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 In this Business Leaders episode of our Beyond Markets podcast, Alan Hooks is joined by Kerrie Jones, founder and CEO of specialist eating disorder treatment service, Orri. In this episode, Kerrie discusses the power of kindness and the realities of running a purpose-driven business.

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. It’s a week of waiting as 2nd quarter results start proper with US mega bank JP Morgan reporting results later in the week. We also learn about two super apps that could be on diverging paths.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 key questions on investors minds. How much of this is a hype phase now? What is not yet obvious as an investment in AI? What will regulations do to AI? Are costs going to come down for AI such that there is money to be made? This episode is presented by Kelly Chia (Deputy Head of Research, Asia) and Reid Menge (co-PM for BlackRock’s Technology equity portfolios).

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 China consumption has been weak. In the most recent Dragon Boat Festival holidays, tourism revenue is still lower than in 2019. A few other consumption indicators have also been soft. The revenge spending does not seem to have happened and the rebalancing of China to a consumption driven economy is making slow progress. What may turn this around?The Chinese yuan has been falling in view of weak growth and also the outlook of lower interest rates against the US. That clearly has hurt sentiment in the Chinese equity market as well. While Chinese households have a lot of deposit money, it has not benefited the stock market so far. In this episode, Richard Tang, the China strategist and Head Research Hong Kong and Hao Hong, Partner and Chief Economist of GROW discussed on China consumption and economy, whether money is being reallocated from China to Japan, and the outlook for the RMB going forward.

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. It’s a gap week with independence day celebrations but lots of macro data out later in the 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 In this week's episode, Yaw Shin Wong , Equity Specialist, recaps happenings in global markets. The Fed's "hawkish pause" could curb some optimism in the market but uptrends remain intact. Latest economic data out of China suggests the economic recovery momentum is fading which has led investors searching for alternatives. The Japanese market has come up as a strong alternative due to renewed corporate reforms.

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 How are affluent consumers spending their money? Where are the most expensive cities for living well? And what must you consider when protecting your purchasing power? John Franklin, editor-in-chief of Julius Baer’s Global Wealth and Lifestyle Report 2023, reveals the key findings and 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 recap the latest FOMC action and elaborate why this may be a good time for bond investments. In China, the focus question is whether the rally has legs. We discuss our three-part framework in evaluating the Chinese market and what we think may be the best strategy in the current market rebound.This episode is presented by Richard Tang, the China strategist and Head Research 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 2023 was meant to be the year in which we witnessed a major cool-down but this has not played out quite as expected. So, what is on the cards now?In this episode of the Beyond Markets podcast: ‘Market Outlook Mid-Year 2023’, Christian Gattiker, Head of Research, and Kelly Chia, Deputy Head of Research in Asia, talk to Bernadette Anderko about the stalling of the cool-down, their expectations now regarding growth and inflation, and how they see the markets playing out in the second half of the year.0:32 Introduction1:05 Inflation and interest rate outlook2:52 US recession likelihood3:44 De-dollarisation vs Diversification4:41 Currency outlook5:40 Equity strategy – developed markets6:39 Equity strategy – emerging markets8:36 Japan9:26 Next generation opportunities11:01 Fixed income – likes and dislikes14:06 Commodities15:13 Final comments

