Moving Markets

Equity markets rallied yesterday, shrugging off Tuesday’s US inflation data whilst embracing earnings announcements. Slightly tarnishing the mood came the news this morning that the economies in both Japan and the UK have contracted for two consecutive quarters, which means that they are technically in a recession. Despite this, the Nikkei 225 closed above 38,000 today for the first time since 199...

Equity and bond markets sold off after US CPI data topped estimates. The tech heavy Nasdaq was hit the hardest while the broader S&P 500 fell back below the 5,000 mark. Yields increased strongly. Dario Messi, Fixed Income Strategist, talks about how to position in such a market. And Mathieu Racheter, Head of Equity Strategy, gives an update on the earnings season. 00:00 Introduction by Bernade...

US consumer expectations for inflation over the medium term have dropped to the lowest level since 2013 ahead of today’s key US CPI inflation print. Hotter-than-expected UK unemployment data is encouraging news for the labour market in the UK, where the Bank of England remains cautious about cutting interest rates prematurely. And Manuel Villegas, Next Generation Research, joins us to share his in...

US equity markets are greeting this week at lofty levels, having been driven higher and higher by the tech mega-caps, despite the recent rise in yields. Even European markets managed to close last week higher for the third time in a row. Are investors too euphoric? Mensur Pocinci, our Head of Technical Analysis, does not think so. Rather, he says, they were too pessimistic going into 2024. 00:00 I...

The major US and European stock indices only moved slightly, but the reaction to earnings surprises was very strong, including that of stocks such as ARM, SoftBank, Disney and L'Oreal, to name but a few. US Treasury Secretary Janet Yellen addressed concerns about the US commercial real estate market and focused on non-bank mortgage lenders. Bitcoin is showing strong gains as the new ETFs in the US...

US stocks extended their rally yesterday on prospects that a solid global economy will continue to fuel corporate earnings. The S&P 500 climbed to a new high just shy of the milestone 5,000 mark, as the rally led by technology stocks powered ahead. We speak to our Head of Economics & Next Generation Research, Norbert Rücker, who gives an update on the natural gas market. And Nicolas Jordan...

In the absence of any significant economic data releases, equity markets take a breather and US Treasury yields slightly retreat after a period of volatility following strong US labour market data and Jerome Powell’s comments on Sunday. Richard Tang, Head of Research Hong Kong, shares his thoughts on the latest policy actions in China and Mathieu Racheter, Head of Equity Strategy, provides an upda...

Yesterday's strong economic data from the US prompted traders to scale back their expectations regarding interest rate cuts, sending Treasury yields higher along with the US dollar. Equity markets suffered across the board, but overnight news of new Chinese stimulus measures improved market sentiment. We are about halfway through the earnings season and it is still making plenty of headlines. Dari...

On Friday US bond yields soared, the USD strengthened and expectations for the size of the 2024 rate cuts were scaled back. Equities didn’t mind, with the US indices reaching new all-time highs. All of this was driven by a red-hot US January jobs report last Friday, following an already eventful week for financial markets on the back of some exciting earnings reports. Mensur Pocinci, Head of Techn...

After falling on Wednesday on renewed concerns about the path of US interest rate cuts and the state of commercial property valuations, equities bounced back yesterday - Meta, Amazon and Apple all delivered solid earnings reports after the close of trading, sending equity market futures higher. Tim Gagie, Head of FX and PM Solutions in Geneva, shares his views on how investors can make the most of...

The Fed held interest rates steady yesterday but pushed back on the prospect of rate cuts in March. US equities took a hit on Wednesday after some of the biggest names failed to live up to high expectations, dragging European markets lower in the afternoon session. Softer price data out of Europe and concerns over a regional US bank led to a rally in bonds. Norbert Ruecker, Head of Macro & Nex...

The latest GDP figures from the eurozone boosted equities in the region yesterday. Meanwhile, the US reported a robust labour market and strong consumer confidence ahead of today’s interest rate decision, both of which suggest that the US economy remains in good health. In China, manufacturing activity remained in contraction mode while services activity continued to expand. China is also reported...

The S&P 500 recorded a fresh record high yesterday ahead of key economic reports and central bank action this week, which could prove pivotal for markets in 2024. We speak to our Head of Research in Hong Kong, Richard Tang, who shares his views on the health of China’s real estate sector and the impact for the broader Chinese and Hong Kong markets. Manuel Villegas, Next Generation Research, jo...

