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.
22 July 2025
Daily market update: Admiral, AstraZeneca, Centrica“Higher than expected government borrowing pushed up UK gilt yields and pulled down the UK stock market,” says Russ Mould, Investment Director at AJ Bell.
“10-year gilt yields briefly nudged up to 4.645%, which is the market’s way of saying it isn’t impressed with the state of public finances. Soaring debt interest payments haven’t helped and the...
21 July 2025
Daily market update: Japanese equities, BP, Ryanair, water utilities“Markets were muted at the start of the new trading week as investors awaited updates on US trade negotiations,” says Russ Mould, Investment Director at AJ Bell.
“There is now less than a fortnight before the 1 August deadline for the new tariff regime to kick in, and we still don’t have framework deals between the US and many regions including the...
9 July 2025
FTSE 100 dividend growth grinds to a halt, but buyback bonanza continuesWhile dividend growth has slowed in the FTSE 100, the index has far outpaced the US’s S&P 500 in 2025, and the pound continues to outdo the dollar.
The FTSE 100 has provided a 9.6% total return so far this year, compared to just 2.1% from the S&P 500, as the US has started to lag on the global stage.
Whether this trend continues or not remains to...
30 June 2025
How to tell if gold is getting expensive (or not)Gold bugs will be beside themselves after the precious metal’s 44% gain in dollar terms over the past year, but the more investors who buy in, the more of a consensus position it becomes, and the more of a consensus position it becomes, the fewer incremental buyers there are to drive up the price.
True believers will continue to warn of the dangers...
27 June 2025
Daily market update: JD Sports, Nike, US markets“Investors were in a good mood at the end of the trading week with gains seen across European indices and many parts of Asia,” says Russ Mould, Investment Director at AJ Bell.
“Geopolitical tensions have eased back, for now, and risk appetite has improved.
“Shares in JD Sports burst to life off the back of Nike’s results. The footwear manufacturer...
26 June 2025
Daily market update: BP, Shell, H&M, Moonpig, Associated British Foods“UK takeover action has focused on the mid to lower end of the market so far this year and for a brief moment it looked like we might get the first mega cap action. Alas, Shell has thrown cold water over talk it was preparing a bid for BP, meaning the FTSE 100 hasn’t delivered the surge which many thought might happen this morning,” says Russ Mould...
26 June 2025
Investors continue to shun oil stocks as crude price crumblesFinancial markets can never be always right, but their views must always be respected and right now it looks as if they are spot on when it comes to the risks posed by geopolitical tensions in the Middle East.
Oil prices gained little ground when tensions flared between Israel and Iran last week and they shed those gains and more once the ceasefire...
25 June 2025
Daily market update: Babcock, Marks & Spencer, Warehouse REIT, Halfords“Markets were risk-on following the Middle East truce,” says Russ Mould, Investment Director at AJ Bell.
“Miners, oil producers and airlines were in demand on the UK stock market, helping to drive the FTSE 100 0.3% higher to 8,780. There was a clear rotation as investors moved away from more defensive-style stocks such as utilities, tobacco and...
24 June 2025
Daily market update: oil, Mobico, Saga, Bunzl, Google“Investors are reacting with relief to apparent news of a US-brokered ceasefire between Iran and Israel,” says AJ Bell Investment Director Russ Mould.
“Oil prices slumped on the news as fears the strategically important shipping lanes through the Strait of Hormuz might be obstructed, affecting global supplies of crude, failed to materialise.
“Tehra...
23 June 2025
Daily market update: stock market losses contained, Tesla, Assura, Spectris“The markets are not yet reacting with any degree of panic to the US airstrike on Iran’s nuclear facilities as they await to see how Tehran responds,” says AJ Bell Investment Director Russ Mould.
“The promised two-week hiatus as the US weighed its decision didn’t materialise as the Trump administration acted on Saturday. After briefly spiking above...
