Are European markets back on track?

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments.

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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 for investing in Europe going forward? 

In this episode of the Beyond Markets podcast, David Kohl, Chief Economist at Julius Baer, talks to Helen Freer about how he expects inflation in Europe to develop, the European Central Bank’s next steps, and what impact US President Trump’s threat of tariffs might have on the region. They also discuss potential opportunities for investors.

00:37 Introduction
01:01 Europe’s economy – lack of competitiveness has created downward pressure on wages
03:13 Expectations from the ECB
05:12 Underlying inflation pressure is weakening
06:53 Will a bigger interest rate differential lead to a weaker euro?
08:20 Tariff threats and what it means for Europe
10:10 Is the lack of competitiveness in Europe partly due to the euro?
11:46 What factors may lead to an improvement in the European economy?
14:00 Potential opportunities for investors
15:28 The automotive industry
16:59 Will geopolitics create more challenges or opportunities for Europe?
19:15 How significant is the upcoming German election and what could a new government focus on?
20:46 Summary

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