Beyond Markets

Secular Outlook 2026: A CIO Perspective on the Forces Shaping the Decade Ahead

18 Dec 2025

Contributed by Lukas

In this final episode of the Beyond Markets Podcast, Hannah Wise sits down with Yves Bonzon, Group Chief Investment Officer at Julius Baer, to explore...

The Week in Markets: Economically-sensitive stock market indices break to new highs

15 Dec 2025

Contributed by Lukas

The Federal Reserve cut interest rates last week, but it also increased its forecast for 2026 GDP, from 1.9% to 2.1%, hardly a rate that would necessi...

China Conversations: AI momentum and policy tailwinds into 2026

12 Dec 2025

Contributed by Lukas

Chinese equities enter 2026 on a strong footing, with policy tailwinds from the upcoming Five-Year Plan expected to sustain momentum despite recent co...

Staying disciplined when markets test your resolve

11 Dec 2025

Contributed by Lukas

As 2025 draws to a close, investors are reflecting on a year that tested their emotional discipline – from Liberation Day tariffs to geopolitical ev...

The Week in Markets: Two technical indicators suggest further strong equity gains next year

08 Dec 2025

Contributed by Lukas

ADP’s tally of 120,000 small firm job losses in November, and a decline in September Core PCE inflation, both help the case for a rate cut at the Fe...

The Week in Markets: Lower rates, higher precious metals, and the “Holy Grail” of Artificial General Intelligence

01 Dec 2025

Contributed by Lukas

Signs of a slowing economy, and speculation of a very dovish new Federal Reserve chairman in May 2026, are behind the futures market pricing in substa...

Sanaenomics and a new era for Japan’s economy

25 Nov 2025

Contributed by Lukas

Japan is undergoing a profound economic transformation under its first female Prime Minister, Sanae Takaichi, whose growth-focused "Sanaenomics" polic...

The Week in Markets: A potentially unusual December Fed meeting

24 Nov 2025

Contributed by Lukas

Just weeks after hawkish Federal Reserve commentary dimmed December rate cut hopes, new dovish comments from New York Fed President John Williams have...

Beyond 60/40: The rise of hedge funds in modern portfolios

19 Nov 2025

Contributed by Lukas

As markets evolve and the traditional 60/40 portfolio faces new challenges, are hedge funds becoming the next core allocation for resilient investing?...

The Week in Markets: Hawkish Fed commentary diminishes December rate cut hopes

17 Nov 2025

Contributed by Lukas

Following hawkish commentary from six Federal Reserve presidents and promising indicators of October labour and consumer data, the market no longer ex...

​Is the gold narrative shifting?

12 Nov 2025

Contributed by Lukas

Gold has been on a wild ride lately — surging past USD 4,000 an ounce before tumbling in one of its biggest corrections in years. What’s really dr...

The Week in Markets: Tangible evidence of AI’s role in workforce reductions

10 Nov 2025

Contributed by Lukas

The University of Michigan’s November consumer sentiment survey, and October private sector job cuts tracked by outplacement firm Challenger, Gray &...

China Conversations: The post-plenum roadmap

07 Nov 2025

Contributed by Lukas

The recent conclusion of China’s Fourth Plenum has shed light on the strategic direction of the 15th Five-Year Plan, highlighting key priorities suc...

The Week in Markets: Strong Earnings, Cautious Markets

03 Nov 2025

Contributed by Lukas

Q3 US corporate earnings continue to report strong, with S&P 500 profits on track for 12% year-on-year growth and widespread beats on sales and ma...

The challenge of reducing USD exposure without sacrificing yield

03 Nov 2025

Contributed by Lukas

October was a busy month for those involved in FX transactions and the vagaries of the precious metals markets. With the US Federal Reserve having sta...

The Week in Markets: Q3 earnings outpacing analyst expectations so far

27 Oct 2025

Contributed by Lukas

87% of the S&P 500 index companies that have reported their Q3 earnings thus far have beaten consensus forecasts - significantly higher than the 1...

