Iran War: Trump Says No Talks Taking Place | The Pulse 8/19/2026

Watch on YouTube ↗  |  August 19, 2026 at 12:14  |  48:17  |  Bloomberg Markets
Speakers
Neil Campell — Senior Strategist, Bloomberg
Maximilian Uleer — Head of European Equity and Cross Asset Strategy, Deutsche Bank Research
Jacob Aarup-Andersen — CEO, Carlsberg
Oliver Crook — Chief European Correspondent, Bloomberg
Jill Disis — Reporter, Bloomberg
Matthew Bundy — Economist, Bloomberg Economics
Bruce Embley — Private Capital Partner, Clifford Chance
Charles Wells — Reporter, Bloomberg

Summary

Bloomberg's The Pulse covers a subdued European session as investors weigh global chip selloff, elevated bond yields and geopolitical uncertainty from the Iran war. Guests discuss resilience in European equities, Carlsberg's guidance upgrade and Europe's AI infrastructure gap. Oil prices remain supported by the Strait of Hormuz standoff while Canada tariffs are paused but not fully resolved.

  • European stocks are subdued as investors monitor the global chip selloff and higher bond yields.
  • Neil Campell highlights AI free cash flow concerns, KOSPI volatility and China's robotics leadership.
  • Maximilian Uleer stays positive on equities, citing strong Q2 earnings and demand-driven inflation.
  • Carlsberg narrowed its full-year outlook toward the upper end on strong soft-drink demand.
  • Strait of Hormuz risk and UAE-Iran tensions keep Brent crude elevated.
  • US tariffs on Canada were paused before taking effect, but no final deal is confirmed.
  • UK inflation rose as energy bills climbed, with the Bank of England expected to stay on hold.
  • Bruce Embley sees a return of big M&A while Oliver Crook says ASML is a critical European AI choke point.
Ideas
Neil Campell Senior Strategist, Bloomberg 0:47
Chip stocks face free cash flow risks.
Neil Campell argues the global chip selloff reflects concern that hyperscaler free cash flow has turned negative and AI firms are increasingly issuing debt at attractive yields for bond investors, giving global investors a bond-market alternative to equities and raising questions about the sustainability of AI equity returns and the race to become the AI champion.
SMH MED
Neil Campell Senior Strategist, Bloomberg 1:43
KOSPI volatility likely persists.
KOSPI volatility looks like the new normal because heavy retail participation and short-term foreign investment flows make the market volatile, while SK Hynix's large buyback is supported by current free cash flow but the memory industry has a history of volatile earnings and cash flow, so stability is uncertain.
EWY MED
Neil Campell Senior Strategist, Bloomberg 3:14
China leads humanoid robot production.
China is a fast adopter and global leader in robotics, with roughly 70% share of robots and 97% of humanoid robot production, up from 85-90% last year, making Chinese robotics a global leader and a Chinese industrial champion in the emerging humanoid AI theme.
ROBO HIGH
Maximilian Uleer Head of European Equity and Cross Asset Strategy, Deutsche Bank Research 8:31
Equities remain in positive trend.
Maximilian Uleer is not bearish on equities: volatility is low for this time of year, Q2 European sales and earnings are strong because companies passed on higher prices and protected margins, and demand-driven inflation remains supportive for equities as long as oil stays below $100. He expects more volatility from midterms, German regional elections, rates, inflation and AI headlines, but does not think it will derail the positive equity trend.
VGK HIGH
Jacob Aarup-Andersen CEO, Carlsberg 15:42
Carlsberg guidance trends upper end.
Carlsberg narrowed its full-year growth outlook toward the upper end of its range after a strong summer across key markets. Western Europe had a very solid summer, growth markets such as India and Nepal performed strongly, soft drinks now account for one third of the business, and the company is delivering higher-than-expected synergies, giving confidence in delivery.
CABGY HIGH
Oliver Crook Chief European Correspondent, Bloomberg 40:03
ASML is critical lithography choke point.
ASML is a crucial European choke point in AI chip manufacturing because it dominates the lithography machines that build chips. If ASML disappeared tomorrow it would be a problem for companies globally, a level of importance almost no other European company can match, while Europe would need massive spending to gain AI autonomy.
ASML HIGH
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This Bloomberg Markets video, published August 19, 2026, features Neil Campell, Maximilian Uleer, Jacob Aarup-Andersen, Oliver Crook discussing SMH, EWY, ROBO, VGK, CABGY, ASML. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Neil Campell, Maximilian Uleer, Jacob Aarup-Andersen, Oliver Crook  · Tickers: SMH, EWY, ROBO, VGK, CABGY, ASML