Moving Markets: Daily News

Data showed low US jobless claims contrasting with continued corporate layoffs, leaving rate cut expectations for next week intact. This helped US small caps to outperform. Onshore China shares are rising following strong demand for the second-largest IPO this year. Global central banks now hold more gold than US Treasuries for the first time in 30 years. Tim Gagie, Head of FX Advisory Geneva, talks about volatile metals this week and what FX trading in a narrow range means for investors.

Markets are now pricing in an 89% chance of a rate cut by the Fed next week after November private payrolls data surprised, revealing 32,000 jobs were cut (instead of the expected 40,000 added). US indices closed marginally higher on the day, with Asian markets following suit. Japan’s 30-year government bond auction saw good demand, but JGB yields remain high as markets anticipate a rate hike. Carsten Menke, Head of Next Generation Research, joins the podcast to talk about silver - its remarkable rally and whether it is justified, and what might happen next.

Equity markets staged a cautious rebound yesterday, with major indices posting modest gains. In Europe, utilities led the advance, lifting the broader market, while in the US, leadership came from big tech and AI-related stocks. Sentiment was buoyed by SoftBank founder Masayoshi Son’s revelation that he was “practically crying” to sell the company’s Nvidia stake, alongside a strong earnings report from MongoDB. However, not all segments participated in the rally – precious metals lagged, and the energy sector saw a notable reversal. Meanwhile, DarioMessi, Head of Fixed Income Research, discusses expectations surrounding the still-pending appointment of a new Fed Chair...

Stocks and bonds declined amid company-specific developments and concerns over bond supply, as investors prepare for a record-level issuance of investment-grade debt in the coming days. Additionally, rising expectations of an imminent interest rate hike in Japan further pressured yields upward. In today’s programme, we welcome Manuel Villegas from Next GenerationResearch, who shares his insights on the future trajectory of artificial intelligence - and addressesthe pressing question: Is AI experiencing a bubble?

November closed with markets focused on hopes of a Fed rate cut, which overshadowed fears of an AI bubble. The S&P 500 made strong gains in a holiday-shortened week, while technology lagged, leaving the Nasdaq down in November for the first time after seven months of gains. European equities ended the month slightly higher, supported by the strong outperformance of Switzerland’s SMI last week. Silver is hitting new highs, while gold is also climbing. In Asia, Chinese PMI data disappointed, while India stood out with 8.2% GDP growth in the third quarter. The head of Japan’s central bank hint...

The US Thanksgiving holiday has given stock markets globally a brief pause following the strong performance earlier in the week. With Asian markets trading mixed this morning, attention shifts to key eurozone inflation data, while US markets resume trading for a shortened session. In today’s programme, we welcome Nicolas Jordan from the CIO Office, who discusses the concerns around potential cracks in the artificial intelligence capital expenditure cycle.

Markets are now pricing in an almost 85% probability of a 25 basis point rate cut by the Fed in December – this boosted tech stocks and others followed suit, prompting a global rally. US markets will be shut today for the Thanksgiving holiday, and the Black Friday shopping bonanza will start tomorrow when the US market will reopen for a shortened trading session. Norbert Rücker, Head of Economic and Next Generation Research, joins the show with a timely update on energy markets and what’s driving them currently. And Tim Gagie, Head of FX Advisory Geneva, rounds off the podcast by hi...

Equity markets continue to rally amid improving investor sentiment and rising expectations of further US interest rate cuts. Meanwhile, oil prices are trading lower, driven by signs of de-escalation efforts in relation to Russia’s war in Ukraine. In today’s programme, we are joined by Nenad Dinic, Equity Strategy Research analyst, who shares his insights on why a stronger Japanese yen is unlikely to hinder the ongoing rise of Japanese equities.

US equities, led by technology, rallied as confidence in artificial intelligence strengthened and rate-cut expectations grew. European defence stocks slipped amid ongoing Ukraine peace talks. Novo Nordisk tumbled, while Bayer surged on positive trial results. In Asia, Taiwan tensions kept trading cautious. Manuel Villegas of Next Generation Research discusses the outlook for digital assets after last week’s sharp price drop.

