significant upside potential in select US equity sectors. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:28) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (06:42) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (09:13) - 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.
January 17 · 20 min
The View Beyond: What Iran and Venezuela mean for oil
Geopolitics is once again in the spotlight. With protests intensifying in Iran and the recent US intervention in Venezuela, many investors are questioning whether these developments will meaningfully move oil prices — or whether an already oversupplied market will simply absorb the shocks. In this episode of Moving Markets – The View Beyond, Norbert Ruecker, Head of Economics and Next Generation Research at Julius Baer, joins Ayako Lehmann to explore how these events fit into the broader global energy landscape. They also discuss the longer‑term outlook for US shale, the ongoing erosion of oil demand in advanced economies, and what all of this could mean for the crude oil market in 2026. (00:00) - Introduction and framing the geopolitical context (01:00) - Why Venezuela’s regime change did not move oil markets (02:35) - The role of heavy oil from Venezuela, Canada, and Mexico (04:16) - Assessing the situation in Iran and its impact on oil supply (06:22) - Contrasting risks: supply disruption in Iran vs. long-term supply potential in Venezuela (07:44) - Other geopolitical hotspots: Ukraine, Taiwan, and global supply chains (09:49) - Can geopolitical risks meaningfully drive oil prices higher? (12:00) - The state of the U.S. shale business and its sensitivity to price (13:55) - Implications for U.S. inflation and Federal Reserve policy (15:35) - The impact of lower oil prices on Russia and the Ukraine conflict (17:23) - Lessons from previous geopolitical tensions and structural shifts in oil markets (20:01) - Closing remarks and key takeaways 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.
January 16 · 11 min
AI chip stocks power global rally as oil prices plunge
Semiconductor stocks stole the spotlight yesterday as record results from Taiwan Semiconductor Manufacturing Company reignited the AI trade across Europe, Wall Street, and Asia. Meanwhile, Germany recorded the first year of annual economic growth since 2022, while strong US data shifted expectations for Federal Reserve policy. Oil prices tumbled after President Trump signalled a pause in threats of military action against Iran, and gold extended losses as geopolitical tensions eased. Currency markets saw the yen strengthen on hints of possible intervention and speculation about an earlier Bank of Japan rate hike. Today’s episode features Tim Gagie, Head of FX Advisory in Geneva, who shares his insights on silver, the yen, and the US dollar. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:24) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (06:34) - FX & metals update: Tim Gagie, Head of FX/PM PB Geneva (10:43) - 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.
January 15 · 15 min
US equity market rotation gaining steam
The average stock in the US rose yesterday, but investors shifted away from technology and bank stocks. European equities reached a new all-time high, though German stocks experienced their first decline in eleven days. Geopolitical tensions and announcements from the Trump administration led to demand for US Treasuries driving yields lower and also caused volatility in precious metals and oil, which rose initially but then declined. Weakness in US technology is affecting Asia, however, the main equity indices there remain stable. Carsten Menke, Head of Next Generation Research, discusses the factors behind silver’s incredible rally, and Mathieu Racheter, Head of Equity Strategy Research, talks about why he anticipates a positive earnings season overall. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:34) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:51) - Silver: Carsten Menke, Head of Next Generation Research (11:04) - Earnings season preview: Mathieu Racheter, Head of Equity Strategy Research (14:47) - 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.
January 14 · 10 min
Silver and gold rally powers on
Equity markets struggled despite cooler-than-expected US inflation data, as mixed bank earnings, Fed independence concerns, and Iran tensions weighed on sentiment. The latter two factors boosted gold and silver to new record highs. Attention turns to the US and the prospect of possibly hearing about the Supreme Court’s decision on IEEPA tariffs later today. Dario Messi, Head of Fixed Income Research, discusses the potential impact on the bond market and what it means for investors. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:28) - Markets wrap-up: Jan Bopp, Product & Investment Content (06:34) - Bond market update: Dario Messi, Head of Fixed Income Research (09:50) - 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.
January 13 · 10 min
Global markets on edge: gains amid political uncertainty and change
Equity markets pushed higher despite mounting geopolitical tensions, US political uncertainty, and sharp declines in some bank stocks following President Trump’s proposal to cap credit card interest rates. Japanese shares surged on speculation of imminent snap elections, adding another twist to global market dynamics. And today, Manuel Villegas from Next Generation Research joins us to explore how emerging retail trading platforms are reshaping market structures and investor behaviour. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:42) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (05:41) - The Future of Finance: Manuel Villegas, Next Generation Research (10:14) - 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.
January 12 · 10 min
US Fed Chair responds to DoJ’s threat of criminal investigation
Jerome Powell has responded to the threat of criminal charges against him relating to the renovation of historic Fed buildings, stating that they are nothing to do with this and rather reflect the fact that he will not bow to political interference when it comes to matters of monetary policy. US futures and the dollar have fallen since he spoke yesterday. This comes after record closes for the Dow Jones and S&P 500 on Friday. Mensur Pocinci, Head of Technical Analysis, joins today’s podcast to discuss the technical take on US equity performance as well as the continued rise of precious metals. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:31) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (06:36) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (09:18) - 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.
