Moving Markets: Daily News

Outplacement firm Challenger reported over 150,000 job cuts in October – the highest for the month of October in more than 20 years. US Treasury yields fell sharply, raising expectations of a December Fed rate cut, although some officials remain cautious. AI-related stocks dragged markets lower, but the selling was selective. In Europe, German industrial output beat forecasts but remains weak; while the Euro Stoxx 50 fell on disappointing earnings. In Asia, China’s exports unexpectedly declined for the first time in eight months. Richard Tang, Head of Research in Hong Kong, discusses the lack of short-term catalysts for China’s equity markets and our outlook on the AI investment theme, which is key to markets in Japan, South Korea, and Taiwan.(00:00) - Introduction: Helen Freer, Investment Writing (00:31) - Markets wrap-up: Mike Rauber, Product & Investment Content (07:19) - Asia update – Japan, Korea and China: Richard Tang, Head of Research Hong Kong (13:50) - Closing remarks: 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.

US, European and Asian markets have all reacted positively to news in the US yesterday. Private payrolls and ISM data revealed that the economy is more resilient than had been feared. Advanced Micro Devices’ Q3 earnings beat expectations, and their tide lifted other AI boats globally. And the Supreme Court hinted that it may well place limits on President Trump’s tariffs, although we’ll have to wait a while for any decision there. Our Head of Next Generation Research, Carsten Menke, provides insights into the rollercoaster ride that copper has been on recently, sharing his thoughts on what might come next.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:28) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (06:58) - Copper: Carsten Menke, Head of Next Generation Research (11:05) - 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.

Global markets retreated yesterday as investors took a closer look at lofty AI valuations. The US dollar climbed to a three-month high, supported by persistent inflation concerns and the ongoing government shutdown. Commodities came under pressure, with both gold and oil slipping, while crypto markets saw sharp declines amid broader risk-off sentiment. In Asia, tech-led losses weighed on indices, and minutes from the Bank of Japan revealed a growing internal debate over potential rate hikes. Joining the show today are Dario Messi, Head of Fixed Income Research, who discusses the US public debt dynamics, and Mathieu Racheter, Head of Equity Strategy Research, who shares insights on Q3 hyperscaler earnings, the AI bubble, and emerging market equities.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:35) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (07:13) - Bond market update: Dario Messi, Head of Fixed Income Research (11:21) - Q3 earnings season update: Mathieu Racheter, Head of Equity Strategy Research (16:49) - 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.

Stock markets edged higher during the European and US trading sessions, buoyed by earnings and renewed investor enthusiasm around AI-driven deals and ahead of Palantir's highly anticipated earnings release after the close. Although the company surpassed earnings expectations, its share price tumbled post-market as concerns emerged over its current valuation. In today’s discussion, we’re joined by Manuel Villegas from Next Generation Research, who provides insight into the evolving opportunities and risks within the AI ecosystem.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:24) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (06:34) - Artificial Intelligence update: Manuel Villegas, Next Generation Research (10:25) - 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 were buoyed by solid tech earnings, a positive Trump–Xi meeting, and a wave of AI-related deals last week. Nvidia single-handedly created an entire country’s economy in five days. Outside the tech sector, however, equity performance was more muted. European markets lagged, weighed down by persistent inflation and cautious central bank messaging. Meanwhile, emerging market equities posted their strongest year-to-date rally since the dawn of the internet era. Joining the show is Markus Wachter from our Technical Analysis team. He shares insights on what seasonality suggests for the remainder of the year, what US equity market internals are signalling, and why copper may be on the verge of a secular breakout.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:47) - Markets wrap-up: Jan Bopp, Product & Investment Content (06:40) - Technical Analysis update: Markus Wachter, Technical Analysis (08:47) - 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.

US Markets closed slightly lower on Thursday after hyperscaler earnings raised concerns about increasing AI spending, but Apple and Amazon results after the close provided a boost to futures. The mood was further elevated by an agreement between China and the US that seemingly delays the trade war by a year. To date, October 2025 is bucking the historical trend, with the big three US indices all in positive territory. Our Chief Economist, David Kohl, assesses this week’s central bank action and what to expect policy-wise going forwards. And Tim Gagie, Head of FX Advisory Geneva, provides a round up of what he is seeing with the Japanese yen, the US dollar and the euro, as well as the latest on silver and gold.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:34) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (06:43) - Central bank meetings: David Kohl, Chief Economist (13:03) - FX and metals update: Tim Gagie, Head of FX/PM PB Geneva (17:10) - 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.

