Moving Markets

Markets started the week on a cautious note as geopolitics, central bank meetings and rising oil prices kept risk appetite in check. European equities slipped, while US indices hovered near record highs, supported by big tech, despite a pause in the semiconductor rally. AI remained firmly in focus after OpenAI signalled a shift in its relationship with Microsoft. Outside of tech, energy markets drew attention as Shell announced a major acquisition to boost long‑term production. Bond yields edged higher in the US, as investors positioned ahead of the Fed, while commodities stayed volatile and Asian markets were mixed following the Bank of Japan’s decision to keep rates unchanged. Today we are joined by Carsten Menke, Head of Next Generation Research, for a discussion on AI, hyperscalers and the capex wave.

(00:00) - Introduction: Roman Canziani, Head of Product & Investment Content

(00:38) - Markets wrap-up: Lucija Caculovic, Product & Investment Content

(06:55) - AI, hyperscalers & the capex wave: Carsten Menke, Head of Next Generation

(10:31) - Closing remarks: Roman Canziani, Head of Product & Investment Content

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Markets have kicked off the week on a strong note, with Asian - particularly tech - stocks rallying amid renewed diplomatic efforts to ease tensions in the Middle East and an exceptionally robust earnings season. The days ahead will be pivotal, with major central banks delivering key monetary policy decisions and several members of the “Magnificent 7” set to report earnings. In this episode, we’re joined by Markus Wachter from Technical Analysis, who shares why he believes both equity markets and gold still have room to run.

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

(00:38) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content

(06:49) - Technical Analysis update: Markus Wachter, Technical Analysis

(09:35) - Closing remarks: Jan Bopp, Product & Investment Content

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In an environment marked by higher inflation, geopolitical uncertainty and increased market volatility, private infrastructure is regaining focus as a resilient allocation.
In this episode of Moving Markets: The View Beyond, William Fong, Head of Alternatives Specialists Asia & Middle East at Julius Baer, speaks with Daniel McCormack, Head of Research at Macquarie Asset Management's Client Solutions Group, about the shifting global macro landscape and how private infrastructure can play a vital dual role in portfolios - providing resilience through inflation linkage and essential services, while positioning investors for long‑term growth driven by digitalisation, AI‑led data demand, the energy transition and evolving supply chains.

(00:00) - Introduction

(01:16) - The shifting global macro landscape

(03:37) - Why private infrastructure matters in an age of volatility

(04:45) - Infrastructure sub-sectors that look promising

(06:40) - Macquarie's infrastructure origins

(09:21) - Opportunities in debt investment

(11:05) - Inflation-hedging properties of infrastructure

(13:15) - Private vs public infrastructure

(14:59) - Opportunities in the transport sector

(17:22) - The inflationary impact of shifting supply chain dynamics

(18:48) - Digitalisation, AI and data

(20:23) - Is AI in a bubble?

(23:29) - The growing energy demand

(26:04) - Rising power prices and inflation

(27:43) - Is it too late to get into infrastructure?

(31:38) - Closing

Global markets sent mixed signals as US data pointed to surprising resilience, while the eurozone slipped back into contraction. Rising energy prices remain a key concern, driving inflation pressures and weighing on confidence. Equity markets reflected this caution yesterday, with US tech stocks pulling back as several software names underperformed after reporting earnings. Meanwhile, signs of Swiss National Bank FX intervention are emerging, while oil prices continue to climb and gold has moved lower. Asia‑Pacific markets were mostly weaker, with Japan the notable exception following firmer inflation data ahead of next week’s Bank of Japan meeting. Joining our show today is Tim Gagie, Head of FX Advisory in Geneva, with the latest insights on currencies and metals.

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

(00:28) - Markets wrap-up: Lucija Caculovic, Product & Investment Content

(07:18) - FX & metals update: Tim Gagie, Head of FX/PM PB Geneva

(11:36) - 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.

New record highs were set in the US trading session on Wednesday as markets embraced the ceasefire extension and more strong Q1 earnings. But despite Asian markets rallying at the open, they failed to hold onto their gains as investors’ focus returned to the fact that the Strait of Hormuz effectively remains closed for business. As EU leaders meet to discuss how to address the energy price shock, Norbert Rücker, Head of Economics & Next Generation Research, explains why he believes that Europe’s energy resilience is overlooked – not only is the continent exiting the heating season but drivers are increasingly refuelling their cars with electricity rather than petrol. Tune in to find out more!

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

(00:25) - Markets wrap-up: Bernadette Anderko, Product & Investment Content

(06:13) - Energy market update: Norbert Rücker, Head of Economics & Next Generation Research

(09:32) - 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.