Moving Markets

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

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European stocks climbed to new highs as investors responded positively to solid corporate earnings. Meanwhile, the latest Federal Reserve minutes revealed a divided stance among US monetary policymakers. In Asia, South Korea’s Kospi index - often seen as a bellwether for AI-related trades - surged to a fresh record amid easing concerns over AI‑driven disruption. In today’s episode, Carsten Menke, Head of Next Generation Research, discusses the emerging winners and losers as agentic AI reshapes the software sector.

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

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

(05:55) - AI and software: Carsten Menke, Head of Next Generation Research

(09:50) - Closing remarks: Helen Freer, Product & Investment Content

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As US markets returned from the holiday, volatility re-emerged across AI-linked equities. Europe showed resilience but commodities fell on easing geopolitics. In precious metals, volatility remains elevated due to thin trading during Asian hours amid the Lunar New Year holiday. Tim Gagie, Head of FX Advisory in Geneva, talks about what that means for gold and silver going forward and why dips in AUD and NZD are looking like an opportunity. A fast, lively breakdown of what’s moving markets – tune in!

(00:00) - Introduction: Lucija Caculovic, Product & Investment Content

(00:34) - Markets wrap-up: Jan Bopp, Product & Investment Content

(06:00) - FX & metals update: Tim Gagie, Head of FX/PM PB Geneva

(10:21) - Closing remarks: Lucija Caculovic, 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.