Moving Markets

Recent weeks have seen extreme cross‑asset volatility, with sharp unwinds hitting US and China tech stocks, precious metals and cryptocurrencies. In China, renewed concerns about regulatory scrutiny are weighing on sentiment, even as the case for a stronger renminbi continues to build.

In this episode of Moving Markets: The View Beyond, Richard Tang, Head of Research Hong Kong at Julius Baer, speaks with Hong Hao, Managing Partner and CIO of Lotus Asset Management Ltd., to discuss what the market dislocations mean for investors, and how these cross-asset dynamics may shape positioning in the weeks ahead.

...

Markets were mixed yesterday, with European shares dragged down by weak results from Adyen, Magnum and Mercedes-Benz, despite solid updates from Siemens and Hermès. Schroders jumped on a takeover approach from Nuveen. In the US, deepening concerns over AI‑driven disruption hit tech stocks hard, pushing the ‘Magnificent Seven’ lower and marking Apple’s worst day since Liberation Day. Gold and silver slipped on stronger US labour data, oil fell on rising supply signals, and US housing data highlighted growing structural weakness. We’re joined by Tim Gagie, Head of FX Advisory in Geneva, for the latest on metals and...

A surprisingly strong US jobs report sent yields higher – most notably at the short end of the curve – and weighed on equity index performance. Market expectations have now shifted, with traders anticipating that the Federal Reserve will hold off on further rate cuts until July. Meanwhile, European equities climbed to fresh highs on the back of robust earnings. In today’s episode, Manuel Villegas from Next Generation Research joins us to share his detailed perspective on how investors should navigate the current landscape in cloud computing and artificial intelligence.

Rising concerns about who will be disrupted next by rapid advances in artificial intelligence continue to weigh on parts of the markets. Investors are caught between solid corporate earnings and concerns about the strength of the US economy as consumer spending has finally caught up with consumer sentiment, and not in a good way. Investors’ focus will remain on US data this week. Afonso Borges from Fixed Income Research talks about which data releases he will be watching closely. A fast, lively breakdown of what’s moving markets — tune in!

US stocks rose, with the S&P 500 near a record, led by technology and AI on renewed OpenAI momentum. Alphabet’s USD bond sale drew over USD 100 billion in demand, allowing it to raise USD 20 billion and tighten pricing on its 40‑year bond. The USD weakened on reports that China’s banks are advised to cut their US Treasury holdings. Europe closed higher on strong gains from UniCredit and Novo Nordisk, while Asia followed Wall Street, with regional technology at new highs and Japan hitting another record. Carsten Menke, Head of Next Generation Research, discusses the precious metals market after...

Japan’s Prime Minister Takaichi captured a historic supermajority for her Liberal Democratic Party in yesterday’s election, meaning the LDP holds two-thirds or more seats in the Lower House, and giving her the scope to pursue her fiscal agenda. The Nikkei 225 rallied 5.5% today, crossing the 57,000 threshold for the first time. Other Asian markets rallied this morning following the recovery in the US indices on Friday. Nevertheless, last week marked a rotation out of Big Tech and into smaller companies and dividend growth stocks. Gold is back up above USD 5,000 after whipsawing last week. Louis Chua, Equity Research Asia, join...

The nomination of Kevin Warsh as the likely next chair of the Federal Reserve has prompted immediate market reactions and renewed debate around the future direction of US monetary policy. What should investors expect as the Fed faces new leadership?

In this episode of Julius Baer’s Moving Markets – The View Beyond, Ayako Lehmann is joined by David Kohl, Chief Economist, to discuss the implications of Kevin Warsh’s nomination to lead the Federal Reserve. They examine market reactions, the prospects for rate cuts, the outlook for the US dollar, and the potential impact on asset classes includ...

The Bank of England and the European Central Bank both kept rates unchanged yesterday, signalling a cautious but data‑dependent stance even as inflation trends diverge on either side of the Channel. European equities finished broadly lower on the back of a busy earnings day, while in the US a third straight sell‑off pushed the S&P 500 into negative territory for the year. Crypto joined the risk‑off trend, while silver remained the standout story in commodities after back‑to‑back plunges and an overnight rebound that left volatility high. In corporate news, Rio Tinto and Glencore scrapped their merg...

