Moving Markets: Daily News

Yesterday’s weaker-than-expected US GDP data helped to boost rate cut expectations by the Fed and bring yields down from their highs. And while equity markets in Europe and Asia gained, tech stocks in the US came under selling pressure. Disappointing earnings data and US officials reviewing licenses to chipmakers for shipments to the Middle East pulled the sector down. Tim Gagie, Head of FX & PM Solutions Geneva, talks about the importance of central bank meetings in the coming weeks, recent developments in precious metals and why he thinks the recent CHF strength will only be temporary.00:00 Introduction by Helen Freer (Investment Writing)00:21 Markets wrap-up by Jan Bopp (Investment Writing)05:59 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva09:59 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.

Markets came under pressure yesterday after a USD 44bn Treasury auction saw weak investor demand, following two lacklustre auctions on Tuesday. The broad risk aversion gripping markets comes as rising bond yields are putting an increasing strain on risk assets. Norbert Rücker, Head of Economics & Next Generation Research, comments on the latest drivers in the oil market and shares his outlook for oil prices.00:00 Introduction by Helen Freer (Investment Writing)00:27 Markets wrap-up by Jonti Warris (Investment Writing)06:25 Oil update by Norbert Rücker (Head of Economics & Next Generation Research)10:24 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.

While equities were broadly flat on Tuesday, US Treasury yields jumped on weak 2- and 5-year auctions and comments from Minneapolis Fed President Neel Kashkari, who said policymakers had not completely ruled out further rate hikes - even if the current policy stance was restrictive. Fixed Income strategist, Dario Messi, explains what's behind the more cautious tone from Fed speakers and what it means for investors.00:00 Introduction by Bernadette Anderko (Investment Writing)00:24 Markets wrap-up by Roman Canziani (Head of Investment Writing)05:02 Bond markets update by Dario Messi (Fixed Income Strategy)09:56 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.

Germany's Ifo business climate survey shows an improved outlook, while European equities see renewed inflows. Elon Musk's AI startup xAI raises USD 6 billion in its second round of funding. Japan's inflation picks up, supporting the case for higher interest rates. Shanghai makes it easier for home buyers. And the US moves to T+1 stock settlement. Manuel Villegas of Next Generation Research wonders if it will be ‘sell the news’ once Ethereum ETFs will be trading on US exchanges.00:00 Introduction by Bernadette Anderko (Investment Writing)00:24 Markets wrap-up by Mike Rauber (Investment Writing)07:24 Digital Assets update by Manuel Villegas (Next Generation Research)12:12 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.

Fresh data from China showed that industrial profits rose, boosting Asia-Pacific markets today. Meanwhile, Ethereum, the second largest digital token, rose as the US SEC signed off on a proposal by major US exchanges to list Ether-linked products. Gold edged higher this morning, while oil prices are in a holding pattern ahead of the OPEC+ meeting later this week. Today’s public holidays in the US and UK are expected to keep trading relatively thin. Mensur Pocinci, Head of Technical Analysis, joins us today to discuss what the charts say about where equities and bonds might go from here.00:00 Introduction by Bernadette Anderko (Investment Writing)00:24 Markets wrap-up by Lucija Caculovic (Investment Writing)06:03 Technical analysis update by Mensur Pocinci (Head of Technical Analysis Research)10:41 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 wherever you get your podcasts.

Stronger US economic data reduces the case for an interest rate cut, weighing on gold, US Treasuries and global equities. Bucking the trend, Nvidia was up almost 10% and its market cap is now larger than the entire German stock market. The latest eurozone data points to a recovery. Ethereum received a big regulatory boost and the launch of spot Ether ETFs in the US looks more likely. Tim Gagie, Head of FX & PM Solutions Geneva, notes that the CHF, which has now weakened slightly, had been too strong and recalls the time when one of his British pounds bought him more than two Swiss francs.00:00 Introduction by Helen Freer (Investment Writing)00:24 Markets wrap-up by Mike Rauber (Investment Writing)07:30 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva)11:58 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.

Equity markets are higher following NVIDIA's stellar results and despite news that the Federal Reserve may keep interest rates in restrictive territory for longer than expected. Carsten Menke, Head of Next Generation, explains why the latest Chinese stimulus package has little impact on industrial metals, and Nicolas Jordan from our CIO office summarises the views and positioning of the bank's investment committee.00:00 Introduction by Bernadette Anderko (Investment Writing)01:02 Markets wrap-up by Roman Canziani (Head of Investment Writing)06:27 Impact of China’s rescue package on industrial metals by Carsten Menke (Head of Next Generation Research)10:12 Investment Committee update by Nicolas Jordan (CIO Office)13:45 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.

