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

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