Moving Markets

While European markets proved more resilient, US equities declined amid renewed escalation in the Middle East and fresh inflation data highlighting mounting pressure on US household budgets, driven in part by higher energy costs. In today’s episode, Carsten Menke, Head of Next Generation Research, shares his outlook on gold and silver in this environment. We also hear from Dario Messi, Head of Fixed Income Research, who previews the European Central Bank’s upcoming rate decision and discusses the implications for investors.

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

(00:41) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content

(06:16) - Update on gold: Carsten Menke. Head of Next Generation Research, Product & Investment Content

(09:42) - ECB expectations & investment impact: Dario Messi, Head of Fixed Income Research

(12:56) - Closing remarks: Bernadette Anderko, Product & Investment Content

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Markets saw a cautious session yesterday, as investors remained on edge amid ongoing Middle East uncertainty, with both European and US equities ending broadly lower. Overnight, tensions escalated sharply, with US strikes on Iran followed by retaliatory actions across the Gulf, placing further strain on an already fragile ceasefire. Despite these developments, oil prices remained relatively contained. Macro data painted a mixed but broadly stable picture, with solid US housing demand, a sharply narrowing trade deficit, and modest growth signals from Europe. In Asia, rising producer prices in China and Japan highlighted ongoing cost pressures, keeping central banks in focus. Today, we were joined by Mathieu Racheter, Head of Equity Strategy Research, who discussed the revival of the IPO market and what investors should watch for in the months ahead.

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

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

(07:02) - The great IPO comeback: Mathieu Racheter, Head of Equity Strategy Research

(14:15) - Closing remarks: Jan Bopp, Product & Investment Content

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European equities closed off their lows as oil reversed most of its early 5% gain after easing Middle East tensions, leaving Brent near USD 94. Weak German factory orders weighed on sentiment, while stocks diverged, with Zealand Pharma down 23% and Banca Monte dei Paschi up 13% on takeover news. In the US, technology led gains as chip stocks rebounded, though sentiment softened after Apple’s developer conference. Strong demand for SpaceX’s IPO and OpenAI’s filing point to a solid pipeline. Asian markets followed the tech rebound, led by Korea and Japan, while Hong Kong lagged and China reported stronger-than-expected trade data. Biotech deal activity remained strong, while inflation concerns kept rate hike expectations elevated, with muted moves in precious metals and FX. Enrico Chinello, Next Generation Research, joined to discuss rising opposition to data centres in the US, and what it could mean for investors.

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

(00:28) - Markets wrap-up: Mike Rauber, Product & Investment Content

(06:42) - Growing data centre opposition: Enrico Chinello, Next Generation Research

(10:03) - Closing remarks: Roman Canziani, Head of Product & Investment Content

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The market reaction to Friday’s better-than-expected US jobs report started bad and got worse. The Nasdaq closed down 4.2%, marking its steepest decline since April 2025, following ‘Liberation Day’. The sell-off spread to Asia this morning, where investors slammed the brakes on the red-hot AI rally. South Korea’s KOSPI fell by more than 8%, triggering circuit breakers. Mensur Pocinci, Head of Technical Analysis, explains why he thinks the latest weakness in tech is a well-deserved pause, and why gold is on the watch list.

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

(00:21) - Markets wrap-up: Jan Bopp, Product & Investment Content

(06:44) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis

(10:39) - Closing remarks: Bernadette Anderko, Product & Investment Content

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The role of a Chief Investment Officer is multifaceted – acting as both the guardian and the architect of a company’s investment process, and preventing people from making mistakes that might destroy value. A key requisite for the job is the ability to stay calm amid the panic when a global crisis hits.
In this special edition of The View Beyond, produced jointly with the World Economic Forum's Radio Davos, Bernadette Anderko and WEF Editor Robin Pomeroy sit down with Julius Baer's Group CIO Yves Bonzon to explore the history and nature of recent crises. Yves has spent more than three decades steering portfolios through other people's worst weeks: the crash of '87, the Asian crisis 10 years later, 2008’s Global Financial Crisis, COVID, the tariff wars, and now of course the war in Iran. He explains why each crisis provides opportunities to make a difference. After all, in the face of a crisis, a CIO must decide: is history repeating itself, or is a new paradigm emerging?

(00:00) - Introduction: A special joint episode from Julius Baer and Radio Davos

(02:02) - Crisis navigation: Every crisis is different

(03:30) - Exogenous vs. endogenous shocks

(06:48) - Oil, markets, and resilience

(11:31) - Looking back to the financial crisis of 2008

(13:50) - Crises are opportunities to make a difference

(16:25) - Balancing risk mitigation and opportunity

(20:26) - Liquidity events in turbulent times

(22:32) - Private markets vs. public markets

(23:34) - When does a crisis become a crisis?

(29:29) - How crises and responses have evolved since the 1980s

(33:04) - Emotional decisions and the cost of anchoring

(35:18) - Education, discipline, and the importance of process

(38:47) - Closing remarks and legal disclaimer

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Radio Davos is the flagship weekly podcast from the World Economic Forum. Get it on any podcast app:https://pod.link/1504682164. Find all Forum podcasts at  wef.ch/podcasts and YouTube(https://www.youtube.com/@wef/podcasts).