In this episode, we take a look at the US fixed income markets coming out of the third quarter of 2024, and what to expect in this space as we near the November 5 US presidential election. We also briefly discuss how other G10 and Emerging Market central banks have shifted following the Fed’s 50 basis point rate cut in September. It’s a different story in China, however, with its central bank just announcing reductions in the Loan Prime Rates. This episode is presented by Magdalene Teo, Head of Fixed Income Research Asia at Julius Baer.

After a strong September for equities, the question now is if we can expect a year-end rally. An analysis of the charts provides a clear answer. In this episode of the Beyond Markets podcast, Mensur Pocinci, Head of Technical Analysis at Julius Baer, talks to Helen Freer about the significance of the steepening yield curve and the depreciating US dollar for equities, as well as which regions and sectors are set to outperform over the remainder of the year.00:38 – Introduction to speakers and topic01:00 – What is technical analysis?03:03 – What do September’s equity market returns mean for the rest of the year?04:34 – What does a depreciating US dollar mean for equities?06:02 – How significant is the steepening yield curve?07:46 – Which regions are set to perform better?08:30 – What’s next for Chinese equities?09:35 – Which sectors should do well now?10:25 – After reaching new all-time highs, how is gold set to perform now?11:30 – Closing remarksWould you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

In this episode of The Week in Markets, we provide a review of the latest press conference of China’s Ministry of Finance (MoF), how investors see it and the outlook of the Chinese equity market going forward.  We also briefly discuss the latest outlook of the Fed interest rate, the implications of the US Presidential election and the ongoing reporting season. This episode is presented by Richard Tang, China strategist and Head of​ Research Hong Kong for Julius Baer.  

As we move into Q4 2024, gold prices continue their remarkable climb, while oil faces a more uncertain future amid heightened geopolitical tensions. What’s fueling these divergent trends in two of the world’s most important commodities, and where could they be headed next?Join Chris Irwin, Head of FX and Precious Metals Trading Asia, and Norbert Ruecker, Head of Economics & Next Generation Research at Julius Baer, as they offer expert analysis and insights on the key factors shaping the markets for gold and oil.00:19 Introduction00:41 Our gold and oil forecast01:55 Are geopolitics flare ups driving up gold prices?2:52 Asia and Western demand3:46 The impact of central bank gold holdings5:04 Why has gold continued to rise despite China’s pause in gold purchases6:02 Speculative gold positioning7:18 Significant redemptions in Western ETFs8:15 Where can gold go in a rate easing cycle?9:25 Recession risks10:20 Geopolitical noise impacting oil11:00 Escalating conflict – where can oil go?12:42 China’s stimulus – is there upside for oil?14:01 The supply and demand picture

In this episode of The Week in Markets, equities research analyst Jen-Ai Chua highlights how stronger than expected non-farm payrolls data has spooked US markets, while the much awaited press conference by China’s National Development and Reform Commission (NDRC) on Tuesday disappointed. More economic data releases in upcoming weeks should provide greater clarity as to the likelihood of ‘no landing’ in the US and the slowdown in China. We expect the Asian REITs to continue doing well as expectations of lower rates remain intact.This episode was recorded on October 8, 2024.

In this episode we are joined by Damien Ng, one of Julius Baer’s next generation analysts, to discuss the background and economic significance of obesity drugs.

In this episode of The Week in Markets, we discuss the newly elected Japan Prime Minister and the market response, as well as how his potential policies affect our investment thesis in Japan equities. For the Chinese market, we share a few data points on how strong inflows have been, why we think the tactical rally may extend and what this means for investors.This episode is presented by Richard Tang, the China strategist and Head of Research Hong Kong for Julius Baer.

In this monthly China update, our experts analyse if the big rally in China equities has legs, following last Tuesday's "bazooka" policy announcements from China's central bank. They also take a closer look at recent trading flows and discuss what trends can be expected in currencies and stocks.This episode is presented by Richard Tang, China Strategist and Head of Research Hong Kong at Julius Baer, with Hong Hao, Partner and Chief Economist at GROW Investment Group.

The Chinese financial regulators recently announced a series of monetary measures with an aim of supporting the economy. In this podcast, we discuss how effective the policies are, whether this is just another bounce or if it marks the beginning of a sustainable rally, and what investors should do in this market.This podcast is presented by Richard Tang, China strategist and Head of Research Hong Kong for Bank Julius Baer.

In this episode of The Week in Markets, we discuss the outlook of the US interest rate path after the larger-than-expected 50 basis points cut and the implications for different assets. We also comment on the recent bounce of the offshore Chinese equity market and our strategy around that.​This episode is presented by Richard Tang, China strategist and Head​ of Research Hong Kong for Bank Julius Baer.

At the much-anticipated US Federal Reserve meeting on 18 September 2024, the monetary policy easing cycle finally began in the US with an announcement of a 50 basis point rate cut. In this episode of the Beyond Markets podcast, David Kohl, Chief Economist at Julius Baer, and Mischa Anand, Julius Baer’s Head of Advisory in Zurich, talk to Helen Freer about the significance of the Fed’s latest interest rate decision, what it means for the economy and the implications for investors.00:39 – Introduction to the topic and the speakers01:10 – Was a 50bp cut by the Fed appropriate?04:06 – What does the rate cut mean for the economy and investors?08:53 – Given a recession is not our base case, what is our macroeconomic outlook?13:03 – What about the outlook for equities now that the Fed easing cycle has started?15:06 - Does this mean we’re likely to see volatility ahead?17:14 - Where does the Fed go from here?20:08 – How significant is the start of the Fed’s rate-cutting cycle for other central banks and the rest of the world?23:07 - Closing remarksWould you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

We expect volatility in equity markets to remain elevated as we head towards the end of the year, amidst uncertainty around the upcoming US election, seasonal factors, and lingering fears of an economic slowdown. It therefore seems timely to look at what our analysts take into account when it comes to stock selection.In this episode of the Beyond Markets podcast, Bernadette Anderko, Investment Writer, talks to Philipp Lienhardt, Head of Equity Research, about how his team approaches the process of stock selection, what sectors they favour currently, and the subsectors that are set to offer good investment opportunities in the coming months.00:32 – Introduction to the topic and the speakers01:16 – Our approach to stock selection02:33 – Market Outlook into year-end 202404:13 – Information Technology: our preferences06:27 – Healthcare: more than just large-cap pharma09:06 – Industrials: focus on cyclical & structural growth opportunities11:22 – Opportunities across sectors12:01 - US election outcome - implications for stocks13:33 – 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.

Two weeks ago, the S&P 500 index had its worst week of the year on the idea that the economy was weakening. Last week was its best week of the year, on the idea the Federal Reserve might cut rates by 50 basis points rather than the traditional 25, when it meets this Wednesday. Expectations have changed following two articles in the Wall Street Journal raising the prospect for a 50 basis point cut, and comments from three former Fed officials who each made a case for a 50 basis point cut. In July, the consensus was looking for Q3 S&P 500 index annual earnings growth of almost 7%. Now it’s looking for just 4%. However, the pace of growth is expected to improve thereafter; to 11% in Q4, and 13% and 14% respectively in Q1 and Q2 of next year.

On Tuesday night, Former President Donald Trump and Vice President Kamala Harris faced off for the first time at the US presidential debate, each presenting two starkly differing visions for the country.Join Christian Gattiker, Head of Research and William Fong, Co-Head, Alternatives & Strategic Solutions Specialists Asia at Bank Julius Baer as they analyse the implications of each candidate's policy proposals, and how investors can navigate the potential shifts in the political landscape.1:15     The significance of the US presidential election3:29    How might Trump’s tariffs impact the economy?6:06   Trump’s energy policy and inflation8:18    Can the Fed keep its independence?9:34    Trump’s tax policy and potential deficit impact11:53    How can investors position in a Trump sweep?13:19    Harris’ tax policy and potential deficit impact15:37    Do price controls actually work?18:37    How might a Harris victory impact the economy?20:20    Why have bond markets not responded more significantly yet?21:38    What the polls are saying23:07    Predicting the outcome24:30    A very tight race

In this episode of Beyond Markets, we are joined by Nicolas de Skowronski, Head Wealth Management Solutions and member of the Executive Board, and Sonia Goessi, Head Region Switzerland and Europe and member of the Executive Board, to discuss Julius Baer’s 360-degree approach to wealth management and why it is important for everyone.

August employment data show a labour market that is continuing to cool, but not at an alarming rate. The three Federal Reserve officials spoke last week all hinted the impending rate cut cycle could be an aggressive one. But the futures market is still pricing a higher chance of a 25 basis point cut than a 50 basis point one at next week’s meeting. Most political analysts expect Vice President Harris to fare less well than former President Trump in this week’s debate, so there is more upside for her. But for the first time, renowned political statistician Nate Silver’s Electoral College model puts Trump ahead of Harris.

In this monthly China update, our experts analyse recent market movements and their implications for investors. They also discuss China’s property market, the evolving policy framework and its impact on Chinese households, the strengthening of the RMB and resulting currency trades, as well as the latest views on gold and Chinese government bonds.This episode is presented by Richard Tang, China Strategist and Head of Research Hong Kong at Julius Baer, with Hong Hao, Partner and Chief Economist at GROW Investment Group.

Personal consumption expenditure (PCE) inflation rising 2.6% y/y in July is a perfectly acceptable reading for the market. Excluding the notoriously lagged housing component, it would be 2.1%, right where the Federal Reserve (Fed) wants it to be. However, inflation has less relevance for the market now that the Fed has made it clear that its focus is on employment. Initial jobless claims have returned to 230,000, and the Q2 annualised GDP has been revised upwards to 3.0% q/q, both suggesting that the economy is far from entering a recession. The Chinese government may allow homeowners to refinance as much as USD5.4trn of mortgages, which would be good for consumer sentiment. The dollar/renminbi exchange rate has broken an important support line. A rising renminbi tends to lift other Asian currencies. Usually, when money goes into a currency, the assets denominated in that currency see a lift too.This episode is presented by Mark Matthews, Head of Research Asia at Julius Baer.

Three weeks ago, there were concerns of a new Black Monday, similar to the one in 1987. Today, global equities have reached a new high. Federal Reserve Chairman Jerome Powell’s speech at Jackson Hole focused on the labour market, where he said that the cooling is unmistakable. However, the Challenger Report showed only 26,000 job cuts in July, much lower than the 20-year average of 63,000 per month. A closer look at the rise in unemployment shows that much of it is coming from new entrants to the labour force who have not yet found jobs, leaving them still in the ranks of the unemployed. This episode is presented by Mark Matthews, Head of Research Asia at Julius Baer.

How should investors position in Japan markets in light of the recent intense volatility in Japanese indices?Join Kelly Chia, Deputy Head of Research Asia at Bank Julius Baer, and Alexander Treves, Managing Director and Head of Investment Specialists, EMAP Equities at JP Morgan Asset Management, as they share their expert perspectives on how Japanese stocks are likely to fare in a rising Yen environment. They also explore the outlook for the Bank of Japan, and examine critical factors shaping Japan’s economy, including inflation trends and ongoing corporate reforms.

The Bitcoin blockchain needs miners to function. In this episode of the Beyond Markets podcast, Manuel Villegas, Next Generation Research, talks to Helen Freer about the Bitcoin mining ecosystem, covering topics including how the Bitcoin mining process works, what artificial intelligence has to do with it, and how mining activity influences the overall market dynamics.00:51 Why has Bitcoin mining become such an important topic lately?03:01 How does mining actually work? 03:47 How do energy costs affect the profitability of Bitcoin miners?05:23 What is the hashrate?06:46 How does mining activity influence market dynamics?07:52 What drives the profitability of Bitcoin miners?09:28 What does artificial intelligence have to do with Bitcoin mining? 10:50 How might the outcome of the US election impact Bitcoin mining?12:08 The outlook for Bitcoin miners and the Bitcoin marketWould you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

As of 14th of August, over 92% of companies in the S&P 500 Index have reported earnings for the second quarter of 2024. What have we observed so far, and what trends do we see emerging?Cheng Hin Saw, Head of Equities Specialists Asia at Bank Julius Baer, presents five key takeaways from this earnings season.00:44 Earnings more resilient than revenues02:29 A broadening of growth03:27 Technology continues to dominate, but the narrative is shifting05:19 Weakness in Consumer sector06:36 Forward earnings guidance remains constructive

In this episode, we share where we are in stock markets after the big rebound we saw in the last 2 weeks. We will also have 2 key central bankers speaking at important events.This episode is presented by Kelly Chia (Deputy Head of Research, Asia).

