Beyond Markets

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts Dominique Maire (Head Equity and Fixed Income Investment Management) and Chris Irwin (Head FX and Metals Trading Asia Pacific) review how stocks, bonds and the precious metal markets performed in 2023. They discuss their investment preferences for 2024 including investment grade credit, quality emerging market corporate bonds and dividend growers. They also speak about the key drivers and technicals for precious metals, including large redemptions for Gold ETFs in 2023 and a survey showing many Chinese consumers are intending to purchase gold jewellery. This episode is moderated by Mark Matthews, Head Research Asia Pacific at Julius Baer. We wish all our listeners a Happy Holiday season and we look forward to speaking with you in the New Year!

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts The development of drugs to treat obesity brings a number of questions to the fore. How can medication actually help us to lose weight, what is the potential market size, and what long-term effects might these drugs have on our lives and on healthcare and various other sectors. In this episode of the Beyond Markets podcast, Helen Freer, Investment Writer, talks about these questions and more with Fabian Wenner, Equity Analyst, and Philipp Lienhardt, Head of Equity Research.01:08 The potential market size01:54 The global economic impact of obesity03:05 How do obesity drugs work?04:27 What are the potential side-effects and longer-term effects?05:42 A pill version of the drug06:32 Two types of customers: diabetes patients and those suffering from obesity08:13 How expensive is the medication?09:39 What effect might these drugs have on our lives?10:01 Benefits for cardiovascular health10:38 Cross-sector analysis

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts In this episode, we discuss the dovish pivot by the Federal Open Market Committee (FOMC) and Federal Reserve (Fed) chair, Mr Jerome Powell, that has pushed US treasury yields sharply lower. The market now prices in 150bps cut as early as March while the Fed median dots plot points only to a 75bps cut. As the market fully discount the Fed’s dovish policy, officials are now trying to dial back expectations of an early cut. Although credit spread is not cheap, investors can still lock in yields before the rate cut in 2024. We have upgraded Emerging Market (EM) to an Overweight backed by positive view on Latin America and Asia two weeks ago. The shift in US rates is positive for EM as the central banks in this region can now focus on growth and protecting employment gains. With Asian credit spread at a six-year low, favorable technicals will continue to support Asia high grade (HG). We expect the net redemption trend in 2023 to persist into 2024. In addition, resilient fundamentals, a stable rating trend and diversification reasons from developed market could lead to flows back to the region. The path to lower US interest rates is not a linear one. We could see some treasury volatility with setback at around 4.25%. Investors can use the opportunity to add quality HG bonds and financials in the US and Asia.This is also the last The Week in Markets episode till Jan next year. I wish you a Merry (and blessed) Christmas and happy 2024 and thank you for your continuing support.This episode is presented by Magdalene Teo, Head of Fixed Income Research, Asia at Bank Julius Baer.

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts In this episode of The Week in Markets, Equities Research Analyst Jen-Ai Chua highlights key central bank rate decisions scheduled this week, and their implications for the allocation of assets by investors. The US FOMC’s decision on 13 December to hold was accompanied by encouraging commentary on softer inflation, paving the way for rate cuts in 2024.Meanwhile, the better than expected showing in the BoJ’s December Tankan lends more support to the end of negative interest rates. decisions. Both developments are positive for income assets like the global REITs and Asian investment grade bonds, which Julius Baer as a house has upgraded to Neutral and Overweight respectively.

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts “Don’t be shy,” says Laura Hemrika, CEO of the Julius Baer Foundation, as she explains how philanthropy needn’t be a daunting task for those who want to get started. You may have heard a lot about large foundations taking action, but as Laura explains, “they all started with one individual who asked ‘what can I do to make a difference?’” In this episode of the Beyond Markets podcast, you can hear Laura’s tips on beginning your own philanthropy journey.

