Wall Street ended modestly higher yesterday, with the S&P 500 and Nasdaq closing at record highs following a twelfth consecutive advance. US markets reacted positively to the announcement of a 10‑day ceasefire between Lebanon and Israel. Earnings also provided support, led by banks and semiconductor companies, while luxury remained the weak spot this week. Notably, shares of Charles Schwab and Netflix both fell sharply yesterday after releasing their results. US economic data was mixed, with industrial production declining but survey indicators staying firm. In Europe, inflation surprised to the upside and Germany cut its growth forecast for the year. Thomas Caflisch, Head of FX Sales Switzerland, talks about why the US dollar may be trading lower despite unresolved tensions between the US and Iran.

• (00:00) - Introduction: Helen Freer, Product & Investment Content