The Week in Markets: Encouraging signs in Hong Kong’s long-beleaguered property market

21 Oct 2025

Contributed by Lukas

Recent bankruptcies of companies that accessed the private debt market are a reminder that manager selection is of the utmost importance. The real aci...

Why AI is driving the current emerging markets equity rally

17 Oct 2025

Contributed by Lukas

For the first time in five years, emerging market equities are outperforming their developed market peers. But what’s driving this rally? Interestin...

The Week in Markets: AI takes centre stage as Q3 earnings season begins

13 Oct 2025

Contributed by Lukas

As the third-quarter equity earnings season begins, we anticipate broadly supportive results, with a strong focus on the ongoing AI investment cycle a...

China Conversations: From Golden Week to the 15th Five-Year Plan

09 Oct 2025

Contributed by Lukas

Golden Week has just wrapped, offering a timely snapshot of China’s consumer sentiment. Travel volumes surged, but spending data remained subdued, h...

The Week in Markets: Shutdown blues, Sanaenomics buzz

07 Oct 2025

Contributed by Lukas

Despite uncertainty around the US government shutdown and signs of economic weakness, equities have rallied, though tech stocks paused as AI enthusias...

How structured products can add value to a portfolio

01 Oct 2025

Contributed by Lukas

Structured products can provide investors with capital protection, enhanced yield, or targeted exposure to specific market scenarios. While they may a...

The Week in Markets: To ride the momentum, or not?

29 Sep 2025

Contributed by Lukas

The US equity market defied expectations of September seasonal weakness, with the S&P 500 index gaining 4% this month. With the exception of India...

Singapore dollar – Small but mighty

25 Sep 2025

Contributed by Lukas

When one thinks of safe haven currencies, the Swiss franc, Japanese yen, and US dollar typically come to mind. But with capital flows diversifying awa...

The Week in Markets: Looking beyond the expected Fed rate cut

22 Sep 2025

Contributed by Lukas

The US Federal Reserve resumed its rate cut cycle last week with a widely expected 25bp rate cut. Julius Baer expects four further rate cuts through M...

The Week in Markets: History is on the stock market’s side

15 Sep 2025

Contributed by Lukas

The 10-year treasury yield is breaking down as it anticipates rate cuts. This is mostly due to a tightening job market, especially for entry-level can...

Market Outlook Year-End 2025 – All eyes on policy responses

15 Sep 2025

Contributed by Lukas

As we head towards the end of the year, financial markets are caught between fading growth and expectations regarding monetary policy. How should inve...

What is agentic AI and how might it impact your investments?

12 Sep 2025

Contributed by Lukas

In this episode of Beyond Markets, we take a closer look at agentic AI, which is no longer just a concept. AI agents are actively reshaping how tasks ...

The Week in Markets: Japan picture optimistic despite near-term political uncertainty

08 Sep 2025

Contributed by Lukas

The Nikkei 225 recently reached an all-time high of 43,876, driven by better-than-expected first-quarter earnings, ongoing corporate reforms, and a we...

China Conversations: Market surge triggers bubble concerns

05 Sep 2025

Contributed by Lukas

The rapid pace of China's stock market rally in August has sparked concerns of a market bubble forming, with local regulators mulling measures to curb...

The Week in Markets: AI – enhancing profitability, disrupting employment

01 Sep 2025

Contributed by Lukas

This week’s episode explores how artificial intelligence (AI) is boosting corporate profitability while reshaping the labour market. Since the launc...

Navigating rate cuts, tariffs and fiscal concerns in fixed income portfolios

29 Aug 2025

Contributed by Lukas

Fed Chair Jerome Powell clearly signalled at Jackson Hole that a rate cut at the Fed’s September meeting is likely. In this episode of the Beyond Ma...