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts In this episode of our monthly China update, Richard Tang, China Strategist and Head of Research Hong Kong at Julius Baer, engages in a conversation with Hong Hao, Partner and Chief Economist at GROW Investment Group to discuss recent developments in the Chinese market.Last month was filled with news on potential stimulus policies for China’s property sector which constitutes a substantial portion of the country’s economy. From using policy tools like the Pledged Supplementary Lending (PSL) facility to finance infrastructure projects via policy banks to the latest funding plan for 50 real estate developers, efforts are underway to turn around the embattled sector. What will be the actual impact of such policies?Further, industry data paints a mixed picture of consumption in China. On the positive side, smartphone sales seem to have rebounded, and the annual "Double 11" shopping festival sales achieved low single-digit percentage growth. Conversely, the recent results of restaurants and sportswear players were less than impressive. What is the real scenario of Chinese consumption?Lastly, the key event remaining in 2023 will be the Central Economic Working Conference, usually held in December. Will policymakers extend the narrative of relatively accommodative policies? What other China-related events should we pay attention to for the next year?Tune in to this episode to gain a deeper understanding of these topics and stay informed about the latest updates in the Chinese market.

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts Higher for longer is a distant memory, with the 10 year treasury yield at 4.2%, from 5% in October. Stocks love this, because when the discount rate analysts use goes down, valuations go up. The European Central Bank looks like it will be the first developed economy central bank to cut rates, after the governor of the Bank of France said last week “barring any shock, rate hikes are now over. The question of a cut may arise when the time comes during 2024”. Also last week, the first Federal Reserve official implied rates in the United States could be cut. In a speech, Governor Chris Waller cited the Taylor Rule, that computes the optimal Fed Funds rate. Last year the Taylor rule implied the Fed funds rate should be as high as 8%. Now it’s saying 5.3%, which is lower than the current Fed funds rate of 5.5%.

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts In this episode, we discuss the inflation obsession that the world has been facing since the re-opening is waning. We also talked about the three elements supporting disinflation in the US as well as the expected timing of possible rate cuts in the US by our economist. As we are turning the corner in interest rate expectations, we see pockets of value in the quality high grade space and believe investors can lock in yields before the rate cut in 2024. This episode is presented by Magdalene Teo, Head of Fixed Income Research, Asia at Bank Julius Baer.

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts Family conflict doesn’t simply disappear once wealth is on the table. It seems family fortunes, and more specifically the transfer of these fortunes to the next generation, can be the source of conflict if not handled correctly. As the world grows more complex, how can you stop wealth transfers from dividing your family? Scott Duncan, Wealth Planner in Julius Baer’s International Advisory Team, joins the Beyond Markets Podcast to explain this and more.

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts In this episode of the Week in Markets, we present an overview of what we expect in 2024. In short, the market focus will shift from inflation to growth. We explain why the US economy will remain solid, what we like within fixed income and equities, and discuss our view on the US dollar. We also summarize our arguments for Japan and China. This episode is presented by Richard Tang, Head of Research Hong Kong at Bank Julius Baer.

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts In this episode of our monthly China update, Richard Tang, China Strategist and Head of Research Hong Kong at Julius Baer, engages in a conversation with Hong Hao, Partner and Chief Economist at GROW Investment Group to discuss recent developments in the Chinese market. The Ministry of Finance of China announced in late October that it would approve an additional RMB1trn issuance of sovereign bonds to raise its budget deficit ratio. Can we be more constructive on growth policies, especially with the central economic working conference coming soon in December?As we head into year end, how will the Chinese economy look like in 2024? What will be the key drivers of growth?Given our view that the US rate hike cycle is probably over, there is a chance that the US dollar may marginally weaken next year. What is our view for the RMB at this point and for the next year?Finally, following the sharp correction in Hong Kong and Chinese stock markets in the past two weeks, what are the investment opportunities and what sectors look attractive at this juncture?Tune in to this episode to gain a deeper understanding of these topics and stay informed about the latest updates in the Chinese market.

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts As the Q3 earnings season draws to a close which sectors did well, and which sectors have seen less success? What should investors take away from companies’ earnings announcements and their forward guidance?In this episode of the Beyond Markets podcast ‘What to take away from the Q3 earnings season’ (recorded 9 November), Philipp Lienhardt, Head of Equity Research at Julius Baer, talks to Bernadette Anderko, Investment Writer, about the results delivered for Q3, the contrast between European and US firms, and what to watch out for in the equity markets as we head towards 2024.