Markets have been dominated by extreme bouts of volatility in the past few weeks, such as US equities seeing 3-5% intraday drawdowns, and the Japanese Yen appreciating almost 10% in just 3 weeks. Meanwhile, concerns of overhype in the AI theme and US recession fears feature prominently.​Join Eric Mak from Julius Baer’s Equity Research Asia team, as he shares insights on how to navigate this turbulence.

"Our time has come, but we must kick the ball to score the goal." In this episode, Nilesh Shah, Managing Director at Kotak Mahindra Asset Management Company, shares his insights on India's remarkable economic growth, challenges ahead, and the key risks investors should be aware of. He also highlights his takeaways from the recent Union Budget and Economic Survey Report.This episode is hosted by Rishabh Saksena, Head of Investment Specialists Asia at Julius Baer.

This episode was recorded on August 5, 2024.The intensity of the selloff in markets has taken many investors by surprise, with Japan's Nikkei index tumbling around 18% in the past 5 days.  Weaker than expected US labour data also triggered the Sahm rule, a signal of recession, and has spooked US equity markets as well.​This episode is presented by Jen-Ai Chua, Equities Analyst at Julius Baer.

This is a special update from Julius Baer's partner show, Moving Markets.Listen to our daily updates on Moving Markets at the links below:Apple Podcasts: https://podcasts.apple.com/sg/podcast/moving-markets-daily-news/id1628789317 Spotify: https://open.spotify.com/show/2AYJMvVqqIavsPP7v4YxEs?si=tpGFjNXYQYWD2NfLtI2XCAAfter the global stock-market rout accelerated yesterday, with losses cascading across tech shares and Japanese equities crashing by the most in over a decade, Japanese stock indices have staged a turnaround and are leading gains in Asia today. In today’s special episode, Christian Gattiker, Head of Research, shares his insights into the latest equity market developments and how he see things going forward. Manuel Villegas, Next Generation Research, provides us with an update on digital assets and talks about the prospects of a Trump trade.00:00 Introduction by Helen Freer (Investment Writing)00:27 Markets wrap-up by Jonti Warris (Investment Writing)04:40 Equity market developments: Christian Gattiker (Head of Equity Strategy)09:22 Digital assets update: Manuel Villegas (Next Generation Research)13:03 Closing remarks by Helen Freer (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

In this monthly China update, our experts discuss their key takeaways from China’s Third Plenum and Politburo meeting. They also analyse the effect of recent surprise rate cuts, and the so-called “cash for clunkers” program in boosting consumption. They also discuss the Chinese equity market in the context of an ongoing sector rotation in US tech stocks, strengthening of the Japanese Yen, as well as latest developments in the US-China chip dispute.This episode is presented by Richard Tang, China Strategist and Head of Research Hong Kong at Julius Baer, with Hong Hao, Partner and Chief Economist at GROW Investment Group.

When the market goes down, people look for reasons. The one most cited now is the idea that Artificial Intelligence will not be as profitable as expected. With June Personal Consumption Expenditure Price index showing inflation is nicely under control, the Federal Reserve should indicate it will cut rates in September, when it meets this week. History is on the side of the S&P 500 index being nicely higher a year after the first rate cut in a rate cut cycle, as long as there is no recession. We forecast US GDP growth at 2.1% next year. The past 4 economic expansions since the “Great Moderation” began in 1982 lasted on average 103 months, while the current expansion is just 51 months old.

In only three of the past thirty years did the S&P 500 index do as well or better than what it has done year-to-date. A consolidation or correction is likely over the next month or so and indeed would be a healthy thing, for the market to carry on later in a sustainable manner. While it’s still early days, Q2 earnings look like they will beat the consensus forecast of 9.7% y/y (which is already the highest since Q4 2021). Odds infer that if the Democrat Party picked a nominee other than Vice President Kamala Harris, its chances of winning the presidential election would be over 50%. But almost all the potential candidates have already pledged their support to her, meaning they don’t want to run. Donald Trump is therefore most likely to win, which in general is perceived as a market-friendly event.This episode is presented by Mark Matthews, Head of Research Asia at Julius Baer.

US equity markets have undeniably outperformed their European peers so far in 2024, but there are countries and segments within Europe that we believe are now set to benefit from the current economic environment, and that despite disappointing data readings in June, are nevertheless worthy of investors’ attention.In this episode of the Beyond Markets podcast, Bernadette Anderko, Investment Writer, talks to Leonardo Pellandini, Equity Strategist, about where his team sees opportunities in European equities, which countries now carry an Overweight rating, and the sectors and segments that currently offer diversification benefits for investors.00:32 – Introduction to the topic and speakers01:15 – Impact of elections on UK equities02:50 – French equities after parliamentary elections03:58 – Why consider European equities when US indices are outperforming06:01 – European industrials and our preferred subsectors06:54 – The case for mid-cap stocks07:26 – Overweight calls for Germany and Switzerland and a preference for cyclical sectors09:25 - Does disappointing recent economic data taint our views?10:19 - Summary of our equity calls within Europe11:05 - 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.

In this episode, we share some thoughts about the ​assassination attempt on​ Donald Trump over last weekend as well as what to expect in an earnings heavy week.This episode is presented by Kelly Chia (Deputy Head of Research, Asia)

In this episode, we talk about what we can expect from a data heavy week and what the 9% Q2 earnings growth expected for the S&P500 means for investors.This episode is presented by Kelly Chia (Deputy Head of Research, Asia), and was recorded on 9 July, 2024.

In this monthly China update, our experts discuss if the Chinese property market has finally reached a trough, as well how to pre-position for potential tax reforms in the country, particularly consumption tax. They also assess the impact of previous US trade tariffs on China, and explore the relationship between gold and productivity cycle.This episode is presented by Richard Tang, China Strategist and Head of Research Hong Kong at Julius Baer, with Hong Hao, Partner and Chief Economist at GROW Investment Group.

In this episode of Beyond Markets, Alisa Wood, Partner, KKR, shares her insights on private equity and in particular, open-ended, evergreen fund structures. We explore what evergreen structures are, how it compares with traditional, closed end 10-year fund structures, and why it is advantageous to build exposure to private equity in a portfolio.This episode is hosted by William Fong, Co-Head, Alternatives & Strategic Solutions Specialists Asia at Bank Julius Baer.0:18: Introduction1:50: What are open-ended, evergreen private equity structures?3:07: The growing popularity of evergreen private equity structures6:23: Open-ended vs close-ended structures9:52: Redemption opportunities in evergreen funds13:18: KKR’s approach and investment focus18:53: Why invest in private equity?23:48: Get to know Alisa – PEWIN, The Public Theater31:27: Recommended musicals in NYCImportant legal information:The information and opinions expressed in this podcast constitute marketing material and are not the result of independent financial orinvestment research.Please refer to www.juliusbaer.com/legal/podcasts for further important legal information.Kohlberg Kravis Roberts & Co. L.P. (KKR) disclaimer:This podcast is for informational purposes only and should be considered of a general nature. The information in this podcast is current only as of the date published. No undertaking, representation, warranty or other assurance, express or implied, is made or given by or on behalf of Kohlberg Kravis Roberts & Co. L.P. (along with certain affiliates), or any of its respective partners, executives, employees as to the accuracy or completeness of the information or opinions contained in this presentation and no responsibility or liability is accepted by any of them for any such information or opinions. Such information or opinions should not be relied upon and are subject to change without notice. Anyone listening to this podcast should consult their own advisors relating to any investment decision. Statements contained in this podcast that are not historical facts are based on KKR's current expectations, estimates, projections, opinions and beliefs. These statements involve known and unknown risks, uncertainties and other factors and should not be relied upon. There are several risks associated with investments in private equity structures. In addition, any projections or other estimates, including estimates of returns or performance, are “forward-looking statements” and are based on certain assumptions that may change.

In this episode, we provide some highlights of what happened during the 1st US presidential debate of 2024 and what to expect from a very heavy macro data week.This episode is presented by Kelly Chia (Deputy Head of Research, Asia).

What is private credit? Is it a new asset class? Are loans made by direct lenders different from bank loans? And what do potential investors in this asset class need to be aware of?In this episode of the Beyond Markets podcast, Fiona Kenyon, Head of Private Markets Advisors at Julius Baer talks to Craig Packer, Co-President and Head of Credit at Blue Owl Capital, to delve into these questions and many more besides. Private credit and direct lending are undoubtedly better suited to qualified or professional investors than to retail investors. Nevertheless, for those new to the asset class, the conversation here is an interesting introduction into how direct lending might fit into a wealth investor’s portfolio.01:51 Introduction to topic and speakers02:50 What exactly is private credit and is it the same thing as direct lending?04:14 Are companies that borrow from direct lenders typically of poorer quality than those that get bank loans?06:17 What’s the history of direct lending? Is this a new asset class or has it been around for a long time?07:56 Are the characteristics of direct loans very different from bank loans? 10:04 Why has direct lending grown so much in the past few years?14:04 Is this ‘the golden age of credit’? What are some of the risks of direct lending as an asset class? 16:01 Given the complexity, how can direct lending fit into a wealth investor’s overall portfolio?Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

In this episode, we review what happened last week, Nvidia’s new achievement unlocked as most valuable company in the world and the US presidential elections. We also dive into Nvidia CEO Jensen Huang’s mindset on how he arrived at where he is today.This episode is presented by Kelly Chia (Deputy Head of Research, Asia).

In today’s episode of Beyond Markets we discuss real estate and how we can make buildings better with Carsten Menke, Head of Next Generation Research at Julius Baer.

With an improving economic outlook and a broadening recovery, what should investors expect in the second half of 2024? In this episode of the Beyond Markets podcast, Christian Gattiker, Head of Research, and Kelly Chia, Deputy Head of Research Asia, talk to Helen Freer about the current market environment and where they currently see opportunities for investors.01:02 What are the implications for investors of the improving economic outlook?02:05 What will central bank rate cuts mean for equities?03:34 Our focus within equities05:24 Why are mid-caps set to do well?06:16 What impact will geopolitics and US elections have on equity markets?07:01 What is our preference in terms of regions?07:49 Why do we like industrials?09:07 Why is Japan currently attractive?10:22 What opportunities do we see in emerging markets?11:21 What Next Generation themes are worth highlighting now?11:58 Where do we see opportunities within fixed income?13:34 What about emerging market debt?14:09 Summary and conclusions on fixed income opportunities15:10 Current thoughts on gold16:27 Summary of outlook for H2 2024Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

In this episode of The Week in Markets, we review the recent central bank meetings and new ideas in the US outside of Magnificent 7. In Asia, we discuss why we still like Japan and comment on the implications of recent EU tariffs on China. We also make a few simple points on private equity investments.This episode is presented by Richard Tang, Head of Research Hong Kong for Bank Julius Baer.

After many years of abnormalcy in the fixed income market, we are finally starting to see some normalcy returning to it. However, that doesn't mean there are no problems with government bonds. The US debt load has risen to 35 trillion post the pandemic, consequences of the US election are uncertain, and military spending will go up if tensions continue to rise around the world.  On the other hand, the world economy is doing well, companies are becoming better run, and inflation expectations are generally falling. Against this backdrop, investors could look to  investment grade corporate bonds in the fixed income space.This episode is presented by Mark Matthews, Head of Research Asia at Julius Baer.

In this monthly China update, our experts review the preliminary impact of the recent key measures announced by Chinese policymakers to stabilise the property market, and if we could see a sustained recovery. The Chinese equity market has also rallied strongly since April, and our experts discuss what it could take to drive a second rally, and the sectors that should perform. They also share their thoughts on how to navigate contradictory Chinese PMI numbers, as well as renewed US-China trade relation tensions. This episode is presented by Richard Tang, China Strategist and Head Research Hong Kong at Julius Baer, with Hong Hao, Partner and Chief Economist at GROW Investment Group.

In this episode of the Week in Markets, we discuss the outlook of interest rates as the key driver for global assets. We propose ideas for putting fresh money to work, discuss the US elections, and China. Last but not least, we feature our latest upgrade in gold. This episode is presented by Richard Tang, China Strategist and Head of Research Hong Kong for Bank Julius Baer.

