Moving Markets

Equity markets in 2026 have delivered a volatile ride, with a strong rebound pushing most major indices into positive territory. But as investor focus narrows on AI and the so-called Magnificent Seven, where should attention shift for the remainder of the year—and what risks are hiding in plain sight?
In this episode, Ayako Lehmann, Head of Webcasts & Video, is joined by Philipp Lienhardt, Head of Equity Research at Julius Baer, for a deep dive into the drivers of equity market performance in 2026. They discuss regional and sector standouts, the breadth of earnings growth beyond mega cap technology stocks, and the implications of increasing market concentration. The conversation covers sector positioning—why financials, health care, and communications remain overweight—and explores the outlook for subsectors including retail banks, payment networks, pharma, biotech, MedTech, and telecom operators. Philipp also shares practical guidance on avoiding common equity investing mistakes as year-end approaches.

(00:00) - Introduction

(01:02) - Equity market performance in 2026

(02:47) - Sector winners and laggards year to date

(04:10) - Key surprises from the latest earnings season

(05:45) - The challenge of beating market expectations

(06:05) - Concentration risk and the AI-driven rally

(08:28) - Equity research process and sector ranking

(10:44) - Overweight sectors: financials, health care, communications

(12:31) - Financials: retail banks, payment networks, rating agencies

(12:39) - Health care: pharma, biotech, MedTech

(17:29) - Communications: internet platforms, telecom operators, AI infrastructure

(20:49) - Year-end investing mistakes to avoid

(23:17) - Closing remarks

(23:43) - Legal information

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Markets rebounded after three tough sessions, fuelled by a reassuring Federal Reserve, easing yields, and falling oil prices. Julius Baer Chief Economist David Kohl breaks down what the latest Fed decision means for the US economy and shares his expectations for the Bank of Japan following its overnight rate hike. Meanwhile, Tim Gagie, Head of FX Advisory in Geneva, explores the implications for the US dollar and explains why gold continues to shine.

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

(00:52) - Markets wrap-up: Jan Bopp, Product & Investment Content

(06:52) - Fed and BOJ: David Kohl, Chief Economist

(13:43) - FX & metals update: Tim Gagie, Head of FX & Precious Metals Sales Geneva

(17:55) - Closing remarks: Lucija Caculovic, Product & Investment Content

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The US Federal Reserve raised interest rates by 25 basis points to 3.75%-4.00%, its first hike in three years. The accompanying projections and comments from Fed Chair Kevin Warsh signalled a hawkish tilt. Markets responded by raising expectations for another rate hike by year-end, lifting the USD and short-term Treasury yields, while gold held up well. Equities weakened overall, although losses were relatively modest outside the Dow Jones. Norbert Rücker, Head of Economics and Next Generation Research, discusses high oil, but even higher, diesel prices and why political interference is unlikely to derail the energy transition. Fixed income strategist, Afonso Borges, notes that bond markets have taken the Fed's communication mostly positively.

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

(00:47) - Markets wrap-up: Mike Rauber, Product & Investment Content

(05:40) - Energy markets update: Norbert Rücker, Head of Economics & Next Generation Research

(10:35) - Fixed income update: Afonso Borges, Fixed Income Research

(13:43) - Closing remarks: Bernadette Anderko, Product & Investment Content

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Rising oil prices and higher inflation concerns dominated markets as investors prepared for the Federal Reserve's highly anticipated rate decision. Treasury yields climbed to multi-decade highs, with the US 10-year yield breaching 5%, while government bond yields moved sharply higher across Europe and Asia. Equity markets struggled under the weight of rising rates, although energy stocks outperformed as oil prices rallied on supply disruption fears. In today's show, we discuss the key market drivers ahead of the Fed meeting and are joined by Mathieu Racheter, Head of Equity Strategy Research, who explains the latest changes to Swiss equity indices and examines what the recent rise in bond yields could mean for equity investors.

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

(00:48) - Markets wrap-up: Lucija Caculovic, Product & Investment Content

(07:59) - Equity market update: Mathieu Racheter, Head of Equity Strategy

(12:23) - Closing remarks: Jan Bopp, Product & Investment Content

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Oil prices and global bond yields continued their ascent on Monday and the US 10-year treasury yield has hit the 5.02% this morning - a level not seen since 2007. Markets are now pricing in a 92% probability of a rate hike at tomorrow's FOMC meeting. And with expectations amongst traders growing that this will just be the first hike in a cycle, Kevin Warsh's statement after the meeting will be even more closely scrutinised than normal. With AI headlines a key driver of global equity market in the last 24 hours, tune in to today's podcast to hear Next Generation research analyst Enrico Chinello's view on the unfolding situation and what it means for investors.

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

(00:41) - Markets wrap-up: Bernadette Anderko, Product & Investment Content

(06:14) - AI - pacing the frontier?: Enrico Chinello, Next Generation

(13:06) - 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.