The Bank of England and the European Central Bank both kept rates unchanged yesterday, signalling a cautious but data‑dependent stance even as inflation trends diverge on either side of the Channel. European equities finished broadly lower on the back of a busy earnings day, while in the US a third straight sell‑off pushed the S&P 500 into negative territory for the year. Crypto joined the risk‑off trend, while silver remained the standout story in commodities after back‑to‑back plunges and an overnight rebound that left volatility high. In corporate news, Rio Tinto and Glencore scrapped their merg...

Earnings and Big Tech remain in focus, with Alphabet beating Wall Street’s expectations but causing some investors to take flight in the wake of projected capex spending. The rotation out of tech stocks continued on Wednesday - the Nasdaq Composite dropped 1.5%. China’s Hong Kong-listed technology stocks slid overnight with the Hang Seng Tech Index now 20% below its October peak. The threat of VAT increases being imposed on internet platforms exacerbated the move. The ECB and the Bank of England are both expected to keep rates on hold today. With investors hypnotised by swings in gold and silver pric...

The rotation out of technology stocks continued, with software shares selling off on AI‑disruption concerns, while cyclical stocks outperformed. WalMart reached a USD 1 trillion market‑cap milestone. German long‑dated yields hit their highest level since 2011 as heavy issuance lifted supply. Precious metals remain volatile but rebounded sharply, while Brent oil rises on Middle East tensions. In earnings, Novo Nordisk expects sales to fall this year due to pricing pressure. Afonso Borges from Fixed Income Research outlines developments in the US fixed income market and our Overweight stance on duration. Nenad Dinic from Equity Strategy provides an update on the...

After a deep slump at the open, market sentiment turned and equity markets swung sharply into positive territory, while precious metals — which had been under intense pressure — began to claw back recent losses in the hours that followed. In the US, tech favourite Palantir impressed after the close with stronger than expected results. And looking ahead, Carsten Menke, Head of Next Generation, shares his perspective on what the recent volatility means for precious metals and the path forward.

Gold and silver plummeted in a historic sell-off amid volatility and margin calls, triggered by speculation of a hawkish Fed chief pick. Markets reel as global equities tumble this morning, while investors brace for key earnings and central bank decisions in a turbulent start to February. Our Chief Economist David Kohl shares his view on what to expect from a Warsh-led Fed. And Mensur Pocinci, Head of Technical Analysis, explains why the long-term trend in precious metals is still positive after the crash.

US equities were mixed yesterday, with investors rotating out of technology as Microsoft dropped sharply while Meta jumped. In Europe, SAP’s steep fall weighed on the DAX, while the Swiss market outperformed. Precious metals are experiencing extreme volatility after record highs, energy prices are rising amid escalating Middle East tensions, while markets also price in the growing likelihood that Kevin Warsh will become the next chairman of the US Federal Reserve. Tim Gagie, Head of FX Advisory Geneva, explains what to watch in an environment of historic precious‑metal volatility and dollar weakness.

The US Federal Reserve left rates unchanged and struck a data‑dependent tone, even as political pressure around the central bank intensifies. The S&P 500 briefly crossed 7,000 before paring gains, tech earnings from Meta, Microsoft and Tesla sent mixed signals after the close, and European markets fell on volatile moves in ASML and LVMH. The US dollar rebounded on comments from Treasury Secretary Bessent, while geopolitical tensions pushed oil higher and gold surged above USD 5,500 as silver and copper also reached record highs. Today we are joined by Carsten Menke, Head of Next Generation Research, for a timely update on...

A whirlwind week in global markets — and it’s only Wednesday. The dollar plunges, the Swiss franc hits multi‑year highs, and gold and silver seem unstoppable. Equity markets touch new records as investors brace for mega‑cap tech earnings and the Fed’s rate decision after market close today. Dario Messi, Head of Fixed Income Research, explains what he expects from the US central bank. A fast, lively breakdown of what’s moving markets — tune in!

Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spot...

After a remarkable 2025, gold and silver have surged to new highs in early 2026, driven by a complex mix of geopolitical developments and speculative flows. What is fuelling this rally, can it continue, and how should investors position themselves in these volatile markets?

In this episode of Moving Markets – The View Beyond, Bernadette Anderko is joined by Julius Baer’s Carsten Menke, Head of Next Generation Research, and Christopher Irwin, Head of FX and Precious Metals Trading, to dissect the forces behind the explosive moves in gold and silver. The discussion covers the impact of US political dynamics, the...

Markets opened the week with a weaker US dollar and sharp gains in gold and silver. Precious metals broke key levels, with gold rising as high USD 5,100 and silver to over USD 112 an ounce. Equities and bonds were relatively calm, but global stocks are still near record highs. China’s annual industrial profits rose for the first time since 2021 and India and the EU announce a trade deal. Energy prices are being supported by cold weather in the US and geopolitics. Manuel Villegas from Next Generation Research discusses stablecoins and the broader crypto backdrop.

Silver sailed past USD 100 on Friday and has topped 107.50 in Asia this morning. Meanwhile, gold has broken through the USD 5,000 mark. There’s a lot of focus on USD/JPY and a possible US government shutdown is also now on the cards. Along with the twists and turns of geopolitics, markets now face a dense run of central bank decisions and one of the busiest earnings weeks of the year. Our analysts expect a test of conviction as markets navigate policy, growth, and profits simultaneously. Mensur Pocinci, Head of Technical Analysis, provides more colour on the moves in precious me...

China’s markets are off to a strong start in 2026, raising renewed comparisons to the 2015 boom‑and‑bust just as global tensions escalate — from dramatic US moves over Greenland to a surge in gold prices and a weakening dollar. With capital rotating out of U.S. assets and liquidity patterns shifting across Asia, does today’s rally carry familiar risks, or does it mark the start of a very different cycle?

In this episode of Moving Markets – The View Beyond, Richard Tang, Head of Research Hong Kong at Julius Baer, speaks with Hong Hao, Managing Partner and C...

China’s markets are off to a strong start in 2026, raising renewed comparisons to the 2015 boom‑and‑bust just as global tensions escalate — from dramatic US moves over Greenland to a surge in gold prices and a weakening dollar. With capital rotating out of U.S. assets and liquidity patterns shifting across Asia, does today’s rally carry familiar risks, or does it mark the start of a very different cycle?

In this episode of Moving Markets – The View Beyond, Richard Tang, Head of Research Hong Kong at Julius Baer, speaks with Hong Hao, Managing Partner and C...

Global risk sentiment improved as geopolitical tensions eased, diplomatic efforts advanced, and resilient US data lifted equities while pushing volatility and high-yield credit spreads to their lowest since 2007. European stocks played catch‑up, supported by their cyclical exposure and positive company‑specific news. The US dollar has weakened sharply this week, boosting risk‑sensitive currencies. Commodities are surging, with gold and silver extending their historic rallies on strong momentum and a weaker dollar. The Bank of Japan kept rates unchanged but struck a hawkish tone. Tim Gagie, Head of FX Advisory Geneva, discusses the historic rally in precious metals and in...

President Trump castigated European leaders over their response to his Greenland takeover attempt during his speech at the WEF in Davos yesterday but did step back from suggesting the use of military force. Equity markets rallied in response. They were given further positive momentum by a later post from the president which claimed that a framework of a future deal with respect to Greenland had been agreed with NATO and that tariff threats against Europe were off the agenda. Equity markets globally are mostly higher today and safe-haven assets have slipped. Norbert Rücker, Head of Economics and Next G...

Markets continue to de-risk and the “Sell America” narrative gains traction as geopolitical tensions over Greenland spook investors, triggering an equity sell-off, a weaker dollar, and soaring precious metals. With scant data ahead, all eyes are now on President Trump’s keynote speech at the World Economic Forum in Davos later today for clues on policy direction and de-escalation potential. We’re joined by Dario Messi, Head of Fixed Income Research, for an update on Japanese bond markets, and Mathieu Racheter, Head of Equity Strategy Research, who shares his view on how recent geopolitical risks might impact global equity markets...