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 From its low in October last year, the S&P 500 index is up over 20%, meaning it meets the technical definition of a bull market. Its largest company, Apple, is less than 1% from making a new all-time high. There were 26 bull markets since 1929, as defined as a 20% or more rally that was preceded by a 20% or more decline. 19 of the 26 had returns of over 30%. 16 of them had returns of over 50%. But this bull market goes against economic indicators that point to a slow-down or recession, and its breadth is unprecedentedly narrow, with less than one in four S&P companies outperforming the index. The forward price to sales ratio of the S&P Information Technology index at 6.5x is at a near-record high, compared to its long term average of 3.5x. And in the Q2 results season that starts next week, analysts expect a 9% y/y decline in earnings, the biggest decline since Q2 2020. But after that, analysts look for better earnings each quarter. As we move into H2 2023, the market will focus more on next year than this year. Analysts look for 2024 earnings to rise 11% y/y. Last week, the energy, financials and transportation indices all broke above downtrends in place since November 2021 and January 2022. All three are cyclical sectors; sensitive to the health of the economy.This episode is presented by Mark Matthews, Head Research Asia 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 Magdalene Teo, Head of Fixed Income Research Asia, talks about the resolution of the debt deal in the US and key payroll data releases. Under the deal, the US government’s USD31.4trn debt ceiling would be suspended until 1 January 2025. With US default averted, the Treasury market can look to an avalanche of treasury bills to be issued in the next six months. The treasury bills will likely be absorbed by monies sitting in the money market funds. Outflows from bank deposits will likely lead to an increase in bank refinancing costs. Overall, the debt deal is less restrictive than expected for discretionary and mandatory spending. However, the deal does not reverse the trend to a higher debt-to-GDP ratio with the US spending an even higher share of its revenues for debt service in ten years. The positive news from the debt deal was however slightly offset by the US labor market showing strength. Prior to the release of the jobs data, US treasuries saw a rally after two Federal Reserve governors argued for an interest rate pause to allow the board to assess more economic indicators following the past months of tightening. The overall message is that a ‘Hold’ is not an end of the tightening. The market has now priced in a ‘skip’ in June and a good chance of a hike in July. Over to Asia, we saw some supportive policy news from China over the weekend providing a lift to equities and commodities on Monday. As expected, the government signalled targeted steps to boost the economy following the economic data print for May, focusing on the preferred sectors rather than a major stimulus like before. Trading activity is expected to be light as we approach the start of summer with investors leaning towards quality bonds while eschewing credit risks.

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 monthly podcast series with our China partner GROW Investment Group (GROW), Richard Tang, China Strategist and Head Research Hong Kong at Julius Baer and Hong Hao, Partner and Chief Economist at GROW, share their outlook for the Chinese economy. What are the reasons for the weak data? Is more stimulus needed? What is the outlook for the property market? And with the RMB depreciation, when will the People’s Bank of China intervene? Tune in as our experts discuss these and other pertinent questions investors are asking.

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 Pride Month celebrates and commemorates lesbian, gay, bisexual, transgender, queer (LGBTQ+) pride which began after the Stonewall riots in the US in 1969. In this special diversity and inclusion episode we talk to Dr Rayner Tan, Chairperson and Director of The Greenhouse, about the progress that has been made since then, the importance of allyship, LGBTQ+ Youth, and Rayner’s personal story that eventually led him to serve in The Greenhouse. The Greenhouse is a substance addiction and trauma recovery centre for marginalised communities, providing customised care that is holistic and integrated, within a safe and supportive environment. The targeted communities are LGBTQ+ members, ethnic minorities, trauma survivors, people with inbalanced mental health, addiction issues, living with HIV/AIDS, as well as for ex-offenders who have been incarcerated and who may face challenges with reintegration back into family and society. The Greenhouse, www.thegreenhouse.sg, is mainly funded by donations.

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 discusses the progress made in resolving US debt ceiling issues, and key US economic data releases this week. Interest rate outlook remains murky as dovish comments from the May FOMC minutes are mitigated by stickier PCE inflation in the latest UMich survey. Meanwhile, the rally in AI stocks, led by Nvidia’s mind-blowing revenue guidance, shows no sign of abating, driving the NASDAQ’s best start to the year (relative to the Dow) and outperformance in the tech heavy North Asian markets of Korea and Taiwan. Earnings outlook for Asia as a whole is, however, muted, on single digit cuts to 2023E earnings post the Q1 results season. We expect investors to remain on the sidelines until the FOMC meeting on 13-14 June.

