Russ Mould is AJ Bell's Investment Director. He has a Master's degree in Modern History from the University of Oxford and more than 30 years' experience of the capital markets.
He started out at Scottish Equitable in 1991 as a fund manager, where he had responsibility for the Nordic and Swiss equity markets. In 1993, Russ joined SG Warburg, now part of UBS investment bank, and worked there as an equity analyst covering the technology sectors for 12 years. He has also worked on IPOs and M&A deals. Russ was voted best analyst in the semiconductor sector in 2001 by Institutional Investor and reached the level of Managing Director in 2003 when he became head of UBS' global semiconductor research effort.
A member of the Chartered Institute for Securities and Investment (MSCI), Russ is responsible for providing written and video content for customers and clients. He also helps to build the company’s profile in print and broadcast media as part of AJ Bell's wider PR and brand team, working alongside the Investment Committee.
Russ joined Shares Magazine as technology correspondent in 2005 and took on the post of Editor in 2008. He was appointed as AJ Bell's Investment Director in 2013 following the company's acquisition of Shares' parent company, MSM Media. Russ regularly creates content across the AJ Bell website, including the Daily Market Update and Chart of the Week, and he hosts his own 'Breaking the Mould' weekly video series.
Outside of work, Russ is a qualified cricket coach, Italian speaker and avid fan of Doctor Who and NFL.
6 January 2026
Daily market update: Next, JD Sports, supermarkets, InPostThe FTSE 100 extended its New Year rally, moving 0.5% higher to 10,052 as banks and oil companies were in demand.
Next impressed with its Christmas trading update. That was bad news for Marks & Spencer as it lost clothing business to Next last year during months of cyberattack disruption. Investors appear to have concluded that Next’s success...
5 January 2026
Daily market update: gold and defence stocks, oil, Aldi, Auction TechnologyThe FTSE 100 hovered just under the 10,000 level as investors loaded up on shares in gold miners and defence contractors off the back of US strikes on Venezuela.
Heightened geopolitical tensions like the ones we’ve seen over the weekend would normally spook investors, but global markets have avoided a sell-off. Investors appear to be taking the...
30 December 2025
What to expect from FTSE 100 dividends in 2026Investors could potentially enjoy a 3.4% yield from the FTSE 100 in 2026, according to the market consensus forecast for dividend payments next year. That compares with a 3.2% yield for 2025.
This is one of the key findings from the latest edition of the AJ Bell Dividend Dashboard, which looks at trends among the UK’s biggest listed companies and...
24 December 2025
Daily market update: FTSE 100 dips, precious metals, BPNot much seemed to be stirring on Christmas Eve on the UK stock market as the FTSE 100 drifted a little lower.
Weakness in the dollar, expectations for further US rate cuts, concerns about government deficits and debt in the developed world and geopolitical tensions have all been combining to put precious metals on a pedestal.
However, having hit...
24 December 2025
Five themes for investors to watch in 2026Markets’ core scenario remains one of cooling inflation, steady economic growth and falling interest rates in 2026.
Faith in central banks’ ability, and willingness, to ride to the rescue in the event of any unforeseen events, such as a recession or bout of wider market volatility, remains undimmed.
Some even expect the US Federal Reserve to deploy...
23 December 2025
Daily market update: GDP and inflation data, Novo Nordisk, Pets at HomeThe FTSE 100 made a steady if unspectacular start on the last full trading day before Christmas.
This followed a decent showing for US and Asian markets overnight even if the record highs for gold and silver hint at some continuing nervousness among investors. Updated estimates of GDP and core PCE inflation data stateside, both delayed by the US...
22 December 2025
Daily market update: FTSE 100, gold, GSK, RankThe FTSE 100 started Christmas week on the back foot, with healthcare and utility stocks acting as a drag on the index.
Precious metals miners led the way, as they have for much of 2025, with gold hitting a new all-time high on expectations of further interest rate cuts from the Federal Reserve and robust demand for its safe haven qualities.
An end...
18 December 2025
Daily market update: FTSE 100 steady ahead of rate decisions, BP, CurrysThe FTSE 100 was steady in early trading as investors await a Bank of England meeting which is seen as being nailed on to deliver a pre-Christmas rate cut.
