Moving Markets

With geopolitical uncertainty and market volatility top of mind, investors are seeking tools to help navigate an increasingly complex landscape. How can structured products add value to portfolios in this environment?
In this episode of Julius Baer’s Moving Markets: The View Beyond podcast, Helen Freer is joined by Yves Klenk, Head of Client Coverage and Advisory, and Maximiliano Ranieri, Head of Structured Products Solutions Sales Geneva, to discuss the role of structured products in portfolios today. The conversation covers the current macroeconomic backdrop, the scenarios where structured products can complement traditional investments, and the four main categories of structured products. The discussion also addresses the significance of volatility with structured products, the key risks to consider, as well as which solutions are resonating in particular with investors right now.
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The US Federal Reserve remains on hold but is the most divided since 1992. Kevin Warsh advanced in a key Senate vote to become the new chairman of the Fed next month. The ascent of the oil price continues amid reports of another military escalation. Major US technology firms reaffirmed heavy AI investment in their earnings releases, but results differed sharply across the companies reporting yesterday: Alphabet, Meta, Amazon, and Microsoft. Norbert Rücker, Head of Economics and Next Generation, talks about the UAE’s decision to leave OPEC amid tectonic shifts in the oil market and our outlook for oil as storage is declining. Mathieu Racheter, Head of Equity Strategy, notes that geopolitics are not derailing the earnings season.

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

(00:38) - Markets wrap-up: Mike Rauber, Product & Investment Content

(06:18) - Oil/OPEC: Norbert Rücker, Head of Economics & Next Generation Research

(12:05) - Q1 earnings season update: Mathieu Racheter, Head of Equity Strategy Research

(17:14) - Closing remarks: Helen Freer, Product & Investment Content

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Oil prices surged above USD 110 on supply concerns stemming from the stalled Iran war and news of an extended blockade of Iran. The rally was capped by historic news that the UAE will exit OPEC. In equities, AI-driven gains faltered amid questions about OpenAI’s growth prospects. With mega-cap technology firms Alphabet, Amazon, Meta, and Microsoft set to report earnings today, attention will also turn to the Federal Reserve’s policy decision at Jerome Powell’s final meeting as Chair, setting the stage for a pivotal rest of the week. Dario Messi, Head of Fixed Income Research, explains why he does not expect much from the Fed at this point and why tomorrow’s ECB meeting will be more interesting for markets.

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

(00:25) - Markets wrap-up: Jan Bopp, Product & Investment Content

(05:55) - Bond market update: Dario Messi, Head of Fixed Income Research

(09:50) - Closing remarks: Helen Freer, Product & Investment Content

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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

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.