The US Federal Reserve delivered a widely anticipated rate cut, but growing divisions among policymakers spooked markets. Strong AI-driven spending fuelled big-tech earnings, but the outlooks dented the bullish mood. Eurozone markets gained on robust banking performance, while the main indices in the UK and Spain hit another all-time high. The Bank of Japan opted to leave rates unchanged at its meeting today. The meeting between Presidents Trump and Xi ended and has eased some global trade concerns – but underlying tensions persist. Norbert Rücker, Head of Economics and Next Generation Research, talks about rare earths as well as oil in light of the latest sanctions.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:31) - Markets wrap-up: Mike Rauber, Product & Investment Content (07:41) - Oil and rare earths: Norbert Rücker, Head of Economics & Next Generation Research (13:05) - 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.

As European markets experience some profit-taking ahead of key central bank meetings, all major US stock indices closed at record highs. However, market breadth remains narrow, driven primarily by gains in just a few mega-cap technology stocks. Today, we welcome Dario Messi, Head of Fixed Income Research, who shares his outlook on upcoming interest rate decisions from the Federal Reserve and the European Central Bank – and what these developments could mean for fixed income investors.(00:00) - Introduction: Lucija Caculovic, Product & Investment Content (00:35) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (07:54) - Fixed income & central banks: Dario Messi, Head of Fixed Income Research (13:09) - 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.

Global equity markets rallied as optimism around US-China trade negotiations lifted investor sentiment. European trade-sensitive sectors led early gains, while Wall Street closed at new record highs, driven by strong performances in chip stocks. Gold sold off sharply and oil prices dipped. In tech, Qualcomm surged on its AI pivot, while AMD partnered with the US government on supercomputing. Argentina’s markets soared following political developments, and Japan signed new trade deals with the US. Joining the show today are Mathieu Racheter, Head of Equity Strategy Research, who shares insights on the unfolding earnings season, and Manuel Villegas, Next Generation Research, who covers the latest developments in crypto assets.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:31) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (06:36) - Earnings Season update: Mathieu Racheter, Head of Equity Strategy Research (09:33) - Latest news on Crypto assets: Manuel Villegas, Next Generation Research (13:20) - 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 stocks rose on renewed optimism that the United States and China are nearing a trade agreement. The upbeat sentiment also lifted commodity prices, with copper and oil posting gains. In contrast, Treasuries declined and gold slipped. Looking ahead, investors face a pivotal week featuring interest rate decisions from four G7 central banks and earnings reports from five of the ‘Mag-7’ tech giants—Microsoft, Alphabet, Meta, Apple, and Amazon. Joining the show is Markus Wachter from our Technical Analysis team. He discusses the significance of Japan’s Nikkei breaking above the 50,000-point level and shares his outlook on the Swiss franc, anticipating the end of a prolonged consolidation phase.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:25) - Markets wrap-up: Jan Bopp, Product & Investment Content (06:32) - Technical Analysis update: Markus Wachter, Technical Analysis (09:54) - 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.