Continuing strength in the housebuilding sector and some signs of life among retail shares were notable features of early trading. This followed selling in Asian and US markets overnight as...
16 December 2025
Daily market update: housebuilders, Shell & BP, CentricaHaving moved within sight of the 10,000 mark a little over a month ago, the FTSE 100 lost momentum again today.
There appears to be little sign of a Santa Rally as concerns about tech valuations continue to knock sentiment in US and Asian markets.
The chances of an interest rate cut from the Bank of England this Thursday, already widely priced in...
16 December 2025
What is the Shiller PE and can it reveal if we’re in a bubble?Ask the experts. Russ Mould is on hand to answer your queries about the financial markets. If you'd like a question considered for a future edition, send it in now.
What is the Shiller PE and can it reveal if we’re in a bubble?
There is a lot of noise in the current market about Shiller PE ratio and markets. If you can please explain this I would...
15 December 2025
Daily market update: gold and silver, Hikma Pharmaceuticals, NextDespite a sell-off in Asia, the FTSE 100 got off to a strong start on Monday, supported by higher precious metals prices.
The continuing surge in gold and silver helped lift Endeavour Mining and Fresnillo, and there was broader strength in the mining sector, despite weak Chinese data. The sickly industrial production and retail figures strengthen...
11 December 2025
Daily market update: US rate cut, Oracle, DraxAnother day, another rate cut. What’s normally a driver for equity markets has become old news, and investors have shrugged off the Fed’s latest reduction in US borrowing costs as it is becoming harder to guess where rates might go next.
The fanfare around rate cuts was short-lived. European markets were nonplussed at the news, and Wall Street is...
9 December 2025
Daily market update: Nvidia, Google, British American Tobacco, TescoThe UK was an outlier on European markets on Tuesday with the FTSE 100 dipping slightly.
Whereas the rest of the main European equity indices pushed ahead, the FTSE 100 was held back by shares in British American Tobacco going up in smoke, and Tesco falling on disappointing grocery industry data.
NvidiaNvidia chief executive Jensen Huang has...
5 December 2025
Daily market update: FTSE 100, Unilever ice cream demerger, OcadoThe FTSE 100 made a steady start on Friday morning as investors await a key release on US inflation.
The market is increasingly betting on an interest rate cut when the Federal Reserve meets on 10 December and mixed employment data this week has done little to dampen those expectations which, in turn, have helped drive recent gains for equities.
Th...
4 December 2025
Five key lessons from financial markets in 2025The combination of Liberation Day’s tariffs, wars in the Middle East and Eastern Europe, worries over the long-term impact of Artificial Intelligence upon jobs, galloping government debts and stretched budgets, and active debate about stock market bubbles does not look like a favourable one for investors. However, many will look back upon 2025 with...
4 December 2025
Daily market update: Meta, utilities, Rio Tinto, Future, FrasersThe FTSE 100 drifted in early trading on Thursday, dragged down by weakness in the mining and energy sectors.
Weaker-than-expected US unemployment data may have further firmed up expectations of a rate cut when the Federal Reserve meets next week. However, this is not ‘new news’ for investors and the indifferent performance of stocks in the UK and...
3 December 2025
Is the FTSE 100 gearing up for its latest Santa Rally?Since its launch in 1984, the FTSE 100 index has gained 2.1% on average in December, whereas April and July are the only other months to offer an average advance of 1% or more.
If you want to know why markets talk about the Santa Rally, that is why – because the numbers back it up. Quite why the Santa Rally should occur is less clear.
Investors...
2 December 2025
Daily market update: banks, Topps Tiles, On The BeachA robust showing from the UK banking sector following financial stress tests wasn’t enough to spur the FTSE 100 into action.
Miners and healthcare stocks acted as a drag on the blue-chip index, leaving the FTSE 100 flat and only achieving minimal gains in early trading.
In Germany, chemicals group Bayer soared by 13% after the Trump administration...
