Markets Weekly podcast (29 September 2025): Asset allocation special

Q3 results in the US have been particularly strong, with earnings and margins surprising to the upside. Europe has been more mixed, though underlying trends look more resilient, after accounting for sector and FX effects. At the same time, dispersion is rising. In this week’s podcast, Dorothée Deck, Head of Cross Asset Strategy, explores how strong numbers in the US are not always rewarded, while even modest disappointments face sharper reactions ‒ a clear sign that investors are becoming more discriminating.

Blockchain is a long-term investment theme that is maturing after an initial stage of hype, offering new avenues for value creation in portfolios. In this week’s podcast, Ivelin Stankov, Investment Strategist, joins host Julien Lafargue to explain what blockchain companies do, the influence of cryptocurrencies on blockchain companies, and what makes the blockchain theme a unique opportunity for investors.

In this week’s podcast, Stephen Moroukian, our real estate financing specialist, joins host Julien Lafargue to discuss central London’s prime real-estate market, Budget speculation, and the ongoing geopolitical backdrop. Stephen also provides an update on the UK interest rate outlook and how this is impacting the demand for mortgages.

After a period where just a handful of mega-cap AI stocks have driven market returns, Quality stocks (companies which often exhibit consistent earnings growth, high profitability, and stable balance sheets) have lagged significantly. In this week’s podcast, Dorothée Deck, Head of Cross Asset Strategy, explores why Quality may be poised for a rebound, and shares the key indicators to watch as market leadership starts to broaden.

Following Sanae Takaichi’s surprise election win as leader of Japan's ruling Liberal Democratic Party, the yen weakened sharply on expectations of looser monetary policy. In this week’s podcast, Bhaskar Gupta joins host Julien Lafargue to consider the prospects for the yen, US dollar, euro, sterling, and Swiss franc.

As the US administration shakes up global trading norms, the US dollar suffered its worst first half of the year in more than 50 years. In this week’s podcast, Nikola Vasiljevic, Head of Global Asset Allocation, joins host Julien Lafargue to discuss US dollar depreciation and elevated geopolitical uncertainty, and how much these factors can affect the investment outlook.

In this week’s podcast, Michel Vernier, Head of Fixed Income Strategy, joins host Julien Lafargue to discuss the recent interest rate decisions from the US Federal Reserve (Fed) and the Bank of England (BoE). As the Fed cuts rates while the BoE holds fire, Michel considers the diverging policies of the two central banks and explores the prevailing economic backdrop in both countries.

In this week’s podcast, Pierre-Emmanuel Crama, Senior Hedge Fund Analyst, and Oliver Knox, Hedge Fund Analyst, join host Julien Lafargue to discuss the role of due diligence in manager selection, and the importance of understanding the asset class, its potential place in a portfolio, and the opportunities and risks involved.

As US non-farm payrolls came in weaker than expected in August, should investors be concerned about a slowdown in the US economy? In this week’s podcast, Lukas Gehrig, Head of Quant Macro and Thematic Strategy, joins Julien Lafargue to discuss the US labour market, the outlook for inflation, and what the Federal Reserve may do next.

As US Federal Reserve (Fed) Chair Powell takes a more dovish stance, should investors expect a US rate cut in September? In this week’s podcast, Michel Vernier, Head of Fixed Income Strategy, joins Julien Lafargue to discuss the recent Jackson Hole symposium, Fed independence, and US and UK interest rate expectations.