Last week brought significant market shifts — from concerns about bursting investment bubbles to potential peace talks in Ukraine, and a major milestone for Eli Lilly. The S&P 500 posted its second decline in three weeks, while the Nasdaq recorded a third consecutive weekly drop. However, on Friday, US markets stabilised after dovish remarks from a prominent Federal Reserve official, with most stocks closing higher. Mensur Pocinci, Head of Technical Analysis, explains why this is a positive signal and why last Thursday’s sharp intraday reversal, though counterintuitive, is technically a bullish indicator.

Stock markets swung sharply as NVIDIA’s post-earnings rally reversed into losses, triggering a sell-off on Wall Street. Robust US employment data and hawkish signals from US Federal Reserve officials dampened hopes of interest rate cuts, while defensive sectors held firm and oil prices slipped amid Ukraine peace talks. Japan unveiled a new stimulus package—the largest since the Covid crisis. Tim Gagie, Head of FX Advisory in Geneva, discusses how investors are navigating tough choices amid persistent volatility in precious metals, mixed economic indicators, and shifting currency flows, including notable Swiss franc selling this week.

NVIDIA CEO Jensen Huang shrugged off concerns about an AI bubble on Wednesday, as the company surprised Wall Street with accelerating growth after several quarters of slowing sales growth. Technology-heavy indices in Asia are trading significantly higher this morning. Defence companies came under selling pressure after news of a potential US peace plan for Ukraine. Oil also fell on the news. Norbert Rücker, Head of Economics and Next Generation Research, shares his latest view on the black gold and dives deeper into the topic of data centres and related energy demand.

Investors grew increasingly cautious ahead of today’s highly anticipated NVIDIA earnings release, scheduled after market close in New York. The uncertainty weighed on equities, pushing stock indices lower and widening credit yield spreads. Notably, the equal-weighted S&P 500 held up relatively well, indicating that the downturn was not broad-based. Joining us today is Dario Messi, who shares his insights on navigating fixed income markets amid the current macroeconomic backdrop.

Equity markets saw another sharp decline yesterday as investors awaited Wednesday’s earnings report from artificial intelligence leader Nvidia and a closely watched US jobs report later this week. Sentiment was already fragile, and news that a prominent hedge fund had sold its Nvidia stake added further pressure. Our Chief Economist, David Kohl, shares his outlook on the upcoming wave of US economic data following the end of the government shutdown and explains what these developments could mean for the Federal Reserve’s monetary policy trajectory.

After a rollercoaster session US equities rebounded by Friday’s close, with technology even ending the day in positive territory. Europe had earlier closed lower, mirroring Thursday’s US tech selloff. Overnight, Korean technology stocks drove the Kospi higher but China and Japan’s geopolitical tensions over Taiwan weighed on the broader market. Japan’s travel and tourism sectors took a hit today after China warned its citizens not to travel there. When it comes to the week ahead, watch out for the Fed minutes, a raft of US data being unleashed after the shutdown, and Nvidia’s all-important results on...

Markets turned risk-off after early optimism. European stocks reversed gains, with the STOXX 600 down 0.6%. In the US, hawkish Federal Reserve comments erased the relief rally: the Nasdaq dropped 2.3%, Bitcoin fell back below USD 100,000, and gold eased slightly. Odds of a December rate cut slipped to 50% following remarks by several Fed members, lifting US Treasury yields. US president Trump plans tariff cuts on food imports to tackle inflation. Brent crude rebounded from midweek losses. The dollar softened, the Swiss franc strengthened, the yen hit a record low against the euro, and sterling remains volatile. Weak Chinese data weighed on Asian...

We need to exclude tech stocks though. Whilst the S&P 500 rose, and the Dow Jones closed above 48,000 for the first time ever, the Nasdaq Composite closed lower yesterday, with investors further rotating out of technology and into industrials, financials and healthcare stocks. News of the end of the US government’s longest ever shutdown also provided a muted boost to Asia’s stock markets.European stocks closed broadly higher, continuing their upward trend this week. Even gold saw a relief rally. Carsten Menke, Head of Next Generation Research joins the podcast today to try to make sense of just...

