Moving Markets

Not only did Micron’s fiscal Q3 earnings exceed expectations yesterday, but the company also guided for current-quarter revenue of USD 50 billion, positively surprising analysts and investors and boosting its share price by 16%. The euphoria around the announcement spilled over into other chip names, and Asia’s markets, excluding Hong Kong, all rallied overnight. Oil prices and bond yields have fallen as flows through the Strait of Hormuz have continued to ramp up, and expectations of rate hikes have receded. Today’s PCE reading in the US might provide more clues. Carsten Menke, Head of Next Generation Research, joined today’s podcast to share his thoughts on gold’s continued dive. He explains why such sharp and swift moves point to flows rather than fundamentals, and shares why he remains constructive longer-term.

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

(00:28) - Markets wrap-up: Bernadette Anderko, Product & Investment Content

(06:33) - Gold and silver: Carsten Menke, Head of Next Generation Research

(12:23) - Closing remarks: Helen Freer, Product & Investment Content

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Equity markets are facing renewed pressure as investors question whether AI-driven stocks, particularly semiconductors, can sustain their remarkable rally. All eyes are on Micron, set to report earnings after today’s close in New York, for clues on the sector’s next move. At the same time, the broader economic backdrop remains supportive, with US business activity expanding at its fastest pace in five months. In today’s episode, Dario Messi, Head of Fixed Income Research, shares his perspective on newly appointed Federal Reserve Chair Kevin Warsh’s communication framework – and what it could mean for markets and investors.

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

(00:38) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content

(06:41) - Fixed income update: Dario Messi, Head of Fixed Income Research

(11:31) - Closing remarks: Lucija Caculovic, Product & Investment Content

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Markets reacted cautiously after the US granted Iran a temporary 60‑day licence to sell oil in USD. Euro area consumer confidence remained weak in June, and pressure on Hermès weighed on luxury stocks. In the UK, Sir Keir Starmer’s resignation adds to a decade of political instability, but markets stayed calm. ECB president Christine Lagarde said that the central bank doesn’t need to react more forcefully to the fallout from the Middle East conflict. In US equities, investors rotated out of large tech stocks into small caps. In Asia, speculation about USD/JPY intervention grew after talks between Japanese and US officials. Regional equities declined. Damien Ng, Next Generation Research, joins the podcast to talk about what strong dealmaking says about the healthcare sector.

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

(00:48) - Markets wrap-up: Mike Rauber, Product & Investment Content

(06:50) - Dealmaking in the healthcare sector: Damien Ng, Next Generation Research

(11:28) - Closing remarks: Bernadette Anderko, Product & Investment Content

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Progress in US–Iran talks in Switzerland helped ease geopolitical concerns. And while positive momentum in Asian tech lifted regional markets, European and US equity futures have started the week on a more cautious footing. Mensur Pocinci, Head of Technical Analysis, takes a closer look at the current trend in the S&P 500, shares his view on the ‘Magnificent Seven’, and outlines which segment of the US market he expects to outperform.

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

(00:55) - Markets wrap-up: Jan Bopp, Product & Investment Content

(06:53) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis

(09:34) - Closing remarks: Bernadette Anderko, 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.

Against a shifting macro backdrop, markets are responding to easing geopolitical tensions following a US-Iran peace deal, with oil prices falling sharply and Asian equities rallying. Within China, however, a stark divergence persists: Hong Kong’s “old tech” sector has lagged, while mainland “new tech,” particularly AI infrastructure, continues to attract strong inflows and outperform.
 
In this episode, Richard Tang speaks with Hong Hao, Managing Partner and CIO of Lotus Asset Management, about China’s uneven market outlook. They discuss the prospects for a rebound in Hong Kong internet stocks, the sustainability of the AI rally and signs of froth, alongside liquidity risks from IPO activity and the outlook for gold amid shifting oil and interest rate dynamics.
 
This episode was originally recorded on 16 June 2026.

(00:30) - The old and new tech divide in China

(01:45) - Will Hong Kong internet stocks see a rebound?

(03:25) - Why is there a lack of stimulus this time?

(07:05) - A “K-shaped” economy

(07:40) - A strong run in A-share tech — is the AI rally getting frothy?

(15:48) - The liquidity impact of the IPO glut

(20:27) - Where might gold be headed?