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts In this episode of The Week in Markets, we examine the recent moves in rates and equities and elaborate why US equities may stage a year-end rally, and the sectors we would focus on. For the Chinese market, we see tactical opportunities in select themes and sectors as the market now seems to be at the low end of its trading range. This episode is presented by Richard Tang, Head of Research Hong Kong at Julius Baer.

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts In this episode of the Week in Markets, we reviewed policy outcomes of two of the largest central banks, the Fed and Bank of Japan as they had policy meetings last week. We see that Bank of Japan’s further relaxation of the yield curve control is positive for Japanese banks, and the Fed’s tone has led to treasury bond and US equity rallies. Recent developments have given us the confidence that the year-end rally may indeed happen.This episode is prepared by Richard Tang, the Head of Research Hong Kong at Bank Julius Baer.

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts In this episode, we take a closer look at the biotechnology sector which has seen share prices come under pressure this year. Valuations have become cheaper even as clinical trial developments continue. We explore emerging new therapies in the sector as well as the potential for M&A. Learn more in this discussion with Julius Baer experts Yaw Shin Wong, Equity Specialist Asia and Fabian Wenner, Healthcare analyst for Julius Baer Research.Chapters(01:01) - Review of recent performance of sector (02:59) - Fabian’s current take on biotech (03:31) - Are fundamentals for biotech intact? (05:59) - Clinical trials that could yield interesting results (07:37) - Opinions on the mRNA-based therapies (09:11) - M&A in the biotech sector

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts In this episode, we discuss big tech’s earnings, very important policy meetings and a contrarian hiding place.This episode is presented by Kelly Chia (Deputy Head of Research, Asia).

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts This week, Big tech is reporting its earnings which will dictate market moves. We also talk about Japan, a market that we like for lots of positive developments. One of which is becoming a China alternative.This episode is presented by Kelly Chia (Deputy Head of Research, APAC).

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts The rates market has been volatile due to various drivers including inflation, unemployment, and the increased geopolitical tensions in the world today.In addition, we may be entering a “Higher for longer” scenario where the US Federal Reserve maintains rates at restrictive levels for a longer time than previously expected.What are the implications for fixed income investing and portfolios? Why is a “barbell strategy” suitable in today’s rate environment?Listen to these insights and more with Julius Baer expert Marian Mak, Head of Fixed Income Specialists Hong Kong.

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts In this episode of our monthly China update, Richard Tang, China Strategist and Head of Research Hong Kong at Julius Baer, engages in a conversation with Hong Hao, Partner and Chief Economist at GROW Investment Group (GROW) to discuss recent developments in the Chinese market.Recent holiday activity numbers have been showing a mixed picture, although some investors expected a growth in spending during the Golden Week. While there has been no significant improvement in new home sales since housing policies were announced at the end of August, several statistics suggest that the economy may be finally bottoming out. On top of economic policies, several new policies have been introduced to revive the financial market.Yet, the market seems to have ignored the positive headlines in China over the past few weeks with market sentiment fairly dominated by foreign flows and global factors. One question remains, when US rates surge and oil prices go up, which part of the Chinese economy gets most affected?Tune in to this episode to gain a deeper understanding of these topics and stay informed about the latest updates in the Chinese market.

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts A stable political environment, solid economic policies and a highly developed rule of law are just some of the factors that support Swiss assets. In this episode of the Beyond Markets podcast, we delve deeper into why investors should consider having some exposure to both Swiss equities and CHF-denominated bonds. Helen Freer, Investment Writer, talks to Mathieu Racheter, Head of Equity Strategy, and Dario Messi, Fixed Income Strategist. 1:02 How do Switzerland’s solid foundations support Swiss assets?2:12 The Swiss labour market3:32 The Swiss franc5:29 The Swiss equity market is defensive6:27 High-quality companies7:32 Large-caps vs small and mid-caps?8:31 Investing in an uncertain environment9:33 Swiss bonds as a store of value10:55 How has Switzerland earned its reputation as a safe-haven?11:59 Summary

