Market Maker

The price of bitcoin briefly fell below $26,000 this week, hitting its lowest level in 16 months. The move came after a collapse in Luna as TerraUSD struggled to regain its Dollar peg. Find out what purpose these 'algorithmic stablecoins' serve, what caused them to break down, and what it means for institutional adoption going forward.

We also catch up on what has been another brutal week across the asset class spectrum with YTD losses in the Nasdaq 100 now over 27%, and find out why Italian Prime Minister Mario Draghi wants to set up his own cartel!

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On Thursday, the Nasdaq closed the session down 5%, marking the biggest single-day plunge since June 2020. YTD stocks like Netflix are now down nearly 70% and even tech giant Amazon has shed over 30% in the past four months.

So why has the selling pressure intensified this week? What should we take away from the comments from Fed Chair Jerome Powell at the FOMC meeting and is a recession now all but a foregone conclusion?

In this episode, we aim to address these questions and tackle the big one - What happens next?!

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Much to talk about this week, but Piers and I thought we would unpack what has been a busy week in US corporate earnings. 

In fact, Apple, Microsoft, Amazon, and Alphabet alone have a combined market value of about $8trl and makeup one-fifth of the weight of the S&P 500. So how they perform has a direct consequence on the US stock market and gives investors some clues on how the period ahead may unfold.

We look at each one of the tech giants in detail and discuss the good, the bad, and the ugly. We explain how Apple is quickly becoming a safe-haven asset and why stock buybacks are so popular for technology stocks.

Finally, we also couldn't go a full episode without at least one nod to the macro environment, so Piers gives a great breakdown of why the unexpected drop in US GDP this week is perhaps not cause for concern just yet!

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In this episode, I speak to Will Hobbs who is the Chief Investment Officer (CIO) at Barclays Wealth Management.

Will talks about his untraditional route into markets, from training in Italy as a chef to landing his first role in finance, working through the dot-com and financial crisis, and then deconstructing his current role as Chief Investment Officer.

There are lots of tips on networking, leveraging personal experiences, and a detailed explanation of how his team oversees the investment philosophy at Barclays UK in Strategic Asset Allocation (SAA) and Tactical Asset Allocation (TAA) decisions.

We also touch on how he found his real passion later on in his career which ultimately acted as the springboard to later success and discuss how he deals with the pressure of being responsible for key decisions within the division he operates in.

A must listen to episode for those looking to work in asset or wealth management but also for the wider community if you are looking for an open and genuine insight into working in the world of finance.

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In this podcast episode, Piers and I attempt to deconstruct the Elon Musk / Twitter saga and use it as a great case study to tackle some finance jargon you may have heard before.

So expect some hostile actions, tender offers, leveraged buyouts, white knights, and poison pills!

I also wrap up some of the main headlines in global markets this week from the hawkish pivot from the ECB and hardening of rate hike talk from Fed Chief Jerome Powell, to the collapse of Netflix shares and the latest earnings from Tesla.

Everything you need to ensure you are right up to date on all things markets!

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In this week's episode, Piers and I catch up on the news that Elon Musk has tweeted himself onto the board of Twitter causing the social media apps' share price to rocket. But does the Tesla CEO have the company's best interest at heart or is he simply a bored billionaire looking for some kicks?!

I explain the context for the first round of the French election this weekend as local bond yields have hit their highest level since 2015 after the latest poll indicated that National Front leader Marine Le Pen has narrowed the gap on President Emmanuel Macron. Find out why this may be billed as the 'President of the rich' vs the 'Putin Sympathiser'.

Finally, we attempt to untangle the highly complex governance issues that US Investment Banks like Goldman Sachs and J.P. Morgan must address to successfully launch the IPO of the German Automaker Porsche.

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In this week's episode, Piers and I catch up on the announcement this week that the US is to release roughly a million barrels of oil a day from its reserves for six months beginning in May, a historic drawdown to combat rising inflation. We discuss Biden's strategy and ask the question, will it work?

This week the U.S. Treasury yield curve inverted for the first time since 2019. The U.S. curve has inverted before each recession since 1955, with a recession following between six and 24 months, but is this a surprise, and is this time different?

We also look at why the Russian Ruble has staged a steady comeback despite the ongoing conflict, the bounce in cryptocurrencies, and why UK house prices keep punching higher.

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In this week's episode, I talk to co-founder Piers Curran about the strategy behind Apple's acquisition of Credit Kudos, which uses machine learning to create an alternative to traditional credit scores. Beyond the technology, we look at how the government shares your personal data and discuss the repercussions of the ever-growing 'buy now, pay later' culture.

This week also saw Elon Musk open the new Giga Berlin plant in Grünheide but can Tesla remain ahead of the pack? we run the numbers.

Do you ever think your phone can read your mind?! Snap Inc.'s latest acquisition of NextMind might make that possible sooner than you think! 

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In this episode, Piers and I catch up on what has been another busy week in markets where global stocks are on course for their best week since November 2020.

We catch-up on the latest news on Ukraine, where reports midweek suggested Ukraine and Russia have made significant progress on a tentative peace plan including a ceasefire and Russian withdrawal if Kyiv declares neutrality and accepts limits its armed forces. We talk about making sense of the headline noise and whether we have had peak conflict in terms of market pricing.

We then catch up on why the implied probability of a default by Russia within the year has decreased following news that J.P. Morgan has processed a bond payment and delve into what to expect from the meeting today between US President Joe Biden and his Chinese counterpart Xi Jinping.

We debate US strategy heading into the high-level talks and why President Xi is perhaps the leader facing the greatest challenges at the moment as China's zero-tolerance COVID strategy comes back in the spotlight as cases rates in explode.

Finally, we review the decision from the US Federal Reserve to hike rates and commence what is expected to be a series of rate hikes this year. Has Fed Chair Jerome Powell got back in control of the inflation problem or is he being complacent over the risk of a recession? 

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This week, Nickel, used in stainless steel and electric-vehicle batteries, surged as much as 250% in just two days to trade briefly above $100,000 a ton, in what otherwise can only be described as a parabolic move.

Xiang Guangda a.k.a 'Big Shot' -- who controls the world’s largest nickel producer, Tsingshan Holding Group Co. was the main culprit behind the move, having amassed a short position on the London Metal Exchange (LME) is in the region of 100,000 tons of nickel. 

We look at the mechanics behind the short squeeze and explain how the LME ring works, and whether market manipulation and governance issues plague the last remaining open outcry floor in Europe.

Also up for discussion, is the 20-for-1 stock split announced by mega-cap tech stock Amazon, its first split since 1999 and fourth since Amazon’s IPO in 1997. Find out how a stock split works in practice, why companies choose to do it, and what it means for the share price.

Finally, we talk about fixed-income fund manager PIMCO, who is reported to have billions of dollars riding on the economic fallout from Vladimir Putin’s invasion of Ukraine, after amassing a wager worth at least $1bn in derivatives markets that the country will NOT default. We explain how Credit Default Swaps (CDS) work and why sanctions on Russia may have unintended consequences on the West.

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