Moving Markets: Daily News

Equities fluctuated on mixed US–China trade signals and a speech by the US Federal Reserve Chair, which suggested that the central bank may be ready to halt balance sheet reduction. This boosted small-cap stocks and non-technology sectors, while robust bank earnings added momentum. Asian markets rose, although China lagged due to data indicating persistent deflationary pressures. Gold reached new highs, whereas oil declined amid supply concerns. Sophie Altermatt, Macro & Next Generation Research, shares our perspective on the tense US–China trade negotiations.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:27) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:44) - Developments in China: Sophie Altermatt, Macro & Next Generation Research (10:23) - 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.

President Trump’s Sunday post – “Don’t worry about China, it will all be fine” – boosted stock markets yesterday, with further positive AI-specific headlines also providing fuel to a rally that saw the main indices clawing back a good part of their losses from Friday’s sell-off. News overnight that China is imposing curbs on American units of South Korean shipbuilder Hanwha Ocean Co. have seen markets in Asia retreat and US futures drop. Gold and silver were the winners, yet again. Manuel Villegas, Next Generation Research, joins the podcast today to bring an update on Bitcoin, explaining why crypto assets are also impacted by geopolitical risks.(00:00) - Introduction: Jan Bopp, Product & Investment Content (00:31) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (06:04) - Digital assets update: Manuel Villegas, Next Generation Research (09:19) - 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.

Global markets tumbled on Friday following renewed trade war fears sparked by President Trump’s aggressive rhetoric towards China. Major global indices saw sharp declines, while gold surged past USD 4,000 an ounce. In Europe, political uncertainty in France added to the risk-off mood, with President Macron’s surprise reappointment of Lecornu facing immediate opposition. Meanwhile, China’s latest trade data showed unexpected resilience, and Japan saw a shift in its political landscape with the dissolution of its ruling coalition. Joining us today is Mensur Pocinci, Head of Technical Analysis, who shares his insights on the market fallout.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:24) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (06:35) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (09:35) - 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.

After a strong rally, US and European markets paused, with major indices closing lower amid a more cautious mood. In Europe, Ferrari’s downward revision to guidance and HSBC’s restructuring in Hong Kong weighed on sentiment, even as Germany’s DAX reached a fresh intra-day high. Geopolitical developments dominated headlines, with Israel and Hamas agreeing to a ceasefire. Gold and oil prices retreated on the news. Meanwhile, silver surged past USD 50 an ounce for the first time ever yesterday. China’s expanded restrictions on rare earth exports triggered a rally in US mining stocks, underscoring strategic tensions in global tech supply chains. In fixed income, US Treasury yields edged slightly higher amid ongoing uncertainty around a potential government shutdown, and Fed Governor Barr cautioned against premature rate cuts. In Asia, South Korea’s Kospi outperformed, buoyed by strong performances from AI-driven chipmakers. Joining us today is Tim Gagie, Head of FX & PM Solutions in Geneva, who shares insights on precious metals, the US dollar, and the Japanese yen.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:27) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (06:20) - FX and metals markets: Tim Gagie, Head of FX Advisory Geneva (10:00) - 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.

European and US equities edged higher as gold held above USD 4,000/oz amid ongoing economic and political uncertainty. Despite strong travel data, Chinese consumer sentiment remains weak, while Germany’s industrial downturn fuels structural concerns. With the Fed maintaining a dovish stance and political tensions easing in France, investors turn to upcoming earnings and central bank cues. Today, we’re joined by Mathieu Racheter, Head of Equity Strategy Research, to discuss his outlook for the Q3 earnings season.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:24) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (06:21) - Q3 Earnings season preview: Mathieu Racheter, Head of Equity Strategy Research (13:34) - 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.

Global equity markets paused after a strong rally, with US equities dipping slightly and bringing an end to a seven-day winning streak as Oracle’s weak cloud margins raised concerns about profitability in AI infrastructure. European stocks remained flat, though French luxury brands outperformed. Airbus broke a major commercial barrier when its A320 family of planes overtook the Boeing 737 to become the most delivered jetliner in history. In currencies, the yen and euro weakened amid political shifts, while the US dollar strengthened. Meanwhile, gold surged past USD 4000 per ounce, continuing its record-breaking run. To talk about what is behind the recent rally and the outlook for this precious metal, we are joined by Carsten Menke, Head of Next Generation Research. Also on the show today is Richard Tang, Head of Research Hong Kong, who shares his insights on Japan and China – and what recent developments mean for global investors.(00:00) - Introduction: Lucija Caculovic, Product & Investment Content (00:38) - Markets wrap-up: Jan Bopp, Product & Investment Content (05:56) - Gold: Carsten Menke, Head of Next Generation Research (10:17) - Japan & China: Richard Tang, Head of Research Hong Kong (16:21) - Closing remarks: Lucija Caculovic, 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.