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 Following a thrilling career, Formula 1 world championship winner Nico Rosberg retired from motor racing in 2016. But life off the track has proven no less fast-paced. In this Beyond Markets interview, Nico discusses balancing his business and investment goals – including his involvement in the electric motorsport series Formula E – with family life and philanthropy.

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 how the tide appears to be turning in favor of the Singapore REITs, as their leveraged business model which worked against them when interest rates were rising, are now less of a disadvantage as rates approach a peak. Our more positive sector view is qualified by the observation that rates - while plateauing - are nonetheless expected to remain high, crimping distribution growth. We have a preference for the retail and new economy industrial REITs in the current climate.

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 S&P 500 index has now retraced 50% of last year’s bear market decline. Once that milestone had been breached in previous bear markets since World War Two, the index was up 12 months later in all instances. It was also up 12 months later following the last rate hike of all the rate hike cycles since 1980, with the exception of one (the year 2000). With the pace and magnitude of the current rate hike cycle the fastest in history, our view is it is over, with the last rate hike occurring three weeks ago. The big surprise this year is the V-shaped recovery in technology stocks, with the Nasdaq 100 up 30% since the beginning of the year. Usually after such a big sell-off as last year’s, time is needed to build a base. Last week hedge fund manager Stanley Druckenmiller said "AI is very, very real and could be every bit as impactful as the internet". While valuations of some of the purer-play AI stocks are back to dot-com highs, for others, compound annual growth rates over the next five years mean they will be significantly cheaper than the S&P 500 index.This episode is hosted by Mark Matthews, Head Research Asia 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 The Tokyo Stock Price Index has returned 12% in yen and 8% in dollars this year, on par with the S&P 500. Japan lifted Covid restrictions only recently, so the recovery that happened in the West last year is happening there now. We anticipate the Bank of Japan will widen its yield curve control band or even abolish it, during its June or July meeting, and see the dollar yen rate 10% higher than where it is now, in a year's time. There is an argument that wage inflation and corporate reform will force Japan Inc.'s 8% return on equity higher. We believe the combination of a declining population and low profit margins will keep it low. However, some Japanese companies are leaders globally in what they do, with returns on equity above 20%. They have been good stocks to own over the past five years, and should continue to be going forward too. This episode is hosted by Mark Matthews, Head Research Asia 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 recap the key topics on the US economy and explain the US market resilience. More importantly, we discuss Japan. the new interest of global investors. With reopening, Warren Buffet’s recent investments and the Tokyo Stock Exchange’s reform initiatives, some optimistic investors see Japan as a new investment idea in addition to the existing positions in the US. What does Julius Baer think about the Japan market and what is the best way of implementation? 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 In this podcast episode, we explore the world of structured products and how they can provide unique investment solutions in any market environment. To find out how investors can customise structured products to suit their investment goals and needs, listen to our latest episode of the Beyond Markets podcast: “Structured Products – Versatile solutions to complement portfolios” with Goh Wai Meng, Head Solutions & Sales Structured Products Singapore and Amos Wong, Structured Products Specialist in Singapore.