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts Oil prices are on the rise once again due to recent tragic geopolitical events in the Middle East. Brent Oil prices have now surpassed USD90 per barrel.Why are oil prices climbing and what’s our short-term forecast? What could be the probable outcomes?Looking further out, are the secular trends for oil still intact? Will we witness peak oil demand before 2025 and why?Learn more in this discussion with Julius Baer experts Norbert Ruecker, Head of Economics & Next Generation Research and Pearlyn Wong, Head of Investment Content & Campaigns APAC.Listen to our previous episode on oil: “Oil market update and the Ukraine Crisis”Chapters(00:40) - Reviewing our call on oil prices (02:00) - Where could oil prices head in the near term? (03:31) - Scenario analysis of outcomes (07:05) - Global demand and supply drivers (09:53) - When will we see peak oil demand? (12:39) - Wrap up of views

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts Last week, oil and gold saw their largest gains in half a year. The conflict in Israel is the reason, but history shows trade and finance adapt quickly to challenging circumstances. 70% of the rise in September CPI inflation came from “shelter” (residential property). Excluding shelter, CPI inflation would be 1.9%, exactly where the Fed wants it to be. Of the 32 S&P 500 companies that have reported Q3 results so far, 84% reported a positive earnings surprise, above the 5 year average of 77%. All 32 have beaten consensus estimates by 10.1%, above the 5 year average of 8.5%.

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts The situation in Israel is fluid, but so far, the terrorist attacks of October 7 have not escalated into a regional conflict. The United States government wants to avoid high oil prices, especially with an election looming next year. The 10-year treasury yield has fallen from 4.8% prior to the attacks to 4.6% now. On Capitol Hill, the Republicans who control the House want slimmed down individual bills, the Democrats who control the Senate want a big omnibus bill. The latter means more federal government debt. The market may be sending the government a message that more debt means higher treasury yields. Since 1950, more than half of the S&P 500 index’s returns have come in Q4. We see this year as repeating the average, and look for a year end rally.

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts In this special episode, we discuss the challenges of returning to work for breast cancer survivors and how organizations can help to ease the transition back into the workplace.Sue Woodall, breast cancer survivor and founder of LiveWorkCancer sheds light on this complex topic in an open discussion with Pearlyn Wong, Head Investment Content & Campaigns APAC.Chapters(00:00) - Start (01:37) - Introduction to Sue (02:40) - Comparing Singapore to Australia (04:49) - Sue’s breast cancer experience (08:41) - Sue’s experience at work (12:35) - What is a CancerKind Workplace? (16:51) - Cultural and societal nuances for breast cancer (19:03) - Tips for managers (20:42) - Tips for those diagnosed while working (24:15) - Concluding remarks

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts In this episode, we discuss the rates development in the US and Europe, and the different policy paths that both central banks are likely to take despite weakening consumer sentiments. In Europe, the indicators point to the ECB keeping a Hold in rates owing to very weak sentiment and as credit lending in Europe remains low. In the US, treasury yields jumped after the government shutdown is averted with the focus back on rates. We take stock of weakening consumer sentiment yet solid investment demand and unsustainable fiscal stance. We discuss what’s on the radar that could move US rates this week, which is labor market inputs. Basically, investors would like to see wage data that shows wage growth numbers rolling over while the Federal Reserve would like to avoid a situation where wage spiral is resurfacing again. In a nutshell, higher rates for longer mean a stronger USD against other major currencies.This episode is presented by Magdalene Teo (Head of Fixed Income Research, Asia)

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts In this episode, Serene Chua, Mandate Advisor at Julius Baer, and Jiazhi Chen, Head of Next Generation Investment Solutions at Julius Baer, share their insights about the megatrends that are shaping the future.What are the “Winners of tomorrow”? How can we harness the megatrends of today to deliver investment returns? Find out more in this episode.Speakers: Serene Chua, Mandate Advisor, Julius Baer Singapore Jiazhi Chen, Head of Next Generation Investment Solutions, Julius Baer Zurich

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts The 10 year treasury yield at 4.46% shows the market is not convinced that the inflation fight is done. The dollar likes higher yields, it also likes the fact that Germany’s preliminary September manufacturing PMI is at 39.8, the lowest since the pandemic mobility restrictions of 2020. At 148.4 to the dollar, the yen is it’s lowest since 1990. Bank of Japan Governor Ueda said on Friday "We have yet to foresee inflation stably and sustainably achieve our price target. That's why we must patiently maintain ultra-loose monetary policy". Yet core inflation in Japan is 4.3%, and has been above the 2% price target since May. The fourth quarter is typically the best quarter of the year for the S&P 500 index, with an average return of 3.6%. In years when it rose 10% or more in the first three quarters of the year, the fourth quarter return was on average 4.6%. There are still five days to go before the third quarter ends, but so far this year, the S&P is up 12.5%.

