Markets turned risk-off after early optimism. European stocks reversed gains, with the STOXX 600 down 0.6%. In the US, hawkish Federal Reserve comments erased the relief rally: the Nasdaq dropped 2.3%, Bitcoin fell back below USD 100,000, and gold eased slightly. Odds of a December rate cut slipped to 50% following remarks by several Fed members, lifting US Treasury yields. US president Trump plans tariff cuts on food imports to tackle inflation. Brent crude rebounded from midweek losses. The dollar softened, the Swiss franc strengthened, the yen hit a record low against the euro, and sterling remains volatile. Weak Chinese data weighed on Asian equities, led by technology losses.

Tim Gagie, Head of FX Advisory Geneva, highlights that precious metals are trading with equity-like dynamics, the CHF goes from strength to strength, while the Japanese yen is under pressure.

• (00:00) - Introduction: Bernadette Anderko, Product & Investment Content
• (00:28) - Markets wrap-up: Mike Rauber, Product & Investment Content
• (06:30) - FX and metals update: Tim Gagie, Head of FX Advisory Geneva
• (10:51) - Closing remarks: Bernadette Anderko, Product & Investment Content