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

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

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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%. Surprisingly, this has come on the back of reasonably good earnings from the previous quarter and forward-looking guidance. This shift in investor sentiment appears to be driven by rising policy risks, and a decrease in the "Trump put" effect - the market's previous belief that government intervention would support asset prices.

In this episode, Bhaskar Laxminarayan, Chief Investment Officer Asia at Julius Baer, shares his expectations for markets, sectors we favour, and insights on the bond markets in this uncertain environment.