In this week’s episode, Bhaskar Laxminarayan, CIO Asia at Julius Baer, highlights our current view of markets, the “growth scarcity” in equity markets, and why investors need to look beyond the established large cap or Magnificent Seven at quality mid-cap growth names. Please also listen to our previously published episode “Global Quality Mid-Caps – Expand Your Opportunity Set”, where we discuss this theme in greater detail.Apple Podcasts: https://podcasts.apple.com/us/podcast/global-quality-mid-caps-expand-your-opportunity-set/id1552236298?i=1000655859858 Spotify: https://open.spotify.com/episode/2tgyHhQIv85zcc710dV2rP 

Taylor Swift’s ongoing ‘Eras’ tour, currently making its mark on European cities, has had such an economic impact on some of the locations that it has already toured, that the word Swiftonomics has actually made it into economic parlance. And it’s not just big-name singers getting in on the market-moving act. 2024 will see a host of mega sporting events lining up for our attention too. So just how do these events impact the local economies and the brands that sponsor or support them? Are the only winners the performers, or are others set to benefit?In this episode of the Beyond Markets podcast, Bernadette Anderko, Investment Writer, talks to Kelly Chia, Deputy Head of Research Asia, and Matt Leighton, Sports Business Journalist, to provide some insight into the real impact of these events and help us uncover just who, aside from the venues and the stars involved, might actually gain from them.

As India's Lok Sabha elections enter the final phases, the nation finds itself amidst strong equity market outperformance and favourable demographic tailwinds. Additionally, India is well-positioned to reap significant benefits from the AI revolution.Join our Julius Baer experts Mark Matthews, Head of Research Asia and Bhaskar Laxminarayan, CIO Asia, and Head of Investment Management Asia, as they take a pulse check on the current political and market sentiment and examine the economic and investment landscape for India beyond the elections.

In this episode, we examine two key events that moved markets last Friday - China's special ultra-long government bond sale, as well as its surprise announcement of a housing rescue package.This episode is presented by Magdalene Teo, Head of Fixed Income Research Asia at Julius Baer.

With large to mega cap stocks frequently dominating the attention of the media and analysts, quality mid-cap stocks often remain under the radar of investors.Quality mid-caps are distinguished by robust management, solid financials, and sustainable competitive advantages and offer a compelling blend of growth and stability.Join Dorcas Nga, Fund Specialist, as she speaks with Baris Pinar, Head of Global Excellence Equities, Julius Baer, on his investment philosophy, and the benefits of incorporating global quality mid-caps into investors’ portfolios.

In this episode, we talk about how the earnings season in the US is going, some reasons about why Gold is on a tear and what we think about the ongoing China stock rally.This episode is presented by Kelly Chia, Deputy Head of Research, Asia at Julius Baer.

"We are not trying to save the planet, we are first trying to save ourselves". Join us as we delve deeper into the origins of carbon credits and their applicability in the climate change scene today.In this episode of the Beyond Markets Podcast, Roy Athanasius Ang, Strategy & Business Operations Singapore, talks to Julius Baer's in-house climate and stewardship specialist Jean-Damien Bogner.

Recent escalating developments in the Middle East conflict appears to have reduced the likelihood of ceasefire. Wage growth in April was its lowest since June 2021, which should mean less inflation. However, the Cleveland Federal Reserve predicts the upcoming headline April CPI inflation reading will be a disappointingly high 3.5% year/year, the same as March. The Yen fell 5% in April, then bounced 5% since then. There’s been no event, so the best we can say is as long as people can borrow at 1% in Yen and invest at 6% in US Dollars, the currency will go down. But a Big Mac in Japan is 12% cheaper than a Big Mac in China, while Japanese incomes are 6x higher than Chinese ones. It’s not possible for a developed market to have emerging market prices forever.  This episode is presented by Mark Matthews, Head of Research Asia at Julius Baer.

In this monthly China update, our experts examine the factors that drove the recent rally in the Hong Kong stock markets and the outlook ahead for the Chinese economy following encouraging PMI trends. They also look ahead to the upcoming Politburo meeting, and weigh the consequences of a stronger and weaker Chinese Yuan.This episode is presented by Richard Tang, China Strategist and Head Research Hong Kong at Julius Baer with Hong Hao, Partner and Chief Economist at GROW Investment Group.

Julius Baer Chief Investment Officer Yves Bonzon joins journalist Hanna Wise to take a closer look at Julius Baer's investment strategy. In this third and final episode they look at performance and risk and how this impacts investors.  Yves shares how we analyze and assess performance, how to avoid "bad" performance and what "healthy" performance looks like, especially in a volatile market. He also talks about the risks involved with performance, how we mitigate those risks, and how he measures his success as a CIO.

Asian currencies have been roiled by an unexpectedly stronger US Dollar this year, but we do not equate this to the Asian Financial Crisis of 1997. Most Asian countries are better positioned than before to weather currency volatility and temporary higher oil prices, due to stronger fundamentals and more flexible exchange rates. However, the effect of a weaker Renminbi could last longer as economic growth slows and given China is the biggest trading partner for most countries in Asia and Australia except India. We stay away from local rates except Singapore Dollar due to the deep local investor base and keep our call for Asian Investment Grade USD bonds due to strong technicals.This episode is presented by Magdalene Teo, Head of Fixed Income Research Asia at Julius Baer.

The oil market has remained surprisingly calm despite the recent geopolitical tensions in the Middle East. What are the dynamics at play here? And looking ahead, how might the oil and gas industry evolve as we head into a new era of energy transition and electric vehicles?In this episode, Norbert Ruecker, Head of Economics & Next Generation Research speaks to Pearlyn Wong, Investment Content and Campaigns Asia, on his latest insights on the oil market.

As gold prices hit record highs, we are joined in the studio by Carsten Menke, Head of Next Generation Research, and Chris Irwin, Head of FX and Precious Metals Trading Asia, to discuss the causes and consequences of the metal’s remarkable rally.

The most likely trajectory for the Middle East is that things de-escalate. World economic growth looks set to accelerate, meaning inflation could remain sticky. We look for rate cuts in September, November and December, and for treasury yields to come down a little bit. Technology stocks are sensitive to the slightest negatives, but a strong economy still suggests a positive outlook for earnings growth this year.This episode is presented by Mark Matthews, Head of Research Asia at Julius Baer.Middle East, oil, economic growth, inflation, rate cuts, treasury yields, technology stocks, earnings growth.

The significant innovation in the semiconductor industry over the years has undoubtedly enabled the huge advances in artificial intelligence. But where do we go from here? Will more efficient and better performing chips be enough to satisfy the requirements of AI models? In this episode, Helen Freer, Investment Writer, talks to Luca Menozzi, Next Generation Analyst, about what the transition to a new era in computing architecture might mean for the future of AI.01:14 Has innovation in the semiconductor industry enabled the advances in AI?02:45 What is Moore’s law?03:38 What’s the scope for chips to shrink further?04:41 Why do some industry experts believe that Moore’s law is dead?05:53 Will the advances be enough to satisfy the requirements of AI models?06:39 Are bottlenecks expected that might hinder the future growth of AI?07:42 Who is buying the chips?08:24 Is the demand for semiconductors set to increase?09:24 ConclusionsWould 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 S&P’s performance after “shock events” shows, unsurprisingly, that the ones that caused no damage to the economy had the least impact on the market, and vice versa. The oil price is steady post Iranian attacks on Israel, suggesting the latter this time.While the Yom Kippur War and Oil Embargo of 1973 strike parallels with today, the global economy is less than half as reliant on oil as it was then. There are many other suppliers apart from the Middle East, and no one is talking about an embargo today. March CPI inflation at 3.5% year/year has caused concerns that inflation is beginning to trend higher again. But the culprits driving it (auto insurance and rents) are likely to come down.This episode is presented by Mark Matthews, Head of Research Asia at Julius Baer.

In this monthly China update, our experts analyze the recent depreciation of the Chinese Yuan, the impact of potential quantitative easing on the Chinese economy, how to look at the Chinese EV sector against the backdrop of a volatile Sino-US relationship, and also why Gold continues to surge.This episode is presented by Richard Tang, China Strategist and Head Research Hong Kong at Julius Baer with Hong Hao, Partner and Chief Economist at GROW Investment Group, and was recorded on 8 April, 2024.

In this episode, we take a look at how equity markets today shape up against the peaks seen at the start of 2022. We also examine investor positioning, and if it’s a good time to buy Japanese stocks.This episode is presented by Kelly Chia (Deputy Head of Research, Asia).

When it comes to building your investment portfolio, asset allocation is key. For Julius Baer Chief Investment Officer Yves Bonzon, finding an asset allocation breakdown that meets your individual needs and that you can withstand, even in the case of extreme shocks, makes all the difference.  In the second episode of our How we Manage Money series, Yves Bonzon explains the do’s and don’ts of portfolio construction, the difference between strategic and tactical asset allocation, and how investors can build a truly diversified portfolio that won’t keep them up at night.

In this episode, we talk about the numbers 21 and 8599 on top of a review of what happened in March, and what we can look forward to in April.This episode is presented by Kelly Chia (Deputy Head of Research, Asia).

Whether it's those who are working in finance or those who are making their own way as investors, women are building confidence – and portfolios. Explore the investment strategies that women have, why stereotypes of how they manage wealth are outdated, their risk appetites, and more. The Beyond Markets Podcast is joined by Mayssa Scheib, Intermediaries Relationship Manager with Julius Baer.

With many stock market indices having hit record highs in the first quarter of 2024, it is timely to look at some of the factors our analysts take into account when selecting their preferred stocks. Besides looking at the development of individual companies, it is also important to join the dots and see what the important drivers are in different sectors and subsectors. So, what has our attention currently? In this episode of the Beyond Markets podcast, Bernadette Anderko, Investment Writer, talks to Philipp Lienhardt, Head of Equity Research, about how his team approaches the process of stock selection, what sectors they favour currently and the subsectors that are set to offer good investment opportunities in the coming months.00:53 Stock selection – our process02:30 Background – the big picture     04:29 Why we are approaching the time for a style reversal05:18 Why we still prefer US stocks versus European stocks06:28 Our preferred sectors (Communications/IT)07:54 Why we don’t believe that there is an IT bubble08:59 Why we like the Healthcare sector and some specific segments10:27 Subsectors where we see value12:05 Consumer defensives – it pays to be defensive12:54 Our stance on luxury goods13:20 Our stance on European financials14:02 Looking forwards and considering US electionsWould you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

In this episode, we examine the recent central bank actions and review the asset market moves. In particular, we discuss our latest views on two popular funding currencies - the Japanese Yen and the Swiss Franc, how to think about the Japanese equity market if the Yen does appreciate, and why we should stick to quality stocks in the US.This episode is presented by Richard Tang, China Strategist and Head of Research Hong Kong at Bank Julius Baer.

Bitcoin has been getting plenty of attention so far this year and with the halving expected in around a month’s time, that is not expected to change. In this episode of the Beyond Markets podcast, Helen Freer, Investment Writer, talks to Manuel Villegas, Next Generation Research, about how the halving will work and what it means for the blockchain’s dynamics.Please note that this podcast is for educational purposes only and does not represent a recommendation of any kind with regard to Bitcoin or other digital assets.01:24 What has been happening with regard to Bitcoin so far this year?02:24 What is the Bitcoin halving and why is relevant? 03:56 The implications of the Bitcoin halving for mining operations05:40 How should Bitcoin mining companies be viewed in light of the Bitcoin halving? 06:36 Is past performance an indicator of future performance? 07:37 What can we expect for the Bitcoin market and broader digital asset markets now as result of the halving?  08:35 What does the Bitcoin supply schedule look like going forward? 10:11 What is the current state of demand versus supply?10:34 ConclusionsWould you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

A sequential rise in February core inflation is not cause for concern, as it is due to “residual seasonality”, an auto insurance outlier, and residential real estate which will come down. The S&P 500 index’s positive return in each of the last four months is something that only happened 16 times before; on average after those times, it returned 16% to the end of the year. There is a break-out in the downward trend of the Chinese stock market, and the gradient is turning positive in several economic data series there. Japan’s wages will be 5.3% higher than last year, the largest increase since 1991. We look for the Bank of Japan to raise the policy rate from -0.1% to 0.2% a year from now. This episode is presented by Mark Matthews, Head of Research Asia at Julius Baer.

In this episode, we talk about why we are still positive on Japanese stocks despite key indices retreating from all-time highs.This episode is presented by Cheng Hin Saw, Head of Equities Specialists Asia, and Kelly Chia, Deputy Head of Research Asia.

