Markets Weekly podcast (28 September 2026): How to spot the turn in the AI cycle

With the S&P 500 close to record highs why are investors feeling so uneasy? In this week’s podcast, Alex Joshi, Head of Behavioural Finance, joins host Julien Lafargue, Chief Market Strategist, as they reflect on AI jitters, bond yields at multi-decade highs and the upcoming UK Budget and US midterms.

As the Autumn Budget approaches, what will be the likely impact on the UK real-estate market? In this week’s podcast, Stephen Moroukian, our Real-Estate Financing Specialist, joins co-hosts Julien Lafargue, Chief Market Strategist, and Judiyah Amirthanathar, Market Strategist, as they reflect on the latest developments in the mortgage market, the High Value Council Tax Surcharge, and where investors can still find opportunities in UK real estate.

As the government nears the Autumn Budget with limited fiscal headroom, what tax changes could be on the cards? In this week’s podcast, Luke Mayberry, Investment Strategist, joins co-hosts Julien Lafargue, Chief Market Strategist, and Judiyah Amirthanathar, Market Strategist, as they reflect on the government’s difficult decisions ahead on tax, spending and borrowing.

While the US dollar is in a sweet spot, supported by a hawkish US Federal Reserve and an economy firing on all cylinders, how are the other major currencies faring? In this week’s podcast, Bhaskar Gupta, Head of FX, joins co-hosts Julien Lafargue, Chief Market Strategist, and Judiyah Amirthanathar, Market Strategist, as they reflect on the latest moves in currency markets and the prospects for the US dollar, euro, yen and sterling.

As tech makes up about 37% of the S&P 500 – above its dot-com peak – a sell-off in the Magnificent 7 could have significant repercussions for the market. But how would investors know if the AI cycle is turning? In this week’s podcast, Nikola Vasiljevic, Head of Global Asset Allocation, joins host Julien Lafargue, Chief Market Strategist, as they discuss four signals and four scenarios for investors to watch out for and what it all means for portfolios.

There has been a significant decoupling between credit and rates, with investment grade and high yield spreads remarkably resilient amid substantial volatility in government bond yields. In this week’s podcast, Aleksandar Devic, Fixed Income Strategist, joins co-hosts Julien Lafargue, Chief Market Strategist, and Judiyah Amirthanathar, Market Strategist, as they discuss the fiscal challenges in major economies, corporate credit fundamentals and the recent surge in AI-related issuance.

Has the constant stream of information made investors better informed or simply more reactive? In this week’s podcast, Alex Joshi, Head of Behavioural Finance, joins co-hosts Julien Lafargue, Chief Market Strategist, and Judiyah Amirthanathar, Market Strategist, as they discuss the core principles of successful long-term investing, investor psychology, behavioural resilience and the common mistakes made by investors.

Higher debt, heavier bond issuance and fiscal uncertainty are changing the fixed income landscape. In this week’s podcast, Michel Vernier, Head of Fixed Income Strategy, joins co-hosts Julien Lafargue, Chief Market Strategist, and Judiyah Amirthanathar, Market Strategist, as they explore why long-end yields could remain volatile, why rates may stay higher for now, and where investors can still find value across credit.

In this week’s podcast, Julien Lafargue, Chief Market Strategist, is joined by a new co-host, Judiyah Amirthanathar, Market Strategist, to discuss key topics on investors’ minds. These include the outlook for US interest rates, the impact of inflation on company earnings and the implications of the surge in AI-related spending.

AI-driven earnings growth has supported a rally in equity markets this year. But does the latest earnings season suggest this has more to run?