Moving Markets

Unrest in France has escalated from student protests to broader concerns about public finances and long-term growth, putting French assets under pressure and raising questions about potential contagion across Europe. Investors are now assessing which sectors and asset classes are most exposed and whether the turmoil could trigger wider instability.
In this episode, Bernadette Anderko is joined by David Kohl, Chief Economist at Julius Baer, and Nenad Dinic, European Equity Strategist at Julius Baer, to analyse the drivers behind the French protests, the implications for French government bonds and equities, and the likelihood of spillover into other European markets. The discussion covers sector-specific risks, the impact of fiscal policy and political uncertainty, and what it would take for sentiment to improve. The episode concludes with reflections on the latest European Central Bank meeting and Christine Lagarde’s resignation.

(01:08) - What’s driving the French protests and why markets are reacting

(02:24) - Investor concerns: French government bonds and equities

(04:40) - Risk of contagion to other European assets

(06:07) - What rising French bond yields signal for investors

(07:32) - Which sectors and companies are most exposed?

(10:06) - Why have French equities underperformed?

(11:10) - Are there opportunities after the French equity sell-off?

(12:56) - What needs to change to improve France’s fiscal situation

(15:37) - ECB meeting takeaways and Christine Lagarde’s resignation

(17:35) - Closing remarks

(18:02) - Legal information

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Markets are digesting a major ECB surprise as Christine Lagarde announces her early departure while keeping the door open to another rate hike. Meanwhile, investors are rotating out of technology despite resilient US growth, with Alphabet, Amazon, and Intel all under pressure. We also discuss the risk-off mood sweeping Asia, the Bank of Japan's milestone inflation declaration, and the largest crypto hack on record. Tim Gagie, Head of FX and Precious Metals Advisory Geneva, joins us to discuss the euro, the sell-off in precious metals and the sharp move in the Brazilian real following the surprise election outcome.

(00:00) - Introduction: Bernadette Anderko, Product & Investment Content

(00:32) - Markets wrap-up: Mike Rauber, Product & Investment Content

(07:01) - FX & metals update: Tim Gagie, Head of FX and Precious Metals Advisory Geneva

(11:30) - Closing remarks: Bernadette Anderko, Product & Investment Content

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Chip stocks lifted US stock markets, helping them to close higher on Wednesday, but Alphabet and Samsung's earnings have since dampened investors' enthusiasm. The Bank of Canada raised rates by 25 basis points whilst the Fed stayed on hold. Today it's Europe's turn and the ECB is also expected to keep its powder dry. Gold dipped below the magic USD 4,000 per ounce this week and silver has fallen too. Carsten Menke, Head of Next Generation Research, offers his insights into what might be behind the moves, and shares his views on the longer-term outlook for both precious metals.

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

(00:31) - Markets wrap-up: Bernadette Anderko, Product & Investment Content

(06:44) - Gold and silver: Carsten Menke, Head of Next Generation Research

(11:16) - Closing remarks: Helen Freer, Product & Investment Content

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Anthropic’s IPO filing has reignited enthusiasm for the technology and semiconductor sectors, providing fresh momentum for the broader AI ecosystem ahead of earnings releases from Microsoft and Alphabet after the US market close today. Meanwhile, government bond yields are edging higher this morning as investors remain cautious ahead of policy meetings from the world's three major central banks in the coming days. In today’s episode, we are joined by Eirini Tsekeridou from Fixed Income Research and Nenad Dinic from Equity Strategy Research. They discuss what investors can expect from Brazilian President Luiz Inácio Lula da Silva’s fourth term in office and the key themes to watch as the European earnings season gathers pace, respectively.

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

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

(06:29) - Brazilian bonds: Eirini Tsekeridou, Fixed Income Research

(09:34) - European earnings season: Nenad Dinic, Equity Strategy Research

(13:04) - Closing remarks: Helen Freer, Product & Investment Content

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Global equities rallied as optimism around artificial intelligence returned to the market, with Anthropic's IPO filing helping to revive sentiment toward the sector. Also, Meta announced massive fundraising plans. A circuit breaker was triggered in Brazil as stock markets plunged after the surprise re-election of President Lula da Silva. Today, Asian markets are mixed but South Korea's KOSPI gained on the revival of the AI trade. The Fed begins its latest policy meeting in what is a crucial week for central bank meetings and earnings. Dr. Damien Ng joins the podcast today to discuss wearables and how they are evolving into a tool to help people make better decisions about their health.

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

(00:38) - Markets wrap-up: Helen Freer, Product & Investment Content

(07:17) - Wearables; from fitness tracking to healthcare infrastructure: Dr. Damien Ng, Next Generation

(11:15) - Closing remarks: Roman Canziani, Head of 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.