Moving Markets

As Europe faces increasingly frequent and severe heatwaves, the implications extend far beyond discomfort. The rising temperatures are creating urgent challenges with regard to public health, economic resilience, and urban infrastructure. What does a warmer world mean for the way we live, work, and invest?
In this episode, Helen Freer is joined by Dr. Damien Ng, an analyst in Julius Baer’s Next Generation research team, to discuss how higher global temperatures are reshaping the risk landscape for populations and investors alike. The conversation explores how heatwaves are becoming a major public health concern, the mounting pressure on healthcare systems, and the economic impact of extreme heat. Dr. Ng also explains the concept of urban heat islands, and how innovations like sponge cities can help build resilience.

(00:00) - Introduction

(00:57) - Why heatwaves are a growing public health concern

(02:24) - Understanding the concept of excess deaths during heatwaves

(04:11) - The role of human-induced climate change

(05:29) - Implications for healthcare systems in Europe

(06:39) - The economic impact of heatwaves and other climate-related disasters

(07:41) - The heat island effect in cities

(08:46) - How sponge cities can build resilience

(09:47) - Investments needed to handle a hotter climate

(11:04) - The link between climate resilience and longevity

(11:20) - Key takeaways

(11:54) - Closing remarks

(12:28) - Legal information

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Global equities traded lower as oil prices surged in response to escalating tensions in the Middle East, while renewed concerns over AI-related capital expenditure weighed on investor sentiment. Although the European Central Bank left interest rates unchanged, expectations of further policy tightening later this year have strengthened, pushing bond yields higher across major markets. In today's episode, Tim Gagie, Head of FX Advisory in Geneva, shares his insights on the latest developments in foreign exchange and metals markets, and what they could mean for investors.

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

(00:27) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content

(06:30) - FX & metals update: Tim Gagie, Head of FX / Portfolio Management, Private Banking Geneva

(11:44) - Closing remarks: Helen Freer, Product & Investment Content

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Oil prices continue to surge as tensions between the US and Iran raise concerns about global energy supplies and economic growth. There were knock-on effects in bond markets with the 10-year US Treasury yield rising to a two-month high. Alphabet and Tesla were the first of the Magnificent 7 stocks to report earnings after the bell yesterday – both stocks fell in extended trading. At the European Central Bank meeting later today interest rates are expected to be held steady. Mathieu Racheter, Head of Equity Strategy Research, joins the show to provide an update on the Q2 earnings season so far and explains why the investment case for US banks remains.

(00:00) - Introduction: Jan Bopp, Product & Investment Content

(00:41) - Markets wrap-up: Helen Freer, Product & Investment Content

(07:26) - Earnings season update: Mathieu Racheter, Head of Equity Strategy Research

(10:53) - Closing remarks: Jan Bopp, Product & Investment Content

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Markets faced a fresh wave of geopolitical risk as the conflict involving the US, Iran and the Houthis escalated, pushing oil prices higher. Yet equities remained resilient, with positive corporate earnings and strength in semiconductors helping offset investor concerns. Elsewhere, the US announced a 50% tariff on a broad range of Canadian imports, Japan's yen weakened beyond 163 against the dollar despite intervention warnings, and competition intensified in the obesity drug market as Novo Nordisk sued Eli Lilly. Investors now await results from Alphabet and Tesla while continuing to monitor developments in the Middle East. We are also joined by Dario Messi, Head of Fixed Income Research, to discuss what to expect from tomorrow's ECB meeting and whether higher oil prices could prompt the ECB to adopt a more hawkish stance.

(00:00) - Introduction: Jan Bopp, Product & Investment Content

(00:48) - Markets wrap-up: Lucija Caculovic, Product & Investment Content

(07:56) - Fixed income update: Dario Messi, Head of Fixed Income

(11:07) - Closing remarks: Jan Bopp, Product & Investment Content

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Burnham's debut, bond market jitters and the future of AI in BioPharma Markets were relatively quiet yesterday, but developments in the UK drew investor attention. Prime Minister Andy Burnham's policy announcements sparked concerns over the fiscal outlook, sending gilt yields higher, while John Healey's appointment as Chancellor raised fresh questions about economic policy. Meanwhile, semiconductor stocks rebounded, and oil prices swung sharply. Damien Ng from our Next Generation Research team joins us to discuss why AI's impact on BioPharma is likely to unfold over the coming years, rather than quarters.

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

(00:34) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content

(07:08) - Genomics: Damien Ng, Next Generation Research

(13:21) - Closing remarks: Helen Freer, Product & Investment Content

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