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts With an ever-growing population and ever-increasing pressures on our agricultural systems, just how secure is our food future? After a summer of wildfires, extreme heat, and Russia’s recent termination of the Ukraine grain deal, food inflation and food security are top of mind. In this episode, Carsten Menke, Head of Next Generation Research at Julius Baer, joins host Emily Rookwood, Head of Publications, to discuss the situation, its causes, and potential solutions.

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts At 4.33%, the 10 year treasury yield is just 3 basis points below a new high since 2006. If the yield is the same 15 weeks from now, the treasury’s full-year return will be negative for 2023, for a third year in a row, something that has never happened before.The oil price is up 35% since May, but hasn’t been accompanied by other commodity prices. We find when oil uptrends are not confirmed by the broader complex, they are not sustainable. 80% of Saudi’s production cuts are being offset by increases in other countries. Add to that a peak in oil demand in 2024 as the world transitions to electric vehicles, and we look for oil at $75 a year from now.The S&P’s long-run seasonal average shows the best time to be in the market is the end of the year, and this year the S&P has had a remarkably close fit with the average so far this year. The consensus looks for a 0.2% y/y increase in Q3 earnings, but excluding energy, they could be up 5%. We think the current stock market consolidation will be over by mid-October at the latest, and then there should be a rally into year-end.

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts In this episode of our monthly China update, Richard Tang, China Strategist and Head of Research Hong Kong at Julius Baer, engages in a conversation with Hong Hao, Partner and Chief Economist at GROW Investment Group (GROW) to discuss recent developments in the Chinese market. Over the past few weeks, there have been some encouraging news on the policy front and positive economic data, which has resulted in a more favourable response from the market. Notably, there have been signs of stabilization, particularly for A-Shares. The question arises: has the market reached its lowest point? Furthermore, the discussion delves into the factors that will contribute to the upward momentum of the market. Tune in to this episode to gain a deeper understanding of these topics and stay informed about the latest updates in the Chinese market.

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts 2023 is what our analysts labelled the year of the cool-down. It has been a while coming – but inflation has finally started to cool in the major economies. So, what is on the cards now?In this episode of the Beyond Markets podcast: ‘Market Outlook - a fresh perspective into year end’, Norbert Rücker, Head of Macro and Next Generation Research, talks to Bernadette Anderko about what amendments our analysts have made to their financial market outlook in light of events over the summer months and how they see the markets playing out into the year end.00:32 - Introduction00:59 - Economic situation and monetary policy expectations02:25 - China’s balance sheet problem03:57 - Research calls for Asian assets05:51 - Summary of key equity recommendations06:59 - Sweet spots in emerging market equities07:40 - Refreshing our fixed income recommendations08:34 - US dollar expectations09:53 - An update on the Japanese yen and Swiss franc10:26 - Artificial intelligence: true leaders still represent value11:36 - Copper has room to run13:01 - Energy outlook this winter14:02 - Summary and conclusionWould you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts In this episode, we discuss what’s on the radar for us that could move the markets. This week, we wait for Apple’s launch of new iPhones and watches. Will it be enough to spur people to upgrade their phones? On Wednesday, we will get US inflation data which could make the Fed stay high-for-longer. Finally, September is usually a scary month for investors but in our analysis, this time is likely a good time to buy stocks for the year end.This episode is presented by Kelly Chia (Deputy Head of Research, Asia).

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts In this episode, we discuss what’s on the radar for us that could move the markets. We expect this week to be relatively quiet as 2nd quarter earnings are out of the way. The next earnings season only starts on 1st October. In the mean time, this week will get some macro data with the US on a short trading week.This episode is presented by Kelly Chia (Deputy Head of Research, Asia).

