Open Interest 7/2/2026

Смотреть на YouTube ↗ | 02 июля 2026, 17:35 | 1:29:40 | Bloomberg Markets

Спикеры

Simon White — Макростратег, Bloomberg

Mandeep Singh — Старший аналитик, Bloomberg Intelligence

Rick Rieder — Директор по инвестициям (глобальный фиксированный доход), BlackRock

Al Rabil — CEO, Kayne Anderson Real Estate

Julia Coronado — Основатель и президент Macro Policy Perspectives

Isabelle Lee — Репортер, Bloomberg

Jan Goetz — CEO, IQM Quantum Computers

Anchor Dani Burger hosts on a holiday-shortened session after a sharply weaker-than-expected June jobs report (57k vs 113k est). Markets rebound as the data eases Fed hike fears, but chip stocks continue selling off on leverage and overvaluation concerns. BlackRock's Rick Rieder advocates for European duration, European credit hedged to dollars, and securitized carry, while avoiding US Treasury duration. Bridgepoint's acquisition of Kayne Anderson Real Estate fuels talk of a decade-long super cycle in medical office, student housing, and senior living real estate. OpenAI reportedly proposes a 5% government stake, and IQM Quantum lists via SPAC. - June payrolls miss badly at 57k vs 113k estimate; unemployment rate falls to 4.2% - Equities attempt a rebound but chip stocks, especially memory names, remain under pressure - Simon White warns liquidity drain from inflation and leveraged ETF unwind threaten short-term memory performance - Rick Rieder sees value in European duration, credit (HY/IG) hedged to dollars, and non-agency securitized markets - Rieder suggests avoiding US Treasury duration, favoring income and carry - Kevin Hassett defends Fed independence under Chair Warsh and cites a construction boom - Al Rabil describes a 10-year super cycle in demographic-driven real estate (medical office, student, senior living) - OpenAI floats idea of US government taking a 5% stake; IQM Quantum debuts on Nasdaq

Идеи

Simon White Макростратег, Bloomberg 5:31

Leverage and liquidity drain hurt memory stocks

Memory chip stocks have experienced an explosive run-up driven by leveraged ETFs and options, while inflation is draining system liquidity. With liquidity slowing, markets will struggle to remain supported, leading to acute volatility and potential drawdowns in the short to medium term despite the structural demand story.

Rick Rieder Директор по инвестициям (глобальный фиксированный доход), BlackRock 21:27

Add European duration

European growth is slowing and markets are pricing in significant rate hikes, making European duration attractive. The environment offers a chance to add European government bond exposure, particularly on days when yields soften.

Rick Rieder Директор по инвестициям (глобальный фиксированный доход), BlackRock 21:27

Avoid US Treasury duration

US interest-rate exposure is unattractive because the Fed is unlikely to cut soon. Instead, investors should focus on clipping coupon income across carry strategies rather than betting on duration gains in Treasuries.

Rick Rieder Директор по инвестициям (глобальный фиксированный доход), BlackRock 22:30

Favor European credit hedged to USD

European high yield and investment-grade credit offer attractive yields when swapped back to dollars, especially if the ECB will have to reduce rates over time. Yield-seekers can capture spread and potential currency benefits.

Rick Rieder Директор по инвестициям (глобальный фиксированный доход), BlackRock 22:55

Opportunities in non-agency securitized markets

Securitized markets offer plentiful yield opportunities, particularly in commercial and residential non-agency sectors, where picking spots can enhance income in a carry-focused environment.

Mandeep Singh Старший аналитик, Bloomberg Intelligence 39:07

Memory chip valuations are stretched

Memory chip valuations have run ahead of fundamentals after extensive earnings revisions. Stocks typically peak several quarters before revisions do, raising durability concerns. Entry of new compute sellers like Meta adds uncertainty, even though underlying demand for compute and memory remains intact.

Al Rabil CEO, Kayne Anderson Real Estate 62:32

Long medical, student, senior housing real estate

We are entering a decade-long super cycle for demographically driven real asset classes. Medical office, student housing, and senior living benefit from aging populations, limited new supply, and high barriers to entry, creating sustained demand for the next 20 years.