Global equities ended Thursday’s trading session mostly higher, with defensive and defence stocks leading the gains while big tech was mostly lower. This came while Walmart’s CEO warned yesterday that tariffs would force it to raise prices this year - even after the recent decrease in duties on China - and data included softer US producer prices as well as underwhelming retail sales. Dario Messi, Head of Fixed Income Research, talks about what this means for bond markets and why he would cut the allocation to higher-risk segments. And Tim Gagie, Head of FX/PM Private Banking Geneva, discusses his expectations for a weaker Swiss franc and highlights his preferred currency pair.

00:00 Introduction: Helen Freer, Investment Writing

00:31 Markets wrap-up: Jan Bopp, Investment Writing

06:22 Bond market update: Dario Messi, Head of Fixed Income Research

10:49 FX and metals: Tim Gagie, Head of FX/PM PB Geneva

15:12 Closing remarks: Helen Freer, Investment Writing

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