Warsh Speech from Jackson Hole on Deck | Opening Trade 8/28/2026

Watch on YouTube ↗ | August 28, 2026 at 09:30 | 1:35:26 | Bloomberg Markets

Speakers

Freya Beamish — Chief Economist, GlobalData TS Lombard

Amy Gower — Metals & Mining Commodities Strategist, Morgan Stanley

Adam Linton — Markets Live Strategist, Bloomberg

Paul Jackson — Head of Crypto, Blockworks

Neil Campling — Tech/TMT Analyst

Antonio Barroso — Europe Senior Economic Analyst, Bloomberg Economics

Ashwini Anburajan — CEO, Obi

Summary

The opening trade focuses on the highly anticipated Jackson Hole speech by Fed Chair Kevin Warsh, with markets looking for clarity on his inflation strategy and the potential for further rate hikes. Nvidia's massive earnings beat and long-term guidance continue to drive the AI trade, while European markets digest mixed economic data and political uncertainty in France. Meanwhile, oil flows through the Strait of Hormuz show signs of recovery, easing some geopolitical supply fears.

Markets await Fed Chair Kevin Warsh's Jackson Hole address for clues on inflation policy and rate hikes.
Nvidia adds over $400 billion in market value following strong, supply-constrained long-term revenue guidance.
European equities show resilience, though risks loom from rising natural gas prices and French fiscal deficits.
Gold faces potential headwinds if the Federal Reserve is forced to hike rates further than expected.
Oil flows through the Strait of Hormuz recover to two-thirds of pre-war levels, limiting the impact on global crude supplies.
Chinese automakers capture 11% of the European market, driven by strong consumer demand for plug-in hybrids.

Ideas

Freya Beamish Chief Economist, GlobalData TS Lombard 20:25

Avoid the US dollar if yields battle.

The US labor market is expected to re-accelerate, driving up unit labor costs and core inflation, which will force the Federal Reserve to hike rates more than the market currently expects. If this dynamic leads to a battle at the long end of the yield curve, investors should avoid being long the US dollar.

Amy Gower Metals & Mining Commodities Strategist, Morgan Stanley 27:14

Fed rate hikes would trigger ETF selling.

Gold's recent rally has been driven by physical demand, central bank buying, and stress in the long-end bond market. However, if the Federal Reserve is forced to hike rates further, it would be challenging for gold because exchange-traded funds (ETFs) are highly sensitive to rates and would likely begin selling.

Amy Gower Metals & Mining Commodities Strategist, Morgan Stanley 29:20

Copper is vulnerable to AI trade pullbacks.

Copper remains highly correlated with tech stocks and the broader AI trade, as AI infrastructure is a critical driver of marginal demand. If the tech sector or AI theme experiences a pullback, copper prices would be highly vulnerable to a decline.

Adam Linton Markets Live Strategist, Bloomberg 35:34

European stocks face downside from high expectations.

While European macroeconomic data has shown resilience, risks are tilting lower due to rising natural gas prices, low inventories, a diesel supply crunch, and political risks. Given that earnings expectations have been revised higher, any economic fragility could lead to significant downside disappointment for European equities.

Adam Linton Markets Live Strategist, Bloomberg 36:38

French assets will underperform amid fiscal uncertainty.

French assets are expected to continue underperforming due to a lack of political consensus on a fiscal path forward to address the country's deficit, which is contributing to a widening of the French-German yield spread.

Paul Jackson Head of Crypto, Blockworks 56:14

US long-end yields will normalize 50bps higher.

US long-end yields, such as the 30-year Treasury, are expected to grind higher by potentially another 50 basis points. This is a healthy normalization process away from the abnormally low yields of the quantitative easing era, supported by nominal GDP growth.

Neil Campling Tech/TMT Analyst 64:04

Supply-constrained guidance implies massive underlying AI demand.

Nvidia's longer-term guidance of 70% revenue growth for fiscal 2028 is highly encouraging and indicates that the company is currently supply-constrained; if growth were purely demand-driven, it could reach 100%. Management also successfully addressed concerns regarding circular financing.

Neil Campling Tech/TMT Analyst 66:48

Court ruling clears path for Anthropic IPO.

A US court ruling that lifted the government ban on Anthropic removes a significant regulatory roadblock, clearing the path for the AI company's highly anticipated IPO and signaling that the AI sector may avoid stifling overregulation.

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This Bloomberg Markets video, published August 28, 2026, features Freya Beamish, Amy Gower, Adam Linton, Paul Jackson, Neil Campling discussing USD, GLD, COPPER, VGK, French assets, TLT, NVDA, ANTHROPIC. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Freya Beamish, Amy Gower, Adam Linton, Paul Jackson, Neil Campling · Tickers: USD, GLD, COPPER, VGK, French assets, TLT, NVDA, ANTHROPIC