The ongoing tariff saga remains the dominant theme, with investors waiting to see if tensions will ease or escalate. This uncertainty is taking a toll on consumer sentiment and investor expectations. Following recent volatility, markets were relatively calm yesterday, with European bourses ending the day in positive territory, while US stocks closed marginally in the red. However, in after-hours trading, Nvidia’s shares plummeted by over 6% after the company faced new restrictions on its exports to China. Both the US dollar and US Treasury yields stabilised somewhat. In overnight trading in Asia, most markets fell, despite China releasing robust economic data. One notable exception was gold, which continued its upward trajectory. To provide further insights into the equity markets, particularly banking stocks, we are joined today by Mathieu Racheter, Head of Equity Strategy.

00:00 Introduction: Bernadette Anderko, Investment Writing

00:24 Markets wrap-up: Lucija Caculovic, Investment Writing

07:39 Equity market update: Mathieu Racheter, Head of Equity Strategy

11:52 Closing remarks: Bernadette Anderko, Investment Writing

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Markets are showing signs of stabilisation as the US administration appears to be reconsidering its tariff policy. This has boosted auto stocks in particular, driven by reports that President Trump may modify the tariff package for auto-related imports from Mexico and Canada. Additionally, US Treasury yields have decreased following their sharpest increase in twenty years last week. Joining us to discuss the latest on digital assets is Manuel Villegas from Next Generation Research.

00:00 Introduction: Helen Freer, Investment Writing

01:05 Markets wrap-up: Roman Canziani, Head of Investment Writing

07:29 Digital assets: Manuel Villegas, Next Generation Research

12:52 Closing remarks: Helen Freer, Investment Writing

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Global financial markets experienced a tumultuous week, with safe-haven assets surging, and the US dollar and Treasury bonds posting sharp declines, raising concerns about the future of US economic dominance and global trade stability. As the escalating trade war with China continues to unfold, investors are bracing for another volatile week, in which the European Central Bank meeting takes place and the corporate earnings season gets underway. Mensur Pocinci, Head of Technical Analysis, also joins the show and shares his outlook for markets from a technical perspective.

00:00 Introduction by Helen Freer (Investment Writing)

00:31 Markets wrap-up by Jonti Warris (Investment Writing)

06:45 Technical Analysis update: Mensur Pocinci (Head of Technical Analysis)

09:55 Closing remarks by Helen Freer (Investment Writing)

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European markets played catch-up with Wednesday’s US rally yesterday, with nearly all sectors posting significant gains. However, when US markets opened, risk appetite appeared to evaporate on Wall Street, as stocks fell despite subdued inflation data. There was some brief respite for Treasuries but they then resumed their sell-off from earlier in the week, sparking concerns among many about the health of the financial system. Asian markets delivered mixed performance overnight, but gold reached yet another record high. In this episode, we are joined by Tim Gagie, Head of FX and Precious Metals Solutions in Geneva, who shares his expertise on the latest developments in foreign exchange and metals, offering valuable insights into these markets.

00:00 Introduction by Helen Freer (Investment Writing)

00:28 Markets wrap-up by Lucija Caculovic (Investment Writing)

05:49 FX and metals by Tim Gagie (Head of FX & PM Solutions Geneva)

10:25 Closing remarks by Helen Freer (Investment Writing)

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Following President Trump’s ‘pause’ announcement yesterday, US And Asian equity indices experienced a relief rally of historic proportions. The punitive tariffs imposed on dozens of countries have now been swapped for a universal 10% rate, but only for 90 days. It remains to be seen whether this rally can be sustained or if it is merely a dead-cat bounce: US futures are pointing to a lower open this afternoon. Gold and oil have not been immune to some puzzling price moves in the past few weeks too, so it was great to have Carsten Menke and Norbert Rücker on the podcast to provide their insights into what might be behind these.

00:00 Introduction by Helen Freer (Investment Writing)

00:31 Markets wrap-up by Bernadette Anderko (Investment Writing)

05:54 Oil: Norbert Rücker (Head of Economics & Next Generation Research)

09:01 Gold: Carsten Menke (Head of Next Generation Research)

12:26 Closing remarks by Helen Freer (Investment Writing)

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The global trade war intensifies as the Trump Tariffs come into effect. Equities continue to decline for the fourth consecutive day, threatening to push the S&P 500 into bear market territory, as investors seek safe havens. Meanwhile, Treasuries, once considered the world's ultimate safe haven, remain under pressure as investors appear to be losing confidence in the US. To gain more insight into the bond market's reaction, we spoke with Dario Messi, Head of Fixed Income Research, who discusses the implications for investors' positioning in more detail.