European equities hit fresh highs, led by Swiss stocks on tariff hopes. In the US, the Dow Jones Industrial Average finished Tuesday’s session also at record levels while the Nasdaq Composite faced pressure after SoftBank exited its Nvidia stake and investors moved money away from technology stocks into other parts of the market. Joining the show today are Dario Messi, Head of Fixed Income Research, who discusses the potential end of the US shutdown from a bond perspective, and Mathieu Racheter, Head of Equity Strategy Research, who shares his view on the final inning of the Q3 earnings se...

Markets staged a broad-based rebound yesterday, driven by optimism that the US government shutdown may soon be resolved. Equities rallied, led by tech, while both Bitcoin and gold also moved higher. In Asia, early gains faded after China signalled potential restrictions on rare earth exports, and Japan’s bond auction underwhelmed. We also cover Fed Governor Miran’s dovish comments, ongoing delays in US economic data, and what to watch during today’s Veterans Day trading session. Joining us is Manuel Villegas from Next Generation Research, who shares his thoughts on Bitcoin’s Q4 performance so far, which has been ove...

After a volatile week in equity markets – driven by valuation concerns surrounding tech and AI-related companies – stocks are climbing this morning on news that the US government shutdown may soon come to an end. Gold is also on the rise, potentially signalling the conclusion of its brief consolidation phase. Today, we’re joined by Mensur Pocinci, Head of Technical Analysis, who shares his insights on why he believes the year-end rally is gaining momentum.

Outplacement firm Challenger reported over 150,000 job cuts in October – the highest for the month of October in more than 20 years. US Treasury yields fell sharply, raising expectations of a December Fed rate cut, although some officials remain cautious. AI-related stocks dragged markets lower, but the selling was selective. In Europe, German industrial output beat forecasts but remains weak; while the Euro Stoxx 50 fell on disappointing earnings. In Asia, China’s exports unexpectedly declined for the first time in eight months. Richard Tang, Head of Research in Hong Kong, discusses the lack of short-term catalysts for China’s equity markets and ou...

US, European and Asian markets have all reacted positively to news in the US yesterday. Private payrolls and ISM data revealed that the economy is more resilient than had been feared. Advanced Micro Devices’ Q3 earnings beat expectations, and their tide lifted other AI boats globally. And the Supreme Court hinted that it may well place limits on President Trump’s tariffs, although we’ll have to wait a while for any decision there. Our Head of Next Generation Research, Carsten Menke, provides insights into the rollercoaster ride that copper has been on recently, sharing his thoughts on what might...

Global markets retreated yesterday as investors took a closer look at lofty AI valuations. The US dollar climbed to a three-month high, supported by persistent inflation concerns and the ongoing government shutdown. Commodities came under pressure, with both gold and oil slipping, while crypto markets saw sharp declines amid broader risk-off sentiment. In Asia, tech-led losses weighed on indices, and minutes from the Bank of Japan revealed a growing internal debate over potential rate hikes. Joining the show today are Dario Messi, Head of Fixed Income Research, who discusses the US public debt dynamics, and Mathieu Racheter, Head of...

Stock markets edged higher during the European and US trading sessions, buoyed by earnings and renewed investor enthusiasm around AI-driven deals and ahead of Palantir's highly anticipated earnings release after the close. Although the company surpassed earnings expectations, its share price tumbled post-market as concerns emerged over its current valuation. In today’s discussion, we’re joined by Manuel Villegas from Next Generation Research, who provides insight into the evolving opportunities and risks within the AI ecosystem.

Markets were buoyed by solid tech earnings, a positive Trump–Xi meeting, and a wave of AI-related deals last week. Nvidia single-handedly created an entire country’s economy in five days. Outside the tech sector, however, equity performance was more muted. European markets lagged, weighed down by persistent inflation and cautious central bank messaging. Meanwhile, emerging market equities posted their strongest year-to-date rally since the dawn of the internet era. 

