Bloomberg Surveillance 7/22/2026

Watch on YouTube ↗  |  July 22, 2026 at 15:36  |  2:24:12  |  Bloomberg Markets
Speakers
Max Kettner — Chief Multi-Asset Strategist, HSBC
Susan Bell — Head of U.S. Analysis, Rystad Energy
James Picariello — Reporter, Boston Globe
John Stankey — CEO, AT&T
Meera Pandit — Global Market Strategist, JPMorgan Asset Management
Subadra Rajappa — Head of Research at Societe Generale
Angelo Zino — Senior Equity Analyst, CFRA Research
Mona Mahajan — Head of Investment Strategy, Edward Jones

Summary

The program covers rising crude oil prices driven by sustained US-Iran strikes and Hormuz disruptions, the high bar for Big Tech earnings as Alphabet and Tesla report, and mounting Fed rate hike fears. Rotation trades favoring equal-weight S&P, European and Japanese banks are highlighted, while oil analysts warn of further price spikes. AT&T delivers strong results and the CEO touts AI infrastructure advantages, while a BNP Paribas analyst calls for underweight Tesla.

  • Crude oil tops $95/bbl on 11th consecutive day of US strikes on Iran and Strait of Hormuz threats.
  • Max Kettner (HSBC) remains overweight equal-weight S&P, Europe, European banks; buying dip in Japanese banks; rotating into MAG 7.
  • Alphabet and Tesla earnings seen as pivotal for AI monetization and hyperscaler capex returns.
  • Fed expected on hold next week but market prices rate hikes later in the year as inflation worries resurface.
  • Oil analyst Susan Bell expects further price escalation as refined product stocks draw toward critical lows.
  • AT&T beats wireless subscriber estimates, CEO John Stankey cites converged fiber/wireless as AI advantage and accelerates buybacks.
  • BNP Paribas underperform on Tesla citing cash burn, robotaxi KPI risk, and uncertain SpaceX merger timing.
  • President Trump threatens 100% tariffs on generic drugs and new trade levies add policy uncertainty.
Ideas
Max Kettner Chief Multi-Asset Strategist, HSBC 9:04
Overweight equal-weight S&P for broadening.
The market is in a broadening phase; the equal-weight S&P is still a beneficiary as the earnings bar is much lower for broad market names compared to recent quarters, and he remains overweight this area until positioning gets too extended.
RSP HIGH
Max Kettner Chief Multi-Asset Strategist, HSBC 9:04
Overweight European equities on rotation.
Overweight Europe as part of a rotation out of emerging markets and Asia, benefiting from the broadening trade and lower relative earnings expectations.
VGK MED
Max Kettner Chief Multi-Asset Strategist, HSBC 9:12
Buy Magnificent Seven on low earnings bar.
Rotating into the Magnificent Seven as the earnings bar — both on numbers and narrative — is very low, making them attractive near term compared to the lofty expectations in other areas.
MAGS HIGH
Max Kettner Chief Multi-Asset Strategist, HSBC 9:39
Buy European banks as laggard play.
European banks are a specific overweight within the Europe allocation, playing the catch-up in the broadening market theme.
EUFN MED
Max Kettner Chief Multi-Asset Strategist, HSBC 9:43
Buy dip in Japanese banks.
The recent dip in Japanese banks does not make sense given their fundamentals, presenting a buying opportunity within the global rotation.
DXJ MED
Susan Bell Head of U.S. Analysis, Rystad Energy 81:32
Crude oil prices will escalate further.
Oil prices will continue to escalate because flows from the Strait of Hormuz cannot be reestablished, refined product stocks are critically low and drawing rapidly, and spare refining capacity is inaccessible; demand destruction will eventually occur but high prices will cause significant economic damage.
BNO HIGH
John Stankey CEO, AT&T 109:42
Buy AT&T on AI infrastructure and execution.
AT&T is executing strongly with record subscriber adds, accelerating buybacks, and unique positioning from its converged fiber and wireless network that is indispensable for AI workloads; the stock is in a dislocation and the market will eventually recognize its value.
T HIGH
James Picariello Reporter, Boston Globe 115:49
Short Tesla on cash burn and robotaxi risk.
Underperform rating on Tesla because the company faces daunting KPIs for its robotaxi business, nearly $20 billion in cumulative cash burn over the next three years, and regulatory hurdles that make a SpaceX merger unlikely to rescue the stock in the near term.
TSLA HIGH
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This Bloomberg Markets video, published July 22, 2026, features Max Kettner, Susan Bell, John Stankey, James Picariello discussing RSP, VGK, MAGS, EUFN, DXJ, BNO, T, TSLA. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Max Kettner, Susan Bell, John Stankey, James Picariello  · Tickers: RSP, VGK, MAGS, EUFN, DXJ, BNO, T, TSLA