Moving Markets

US equity indices closed the week at new record highs, topping off a winning month as tech stocks once again provided the momentum. Despite no agreement emerging between the US and Iran, and indeed continued strikes over the weekend, many of Asia’s key indices also saw gains this morning with the Kospi and Nikkei 225 soaring to new heights. It’s therefore timely that Mensur Pocinci, Head of Technical Analysis, joins the podcast today to discuss his thoughts on whether US equities are now overbought; why a previous laggard sub-sector might now help drive the IT sector even higher, and whether mega IPOs have historically lived up to their hype.

(00:00) - Introduction: Jan Bopp, Product & Investment Content

(01:20) - Markets wrap-up: Bernadette Anderko, Product & Investment Content

(07:15) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis

(11:00) - Closing remarks: Jan Bopp, Product & Investment Content

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After a period of relative calm, gold has re-emerged as a focal point for investors amid geopolitics, shifting central bank strategies, and evolving global demand. How should investors interpret gold’s recent volatility, and what does the outlook hold as we move through 2026?
In this episode of Julius Baer’s Moving Markets:The View Beyond, Ayako Lehmann is joined by Carsten Menke, Head of Next Generation Research, and Chris Irwin, Head of FX and Precious Metals Trading Asia at Julius Baer, to discuss the drivers behind gold’s remarkable run, the impact of central bank activity, and the changing dynamics of investment demand. The conversation covers gold’s behaviour during recent global shocks, the significance of central bank buying (and selling), the evolving role of ETFs, and the influence of Asian and Indian markets. The episode concludes with an outlook for gold through the remainder of 2026, highlighting both the structural and cyclical forces at play.

(00:00) - Introduction

(01:21) - Lessons from recent events

(03:08) - The role of geopolitics in gold’s long-term performance

(04:15) - Central bank buying

(06:16) - A multipolar world and central bank strategies

(07:10) - Investment demand and the shifting role of ETFs

(09:15) - US monetary policy

(10:45) - Trading trends in the US and China

(12:51) - China’s investment flows and retail participation

(13:44) - India’s import tax hike and its impact on gold demand

(15:57) - Outlook for gold in 2026

(18:28) - Closing remarks and legal information

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US equities surged to record highs on optimism over a potential US–Iran ceasefire extension, with the S&P 500, Nasdaq, and Russell 2000 all closing at all-time highs yesterday. Oil prices fell sharply and are on track for their steepest monthly decline since March 2020. US economic data was mixed, pointing to slowing growth and increasing pressure on household finances. Technology remained the primary market driver, with strong gains in AI and tech stocks contrasting with weak momentum in Bitcoin. Tim Gagie, Head of FX Advisory Geneva, highlights gold being at critical levels, the continued attractiveness of the AUD, and persistently low FX volatility.

(00:00) - Introduction: Helen Freer, Product & Investment Content

(00:28) - Markets wrap-up: Lucija Caculovic, Product & Investment Content

(06:11) - FX & metals update: Tim Gagie, Head of FX/PM PB Geneva

(09:41) - Closing remarks: Helen Freer, Product & Investment Content

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Oil prices are swinging on every twist in the Middle East, while AI continues to dominate global markets. Europe’s stocks are under pressure from high energy costs, but in the US, AI momentum is driving major indices to fresh record highs. In today’s episode, Carsten Menke, Head of Next Generation Research, dives into copper, and why electrification is set to shape markets for years to come.

(00:00) - Introduction: Bernadette Anderko, Product & Investment Content

(00:28) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content

(06:12) - Copper market update: Carsten Menke, Head of Next Generation Research

(10:29) - Closing remarks: Bernadette Anderko, Product & Investment Content

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Global equities extended their record rally as momentum in technology shares accelerated and geopolitical tensions eased. Micron and SK Hynix have joined the USD 1 trillion market-capitalisation club, fuelled by surging demand for AI chips. This milestone underscores the growing dominance of semiconductor companies in global markets, with ripple effects from Seoul to Silicon Valley. Mensur Pocinci, Head of Technical Analysis, explains why he expects this momentum to continue and shares compelling statistics on IPO returns ahead of the landmark SpaceX listing.

(00:00) - Introduction: Bernadette Anderko, Product & Investment Content

(00:38) - Markets wrap-up: Jan Bopp, Product & Investment Content

(05:47) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis

(08:33) - 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.