Podcast
Moving Markets
Hosted by Julius Baer · EN
Moving Markets is the home of podcasts at Julius Baer. Here, our expert teams share concise daily market updates in ‘Moving Markets Daily’ which is complemented by ‘Moving Markets: The View Beyond’, a weekly show dedicated to discussing the context, thematic angles, and investment implications behind key topics shaping the news cycle and conversations among our relationship managers and clients.
The information contained in this podcast is marketing material. Opinions expressed do not constitute independent financial/investment research, investment advice, or an offer to buy or sell securities by Julius Baer. Please refer to www.juliusbaer.com/legal/podcasts for important legal information prior to listening to this podcast.
149episodes
Episodes
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Semi sell-off and US-Iran escalation test market resilience
Jul 800:15:36Summary readySharp semiconductor losses amid AI chip rivalry fears contrast with resilient broader markets, while escalating US-Iran tensions send oil surging 5%, highlighting growing jitters over geopolitics and inflation just as central banks signal rates may stay higher for longer. Investors will now focus on the upcoming earnings season for more guidance. Matthieu Racheter, Head of Equity Strategy, shares his insights on what to expect. And Tim Gagie, Head of PB Sales (Geneva) FX & PM, talks about the British pound amid the political uncertainty in Britain and key levels to watch for gold.(00:00) - Introduction: Roman Canziani, Head of Product & Investment Content (00:41) - Markets wrap-up: Jan Bopp, Product & Investment Content (06:36) - Earnings preview: Mathieu Racheter, Head of Equity Strategy Research (10:25) - FX update: Tim Gagie, Head PB Sales (Geneva) – FX and PM (14:37) - Closing remarks: Roman Canziani, Head of Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.
Summary
AI stocks lift Wall Street
Jul 700:10:44Summary readyUS equities started the week strongly as AI-related stocks rebounded yesterday and the Dow Jones closed above 53,000 for the first time. Broadcom gained after extending its partnership with Apple, while Microsoft slipped following plans to cut jobs as it reallocates resources towards AI infrastructure. In Europe, most indices were down, although Germany’s DAX bucked the trend and reached a new record high, and EasyJet surged on takeover news. Asian markets today came under pressure, led by South Korea’s Kospi, where a trading halt was triggered when the index fell more than 8%. Carsten Menke, Head of Next Generation Research, joins the show to talk about El Niño and its potential economic consequences.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:28) - Markets wrap-up: Helen Freer, Product & Investment Content (06:11) - The El Niño effects heading our way: Carsten Menke, Head of Next Generation Research (09:56) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.
Summary
It looks like 1998, rather than 2000
Jul 600:10:56Summary readySofter inflation data supported sentiment in the eurozone, while in the US, comments by Fed chair Kevin Warsh on inflation and a weaker-than-expected labour market report lifted equities last week. Gold rose and the USD weakened. Brent crude is holding near USD 72 despite OPEC+ announcing an output increase over the weekend. In Asia, attention is on SK Hynix ahead of its USD 29 billion US listing, which could become the largest-ever foreign IPO. SpaceX is also in focus as the expiry of the analyst quiet period is expected to trigger a wave of research reports and price targets. Mensur Pocinci, Head of Technical Analysis, discusses, among other topics, why US equity market behaviour may be more reminiscent of 1998 than 2000.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:51) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:37) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis Research (10:09) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.
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The View Beyond: Will the 4th of July party continue for US markets?
Jul 400:18:01Summary readyAs the United States marks 250 years of independence, investors are asking whether its markets can continue to deliver long-term outperformance in the face of elevated valuations and global competition. What are America’s enduring structural advantages, and could we be entering a new investment era?In this episode of The View Beyond, Bernadette Anderko is joined by Mark Matthews, Head of Research Asia at Julius Baer, to discuss the investability of the US market as it celebrates a major milestone. Together, they examine the historical drivers of US market leadership, from industrialisation to the current wave of artificial intelligence, and consider whether the region’s capitalist foundations and deep capital markets remain intact. The conversation covers the implications of high valuation multiples, the role of innovation cycles, the impact of market concentration, and the risks posed by political and economic shifts. Mark also shares his perspective on what could signal a regime change, and how investors should think about their US exposure in the context of global opportunities.(00:00) - Introduction (02:01) - US structural advantages: Resources, population, and capitalism (05:17) - Historical cycles: How US leadership translated into market outperformance (06:30) - Innovation today: Artificial intelligence and the speed of change (07:23) - Valuations and earnings: Are US equities too expensive? (08:22) - Market concentration: The Magnificent Seven and broader performance (09:15) - Could US market leadership be ending? Comparing global markets (11:23) - Key risks: Economic inequality and political shifts (13:11) - Are we in a new investment era? Technology, IPOs, and market sentiment (14:01) - What would signal a regime shift? The role of the dollar and interest rates (14:45) - Investment approach: Staying invested for the long term (15:10) - Can US structural advantages support continued outperformance? (17:03) - Closing remarks and legal reminder Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify, or wherever you get your podcasts.