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, it's too early to say the rout in regional bank stocks is over, but the big deposit outflows seem to have stopped. Julius Baer financial company analyst Roger Degen has identified six regional banks with structural weaknesses, but none have assets in excess of $100 billion (Silicon Valley Bank had $209 billion in assets), and a proposed increase in the federal government guarantee of for business deposits appears to have calmed nerves. The Federal Reserve’s interest rate hike last week was probably the last of this cycle. Chairman Jerome Powell said that inflation probably isn’t going to come down quickly, so it would not be appropriate to cut rates.” Still, the economy is in remarkably good shape, and we think if there is a recession it will be only a small contraction over a couple of quarters. In that event, assuming inflation remains above 3%, S&P earnings growth would still be positive. Looking at the performance of the S&P after the last rate hike of rate of the previous ten rate hike cycles, in only two of them was the index down a year later, and the average return including them was 14%.This episode is presented by Mark Matthews, Head Research Asia 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 How important is succession planning? And without the right timing, what kind of obstacles can families face? In this episode of Beyond Markets, we speak with Gabriele Di Girolamo, Head of Wealth Planning Europe, about the intricacies of timing your succession 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, the market seems to be breathing a sigh of relief about the takeover of First Republic Bank. Unlike with Silicon Valley Bank, when treasury yields collapsed, since JP Morgan purchased First Republic, treasury yields have risen. It will listen closely for hints the Fed is coming to the end of its rate hike cycle, when the Fed meets this Wednesday. Even if there is one more 25 basis point hike, it’s tiny compared to the move from 0.25% to 5%, since March last year. As we enter the so-called “sell in May and go away” time of year, it’s worth noting that in previous years when returns from January through April were positive, the S&P was up three quarters of the time from May through October, and the average return was 4%. This week another 162 companies report their earnings. If the trend of companies beating analyst forecasts continues, the year/year earnings decline to continue to shrink. So that by the time all of them have reported, the earnings growth could be zero, from an estimated -6.7% going into the results season, and -3.7% today.This episode is presented by Mark Matthews, Head Research Asia 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 the second episode of this monthly podcast series with our China partner GROW Investment Group (GROW), we discuss the uneven recovery of Chinese consumption, the outlook for the property market, the domestic policy outlook and President Biden’s potential investment ban that was reported by the media. Listen to this insightful dialogue between our experts Richard Tang, Head Research Hong Kong at Julius Baer and Hong Hao, Partner and Chief Economist at GROW.

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 Most investors are aware of the old adage, “Sell in May and go away”. But where does this saying come from and is it really that straightforward? In this episode of the Beyond Markets podcast, Mensur Pocinci, Head of Technical Analysis at Julius Baer, shares his thoughts with Helen Freer, Investment Writer, on how we should interpret this well-known phrase and if it is relevant in 2023. 0:51 What is technical analysis?3:18 Where does the saying “Sell in May and go away” come from and how should investors interpret it?6:15 Why do equities tend to underperform between May and November?7:41 Does the saying also apply to other asset classes?8:21 Conclusion

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, CNBC’s All America Economic Survey, the Philadelphia Fed’s Manufacturing Index, the Conference Board’s Leading Economic Index, and credit availability to small businesses all suggest an imminent recession. Yet S&P’s preliminary US Composite PMI rose from 52.3 in March to 53.5 in April, signaling an impending rise in GDP. We put the odds of a recession in the US at 50/50.This episode is presented by Mark Matthews, Head Research Asia 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 we will be revisiting Julius Baer's views on Market Outlook 2023 and discussing how to position portfolios in this everchanging market environment. This episode is presented by Yaw Shin Wong, Equities Specialist 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, Julius Baer Investment Analyst Jen-Ai Chua reminds us that April is historically a good month for stocks. Good Q1 earnings by American banking heavyweights certainly support this view. A pause in rate hikes would be an added catalyst, but whether this will materialize in the US is still very much anyone's guess, going by the different views held by US Treasury Secretary Janet Yellen and various Fed governors/presidents on the matter. Over in Asia, the monetary tightening cycle appears to be close to an inflection point with more central banks keeping tightening on hold. Hopes that Japan will tighten appear to have run into a temporary speed bump as the new BoJ governor remains resolutely set on 'aggressive easing'. That, however, is not stopping Warren Buffet from placing his bets on Japan - the only non US market he is currently invested in. We wish Muslim listeners Eid Mubarak and all listeners a Happy Earth Day.

