Equity calls post US elections and Q3 earnings

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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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 likely equity-friendly nominee for the post of Treasury Secretary. The ducks still seem to be in a row for a year-end rally, but what tweaks have our strategists made to their calls, and where do they think investors should focus their attention as we head into the final stretch of the year?

In this episode of the Beyond Markets podcast, Bernadette Anderko, Investment Writer, talks to Mathieu Racheter, Head of Equity Strategy, about how the earnings results compared in Europe and the US, and what the dynamics are going forwards. They delve into which cyclical sectors are preferred and Mathieu also explains why some sectors have now fallen out of favour and why others should now be in focus.

00:31 Introduction to topic and speaker

01:14 Summary of US Q3 earnings season

02:33 Summary of Europe Q3 earnings season

03:30 Stock price reactions to earnings

04:10 Is it too late to join the equity rally?

06:47 Why we overweight Financials and prefer US stocks

08:06 The reason Industrials remain overweight

09:04 Our preference for mid-caps over small-caps

10:22 Healthcare moves to Neutral

12:10 Thoughts on tech and the Magnificent 7

12:29 Latest ratings changes on equity sectors

14:28 What to take away from the conversation

15:18 Closing comments

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