Moving Markets

Markets take note of the escalating trade tensions, yet their response appears surprisingly subdued. The US dollar has edged upwards, just like global long-term yields, and stock prices have dipped slightly. Investors seem to be adopting a cautious stance, awaiting the ongoing developments and hoping that some political flexibility can be maintained until 1 August. In addition, Richard Tang, Head...

US equities reach another record high as investors downplay tariff concerns, buoyed by a positive forecast from Delta Airlines. Bitcoin soars to a new all-time high, exceeding USD 118,000. European shares see modest gains, with the Swiss market leading the way due to advancements in healthcare, and the UK market rising on the back of strong commodity performance following the announcement of the U...

President Trump delivers more tariff letters and lays down the gauntlet to Brazil – announcing a 50% tariff on their exports into the US. Copper also faces a 50% import tariff. US markets rally on artificial intelligence enthusiasm as Nvidia buoys tech stocks, becoming the first company ever to reach a valuation of USD 4 trillion. Our Chief Economist, David Kohl, provides his thoughts on the lates...

Stock markets remain quiet, shrugging off President Trump's assertive rhetoric on additional tariffs and his stance that no exemptions will be made ahead of the 1st August deadline for reciprocal tariffs. Nevertheless, government bond yields are rising across major markets due to potential inflationary pressures triggered by the tariffs and a broader re-evaluation of risk appetite. To provide insi...

The US sent a flurry of ‘trade letters' to numerous countries yesterday, stating that it will impose steep tariffs from 1 August 2025 unless these countries take steps to open their markets to American products. Meanwhile, US President Trump signed an executive order, delaying the deadline for reciprocal tariffs from this Wednesday to 1 August. The stock market reacted swiftly, with US indices clo...

Investors are seeking protection in more defensive areas of the market as US President Donald Trump ratchets up trade tensions. European and US equity futures plunge alongside Asian shares amidst fresh tariff uncertainty ahead of the Wednesday tariff deadline. However, 1 August appears to be the new deadline, allowing certain countries more time for negotiations. Mensur Pocinci, Head of Technical...

A solid US jobs report sends global stocks higher and US equities to all-time highs. But the devil lies in the detail. A US Federal Reserve rate cut in July is now off the table, pushing US Treasury yields higher and gold lower. What comes next? Investors are already looking to next week when Wednesday’s tariff deadline looms. Trump has intensified trade tensions even ahead of the deadline, saying...

The S&P 500 reached a new high, fuelled by technology stocks. Despite weak US private jobs data, optimism prevailed thanks to a Vietnam trade deal and significant bank dividend increases. However, UK politics sparked fresh concerns, causing the pound and UK domestic equities to decline. Meanwhile, copper prices are surging due to tariff-induced stockpiling in the US – Carsten Menke, Head of Ne...

While European stocks had a subdued start yesterday, broader US indices managed to kick off the second half of 2025 firmly in the green, shrugging off concerns on the looming tariff ‘decision day’ on 9 July. However, big tech mega caps dragged down the S&P 500 and the Nasdaq. Talk of the day was the Senate’s passing of the ‘Big, beautiful (tax) bill’ as President Trump calls it, and a flurry o...

With geopolitics now taking a back seat again, investor attention is moving to US tariffs. Markets are focused on whether the EU and the US can conclude a trade deal in time for the 9 July deadline, while Canadian PM Carney yesterday said that US-Canada trade talks are set to resume after Canada withdrew its digital services tax on US tech companies. US equity markets rose yesterday, with both the...

Global equity markets closed the week on a strong note, fuelled by a series of positive developments. Trade progress, delayed trade deadlines, an important change to Trump's ‘One big, beautiful bill’, and NATO's new defence spending target all contributed to the upward momentum, propelling the S&P 500 to a new all-time high. Meanwhile, gold is on track for its first monthly decline this year....

As the US dollar hits a three-and-a-half year low against its major counterparts, global stock markets continue to attract buyers, particularly in Japan, Germany, and the US. With major US equity indices poised to break their previous records set in February, a sense of (rare) geopolitical calm appears to be taking hold, leading to a consolidation in gold prices. Joining us to share his expertise...

