Moving Markets

Burnham's debut, bond market jitters and the future of AI in BioPharma Markets were relatively quiet yesterday, but developments in the UK drew investor attention. Prime Minister Andy Burnham's policy announcements sparked concerns over the fiscal outlook, sending gilt yields higher, while John Healey's appointment as Chancellor raised fresh questions about economic policy. Meanwhile, semiconductor stocks rebounded, and oil prices swung sharply. Damien Ng from our Next Generation Research team joins us to discuss why AI's impact on BioPharma is likely to unfold over the coming years, rather than quarters.

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

(00:34) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content

(07:08) - Genomics: Damien Ng, Next Generation Research

(13:21) - Closing remarks: Helen Freer, Product & Investment Content

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Semiconductor stocks have plunged more than 20% from their recent highs, officially entering bear market territory after China’s Moonshot launched its Kimi K3 model sparking fears of intensifying global competition. Amid rising concerns over stretched valuations, geopolitical risks, and a critical earnings week ahead – including reports from Alphabet, SK Hynix, and Tesla – markets stand at a crossroads. Mensur Pocinci, Head of Technical Analysis, explains why the long-term uptrend of semiconductors remains intact despite the sell-off and what this means for broader equity markets.

(00:00) - Introduction: Lucija Caculovic, Product & Investment Content

(00:38) - Markets wrap-up: Jan Bopp, Product & Investment Content

(06:38) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis

(09:13) - Closing remarks: Lucija Caculovic, Product & Investment Content

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After a sharp correction in AI-related stocks across Asia, investors are reassessing one of the market's strongest themes of the past year. In China, many AI and semiconductor-related names have fallen significantly from their recent highs, prompting debate over whether the pullback is creating a buying opportunity or signalling a more prolonged period of volatility.
 
In this episode, Richard Tang speaks with Hong Hao, Managing Partner and CIO of Lotus Asset Management, about the outlook for China's equity market following the recent AI sell-off. They discuss whether the correction has further to run, the prospects for a rotation into internet and other old economy names, and what recent economic data means for expectations around policy support in the second half of the year.
 
The conversation also explores the implications of a more hawkish US Federal Reserve under Kevin Warsh, and what this could mean for inflation expectations, interest rates and global asset prices. They also discuss the outlook for the renminbi amid strong export growth and China's expanding trade surplus.
 
This episode was originally recorded on 15 July 2026.

(00:29) - China's AI correction: buy the dip or wait?

(03:05) - Are AI fundamentals still intact? What’s the near-term outlook?

(04:48) - China's IPO activity, liquidity conditions and market rotation

(06:05) - Can China's internet and old economy names catch up?

(07:48) - China's policy outlook after the latest economic data

(11:14) - The Fed under Kevin Warsh and the outlook for rates

(14:18) - China's exports and the long-term case for RMB appreciation

Equity markets weakened as continued losses in semiconductor stocks and ongoing tensions in the Middle East weighed on risk sentiment, pushing major indices firmly into negative territory. At the same time, recent economic data highlighted the resilience of the US economy, adding another layer of complexity to the market outlook. Meanwhile, Netflix shares came under pressure in after-hours trading after the company forecast slower revenue growth. In today’s episode, Tim Gagie, Head of FX Advisory in Geneva, joins us to discuss the latest moves in gold and the British pound, what's driving these markets, and the key levels investors should keep on their radar.

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

(00:25) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content

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

(10:55) - 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.

The current earnings season is seeing some bright spots, such as the Swiss luxury retailer Richemont and the US asset manager BlackRock. US producer prices came in below expectations, continuing to ease inflation concerns. In Asia, a rotation continues from this year's winners, Japan and South Korea, towards laggards such as Hong Kong, while South Korean regulators announced plans to address volatility linked to leveraged ETFs tied to SK Hynix and Samsung Electronics. The US dollar stabilised after recent weakness and sterling rose to a one-year high. Meanwhile, Norbert Rücker, Head of Economics and Next Generation Research, discusses why oil continues to flow through the Strait of Hormuz despite renewed regional tensions, why European natural gas prices remain elevated, and why gold has been largely unmoved by softer inflation data.

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

(00:27) - Markets wrap-up: Mike Rauber, Product & Investment Content

(07:00) - Commodities update: Norbert Rücker, Head of Economics & Next Generation Research

(13:18) - 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.