Moving Markets

The Nasdaq climbed to a fresh record as investors continued to back AI-related stocks, while oil prices fell on hopes of easing tensions between the US and Iran. In today's episode, Dario Messi, Head of Fixed Income Research, and Mathieu Racheter, Head of Equity Strategy Research, share how last week's Fed rate hike has impacted their expectations for bond and equity markets, and discuss the key risks and opportunities investors are watching now.

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

(00:34) - Markets wrap-up: Jan Bopp, Product & Investment Content

(06:07) - Bond markets after the FOMC: Dario Messi, Head of Fixed Income

(09:18) - Equity markets after the FOMC: Mathieu Racheter, Head of Equity Strategy

(14:24) - Closing remarks: Lucija Caculovic, Product & Investment Content

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Oil prices fell yesterday after President Trump said he would be open to meeting Iran’s leader this week. The accompanying enthusiasm carried over into both European and US bond and equity markets. And these were further boosted by positive headlines around Meta’s new AI Chatbot, Muse, boosting Meta’s share price by 11% in the session and powering a surge in the technology heavy hitters that helped the Nasdaq Composite close at a new record high. The upcoming summit between the US and China is now in focus. Norbert Rücker, Head of Economics and Next Generation Research, joins today’s podcast and talks, amongst other things, about the impact of Chinese electric vehicles outside their home market. Tune in to hear more of his thoughts on the importance of electrification and the outlook for Future Mobility.

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

(00:55) - Markets wrap-up: Bernadette Anderko, Product & Investment Content

(06:58) - Future mobility: Norbert Rücker, Head of Economics and Next Generation Research

(13:43) - Closing remarks: Mike Rauber, Product & Investment Content

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Technology and semiconductor stocks started the week on a positive note, while oil prices fell as traders anticipated a recovery in Saudi shipments, despite continued geopolitical risks in the Middle East. Meanwhile, political uncertainty in Germany, pressure on the Japanese yen, and optimism ahead of the planned meeting between US President Donald Trump and Chinese President Xi Jinping, remain in focus. In today’s show, we discuss the latest developments across global markets and are joined by Mensur Pocinci, Head of Technical Analysis, who examines the signals emerging from the US market, the state of investor sentiment and the technical outlook for information technology stocks

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

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

(07:07) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis

(09:54) - Closing remarks: Bernadette Anderko, Product & Investment Content

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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

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.