Moving Markets

Silver sailed past USD 100 on Friday and has topped 107.50 in Asia this morning. Meanwhile, gold has broken through the USD 5,000 mark. There’s a lot of focus on USD/JPY and a possible US government shutdown is also now on the cards. Along with the twists and turns of geopolitics, markets now face a dense run of central bank decisions and one of the busiest earnings weeks of the year. Our analysts expect a test of conviction as markets navigate policy, growth, and profits simultaneously. Mensur Pocinci, Head of Technical Analysis, provides more colour on the moves in precious metals and the backdrop of the USD, setting out the case for how he believes investors should best position themselves in the current environment.

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

(00:45) - Markets wrap-up: Bernadette Anderko, Product & Investment Content

(06:49) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis

(09:28) - Closing remarks: Helen Freer, Product & Investment Content

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China’s markets are off to a strong start in 2026, raising renewed comparisons to the 2015 boom‑and‑bust just as global tensions escalate — from dramatic US moves over Greenland to a surge in gold prices and a weakening dollar. With capital rotating out of U.S. assets and liquidity patterns shifting across Asia, does today’s rally carry familiar risks, or does it mark the start of a very different cycle?
 
In this episode of Moving Markets – The View Beyond, Richard Tang, Head of Research Hong Kong at Julius Baer, speaks with Hong Hao, Managing Partner and CIO of Lotus Asset Management Ltd., to examine these cross‑currents: the resilience of A‑shares, the wave of Hong Kong tech IPOs, and why rising margin financing today is not a replay of 2015. They also highlight the key themes shaping 2026, including precious metals, AI‑linked industries, and high‑dividend opportunities.
 
This episode was recorded on 21 January 2026.

(00:24) - Initial reactions to the Greenland crisis

(02:39) - Implications on gold, US dollar, and global assets

(07:36) - China’s rising margin financing balances, and the paradox of a “slow bull market”

(12:55) - Hong Kong IPO glut: liquidity drain or healthy market growth?

(17:05) - China’s economic cycle vs. valuations

(21:16) - Key sector themes for 2026

Global risk sentiment improved as geopolitical tensions eased, diplomatic efforts advanced, and resilient US data lifted equities while pushing volatility and high-yield credit spreads to their lowest since 2007. European stocks played catch‑up, supported by their cyclical exposure and positive company‑specific news. The US dollar has weakened sharply this week, boosting risk‑sensitive currencies. Commodities are surging, with gold and silver extending their historic rallies on strong momentum and a weaker dollar. The Bank of Japan kept rates unchanged but struck a hawkish tone. Tim Gagie, Head of FX Advisory Geneva, discusses the historic rally in precious metals and investor positioning given the weak USD.

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

(00:24) - Markets wrap-up: Mike Rauber, Product & Investment Content

(06:08) - FX & metals update: Tim Gagie, Head of FX/PM PB Geneva

(10:33) - Closing remarks: Helen Freer, Product & Investment Content

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President Trump castigated European leaders over their response to his Greenland takeover attempt during his speech at the WEF in Davos yesterday but did step back from suggesting the use of military force. Equity markets rallied in response. They were given further positive momentum by a later post from the president which claimed that a framework of a future deal with respect to Greenland had been agreed with NATO and that tariff threats against Europe were off the agenda. Equity markets globally are mostly higher today and safe-haven assets have slipped. Norbert Rücker, Head of Economics and Next Generation Research, joins the podcast today to talk about Natural Gas - a sector that has not only seen a surge in prices of late, both in Europe and the US, but which also could be another bargaining tool for President Trump.

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

(00:31) - Markets wrap-up: Bernadette Anderko, Product & Investment Content

(05:55) - Natural gas and the Greenland commodities story: Norbert Rücker, Head of Economics & Next Generation Research

(11:30) - Closing remarks: Helen Freer, Product & Investment Content

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Markets continue to de-risk and the “Sell America” narrative gains traction as geopolitical tensions over Greenland spook investors, triggering an equity sell-off, a weaker dollar, and soaring precious metals. With scant data ahead, all eyes are now on President Trump’s keynote speech at the World Economic Forum in Davos later today for clues on policy direction and de-escalation potential. We’re joined by Dario Messi, Head of Fixed Income Research, for an update on Japanese bond markets, and Mathieu Racheter, Head of Equity Strategy Research, who shares his view on how recent geopolitical risks might impact global equity markets.

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

(00:25) - Markets wrap-up: Jan Bopp, Product & Investment Content

(05:22) - Japanese government bond yields: Dario Messi, Head of Fixed Income Research

(08:05) - Geopolitics disrupting equity markets: Mathieu Racheter, Head of Equity Strategy Research

(11:38) - 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.