The Week in Markets: Two milestones in the US stock market, and one in China’s

25 Aug 2025

Contributed by Lukas

Recent comments from Federal Reserve Chairman Powell suggest potential interest rate cuts, beginning in September. Meanwhile, the S&P 500 index ha...

Private Equity in a Changing World

24 Aug 2025

Contributed by Lukas

Investing in private markets has the potential to create long-term value in portfolios. But how can qualified and professional investors navigate the ...

The Week in Markets: Subtle parallels with the dot-com bubble

18 Aug 2025

Contributed by Lukas

Last week, OpenAI CEO Sam Altman said, “Are we in a phase where investors as a whole are overexcited about AI? My opinion is yes”. Altman compare...

From Battlefield to Boardroom: Leadership in a changing world

13 Aug 2025

Contributed by Lukas

In this episode of Beyond Markets, Mark Matthews, Head of Research Asia at Julius Baer, speaks with General David H. Petraeus, Partner at KKR and form...

The Week in Markets: Amazing second quarter results

11 Aug 2025

Contributed by Lukas

The S&P 500 index made new highs last week, and results​ from the Q2 US earnings season have been amazing. With 90% of companies having reported...

China Conversations: Does the Hong Kong rally have legs?

06 Aug 2025

Contributed by Lukas

Despite a lacklustre Chinese economy, the Hong Kong stock market has remained very popular, with the Hang Seng Index up 24% year-to-date. Concurrently...

The Week in Markets: 39% tariff on Switzerland shocks markets

04 Aug 2025

Contributed by Lukas

The US imposed an unexpected 39% tariff on Switzerland, sparking market concern. Although there are some caveats to the tariff terms, this development...

The Week in Markets: All-time highs for the S&P 500 Equal Weight index, a positive sign

28 Jul 2025

Contributed by Lukas

So far this month, the S&P 500 index has returned more than twice its long-term average return for July. Notably, the S&P 500 Equal Weight ind...

The Week in Markets: Growth tailwinds meet trade headwinds

21 Jul 2025

Contributed by Lukas

This week’s episode covers the S&P 500’s new record highs as US fiscal policy proves stimulative, despite ongoing tariff headlines and persist...

The Week in Markets: Copper climbs, Europe gains ground

14 Jul 2025

Contributed by Lukas

This week's episode explores how markets are moving beyond tariff fatigue, with attention shifting to the surge in copper prices and renewed interest ...

Tariffs and trade disputes: the economic impact

09 Jul 2025

Contributed by Lukas

President Trump’s 90-day pause on the imposition of tariffs was meant to come to an end on 8 July, but this has now been extended to 1 August. So, w...

The Week in Markets: History favours further gains for the S&P 500

07 Jul 2025

Contributed by Lukas

Historical trends suggest that S&P 500 index tends to rebound strongly after periods of sell-off and recovery, with the index always higher a year...

The Week in Markets: A demand boost for Treasuries

30 Jun 2025

Contributed by Lukas

With President Trump set to announce Jerome Powell’s replacement as Fed Chair “very soon”, policy is likely to turn more dovish. The Trump admin...

What’s driving the Chinese electric vehicle industry?

26 Jun 2025

Contributed by Lukas

Recent headlines about price wars and intense competition in the Chinese electric vehicle (EV) market have sparked investor concerns about the industr...

The Week in Markets: A return to neo-conservatism

23 Jun 2025

Contributed by Lukas

US President Donald Trump’s “America First” foreign policy, which prioritised limiting military involvement overseas and avoiding “endless war...

Middle East Flashpoint: Implications for oil and gold

16 Jun 2025

Contributed by Lukas

With tensions escalating in the Middle East, markets are on edge. Are we seeing a fundamental supply shock in oil —or just a sentiment-driven spike?...

The Week in Markets: Fog of war clouds the outlook for markets

16 Jun 2025

Contributed by Lukas

The global economy is navigating a complex landscape of rising oil prices and increasing inflationary pressures. Following last week's conflict betwee...