Major US equity indices, from small caps to tech, hit fresh highs yesterday, spurred by strong corporate news – from semiconductors to banking deals. Political uncertainty in France and Japan lifted bond yields, weakened the yen and euro, and drove gold towards the historic USD 4,000 per ounce level, while oil rose on a modest OPEC+ output increase. Eirini Tsekeridou, Fixed Income Research, assesses the outlook for France following the surprise resignation of its prime minister. Manuel Villegas, Next Generation Research, sees the AI investment surge as a boom – not (yet) a bubble.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:31) - Markets wrap-up: Mike Rauber, Product & Investment Content (05:48) - Impact of French politics on markets: Eirini Tsekeridou, Fixed Income Research (08:07) - Cloud computing and Artificial Intelligence update: Manuel Villegas, Next Generation Research (12:19) - 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.

Japanese equities surge to fresh record highs as Sanae Takaichi – known for being pro-stimulus - has won the LDP leadership and is likely to become the country's first female prime minister. Consequently, Japanese government bond yields have risen, while the yen weakened against major currencies. Meanwhile, both bitcoin and gold extended their rallies, reaching new highs as investors seek out alternative stores of value. Today, we welcome Mensur Pocinci, Head of Technical Analysis, who shares his insights on whether the current momentum behind gold’s upward trajectory is sustainable - or if a correction may be on the horizon.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:25) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (06:22) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (08:30) - 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.

Global stock markets rally to fresh record highs amid upbeat developments in the automotive and artificial intelligence sectors, with gains extending beyond the US into European bourses. Meanwhile, Warren Buffett has re-entered acquisition mode for the first time since 2022, signalling renewed confidence in deal-making opportunities. In today’s podcast, we welcome Norbert Rücker, Head of Economics and Next Generation Research, who shares his latest insights on commodity markets – with a particular focus on oil and natural gas.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:28) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (06:48) - Commodities update: Norbert Rücker, Head of Economics & Next Generation Research (11:04) - 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.

European and US stock markets rallied on Wednesday, seemingly unconcerned by the US government shutdown. The S&P 500 closed above the 6,700 level for the first time ever. Asian stocks, particularly in South Korea, were boosted overnight after OpenAI signed an agreement with Samsung Electronics and SK Hynix for them to supply the company with memory chips. OpenAI also completed a share sale at a record USD 500 billion valuation, making the creator of ChatGPT the world’s most valuable startup. Tim Gagie, Head of FX Advisory Geneva shares what he is seeing in terms of market activity in precious metals – there are some surprising revelations. His thoughts on investors only being conceptually bearish on the USD are also worth hearing.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:28) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (05:40) - FX and metals update: Tim Gagie, Head of FX/PM PB Geneva (10:15) - 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.

September saw strong gains across markets, with the S&P 500 up 3%. Hong Kong outperformed, rising 7%. Gold hit multiple highs and credit spreads narrowed to multi-year lows. Yesterday, healthcare rallied after Pfizer announced discounted drug sales via a new government platform. Switzerland and the United States issued a joint statement opposing currency manipulation. In Asia, trading was subdued due to China’s Golden Week, while Tokyo declined on interest rate concerns. Dario Messi, Head of Fixed Income Research, comments on the US government shutdown, noting that while politically sensitive, the market impact is likely to remain limited.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:58) - Markets wrap-up: Mike Rauber, Product & Investment Content (07:29) - Bond market update: Dario Messi, Head of Fixed Income Research (11:09) - 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.

European markets closed higher yesterday, buoyed by strong performances in the healthcare and luxury sectors. In the US, concerns over a potential government shutdown failed to dampen investor sentiment, as a rebound in AI-related stocks helped support equity markets. Beyond market movements, President Trump unveiled a proposed plan to address the conflict in Gaza, alongside announcing a new wave of tariffs targeting a wide range of goods from films to furniture. In commodities, gold continues its impressive rally, reaching yet another record high. Meanwhile, oil prices declined sharply amid expectations that OPEC+ may increase output in November. Joining us on today’s episode is James Haunso from Next Generation Research, who shares a timely and insightful update on the cybersecurity investment theme.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:35) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (07:15) - Cybersecurity: James Haunso, Next Generation Research (12:04) - 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.

Markets faced a turbulent week, starting with caution amid hawkish Fed commentary and trade tensions, but ending on a more optimistic note thanks to a solid US inflation report. Global equities rebounded on Friday, though US equities still closed the week in negative territory. In contrast, European markets held steady, supported by robust economic data and reassurance regarding pharmaceutical tariffs. Meanwhile, gold continues its upward momentum. Mensur Pocinci, Head of Technical Analysis, explains why he still likes the precious metal, he discusses this year’s lacklustre performance of Swiss equities and offers guidance for Swiss investors, noting that the Swiss franc is expected to strengthen further.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:28) - Markets wrap-up: Jan Bopp, Product & Investment Content (06:07) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (09:08) - 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.