Summary
Weak US jobs data and AI chip news shakes tech
Jul 300:11:46Summary readyUS job growth slowed significantly in June, giving support to our economists’ view that the US Federal Reserve will not raise interest rates again this year. This pushed Treasury yields and the USD lower, while supporting gold and most equities. US technology and semiconductor stocks fell sharply after reports that Anthropic is looking into developing its own AI chip together with Samsung Electronics. European marketsrose on Brent oil moving towards USD 70 per barrel, reduced rate-hike expectations by the Fed and new German growth measures. Asian equities outperformed, driven by gains in semiconductor stocks and encouraging economic data from China and Japan. Tim Gagie, Head of FX Advisory in Geneva, talks about the USD, gold and his favourite commodity currencies, the AUD and CAD.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:25) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:09) - FX & metals update: Tim Gagie, Head of FX/PM PB Geneva (10:52) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.
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Copper, chips and jobs: markets kick off the third quarter
Jul 200:11:52Summary readyEquity markets began the third quarter on a slightly subdued note, with semiconductor stocks coming under particular pressure. In contrast, Meta emerged as one of the standout performers yesterday, with its shares rallying on reports that the company is actively developing a cloud business aimed at selling AI computing power. Fixed income markets remained relatively calm as investors awaited one of the week’s key economic releases: the June US jobs report, due later today. In today’s episode, Carsten Menke, Head of Next Generation Research, joins us to discuss the potential implications of President Trump’s decision on copper duties and what it could mean for copper prices.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:28) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (06:18) - Copper: Carsten Menke, Head of Next Generation Research (11:03) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.
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Winners and losers of Q2 2026
Jul 100:11:17Summary readyMarkets closed a volatile quarter with sharply lower oil and gold prices, while AI optimism continued to support equities on both sides of the Atlantic. European stocks posted their strongest quarter in over five years, and US markets remained resilient despite weakness in the ‘Magnificent Seven’. In today’s show, we also discuss easing eurozone inflation, strong US labour market data and key developments across Asia. In addition, our fixed income research analyst Eirini Tsekeridou joins us to explain why bond yields have remained elevated despite falling oil prices, and to discuss the impact of AI on fixed income markets.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:28) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (07:27) - What’s driving bond yields now? Eirini Tsekeridou, Fixed Income Research (10:34) - Closing remarks: Bernadette Anderko, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.
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Prospective peace talks in Doha soothe markets
Jun 3000:11:14Summary readyAfter tensions rose again in the Middle East over the weekend, news yesterday that US envoys will travel to Doha for fresh talks with Iran today allowed markets room to rally. The Dow Jones, which now includes Alphabet, ended yesterday’s session above 52,000 for the first time. Asia continued the rally overnight with the Kospi set to exceed a 105% year-to-date performance by the end of its session. Meanwhile, the yen fell to a 40-year low against the US dollar. And, as Europe melts in the midst of the highest June temperatures on record, Carsten Menke, Head of Next Generation Research, joins the podcast today to talk about the economic impact of climate change, why ‘sponge’ cities are being developed, and what the implications are for investors.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:27) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (05:06) - Future cities and the heatwave: Carsten Menke, Head of Next Generation Research (10:21) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.
Summary
US-Iran de-escalation and South Korea’s USD 1.3 trillion spending plan
Jun 2900:16:27Summary readyUS-Iran tensions eased over the weekend, supporting risk sentiment going into the new week. However, Asian markets are mixed despite South Korea's pledge of major semiconductor investment, as tech sector concerns temper enthusiasm. Markus Wachter from our Technical Analysis team talks about the change in the technical picture of the US dollar, why they do not expect the S&P 500 to fall into correction territory, and the outlook for gold. Meanwhile, Richard Tang, Head of Research Hong Kong, gives an update on Asian equity markets, including his thoughts on why China’s stock market has been disappointing lately.(00:00) - Introduction: Helen Freer, Product & Investment Content (01:01) - Markets wrap-up: Jan Bopp, Product & Investment Content (06:47) - Technical Analysis update: Markus Wachter, Technical Analysis Research (09:22) - Asia update: Richard Tang, Head of Research Hong Kong (15:40) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.
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The View Beyond: An investor's perspective of the mid-year outlook 2026
Jun 2700:41:23Summary readyWith 2026 at its midpoint, investors are navigating an environment marked by geopolitical tensions, persistent inflation, and shifting growth dynamics across major economies. How are asset allocators responding, and what does this mean for portfolio construction in the months ahead?In this episode of The View Beyond, Ayako Lehmann is joined by David Kohl, Chief Economist, and Yves Klenk, Head of Client Coverage and Advisory, to examine the mid-year market outlook from an investor’s perspective. The discussion covers the impact of ongoing conflicts on commodity prices, the evolution of inflation expectations, and why Europe’s growth outlook is finally turning a corner. The conversation also explores the implications for equity and fixed income allocations, the realities of the AI investment boom, and the case for diversifying away from US dollar assets. The episode concludes with a look at private markets, infrastructure, and the enduring role of gold in portfolios.Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.
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