In this Next Generation episode of Beyond Markets Damien Ng, Next Generation Research Analyst at Julius Baer, and Laurenz Kellenberger, Chief Scientific Officer at Basilea, join us to discuss antimicrobial resistance, its causes, and its potentially devastating consequences.

Employment data suggests slower wage inflation and overall inflation ahead, and therefore lower interest rates. The S&P is up 26% since its interim low in October 2023, the same return as all of 2021, but in a third the time. A change pf key personnel at the US State Department may signify a change in policy. A cease-fire in Ukraine would be a real positive for Europe, and would also mean lower energy prices, a win for President Biden. Government and central bank sources in Japan are leaking that a policy change is afoot. If union-management wage negotiations for this year show a rise equivalent or more than last year’s, it would be the excuse the Bank of Japan needs to end quantitative easing, and raise interest rates. Even if the yen goes up 5% vs. dollar over the next 12 months (which is our forecast), it will still be one of the most competitive currencies in the world. This episode is presented by Mark Matthews, Head of Research Asia at Julius Baer.

Managing money successfully is more than just avoiding mistakes. For Julius Baer Chief Investment Officer Yves Bonzon, it comes down to having a solid investment approach built on core investment beliefs that provide a framework. This allows us to make investment decisions in a disciplined way and not based on the twists and turns of the market. In the first episode of our How we Manage Money series, Yves Bonzon joins journalist Hannah Wise to discuss this framework including how it helps us manage risks, spot and mitigate an incoming crisis, and incorporate the key forces driving the markets.  

In this monthly China update, our experts discuss top of mind issues including takeaways from the National People’s Congress, the role of quantitative funds in China and the outlook for the Hong Kong property market. This episode is presented by Richard Tang, China Strategist and Head Research Hong Kong at Julius Baer with Hong Hao, Partner and Chief Economist at GROW Investment Group.

In this episode, we talk about extended markets and a very data heavy week. Nvidia dethrones Saudi Aramco to be the 3rd largest stock in the world and we do a comparison of today’s Magnificent 7 stocks to the Dotcom. This episode is presented by Kelly Chia (Deputy Head of Research, Asia).

In this episode, we talk about US and Japanese stock markets that are at all-time highs and what could derail the Artificial Intelligence (AI) party. Mr Warren Buffet’s c.USD168bn dollar cash pile looks to grow with “little deal flow”.This episode is presented by Kelly Chia (Deputy Head of Research, Asia).

It’s a fact of life that marriages can fail – and for families who want to preserve their wealth from spousal claims, this becomes a contentious issue. In order to keep matters fair for all parties, what should wealth creators do? And if you’re on the cusp of married life, how can you broach the subject with your spouse-to-be? In this episode, tune into the fascinating insights of Martyn Carre, Head of Key Clients and Positioning, Fiduciary Services at Julius Baer.

The emerging market bond market is offering some interesting yields in absolute terms at the moment, and we expect the rate-cutting cycle in developed markets to start later this year, which should support emerging market hard currency debt. In this episode of the Beyond Markets podcast, Helen Freer, Investment Writer, talks to Esteban Polidura, Head of Americas Investment Strategy, and Dario Messi, Fixed Income Strategist, about this segment of the bond market and why we currently like it.01:15 Why do we like EM hard-currency bonds?04:27 Why invest in EM hard-currency debt rather than equities?05:33 What about investing in developed market high-yield debt?06:49 Do we like any regions in EM in particular?09:00 Shorter-dated or longer-dated bonds?09:42 Why we like EM hard-currency bonds and not local currency bonds?12:30 What risks are involved in such investments?Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

We talk about how an external shock could be a welcome reset for stock markets and why Japan's stock market seems to be ignoring it's technical recession. This episode is presented by Kelly Chia, Deputy Head of Research, Asia.

After multiple years of underperformance, we believe that 2024 could be a comeback year for the Singapore Real Estate Investment Trusts (S-REITs), with the macro tide turning towards expectations of a pause in the hiking cycle and cut in interest rates. The sector’s significant underperformance positions them well for a short term rebound trade – albeit with some volatility, given the data dependent nature of the Fed pivot. We maintain a neutral view over the medium term as high but stable interest rates are likely to continue putting upward pressure on interest costs, slowing distributable income growth. Investors can consider three ways to augment REIT returns in the current climate: 1) Buy the quality laggards, 2) Invest in the inorganic growers, and for more risk tolerant investors: 3) Consider quality Greater China names with turnaround potential as a source of long term upside.This episode is presented by Jen-Ai Chua, Research Analyst in Singapore

The January core consumer price index rose 0.4% month/month, the highest reading since 1995 excluding the pandemic. The culprit was lodging (hotels and motels), which is unlikely to be repeated. Still the CPI reading may be an excuse for a pull-back in the S&P 500 index of in the high single digits or even low double-digits, even as the market is (we believe) in a primary bull trend. Vice President Kamala Harris said “I am ready to serve. There’s no question about that”. Her popularity is however as low as Biden’s. Former Secretary of State Hillary Clinton said President Joe Biden’s age is a “legitimate” issue. She has an ardent fan base among the 400 superdelegates who will decide the Democrat candidate in August. 

In this episode, our experts discuss the topic of sustainable investing, regulatory changes and the latest developments in sustainability initiatives. They debunk the negativity associated with ESG and greenwashing, share the Julius Baer Sustainable Investment Methodology, and elaborate on success cases of companies that have transitioned into more sustainable business models.Tune into this insightful episode featuring Isak Ahlbom, Head of Sustainable Investment Methodology in Switzerland, along with Laura Wong, Fixed Income Specialist in Singapore, to find out more.(00:43) - Introduction(01:26) - Is Sustainable Investing still relevant for investors?(03:07) - What’s our take on news of greenwashing accusations?(05:51) - Do outflows from Sustainability focused funds signify investors are no longer interested in this space?(07:48) - What is Julius Baer’s Sustainable Investment Methodology?(09:20) - Can sustainable investing and good investment returns go hand in hand?(10:31) - What are some success cases?(15:23) - Concluding remarks

In this monthly China update, we discuss key questions including - Why is market sentiment so poor and is it comparable to the situation in 2015? Will recent measures to support the market make a difference? What is the outlook for the Chinese property market and high-end manufacturing? And finally, have Chinese government bond yields bottomed? This episode is presented by Richard Tang, China Strategist and Head Research Hong Kong at Julius Baer with Hong Hao, Partner and Chief Economist at GROW Investment Group. For our listeners who celebrate Lunar New Year, we wish you a happy and prosperous Year of the Dragon!

In this episode, our experts discuss the market outlook for 2024 and offer valuable strategies for various asset classes and effective portfolio management. Covering market trends to regional client positioning observations, they share practical advice on managing home-bias and explore important topics including active vs passive investing, relevance of the classic 60:40 asset allocation, the role of alternative investments and much more.Don’t miss this insightful episode featuring Yves Klenk, Head of Markets & Wealth Management Solutions Hong Kong and Head of Investment Advisory Hong Kong, along with Saumil Sheth, Senior Investment Advisor and Head of Global NRI & Private Banking International Market Segments Singapore. Tune in to know more.

In this episode of “The Week in Markets”, we focus on the market dynamics after the strong print of non-farm payroll in the US. While some investors are concerned about the valuations and positioning of US megacap stocks, our analysis suggests that they are far from frothy, with solid earnings delivery supporting further outperformance. In contrast, the liquidity dynamics in the Chinese market look more challenging.This is presented by Richard Tang, China Strategist and Head Research Hong Kong of Bank Julius Baer.

Japan is one of the best performing markets year to date. In this episode, we lay out why has Japan done well and what we can expect for its future performance.This episode is presented by Kelly Chia (Deputy Head of Research, Asia).

Rather than oil pastel or charcoal, artist Refik Anadol’s medium of choice is data. Nicolas de Skowronski, Head Wealth Management Solutions at Julius Baer, met Refik at Art Basel 2023 to discuss the exciting applications of AI in the art and business world. Listen now to hear their conversation.

In rising 1.2% on Friday last week, the S&P 500 index went to a new high. In the 14 previous times since 1950 when the index went to a new high after a year or more months without one, it was up a year later in all but one, and the average return in all 14 times was 15%. With equal-weighted indices still below their highs, this is still a technology-driven bull market. Past presidential election cycles show the market tends to do well both 6 months before and after elections, regardless of the ideology of the winner.This episode is presented by Mark Matthews, Head of Research Asia Pacific.

In the wake of the global financial crisis in 2008, the wealth management industry was bracing itself for significant disruption. Fintechs were poised to take over and traditional institutions looked to be facing a turbulent future. But over a decade later, the reality is somewhat different. In this Next Generation episode of Beyond Markets, we are joined by Carsten Menke, Head of Next Generation Research at Julius Baer, to discuss why disrupting the financial industry has been more difficult than thought and what we can expect going forward.

After global inflation and growth rates finally slowed down in 2023, what should investors expect for 2024?In this episode of the Beyond Markets podcast ‘Market Outlook 2024 – the start of a new cycle’, Christian Gattiker, Head of Research, and Mark Matthews, Head of Research Asia, talk to Bernadette Anderko, Investment Writer about the current and expected market environment as the new economic cycle unfolds, and what opportunities this should present.00:33 Introduction01:16 When will rate cuts begin?03:22 Global growth and inflation expectations for 202404:29 A soft landing is expected05:43 Risks from China09:04 Our key calls for 202413:27 Fixed income in focus16:38 Emerging markets bond recommendations19:27 Developed market equities- Quality growth and a defensive tilt23:25 Add cyclicals in anticipation of the new cycle24:29 Japanese equities27:44 Swiss assets29:39 Commodities31:23 US election yearWould you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player. 

In this episode, we are going to lay out why investors could be feeling the shakes in short term but would still be happier longer term.This episode is presented by Kelly Chia (Deputy Head of Research, Asia).

In this episode of our monthly China update, Richard Tang, China Strategist and Head Research Hong Kong at Julius Baer, speaks with Hong Hao, Partner and Chief Economist at GROW Investment Group to discuss recent developments in the Chinese market.The key event last December was the Central Economic Working Conference, which sets the policy direction for this year. How should we interpret the takeaways? What will economic policies look like this year?After every Central Economic Working Conference, economists look towards the economic targets that could be set during the Two Sessions in March. What are our GDP growth expectations for 2024 and where could the bright spots be?Market observers are concerned that we may be having a triple dip in the economy. What would be the likelihood of rate cuts or reserve requirement ratio (RRR) cuts to keep deflation at bay? How strong does monetary policy need to be to avoid a liquidity trap like Japan experienced?Finally, what can policymakers do to restore confidence in the market?Listen to this episode to gain a deeper understanding of these topics and stay informed about the latest updates for the Chinese market.

In this episode, Mark Matthews, Head Research Asia Pacific analyses the economic data and market moves of recent days: including US December nonfarm payrolls coming above expectations, 10-year treasury yields moving above 4%, and the performance of the S&P 500 index in the first week of trading. What does history tell us about how the S&P 500 performs for the full year, after a negative return in the first week? How has the US stock market performed in election years? Tune in to find out more.

In our first podcast episode for the year, Mark Matthews, Head Research Asia Pacific, shares why the US market should do well in 2024, despite the S&P 500 index returning 26% in 2023. We need to remember that 2022 was a bear market, and in fact the index is only at the same level it was two years ago. The reasons for last year’s earnings recession were high inflation and high interest rates. But inflation has come down, and all indications are that interest rates will too. Earnings growth of about 10% this year and next is not an unreasonable assumption.

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 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 

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.

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.

“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.

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.

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%.

Why is now an attractive time to look at Private Credit? How are returns generated for the strategy? Why is it important to partner with top managers?Learn more in this episode with Julius Baer Fund Specialist Dorcas Nga.Listen to our previous episode on Private Credit: “Investing Insights – A Closer Look at Private Credit"

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.

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.

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.

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.

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.

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.

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.

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 (02:30) - Fabian’s current take on biotech (03:02) - Are fundamentals for biotech intact? (05:30) - Clinical trials that could yield interesting results (07:08) - Opinions on the mRNA-based therapies (08:42) - M&A in the biotech sector

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).

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 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.

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.

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

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 (01:31) - Where could oil prices head in the near term? (03:02) - Scenario analysis of outcomes (06:36) - Global demand and supply drivers (09:24) - When will we see peak oil demand? (12:10) - Wrap up of views

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 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.