Markets hit some rough patches yesterday, with all major European indices closing lower, followed by similar losses across the three main US benchmarks. Revised US data revealed an upward adjustment to second-quarter GDP, while jobless claims came in below expectations. This prompted markets to reassess the outlook for future interest rate cuts. Overnight, trade tensions resurfaced as US President Trump announced new tariffs targeting pharmaceuticals and heavy-duty trucks. Asian pharmaceutical stocks were quick to react, reflecting renewed concerns over global trade policy. Today, attention turns to the release of the US Personal Consumption Expenditures index, the Federal Reserve’s preferred measure of inflation. Joining us to unpack the latest developments in currencies and precious metals is Tim Gagie, our Head of FX & PM Solutions in Geneva.(00:00) - Introduction: Roman Canziani, Product & Investment Content (00:41) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (07:07) - Gold and silver: Tim Gagie, Head of PB Sales (Geneva) – FX and PM (12:15) - Closing remarks: Roman Canziani, 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.

US indices closed lower yesterday, despite good performance by some individual names, notably Intel, which rallied 6.4% after reports of a possible investment by Apple. President Trump’s announcements regarding Ukraine boosted defence stocks globally and semiconductor stocks powered the Asian indices. Today’s US jobless claims and tomorrow’s release of the personal consumption expenditures (PCE) price index will now be closely monitored for signs of the Fed’s intentions. With gold and silver continuing to rally, Carsten Menke, Head of Next Generation Research, provides some insights into why the inflows are continuing at such a strong pace, as he unpicks central bank and investor demand.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 equities struggled to keep up with the recent momentum yesterday, with the S&P 500 posting its worst day in three weeks, while the NASDAQ and the Magnificent 7 saw even larger declines. Questions around the Nvidia-OpenAI-deal weighed on segment. Over in Europe, there was much more of a risk-on tone after the September flash PMIs painted a picture of ongoing resilience. Powell did not offer any groundbreaking revelations in yesterday’s press conference, reiterating his arguments for last week’s rate cut. Mathieu Racheter, Head of Equity Strategy Research, discusses what the restarted rate cutting cycle means for equities going into year end, as well as what he thinks about Swiss equities after August’s tariff shock.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:27) - Markets wrap-up: Jan Bopp, Product & Investment Content (05:52) - Equity market update and outlook: Mathieu Racheter, Head of Equity Strategy Research (11:40) - 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.

European markets have recently underperformed compared to their US counterparts, with German automakers weighing heavily on broader indices yesterday. Meanwhile, US technology stocks continue to power ahead, buoyed by another significant development in the AI space—the announcement of a partnership of Nvidia with one of its largest customers, OpenAI. In today’s episode of Moving Markets, we are joined by Richard Tang, Head of Research Hong Kong, who sheds light on how the ongoing AI boom is driving growth not just in the US, but also across select Asian markets.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:24) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (07:07) - China and Japan in focus: Richard Tang, Head of Equity Research Hong Kong (13:41) - 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.

Wall Street trades at record highs after the Fed cut rates, led by technology stocks. Investors expect further cuts, but hawkish Fed comments pushed both US Treasury yields and the dollar higher last week. In Europe, data showed industrial output rebounding; in Asia, Bank of Japan’s ETF unwind plans initially weighed on Japanese shares, but concerns are easing this Monday. Gold rises for a fifth week with record ETF inflows, Apple climbs after the iPhone 19 launch, and Porsche postpones its EV launch. Trump’s USD 100,000 H-1B visa fee threatens US tech and India-US relations. Mensur Pocinci, Head of Technical Analysis, notes that strong US equities year-to-date and in September bode very well for the rest of the year.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:45) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:47) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (09:33) - 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.

All of the major US equity indices hit a new all-time high, a day after the US Federal Reserve’s first rate cut of the year and stronger-than-expected economic data. Europe followed suit with strength in semiconductor stocks. Central banks diverged: Norway cut rates, the Bank of England held steady, and the Bank of Japan surprised by announcing plans to offload its large equity ETF holdings. Asian markets are mixed, with Japanese stocks volatile and Asian dollar bond spreads at record lows—reflecting global optimism in credit markets. Dario Messi, Head of Fixed Income Research, shares his take on this week’s central bank decisions, while Tim Gagie, Head of FX Advisory Geneva, examines the USD and gold following a central bank heavy week.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:27) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:08) - Central bank actions – implications for bonds: Dario Messi, Head of Fixed Income Research (12:28) - FX and metals markets: Tim Gagie, Head of FX Advisory Geneva (16:56) - 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.

The US central bank delivered a widely expected rate cut, sparking mixed market reactions amid cautious optimism. Tech stocks wobbled, especially Nvidia, after China’s internet regulator had told the country’s tech companies to stop buying Nvidia’s AI chips and terminate its existing orders. Robotaxis and a USD 42 billion tech pact between the US and the UK fuelled gains elsewhere. Carsten Menke, Head of Next Generation Research, explains copper’s role in powering the AI revolution and what the Fed decision means for the gold price.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:24) - Markets wrap-up: Jan Bopp, Product & Investment Content (06:44) - Copper: Carsten Menke, Head of Next Generation Research (11:00) - 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.