January 9 · 13 min
Defence stocks surge as markets await key US jobs data
Defence stocks soared across the globe yesterday after US President Trump called for a bigger military budget. Meanwhile, technology shares stumbled, oil rebounded sharply, and precious metals gained ground. In Asian trading, Fast Retailing impressed with strong earnings, while Rio Tinto slipped on merger talks with Glencore. We also discuss the narrowing US trade deficit, the Fed’s dovish signals, and Switzerland’s muted inflation backdrop. Joining our show today is Tim Gagie, Head of FX/PM PB Geneva, with an update on metals and currencies. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:45) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (08:40) - FX & metals update: Tim Gagie, Head of FX/PM PB Geneva (12:54) - 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.
January 9 · 17 min
The View Beyond: Market Outlook 2026 – Reset, Rebalance, Go Global
Investors should prepare themselves for 2026 to be a year that rewards those who adapt early to the resets and rebalancing which are shaping the new investment landscape. So, what are the key themes? In this edition of Moving Markets - The View Beyond, Bernadette Anderko sits down with Christian Gattiker, Head of Research, and Mark Matthews, Head of Research Asia, to discuss Julius Baer's Market Outlook 2026 and why it’s important not to let a single country or theme dominate portfolios. Asian equities, artificial intelligence, defensives, and European cyclical stocks all have a role to play. The conversation also covers fixed income positioning, the appeal of Australian dollar bonds, prospects for further US dollar weakness, and whether gold's remarkable run can continue. (00:00) - Introduction to speakers and topic (00:52) - Defining resetting and rebalancing (01:53) - Economic expectations for 2026 (02:46) - The opportunity set is going global (05:51) - Asian AI and tech have room to run (08:03) - Careful portfolio construction required for AI (09:07) - A balanced equity allocation advised for 2026 (09:54) - Fixed income: balancing credit exposure and duration (10:41) - Time to consider Australian dollar bonds (11:52) - Expectations for the US dollar and its alternatives (13:58) - Can the precious metals rally continue? (15:34) - Key messages to take away (16:30) - Closing remarks 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.
January 8 · 12 min
Equity markets pause for breath as they digest geopolitics
Global equity markets closed marginally lower yesterday as they weighed the US administration’s moves on Venezuela and the potential for escalation regarding Greenland. Nevertheless, there were some bright spots: the Nasdaq was boosted by Alphabet, and the Kospi saw gains this morning as Samsung announced impressive Q4 earnings guidance. Defence stocks rose in Europe, but fell in the US, for different reasons. Amidst the surge in precious metals prices, Carsten Menke, Head of Next Generation Research, explains why he believes that silver prices have moved too far, too fast of late, and why investors need to distinguish between flow-driven and fundamentals-driven price moves. Tune in to find out where he sees prices going from here. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:24) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (06:22) - Precious metals update: Carsten Menke, Head of Next Generation Research (11:30) - 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.
January 7 · 13 min
The equity rally continues
Global equities surged with US, European, and Asian markets reaching new highs, brushing aside geopolitical concerns. Copper and precious metals spiked on supply concerns and strong demand, while bond markets priced in more rate cuts following softer European inflation data. Still, geopolitical risks and upcoming economic data remain in focus, creating the first challenges of the year in Asian trading this morning. On today’s show, Dario Messi, Head of Fixed Income Research, shares what these developments mean for the bond market, and Mathieu Racheter, Head of Equity Strategy, outlines his sector outlook for 2026. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:37) - Markets wrap-up: Jan Bopp, Product & Investment Content (06:24) - Bond market update: Dario Messi, Head of Fixed Income Research (09:58) - Equity market sector update: Mathieu Racheter, Head of Equity Strategy Research (12:57) - 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.
January 6 · 11 min
Markets soar amid geopolitical ripples – oil and metals in focus
Equity markets have kicked off the first full trading week of the year on a strong note, with major indices in the US and Europe reaching record highs despite persistent concerns over Venezuela and its potential geopolitical ripple effects. Gold and silver continued their breathtaking rally while government bond yields fell a little. Norbert Rücker, Head of Economics and Next Generation Research, shares his insights on the situation in Venezuela and the outlook for oil prices. (00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:38) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (06:40) - Oil price update: Norbert Rücker, Head of Economics & Next Generation Research (11:03) - 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.
January 5 · 10 min
Geopolitical tensions greet the New Year
Global markets surged in 2025, fuelled by economic growth, AI optimism, and central bank rate cuts, though there were sharp swings in volatility at times. Commodities diverged: oil ended lower while precious metals soared, led by gold’s biggest annual gain in 46 years. 2026 started on a strong footing, driven by semiconductor stocks. Over the weekend, geopolitical tensions spiked with the arrest of Venezuela’s Nicolas Maduro, lifting gold as Brent held near USD 60 amid oil supply concerns. Mensur Pocinci, Head of Technical Analysis Research, expects the USD and related assets to remain in a bear market, while precious metals are likely to continue to shine. 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.