19 June 2025
Daily market update: Middle East, Whitbread, Hays, Revolution Beauty, Frasers“Central banks are in a ‘wait and see’ mood with regards to interest rates, despite broad concerns about a weaker economic outlook,” says Russ Mould, Investment Director at AJ Bell.
“The Fed kept US rates unchanged at its meeting yesterday and the Bank of England is expected to do the same with UK rates later today.
“This won’t be a shock to...
18 June 2025
Daily market update: oil price, Ocado, AO, Speedy Hire“As tensions in the Middle East continue to escalate, oil prices remain in the ascendancy and stocks are enduring volatility,” says AJ Bell Investment Director Russ Mould.
“Concern the US might join Israel’s military effort against Iran, after comments from President Donald Trump on his Truth Social platform, saw US shares fall overnight and...
17 June 2025
Daily market update: Ashtead, B&M, RC Fornax, Warpaint London“The UK stock market saw broad-based losses, with only six FTSE 100 stocks in positive territory. BP and Shell were among the rare risers as oil prices held firm after a recent rally,” says Russ Mould, Investment Director at AJ Bell.
“Middle East tensions are showing no signs of easing back, putting investors on high alert.
“Germany’s Rheinmetall...
16 June 2025
Daily market update: oil prices, gold, Metro Bank, Entain“European shares were surprisingly resilient against a backdrop of uncertainty,” says Russ Mould, Investment Director at AJ Bell.
“Helping to prop up FTSE 100 was continued strength in oil prices as tensions remained high in the Middle East. Crude oil rose 1.1% to $72 per barrel, driving shares in FTSE heavyweights BP and Shell and taking the...
13 June 2025
Daily market update: FTSE 100, oil, gold, Boeing, Adobe“The FTSE 100 did not have long to bask in the glory of reaching a new record close last night with Israel’s military strikes on Iran putting stocks on the back foot globally,” says AJ Bell Investment Director Russ Mould.
“Concern about an escalating conflict in the Middle East saw oil hit its highest level since January and gold was also in demand...
12 June 2025
Daily market update: BP, Shell, tariffs, Halma, Tesco, Poundland“Having narrowly missed closing at a new record high last night, the FTSE 100 held firm at the market open as strength in energy and tech was offset by weakness in banking shares,” says AJ Bell Investment Director Russ Mould.
“Escalating tensions between the US and Iran helped oil prices to a two-month high and gave heavyweight stocks BP and Shell...
11 June 2025
Daily market update: GameStop, Inditex, UK takeovers, Ricardo, TSMC“The FTSE 100 looks like it might attain the closing high it missed by a whisker yesterday as positive news on trade talks between the US and China boosted sentiment,” says AJ Bell Investment Director Russ Mould.
“Banks, housebuilders and miners did the heavy lifting for the index with the retail sector proving a drag on Wednesday morning after...
10 June 2025
Daily market update: Rolls-Royce, Bellway, Marks & Spencer, Diageo, Filtronic“Most European markets edged high as investors patiently waited for news on US/China trade talks,” says Russ Mould, Investment Director at AJ Bell.
“Where there is still a sense of cautiousness around how to position portfolios for the longer term, there were enough corporate news flow to spur trading in a range of stocks.
“UK housebuilders were at...
9 June 2025
Daily market update: Revolution Beauty, Frasers, Boohoo, WPP“The FTSE 100 held firm at the start of the new trading week as investors continued to wait for trade talk updates,” says AJ Bell Investment Director Russ Mould.
“Miners were higher despite weak data from China as the impact of the trade tensions between the world’s second largest economy and the US was laid bare. Exports to America plunged and...
6 June 2025
Daily market update: FTSE 100, Tesla, HSBC, Rosebank“The UK stock market was a rare bright spot among a lacklustre session for European equities on Friday,” says Russ Mould, Investment Director at AJ Bell.
“The FTSE 100 advanced 0.2% to 8,829, with two thirds of the index’s members in positive territory. Utilities and healthcare led the charge as investors focused on dividend-paying defensive-style...
