Moving Markets

The S&P 500 and Nasdaq closed at record highs in a broad-based rally, while lower bond yields and oil prices supported European equities. Overnight, renewed Middle East tensions pushed oil prices higher and weighed on Asian markets. Dario Messi, Head of Fixed Income Research, notes that French fiscal risks are justified, but markets already reflect a fairly pessimistic outlook. The key question is whether the situation in France spills over to other eurozone countries. Mathieu Racheter, Head of Equity Strategy, highlights the high hurdle for next week's US earnings season. Key areas to watch include bank earnings, hyperscaler capital expenditure, and signs of AI-driven productivity gains extending beyond the technology sector.

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

(00:34) - Markets wrap-up: Mike Rauber, Product & Investment Content

(06:20) - Fixed income update: Dario Messi, Head of Fixed Income Research

(09:41) - Q3 earnings season preview: Mathieu Racheter, Head of Equity Strategy Research

(13:37) - Closing remarks: Lucija Caculovic, Product & Investment Content

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Equity markets started the week on a strong note, with both European and US stock indices posting solid gains. France proved the notable exception, however, as French equities and government bonds came under pressure amid growing concerns about the government’s ability to rein in the budget deficit ahead of the 2027 elections. In today’s episode, we are joined by Dr Damien Ng from our Next Generation Research team, who shares his latest insights into the remarkable scientific advances and shifting landscape in the fight against obesity, one of the most significant healthcare themes of our time.

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

(00:32) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content

(07:17) - Obesity drugs – Future Health: Damien Ng, Next Generation Research

(12:22) - Closing remarks: Lucija Caculovic, Product & Investment Content

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Equity markets rallied on Friday after a surprisingly weak US jobs report fuelled hopes that the Federal Reserve may remain on hold for longer. However, enthusiasm was tempered by another rise in Treasury yields, with the US 10-year yield hovering near multi-decade highs. Meanwhile, geopolitical tensions in the Middle East remain elevated, keeping investors focused on energy markets despite a coordinated release of emergency fuel reserves by G7 countries. In today's show, Mensur Pocinci, Head of Technical Analysis, shares his views on European equities, the euro, and what the current market environment means for investors.

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

(01:36) - Markets wrap-up: Lucija Caculovic, Product & Investment Content

(08:35) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis

(11:51) - Closing remarks: Roman Canziani, Head of Product & Investment Content

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With the US 10-year treasury yield recently crossing the 5% threshold and the Federal Reserve maintaining a hawkish stance, bond investors are facing heightened volatility and a rapidly shifting landscape. Are higher yields a warning sign of greater risk, or do they present new opportunities for portfolio construction?
In this episode, Rishabh Saksena, Co-Head of Global Asset Class Specialists at Julius Baer, is joined by Dario Messi, Head of Fixed Income Research. Together, they dissect the drivers behind the recent surge in yields, the implications of monetary policy repricing, and the nuanced impact of a more hawkish Fed across the yield curve. The conversation covers duration preferences, the outlook for inflation and credit, the appeal of US investment-grade bonds, and the effects of increased bond issuance from sectors such as hyperscalers.
This episode was recorded on September 28, 2026.

(00:00) - Introduction

(01:22) - What’s driving the move in yields?

(02:42) - Investor concerns and opportunities in fixed income

(03:45) - Why a hawkish Fed can support parts of the bond market

(05:26) - Outlook for the Fed and interest rates into 2027

(06:23) - Duration preferences and the case for intermediate maturities

(08:35) - Appetite for longer-dated bonds and portfolio construction trends

(10:07) - Implications of a sustained 5%+ US treasury yield

(11:48) - Inflation risks and expectations for 2027

(13:00) - Is corporate credit still attractive at current valuations?

(14:24) - Impact of increased bond issuance from hyperscalers

(15:48) - Key takeaways for fixed income investors

(16:53) - Closing remarks

(17:34) - Legal information

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Markets endured a turbulent start to the fourth quarter as a global bond sell-off pushed US Treasury yields to their highest level since 2002 and intensified concerns over French public finances. European equities came under pressure, while US stocks recovered late in the session. Oil prices surged on supply concerns and geopolitical tensions, adding to inflation worries ahead of today's closely watched US payrolls report. In today's show, Tim Gagie, Head of FX Advisory in Geneva, discusses the outlook for the US dollar, the euro and precious metals.

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

(00:28) - Markets wrap-up: Lucija Caculovic, Product & Investment Content

(07:03) - FX & metals update: Tim Gagie, Head of FX & Precious Metals Sales Geneva

(11:32) - 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.