Moving Markets: Daily News Julius Baer

Global equities are rallying on yesterday's lighter-than-expected US Consumer Price Index data, with investors snapping up stocks and riskier currencies. The data has led traders to raise their bets that the Fed will cut its policy rate at least twice this year. And after a recent rally in copper prices, Carsten Menke, Head of Next Generation Research, discusses whether the copper market has moved too far, too fast.
00:00 Introduction by Helen Freer (Investment Writing)
00:24 Markets wrap-up by Jonti Warris (Investment Writing)
06:51 Copper update by Carsten Menke (Head of Next Generation Research)
11:38 Closing remarks by Helen Freer (Investment Writing)
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A rally in big tech drove US equities close to their all-time highs as bond yields fell, with investors awaiting key inflation data for clues on the Federal Reserve’s next steps. And meme stocks are back on investors’ radar. GameStop surged 180% this week alone, raising questions about the prevailing market sentiment. Markus Allenspach, Head of Fixed Income Research, talks about how to navigate through volatile bond markets around CPI data. And Mathieu Racheter, Head of Equity Strategy, gives us the latest news on the key takeaways from this earnings season.
00:00 Introduction by Bernadette Anderko (Investment Writing)
00:30 Markets wrap-up by Jan Bopp (Investment Writing)
06:37 Bond markets update by Markus Allenspach (Head of Fixed Income Research)
11:31 Earnings Season Review by Mathieu Racheter (Head of Equity Strategy)
14:13 Closing remarks by Bernadette Anderko (Investment Writing)
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Financial markets are in wait-and-see mode ahead of US inflation data today and tomorrow, as well as Alibaba and Tencent earnings later today. French President Emanuel Macron said he is open to a major French bank being taken over by a European rival, in a bid to spur deeper financial integration in the euro bloc. Yields on 20-year Japanese government bonds rose to their highest level since 2013. Manuel Villegas, Next Generation Research, says that like any risk-on asset, Bitcoin is awaiting US inflation reports.
00:00 Introduction by Helen Freer (Investment Writing)
00:23 Markets wrap-up by Mike Rauber (Investment Writing)
07:38 Digital assets update by Manuel Villegas (Next Generation Research)
11:03 Closing remarks by Helen Freer (Investment Writing)
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Equity markets closed last week stronger than they started it and futures broadly project the upward trend to continue today. Nevertheless, China’s latest inflation data over the weekend was disappointingly strong and the news today that China will begin an ultra-long bond selling programme was not enough to support onshore equities today. Hong Kong’s equity benchmark however climbed to its highest level since August 2023. With oil prices moving sideways and precious metals moving higher, our Head of Technical Analysis, Mensur Pocinci, explains what this traditionally means for equity markets, whilst also covering his outlook for other asset classes.
00:00 Introduction by Helen Freer (Investment Writing)
00:23 Markets wrap-up by Bernadette Anderko (Investment Writing)
07:01 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis Research)
10:58 Closing remarks by Helen Freer (Investment Writing)
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A higher-than-expected reading on US jobless claims rekindled expectations of earlier interest rate cuts this year, helping US equities to close at their highest levels ever. After the Swedish Riksbank cut interest rates on Wednesday, the Bank of England gave clear indications at its policy meeting yesterday that rate cuts are on the horizon. Meanwhile, demand for corporate bonds remains very strong, although risk premiums on debt remain very tight. And Hong Kong stocks are rising on a report that the dividend tax for mainland investors will be abolished. Fixed Income strategist Dario Messi says that there is no need to rush into longer-dated bonds at any price.
00:00 Introduction by Bernadette Anderko (Investment Writing)
00:23 Markets wrap-up by Mike Rauber (Investment Writing)
07:11 Fixed Income update by Dario Messi (Fixed Income Strategy)
12:17 Closing remarks by Bernadette Anderko (Investment Writing)
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While European markets ended the day firmly in the green yesterday, US equities struggled as investors remained fixated on when the Federal Reserve will start cutting interest rates. Asian markets followed the US lower, with Japanese equities underperforming and the recent rally in Hong Kong and mainland China came to a halt. Oil fell close to its lowest level since mid-March, while gold held steady this morning. Mathieu Racheter, Head of Equity Strategy, and Tim Gagie, Head of FX & PM Solutions in Geneva, join today’s show to provide further insights into our equity calls and what has been driving the FX markets.
00:00 Introduction by Bernadette Anderko (Investment Writing)
00:36 Markets wrap-up by Lucija Caculovic (Investment Writing)
06:35 Changes to our equity calls by Mathieu Racheter (Head of Equity Strategy)
10:42 FX and metals update by Tim Gagie (Head of FX & PM Solutions Geneva)
15:42 Closing remarks by Bernadette Anderko (Investment Writing)
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