5 June 2025
Daily market update: ECB rate decision, Wise, Wizz Air, Mitie, Marlowe, Dr Martens“European shares tread water ahead of the European Central Bank's (ECB) interest rate decision,” says Russ Mould, Investment Director at AJ Bell.
“The ECB is widely expected to cut the cost of borrowing. Investors will be more focused on any signals regarding the pace of any further potential cuts.
“Inflation isn’t a problem, but sluggish economic...
4 June 2025
Daily market update: Trump's trade policy, FTSE 100, Airbus, WH Smith, B&M“Markets remain in a holding pattern pending an update on trade negotiations between the Trump administration and various foreign governments,” says Russ Mould, Investment Director at AJ Bell.
“All eyes are on China given it is currently the biggest loser from Trump’s new trade policy, and it looks like we’re still some way off from a deal between...
3 June 2025
Daily market update: Thames Water, British American Tobacco, MJ Gleeson, Dalata Hotel“European equity markets struggled to find direction early on Tuesday, with investors still showing signs of nervousness around tariffs and the economic outlook,” says Russ Mould, Investment Director at AJ Bell.
“The Organisation for Economic Co-operation and Development (OECD) has downgraded its forecast for global economic growth as the effects...
2 June 2025
Daily market update: Trump, defence stocks, Anglo American, Indivior“Donald Trump has upset markets once again,” says Russ Mould, investment director at AJ Bell.
“Doubling import taxes on steel and aluminium, and aggravating China once again, mean we face a situation where uncertainty prevails. Trump’s continuous moving of the goal posts is frustrating for businesses, governments, consumers and investors.
“Equity...
30 May 2025
Daily market update: FTSE 100, US rally, M&G, Costco“The story on tariffs has more twists than an M. Night Shyamalan film, with a federal court providing the latest plot point overnight,” says AJ Bell investment director Russ Mould.
“The relatively muted response to the US Court of International Trade ruling apparently wiping out tariffs on Wednesday betrayed an understandable scepticism about that...
29 May 2025
Daily market update: Tariffs ruling, Nvidia, China & US trade policy, Auto Trader“The US Court of International Trade has generated some hope in the market that the tariff threat might be wiped away with its latest ruling,” says AJ Bell investment director Russ Mould.
“For the court to determine that President Trump didn’t have the authority to impose the ‘Liberation Day’ tariffs is a pretty seismic development.
“That the gains...
28 May 2025
Daily market update: Kingfisher sticks with guidance despite UK beat and Pets at Home solid“The FTSE 100 ticked higher after an increase in US consumer confidence and a delay on the punishing EU tariffs announced by the Trump administration helped US stocks to surge overnight,” says AJ Bell investment director Russ Mould.
“However, with US futures pointing to some retrenchment when Wall Street resumes trading later, it’s clear there is...
27 May 2025
Daily market update: UK stocks rebound after US U-turn on EU tariffs and Tesla faces BYD threat“The latest U-turn on tariffs from the Trump administration gave European markets a boost yesterday and have helped UK stocks return from the Bank Holiday with pep in their step,” says AJ Bell investment director Russ Mould.
“The market is beginning to come to the view that the US trade policy’s bark is worse than its bite as an initial threat of...
23 May 2025
Markets get ready for NVIDIA’s first-quarter resultsGlobal stock markets have rallied hard and one major source of support has been the so-called Magnificent Seven of Alphabet, Amazon, Apple, Meta, Microsoft, Tesla and NVIDIA, whose collective stock market capitalisation of $16.6 trillion is 10% below the peak reached on Christmas Eve last year and more than a quarter above the low reached on 8...
23 May 2025
Daily market update: European shares move higher and Games Workshop slips on licencing forward guidance“It was a solid end to the trading week for European equities, helped by Germany’s economy growing faster than previously thought and strong investor interest in pharma and energy stocks,” says Russ Mould, investment director at AJ Bell.
“The Dax has been a bright spot in global markets this year as investors lock on to a region where the...