Joining the show is Markus Wachter from our Technical Analysis team. He shares insights on what seasonality suggests for the remainder of the year, what US equity marke...

US Markets closed slightly lower on Thursday after hyperscaler earnings raised concerns about increasing AI spending, but Apple and Amazon results after the close provided a boost to futures. The mood was further elevated by an agreement between China and the US that seemingly delays the trade war by a year. To date, October 2025 is bucking the historical trend, with the big three US indices all in positive territory. Our Chief Economist, David Kohl, assesses this week’s central bank action and what to expect policy-wise going forwards. And Tim Gagie, Head of FX Advisory Geneva, provides a round up...

The US Federal Reserve delivered a widely anticipated rate cut, but growing divisions among policymakers spooked markets. Strong AI-driven spending fuelled big-tech earnings, but the outlooks dented the bullish mood. Eurozone markets gained on robust banking performance, while the main indices in the UK and Spain hit another all-time high. The Bank of Japan opted to leave rates unchanged at its meeting today. The meeting between Presidents Trump and Xi ended and has eased some global trade concerns – but underlying tensions persist. Norbert Rücker, Head of Economics and Next Generation Research, talks about rare earths as well as oil...

As European markets experience some profit-taking ahead of key central bank meetings, all major US stock indices closed at record highs. However, market breadth remains narrow, driven primarily by gains in just a few mega-cap technology stocks. Today, we welcome Dario Messi, Head of Fixed Income Research, who shares his outlook on upcoming interest rate decisions from the Federal Reserve and the European Central Bank – and what these developments could mean for fixed income investors.

Global equity markets rallied as optimism around US-China trade negotiations lifted investor sentiment. European trade-sensitive sectors led early gains, while Wall Street closed at new record highs, driven by strong performances in chip stocks. Gold sold off sharply and oil prices dipped. In tech, Qualcomm surged on its AI pivot, while AMD partnered with the US government on supercomputing. Argentina’s markets soared following political developments, and Japan signed new trade deals with the US. Joining the show today are Mathieu Racheter, Head of Equity Strategy Research, who shares insights on the unfolding earnings season, and Manuel Villegas, Next Ge...

Global stocks rose on renewed optimism that the United States and China are nearing a trade agreement. The upbeat sentiment also lifted commodity prices, with copper and oil posting gains. In contrast, Treasuries declined and gold slipped. Looking ahead, investors face a pivotal week featuring interest rate decisions from four G7 central banks and earnings reports from five of the ‘Mag-7’ tech giants—Microsoft, Alphabet, Meta, Apple, and Amazon. Joining the show is Markus Wachter from our Technical Analysis team. He discusses the significance of Japan’s Nikkei breaking above the 50,000-point level and shares his outlook on the Swiss fr...

Oil prices spiked over 5% after the US imposed fresh sanctions on Russia’s top crude producers. Meanwhile, equity markets rallied on strong corporate earnings, with European luxury and US tech stocks leading the charge. The Swiss National Bank released its first-ever policy minutes, offering insights into its current stance. In Asia, markets gained ahead of President Trump’s upcoming visit to the region, where trade and security talks with China’s President Xi are in focus. Richard Tang, Head of Research Hong Kong, joins us to share his views on China, Japan, and Singapore.

European and US stocks moved lower in yesterday’s trading sessions, with earnings releases and new mooted curbs on US software exports to China doing nothing to boost the trading mood. Asia’s equity markets also reacted negatively to the escalation in trade tensions. Oil prices jumped about 3% last night after the US administration imposed further sanctions on Russia’s two largest crude companies, Rosneft and Lukoil, aiming to harm the Kremlin’s ability to raise revenue to fund its war against Ukraine. Our Head of Equity Strategy Research, Mathieu Racheter, joins the podcast to provide an update on a – so f...

