Anthropic Releases New Mythos-Like Model Ahead of IPO | The Opening Trade 6/10/2026

Watch on YouTube ↗  |  June 10, 2026 at 09:30  |  1:36:09  |  Bloomberg Markets
Speakers
Emma Moriarty — Portfolio Manager, CG Asset Management
Mark Kavanaugh — Executive Editor, Bloomberg Markets Live
Marina Zavolock — Chief European Equity Strategist, Morgan Stanley
James Reynolds — Co-Head of Private Credit, Goldman Sachs Asset Management
Skyler Montgomery Koning — Macro Strategist
Henry Ren — Equities Reporter, Bloomberg
Scott Kleinman — Co-President, Apollo
Alan Wong — China Economy Editor, Bloomberg

Summary

Bloomberg's Opening Trade on June 10, 2026, covers markets ahead of US CPI, with oil reacting to US-Iran strikes. Guests present investment views: Emma Moriarty sees a Fed-induced yield curve steepener, Mark Kavanaugh warns of an AI bubble end-game, Marina Zavolock favors European semis/miners/banks and avoids retail, James Reynolds points to attractive BDC yields, and Henry Ren outlines a SpaceX IPO arbitrage. Skyler Montgomery is positive on the dollar and avoids European equities.

  • European stocks modestly higher ahead of US CPI; US futures lower on tech profit-taking.
  • US strikes on Iran and fragile ceasefire keep oil volatile near $91.
  • China sees producer prices jump on AI and energy while consumer inflation stalls, squeezing margins.
  • Emma Moriarty expects Fed hiking too slowly, steepening the US yield curve.
  • Mark Kavanaugh says AI bubble is in its end-game phase with increased volatility.
  • Marina Zavolock bullish on European semiconductors, mining, and banks; avoids retail and real estate.
  • James Reynolds notes US BDC yields up 20%, creating attractive private credit entry.
  • Henry Ren highlights upward price pressure on SpaceX IPO from passive fund buying, with opposite effect on other stocks.
Ideas
Emma Moriarty Portfolio Manager, CG Asset Management 29:01
Fed behind pushes curve steepening.
The Fed will be too slow to hike rates enough to control inflation, causing term premium to rise and the US yield curve to steepen as the economy remains strong and the labor market tight.
US 10Y-2Y yield spread MED
Mark Kavanaugh Executive Editor, Bloomberg Markets Live 39:16
AI bubble end-game, sell Nasdaq.
The AI bubble is entering its problematic end-game phase, marked by increased volatility and profit-taking; historically such phases precede significant corrections in tech stocks.
QQQ MED
Marina Zavolock Chief European Equity Strategist, Morgan Stanley 51:36
Buy European AI semiconductors on dip.
Within Europe, the AI complex (especially semiconductors and capital goods) has outstanding fundamentals and is set to broaden; she would double down on the dip, with semis as the top pick and capital goods recently upgraded.
European Semiconductor Index HIGH
Marina Zavolock Chief European Equity Strategist, Morgan Stanley 51:52
Buy European miners on AI demand.
European mining stocks should be bought on this dip, supported by supply constraints, inventory building in China and the US, and AI-linked demand (copper demand growth one-third AI-driven).
EU MED
Marina Zavolock Chief European Equity Strategist, Morgan Stanley 53:50
Long European banks, AI and rates.
European banks are a top pick because they are first in line to see ROI benefits from AI, and they also benefit from higher yields and steeper curves, making them very bullish.
FEUP MED
Marina Zavolock Chief European Equity Strategist, Morgan Stanley 54:45
European stocks rally on peace deal.
European equities are set to underperform US equities because the growth outlook is negative due to dependence on imported energy, and demand destruction is likely as inflation persists; even if the AI bubble bursts, Europe underperformed in dot-com.
STOXX Europe 600 MED
Marina Zavolock Chief European Equity Strategist, Morgan Stanley 56:18
Avoid European retail and real estate.
European discretionary retail and real estate should be avoided due to deteriorating macro indicators, ECB rate hikes, and weak consumer demand, making it a tough environment.
EXSG STOXX Europe 600 Real Estate MED
Henry Ren Equities Reporter, Bloomberg 65:29
Buy SpaceX IPO, short index rebalance.
Due to fast-track index inclusion, passive funds will need to buy about 30% of SpaceX's float in 15 trading days, creating self-reinforcing upward price pressure on SpaceX and downward pressure on other stocks as index funds rebalance.
SPCX MED
Henry Ren Equities Reporter, Bloomberg 65:29
Buy SpaceX IPO, short index rebalance.
Due to fast-track index inclusion, passive funds will need to buy about 30% of SpaceX's float in 15 trading days, creating self-reinforcing upward price pressure on SpaceX and downward pressure on other stocks as index funds rebalance.
SPY MED
James Reynolds Co-Head of Private Credit, Goldman Sachs Asset Management 79:40
US BDC yields up 20%, attractive.
With the BDC industry on pause and less capital available for deployment, yields in US direct lending have increased 20% over the past 3-6 months, creating an attractive environment to lean into private credit.
BIZD MED
Skyler Montgomery Koning Macro Strategist 94:47
US dollar to strengthen further.
The US dollar outlook is very positive in the next few months, supported by AI boosting US growth, inflation becoming more persistent, higher yields, and expectations of outperformance.
DXY MED
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This Bloomberg Markets video, published June 10, 2026, features Emma Moriarty, Mark Kavanaugh, Marina Zavolock, Henry Ren, James Reynolds, Skyler Montgomery Koning discussing US 10Y-2Y yield spread, QQQ, European Semiconductor Index, EU, FEUP, STOXX Europe 600, EXSG, STOXX Europe 600 Real Estate, SPCX, SPY, BIZD, DXY. 11 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Emma Moriarty, Mark Kavanaugh, Marina Zavolock, Henry Ren, James Reynolds, Skyler Montgomery Koning  · Tickers: US 10Y-2Y yield spread, QQQ, European Semiconductor Index, EU, FEUP, STOXX Europe 600, EXSG, STOXX Europe 600 Real Estate, SPCX, SPY, BIZD, DXY