1 December 2025
Daily market update: oil, gold, Tesla, HICL & TRIG merger off, SolGoldThe FTSE 100 dipped in early trading on Monday despite post-Thanksgiving gains for US markets last week.
Further selling in cryptocurrencies reflected a risk-off mood as did some volatility in Asian markets – with Japan’s Nikkei 225 seeing material weakness.
This followed a move higher for the yen, which affects the competitiveness of Japan’s...
27 November 2025
Daily market update: FTSE 100 steady after Budget, gambling sector, HalfordsAfter yesterday’s Budget-related drama, there is a quieter feel to markets this morning.
The FTSE 100 was flat in early trading after gains in Asia and yesterday in the US on rate cut hopes, with a decent showing for retailers balanced out by weakness in the property and mining space.
After seeing considerable volatility yesterday amid leaks and...
26 November 2025
Daily market update: Nvidia, FTSE reshuffle, Pets at Home, MobicoWhile it may feel as if the Budget is the only story of the day, the UK stock market is a broader church and its plethora of international earnings means the index is driven by more than just UK activities.
The FTSE 100 was lifted by miners and technology names amid growing hopes for a US interest rate cut and a new contender to dethrone Nvidia as...
24 November 2025
Daily market update: BHP, Rosebank Industries, M&C SaatchiEquities up, gold down, bitcoin stable – this is a remarkably different picture than last week’s troubling scenes that dogged financial markets.
It suggests investors have had time to collect their thoughts over the weekend, and to start the new week in a calmer mood. It also helps that Ukraine peace talks have dominated the news agenda, giving...
20 November 2025
Daily market update: Nvidia, Games Workshop, JD SportsNvidia’s reassuring results have brought a sense of calm to markets following a wobbly few days. Europe enjoyed a nice bounce, including a 0.7% gain from the FTSE 100 led by tech stocks, banks and natural resources firms.
Investors had been cautious ahead of Nvidia’s results, fearing that the slightest bit of negative news from the chip giant...
19 November 2025
Daily market update: Meta Platforms, Lloyds, Severn TrentInvestors will breathe a sigh of relief that the market sell-off has lost momentum.
Pockets of Europe and Asia were up on Wednesday, and futures prices imply a similar trend when Wall Street opens later today.
It’s the good news everyone wanted. The key question is whether this is simply the calm before the storm. Nvidia reports tonight and the...
18 November 2025
Daily market update: Imperial Brands, FirstGroup, GreencoreAnother downbeat session on Wall Street yesterday was followed by heavier selling in Asia today and that set the scene for a meaningful drop in the FTSE 100.
As fears over an AI bubble build, there has rarely been more riding on an individual set of results than Nvidia’s on Wednesday.
Even a mild disappointment could reinforce the market’s worries...
17 November 2025
Daily market update: WPP, housebuilders, Vinted, THG, HICL & TRIGThe FTSE 100 managed a steady start on Monday despite volatility in Asian stocks and a lacklustre end to last week on Wall Street.
Shares in Japanese consumer-facing stocks came under pressure as China warned its citizens not to visit the country amid simmering tensions between the two sides over Taiwan.
Chinese holidaymakers make a big...
13 November 2025
Daily market update: Aviva, 3i Group, Burberry, Rolls-RoyceThe FTSE 100 was held back in its latest attempt to make the 10,000 summit by some shares trading ex-dividend and some poorly received corporate updates.
This outweighed the tailwind provided by a weaker pound, which flatters the overseas earnings which dominate the index, and saw the FTSE 100 dip slightly in early trading on Thursday. Sterling...
12 November 2025
Could Abenomics repeat itself under Takaichi?Ask the experts. Russ Mould is on hand to answer your queries about the financial markets. If you'd like a question considered for a future edition, send it in now.
I notice Japanese stocks have been trading at record levels recently. What does the new prime minister Sanae Takaichi mean for the markets and will there be a repeat of Abenomics which...
12 November 2025
Daily market update: SoftBank sells Nvidia stake, SSE, Taylor WimpeyThe FTSE 100 continued to tick towards the 10,000 mark as it eked out some modest gains to trade at fresh all-time highs on Wednesday.
