Financial markets shrug off the shutdown and embrace AI

European and US stock markets rallied on Wednesday, seemingly unconcerned by the US government shutdown. The S&P 500 closed above the 6,700 level for the first time ever. Asian stocks, particularly in South Korea, were boosted overnight after OpenAI signed an agreement with Samsung Electronics and SK Hynix for them to supply the company with memory chips. OpenAI also completed a share sale at a record USD 500 billion valuation, making the creator of ChatGPT the world’s most valuable startup. Tim Gagie, Head of FX Advisory Geneva shares what he is seeing in terms of market activity in precious metals – there are some surprising revelations. His thoughts on investors only being conceptually bearish on the USD are also worth hearing.

• (00:00) - Introduction: Helen Freer, Product & Investment Content
• (00:28) - Markets wrap-up: Bernadette Anderko, Product & Investment Content
• (05:40) - FX and metals update: Tim Gagie, Head of FX/PM PB Geneva
• (10:15) - Closing remarks: Helen Freer, Product & Investment Content

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