22 May 2025
Daily market update: Rio Tinto, BT, EasyJet, Johnson Matthey, QinetiQ“Market weakness across Asia and Europe only looks like a minor pullback rather than anything to worry about,” says Russ Mould, Investment Director at AJ Bell. “Futures prices imply a better day ahead for Wall Street and that could help to lift market spirits.
“The FTSE 100 was dragged down by energy stocks and a negative reaction to BT’s results...
21 May 2025
Daily market update: utilities, JD Sports, Shoe Zone, Currys“Utilities did their best to prop up the UK stock market and they were helped by defence contractors once again being in vogue,” says Russ Mould, Investment Director at AJ Bell.
“Updates from Severn Trent and SSE were well received by the market. The utilities sector has found itself the centre of attention in recent months as investors look to...
20 May 2025
Daily market update: Diploma, Cranswick, Greggs, CATL, Vodafone“European markets took their cue from a recovery in US stocks overnight as market concerns eased and US government bond yields pulled back a touch,” says AJ Bell Investment Director Russ Mould.
“The downgrade to the US credit rating from agency Moody’s and fears about the impact on an already-large deficit of a package of tax cuts making its way...
19 May 2025
Daily market update: Diageo, Nvidia, Ryanair, Assura“While largely a symbolic move, the US credit downgrade from Moody’s, as well as the progress of a bill in Washington promising major tax cuts, cast a pall over the markets at the start of the week,” says AJ Bell Investment Director Russ Mould.
“Having been floored by the announcement of Liberation Day tariffs last month, stocks got back on their...
16 May 2025
Daily market update: Future, Richemont, Workspace, Character“The FTSE 100 continued its ascent as investors loaded up on pharma and energy stocks,” says Russ Mould, Investment Director at AJ Bell.
“ AstraZeneca, Shell and GSK were the biggest contributors to the FTSE 100 in terms of index points, suggesting that investors were fishing for opportunities among areas that have recently been weak.
“Pharma...
15 May 2025
Daily market update: Bakkavor, ITV, Premier Foods, B&M, Watches of Switzerland“A big pullback in oil prices weighed on markets across Europe,” says Russ Mould, Investment Director at AJ Bell.
“Traders focused on the prospect of a US/Iran nuclear deal which could see economic sanctions lifted on the latter and potentially lead to greater supplies of oil. That weighed on shares in BP and Shell which pulled down the FTSE 100...
14 May 2025
Daily market update: Burberry, Compass, Imperial Brands“The FTSE 100 ticked higher on Wednesday after mixed trading overnight in the US and Asia,” says AJ Bell Investment Director Russ Mould.
“Significantly, the S&P 500 crept into positive territory for the year – no mean feat given the uncertainties and pressures facing financial markets. Investors are likely to be looking for further news on US trade...
13 May 2025
Daily market update: Marks & Spencer, DCC, On The Beach, Revolution Beauty“The party didn’t last long,” says Russ Mould, Investment Director at AJ Bell.
“Having seen a strong start to the week on global markets following trade talks between the US and China, the rally has petered out. European markets were generally flat on Tuesday, big chunks of Asia pulled back, while futures prices imply a soggy start to trading on...
12 May 2025
Daily market update: markets rally, US-China trade talk, India-Pakistan ceasefire“Markets have welcomed the tentative US-China trade agreement with open arms,” says Russ Mould, Investment Director at AJ Bell.
“While the trade spat has only been dialled back for 90 days, it’s a major breakthrough as far as investors are concerned. The fact the two countries were talking was already a major win given they’ve been at each other’s...
9 May 2025
Daily market update: UK market, US-China trade talks, IAG, Rightmove“With the UK having basked in trade deal glory yesterday, the spotlight has now turned to China,” says Russ Mould, Investment Director at AJ Bell.
“China is America’s biggest rival in the trade war and any sign of a compromise in their tit-for-tat tariff spat could be taken positively by markets. It would help to settle nerves and dial down...