00:00 Introduction by Bernadette Anderko (Investment Writing)

00:27 Markets wrap-up by Jan Bopp (Investment Writing)

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

10:44 Closing remarks by Bernadette Anderko (Investment Writing)

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Global markets experienced significant volatility yesterday due to ongoing trade tensions sparked by President Donald Trump - the VIX index surged to 60 at one point. The S&P 500 closed just 0.2% lower despite threats of additional tariffs. Former New York Fed President Bill Dudley stated that a decline in stocks alone won't prompt the Fed to intervene, but an impairment to the flow of credit to businesses would. Hong Kong's Hang Seng Index rebounded slightly today after a historic 13.2% collapse on Monday, while Japan's Nikkei 225 rallied 6% on positive trade news, with the US and Japan potentially negotiating a trade deal. European equity futures are up over 2% in response to the news. Philipp Lienhardt, Head of Equity Research, notes that the upcoming earnings season will be all about companies’ comments on the trade war.

00:00 Introduction by Helen Freer (Investment Writing)

00:31 Markets wrap-up by Mike Rauber (Investment Writing)

05:49 Q1 earnings season preview: Philipp Lienhardt (Head of Equity Research)

08:29 Closing remarks by Helen Freer (Investment Writing)

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As the emerging trade war takes its toll, causing global stock markets to sell off from Japan to Mexico, investor sentiment continues to deteriorate rapidly. After US stocks fell steeply on Friday, Asian equities have plummeted today, with tech and banking stocks leading the decline in response to the retaliatory tariffs announced by China. Mensur Pocinci, Head of Technical Analysis, shares his outlook for markets from a technical perspective and Richard Tang, Head of Research Hong Kong, shares his reaction to the escalating tariff war with a focus on China.

00:00 Introduction by Helen Freer (Investment Writing)

00:44 Markets wrap-up by Jonti Warris (Investment Writing)

06:17 Technical Analysis update: Mensur Pocinci (Head of Technical Analysis)

09:04 Reaction to tariff announcements in Asia: Richard Tang (Head of Research Hong Kong)

19:04 Closing remarks by Helen Freer (Investment Writing)

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The fallout from Donald Trump’s tariff war spread across global markets on Thursday, knocking down stocks and sparking a flight to fixed-income havens. US equities and the dollar saw some of the worst selling on speculation the president’s trade offensive will cripple the American economy. In today’s special episode, Christian Gattiker, Head of Research, shares his insights on the latest developments and how investors should navigate this uncertain environment. And Tim Gagie, Head of FX & PM Solutions in Geneva, talks about why he sees more room for US dollar weakness and why he thinks gold will continue to perform well.

00:00 Introduction by Helen Freer (Investment Writing)

00:41 Markets wrap-up by Jan Bopp (Investment Writing)

06:10 Reaction to Trump tariff announcements: Christian Gattiker (Head of Research)

11:10 FX and metals: Tim Gagie (Head of FX & PM Solutions Geneva)

15:55 Closing remarks by Helen Freer (Investment Writing)

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Last night President Trump delivered a 99 minute speech in which he announced a baseline 10% tariff across the board. For many of the 180 countries on that board, the actual number is much higher: China now faces a rate of 54% and it has vowed to take ‘resolute counter-measures’ to safeguard its own rights and interests. Markets reacted badly to the news with only gold and US Treasury prices moving higher. Our Chief Economist, David Kohl, joins the podcast to share his thoughts on the impact on economic growth and why the biggest inflationary impact might actually be felt in the US. And Manuel Villegas, Next Generation Research, brings a timely update on AI.

00:00 Introduction by Helen Freer (Investment Writing)

00:44 Markets wrap-up by Bernadette Anderko (Investment Writing)

06:33 Liberation Day: David Kohl (Chief Economist)

11:20 AI update: Manuel Villegas (Next Generation Research)

15:08 Closing remarks by Helen Freer (Investment Writing)

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