Washington shuts its doors

European and US stock markets rallied on Wednesday, seemingly unconcerned by the US government shutdown. The S&P 500 closed above the 6,700 level for the first time ever. Asian stocks, particularly in South Korea, were boosted overnight after OpenAI signed an agreement with Samsung Electronics and SK Hynix for them to supply the company with memory chips. OpenAI also completed a share sale at a record USD 500 billion valuation, making the creator of ChatGPT the world’s most valuable startup. Tim Gagie, Head of FX Advisory Geneva shares what he is seeing in terms of market activity in precious metals – there are some surprising revelations. His thoughts on investors only being conceptually bearish on the USD are also worth hearing.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:28) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (05:40) - FX and metals update: Tim Gagie, Head of FX/PM PB Geneva (10:15) - 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.

September saw strong gains across markets, with the S&P 500 up 3%. Hong Kong outperformed, rising 7%. Gold hit multiple highs and credit spreads narrowed to multi-year lows. Yesterday, healthcare rallied after Pfizer announced discounted drug sales via a new government platform. Switzerland and the United States issued a joint statement opposing currency manipulation. In Asia, trading was subdued due to China’s Golden Week, while Tokyo declined on interest rate concerns. Dario Messi, Head of Fixed Income Research, comments on the US government shutdown, noting that while politically sensitive, the market impact is likely to remain limited.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:58) - Markets wrap-up: Mike Rauber, Product & Investment Content (07:29) - Bond market update: Dario Messi, Head of Fixed Income Research (11:09) - 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.

European markets closed higher yesterday, buoyed by strong performances in the healthcare and luxury sectors. In the US, concerns over a potential government shutdown failed to dampen investor sentiment, as a rebound in AI-related stocks helped support equity markets. Beyond market movements, President Trump unveiled a proposed plan to address the conflict in Gaza, alongside announcing a new wave of tariffs targeting a wide range of goods from films to furniture. In commodities, gold continues its impressive rally, reaching yet another record high. Meanwhile, oil prices declined sharply amid expectations that OPEC+ may increase output in November. Joining us on today’s episode is James Haunso from Next Generation Research, who shares a timely and insightful update on the cybersecurity investment theme.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:35) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (07:15) - Cybersecurity: James Haunso, Next Generation Research (12:04) - 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.

Markets faced a turbulent week, starting with caution amid hawkish Fed commentary and trade tensions, but ending on a more optimistic note thanks to a solid US inflation report. Global equities rebounded on Friday, though US equities still closed the week in negative territory. In contrast, European markets held steady, supported by robust economic data and reassurance regarding pharmaceutical tariffs. Meanwhile, gold continues its upward momentum. Mensur Pocinci, Head of Technical Analysis, explains why he still likes the precious metal, he discusses this year’s lacklustre performance of Swiss equities and offers guidance for Swiss investors, noting that the Swiss franc is expected to strengthen further.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:28) - Markets wrap-up: Jan Bopp, Product & Investment Content (06:07) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (09:08) - 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.

Markets hit some rough patches yesterday, with all major European indices closing lower, followed by similar losses across the three main US benchmarks. Revised US data revealed an upward adjustment to second-quarter GDP, while jobless claims came in below expectations. This prompted markets to reassess the outlook for future interest rate cuts. Overnight, trade tensions resurfaced as US President Trump announced new tariffs targeting pharmaceuticals and heavy-duty trucks. Asian pharmaceutical stocks were quick to react, reflecting renewed concerns over global trade policy. Today, attention turns to the release of the US Personal Consumption Expenditures index, the Federal Reserve’s preferred measure of inflation. Joining us to unpack the latest developments in currencies and precious metals is Tim Gagie, our Head of FX & PM Solutions in Geneva.(00:00) - Introduction: Roman Canziani, Product & Investment Content (00:41) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (07:07) - Gold and silver: Tim Gagie, Head of PB Sales (Geneva) – FX and PM (12:15) - Closing remarks: Roman Canziani, 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.

US indices closed lower yesterday, despite good performance by some individual names, notably Intel, which rallied 6.4% after reports of a possible investment by Apple. President Trump’s announcements regarding Ukraine boosted defence stocks globally and semiconductor stocks powered the Asian indices. Today’s US jobless claims and tomorrow’s release of the personal consumption expenditures (PCE) price index will now be closely monitored for signs of the Fed’s intentions. With gold and silver continuing to rally, Carsten Menke, Head of Next Generation Research, provides some insights into why the inflows are continuing at such a strong pace, as he unpicks central bank and investor demand.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.

US equities struggled to keep up with the recent momentum yesterday, with the S&P 500 posting its worst day in three weeks, while the NASDAQ and the Magnificent 7 saw even larger declines. Questions around the Nvidia-OpenAI-deal weighed on segment. Over in Europe, there was much more of a risk-on tone after the September flash PMIs painted a picture of ongoing resilience. Powell did not offer any groundbreaking revelations in yesterday’s press conference, reiterating his arguments for last week’s rate cut. Mathieu Racheter, Head of Equity Strategy Research, discusses what the restarted rate cutting cycle means for equities going into year end, as well as what he thinks about Swiss equities after August’s tariff shock.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:27) - Markets wrap-up: Jan Bopp, Product & Investment Content (05:52) - Equity market update and outlook: Mathieu Racheter, Head of Equity Strategy Research (11:40) - 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.

European markets have recently underperformed compared to their US counterparts, with German automakers weighing heavily on broader indices yesterday. Meanwhile, US technology stocks continue to power ahead, buoyed by another significant development in the AI space—the announcement of a partnership of Nvidia with one of its largest customers, OpenAI. In today’s episode of Moving Markets, we are joined by Richard Tang, Head of Research Hong Kong, who sheds light on how the ongoing AI boom is driving growth not just in the US, but also across select Asian markets.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:24) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content (07:07) - China and Japan in focus: Richard Tang, Head of Equity Research Hong Kong (13:41) - 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.

Wall Street trades at record highs after the Fed cut rates, led by technology stocks. Investors expect further cuts, but hawkish Fed comments pushed both US Treasury yields and the dollar higher last week. In Europe, data showed industrial output rebounding; in Asia, Bank of Japan’s ETF unwind plans initially weighed on Japanese shares, but concerns are easing this Monday. Gold rises for a fifth week with record ETF inflows, Apple climbs after the iPhone 19 launch, and Porsche postpones its EV launch. Trump’s USD 100,000 H-1B visa fee threatens US tech and India-US relations. Mensur Pocinci, Head of Technical Analysis, notes that strong US equities year-to-date and in September bode very well for the rest of the year.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:45) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:47) - Technical Analysis update: Mensur Pocinci, Head of Technical Analysis (09:33) - 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.

All of the major US equity indices hit a new all-time high, a day after the US Federal Reserve’s first rate cut of the year and stronger-than-expected economic data. Europe followed suit with strength in semiconductor stocks. Central banks diverged: Norway cut rates, the Bank of England held steady, and the Bank of Japan surprised by announcing plans to offload its large equity ETF holdings. Asian markets are mixed, with Japanese stocks volatile and Asian dollar bond spreads at record lows—reflecting global optimism in credit markets. Dario Messi, Head of Fixed Income Research, shares his take on this week’s central bank decisions, while Tim Gagie, Head of FX Advisory Geneva, examines the USD and gold following a central bank heavy week.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:27) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:08) - Central bank actions – implications for bonds: Dario Messi, Head of Fixed Income Research (12:28) - FX and metals markets: Tim Gagie, Head of FX Advisory Geneva (16:56) - 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.