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Trump Says US-Iran Ceasefire Is ‘Over’ After Strikes | The Pulse 7/8/2026

Watch on YouTube ↗  |  July 08, 2026 at 10:36  |  53:32  |  Bloomberg Markets
Speakers
Mike Bell — Market Strategy Head, RBC BlueBay

Summary

President Trump declared the US-Iran ceasefire over, sending oil prices surging over 5%. Mike Bell of RBC BlueBay discussed persistent inflation volatility and advocated long U.S. inflation breakevens, while recommending diversification away from overvalued semiconductor stocks into China equities and emerging market debt. Geopolitical tensions also centered on Trump's threats to cut trade with Spain and doubts over NATO's Article Five commitment, which Ionela Ciolan warned could embolden Russia.

  • Trump says ceasefire with Iran is dead, calls Iranians scum; oil jumps 5%+
  • Trump threatens to cut all trade with Spain over NATO spending, risking EU trade deal
  • Mike Bell holds long U.S. inflation breakevens driven by AI chip price inflation and oil risk
  • Bell warns of massive valuation discrepancies in smaller semiconductor stocks vs megacaps
  • Bell suggests rotating into China equities and emerging market debt for diversification
  • Ionela Ciolan says NATO credibility at risk if Article Five not reaffirmed, Russia may test alliance
  • Host notes sharp front-end European curve moves and equity sell-off amid geopolitical tensions
Ideas
Mike Bell Market Strategy Head, RBC BlueBay 27:44
Long U.S. inflation breakevens
They hold long U.S. inflation breakevens because AI is driving up chip prices and feeding into inflation, and now the oil risk adds further inflation pressure; central banks may stay on hold longer, making breakevens an attractive hedge against supply-shock driven inflation.
U.S. Inflation Breakevens MED
Mike Bell Market Strategy Head, RBC BlueBay 33:22
Buy China equities for diversification
As a way to diversify away from the overvalued and speculative semiconductor trade, look at some of the Chinese equity names within emerging markets.
FXI LOW
Mike Bell Market Strategy Head, RBC BlueBay 33:30
Buy emerging market debt
For those wanting exposure to emerging markets, emerging market debt is also attractive as a diversification away from concentrated tech exposure; previously they profited from long EM commodity exporter debt versus importers.
EMB LOW
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This Bloomberg Markets video, published July 08, 2026, features Mike Bell discussing U.S. Inflation Breakevens, FXI, EMB. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Mike Bell  · Tickers: U.S. Inflation Breakevens, FXI, EMB