In this episode, we dive into the latest market developments as European government bonds and equities surge on contained eurozone inflation. Meanwhile, US stocks experience a volatile session ahead of the unveiling of the Trump administration's reciprocal tariff plans. Joining us is Dario Messi, Head of Fixed Income Research, who shares his insights on why he thinks it's not the right time to increase risk exposure in bond markets.

00:00 Introduction by Bernadette Anderko (Investment Writing)

00:24 Markets wrap-up by Roman Canziani (Head of Investment Writing)

05:49 Bond market latest: Dario Messi (Head of Fixed Income Research)

09:39 Closing remarks by Bernadette Anderko (Investment Writing)

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European markets dropped yesterday but US stocks rebounded and the S&P 500 index closed up 0.6%, although this wasn’t enough to stop the benchmark index from posting its worst month in two years. Gold hit a fresh all-time high, up 1.2%, as investors sought safety amid concerns over the Trump administration's imminent tariffs and their potential impact on inflation and growth. Also on today’s podcast, we are joined by Norbert Rücker, Head of Economics & Next Generation Research, who shares his outlook on energy markets.

00:00 Introduction by Helen Freer (Investment Writing)

00:24 Markets wrap-up by Jonti Warris (Investment Writing)

06:22 Energy markets by Norbert Rücker (Head of Economics & Next Generation Research)

10:15,5 Closing remarks by Helen Freer (Investment Writing)

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US inflation concerns intensified, with the core PCE rising 2.8% year-on-year, fuelling fears of stagflation. Tariffs remain a significant concern, with the US poised to unveil new measures on Wednesday. The EU is bracing itself for a potential 20% tariff, and Goldman Sachs has increased the likelihood of a US recession from 20% to 35%. Asian markets are feeling the strain of tariff uncertainty, with stocks declining, the Japanese yen strengthening, and gold at an all-time high. Also in focus this week: Friday's US jobs report, which may signal a cooling labour market. Meanwhile, Mensur Pocinci, Head of Technical Analysis, discusses the S&P 500, gold, and the US dollar amidst a risk-off backdrop in the markets.

00:00 Introduction by Helen Freer (Investment Writing)

00:28 Markets wrap-up by Mike Rauber (Investment Writing)

08:29 Technical Analysis update: Mensur Pocinci (Head of Technical Analysis)

11:13 Closing remarks by Helen Freer (Investment Writing)

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Wednesday’s announcement of new tariffs on all non-US-made cars sent shockwaves through the markets, with stock markets worldwide feeling the ripple effects. Carmakers were among the hardest hit, while some investors sought safer havens in more stable sectors, such as consumer packaged goods, where share prices rose. In the Asia-Pacific region, markets were largely down, despite news that Chinese President Xi Jinping had met with global CEOs in Beijing and speculation that Trump may cut tariffs on Chinese goods to facilitate a TikTok deal. Against this backdrop, gold reached yet another record high overnight. In this episode, we are joined by Tim Gagie, Head of FX & PM Solutions in Geneva, who shares his insights on the latest developments in foreign exchange and metals, and offers some interesting trade ideas.

00:00 Introduction by Helen Freer (Investment Writing)

00:24 Markets wrap-up by Lucija Caculovic (Investment Writing)

07:05 FX and metals: Tim Gagie (Head of FX & PM Solutions Geneva)

11:13 Closing remarks by Helen Freer (Investment Writing)

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A three-day period of relative calm on Wall Street came to an end as major tech and automobile companies led a decline in global equity markets yesterday. Concerns about the economic impact of ever more tariff announcements, weak consumer sentiment and rising inflation risks are dampening investor risk appetite. Nvidia and Tesla slumped nearly 6%, and the automobile sector was among yesterday’s laggards after Trump announced 25% tariffs on the sector. Carsten Menke, Head of Next Generation Research, talks about the impact of tariffs on copper and why he expects the latest rally will not last.