Market Outlook Mid-Year 2025 – Investing in a multipolar world

12 Jun 2025

Contributed by Lukas

The first half of the year has provided investors with ample food for thought, but what’s next and how should investors be positioned for the second...

The Week in Markets: Job data surprise forces the Fed to reassess

09 Jun 2025

Contributed by Lukas

Despite the latest US job data showing resilience, underlying cracks are emerging—highlighted by downward revisions to job growth figures. The stron...

The Week in Markets: Impact of the dollar decline

02 Jun 2025

Contributed by Lukas

The shift in the way the US trades with the world is fundamentally leading to higher inflationary pressures, and in turn causing a weakening US dollar...

China Conversations: Tailwinds in Chinese equities

28 May 2025

Contributed by Lukas

The potential for increased policy support, and ongoing improvements in corporate governance, are factors that support a constructive outlook for Chin...

What we learnt from an unusual Q1 earnings season

27 May 2025

Contributed by Lukas

A large shadow was cast over the Q1 2025 earnings season by President Trump’s Liberation Day tariff bombshells and his administration’s subsequent...

The Week in Markets: US pessimism prevails

26 May 2025

Contributed by Lukas

US assets slumped last week, with the US dollar, Treasuries, and stocks selling off following President Trump's warning of fresh tariffs on the Europe...

The Week in Markets: The beginning of the end of US exceptionalism?

19 May 2025

Contributed by Lukas

In this episode of the Week in Markets, equities research analyst Louis Chua explores how the equity and debt markets have reacted to the 90-day truce...

The Week in Markets: Hitting the pause button

13 May 2025

Contributed by Lukas

The US and China have agreed to a 90-day truce in the trade war, following negotiations in Geneva. As part of the deal, the US will reduce tariffs on ...

The Week in Markets: Sell in May and go away

06 May 2025

Contributed by Lukas

In this episode of The Week in Markets, equities research analyst Jen-Ai Chua discusses the Trump effect on US GDP growth and on recent election outco...

The Week in Markets: Markets rebound as US softens its tone

28 Apr 2025

Contributed by Lukas

US Treasuries and equities staged a strong comeback last week after US President Donald Trump appeared to strike a conciliatory tone on Fed Chair Jero...

The Week in Markets: Fed's independence under pressure

22 Apr 2025

Contributed by Lukas

US President Donald Trump escalated his open criticism of Federal Reserve chair Jerome Powell on Monday, sparking concerns about the central bank’s ...

Tariff Shock: Can bonds still beat rising inflation?

21 Apr 2025

Contributed by Lukas

The yield on the benchmark 10-year US Treasury moved up 50 basis points last week, representing one of the most significant single-week increases on r...

Understanding Trump’s tariffs: what it all means for investors

14 Apr 2025

Contributed by Lukas

US President Trump’s Liberation Day tariff announcements sent shockwaves through financial markets and 2 April 2025 will certainly be remembered as ...

The Week in Markets: Treasury market gets the White House’s attention

14 Apr 2025

Contributed by Lukas

Recent spikes in Treasury yields, public criticism from Republican mega-donors on the tariff policy, and calls by Wall Street CEOs to the White House ...

Gold: Separating the signals from the noise

11 Apr 2025

Contributed by Lukas

As global markets reel from the fallout of the "Liberation Day" tariff announcements, gold is once again thrust into the spotlight. Despite a recent p...

Water: Too little and too much

08 Apr 2025

Contributed by Lukas

In this episode of Beyond Markets we take a closer look at water. With water scarcity and extreme weather events on the increase, what do listeners ne...

The Week in Markets: China calls the US’ bluff

07 Apr 2025

Contributed by Lukas

Like in the Star Wars movie “The Phantom Menace”, the taxation of trade routes is leading to turmoil, including market turmoil. Bond and oil price...