US stocks moved higher yesterday, with the S&P 500 closing at another all-time high, but not without signs of caution among investors ahead of Nvidia’s earnings announcement today. UK inflation has fallen to its lowest level in almost three years, although April’s drop was not as large as expected which helped the pound sterling jump to its highest level in two months. Dario Messi, Fixed Income Strategy, provides us with his insights into the impact of last week’s US CPI print on the interest rate outlook in the US.00:00 Introduction by Bernadette Anderko (Investment Writing)00:20 Markets wrap-up by Jonti Warris (Investment Writing)05:56 Bond markets update by Dario Messi (Fixed Income Strategy)11:47 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 wherever you get your podcasts.

With artificial intelligence so prominent in our lives, it’s perhaps no surprise that one of the biggest players – Nvidia – is not only partially responsible for the current explosion in the sector, but will also be a key factor in where the markets go this week, given that it reports its results tomorrow. Wall Street firms are certainly lining up for good news so let’s hope that they are not disappointed. Stock markets continue to hit new highs, with gold and silver joining the party. Our Head of Technical Analysis, Mensur Pocinci, explores whether this can continue on today’s show.00:00 Introduction by Helen Freer (Investment Writing)00:27 Markets wrap-up by Bernadette Anderko (Investment Writing)06:41 Technical analysis update by Mensur Pocinci (Head of Technical Analysis Research)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.

Both European and US stock markets ended yesterday’s trading session in negative territory, but the Dow Jones made some positive headlines as it touched the significant milestone of 40,000 points for the first time in history. Macroeconomic data releases from the US continued to point to a stable or gradually cooling US economy, while China reported a mixed economic picture, weighing on Asia-Pacific markets. Tim Gagie, Head of FX & PM Solutions in Geneva, joins the show today to talk about the US dollar and metals.00:00 Introduction by Helen Freer (Investment Writing)00:21 Markets wrap-up by Lucija Caculovic (Investment Writing)06:14 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva)10:49 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.

Global equities are rallying on yesterday's lighter-than-expected US Consumer Price Index data, with investors snapping up stocks and riskier currencies. The data has led traders to raise their bets that the Fed will cut its policy rate at least twice this year. And after a recent rally in copper prices, Carsten Menke, Head of Next Generation Research, discusses whether the copper market has moved too far, too fast.00:00 Introduction by Helen Freer (Investment Writing)00:24 Markets wrap-up by Jonti Warris (Investment Writing)06:51 Copper update by Carsten Menke (Head of Next Generation Research)11:38 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.

A rally in big tech drove US equities close to their all-time highs as bond yields fell, with investors awaiting key inflation data for clues on the Federal Reserve’s next steps. And meme stocks are back on investors’ radar. GameStop surged 180% this week alone, raising questions about the prevailing market sentiment. Markus Allenspach, Head of Fixed Income Research, talks about how to navigate through volatile bond markets around CPI data. And Mathieu Racheter, Head of Equity Strategy, gives us the latest news on the key takeaways from this earnings season.00:00 Introduction by Bernadette Anderko (Investment Writing)00:30 Markets wrap-up by Jan Bopp (Investment Writing)06:37 Bond markets update by Markus Allenspach (Head of Fixed Income Research)11:31 Earnings Season Review by Mathieu Racheter (Head of Equity Strategy)14:13 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.

Financial markets are in wait-and-see mode ahead of US inflation data today and tomorrow, as well as Alibaba and Tencent earnings later today. French President Emanuel Macron said he is open to a major French bank being taken over by a European rival, in a bid to spur deeper financial integration in the euro bloc. Yields on 20-year Japanese government bonds rose to their highest level since 2013. Manuel Villegas, Next Generation Research, says that like any risk-on asset, Bitcoin is awaiting US inflation reports.00:00 Introduction by Helen Freer (Investment Writing)00:23 Markets wrap-up by Mike Rauber (Investment Writing)07:38 Digital assets update by Manuel Villegas (Next Generation Research)11:03 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.

