Moving Markets

Markets remained choppy as weak PMI data across Europe and the UK signalled slowing growth, while US data painted a mixed but still resilient picture. Oil prices were volatile amid shifting headlines around Iran, underlining ongoing geopolitical sensitivity. Equities in both Europe and the US ended modestly higher despite intraday swings, with pockets of strength in sectors like satellites and quantum computing following fresh investment momentum. Overnight, softer inflation in Japan supported Asian markets, while US yields edged lower and the dollar held firm. Today, we were joined by Bence Boldvai from our FX & Precious Metals team, who shared insights on key themes this week, including USD/JPY dynamics and his take on metals.

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European and US stock markets rallied yesterday after President Trump hinted that the US administration is in the final stages of an agreement to end the war with Iran. The 10-year US Treasury shaved 9 basis points off the previous session’s yield. Asian markets were further boosted overnight by an impressive set of results from NVIDIA. Warnings did come in from the Fed though, in the form of the minutes of its last meeting, which revealed a heightened level of disagreement about where rates should go next and a majority of participants highlighting that rates will need to rise if inflation runs persistently above 2%. Head of Economics & Next Generation Research, Norbert Rücker, joins today’s podcast to discuss not only the outlook for oil and energy prices, but also to explain why he is so constructive on the theme of Clean Energy. Tune in to find out more.

(00:00) - Introduction: Mike Rauber, Product & Investment Content

(00:49) - Markets wrap-up: Bernadette Anderko, Product & Investment Content

(08:11) - (Clean) energy update: Norbert Rücker, Head of Economics & Next Generation Research

(13:33) - Closing remarks: Mike Rauber, Product & Investment Content

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US markets dipped amid rising long-term bond yields, with the 30-year Treasury hitting the highest level in almost two decades fuelled by inflation fears and potential Fed tightening. Geopolitical tensions and key upcoming catalysts, including Nvidia’s earnings and FOMC minutes, keep investors on edge. Dario Messi, Head of Fixed Income Research, explains what is behind the recent surge in bond yields and Mathieu Racheter, Head of Equity Strategy Research, discusses the implications for equity markets and outlines his key message for the second half of the year.

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

(00:49) - Markets wrap-up: Jan Bopp, Product & Investment Content

(06:13) - Fixed income strategy update: Dario Messi, Head of Fixed Income Research

(09:23) - Equity strategy outlook: Mathieu Racheter, Head of Equity Strategy Research

(14:14) - Closing remarks: Roman Canziani, Head of Product & Investment Content

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Global equities are caught between hopes for a peace deal and rising Middle East tensions, with Brent fluctuating around USD 100 per barrel. In the US, strong market breadth contrasts with weakness in technology stocks, weighing on major equity indices. Japan and Switzerland posted stronger-than-expected Q1 growth, highlighting resilience despite geopolitical tensions and high oil prices. Carsten Menke, Head of Next Generation Research, discusses India’s decision to double import duties on gold and silver.

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

(00:31) - Markets wrap-up: Mike Rauber, Product & Investment Content

(06:07) - The impact of India's new gold tariffs: Carsten Menke, Head of Next Generation Research

(10:16) - 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.

Global markets are kicking off the week on the back foot as government bond yields surge to multi-year highs, reigniting concerns about stagflation. Oil prices climbed another 2% overnight, with no quick resolution in sight for the ongoing Middle East tensions. In today’s episode, we’re joined by Mensur Pocinci, Head of Technical Analysis, who shares his outlook on whether US 10-year Treasury yields could reach the 5% mark. He also explains why the rally in semiconductor stocks may be due for a pause – and why that might actually be a good thing.

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

(01:01) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content

(06:08) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis

(10:59) - 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.