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 Bonds have been hitting headlines for all the wrong reasons of late. In 2022 we saw a fall in bond prices with the accompanying substantial rise in yields. And in 2023 we’ve seen Silicon Valley Bank collapse following its failure to liquidate its long-dated bond portfolio successfully. Added to this, Credit Suisse’s additional tier one bonds were completely written off in the wake of the bank’s rescue by UBS. Investors might be left feeling perplexed. Do bonds actually still have a place in a modern portfolio? In this episode of the Beyond Markets podcast series: ‘How to select bonds in a challenging environment’, Roman Frey, Head of Julius Baer Fixed Income Investment Management and Dario Messi, Fixed Income Research Analyst, talk to Bernadette Anderko, to share their insights into the world of bond investing, explaining just why they believe bonds have a vital role to play in diversifying a portfolio, and how best to approach bond selection in today’s difficult inflationary 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 In this episode, we focus on the divergence of the equity and interest rate markets in pricing the economic outlook especially in the US, and the resulting investment implications. We think the short end of the curve is still attractive carry, while low equity vol offers cheap hedges for investors who are concerned on any downside risks in US equities after recent strong performance.This episode is presented by Richard Tang, China strategist and 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, we discuss five things to note. Firstly, we will review how the market has been doing. Second, we check out what investors have been buying and selling. Thirdly, we explore why digital assets have done so well. Fourth, we try to predict what the fed will do on the 3 May. Finally, we think about what could derail the markets and how a bearish investor can consider positioning.This episode is presented by Kelly Chia, Deputy Head of Research Asia 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 the first episode of this monthly podcast series with our China partner GROW Investment Group (GROW), we discuss our outlook for the China market and consider the impact from recent developments in major sectors (such as property, State-owned enterprises and private enterprises) and on the domestic policy front. Finally we touch upon the wildcard of geopolitical tensions, particularly US-China relations. Listen to this insightful dialogue between our experts Richard Tang, Head of Research at Hong Kong at Julius Baer and Hong Hao, Partner and Chief Economist at GROW.

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 Listen to this fascinating conversation between Robert Hooijberg, Professor of Organisational Behaviour at IMD, and Marianne Schenk, Global Head of Leadership Development at Julius Baer & Co Ltd. The Leadership Voices podcast series has been developed by the Julius Baer Academy. The continued development and support of leaders is important for the success of Julius Baer. In this episode, Robert Hooijberg shares key insights and discusses various aspects of leadership and of building a successful leadership culture. The Focus points are:Are leaders born or made?Building a leadership cultureThe Principles of Adaptive LeadershipHow can leaders best learn?The Future of Leadership

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 epicenter of the banking sector storm, Silicon Valley Bank, was taken over last night by another bank named First Citizens BancShares. Still, the collapse of Silicon Valley Bank is a reminder that only the large American banks are subject to regular stress tests and tight regulations. But small banks have no less than $2 trillion of commercial real estate loans, or 44% of their total loan book. Our head of fixed income research Markus Allenspach is not sure all the instruments necessary to prevent another problem are in place, for example a deposit guarantee like the Retail Deposit Guarantee Scheme that ran between October 2008 and October 2010. The Dodd Frank Act of 2010 rules it out, and Treasury Secretary Janet Yellen said she’s not ready to change the law. Instead they’ll only support banks that are in receivership. To reiterate, this is not a big bank problem.In this episode, Mark Matthews Head Research Asia at Julius Baer shares perspective on the banking sector, and its outlook for 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 What does the recent turmoil in financial markets mean for digital assets? In this episode Manuel Villegas, Next Generation Research analyst, and Alexander Ruchti from the International Wealth Management Solutions Strategy and Innovation team at Julius Baer, talk to Bernadette Anderko, Investment Writer, about the role of digital assets within the financial landscape and what the recent turmoil means for the asset class.