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 (01:08) - Introduction to Sue (02:11) - Comparing Singapore to Australia (04:20) - Sue’s breast cancer experience (08:12) - Sue’s experience at work (12:06) - What is a CancerKind Workplace? (16:22) - Cultural and societal nuances for breast cancer (18:34) - Tips for managers (20:13) - Tips for those diagnosed while working (23:46) - Concluding remarks

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)

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 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%.

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.

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.

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.

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.

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).

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).

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.

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.

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.

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.

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.

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).

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.

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).

大家好。歡迎收聽瑞士寶盛的播客節目。我是瑞士寶盛香港區研究部主管鄧啟志。進入新的一個月，又是我們跟思睿集團月度對話的時間。歡迎思睿集團的合伙人及首席shǒuxí經濟學家洪灝先生，跟我繼續討論中國市場的前景。洪灝先生您好。Greetings ladies and gentlemen. Welcome to the Julius Baer podcast. This is Richard Tang, the Chinastrategist and Head of Research Hong Kong for Julius Baer. It’s the beginning of the month, and it’s timeagain for our monthly conversation with GROW. Let me welcome Hong Hao back to our podcast todiscuss China, and Hao is currently the Partner and Chief Economist of GROW.Hi Hao, thank you for your time speaking with us today.

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.

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.

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).

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.

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.

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.

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 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.

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.

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).

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).

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.

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).

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.

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.

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.

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

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.

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.

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.

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. 

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.

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.

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 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 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.

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. 

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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 culture The Principles of Adaptive Leadership How can leaders best learn? The Future of Leadership

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.

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.

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.

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.

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?

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 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.

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.

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 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.

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.

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.

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.

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.

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!

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.

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.

Language and communication can build relationships and forge connections, but it is equally liable for creating barriers and impacting someone’s sense of belonging. When the majority of people at work mindfully practise an inclusive communication style, it positively affects the work culture and environment, and people feel a greater sense of belonging.In this special Diversity & Inclusion (D&I) episode of our Beyond Markets Podcast, host Hannah Wise, Business Journalist at Julius Baer talks to Natalie Wilkins, Co-CEO of Thriving Talent, a Swiss-based D&I consultancy, to learn more about the importance of inclusive communication and how we all can practise inclusive language at work and in life at large.(00:57) What is inclusive language and communication?(01:26) Why is it important?(02:39) Challenges we face when communicating(03:33) Example: Inclusive language in job descriptions(07:50) Example: Inclusive communication in everyday scenarios(10:02) How to practice inclusive communication?(14:29) Virtual meetings(15:55) Avoiding workplace jargon and acronyms(16:30) Are other languages easier to adapt?(18:05) Isn’t inclusive language restrictive?(19:17) Top 3 tips, neutralising the gender(20:34) Talking to people with non-traditional families(21:02) talking to people with same-sex partner(21:42) talking to people with (invisible) disabilities(24:18) Avoid reinforcing racial, ethnic and socioeconomic prejudices(25:31) How can we speak up(31:56) Talking to people from different cultural backgrounds(35:21) How to start making a difference

The pace of China’s re-opening and the sudden pandemic u-turn from a zero-Covid policy has taken many investors by surprise. Chinese equity markets have seen a rally that started with a series of market rumours about a potential reopening in early November last year. What has really triggered this significant turnaround? Will the rally continue? And what sectors are most likely to outperform?In this episode of the week in markets, Richard Tang, Head of Research Hong Kong and China Strategist at Julius Baer, takes a closer look at China and shares his market view.

2022 was an exceptional year for the equity markets. Economic growth declined and inflation skyrocketed which led to decline in equity valuations. As we enter 2023, hopes are high that this year will be better and free of disruptive surprises. Yet, the market appears to be pricing in an economic slowdown, and companies are continuing to lower their earnings forecasts for this year. How should investors then approach equity investing this year? Our research experts believe that Quality investing as an investment style will outperform going into 2023. The Next Generation theme of Energy Transition also looks promising.We speak with Cesare Valeggia, Senior Portfolio Manager Global Excellence Strategies and Chen Jiazhi, Head Next Generation Fund Management at Julius Baer, to find out more.

2022 will go down in financial history as an exceptional year in which almost all assets lost value. Join Julius Baer Deputy Head of Research Asia, Kelly Chia, as he reviews the year in financial markets and offers an outlook on what investors can expect in 2023.

In this episode of the Beyond Markets podcast “What to consider when investing in private markets”, Simon Ibbitson, Head of Private Markets Fund Distribution at Julius Baer, and Michael Hornung-Moser from Julius Baer’s Private Markets investment team, talk to Helen Freer, Investment Writer. They discuss some of the main characteristics of private equity, how it differs from investing in public equities and what investors should think about when considering making an allocation to private markets.

In this podcast, Julius Baer head of research Asia Mark Matthews discusses the decline in the oil price and its impact on inflation, and how if current market prices were used in the official inflation measure, core inflation would be at around 3%. They are sure to show up in due time. Whether the US avoids a recession or not depends in large part on the Fed. We think it can avoid one if the rate hike on Wednesday is the last in this cycle, which happens to be our view. Consolidation in the S&P after the 14% gain in the 6 weeks leading up to December is not surprising, and even welcome. We think it will be over by Christmas, then the market can rally into year-end, and the beginning of next year.

Over the past few years, there has been heightened interest in US middle market direct lending and a proliferation of funds investing in the space. But little is known about the European private credit market. In this episode Cheryl Tan, Head of Fund Specialists Asia at Julius Baer and guest speaker Paulo Eapen, Head European and APAC Private Credit at Blackstone Credit, take a closer look at the more nascent European private credit market, share their insights and discuss investment opportunities in the European direct lending space. Is the investment case for European private credit still valid given the macro environment that we’re in? Find out more in this episode.

In this episode, Mark Matthews, Head of Research Asia at Julius Baer, talks among other about China’s reopening, room for more price appreciation in Hong Kong’s Hang Seng index, two strong economic datapoints in the US that suggest if there is a recession next year, it would be a mild one and why we do not expect a recession. Since 1950, December is the month of the year the S&P is most likely to have a positive return, with 1.4% on average.

In this episode, Mark Matthews, Head of Research Asia at Julius Baer, talks about recent comments by some voting members of the Federal Open Market Committee (FOMC) that rates will need to stay high into 2024, the outperformance of the Dow Jones Industrial Average, the Philadelphia Fed’s survey of professional forecasters showing the probability of a recession over the next 12 months, at 43%, the conundrums Arthur Burns faced when he was chairman of the Federal Reserve from 1970 to 1978, the difficulties China is facing in adjusting its zero-Covid policy, and a very rare signal that suggests the Hong Kong stock market could be on the cusp of a bull market and more.

In this episode, Kelly Chia, Deputy Head of Research Asia at Julius Baer shares his thoughts on current market dynamics after a monster short covering rally on 11 November. This was on the back of cooler than expected inflation numbers in the USA. Topics covered: Upcoming data points to watch out for, The probability of Recession, Hedging against inflation with defensive sectors eg Healthcare and Staples, Yield Curve inversion, COP27

In this episode of the Beyond Markets podcast “Key takeaways from the Q3 earnings season”, Mathieu Racheter, Head of Equity Strategy Research at Julius Baer, talks to Helen Freer, Investment Writer, about how companies have fared in the Q3 earnings season and how investors have reacted.

Host Mark Matthews, Head Research Asia at Julius Baer shares the latest market headlines, stories and insights.

In this episode Julius Baer expert Mark Matthews, Head Research Asia Pacific, and guest speaker Curtis Chin, former US Ambassador and Chair of the Milken Institute Asia Centre, take a closer look at the US midterm election outcome and discuss some key topics. What will be the fate of President Joe Biden’s agenda? What effects will the election results have on the economy and investors' portfolios? How likely is a 2024 comeback by former President Donald Trump? Listen now to find out more.

Total Loss Absorption Capacity (TLAC) Bonds were first introduced in 2015 to ensure that global systemically important banks (G-SIBs) have enough equity and bail-in debt to pass losses to investors and minimise the risk of a government bailout. As TLAC bonds are getting increasing focus from investors lately, our experts explain their key features as well as the risks related to investing in these instruments. They’ll also give a brief background on how they came about after the 2007-2009 Global Financial Crisis. Learn more in this episode with Marian Mak, Head of Asia Fixed Income Specialists in Hong Kong and Laura Wong, Asia Fixed Income Specialist in Singapore at Julius Baer.

Many investors are anxious, and understandably so, but the current market environment also provides plenty of opportunities. In this episode of the Beyond Markets podcast “What nervous investors should make of financial markets”,Diego Würgler, Head of Investment Advisory at Julius Baer, talks to Helen Freer, Investment Writer, about how a disciplined strategy for the long-term is key.

In this special episode of the week in markets, Bhaskar Laxminarayan, CIO Asia Pacific and Mark Matthews, Head Research Asia Pacific at Julius Baer share the key trends that will shape the economy and markets in the longer-term.The week in markets brings you weekly updates on the latest market headlines, stories and insights from our Julius Baer experts.

What a year it has been! Financial markets have swung from all-out bullishness to maximum bearishness. Most asset classes equities, bonds, crypto-coins, commodities (except for energy) have all fallen by a fifth or more from their peaks. This should have been the perfect environment for Gold to shine – but it didn’t. What explains the behaviour of the Gold market? What can investors expect looking ahead? Find out more in this episode with our experts Carsten Menke, Head of Next Generation Research and Chris Irwin, Precious Metals Trader at Julius Baer.

Weekly summary of market headlines, stories and insights from our Julius Baer experts.

With the US dollar extending its rally and breaking 20-year highs, what does it mean for the rest of the world? Who have been the winners and losers? How can portfolios be positioned for 2023?Tune in as we discuss this and more with Singapore-based FX specialist, Sabrina Choy.

Weekly summary of market headlines, stories and insights from our Julius Baer experts.

Weekly summary of market headlines, stories and insights from our Julius Baer experts.

In celebration of World Mental Health Day on 10 October, Beyond Markets brings you a special episode on how to improve your Mental Health and Resiliency. In this episode, we speak to Bobby Teng, a psychology-trained clinical counsellor and consultant at Human Dynamic, to understand more about mental health and the strategies and resources that may offer support on one’s personal mental health journey.

Growth is slowing and rates are rising – this year has been very challenging for investors so far. In this episode of the Beyond Markets podcast “Market Outlook Year-end 2022 – Look for lows but stay open-minded”, 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.

Weekly summary of market headlines, stories and insights from our Julius Baer experts.

Weekly summary of market headlines, stories and insights from our Julius Baer experts.

Weekly summary of the latest market headlines and relevant insights from our Julius Baer experts.Find out everything you need to know for the week ahead.

Markets had a lot to digest this year with spiking inflation, aggressive central bank tightening, the Ukraine war and the ongoing pandemic taking a toll on most asset classes. With just under four months left in the calendar year, what are our experts’ views on what to expect? Find out more in this episode with Pearlyn Wong, Head Investment Promotion & Solutions Asia and Kelly Chia, Deputy Head Research Asia at Julius Baer.

This year so far has been the worst 8 months on record for fixed income markets. In this episode of the Beyond Markets podcast: “Central banks to keep fighting inflation”, Markus Allenspach, Head of Fixed Income Research, talks to Helen Freer, Investment Writer, about how different central banks are using monetary policy to tackle inflation and what this all means for fixed income investors.

Digital Assets are an important consideration for the future of Asia Wealth Management as ever more investors demand new services and solutions. In this episode, we discuss the findings of a comprehensive survey on affluent, high-net worth (HNW) individuals and wealth management firms in the region. What products and services are investors demanding? What are their concerns? Why are financial institutions holding back despite this market opportunity? And what is key to succeed in this unclaimed territory?Find out more in this episode with our experts Nam Park, Head of Strategy and Business Operations Singapore at Julius Baer and David Wilson, Wealth Management Lead Asia for Accenture.

One of the structural tailwinds that the healthcare sector is set to benefit from is the sharp rise in the number of people over the age of 65. Historically, the sector tends to do well in stagflationary periods – which is the overriding concern for financial markets today. Are healthcare stocks a safe harbour for portfolios in these turbulent times? Find out more in this episode with our experts Guy Bettschart, Healthcare Analyst and Yaw Shin Wong, Equities Specialists Asia at Julius Baer.

There are a number of factors that drive equity markets but investors are really focused on the earnings season at the moment. In this episode of the Beyond Markets podcast: “Q2 earnings season so far”, Mathieu Racheter, Head of Equity Strategy Research, talks to Helen Freer, Investment Writer, about some of the highlights from the second-quarter earnings season so far.