European equities pulled back sharply yesterday after President Trump threatened tariffs on European goods, sending trade-sensitive sectors like autos and luxury sharply lower while defence stocks bucked the trend. Bond markets also came under pressure, with global yields rising and Japan’s 40-year government bond yield hitting a record high amid fiscal concerns and election uncertainty. In Asia, equity markets were mostly weaker despite fresh record highs in South Korea, while Chinese regulators moved to cool an overheating rally. Gold and silver jumped on safe-haven demand, oil edged higher, and diplomatic tensions flared further over Trump’s proposed ‘Board of Pea...

President Trump’s weekend announcement of new tariffs on eight European allies - linked to the US push to acquire Greenland - is set to ripple through global financial markets this week. Gold and silver have surged to fresh record highs on the news, while the US dollar has weakened. Today, we’re joined by Mensur Pocinci, our Head of Technical Analysis, who continues to see significant upside potential in select US equity sectors.

Geopolitics is once again in the spotlight. With protests intensifying in Iran and the recent US intervention in Venezuela, many investors are questioning whether these developments will meaningfully move oil prices — or whether an already oversupplied market will simply absorb the shocks.

In this episode of Moving Markets – The View Beyond, Norbert Ruecker, Head of Economics and Next Generation Research at Julius Baer, joins Ayako Lehmann to explore how these events fit into the broader global energy landscape. They also discuss the longer‑term outlook for US shale, the ongoing erosion of oil demand in advanced economies, and wh...

Semiconductor stocks stole the spotlight yesterday as record results from Taiwan Semiconductor Manufacturing Company reignited the AI trade across Europe, Wall Street, and Asia. Meanwhile, Germany recorded the first year of annual economic growth since 2022, while strong US data shifted expectations for Federal Reserve policy. Oil prices tumbled after President Trump signalled a pause in threats of military action against Iran, and gold extended losses as geopolitical tensions eased. Currency markets saw the yen strengthen on hints of possible intervention and speculation about an earlier Bank of Japan rate hike. Today’s episode features Tim Gagie, Head of FX Ad...

The average stock in the US rose yesterday, but investors shifted away from technology and bank stocks. European equities reached a new all-time high, though German stocks experienced their first decline in eleven days. Geopolitical tensions and announcements from the Trump administration led to demand for US Treasuries driving yields lower and also caused volatility in precious metals and oil, which rose initially but then declined. Weakness in US technology is affecting Asia, however, the main equity indices there remain stable. Carsten Menke, Head of Next Generation Research, discusses the factors behind silver’s incredible rally, and Mathieu Racheter, He...

Equity markets struggled despite cooler-than-expected US inflation data, as mixed bank earnings, Fed independence concerns, and Iran tensions weighed on sentiment. The latter two factors boosted gold and silver to new record highs. Attention turns to the US and the prospect of possibly hearing about the Supreme Court’s decision on IEEPA tariffs later today. Dario Messi, Head of Fixed Income Research, discusses the potential impact on the bond market and what it means for investors.

Equity markets pushed higher despite mounting geopolitical tensions, US political uncertainty, and sharp declines in some bank stocks following President Trump’s proposal to cap credit card interest rates. Japanese shares surged on speculation of imminent snap elections, adding another twist to global market dynamics. And today, Manuel Villegas from Next Generation Research joins us to explore how emerging retail trading platforms are reshaping market structures and investor behaviour.

Jerome Powell has responded to the threat of criminal charges against him relating to the renovation of historic Fed buildings, stating that they are nothing to do with this and rather reflect the fact that he will not bow to political interference when it comes to matters of monetary policy. US futures and the dollar have fallen since he spoke yesterday. This comes after record closes for the Dow Jones and S&P 500 on Friday. Mensur Pocinci, Head of Technical Analysis, joins today’s podcast to discuss the technical take on US equity performance as well as the continued ri...

