Bloomberg Surveillance 5/5/2026

Смотреть на YouTube ↗ | 05 мая 2026, 15:12 | 2:24:23 | Bloomberg Markets

Спикеры

Jorge

Tracie McMillion — Директор по инвестициям, Wells Fargo

Jordan Jackson — Глобальный рыночный стратег, J.P. Morgan Asset Management

Geoffrey Yu — Старший стратег, BNY Mellon

Janno Lieber — Председатель и генеральный директор, Metropolitan Transportation Authority (MTA)

The episode covers the fragile US-Iran ceasefire and its impact on oil prices, rising bond yields, strong earnings season, Fed policy dilemma, AI investment boom, and private credit trends. Guests provide analysis on oil demand destruction, equity positioning, and fixed income strategies. Key themes include the risk of prolonged conflict driving oil higher and the tension between strong earnings and inflation concerns. - The US-Iran ceasefire remains fragile after fresh clashes in the Persian Gulf, with oil prices elevated above $100. - Bond yields hit new highs for the year, with the 30-year above 5% for the first time since July. - Earnings season has been strong, with S&P 500 EPS surprises at the highest in four years, but oil risks threaten the outlook. - The Fed faces a dilemma: inflation expectations are rising due to oil, but cutting rates could unanchor expectations. - AI investment spending is accelerating, with hyperscalers seeing strong returns, but near-term capex is inflationary. - Private credit fundraising remains robust despite some redemptions, with institutional investors viewing entry points favorably. - Japan intervened in FX to stem yen weakness, but the trend remains pressured by dovish BOJ policy. - The Treasury quarterly refunding announcement is expected to show higher borrowing needs, adding to bond market supply concerns.

Идеи

Geoffrey Yu Старший стратег, BNY Mellon 10:37

Buy longer-dated European government bonds.

Buying longer-dated European government bonds is favorable as long as a policy mistake by the ECB does not trigger fiscal contagion. European bonds look attractive given less fiscal risk than during the euro crisis and potential for joint issuance.

Jorge 33:13

Oil could rise $80 per barrel.

If the conflict becomes protracted and there is no de-escalation, oil prices could increase by about $80 per barrel during summer, leading to recession in Europe and parts of Asia. Demand destruction is already starting, and supply disruption from the Strait of Hormuz closure is severe.

Tracie McMillion Директор по инвестициям, Wells Fargo 56:50

Buy US intermediate investment grade bonds.

We are buying US intermediate (3-7 year) investment grade bonds. The longer end faces pressure from higher rates, and we are paring long bonds and rotating into equities on weakness. Intermediate IG offers a good yield without excessive duration risk.

Tracie McMillion Директор по инвестициям, Wells Fargo 58:13

Buy financials on steep yield curve.

We are buyers of financials in developed market equities. The steepening yield curve, deregulation, and expected re-acceleration in M&A will help margins and investment banking revenues.

Jordan Jackson Глобальный рыночный стратег, J.P. Morgan Asset Management 100:19

Expect oil prices to reprice higher.

Oil prices should reprice higher because observable inventories are being drawn down over the next 5-6 weeks, eroding the oversupply buffer. This creates risk of higher oil prices, which adds pressure on equities and bonds.

Jordan Jackson Глобальный рыночный стратег, J.P. Morgan Asset Management 102:48

Barbell: short paper and intermediate bonds.

For fixed income, a barbell approach: 60% in 1-year paper (short term Treasury bills) and 40% in intermediate core high-quality fixed income. This provides yields while hedging against demand destruction if oil stays elevated.