Big tech is stumbling while pharma stocks surge, what does that mean for markets heading into 2026? In this episode, Anthony and Piers unpack why Nvidia, Microsoft, and Amazon are dragging, while Eli Lilly and Merck lead a surprising rotation. They also explore shifting Fed rate cut expectations, conflicting US labor data, and what it all signals for the S&P 500’s next move.

We also break down Deutsche Bank’s “triple whammy” dollar call, Trump’s Fed chair pick, and why a yen carry trade unwind could shake crypto markets. Plus, UK PMI surprises and pound strength, are brighter days ahead for the UK economy?

Tune in for easy-to-follow macro insights this week!

(00:00) Topics & Listener Shoutouts

(02:51) Big Tech Wobble, Pharma Surge

(09:16) Fed Cut Expectations & Labour Data

(18:27) Trump’s Fed Pick & Market Reaction

(24:23) Deutsche Bank US Dollar Call

(30:07) Yen Carry Trade & Crypto Risk

(36:01) UK Budget Bounce & PMI Surprise

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