ESG Investing is an important consideration for the Future of Asia Wealth Management. In this episode, we discuss the findings of a comprehensive survey on affluent and high-net worth (HNW) individuals in the region. What are the attitudes, needs and wants of Asia wealth management clients towards ESG investing? What kind of ESG investment products and wealth management services are most in demand? And what is the opportunity set for wealth management firms in the region?To find out more, listen to this episode with Pearlyn Wong, Head Investment Promotion & Solutions Asia at Julius Baer and David Wilson, APAC Wealth Management Lead for Accenture.

In the current economic climate of rising rates along with the prospect of slowing growth, can investors find refuge from inflation in property? Which could perform better? Listed developers, real estate investment trusts (REITs) or physical real estate? Commercial or residential? What are some of the risks investors should be aware of?Tune in, as we discuss all this and more with Asia real estate specialist, Chua Jen-Ai, Research Analyst at Julius Baer.

The impact of currency fluctuations on the performance of a portfolio can be significant over time. In this episode of the Beyond Markets podcast: ‘Currency matters’, Tim Gagie, Head of FX and Precious Metals Solutions in Geneva, talks to Helen Freer, Investment Writer, about how currency markets work, and what factors investors need to consider in order to navigate FX markets well.

Equity markets have showed continued weakness in the last month, supported by sustained inflation, macro uncertainty and negative investor sentiment. In this episode, our experts Mark Winterburn, Head of Advisory UK, and An Do, Portfolio Manager in London, dig deeper into what is driving the current market weakness, whether we should expect further downside from here, and, on a lighter note, if there are any silver linings in what has been a dreadful first half of the year for equity markets.

Digital assets have fallen in tandem with equity markets in recent weeks. Our experts take a closer look at the key factors for the recent selloff and the sentiment in the market. In this episode with Nam Park, Head of Strategy and Business Operations Singapore and Justin Chow, CEO and Executive Director of Hidden Road Singapore and Global Head Digital Assets we take a deep dive into the crypto world, the latest developments and address all pertinent questions.

Our experts believe there are many conflicting factors at work at the moment but that overall, we are not heading for a recession. To find out more, listen to our latest episode of the Beyond Markets podcast: ‘Market Outlook Mid-Year 2022: The price of getting ahead of the curve”, where our Head of Research, Christian Gattiker, and our Head of Research Asia, Mark Matthews, discuss what investment opportunities lie ahead with Helen Freer, Investment Writer at Julius Baer.

Gina Battye is a world-renowned Consultant for Psychological Safety and LGBT+ Inclusion. She works with leading global organisations and is a best-selling author. Her 5 pillars of Psychological Safety provide the foundation and building blocks to create fully inclusive workplaces – a concept that is being used around the world. In this special Pride Month episode, Gina explains why it is so important to bring your true self to work and how leaders can encourage it by creating the right conditions. What can we do as individuals to be more inclusive and create a positive working environment, for us and our colleagues? How does it feel to be excluded at the workplace? And how do we call out exclusive behaviours in a constructive way? Listen to Gina’s inspiring insights with Julius Baer host Lutz Timmen and learn how we all can cultivate an inclusive environment at work so that individuals, teams, and businesses can thrive. [01:56] What is a LGBT+ Consultant?[02:32] Biggest challenges for LGBT+ people[04:56] What is Psychological Safety?[06:20] Challenges LGBT people face in the workplace[07:37] Bringing your true self to work[12:05] True self – on an individual level[13:34] True self – benefits for team and organization[16:21] Exclusion at the workplace[20:22] What can we do to be more inclusive?[23:47] What are Allies, and how can they help?[27:03] How leaders can foster a more inclusive environment

The trinity of inflation, war, and interest rate hikes has created a perfect recipe for a challenging fixed income environment, leaving investors high and dry. In this episode, our experts, Marc Blunier, Head of Investment Promotion & Solutions and Rishabh Saksena, Head of Investment Specialists Asia Pacific, address key investor concerns. What is the outlook for fixed income markets? How should investors position their portfolios? Which segments and regions look attractive? Find out in this episode.

The trinity of inflation, war, and interest rate hikes has created a perfect recipe for a challenging fixed income environment, leaving investors high and dry. In this episode, our experts, Marc Blunier, Head of Investment Promotion & Solutions and Rishabh Saksena, Head of Investment Specialists Asia Pacific, address key investor concerns. What do rising interest rates mean for investor portfolios? Where are the central banks' policy tightening efforts leading? Is a recession on the horizon? Is now a good time to invest? Listen to this episode to find out. Stay tuned for part 2, where we will take a deeper dive into investment opportunities.

Last week saw a shakedown in crypto markets with broad-based drawdowns for many leading tokens driving one of the largest weekly declines in total crypto market capitalisation in recent history. The trigger? The high-profile collapse of algorithmic stablecoin Terra USD (UST) which led to a general loss in confidence in the broader crypto ecosystem, further denting already low sentiment in the digital assets space. What are the implications of these developments? How does this change the outlook for this emerging asset class? Listen now to find out more, in this timely episode with Julius Baer experts Nicolas de Skowronski, Head of Wealth Management Solutions and Member of the Executive Board and Sipho Arntzen from the Next Generation Research team.

This year’s sell-off in equity markets has been disproportionately driven my investor sentiment. However, as sentiment is only a short-term driver of asset prices, it’s important to look at the fundamentals, i.e. the earnings of businesses, to determine their long-term growth outlook. In this episode, our experts Mark Winterburn, Head of Advisory UK, and Thanh Cung, Senior Portfolio Manager in London, share their insights on the latest earnings season and whether or not this drop in consumer sentiment has translated into disappointing results.

Last year, India’s benchmark index Nifty returned 23.3% in US dollars, including dividends, placing it among the best-performing equity markets in the world. Even as the global markets corrected sharply this year, the Nifty held up well, but it has finally joined the correction this month. What will be the course of the Indian markets going forward? Is now a good time to invest? What are some of the preferred themes and sectors? To find out, listen to this episode with our onshore experts, Unmesh Kulkarni, Head of Markets, Investment & Wealth Management Solutions, India and Rupen Rajguru, Head of Equities, India.

We know that investing in equities should pay off in the long run, but we also know that equities can be very volatile over a shorter period of time. In this episode of the Beyond Markets podcast: ‘Resilient companies’, Philipp Lienhardt, Head of Equity Research at Julius Baer, talks to Helen Freer, Investment Writer, about some of the challenges facing companies at the moment, and then about what it is that makes some companies particularly resilient to any challenging market developments.

Inflation is back with a vengeance and certainly seems to be the topic on everyone lips these days but the term ‘inflation’, while straightforward on its own, comes with a variety of accompanying, and sometimes confusing, jargon. In this first Beyond Markets episode produced in the UK, our Julius Baer’s experts in London, Dawn Li Wan Po, Senior Portfolio Manager, and Felicity Selcoe, Senior Investment Advisor, focus on what central banks have been doing in response to the recent inflation spikes and help demystify the so-called ‘neutral rate of interest’.

Emanuel Macron has won France's presidential election, fending off a historic challenge from far-right candidate Marine Le Pen last Sunday. Macron took 58.5% of Sunday's vote, making him the first French leader to be re-elected in 20 years. What impact will the results have on national and international policy? How did markets react on the surprisingly comfortable outcome for Macron?  What is the impact on the Euro in the short and medium term? Will the French never elect a far-right president? And is Macron the new strong leader in the European Union? Find out more in this episode with our Julius Baer experts Sacha Walker, Head of Strategy & Business Operations Asia Pacific and Mathieu Racheter, Head of Equity Strategy at Julius Baer in Zurich.

At Julius Baer, we believe that Sustainability is a journey and not about one day in a year. Nevertheless, Earth Day on 22 April still serves a purpose, with the intent of dedicating one day in a year towards public recognition and respect of the environment.This year’s Earth Day theme is Invest in Our Planet. Why should we invest in our Planet? One word – Scarcity. In particular, resource scarcity, which is the result of a rapidly growing global population with a huge appetite for natural resources. Two investment themes that directly relate to scarcity are Clean energy and the Circular economy. Learn more in this episode with our Julius Baer experts Marian Mak, Head of Fixed Income Specialists Hong Kong and Pearlyn Wong, Head of Investment Promotion & Solutions Asia.

For many years now, global interest rates have been close to historic lows, driving yield-oriented investors to seek alternative sources of income. More recently, as global central banks turned decidedly hawkish and fixed income market volatility spiked, we saw a surge of interest in private credit related investments.In this episode Cheryl Tan, Head of Fund Specialists Singapore at Julius Baer speaks to Dwight Scott, Global Head of Blackstone Credit at Blackstone. What are the benefits of investing in private credit? And what should investors consider before investing? Find out more in this episode.

Most people would agree that climate change is a very serious issue. Could hydrogen be part of the solution? In this episode of the Beyond Markets podcast: ‘Hydrogen – part of the future energy system?’, Roberto Cominotto, research analyst at Julius Baer, talks to Helen Freer, Investment Writer, about the hydrogen market, to what extent green hydrogen could play a part in tackling climate change, and how investors could gain exposure to the theme.

The volatility in the China and Hong Kong markets in the recent weeks has been unprecedented. What are the reasons behind this? And what should investors look out for?In this episode Tom Chen, Investment Advisor in Singapore talks to Richard Tang, China Strategist and Head of Research Hong Kong at Julius Baer. How long will the recent rebound last? How about property? And what about the internet sector?Find out more in this Beyond Markets Podcast episode.

As countries across the globe are easing travel restrictions, no sector is watching with greater anticipation than the hospitality sector, which has borne the brunt of border closures. In this episode our Deputy Head of Research Kelly Chia talks to Kong Leong Chan, CEO Southeast Asia & Australasia at the Shangri-La Group who shares his insights and personal learnings from the pandemic.Our experts will look back at the past two years and discuss the structural changes Covid has brought about. They also look ahead and explore what the future holds for the hospitality sector. Will business travellers return? How has travel behaviour changed? Are staycations going to stay?Find out more in this Beyond Markets episode.

In this special International Women’s Day episode, Elaine Ngim, Head of Investment Advisory Singapore and Silvia Wegmann, Head of Sustainable Investment Solutions have an open exchange about their personal stories, work lives and leadership roles. They also discuss the importance of gender and diversity in an ESG context. This episode is moderated by Pearlyn Wong, Head of Investment Promotion & Solutions Asia.

The Q4 2021 earnings season is slowly but surely coming to an end and has once again caused major market movements. This, along with events currently happening on the global stage have led to a really action-packed start for 2022.At first glance, Q4 numbers were generally better than expected. However, worries about inflation and the situation in the Ukraine have no doubt clouded visibility going forward. In this episode our Julius Baer experts Philipp Kraemer, Equities Specialist in Zurich and Yaw Shin Wong, Equity Specialist Asia in Singapore share their insights and key takeaways from this earnings season and shed some light on current market developments.

Markets can certainly be bumpy at times, and when they’re falling, investors would love to know if they’re witnessing a brief correction, or if it is the beginning of a market crash. Of course that’s something that nobody can know for certain, but in a scenario like this there are some behaviours that, although may be tempting, often turn out to be mistakes. Massimiliano Fidanza, Investment Partner at Julius Baer, discusses ten of these with Helen Freer, Investment Writer, in our latest episode of the Beyond Markets podcast: “Ten of the biggest mistakes during a market crash or correction”.

What exactly is technical analysis, why is it important and how does it differ from fundamental analysis? To start with, technical analysis is based on three key assumptions: 1) the market discounts everything, 2) price movements follow trends, and 3) history tends to repeat itself. To find out more about how it works, listen to our latest episode of the Beyond Markets podcast: ‘Technical Analysis’, where Mensur Pocinci, our Head of Technical Analysis at Julius Baer, talks to Helen Freer, Investment Writer.

After Russia’s dramatic escalation of the Ukraine crisis, oil prices have seen some dramatic moves. Brent oil surged past USD100 a barrel for the first time since 2014.What does the Ukraine crisis mean for financial markets and in particular for oil prices? How will oil and gas supply be affected? Looking beyond the short-term, what are the global demand and supply drivers for oil markets? What are the secular trends?Learn more in this episode with our Julius Baer experts Norbert Ruecker, Head of Economics & Next Generation Research and Pearlyn Wong, Head of Investment Promotion & Solutions Asia

Over the past decade, the technology sector has massively outperformed the rest of the market. But lately the stock market has soured on the technology industry. Stock prices of many of the largest companies are down this year. Will technology stocks regain their lead? Or will they continue to lag?In this episode our experts take a closer look at the US equity market and more specifically, the US technology sector. They will also address themes like the Metaverse, cloud computing and artificial intelligence.Should investors own technology companies that could monetize these trends? What should investors do when interest rates eventually peak? Learn more in this episode with Julius Baer’s Head of Research Asia, Mark Matthews and Head of Equity Strategy, Mathieu Racheter.