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts What does your dream retirement look like? For many high-net-worth individuals, maintaining your standard of living after stepping back from work is hugely important. In this episode, we’re joined by Gaetano Petrocelli, Head of Wealth Planning Insurance at Julius Baer, to discuss how you can prepare to make your wealth last, whether you retire at home or abroad.

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts Join us on a journey into the heart of one of the world's most captivating investment landscapes – India. India went from being a USD 280 billion economy 30 years ago to a USD 3.2 trillion economy this year – a tenfold increase. It’s the fifth largest economy in the world, and by the end of the decade it’s forecast to be number three. India is also the fifth largest stock market in the world. A hundred dollars invested in India’s Nifty index 30 years ago, would be 1,600 dollars today. So, what happened in India? Our Julius Baer experts Mark Matthews, Head of Research Asia, and Rupen Rajguru, Head of Equity Investment and Strategy discuss the reasons behind India’s impressive growth story and explore why India is such a compelling investment case today. Tune in to our podcast and embark on a journey of growth and opportunity in India.

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts After Jerome Powell’s speech at Jackson Hole on Friday, the futures market’s odds for a rate hike at the September FOMC meeting rose from 18% to 21%, and from 35% to 42% at the November meeting. Yet the Wall Street Journal’s interpretation was largely dovish, noting the phrase “proceed carefully” was used twice. JP Morgan Chase’s card tracker is indicating that August retail sales will likely be down month on month, which would be welcome after July’s big increase. August is on average not a stellar month for the S&P 500 index, nor is September or even October. It’s only in November on average that stocks get lift off into the year end.

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts In this special diversity and inclusion episode Wen Han Choy from JB Cares talks to Beyond Social Services (BSS), a Singapore-based NGO and charity that helps lower-income and less privileged families in Singapore. What’s the state of poverty in a wealthy nation like Singapore? How does Julius Baer collaborate with local partners to give back to society? What are BSS’ success stories? And how can our listeners get active and support BSS as volunteers? Find out more in this episode with guest speakers Ranganayaki Thangavelu, Deputy Executive Director, and Shariffah Nureza Binte Syed Ayoub Alsagoff, Community Worker at BSS. About JB CaresThe JB Cares SG chapter is part of the Bank’s global network of employee/volunteer-led organisations in various locations. The areas of focus are Education, Health and Children, tying in smoothly with the mission and goal of Julius Baer Foundation, which is to reduce inequalities in education, opportunity and wealth.

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts What could a physically backed Exchange Traded Fund (ETF) mean for digital assets? In this episode, Manuel Villegas, Next Generation Research Analyst, and Philipp Kraemer from the Digital Assets Advisory Team at Julius Baer, discuss the evolving dynamics in the digital assets space, specifically, the role of spot ETFs, a looming supply squeeze, and the regulators’ next moves.

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts In this episode, we discuss what’s on the radar for us that could move the markets. This week, intense scrutiny will be on what central bankers say in Jackson Hole and if Nvidia can keep up the AI frenzy.This episode is presented by Kelly Chia (Deputy Head of Research, Asia).

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts In this episode of The Week in Markets, we examine recent market volatility in both the US and China markets. Specifically we discuss why the rates market sold off and how that may affect US assets, why the current pullback in US equities may be an opportunity to add, and how the latest financing challenge in the Chinese trust industry may hurt sentiment. Last but not least, India stands out as a long-term pick in Asia - we explain why. This episode is presented by Richard Tang, head Research Hong Kong for Bank Julius Baer.

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts In this episode, we discuss about why the stock markets are taking a breather, how you can position yourself and what is happening in China’s trade data.This episode is presented by Kelly Chia (Deputy Head of Research, Asia).

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts After the recent Politbuero meeting we see policy easing finally picking up. The market is most focused on the housing policy right now, given that the line “homes are for living, not for speculation” has been removed from the Politbuero meeting statement. But what is more interesting, is that for the first time, policymakers acknowledge the changes in the demand-supply dynamics in the Chinese housing market, and the need for more flexible policies.We ask our guest speaker Hong Hao, Partner and Chief Economist at GROW Investment Group (GROW), among other, how challenging the business environment is for small and medium enterprises (SMEs) and what policy help they would need. When considering China policy and the economic outlook, the US policy rate and other factors, should we expect the RMB to rebound further? And with regards to the stock market, will most of the opportunities be in specific themes or sectors in the second half of the year and what are some guiding principles for investors? Find out more in this episode of our monthly podcast series with our China partner GROW and Richard Tang, China Strategist and Head Research Hong Kong at Julius Baer.