Defence stocks soared across the globe yesterday after US President Trump called for a bigger military budget. Meanwhile, technology shares stumbled, oil rebounded sharply, and precious metals gained ground. In Asian trading, Fast Retailing impressed with strong earnings, while Rio Tinto slipped on merger talks with Glencore. We also discuss the narrowing US trade deficit, the Fed’s dovish signals, and Switzerland’s muted inflation backdrop. Joining our show today is Tim Gagie, Head of FX/PM PB Geneva, with an update on metals and currencies.

Investors should prepare themselves for 2026 to be a year that rewards those who adapt early to the resets and rebalancing which are shaping the new investment landscape. So, what are the key themes?

In this edition of Moving Markets - The View Beyond, Bernadette Anderko sits down with Christian Gattiker, Head of Research, and Mark Matthews, Head of Research Asia, to discuss Julius Baer's Market Outlook 2026 and why it’s important not to let a single country or theme dominate portfolios. Asian equities, artificial intelligence, defensives, and European cyclical stocks all have a role to play. The co...

Global equity markets closed marginally lower yesterday as they weighed the US administration’s moves on Venezuela and the potential for escalation regarding Greenland. Nevertheless, there were some bright spots: the Nasdaq was boosted by Alphabet, and the Kospi saw gains this morning as Samsung announced impressive Q4 earnings guidance. Defence stocks rose in Europe, but fell in the US, for different reasons. Amidst the surge in precious metals prices, Carsten Menke, Head of Next Generation Research, explains why he believes that silver prices have moved too far, too fast of late, and why investors need to distinguish between fl...

Global equities surged with US, European, and Asian markets reaching new highs, brushing aside geopolitical concerns. Copper and precious metals spiked on supply concerns and strong demand, while bond markets priced in more rate cuts following softer European inflation data. Still, geopolitical risks and upcoming economic data remain in focus, creating the first challenges of the year in Asian trading this morning. On today’s show, Dario Messi, Head of Fixed Income Research, shares what these developments mean for the bond market, and Mathieu Racheter, Head of Equity Strategy, outlines his sector outlook for 2026.

Equity markets have kicked off the first full trading week of the year on a strong note, with major indices in the US and Europe reaching record highs despite persistent concerns over Venezuela and its potential geopolitical ripple effects. Gold and silver continued their breathtaking rally while government bond yields fell a little. Norbert Rücker, Head of Economics and Next Generation Research, shares his insights on the situation in Venezuela and the outlook for oil prices.

Global markets surged in 2025, fuelled by economic growth, AI optimism, and central bank rate cuts, though there were sharp swings in volatility at times. Commodities diverged: oil ended lower while precious metals soared, led by gold’s biggest annual gain in 46 years. 2026 started on a strong footing, driven by semiconductor stocks. Over the weekend, geopolitical tensions spiked with the arrest of Venezuela’s Nicolas Maduro, lifting gold as Brent held near USD 60 amid oil supply concerns. Mensur Pocinci, Head of Technical Analysis Research, expects the USD and related assets to remain in a bear market, while precious metals are like...

Excerpt from Beyond Markets Podcast, originally published on 25.09.2025.

This episode is part of a special two-week series featuring highlights from Julius Baer’s recent Beyond Markets podcasts. Our regular show that starts with daily market news returns on Monday 5th January.

When one thinks of safe-haven currencies, the Swiss franc, Japanese yen, and US dollar typically come to mind. But with capital flows diversifying away from the US dollar, interest in alternative safe havens is increasing. The Singapore dollar, one of Asia’s most stable and best-performing currencies, stands out as one such potential candidate. In t...

Excerpt from Beyond Markets Podcast, originally published on 08.04.2025.

This episode is part of a special two-week series featuring highlights from Julius Baer’s recent Beyond Markets podcasts. Our regular show that starts with daily market news returns on Monday 5th January.

In this episode of Beyond Markets we take a closer look at water. With water scarcity and extreme weather events on the increase, what do listeners need to know about water-related challenges and opportunities from both a societal and investment perspective? We are joined by Carsten Menke and Maeve Timoney from Julius Baer’s Next...