Equity markets closed last week stronger than they started it and futures broadly project the upward trend to continue today. Nevertheless, China’s latest inflation data over the weekend was disappointingly strong and the news today that China will begin an ultra-long bond selling programme was not enough to support onshore equities today. Hong Kong’s equity benchmark however climbed to its highest level since August 2023. With oil prices moving sideways and precious metals moving higher, our Head of Technical Analysis, Mensur Pocinci, explains what this traditionally means for equity markets, whilst also covering his outlook for other asset classes.00:00 Introduction by Helen Freer (Investment Writing)00:23 Markets wrap-up by Bernadette Anderko (Investment Writing)07:01 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research)10:58 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.

A higher-than-expected reading on US jobless claims rekindled expectations of earlier interest rate cuts this year, helping US equities to close at their highest levels ever. After the Swedish Riksbank cut interest rates on Wednesday, the Bank of England gave clear indications at its policy meeting yesterday that rate cuts are on the horizon. Meanwhile, demand for corporate bonds remains very strong, although risk premiums on debt remain very tight. And Hong Kong stocks are rising on a report that the dividend tax for mainland investors will be abolished. Fixed Income strategist Dario Messi says that there is no need to rush into longer-dated bonds at any price.00:00 Introduction by Bernadette Anderko (Investment Writing)00:23 Markets wrap-up by Mike Rauber (Investment Writing)07:11 Fixed Income update by Dario Messi (Fixed Income Strategy)12:17 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.

While European markets ended the day firmly in the green yesterday, US equities struggled as investors remained fixated on when the Federal Reserve will start cutting interest rates. Asian markets followed the US lower, with Japanese equities underperforming and the recent rally in Hong Kong and mainland China came to a halt. Oil fell close to its lowest level since mid-March, while gold held steady this morning. Mathieu Racheter, Head of Equity Strategy, and Tim Gagie, Head of FX & PM Solutions in Geneva, join today’s show to provide further insights into our equity calls and what has been driving the FX markets.00:00 Introduction by Bernadette Anderko (Investment Writing)00:36 Markets wrap-up by Lucija Caculovic (Investment Writing)06:35 Changes to our equity calls by Mathieu Racheter (Head of Equity Strategy)10:42 FX and metals update by Tim Gagie (Head of FX & PM Solutions Geneva)15:42 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.

Global equity markets are rallying further as investors continue to revise their Fed policy bets after last week’s softer US jobs data. Asian stocks are hitting 15-month highs on renewed confidence in US interest rate cuts, while encouraging PMI data shows further evidence that the eurozone economy is healing. And as Bitcoin shows renewed strength, Manuel Villegas, Next Generation Research, provides us with an update on digital assets.00:00 Introduction by Helen Freer (Investment Writing)00:23 Markets wrap-up by Jonti Warris (Investment Writing)06:25 Digital assets update by Manuel Villegas (Next Generation Research)09:37 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.

Fed Chair Powell’s ‘No hike’ message and weaker-than-expected labour market data was the perfect combination for a strong end to the week for financial markets. Off the back of this, equity markets continued their uptrend after a difficult start to the month. And Chinese equities joined other regions in entering bull market territory. Mensur Pocinci, Head of Technical Analysis, talks about the improved sentiment for equity markets after April’s weakness, why he expects US Treasury yields to continue to fall, and why he thinks both have set the stage for new all-time highs.00:00 Introduction by Helen Freer (Investment Writing)00:23 Markets wrap-up by Jan Bopp (Investment Writing)06:00 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research)10:47 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.

Swiss inflation data yesterday showed that the Swiss National Bank is in a comfortable position compared to its peers, but Swiss equity markets are clearly underperforming year-to-date. Strong earnings reports lifted US equities while markets also breathed a sigh of relief that the Fed meeting was less hawkish than feared. Oil and gold are both higher this morning as investors turn their attention to macroeconomic data releases later this afternoon. Tim Gagie, Head of FX & PM Solutions in Geneva, joins the show today to talk more about the latest currency moves.00:00 Introduction by Helen Freer (Investment Writing)00:21 Markets wrap-up by Lucija Caculovic (Investment Writing)06:26 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva)10:51 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.

After the US Fed announced a hold in interest rates as expected, Fed chair Powell said that fighting inflation was taking longer than expected but he poured cold water on speculation that the central bank’s next move would be to raise rates. Carsten Menke, Head of Next Generation Research, discusses the recent spike in the price of gold and assesses the impact of Chinese demand and central bank buying.00:00 Introduction by Helen Freer (Investment Writing)00:31 Markets wrap-up by Jonti Warris (Investment Writing)06:17 Gold update by Carsten Menke (Head of Next Generation Research)10:23 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.