Moving Markets

After tensions rose again in the Middle East over the weekend, news yesterday that US envoys will travel to Doha for fresh talks with Iran today allowed markets room to rally. The Dow Jones, which now includes Alphabet, ended yesterday’s session above 52,000 for the first time. Asia continued the rally overnight with the Kospi set to exceed a 105% year-to-date performance by the end of its session. Meanwhile, the yen fell to a 40-year low against the US dollar. And, as Europe melts in the midst of the highest June temperatures on record, Carsten Menke, Head of Next Generation Research, joins the podcast today to talk about the economic impact of climate change, why ‘sponge’ cities are being developed, and what the implications are for investors.

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

(00:27) - Markets wrap-up: Bernadette Anderko, Product & Investment Content

(05:06) - Future cities and the heatwave: Carsten Menke, Head of Next Generation Research

(10:21) - Closing remarks: Helen Freer, Product & Investment Content

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US-Iran tensions eased over the weekend, supporting risk sentiment going into the new week. However, Asian markets are mixed despite South Korea's pledge of major semiconductor investment, as tech sector concerns temper enthusiasm. Markus Wachter from our Technical Analysis team talks about the change in the technical picture of the US dollar, why they do not expect the S&P 500 to fall into correction territory, and the outlook for gold. Meanwhile, Richard Tang, Head of Research Hong Kong, gives an update on Asian equity markets, including his thoughts on why China’s stock market has been disappointing lately.

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

(01:01) - Markets wrap-up: Jan Bopp, Product & Investment Content

(06:47) - Technical Analysis update: Markus Wachter, Technical Analysis Research

(09:22) - Asia update: Richard Tang, Head of Research Hong Kong

(15:40) - 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.

With 2026 at its midpoint, investors are navigating an environment marked by geopolitical tensions, persistent inflation, and shifting growth dynamics across major economies. How are asset allocators responding, and what does this mean for portfolio construction in the months ahead?
In this episode of The View Beyond, Ayako Lehmann is joined by David Kohl, Chief Economist, and Yves Klenk, Head of Client Coverage and Advisory, to examine the mid-year market outlook from an investor’s perspective. The discussion covers the impact of ongoing conflicts on commodity prices, the evolution of inflation expectations, and why Europe’s growth outlook is finally turning a corner. The conversation also explores the implications for equity and fixed income allocations, the realities of the AI investment boom, and the case for diversifying away from US dollar assets. The episode concludes with a look at private markets, infrastructure, and the enduring role of gold in portfolios.
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.

There was a mixed picture in financial markets yesterday as persistent US inflation continues to test the Federal Reserve’s patience. European equities climbed to fresh record highs, boosted by healthcare and chip stocks, while US markets diverged, with tech weakness weighing on the Nasdaq. Overnight, Asia-Pacific markets came under pressure, led by sharp declines in Japan and South Korea, while oil volatility continues amid uncertainty around the Strait of Hormuz. In today’s show, we are joined by Tim Gagie, Head of FX Advisory in Geneva, who shares his views on the US dollar, gold and broader currency dynamics.

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

(00:27) - Markets wrap-up: Lucija Caculovic, Product & Investment Content

(06:17) - FX & metals update: Tim Gagie, Head of FX/PM PB Geneva

(11:23) - 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.

Not only did Micron’s fiscal Q3 earnings exceed expectations yesterday, but the company also guided for current-quarter revenue of USD 50 billion, positively surprising analysts and investors and boosting its share price by 16%. The euphoria around the announcement spilled over into other chip names, and Asia’s markets, excluding Hong Kong, all rallied overnight. Oil prices and bond yields have fallen as flows through the Strait of Hormuz have continued to ramp up, and expectations of rate hikes have receded. Today’s PCE reading in the US might provide more clues. Carsten Menke, Head of Next Generation Research, joined today’s podcast to share his thoughts on gold’s continued dive. He explains why such sharp and swift moves point to flows rather than fundamentals, and shares why he remains constructive longer-term.

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

(00:28) - Markets wrap-up: Bernadette Anderko, Product & Investment Content

(06:33) - Gold and silver: Carsten Menke, Head of Next Generation Research

(12:23) - 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.