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts Are Asian Real Estate Investment Trusts (REITs) still relevant today? What are the benefits, opportunities, and challenges? Can Asian REITs still add value to investors’ portfolios? Find out more in this episode with our Julius Baer experts Jia Hao Sng, Head of Mandate Advisory Singapore and Alison Seng, Senior Portfolio Manager of Asia Equities.

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts In this episode we explore Credit Linked Notes and how they play an important role in a diversified portfolio in the current market environment. Listen until the end of this episode to find out what dumplings have in common with Credit Linked Notes. Josiah Leow, Structured Product Specialist at Julius Baer, explains.

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts In this episode, we discuss what’s on the radar for us that could move the markets. Its full swing into results season with markets grinding to near its all time highs. We also take stock of the jarring decision by the bank of Japan to retune its yield curve control.This episode is presented by Kelly Chia (Deputy Head of Research, Asia).

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts We all need somewhere to call home, but aside from residential property, real estate represents an asset class that can hold many varying opportunities for investors. In this episode of Beyond Markets, we speak to Markus Waeber, Head of Indirect Real Estate Advisory & Intelligence.

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts In this episode, Loretta Leung, Fund Specialist at Julius Baer and guest speaker Derek O’Leary, CEO of Global Private Wealth at Blue Owl Capital, take a closer look at the private credit market, explore the behavior of private credit over the course of a market cycle and share their insights on the development of the market. Find out more in this episode.

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts In this episode of The Week in Markets, we discuss on the takeaways of the politburo meeting that just concluded, why we think the Chinese market will range-trade, and what are the thematic and sector ideas. This is a busy week for investors because central banks in the US, Europe and Japan are all meeting this week, while large cap US tech stocks are reporting their earnings. We also give a brief overview of each of the events. This episode is presented by Richard Tang, China strategist and Head of Research Hong Kong for Julius Baer.

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts What exactly do we mean by alternative investments? And why are investors paying more and more attention to them? In this episode of the Beyond Markets podcast, Adrienne Jaersvall, Head of Fund Advisory at Julius Baer, talks to Helen Freer, Investment Writer, to answer these questions. They also discuss various alternative investments including relative value strategies, and Adrienne offers her insights on how investors can incorporate them into their portfolios. 0:56 Why have we been hearing more about alternative investments?2:44 How can an investor best incorporate alternative investments into their portfolio?3:58 Can alternatives lower the overall risk level of a portfolio?5:18 How can hedge funds add value to a portfolio?7:17 Within hedge funds, which strategies do you like at the moment in particular?7:56 What are relative value strategies?10:11 How does merger arbitrage work?11:25 How can relative value strategies protect investors from volatility?13:20 Why should relative value strategies do well in the current environment?

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments. Subscribe to Moving Markets on Spotify Subscribe to Moving Markets on Apple Podcasts The dollar fell 2.3% last week to below the psychologically-significant 100 level as US inflation numbers continue to go down nicely. Fed fund futures see a 92% chance of a rate hike on July 26, so the market won’t be surprised when that happens. More importantly is September and beyond. Federal Reserve governor Chris Waller (considered the 2nd most hawkish voting member) said last week: “In September if inflation bounces back, we should hike. But if the data looks like we’re making progress - we’ll get 2 more CPI reports - if they look like the last 2, the data would suggest maybe stopping.” Although the S&P 500 Index's 17.5% rise this year may appear excessive, in past years with such strong year-to-date moves, the index rose through the remainder of the year three-quarters of the time. Importantly, the bull market that had been confined to large technology stocks is broadening to other sectors, including cyclical ones. Their move contradicts the still widely-held believe that a sharp economic slowdown or recession is on the horizon.This episode is brought to you by Mark Matthews, Head of Research Asia at Julius Baer.