Although it has been rather quiet on the Singapore Real Estate Investment Trusts (S-REITs) front in the past year, there is definitely a case to be made to income investors for a REIT allocation in their portfolio.What strategy is best suited for investors looking to gain exposure to the sector? How can investors mitigate risks in their REIT investments? And what impact would a potential hike in the goods and services tax (GST) in Singapore have on the sector?Learn more in this episode titled “S-REITs – Survival of the fittest” with our Julius Baer experts Pearlyn Wong, Head of Investment Promotion & Solutions Asia and Jen-Ai Chua, Research Analyst in Singapore.

In a world with historically low interest rates where trillions of bonds are yielding less than zero, the environment is a challenging one for fixed income investors – to maintain the yield that they are accustomed to, they often need to take on more risk. So, what can fixed income investors do? To find out more, listen to our latest episode of the Beyond Markets podcast: ‘Looking for Alternatives to Fixed Income’, where our expert Adrienne Jaersvall, Head of Alternative Fund Sales at Julius Baer, talks to Helen Freer, Investment Writer.

Would you pay USD 69m for a collage of 5000 digital pictures? Well, someone in Singapore did just that and catapulted the small world of Non Fungible Tokens (NFTs) onto the world’s big stage. In 2021, USD 106bn worth of these electronic pictures were transacted. To put things in perspective, the global traditional art/antiques market hit about USD 50bn sales in the entire 2020. Is there really value in these digital pictures or is this a big bubble waiting to burst?To find out more, listen to our latest episode of Beyond Markets: “Non Fungible Tokens (NFTs): Beyond 69 million dollar pixels” with our Julius Baer experts Nicolas de Skowronski, Head of Wealth Management Solutions and Member of the Executive Board and Kelly Chia, Deputy Head Research Asia in conversation with Eric Anziani, COO of Crypto.com.

What if we told you that there is a financial segment that has not just doubled or tripled but grown over 100 times in two years? Enter the world of Decentralised Finance (DeFi), which uses computer algorithms to provide financial services that mimic what the financial industry today is offering. This ranges from lending, borrowing, insurance to derivatives. Who would have thought that computer programs could become the best asset gatherers in the finance industry? Here are some amazing numbers: The funds that have flooded into DeFi have grown from USD 653m at the start of 2020 to USD 245bn at the end of 2021. That’s a 375-fold increase in 2 years. Are banks going to be taken over by computers? Is this a scam on a global scale? Aren’t banks fighting back?To find out more, listen to our latest episode of Beyond Markets: “Decentralised Finance - 100 times and beyond”, with Kelly Chia, Deputy Head Research Asia at Julius Baer and Andy Meehan, Chief Compliance Officer APAC at Gemini.

What’s in store for investors in 2022 and where should they focus their attention? Our experts believe that we will see the economy “getting back in shape” this year and regarding inflation, they see it slowing down but not falling to pre-crisis levels. Equities remain our asset class of choice but the tide will not lift all boats anymore – selective exposure to the dominant themes in 2022 will make the difference and stock selection will be crucial.To find out more, listen to our latest episode of the Beyond Markets podcast: ‘Market Outlook 2022 – Getting back in shape’, where our Head of Research, Christian Gattiker, and our Head of Research Asia, Mark Matthews, discuss the current environment and what investment opportunities lie ahead with Helen Freer, Investment Writer at Julius Baer.

The year 2021 has been a roller coaster ride for financial markets, with plenty of highs but also some lows. As we say goodbye to 2021, now is a good time to reflect on what this year has brought us and what we have learned from it. We bring you a special year-end podcast episode with Richard Tang, Head of Research Hong Kong, and Pat Chau, Head of Investment Advisory (HK) - Greater China, in which they discuss the opportunities, challenges, and surprises that investors faced in 2021, as well as provide a sneak peek into what 2022 holds. Listen to the Beyond Markets episode "2021 Year-End Review" to know more.

As with all earnings seasons, the Q3 season has been a very interesting one. In this episode our experts Cheng Hin Saw, Head Equity Specialists Asia and Philipp Kraemer, Equity Specialist in Zurich share their insights and key-takeaways. Find out more as our experts share their insights and learnings from this earnings season. Not only will they discuss how companies have dealt with global supply chain shortages and inflation worries, they will also share interesting facts about this earnings season. Moreover, our two Equity Specialists elaborate on how they are seeing the remainder of the year and where they still see most value to invest.

While other asset classes have risen rapidly this year, there has been less talk about gold recently. Compared to 2020, when we saw a breathtaking record-run, 2021 has been much calmer. Gold prices have moved gradually lower. Why have investors been staying on the sidelines?The virus has had much less impact on gold this year, and it seems like precious metal markets have started to live with it. Nevertheless, 2021 came with quite a few surprises for investors, most notably inflation. Is this now the big thing for gold investors? What if the US Federal Reserve tightened monetary policy? Are gold investors silently moving over into crypto currencies? And what is the forecast for gold and silver going into the new year? Learn more in this episode with Carsten Menke, Head of Next Generation Research and Chris Irwin, Precious Metals Trader at Julius Baer.

Bond markets have been volatile recently, in fact the whole year has been a wild rollercoaster ride for fixed income investors. Uncertainty in the market is at rather elevated levels with inflation threatening to remain high and the markets watching out for a policy mistake by the most important central bank, the US Federal Reserve. So, what’s in store for fixed income investors over the coming months and which segments of the market may perform best?To find out more, listen to our latest episode of the Beyond Markets podcast: ‘Fixed income yoga’, where our experts Markus Allenspach, Head of Fixed Income Research, and Dario Messi, Fixed Income Research Analyst, share their views about the wild swings we have seen in fixed income markets with Helen Freer, Investment Writer at Julius Baer.

After the Federal Reserve’s (Fed) meeting last week, Chairman Jerome Powell explained that they would start to reduce the pace of asset purchases, a process called tapering. Can the markets withstand this reduction in liquidity? Find out more in this episode.Since Covid hit the United States in March last year, the Fed had been purchasing USD 120 billion a month in securities. It plans to reduce these purchases by USD 15 billion each month starting from this December. Powell noted that the asset purchases had been a critical tool supporting the economy and the markets. However it was time to taper since the economy had reached major goals. With these actions, monetary policy is expected to continue to provide strong support to the economic recovery.Our experts Mark Matthews, Head of Research Asia and David Kohl, Chief Economist at Julius Baer Germany share their view about quantitative easing and the Fed’s tapering plans, and explain what it means for markets.

Covid-19 has disrupted education on an unprecedented scale and challenged policymakers, governments, schools, and families profoundly. Has education turned into a luxury? Does education still give children a chance to break the cycle of poverty? How can basic education be guaranteed during the health crisis? Why are highly-priced Anglo-Saxon universities still sought after? What should investors take note of when investing in the education sector? Dr Damien Ng, Executive Director and Research Analyst for Julius Baer's Next Generation Research department, answers these questions and more in this episode, hosted by Sharon-Anne Wilcox from Content Management at Julius Baer in Zurich.

After a year of extreme weather events and the sobering report from the Intergovernmental Panel on Climate Change (IPCC), all eyes are on the upcoming UN Climate Change Conference, COP26. The need for urgent climate action has never been more critical and time is running out faster than anticipated. The potential cost of inaction could be 3% of GDP lost each year by the end of this decade and will significantly impact future corporate earnings. This is the last decade for the world to transition to net zero emissions. Expectations are high for COP26, where nations will update their emissions reduction pledges for the first time since the Paris Agreement in 2015.What should we expect from COP26? What can governments, companies and investors do to accelerate the transition to net zero? Which are the most promising green technologies in the near term? Tune in to hear from Jens Peers, CEO & CIO of Mirova US, in conversation with Cheryl Tan, Head of Fund Specialists Singapore at Julius Baer.

The panic caused by the Covid-19 pandemic sent the Indian stock market into a tailspin in March 2020, but it also sowed the seeds of the next bull market. With Indian indices reaching new highs, investors are likely to have a lot of questions. What are the driving factors for this market? How long will the current bull market last? What is long-term outlook for India? Which sectors look promising? To find out, listen to our experts Rupen Rajguru, Head of Equity Investment and Strategy at Julius Baer India and Mark Matthews, Head of Research Asia.

China prohibits foreign investments in certain industries. Variable Interest Entity (VIE) is a popular business structure that Chinese corporates use to accommodate foreign capital in those restricted industries. Chinese regulators have recently vowed to tighten regulations on American Depositary Receipt (ADR) listings, most of which are in VIE structures. At the same time, US regulators are likely to delist Chinese ADRs after three years of non-compliance with the accounting standards set by the PCAOB, unless China and US reach a resolution before the deadline.What are the various risks of VIE structures and Chinese ADRs? What are our recommendations for investors? Find out more in this episode with Mark Matthews, Head of Research Asia and Richard Tang, Head of Research Hong Kong and China Strategist.

Germany’s Social Democrats narrowly won Sunday’s national election by 25.7% of the vote, ahead of 24.1% for Merkel’s CDU/CSU conservative bloc. With neither major bloc commanding a majority, and both reluctant to repeat their awkward “grand coalition” of the past four years, the most likely outcome is a three-way alliance led by either the Social Democrats or Merkel’s conservatives.What coalition will form the next government? Can the new government deliver on the most important topic in the election – climate change? Who will be the next Chancellor? What do the election results mean for the EU?Find out more in this episode with David Kohl, Chief Economist, Julius Baer Germany and Nam Park, Head of Strategy and Business Operations at Julius Baer Singapore.

In this episode our experts talk about the sector that’s been getting investors all excited but keeping policy makers awake at night – Asian property.Asian property markets have remained buoyant through the Covid pandemic and recovery, defying predictions of a collapse in capital values and rents. Why has the market defied expectations and gravity? Where are the cities to expect fundamental growth to continue carrying the market to new highs, beyond this initial recovery? At this stage of the cycle, what are the risks investors should be aware of? Is it too late for property investors to get in now?With the rise of hybrid work arrangements and the growing use of technology in facilitating meetings what is the future of offices? Retail is another old economy real estate sector that has been grappling with structural challenges even before Covid, where is the sector heading? When will hotel and serviced residence players emerge from the pandemic, and what are some interesting trends to observe in the market? What about logistics? These are some of the hot topics, which our experts Jen-Ai Chua, financials and real estate analyst in the Julius Baer equities research team and Christine Li, Asia Pacific Head of Research at Knight Frank discuss in this episode. Listen now to find out more.

After a flash recession followed by a strong rebound investors may wonder what is next. Our CIO Asia Bhaskar Laxminarayan and Head of Research Asia, Mark Matthews, believe that a mid-cycle slowdown is next but it should offer plenty of opportunities. How should investors be positioned? Will inflation stay? What are the structural trends that go beyond the ups and downs of the economy? Hear from Julius Baer’s leading experts as they discuss what the last quarter of 2021 has in store and explore the investment opportunities that lie ahead.

In this episode our expert speakers address the question that has been on everybody’s mind: When and how will the pandemic end? What are the different strategies governments around the world have adopted when tackling the virus, and which strategy is the most promising? They discuss the risks and benefits associated with mRNA vaccines and whether they will be effective against the Covid variants, when herd immunity might be reached and when and if we will go back to pre-Covid days. What will the new normal in travel look like? And which are the areas within healthcare that are to benefit the most from the expected trends related to the Covid situation, and which subsectors should investors pay attention to? Find out now in this episode with Julius Baer’s Yaw Shin Wong, Equity Specialist Asia and guest speaker Conor McCarthy, Managing Director and Portfolio Advisor at Wellington Management.

