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
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9:54
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9:54
Markets pause for breath as they digest key earnings
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
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18:31
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18:31
Rate Cuts, Record Highs, and Rare Earths
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
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14:22
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14:22
AI-powered markets hit new highs, but market breadth remains narrow
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
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14:14
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14:14
Wall Street hits record highs ahead of key earnings and central bank decisions
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.
Moving Markets is a daily market news briefing from Julius Baer. Our experts discuss the latest market developments and put the headlines in perspective to set you up for the coming day. The information contained in this podcast is marketing material. Opinions expressed do not constitute independent financial/investment research, investment advice, or an offer to buy or sell securities by Julius Baer. Please refer to www.juliusbaer.com/legal/podcasts for important legal information prior to listening to this podcast.
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