The Week in Markets: Tariffs weigh on the economy and the market

01 Apr 2025

Contributed by Lukas

New tariffs will surely lead to a rise in inflation, as will the oil price, if Iran ignores Trump’s ultimatum to a new nuclear deal. With inflation ...

Investing in equities amid tariff tensions

28 Mar 2025

Contributed by Lukas

The second inauguration of Donald Trump has resulted in something of an upheaval for equity markets. The imposition of tariffs, or the threat of them,...

The Week in Markets: “Flooding the zone”

24 Mar 2025

Contributed by Lukas

This year, the S&P 500 index has been in what technical analysts call a “broadening formation” of wider swings, that signals increasing volati...

Geopolitics in flux: New paradigms for a new era

20 Mar 2025

Contributed by Lukas

The world is witnessing a rapid shift towards de-globalisation, accelerated in part by the new US administration. Meanwhile, ongoing disputes over tar...

The Week in Markets: Policy risks continue to weigh on markets

17 Mar 2025

Contributed by Lukas

There has been a significant correction in US markets since mid-February, with the S&P index down around 8%, and the Nasdaq down around 12%. Surpr...

The Week in Markets: Transatlantic policy shifts challenge USD exceptionalism

10 Mar 2025

Contributed by Lukas

Germany’s surprise €500bn infrastructure plan marks a historic break from fiscal restraint, shaking up markets and boosting European stocks.Meanwh...

In Conversation with GROW: Are the tables turning?

06 Mar 2025

Contributed by Lukas

The initial read of the third session of China's 14th National People Congress has been generally in line with economist expectations. Concurrently, o...

The Week in Markets: Clash at the White House

03 Mar 2025

Contributed by Lukas

An unprecedented clash between Ukraine President Volodymyr Zelensky and US President Donald Trump at the White House last Friday has called into quest...

Yield Hunting - The role of corporate credit

27 Feb 2025

Contributed by Lukas

With inflation expectations rising, credit spreads at historical tights, and US Treasury moves dictating market sentiment, how should investors positi...

The Week in Markets – Eye on Europe

24 Feb 2025

Contributed by Lukas

In this episode of The Week in Markets, equities research analyst Jen-Ai Chua discusses the implications of two European-centric developments – the ...

Are European markets back on track?

20 Feb 2025

Contributed by Lukas

European stock markets have excelled so far this year but to what extent does this reflect the continent’s economic health and what is the outlook f...

The Week in Markets: Rest of the world outperforming the US so far this year

17 Feb 2025

Contributed by Lukas

Inputs from US inflation indices released last week infer a January core Personal Consumption Expenditure reading of 0.27% month on month, lower than ...

The Week in Markets: ​DeepSeek optimism

10 Feb 2025

Contributed by Lukas

With a mixed set of US jobs data last week, investors are looking to this week’s inflation numbers and Federal Reserve Chair Jerome Powell’s testi...

In Conversation with GROW: Three factors driving the Chinese equity rally

09 Feb 2025

Contributed by Lukas

In addition to the typical seasonal tailwinds from the Chinese New Year, three key factors are also driving the recent rally in Chinese equity markets...

The Week in Markets – Is DeepSeek the “Sputnik” moment for AI?

03 Feb 2025

Contributed by Lukas

In this episode of The Week in Markets, Jen-Ai Chua, Equities Research Analyst at Julius Baer, highlights how Chinese AI start up DeepSeek has upended...

Introduction to Private Infrastructure

29 Jan 2025

Contributed by Lukas

Every day we read new statistics about how much investment is needed to maintain ageing infrastructure and to build new infrastructure that will keep ...

The Week in Markets: Busy start to the Year of the Snake

27 Jan 2025

Contributed by Lukas

Markets have had a busy week as we approach the Chinese New Year of the Wood Snake. The US Dollar index started to move lower after President Donald T...