On the occasion of Singapore’s four-step reopening plan with the end goal being a Covid-19-resilient nation, we have dedicated a mini-series to Singapore’s future after the pandemic. In three episodes our experts and guest speakers explore the reopening plan’s implications from different angles as Singapore embarks on this journey.In the last episode of our mini-series about Singapore’s future after the pandemic, Kelly Chia, Deputy Head Research Asia talks to Ethan Hsu, Senior Director and Head Retail at Knight Frank. In June, retail sales in Singapore were up 26% from the previous year. But they are still almost a quarter below pre-Covid levels. That said, with the pandemic contained locally and access to vaccination secured, brighter prospects are expected. With Singapore opening its borders gradually, we should soon see tourists return to the city state which could give the industry’s recovery a further boost. The closed borders have also led to the foreign talent pool shrinking. How will service standards keep up in an ever more competitive landscape? On the other hand, the Covid-19 pandemic has accelerated digital transformation. Online retail sales have increased significantly. While it seems that e-commerce is here to stay, how will physical retail concepts adapt to this mega trend? What advice should we give someone who wants to start a retail business? What new concepts for shopping malls could help them stay competitive? Learn all this and more by listening to this episode.

As Singapore has embarked on the first stage of a four-step reopening with the end goal being a Covid-resilient nation and a “new normal” for the island state, we are publishing a special mini-series on Singapore’s future after the pandemic. With more than 8.7 million vaccination shots administered and 80% of its population fully vaccinated, Singapore is now the most vaccinated nation in the world. The government has outlined a controlled four-step reopening plan, which entails easing travel restrictions, changes in healthcare protocols, increased size limits for events among other and greater rostered routine testing to facilitate further economic reopening. As a nation, Singapore will also move to treating the virus as endemic rather than pandemic, meaning learning to live with the virus, and entering a new normal. This mini-series explores the implications from different perspectives as Singapore embarks on this journey.In the second episode of our mini-series about Singapore’s future after the pandemic, Jen-Ai Chua, equity analyst Asia talks to Loh Lik Peng, founder and CEO of Unlisted Collection, an umbrella brand with a portfolio of unique boutique hotels and restaurants. As Singapore is reopening and easing travel restrictions no sector is watching with greater anticipation than the hospitality sector, which has borne the brunt of border closures. Our experts will look back at the past 1.5 years and discuss how Covid has changed the way that hospitality players see their business and how priorities have been re-ordered since the pandemic started. They also look ahead and explore what the future holds for the hospitality sector in a short-term and long-term view. What are some of the more unique opportunities enjoyed by Singapore’s hospitality sector compared to other countries, and what are its more unique challenges? Find out more and listen now.

As Singapore has embarked on the first stage of a four-step reopening with the end goal being a Covid-resilient nation and a “new normal” for the island state, we are publishing a special mini-series on Singapore’s future after the pandemic. With currently more than 8.5 million vaccination shots administered and 73% of its population fully vaccinated, Singapore is the 3rd most vaccinated nation behind Malta and UAE. Also, the number of Covid cases has dropped significantly from over 200 in the last few months to less than 50. The government has therefore outlined a controlled four-step reopening plan, which entails easing travel restrictions, changes in healthcare protocols, increased size limits for events among other and greater rostered routine testing to facilitate further economic reopening. As a nation, Singapore will also move to treating the virus as endemic rather than pandemic, meaning learning to live with the virus, and entering a new normal. This mini-series explores the implications from different perspectives as Singapore embarks on this journey.In Episode 1 of our mini-series Jen-Ai Chua, Research Equity Analyst Asia, and Pearlyn Wong, Head of Investment Promotion & Solutions Asia discuss the various implications of Singapore’s reopening approach. They analyse what it means for Singapore’s economy and which sectors stand to benefit the most from the re-opening measures, and explore potential pitfalls that investors should be aware of. In their economic outlook they also share how investors should position themselves for the next six to twelve months. Finally, our experts explain why the pandemic has brought ESG issues to the top of the policy agenda for many countries including Singapore. To find out more, listen to this special episode now.

In this episode, our Julius Baer experts take a closer look at the two regions Latin America (LatAm) and China. Should Latin America or China, or perhaps both regions, be part of a long-term allocation in your portfolio? Find out more about what our experts Esteban Polidura, Head of Americas Advisory & Products, Richard Tang, Head of Research Hong Kong and Cheng Hin Saw, Head of Equities Specialists Asia think. Our Julius Baer experts kick-off their discussion with an economic outlook for the two regions, explain why inflation is a topic of concern, especially for Latin America, and discuss the various reasons why the two regions are more linked than one would think. Why are both the US and China battling for influence in Latin America is another important question that will be answered. They explore investment opportunities in both regions and shed light on the political landscape in Latin America as the region finds itself at a very important juncture. For China on the other hand regulation for internet companies has made big headlines recently and our experts explain whether they expect the impact to be long lasting. Listen now and find out more. [01:44] Economic Outlook for LatAm and China[04.53] Inflation concerns[09:48] Where are the investment opportunities in both regions?[16:20] Political landscape in LatAm[20:21] Regulatory tightening in China

Investor confidence has been shaken by a regulatory onslaught in China across multiple sectors such as big tech, education, food delivery and property. How should we read recent policy moves? What does this mean for investment portfolios? In this episode, Mark Matthews, Head of Research Asia Pacific and Richard Tang, Head of Research Hong Kong exchange views on recent market developments in the world’s second largest economy. Listen now to find out more.

In this special Pride Edition episode, Pearlyn Wong, Head of Investment Promotion & Solutions Asia, Dame Inga Beale, former CEO of Lloyd’s of London and women and LGBTQ+ champion, and Dr. Damien Ng, Research Analyst at Julius Baer have an open and thoughtful discussion about Diversity and Inclusion. Why does D&I matter more than ever today? Do D&I investments lead to higher financial and shareholder returns? Is it measurable? Why is leadership so critical to success? Listen now to find out.

In this final episode Rajesh Manwani, Head of Markets and Wealth Management Solutions APAC, Daniel Liebau, founder of Lightbulb Capital, and Alex Ruchti, Research Analyst at Julius Baer touch upon digital asset regulation, so called central bank digital currencies (CBDC) and the important trend of decentralised finance or DeFi. Are regulators really behind-the-curve in the adoption of cryptocurrencies? Should we worry about privacy when central banks issue their own digital money? And is finance about to be disrupted by smart contracts? Find out more in this last episode of our podcast series on blockchain and cryptocurrencies.

In this second episode of our cryptocurrency podcast mini-series Rajesh Manwani, Head of Markets and Wealth Management Solutions APAC, Daniel Liebau, Founder of Lightbulb Capital, and Alex Ruchti, Research Analyst at Julius Baer discuss blockchain technology basics and elaborate on the blockchain trilemma – a useful tool to analyse blockchain-based platforms. They also dive deeper into the cryptocurrency ecosystem and converse about stable coins, bitcoin’s portfolio diversification benefits and decentralized smart contract platforms - the operating systems of future commerce.

The dizzying swings in prices of bitcoin and other cryptocurrencies have captured our imagination. How much do we really understand about the Crypto-world? In this episode, our Head of Markets and Wealth Management Solutions APAC, Rajesh Manwani and Founder of Lightbulb Capital, Daniel Liebau distill the complex and controversial topics of Blockchain and Cryptocurrencies. Why are smart contracts so revolutionary? What are digital tokens? What are the different ways of participating? Listen now to find out.

The dizzying swings in prices of bitcoin and other cryptocurrencies have captured our imagination. How much do we really understand about the Crypto-world? In this episode, our Head of Markets and Wealth Management Solutions APAC, Rajesh Manwani and Founder of Lightbulb Capital, Daniel Liebau distill the complex and controversial topics of Blockchain and Cryptocurrencies. How did the Crypto-craze come about? How does Blockchain actually work? What is the innovation in Bitcoin? Listen now to find out.

We cannot deny that inflation is already present, the bigger question however is will it stay with us? In this episode our Chief Economist David Kohl and Head of Research Asia Mark Matthews talk about inflation. What can we learn from history? What can we expect going forward? And how does inflation impact the markets? Listen now to find out.

As we are about to enter the second half of the year, Mark Matthews, Head of Research Asia and Bhaskar Laxminarayan, Chief Investment Officer and Head of Investment Management in Asia discuss Julius Baer’s mid-year outlook in this episode. With the vaccination roll-out continuing across the world, there is finally light at the end of the tunnel. However, resurging Covid-19 cases or vaccination concerns sometimes return and cast an unwelcome shadow over the optimism. In light of these developments, what can we expect in the coming months? And where are the bright spots for investors? Hear from Julius Baer’s leading experts as they discuss what the second half of 2021 has in store and explore the investment opportunities that lie ahead.

Chris Irwin, precious metals trader in Singapore and Norbert Ruecker, Head of Economics and Next Generation Research based in Zurich talk about Platinum Group Metals (PGM) from a market perspective in this episode. They also explore the impact of battery electric technologies (used in Electric Cars) on platinum demand and prices. Why does platinum stick out from PGMs? Is platinum really more valuable than gold? How have platinum prices performed in recent years and where are they heading? Listen now to find out more.

The Covid-19 pandemic has been a watershed moment for tourism, as the whole world remained confined to their homes. Although the crisis is far from over, vaccination drives have given people renewed hope. You too are probably wondering: “Will I be able to travel again soon?” Travel emotions are shifting from fear to optimism, but uncertainties remain. What will it be like to travel under this new normalcy of social distancing? Will vaccine passports be mandatory? Can vaccinations revitalise industries like hospitality, aviation, cruise lines, tour operators, amongst others? Explore these possibilities and more with Kelly Chia, Deputy Head Research Asia, and Michael Cawley, former Chief Operating Officer of RyanAir, in this episode on tourism after Covid-19.

Over the last few years, the value of ESG as a key theme for investors has skyrocketed, and this trend is only expected to continue. Although there has been a lot of talk about ESG, many investors are still not fully aware and have a lot of questions. Is it really possible to create a sustainable impact with capital? How can ESG be integrated into investment portfolios? Do ESG focused companies perform better than the others? What are the challenges related to ESG investing? Find out in this Earth Day special episode with Cheryl Anne Tan, Head of Fund Specialists Singapore at Julius Baer and Norbert Rücker, Head of Economics & Next Generation Research and Member of Julius Baer’s Responsible Investment Committee.

Following a challenging year marked by the pandemic, India’s economy is expected to rebound in 2021, reclaiming its position as the world’s fastest growing major economy. Is the worst of India’s economic woes truly over or will there be roadblocks ahead? Find out in this episode with our experts Unmesh Kulkarni, Head – Markets, Investment & Wealth Management Solutions India and Mark Matthews, Head of Research Asia.

In this International Women’s Day special episode our Singapore based Research Analyst Jen-Ai Chua and Head of Investment Promotion & Solutions Asia Pearlyn Wong focus on the rising need for women’s wealth planning. Women hold now an average of 40% of global wealth, nevertheless they are underrepresented in the world of investing. Our experts discuss the reasons why this may be, why women make better investors and the importance of financial education for women.

Our FX Specialist Sabrina Choy and Deputy Head of Research Asia Pacific Kelly Chia discuss their US dollar forecast and explain major factors that may have an impact on the greenback in 2021 in this episode.

CIO Asia Bhaskar Laxminarayan and Head of Research Asia Mark Matthews review Julius Baer’s key themes for the first trimester, discuss the dynamics in financial markets right now and provide the latest on vaccines and stimulus and the economic recovery they should bring about.

It was a week of turbulence in silver markets. Does this signal longer term volatility for the grey metal or is this merely a short term event? Find out more in this episode with Chris Irwin, Precious Metal Trader and Pearlyn Wong, Head of Investment Publishing Asia at Julius Baer.

2020 was probably the most exciting year ever in the gold market for Chris Irwin, Precious Metal Trader and Carsten Menke, Head of Next Generation Research at Julius Baer. They explain why in this episode while also looking at what’s in store for the yellow metal in 2021 and beyond.

In the second part of our Market Outlook for 2021 Mark Matthews, Head of Research APAC and Marian Mak, Head of Fixed Income Specialists Hong Kong focus on Fixed Income.

In the first part of our Market Outlook for 2021 Mark Matthews, Head of Research APAC and Cheng Hin Saw, Head of Equities Specialists Asia focus on Equities.

In this special year-end episode Bhaskar Laxminarayan, CIO Asia Pacific, and Mark Matthews, Head of Research Asia Pacific review the year 2020 and discuss what they think 2021 has in store for the world economy and markets.

In this episode, our Head of Research APAC Mark Matthews and our Head of Research Hong Kong Richard Tang discuss how the Chinese market has changed over the years, what the current and future trends are and what investors should look out for. For important legal information please refer to www.juliusbaer.com/legal/podcasts.