Moving Markets

Oil prices surged above USD 110 on supply concerns stemming from the stalled Iran war and news of an extended blockade of Iran. The rally was capped by historic news that the UAE will exit OPEC. In equities, AI-driven gains faltered amid questions about OpenAI’s growth prospects. With mega-cap technology firms Alphabet, Amazon, Meta, and Microsoft set to report earnings today, attention will also turn to the Federal Reserve’s policy decision at Jerome Powell’s final meeting as Chair, setting the stage for a pivotal rest of the week. Dario Messi, Head of Fixed Income Research, explains why he does not expect much from the Fed at this point and why tomorrow’s ECB meeting will be more interesting for markets.

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

(00:25) - Markets wrap-up: Jan Bopp, Product & Investment Content

(05:55) - Bond market update: Dario Messi, Head of Fixed Income Research

(09:50) - Closing remarks: Helen Freer, Product & Investment Content

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Markets started the week on a cautious note as geopolitics, central bank meetings and rising oil prices kept risk appetite in check. European equities slipped, while US indices hovered near record highs, supported by big tech, despite a pause in the semiconductor rally. AI remained firmly in focus after OpenAI signalled a shift in its relationship with Microsoft. Outside of tech, energy markets drew attention as Shell announced a major acquisition to boost long‑term production. Bond yields edged higher in the US, as investors positioned ahead of the Fed, while commodities stayed volatile and Asian markets were mixed following the Bank of Japan’s decision to keep rates unchanged. Today we are joined by Carsten Menke, Head of Next Generation Research, for a discussion on AI, hyperscalers and the capex wave.

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

(00:38) - Markets wrap-up: Lucija Caculovic, Product & Investment Content

(06:55) - AI, hyperscalers & the capex wave: Carsten Menke, Head of Next Generation

(10:31) - Closing remarks: Roman Canziani, Head of Product & Investment Content

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Markets have kicked off the week on a strong note, with Asian - particularly tech - stocks rallying amid renewed diplomatic efforts to ease tensions in the Middle East and an exceptionally robust earnings season. The days ahead will be pivotal, with major central banks delivering key monetary policy decisions and several members of the “Magnificent 7” set to report earnings. In this episode, we’re joined by Markus Wachter from Technical Analysis, who shares why he believes both equity markets and gold still have room to run.

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

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

(06:49) - Technical Analysis update: Markus Wachter, Technical Analysis

(09:35) - Closing remarks: Jan Bopp, Product & Investment Content

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In an environment marked by higher inflation, geopolitical uncertainty and increased market volatility, private infrastructure is regaining focus as a resilient allocation.
In this episode of Moving Markets: The View Beyond, William Fong, Head of Alternatives Specialists Asia & Middle East at Julius Baer, speaks with Daniel McCormack, Head of Research at Macquarie Asset Management's Client Solutions Group, about the shifting global macro landscape and how private infrastructure can play a vital dual role in portfolios - providing resilience through inflation linkage and essential services, while positioning investors for long‑term growth driven by digitalisation, AI‑led data demand, the energy transition and evolving supply chains.

(00:00) - Introduction

(01:16) - The shifting global macro landscape

(03:37) - Why private infrastructure matters in an age of volatility

(04:45) - Infrastructure sub-sectors that look promising

(06:40) - Macquarie's infrastructure origins

(09:21) - Opportunities in debt investment

(11:05) - Inflation-hedging properties of infrastructure

(13:15) - Private vs public infrastructure

(14:59) - Opportunities in the transport sector

(17:22) - The inflationary impact of shifting supply chain dynamics

(18:48) - Digitalisation, AI and data

(20:23) - Is AI in a bubble?

(23:29) - The growing energy demand

(26:04) - Rising power prices and inflation

(27:43) - Is it too late to get into infrastructure?

(31:38) - Closing

Global markets sent mixed signals as US data pointed to surprising resilience, while the eurozone slipped back into contraction. Rising energy prices remain a key concern, driving inflation pressures and weighing on confidence. Equity markets reflected this caution yesterday, with US tech stocks pulling back as several software names underperformed after reporting earnings. Meanwhile, signs of Swiss National Bank FX intervention are emerging, while oil prices continue to climb and gold has moved lower. Asia‑Pacific markets were mostly weaker, with Japan the notable exception following firmer inflation data ahead of next week’s Bank of Japan meeting. Joining our show today is Tim Gagie, Head of FX Advisory in Geneva, with the latest insights on currencies and metals.

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

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

(07:18) - FX & metals update: Tim Gagie, Head of FX/PM PB Geneva

(11:36) - 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.