Global stock markets experienced a positive day yesterday, bolstered by impressive earnings reports – including those from ABB – and favourable macroeconomic data from the US. The latter indicated a resilient retail sector, underpinned by a strong US consumer. As a result, the S&P 500 and the Nasdaq Composite both closed at record highs. In Asia, however, the outlook is more mixed, with attention centred on Japan ahead of its upper house elections this weekend. On the commodities front, oil prices remain steady, whereas gold has edged down slightly this morning. Meanwhile, Bitcoin and the US dollar have both appreciated. We are joined today by Bence Boldvai from FX/PM Solutions, who discusses the latest developments in currencies and metals.(00:00) - Introduction: Helen Freer, Investment Writing
(00:25) - Markets wrap-up: Lucija Caculovic, Investment Writing
(07:26) - FX and metals: Bence Boldvai, FX/PM Solutions
(11:07) - Closing remarks: Helen Freer, Investment Writing
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12:21
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12:21
Trump escalates attack on Fed independence
The US President’s comments regarding potentially firing Fed Chair Jerome Powell sparked market volatility. The initial reaction was swift, with the dollar and stocks tumbling, but the market later showed resilience with the S&P 500 rising. Strong US bank earnings and mixed inflation signals added to the complex picture. Global trade tensions weighed on European stocks, with shares of ASML and Renault plunging, while in Asia, TSMC came out with strong results. Manuel Villegas, Next Generation Research, provides some impressive numbers behind Bitcoin’s march to a new all-time high.(00:00) - Introduction: Helen Freer, Investment Writing
(00:24) - Markets wrap-up: Mike Rauber, Investment Writing
(06:39) - Digital assets: Manuel Villegas, Next Generation Research
(10:40) - Closing remarks: Helen Freer, Investment Writing
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11:51
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11:51
Tariffs have arrived in US inflation data
Stocks retreated in response to US inflation data, which met expectations but showed that tariffs have arrived in inflation figures. The earnings season has started with mixed bank earnings dragging down broader equity markets, while the tech heavy Nasdaq reached a record high on gains by chip giant Nvidia. This followed the US decision to ease restrictions on selling AI chips to China. Mathieu Racheter, Head of Equity Strategy, shares his insights on what to expect from the earnings season and why he sees more upside potential for the defence sector. And Dario Messi, Head of Fixed Income Research, explains why Japanese bond yields increased so strongly and Japan’s election this weekend remains a risk event.(00:00) - Introduction: Roman Canziani, Head of Investment Writing
(00:52) - Markets wrap-up: Jan Bopp, Investment Writing
(06:14) - Fixed income update: Dario Messi, Head of Fixed Income Research
(11:52) - Earnings season update: Mathieu Racheter, Head of Equity Strategy Research
(16:21) - Closing remarks: Roman Canziani, Head of Investment Writing
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17:33
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17:33
Markets take a wait-and-see stance amid escalating trade tensions
Markets take note of the escalating trade tensions, yet their response appears surprisingly subdued. The US dollar has edged upwards, just like global long-term yields, and stock prices have dipped slightly. Investors seem to be adopting a cautious stance, awaiting the ongoing developments and hoping that some political flexibility can be maintained until 1 August. In addition, Richard Tang, Head of Research in Hong Kong, discusses the specific drivers of China's onshore and offshore markets, as well as the potential significance of Japan's upcoming upper-house elections for the country's government.(00:00) - Introduction: Helen Freer, Investment Writing
(00:28) - Markets wrap-up: Roman Canziani, Head of Investment Writing
(06:29) - Asia update: Richard Tang, Head of Research Hong Kong
(16:07) - Closing remarks: Helen Freer, Investment Writing
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17:14
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17:14
US stocks and Bitcoin reach new records
US equities reach another record high as investors downplay tariff concerns, buoyed by a positive forecast from Delta Airlines. Bitcoin soars to a new all-time high, exceeding USD 118,000. European shares see modest gains, with the Swiss market leading the way due to advancements in healthcare, and the UK market rising on the back of strong commodity performance following the announcement of the US copper tariffs. The original Hermès Birkin handbag is sold for EUR 8.58 million. According to Thomas Caflisch, Head of FX & PM Solutions, the US dollar's downward trend remains in place, although he notes that July and August are typically not periods of strong trends.(00:00) - Introduction: Helen Freer, Investment Writing
(00:25) - Markets wrap-up: Mike Rauber, Investment Writing
(06:15) - FX and metals: Thomas Caflisch, Head of FX/PM Solutions
(08:57) - Closing remarks: Helen Freer, Investment Writing
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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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