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 China, one out of every four cars sold last year was electric. Globally, Chinese electric vehicle (EV) sales represented around 2/3 of total EV sales. What has sparked the phenomenal growth of EV sales in China? Which aspects of EVs make consumers prefer them over traditional vehicles? What are the latest developments in this space? Find out in this episode with Tom Chen, Head Investment Advisor Singapore, and Louis Lee, Equity Research Analyst 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 It can’t be the end of the world when the NASDAQ is up 12% so far this year. The Philadelphia Fed's Business Outlooks Survey at -23.2 and the University of Michigan’s Inflation Expectations Index at 3.8% both indicate it’s an appropriate time for the Fed to go on hold. European bank shares are up 3% this year, but American bank shares are down 15% over the same period. Unlike Credit Suisse, the run on deposits at Silicon Valley Bank was a bolt from the blue. Efforts to stop the nervousness have been unsuccessful, and now the Federal government, and apparently some of the small and medium sized banks, are talking to Warren Buffett. Eventually, people will run out of nervousness, and realize that both inflation and rates have almost certainly peaked.

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 Everybody’s talking about Artificial Intelligence (AI). In this episode of the Beyond Markets podcast, “The growth of AI and what it means for investors”, Luca Menozzi, Next Generation Research analyst at Julius Baer, shares his thoughts with Helen Freer, Investment Writer, on what impact AI is likely to have on society and what sectors are set to benefit from the growth in AI.1:03 What does AI actually refer to?3:41 Could AI remove the need for certain jobs?4:52 Is there anything that might hinder the growth of AI?6:14 What is ChatGPT?7:37 Will ChatGPT disrupt the online search market?9:50 Which sectors are likely to benefit from more widespread use of ChatGPT and AI?12:19 To what extent are the Metaverse and AI linked?13:20 How could investors get exposure to the AI theme?

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 failure of SVB, including how that happened, what is the regulatory response, and how it affects our investments. This episode is presented by 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 The bellwether 10 year treasury yield fell back below the psychologically significant 4% level last Friday. Although inflation is still high and the Federal Reserve is probably going to raise rates some more, at the long end yields might be peaking out. The higher rates go, the more the economy slows down. The February Consumer Price inflation report will be released next Tuesday and the consensus among economists is for a 6% year/year increase. The Cleveland Federal Reserve’s Center for Inflation Research – which agglomerates high frequency data to produce a real time estimate - looks for 6.2%. But the good news is, the Cleveland Fed then looks for an inflation reading of 5.4% in March, which would take it below the 6% level for the first time since September 2021. Importantly, the year/year comparison in gasoline prices in March should be very favorable. Hot geo-politics and an ageing population are long-term headwinds for the Chinese market, but not what are moving it this year. A V-shaped economic recovery means significantly more upside ahead between now and the end of the 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 In this special episode celebrating International Women’s Day, we speak with Evangelia (Evie) Kostakis, Group Chief Financial Officer and Member of the Executive Board at Julius Baer about her views on corporate diversity, management, leadership and women empowerment. Evie also shares insights into her personal and career journey. This episode is moderated by Pearlyn Wong, Head Investment Promotion & Solutions 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 about core personal consumption expenditures rising 4.7% year on year in January, higher than both the December reading and economist expectations. Economic data from durable goods orders to pending home sales, from Purchasing Managers indices to consumer sentiment surveys, have all been higher than expected.Julius Baer economist David Kohl has revised our estimate for US GDP growth this year from 0.9% to 1.9%, and from no more rate hikes, he now expects 25 basis points each in the March and May Fed meetings. Higher rates have an impact on economic activity over time, so our GDP growth estimate for 2024 is revised down from 1.8% to just 0.3%.Julius Baer CIO Yves Bonzon says that with the US economy in good shape, the bull market that started last October can continue, even if the policy rate gets to 5.25% and stays there for a while. The market is climbing the wall of worry, as it does in every new bull run.This episode is presented by Mark Matthews Head Research Asia 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 The economy is evolving in a way that no one expected – none of the January real data hints at the recession lead indicators are showing; in fact the real data has been very strong. With the 2-year treasury back at 4.7%, just below its November high of 4.8%, risk free assets are giving stocks a run for their money.If bond yields continue to rise, stocks will give up all their gains. If bond yields go down, stocks will go up. It all hinges on inflation. Gas prices down 50% tell us February’s inflation will be down over January. The Cleveland Fed’s CPI Nowcast predicts February CPI inflation at 6.2% year/year, down from 6.4% in January. But 3 weeks between now and the release of that number is a long time to wait for a market that’s becoming impatient. Already in fact it looks like yields are close to turning back down, to judge by the benchmark, the 10 year yield, which tried to breach the 4% level yesterday and failed.In this episode, Mark Matthews Head Research Asia at Julius Baer opines about Inflation, our take on it, and our outlook for 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 Our analysts called the Market Outlook 2023 ‘The year of the cool-down’. This sounds good if we are referencing inflation, but slower economic growth is a different story. In this episode of the Beyond Markets podcast: ‘The big economic questions’, David Kohl, Chief Economist at Julius Baer, talks to Bernadette Anderko, Investment Writer, about what he sees as the big topics for investors now, including interest rate expectations, recession likelihoods, cooling labour markets, and the impact of China’s reopening on the rest of the world.