UK stocks made progress despite some volatility in the AI space in the US and Asia overnight. SoftBank’s decision to sell its entire stake in Nvidia dragged the chip maker lower and also saw selling in the Japanese...
11 November 2025
Daily market update: Vodafone, SoftBank, Princes Group, 4imprintThe FTSE 100 made new record highs on Tuesday, taking its cue from a strong rebound on Wall Street and the added tailwind of sterling weakness.
Moves towards the end of the shutdown in Washington had primed US stocks for big gains at the market open, and the pound fell after weak UK jobs figures which increased the prospect of an interest rate cut...
10 November 2025
Daily market update: US government shutdown, FTSE 100, JTCGlimmers of hope that an end might be in sight to the longest running US government shutdown in history put markets in a positive mood.
A vote in the Senate is an important first step but any agreement still needs to clear a vote in the House of Representatives along with several other hurdles. A key impact on the markets of the impasse, beyond the...
7 November 2025
Daily market update: Rightmove, Tesla, IAGA negative reaction to two big name corporate results in the UK weighed on the FTSE 100, dragging it down 0.3% to 9,707 as investors worried if more companies would follow suit with gloomier outlooks.
British Airways’ owner IAG reported softer US economy leisure trading while property portal Rightmove shocked the market with news that investments...
6 November 2025
Daily market update: Diageo, BT, Auto Trader, Hikma, Smith & NephewThe FTSE 100 slipped on a negative reaction to corporate updates despite gains in Asia and the US overnight.
Could there be fireworks a day late at the Bank of England? The interest rate decision is hard to call ahead of today’s vote, with several observers expecting a rate cut even if the market is pricing in no change.
Recent signs of easing...
5 November 2025
Why a famous investor is betting against Nvidia and PalantirThe investor who inspired The Big Short film in 2015 has hit the headlines after betting that tech stocks Nvidia and Palantir will fall in value. Hedge fund trader Michael Burry has bought financial products called ‘put options’ on these stocks and will profit if they decline in value.
The Big Short focused on traders who made millions from...
5 November 2025
Daily market update: Novo Nordisk, Barratt Redrow, WetherspoonMarket jitters around US tech stocks might have put investors on the edge of their seats, but yesterday’s sell-off wasn’t severe enough to cause widespread panic.
A 2% decline in the Nasdaq index and a 10.7% jump in the Vix fear gauge were like a sharp bout of turbulence on a flight – unpleasant, but just for a moment. The fact a major sell-off...
3 November 2025
Daily market update: FTSE 100, Berkshire Hathaway, RyanairThe FTSE 100 got off to a solid start with oil helping to grease the wheels of the index.
The decision by producers’ cartel OPEC+ to pause further output hikes at the start of next year, amid concerns about a glut of supply, helped give oil prices a lift and, in turn, boosted UK market heavyweights BP and Shell.
Prudential was among the top FTSE...
31 October 2025
Daily market update: FTSE 100, Fresnillo, Amazon, AppleWeakness on Wall Street haunted European markets on the morning of Halloween and saw the FTSE 100 retreat from its latest record high.
The main culprit was uncertainty about the future policy of the Federal Reserve after its chair Jerome Powell suggested a cut in December, to follow this week’s, was not a foregone conclusion.
The negative response...
30 October 2025
Daily market update: AI, Mag Seven, TT Electronics, WPPNo-one likes a party pooper, especially when they’re standing in front of the punch bowl. That’s the role taken on by Jay Powell, who poured cold water on the prospect of a December rate cut. That’s put markets on the back foot when it looked like the music was just about to ramp up.
The Fed did announce an interest rate cut, but short-term...
29 October 2025
Daily market update: FTSE 100, US indices, Next, GSK, GlencoreA positive mood on Wall Street extended into European markets on Wednesday on increased hopes for a US-China trade deal.
US indices closed at record levels, with sentiment also supported by reports Nvidia will announce new AI chip supply contracts with major South Korean operators like Samsung and Hyundai. The FTSE 100 built on its own all-time...