Dec 31, 2025 · 8 min
Special episode: Singapore dollar – Small but mighty
Excerpt from Beyond Markets Podcast, originally published on 25.09.2025. This episode is part of a special two-week series featuring highlights from Julius Baer’s recent Beyond Markets podcasts. Our regular show that starts with daily market news returns on Monday 5th January. When one thinks of safe-haven currencies, the Swiss franc, Japanese yen, and US dollar typically come to mind. But with capital flows diversifying away from the US dollar, interest in alternative safe havens is increasing. The Singapore dollar, one of Asia’s most stable and best-performing currencies, stands out as one such potential candidate. In this episode, we explore the unique characteristics of the Singapore dollar, its central role in Singapore’s monetary policy, and how investors can position themselves to benefit from the Singapore dollar’s strength. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:38) - Singapore dollar: Yaw Shin Wong, Equity Specialist and Jen-Ai Chuna, Equity Research Analyst (07:35) - 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.
Dec 30, 2025 · 10 min
Special episode: Water: Too little and too much
Excerpt from Beyond Markets Podcast, originally published on 08.04.2025. This episode is part of a special two-week series featuring highlights from Julius Baer’s recent Beyond Markets podcasts. Our regular show that starts with daily market news returns on Monday 5th January. In this episode of Beyond Markets we take a closer look at water. With water scarcity and extreme weather events on the increase, what do listeners need to know about water-related challenges and opportunities from both a societal and investment perspective? We are joined by Carsten Menke and Maeve Timoney from Julius Baer’s Next Generation Research team to answer these questions and much more. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:38) - Water sustainability: Carsten Menke, Head of Next Generation Research, Maeve Timoney, Next Generation Analyst and Emily Rookwood, Head of Thought Leadership (09:25) - 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.
Dec 29, 2025 · 12 min
Special episode: From Battlefield to Boardroom: Leadership in a changing world
Excerpt from Beyond Markets Podcast, originally published on 13.08.2025. This episode is part of a special two-week series featuring highlights from Julius Baer’s recent Beyond Markets podcasts. Our regular show that starts with daily market news returns on Monday 5th January. In this episode of Beyond Markets, Mark Matthews, Head of Research Asia at Julius Baer, speaks with General David H. Petraeus, Partner at KKR and former US Army General, about leadership lessons from his distinguished military career and how they translate to the corporate world. Their conversation explores recent conflicts, including the India–Pakistan skirmish, the US withdrawal from Afghanistan, and the Russia–Ukraine war, highlighting the critical role of deterrence. They also examine the future of US energy policy amid shifting dynamics in the Middle East and global oil markets, consider China’s growing influence in the Western Hemisphere and its implications, and explore regions with strong potential for development. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:41) - From Battlefield to Boardroom: Leadership in a changing world: Mark Matthews, Head of Research Asia and General David H. Petraeus, Partner at KKR and former US Army General (10:57) - 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.
Dec 24, 2025 · 10 min
Special episode: Private Equity in a Changing World
Excerpt from Beyond Markets Podcast, originally published on 24.08.2025. This episode is part of a special two-week series featuring highlights from Julius Baer’s recent Beyond Markets podcasts. Our regular show that starts with daily market news returns on Monday 5th January. Investing in private markets has the potential to create long-term value in portfolios. But how can qualified and professional investors navigate the current marketplace? What does the private equity market look like today? Which factors are driving potential opportunities? And where might the risks lie? In this episode of the Beyond Markets podcast, Fiona Kenyon, Head of Private Markets Specialists at Julius Baer talks to Jack Weingart, Chief Financial Officer at the global alternatives firm TPG, to discuss these questions as they evaluate the current landscape and reflect on the potential risks and rewards. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:40) - Private equity: Jack Weingart, Chief Financial Officer at TPG and Fiona Kenyon, Head of Private Markets Specialists (08:43) - 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.
Dec 23, 2025 · 10 min
Special episode: What is agentic AI and how might it impact your investments?
Excerpt from Beyond Markets Podcast, originally published on 12.09.2025. This episode is part of a special two-week series featuring highlights from Julius Baer’s recent Beyond Markets podcasts. Our regular show that starts with daily market news returns on Monday 5th January. In this episode of Beyond Markets, we take a closer look at agentic AI, which is no longer just a concept. AI agents are actively reshaping how tasks get done, decisions are made, and content is created. These autonomous systems mark a shift from passive AI models to active agents that can reason, act, and self-improve. We are joined by Manuel Villegas from Julius Baer’s Next Generation Research team to answer these questions and much more. (00:00) - Introduction: Helen Freer, Product & Investment Content (00:38) - Agentic AI: Manuel Villegas, Next Generation Research and Emily Rookwood, Head of Thought Leadership (09:40) - 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.