European and US equity markets were mixed yesterday, with gains from strong earnings offset by declines in mining stocks. French shares reached record highs despite political uncertainty. The Dow Jones Industrial Average hit a new peak following robust earnings. US Treasury yields fell on weak data; gold and silver saw steep declines; the USD strengthened, and the Swiss franc approached record highs amid resilient exports. India and the US are reportedly negotiating a trade deal involving lower tariffs and reduced Russian oil imports. Carsten Menke, Head of Next Generation Research, provides his timely take on one of the sharpest...

Stocks bounce back on diminishing fears regarding US regional bank credit quality and positive earnings reports. Meanwhile, French assets lag on the back of waning investor confidence and company specific news in the banking sector, and the gold rally continues. Today, we are joined by Eirini Tsekeridou from Fixed Income Research, who shares her thoughts on French bonds after the downgrade, on Argentina ahead of the mid-term elections on Sunday, and the credit jitters among US regional banks.

Markets swung wildly last week as easing US-China trade tensions clashed with fresh regional bank fears. While Wall Street rebounded on Friday, Europe lagged amid banking and defence sector woes. Bond yields fell, gold slipped, and this morning Asia rallied on Japanese political shifts. All eyes now turn to earnings and US inflation data later this week. Mensur Pocinci, Head of Technical Analysis, explains why he still likes gold and why he expects equity markets to kick-off a year-end rally.

US stocks opened higher yesterday, but then reversed course. Small caps underperformed, and market volatility rose amid credit concerns at regional banks. In Europe, Swiss and French equity markets outperformed, supported by positive corporate news and France temporarily avoiding a political crisis. Gold extended its record-breaking rally. The yield on the 10-year US Treasury fell below a key threshold, reflecting weak economic data and dovish comments from Federal Reserve Governor Christopher Waller. Mathieu Racheter, Head of Equity Strategy, shares his insights on bank earnings and talks about US vs European banks. Tim Gagie, Head of FX & PM Solutions in...

Global equities rebounded midweek, driven by a sharp rally in European luxury stocks and strong earnings from major US banks. US-China trade tensions remain in focus, with Treasury Secretary Bessent reaffirming a firm stance. The AI theme continues to dominate headlines, supported by major deal announcements and robust earnings results. In commodities, both gold and oil are trading higher this Wednesday morning. Gold is benefiting from its safe-haven appeal, while oil prices are rising on reports that India may reduce its purchases of Russian crude. Today’s show features Nicolas Jordan from the CIO Office, who shares his insights on...

Equities fluctuated on mixed US–China trade signals and a speech by the US Federal Reserve Chair, which suggested that the central bank may be ready to halt balance sheet reduction. This boosted small-cap stocks and non-technology sectors, while robust bank earnings added momentum. Asian markets rose, although China lagged due to data indicating persistent deflationary pressures. Gold reached new highs, whereas oil declined amid supply concerns. Sophie Altermatt, Macro & Next Generation Research, shares our perspective on the tense US–China trade negotiations.

President Trump’s Sunday post – “Don’t worry about China, it will all be fine” – boosted stock markets yesterday, with further positive AI-specific headlines also providing fuel to a rally that saw the main indices clawing back a good part of their losses from Friday’s sell-off. News overnight that China is imposing curbs on American units of South Korean shipbuilder Hanwha Ocean Co. have seen markets in Asia retreat and US futures drop. Gold and silver were the winners, yet again. Manuel Villegas, Next Generation Research, joins the podcast today to bring an update on Bitcoin, explaining why crypto assets...

Global markets tumbled on Friday following renewed trade war fears sparked by President Trump’s aggressive rhetoric towards China. Major global indices saw sharp declines, while gold surged past USD 4,000 an ounce. In Europe, political uncertainty in France added to the risk-off mood, with President Macron’s surprise reappointment of Lecornu facing immediate opposition. Meanwhile, China’s latest trade data showed unexpected resilience, and Japan saw a shift in its political landscape with the dissolution of its ruling coalition. Joining us today is Mensur Pocinci, Head of Technical Analysis, who shares his insights on the market fallout.