28 October 2025
Daily market update: gold, HSBC, Airtel Africa, NovartisSigns of easing inflation in British shops helped further improve the mood of investors and saw the FTSE 100 post a new record level in early trading on Tuesday.
The rapid turnaround in sentiment can be seen most clearly in the performance of gold which having moved to nearly $4,400 is now back below $4,000.
Results from some of the big names which...
27 October 2025
Daily market update: HSBC, Goodwin, Greencore-Bakkavor dealOptimism about the potential for a US-China trade agreement was helping to create a cautiously positive mood in markets at the start of the week.
In the UK market, the mining sector moved higher, bar the precious metal contingent who were hit by lower gold prices, although negative news for index heavyweight HSBC acted as a drag on the FTSE 100.
A...
24 October 2025
Daily market update: The Revel Collective, NatWest, Intel, GSKThe FTSE 100 held firm after last night’s record close, with strength in banks and tech stocks offsetting weakness in the natural resources space.
Trade relations were front of mind for investors ahead of Donald Trump’s visit to Asia and a new fight between the US and Canada.
A lot is riding on Trump’s negotiations with China’s Xi Jinping as...
23 October 2025
Daily market update: US-China tensions, Lloyds, Unilever, TeslaUS-China relations don’t look to be in the best place ahead of Trump’s visit to Asia.
Talk of new restrictions on goods that either contain or are made with US software being sold to China would suggest the Trump administration is playing hard ball, sending a message to Xi Jinping that the US will not be pushed around.
Trump has form in threatening...
22 October 2025
Daily market update: Barclays, Reckitt, Halfords, ITVMarkets were patchy in early trading as investors spent time to digest a plethora of corporate announcements.
The FTSE 100 was the strongest market among major European indices. A lower-than-expected reading of UK inflation makes a near-term cut to interest rates more likely and this boosted housebuilders. It also led to weakness in the pound which...
21 October 2025
Daily market update: Unilever, Coca-Cola HBC, Bunzl, Segro, ShawbrookIt’s hard to imagine that markets were in panic mode only four days ago. It’s like all the troubles faded away over the weekend, and investors are back in risk-on mode.
Wall Street enjoyed a particularly strong session on Monday, and that optimism has extended to Asia and Europe on Tuesday. The focus is now on US interest rate cuts, the new...
20 October 2025
Daily market update: UK banking stocks, L’Oréal, Kering, B&MA big recovery in Asian markets helped give the FTSE 100 a lift as investors look to put a difficult week behind them.
Helping the market’s mood were signs that a trade agreement might still be possible between the US and China before the 1 November deadline, and slightly better-than-expected Chinese economic growth.
News the ruling party in Japan...
17 October 2025
Daily market update: Why banking shares are leading markets lowerWhile everyone has been watching the tech sector for signs of a bubble, it’s the banking sector that’s the root cause of a minor market sell-off today..
US banking stocks were notably weak yesterday as investors worried about exposure to bad loans. That spread to Europe on Friday, with Barclays, Standard Chartered, NatWest and HSBC all dragging the...
16 October 2025
Daily market update: Centrica, Nestle, Whitbread struggles and Travis PerkinsRachel Reeves might be reaching for a buck’s fizz after the UK economy showed growth in August after contracting in July. However, the celebration may be short lived as a 0.1% expansion is minuscule and lower than the 0.2% growth expected by some economists.
We’re just six weeks away from the Chancellor’s Budget and the nation is eager to know how...
15 October 2025
Daily market update: CMA calls for vet market transparency, Capita faces finesMarkets have been lifted by the rekindling of rate cut expectations in the US after comments from Fed chair Jerome Powell which highlighted sluggish hiring were taken as an indication that not one, but two further cuts were very much on the table for 2025.
Buoyed by continued deal making in the frothy AI sector, investors seem prepared to overlook...
13 October 2025
Daily market update: US, China wobble, gold sparkles, LSE boosts AI workJust as it looked as if the US and China were making baby steps to repair their relationship, Donald Trump throws a spanner in the works.
A new threat of high tariffs on Chinese goods coming into the US spooked investors in the East, with Asian markets showing a sea of red, following a similarly bad session for Wall Street last Friday.
This new...