Oil prices spiked over 5% after the US imposed fresh sanctions on Russia’s top crude producers. Meanwhile, equity markets rallied on strong corporate earnings, with European luxury and US tech stocks leading the charge. The Swiss National Bank released its first-ever policy minutes, offering insights into its current stance. In Asia, markets gained ahead of President Trump’s upcoming visit to the region, where trade and security talks with China’s President Xi are in focus. Richard Tang, Head of Research Hong Kong, joins us to share his views on China, Japan, and Singapore.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:31) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (06:28) - Asia update: Richard Tang, Head of Research Hong Kong (11:41) - 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 stocks moved lower in yesterday’s trading sessions, with earnings releases and new mooted curbs on US software exports to China doing nothing to boost the trading mood. Asia’s equity markets also reacted negatively to the escalation in trade tensions. Oil prices jumped about 3% last night after the US administration imposed further sanctions on Russia’s two largest crude companies, Rosneft and Lukoil, aiming to harm the Kremlin’s ability to raise revenue to fund its war against Ukraine. Our Head of Equity Strategy Research, Mathieu Racheter, joins the podcast to provide an update on a – so far – strong US earnings season. He explains why next week is the one to watch out for though, as it should reveal whether or not AI momentum is still building.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:31) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (06:11) - Earnings season update: Mathieu Racheter, Head of Equity Strategy (10:22) - 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 equity markets were mixed yesterday, with gains from strong earnings offset by declines in mining stocks. French shares reached record highs despite political uncertainty. The Dow Jones Industrial Average hit a new peak following robust earnings. US Treasury yields fell on weak data; gold and silver saw steep declines; the USD strengthened, and the Swiss franc approached record highs amid resilient exports. India and the US are reportedly negotiating a trade deal involving lower tariffs and reduced Russian oil imports. Carsten Menke, Head of Next Generation Research, provides his timely take on one of the sharpest declines in precious metals in years.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:21) - Markets wrap-up: Mike Rauber, Product & Investment Content (07:04) - Gold update: Carsten Menke, Head of Next Generation Research (10:38) - 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.

Stocks bounce back on diminishing fears regarding US regional bank credit quality and positive earnings reports. Meanwhile, French assets lag on the back of waning investor confidence and company specific news in the banking sector, and the gold rally continues. Today, we are joined by Eirini Tsekeridou from Fixed Income Research, who shares her thoughts on French bonds after the downgrade, on Argentina ahead of the mid-term elections on Sunday, and the credit jitters among US regional banks.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:54) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (06:28) - Bond market update: Eirini Tsekeridou, Fixed Income Research (12:21) - 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 swung wildly last week as easing US-China trade tensions clashed with fresh regional bank fears. While Wall Street rebounded on Friday, Europe lagged amid banking and defence sector woes. Bond yields fell, gold slipped, and this morning Asia rallied on Japanese political shifts. All eyes now turn to earnings and US inflation data later this week. Mensur Pocinci, Head of Technical Analysis, explains why he still likes gold and why he expects equity markets to kick-off a year-end rally.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:27) - Markets wrap-up: Jan Bopp, Product & Investment Content (05:51) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (09:21) - 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.

US stocks opened higher yesterday, but then reversed course. Small caps underperformed, and market volatility rose amid credit concerns at regional banks. In Europe, Swiss and French equity markets outperformed, supported by positive corporate news and France temporarily avoiding a political crisis. Gold extended its record-breaking rally. The yield on the 10-year US Treasury fell below a key threshold, reflecting weak economic data and dovish comments from Federal Reserve Governor Christopher Waller. Mathieu Racheter, Head of Equity Strategy, shares his insights on bank earnings and talks about US vs European banks. Tim Gagie, Head of FX & PM Solutions in Geneva, discusses key considerations amid the rally in precious metals and the recent pullback in the US dollar.(00:00) - Introduction: Lucija Caculovic, Product & Investment Content (00:34) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:42) - Earnings season: Mathieu Racheter, Head of Equity Strategy Research (09:25) - Currencies and metals: Tim Gagie, Head of FX/PM PB Geneva (13:46) - 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.

Global equities rebounded midweek, driven by a sharp rally in European luxury stocks and strong earnings from major US banks. US-China trade tensions remain in focus, with Treasury Secretary Bessent reaffirming a firm stance. The AI theme continues to dominate headlines, supported by major deal announcements and robust earnings results. In commodities, both gold and oil are trading higher this Wednesday morning. Gold is benefiting from its safe-haven appeal, while oil prices are rising on reports that India may reduce its purchases of Russian crude. Today’s show features Nicolas Jordan from the CIO Office, who shares his insights on the US equity market, China, and gold.(00:00) - Introduction: Mike Rauber, Product & Investment Content (00:34) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (07:43) - Update from the CIO Office: Nicolas Jordan, CIO Strategy & Investment Analysis (13:27) - Closing remarks: Mike Rauber, 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.

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.