The Week in Markets: Softer-than-expected CPI sparks relief rally

20 Jan 2025

Contributed by Lukas

There was a clear relief rally in both the stock and rates market, following softer-than-expected US CPI numbers last week. In the grand scheme of thi...

In Conversation with GROW – Cracks in sentiment beginning to surface

15 Jan 2025

Contributed by Lukas

Cracks in market sentiment have begun to surface in the first three weeks of 2025. A slew of negative headlines and rumours include the outgoing Biden...

The Week​ in Markets: Bond markets throw a tantrum

13 Jan 2025

Contributed by Lukas

In this episode of the week in markets, equities research analyst Jen-Ai Chua highlights how stronger-than-​expected non-farm payrolls data for Dece...

Living with your investments: is the living sector the next big thing in real estate?

09 Jan 2025

Contributed by Lukas

In this episode of Beyond Markets, we are joined by Markus Waeber, Head of Indirect Real Estate and Intelligence, to discuss the latest developments i...

The Week in Markets: A top in the S&P 500 index may be in the making

06 Jan 2025

Contributed by Lukas

The S&P 500 index’s internal indicators signal a top may be in the making. After two years of returns in excess of 20%, the index trades at a pr...

The Week in Markets: Risk of a stock market correction in 2025

23 Dec 2024

Contributed by Lukas

In its December 18 meeting, the Federal Reserve signalled that inflation is going to be higher than it expected. If the Fed has to raise rates again a...

The Week in Markets: A successful IPO shows animal spirits returning to private markets

16 Dec 2024

Contributed by Lukas

A survey done by the National Federation of Independent Business finds a surge of optimism among small business owners in the United States since the ...

Market Outlook 2025 - The art of the real deal

16 Dec 2024

Contributed by Lukas

In 2024, we witnessed the normalisation of many economic variables, notably inflation and growth, clearing the path for monetary policy easing in the ...

The State of Modern Philanthropy

12 Dec 2024

Contributed by Lukas

As our world continues to be riven by instability and conflict, global wealth inequality is becoming one of the most pressing matters of our time. Wit...

In Conversation with GROW: How real are Trump's tariff threats?

10 Dec 2024

Contributed by Lukas

President-elect Trump has threatened steep tariffs on imports from Mexico, Canada, China, and BRICS economies. Are these bold threats a negotiating ta...

The Week in Markets: Will the year close on a high note?

09 Dec 2024

Contributed by Lukas

​​The market wants to close the year on a high note, with the S&P 500 index’s total year-to-date return exceeding 30%. The consensus estimat...

Will the world run out of silver?

05 Dec 2024

Contributed by Lukas

The growing demand for solar power is fueling concern about a looming shortage of silver. But how much of this is fact, and how much is speculation? W...

The Week in Markets: Markets unfazed by Trump’s tariff threats

02 Dec 2024

Contributed by Lukas

The Economist magazine ran a story recently, titled “Should investors just give up on stocks outside America?”. It epitomizes the view that many h...

Equity calls post US elections and Q3 earnings

28 Nov 2024

Contributed by Lukas

The Q3 earnings season is out of the way, US elections resulted in a swift and decisive Republican sweep, and the incoming president has nominated a l...

The Week in Markets – What’s in store for fixed income in 2025?

25 Nov 2024

Contributed by Lukas

Following the shift in the political landscape, Julius Baer experts expect higher nominal growth driven by both real growth and inflation in the US. G...

Crunch time: what does the boom in AI and data centres mean for energy and the economy?

20 Nov 2024

Contributed by Lukas

In this episode of Beyond Markets, Carsten Menke and Norbert Rucker, Next Generation Research experts at Julius Baer, discuss the boom in AI and data ...

The Week in Markets – Trump’s cabinet takes shape

18 Nov 2024

Contributed by Lukas

The S&P fell 2% last week, but it is still 1.5% higher following the Donald Trump’s victory at the 2024 US presidential election. Serious change...