8 May 2025
Daily market update: interest rate decisions, US chip restriction changes, Next“Investors are watching history unfold before their eyes,” says Russ Mould, Investment Director at AJ Bell.
“The Trump administration has already caused turmoil in the business world with the Liberation Day tariff plan. We’re now entering the next phase as countries do deals with the US, and Trump once again changes the rules as he rips up Joe...
7 May 2025
Daily market update: BAE Systems, Wetherspoons, Novo Nordisk, Trainline“The FTSE 100 was lower in early trading after a ramp-up in geopolitical tensions,” says AJ Bell Investment Director Russ Mould.
“Nuclear powers India and Pakistan in a stand-off over the Kashmir prompted a few jitters, with the Federal Reserve meeting later also inducing a few butterflies in investors’ stomachs. The Fed is widely expected to...
6 May 2025
Daily market update: BP, Deliveroo, Ford, Associated British Foods’“The FTSE 100 started the week with a bang, yet those early gains quickly faded away,” says Russ Mould, investment director at AJ Bell.
“A mixture of takeover talk and investors reaching for defensive stocks initially gave the UK blue-chip index a lift.
“ British American Tobacco was the biggest mover on the FTSE 100 in terms of index points, with...
2 May 2025
Daily market update: Apple, Amazon, Shell, NatWest“The FTSE 100 was on course to extend its winning streak after signs of a potential de-escalation of the tariff stand-off between US and China gave investors real heart,” says AJ Bell Investment Director Russ Mould.
“There were strong gains in Asia and on Wall Street overnight. The latter helped by strong after-hours results from Microsoft and Meta...
1 May 2025
Trump’s first 100 days avoid worst post-war stock market start to presidencyAs President Trump hits 100 days in office, a near 12% rally in America’s S&P 500 index from its closing low on 8 April has stopped his second term in office from offering investors the worst start of any post-war American leader, in terms of stock market returns.
The S&P 500 is down by 7.1% since Trump’s inauguration on 20 January and only Richard...
1 May 2025
Why transport stocks can help gauge the effect of tariffsA big rally from the 8 April lows means the NASDAQ Composite is now in the black for this month, while the S&P 500 is flat.
This may look to vindicate a ‘buy-on-the-dip’ strategy, and persuade the White House that all is still going to plan, but the Dow Jones Industrials is down and so is the Dow Jones Transports, so there remains the risk that...
1 May 2025
Daily market update: Lloyds, Tesla, Rolls-Royce, Clarkson, Whitbread“The FTSE 100 was firm in early trading,” says AJ Bell Investment Director Russ Mould.
“Ever since President Donald Trump announced his partial U-turn on tariffs on 9 April the index has been on the rise.
“There was plenty of corporate news for the markets to digest on Thursday morning – with the good, bad and ugly all represented.
“Banks, energy...
30 April 2025
Daily market update: GSK and Barclays impress with results, Glencore disappoints“The FTSE 100 held firm as corporate results came thick and fast”, says AJ Bell Investment Director Russ Mould.
“GSK’s upbeat tone helped to lift the broader pharma sector while Barclays’ results pleased the market.
“Acting as an anchor to the UK index was Glencore which fell after issuing weak first-quarter production numbers. The mining and...
29 April 2025
Daily market update: AstraZeneca, HSBC, BP, Associated British Foods, Entain“Banks, defence and miners did their best to lift the FTSE 100, yet the negative pressures were too great from pharma and energy stocks for the UK index to make any headway,” says AJ Bell Investment Director Russ Mould.
“A significant amount of corporate news flow gave investors food for thought. News flow has generally been good for the first...
28 April 2025
Daily market update: FTSE 100, Wall Street, Deliveroo“A weekend light on drama was just what the doctor ordered for financial markets and the FTSE 100 made a strong start on Monday to move closer to recovering all of its post-Liberation Day losses,” says AJ Bell Investment Director Russ Mould.
“Domestic focused names, including housebuilders and retailers, were among the gainers in London.
“Recent...
