Moving Markets

US stocks rebounded yesterday led by technology shares after AI developments announced by Meta and Anthropic. Strong US economic data lifted the broader market and boosted small caps. In Europe, autos rose on lower‑than‑expected US tariffs, while banks fell. Taiwan and South Korea climbed on AI optimism, and Japan advanced after the Prime Minister nominated two reflation‑focused academics to the Bank of Japan’s policy board, fuelling expectations of slow rate increases and keeping the yen weak. Precious metals strengthened with gold and silver rising on geopolitical tensions, China’s market return, and continued safe-haven demand. Dario Messi, Head of Fixed Income Strategy Research, explains why artificial intelligence could initially support bonds.

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

(00:28) - Markets wrap-up: Mike Rauber, Product & Investment Content

(06:02) - Bond market update: Dario Messi, Head of Fixed Income Research

(10:38) - Closing remarks: Helen Freer, Product & Investment Content

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Global markets were on edge yesterday as President Trump’s newly announced 15% global tariff triggered a sharp European response and fresh trade uncertainty. Equity markets across both Europe and the US struggled, with tech stocks hit particularly hard amid renewed concerns about AI disruption in the software sector. Defensive names, meanwhile, benefited from the flight to safety, alongside a strong move in gold. Asian markets painted a mixed picture. On today’s show, we are joined by Next Generation research analyst Damien Ng who shares an update on the implications of the emerging Alzheimer’s blood test and what it means for the genomics space.

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

(00:34) - Markets wrap-up: Lucija Caculovic, Product & Investment Content

(06:17) - Alzheimer's blood test impact on Genomics: Damien Ng, Next Generation Research

(11:25) - Closing remarks: Bernadette Anderko, Product & Investment Content

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The US Supreme Court struck down President Donald Trump’s global tariffs last week, dealing a blow to his administration’s centrepiece trade policy. The administration quickly signalled that it would pursue 10%, then 15% global tariffs. While equity markets rallied on Friday, risk sentiment has been dampened this morning as uncertainty about trade policy returns. Mensur Pocinci, Head of Technical Analysis, takes a step back from the limited geopolitical visibility and looks at what the charts on Treasury yields, the US dollar, and precious metals say. A fast, lively breakdown of what’s moving markets — tune in!

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

(00:57) - Markets wrap-up: Jan Bopp, Product & Investment Content

(06:28) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis

(08:37) - Closing remarks: Helen Freer, Product & Investment Content

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How sustainable is the narrow leadership of US equity markets? With aggressive AI-related capex plans raising concerns about long-term returns, investors have been reassessing concentrated positions in US mega cap technology and turning their attention elsewhere. What should be in focus as they look to broaden their portfolios?
In this edition of Moving Markets – The View Beyond, Bernadette Anderko is joined by Nenad Dinic, one of Julius Baer’s equity strategists, to discuss the drivers behind the current equity market rotation. They explore the broadening of market leadership beyond the AI-linked hyperscalers, the implications of massive capital expenditure plans, and the importance of selectivity within software and IT. The conversation also covers renewed investor interest in non-US equities, with a focus on Europe, Switzerland, Japan, and emerging markets, as well as sector preferences for healthcare, financials, and miners. Nenad shares why diversification is more critical than ever as investors position for the next phase of the cycle.

(00:00) - Introduction

(01:07) - Factors behind the improvement in market breadth

(03:35) - How AI is reshaping equity leadership  

(05:45) - Is the software selloff overdone?  

(08:12) - Diversification beyond US equities: Flows and drivers  

(09:20) - Regions benefiting from the broadening

(12:04) - Healthcare, financials, and miners  

(13:58) - Key takeaways

(14:27) - Closing remarks and legal disclaimer

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US and European equity markets fell yesterday following President Trump’s announcement that Iran has 10-15 days to reach a deal over its nuclear programme. This pushed oil prices up over USD 72/ barrel this morning. On the bright side, Indian and South Korean equity markets climbed today. US Futures are also higher ahead of key US data due out today, and the possibility of the announcement of the highly anticipated Supreme Court decision on the legality of Trump’s tariffs under the International Emergency Economic Powers Act. Fixed Income Research analyst Afonso Borges discusses expectations around the data and the court ruling as well as unpacking this week’s Fed minutes.

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

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

(05:58) - Bond market update: Afonso Borges, Fixed Income Research

(10:53) - 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.