00:00 Introduction by Helen Freer (Investment Writing)

00:28 Markets wrap-up Jan Bopp (Investment Writing)

05:29 Copper: Carsten Menke (Head of Next Generation Research)

08:54 Closing remarks by Helen Freer (Investment Writing)

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Consumer sentiment in the US continues to decline, with some indices flashing warning signs of a potential recession. Despite the weakness in sentiment, hard economic data remains resilient - for now. Meanwhile, one of the main beneficiaries of the ongoing uncertainty surrounding US tariffs, is industrial metal copper, whose price has reached an all-time-high in New York. Join us as we discuss the latest developments with Dario Messi, Head of Fixed Income Research, who predicts further volatility on the horizon, and Mathieu Racheter, Head of Equity Strategy, who argues that investors should capitalise on the current US equity bounce to diversify into international markets.

00:00 Introduction by Bernadette Anderko (Investment Writing)

00:27 Markets wrap-up by Roman Canziani (Head of Investment Writing)

06:09 Bond market update: Dario Messi (Head of Fixed Income Research)

11:24 Equity strategy update: Mathieu Racheter (Head of Equity Strategy)

16:43 Closing remarks by Bernadette Anderko (Investment Writing)

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US equity markets jumped yesterday on hopes that President Trump may hold back from implementing some of his wide-ranging tariff plans, hinting at a narrower scope of reciprocal levies set to be announced on 2 April. In today’s Asia session, though, it’s a different story, with tech stocks on the back foot, weighing on markets. Also on today’s podcast, we are joined by Manuel Villegas, Next Generation Research, who shares his outlook on digital assets following the substantial outflows seen in recent weeks.

00:00 Introduction by Bernadette Anderko (Investment Writing)

00:27 Markets wrap-up by Jonti Warris (Investment Writing)

05:51 Digital assets update: Manuel Villegas (Next Generation Research)

09:40 Closing remarks by Bernadette Anderko (Investment Writing)

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Central banks adopted a cautious tone on monetary policy, driving gold to a new high last week. The EUR suffered a 'sell the news' reaction following the announcement of Germany's spending plans. President Trump's comments on tariff flexibility provided a boost to the S&P 500 late on Friday. Looking ahead, this week promises to be eventful, with over 50 corporate results from China, and Ukraine peace talks. Investors will be closely watching Friday's US PCE inflation data. According to Mensur Pocinci, Head of Technical Analysis, a sustained rebound in US stocks will require broad-based buying and a shift in behaviour from retail investors - refraining from buying every dip in the market.

00:00 Introduction by Bernadette Anderko (Investment Writing)

00:28 Markets wrap-up by Mike Rauber (Investment Writing)

06:28 Technical Analysis update by Mensur Pocinci (Head of Technical Analysis)

08:23 Closing remarks by Bernadette Anderko (Investment Writing)

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Equity markets remain fragile as a renewed focus on trade fears derailed a short-lived recovery in risky assets as a busy central bank week draws to a close. Tim Gagie, Head of FX & PM Solutions Geneva, talks about the impact of the latest central bank communications on currency markets, and what he expects for gold going forward.

00:00 Introduction by Bernadette Anderko (Investment Writing)

00:23 Markets wrap-up by Jan Bopp (Investment Writing)

05:47 FX and metals: Tim Gagie (Head of FX & PM Solutions Geneva)

10:11 Closing remarks by Bernadette Anderko (Investment Writing)

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The US Federal Reserve has kept interest rates steady at 4.25%-4.5%, while downgrading the growth forecast to 1.7% and increasing inflation expectations to 2.8%. Chairman Powell's comments sparked a positive market reaction, with the Treasury curve steepening and equities rising on hopes of future rate cuts. Meanwhile, Turkey's lira plummeted over 10% after the detention of Istanbul's mayor. The EU may exclude the US, the UK, and Turkey from its EUR 150bn defence spending fund if they do not sign security agreements. Today, the Swiss National Bank and Bank of England will announce their interest rate decisions. Carsten Menke, Head of Next Generation Research, notes that growth concerns are luring safe-haven seekers back into gold. Nicolas Jordan, CIO Office, says that US equities are no longer the only game in town after two years of unmatched outperformance.

00:00 Introduction by Helen Freer (Investment Writing)

00:34 Markets wrap-up by Mike Rauber (Investment Writing)

06:51 Gold: Carsten Menke (Head of Next Generation Research)

10:49 Update from the CIO Office: Nicolas Jordan (CIO Strategy & Investment Analysis)

15:04 Closing remarks by Helen Freer (Investment Writing)

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