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, Julius Baer Equities Analyst Jen-Ai Chua discusses the nomination of Professor Kazuo Ueda as the next governor of the Bank of Japan, and the possible impact of a regime change on forex markets and Japanese equities. Across the Pacific, the release of the January inflation print in the US will either confirm or detract from the disinflationary narrative currently perpetuated by markets, with implications for future Fed funds rate decisions, the direction of bond yields and asset prices. The Julius Baer house view is for a pause in central bank rates hikes in the next three months.

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, Richard Tang, Head of Research Hong Kong at Julius Baer, talks about the latest developments in the US and the Chinese markets, where he saw sentiment swinging from one end to another without significant changes in the fundamentals. He suggests investors to focus on the big picture, where US remains to be the core asset while the trade in China will likely extend for a few more months. He also recommends Asia telecom stocks to income investors given their dividends and defensiveness. Lastly, regarding the Adani Group saga in India, he argues the stress should be reasonably well contained and that should not develop into a systemic issue. Julius Baer maintains its overweight on the India market.Tune in to find out 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 It is one of the most significant economic events of 2023. After nearly three years of the world’s strictest Covid-19 containment measures, China recently reopened its international borders, bidding a final farewell to its zero-Covid-19 policy. But how will China’s decision to end its zero-Covid-19 policy impact our world? Amid concerns of a growth slowdown, the expectation of a recovery in Chinese consumption comes at an opportune moment for the global economy. In this podcast episode Richard Tang, Head of Research Hong Kong at Julius Baer talks to Hong Hao, Partner and Chief Economist at GROW Investment Group about the impact of China’s reopening on global economies and the implications it may have for investors.

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, Kelly Chia, Deputy Head of Research Asia at Julius Baer, talks about the top five things investors should keep in mind. These include 1) a review of the market’s performance, 2) what investors have been buying with the strong rally we’ve seen so far, 3) why digital assets have done so well, 4) the upcoming Fed meeting on 1 February and 5) finally we check in on how Japan has been doing as a travel destination after its reopening.Tune in to find out more. Thank you all and looking forward to the next 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 After a very challenging 2022, both growth and inflation are set to slow in 2023. In this episode of the Beyond Markets podcast, Christian Gattiker, Head of Research, and Mark Matthews, Head of Research in Asia, talk to Helen Freer, Investment Writer, about the current market environment and what it means for investors.

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 edition of the week in markets, Kelly Chia, Deputy Head of Research Asia at Julius Baer, talks about the year-to-date performance of the markets, why we think US inflation will be yesterday’s story and why the Japanese Yen is strengthening against the US dollar. He will also touch on the hype around the IA bot called ChatGPT and the second edition of the Avatar movie, which is set to break all records.