Bloomberg Surveillance 4/13/2026

Watch on YouTube ↗  |  April 13, 2026 at 18:30  |  2:24:14  |  Bloomberg Markets
Speakers

Summary

The video discusses the US blockade of the Strait of Hormuz following failed peace talks with Iran, and its implications for oil prices, inflation, and financial markets. Earnings season begins with mixed results from Goldman Sachs, while analysts express bullish views on equities despite geopolitical tensions. The conversation also covers risks in private credit and the outlook for Fed policy.

  • US announces blockade of Strait of Hormuz, escalating tensions with Iran.
  • Oil prices surge over 7% amid supply concerns, but equity markets show resilience.
  • Goldman Sachs reports record equity trading revenue but misses on FICC, stock falls.
  • BlackRock and UBS analysts are bullish on US and EM equities, citing earnings growth.
  • Concerns about stickier inflation and potential yield curve steepening are discussed.
  • Private credit is flagged as a potential source of market dislocation.
  • Upcoming earnings from major banks and economic data are in focus.
  • Fed rate cut expectations fade as energy prices drive inflation higher.
Trade Ideas
Harvey (Bloomberg Opinion) 28:53
Oil paper market may rise to match physical.
The physical oil market is trading at a significant premium to the paper market, with physical barrels changing hands at $125-$150 while paper market is around $100. Given the US blockade of the Strait of Hormuz and ongoing supply disruptions, the paper market could catch up to physical prices, implying higher oil prices.
USO MED
John (BlackRock) 54:00
Upgrading EM equities, especially India.
EM equities are attractive due to a softer dollar and relative insulation from the Middle East shock. Within EM, India is particularly well positioned at the junction of mega forces like digital finance and geopolitical trends, and is expected to outperform.
EEM INDA HIGH
John (BlackRock) 54:00
Upgrading US equities due to earnings and de-escalation.
The ceasefire and talks between US and Iran show economic incentives for de-escalation, which reduces tail risks. With earnings season starting, the earnings story becomes key, and US equities are upgraded to overweight due to relative attractiveness and earnings resilience.
SPY HIGH
Steve (Mizuho) 129:28
Yield curve to steepen on sticky inflation.
Inflation is likely to be stickier than expected, and the market hasn't priced in rate hikes. The yield curve will steepen as long-term rates rise more than short-term rates, driven by higher inflation expectations and strong demand.
TLT MED
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This Bloomberg Markets video, published April 13, 2026, features Harvey (Bloomberg Opinion), John (BlackRock), Steve (Mizuho) discussing USO, EEM, INDA, SPY, TLT. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Harvey (Bloomberg Opinion), John (BlackRock), Steve (Mizuho)  · Tickers: USO, EEM, INDA, SPY, TLT