Nvidia hits new all-time high and NATO members pledge to boost defence spending to 5% of GDP. The EUR/USD currency pair briefly surpasses 1.17 on a report that US president Trump wants to nominate a new Fed chair as early as September. The US Federal Housing Finance Agency is exploring ways to let Fannie Mae and Freddie Mac consider crypto holdings in mortgage approvals. Carsten Menke, Head of Nex...

The ceasefire between Israel and Iran appears to be holding, and equity markets worldwide have been buoyed by positive sentiment. This shift in sentiment has also been evident in commodity markets, where oil prices fell back to pre-escalation levels and gold prices declined accordingly. Meanwhile, in the US, attention is focused on Jerome Powell’s testimony before the House Committee, where invest...

Oil prices have continued to fall after Trump’s announcement of a ceasefire in the Israel-Iran conflict, as the immediate threat to the vital Strait of Hormuz shipping lane appears to have fallen. Asia-Pacific markets are rallying sharply on the news, while European and US stock futures are also strongly higher. Also on today’s podcast, we are joined by Markus Waeber, Head of Indirect Real Estate...

Markets are responding calmly this morning following the US airstrikes on Iran at the weekend, with oil prices initially spiking before retreating to previous levels. Global stocks are trading mixed as investors await potential Iranian reprisals and key economic indicators, including flash Purchasing Managers' Indices and US Personal Consumption Expenditure data later in the week. Key events this...

While US markets were closed yesterday for the Juneteenth holiday, the rest of the world did not escapemarket volatility. Global stocks fell as uncertainty surrounding the Israel-Iran conflict and potential US involvement continued. Meanwhile, central banks made their interest rate announcements: the Swiss National Bank cut its benchmark rate to 0%, whereas the Bank of England kept rates unchanged...

Markets await clarity on US involvement in the Middle East conflict. The US Federal Reserve holds rates steady, citing inflation and tariff uncertainty. US bank stocks rise on deregulation hopes, while crypto stocks surge after stablecoin legislation passes. The Swiss National Bank will be the first major central bank to lower interest rates to 0% today. Norbert Rücker, Head of Economics and Next...

Donald Trump says he wants a “real end” to the nuclear dispute with Iran, rather than just a ceasefire in the conflict with Israel, and demands “unconditional surrender”. The escalating tensions and another set of weak US macro data triggered a risk-off sentiment, weighing on equities and boosting oil prices. As the Federal Reserve prepares to announce its interest rate decision later today, inves...

US and European equity markets rallied on Monday, closing their sessions in positive territory. However, after President Trump called for the immediate evacuation of Tehran and decided to abandon the G7 summit to return to Washington, futures turned south. With the exception of Japan, most Asian equity markets turned in a nervous performance overnight as markets wait to see what direction the Isra...

As geopolitical tensions escalate, with Iran and Israel continuing to trade retaliatory blows, direct US involvement has so far been avoided. The sell-off in equities remains relatively contained, while the safe havens of gold, oil and the Swiss franc see inflows. Mensur Pocinci, Head of Technical Analysis, offers his thoughts from a technical perspective on the US dollar weakness and the recent r...

Oil prices are surging up to 10%, while equity futures are declining. Safe-haven assets like gold and US Treasuries are gaining traction. Overall, the initial market reaction to the escalation of hostilities in the Middle East is relatively contained, except for oil, as the situation remains fluid and uncertain. Dario Messi, Head of Fixed Income Research, talks about what to expect from the US, UK...

Although the US trade deal with China is ‘done’, according to President Trump, the worst is not yet over for other countries. They can expect to receive a letter from Trump outlining his terms for trade in the coming weeks. Renewed trade tensions and escalating conflicts in the Middle East are dampening investor sentiment. Yesterday, stock markets saw a broad decline, while oil and gold prices ros...

US-China trade talks continue to progress positively and may conclude soon, but have still yet to reach an agreement. Optimism among investors has led to stock markets in the Asia-Pacific region rallying today, with tech stocks in particular leading the charge. Also on today’s podcast, we are joined by Mathieu Racheter, Head of Equity Strategy, who provides us with an update on equity markets and...

US representatives including US Treasury Secretary Scott Bessent met with China’s vice premier and lead trade negotiator He Lifeng in London yesterday. Both sides have temporarily slashed tariffs to allow the talks to progress following President Trump’s phone conversation with the Chinese President Xi Jinping last Thursday. As the talks enter day two, US and Asian stock markets are cautiously opt...