US and Saudi Arabia Strike Iran-Backed Sites as Oil Jumps | Horizons Middle East & Africa 7/29/2026

Watch on YouTube ↗  |  July 29, 2026 at 06:20  |  46:02  |  Bloomberg Markets
Speakers
Jeffrey Sexton — CEO, Demeter Tactical Investments
Jennifer Zabasajja — Chief Africa Correspondent, Bloomberg
Simon Trott — CEO, Rio Tinto
Danny Thomas — Seoul Bureau Editor, Bloomberg
Abeer Abu Omar — Reporter, Bloomberg London

Summary

The show covers renewed Middle East tensions after US-Saudi strikes on Iran-backed sites, sending oil prices higher, while a deepening semiconductor selloff led by SK Hynix's earnings miss and a $31B capex plan drags Asian markets lower. Jeffrey Sexton argues the AI bubble has burst and favors equal-weight US stocks over big AI spenders; Rio Tinto's CEO highlights strong demand from data centers for copper, aluminum, and lithium. Other items: Zambia kwacha strength, Standard Chartered and UBS earnings beats, and a critical Fed decision ahead.

  • US and Saudi Arabia conducted strikes on Iran-backed militants in Iraq; oil surges on escalation fears.
  • SK Hynix shares fall 11% after profit miss and $31B capex plan, dragging KOSPI to circuit breaker.
  • Jeffrey Sexton says equal-weight S&P is thriving while big AI spenders like Microsoft, Meta, Amazon get punished.
  • Jennifer Zabasajja reports Zambian kwacha up 18% YTD on copper prices and debt restructuring.
  • Rio Tinto CEO Simon Trott bullish on copper, aluminum, lithium demand from $1T data center buildout.
  • Standard Chartered and UBS beat earnings with share buybacks; financials outperform global equities.
  • Fed meeting expected to hold rates; debate on autumn hike tied to oil and midterms.
  • Big tech earnings from Microsoft, Meta, Alphabet, Apple in focus with investors scrutinizing AI capex.
Ideas
Jeffrey Sexton CEO, Demeter Tactical Investments 16:39
Equal-weight S&P thrives outside AI bubble.
The AI bubble has deflated, but the rest of the U.S. economy is healthy, with manufacturing, mining, and other sectors making money. The equal-weight index is performing well while big AI spenders are being punished for excessive capex.
RSP HIGH
Jeffrey Sexton CEO, Demeter Tactical Investments 17:29
Avoid big AI spenders due to capex.
Big tech companies that are heavy AI spenders face earnings risk as investors scrutinize capex instead of profit beats. SK Hynix's selloff is a warning; Microsoft, Meta, Alphabet, and Amazon will be punished if they overspend.
MSFT GOOGL META AMZN HIGH
Jennifer Zabasajja Chief Africa Correspondent, Bloomberg 35:42
Zambian kwacha rallies on copper and restructuring.
The Zambian kwacha has appreciated 18% year-to-date against the dollar, fueled by higher copper prices and successful debt restructuring under the president. Government bonds have returned 36% for investors, reinforcing the currency's strength and supporting the president's re-election bid.
ZMW/USD HIGH
Simon Trott CEO, Rio Tinto 42:12
Rio Tinto benefits from data center demand.
Rio Tinto is well positioned for strong demand driven by resilient Chinese manufacturing and a coming $1 trillion data center building boom. About 70% of a data center's raw material cost comes from materials Rio Tinto produces—aluminum, copper, lithium, and steel. Cost support from energy and supply-side constraints is also strong, making the outlook robust.
RIO COPPER Aluminum LITHIUM HIGH
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This Bloomberg Markets video, published July 29, 2026, features Jeffrey Sexton, Jennifer Zabasajja, Simon Trott discussing RSP, MSFT, GOOGL, META, AMZN, ZMW/USD, RIO, COPPER, Aluminum, LITHIUM. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Jeffrey Sexton, Jennifer Zabasajja, Simon Trott  · Tickers: RSP, MSFT, GOOGL, META, AMZN, ZMW/USD, RIO, COPPER, Aluminum, LITHIUM