LVMH and Richemont earnings reports drove luxury stocks higher last week, with Eurozone equities outperforming. US equities underperformed, but still reached an all-time high. This week will be all about the Fed, but also the Bank of England’s interest rate decision. Alphabet, Apple, Amazon, Microsoft and Meta (five of the Magnificent 7) will also likely drive markets as they report earnings. Geop...

Equities kept their positive momentum yesterday, with the S&P 500 closing at another record high and yields falling across the entire yield curve amid softer US price data and a more dovish than expected ECB. Tim Gagie, Head of FX & PM Solutions Geneva, shares his thoughts on what this means for FX markets and suggests taking advantage of increased volatility, while Nenad Dinic from our Eq...

Large-cap US tech stocks rallied yesterday, with Microsoft closing just shy of a USD 3 trillion market cap, while most other sectors were lower as yields on 30-year US Treasuries rose to their highest this year. Germany's DAX index closed at an all-time high following strong gains in SAP and some better-than-expected German manufacturing data. The rally in Chinese equities continued for a second d...

As equity markets in Europe struggle for direction, US stocks advanced, with the S&P 500 reaching a fresh all-time closing high. In politics, Donald Trump defeated Nikki Haley to win the key New Hampshire primary, in what pundits are claiming is now a done deal for Trump moving ahead. And Dario Messi, Fixed Income Strategy, shares with us his views on European government bonds ahead of the ECB...

In the US, both the Dow Jones Industrial Average and the S&P 500 hit new all-time highs yesterday, suggesting that Wall Street is indeed in a bull run. Meanwhile, in Asia, the Bank of Japan kept its monetary policy unchanged and Chinese authorities are reportedly planning fresh stimulus measures to help ailing stock markets both onshore and offshore. In Europe, Italy’s yield premium over Germa...

The S&P 500 closed at an all-time high last week, but European stocks ended the week lower. This morning the Nikkei 225 is up more than 1.6% but China’s stocks are in the red. Investors now anticipate European Central Bank policy decisions and two major US data reports at the end of this week. Mensur Pocinci, Head of Technical Analysis, reveals what the charts are saying about the current mark...

The world’s largest technology companies are leading stocks higher around the globe, with the Nasdaq 100 reaching an all-time high yesterday. Treasuries spiked inthe immediate aftermath of yesterday’s jobs report, but the move quickly lost steam. Meanwhile, Italy looks set to proceed with its privatisation push, which could see the country sell EUR 20 billion worth of its stakes in state-owned com...

Stocks around the globe fell for a third day and bond yields rose, as traders trimmed their bets on rate cuts by the Fed after stronger-than-expected US retail sales data. Fed swaps are now showing the probability of a rate cut in March at just 58%, versus 90% for May. Carsten Menke, Head of Next Generation Research, gives an update on industrial metals and the Chinese economy. And Nicolas Jordan,...

The market’s positioning for aggressive cuts in the US and Europe is being tested this week by several central bank officials. All of this is pushing US and European bond yields higher and continuing to weigh on equity markets. In Asia, a stock selloff deepened after fresh data redoubled concerns about China’s economy. Dario Messi from Fixed Income Research joins today’s show to shed some light on...

US markets were shut for Martin Luther King Day yesterday, but polling booths in frozen Iowa were open for Republicans who voted overwhelmingly for Donald Trump as their next presidential nominee. Also yesterday, the World Economic Forum in Davos kicked off, with the ECB’s Robert Holzmann stealing most of the headlines as he sent European stock prices down and bond prices up with his comments that...

US equities rallied last week on growing expectations of lower interest rates and Microsoft became the largest company by market capitalisation. The earnings season kicked off in earnest on Friday with the major banks including JPMorgan reporting, and this will be followed by Morgan Stanley and Goldman Sachs announcing results on Tuesday. The Republican nomination process for the US presidency beg...

US CPI data, revealing that headline prices increased more than expected in December while core inflation fell, disappointed equity markets on Thursday.  A US/UK airstrike on Houthi rebels in Yemen added to inflationary concerns although it did provide a boost to oil prices. Markets are now turning their attention to the US earnings season. Tim Gagie, Head of FX & PM Solutions Geneva, and Math...