Goldman CEO Slides Into Musk’s DMs, Iran Reviews Trump’s Latest Offer | The Opening Trade 5/21/2026

Watch on YouTube ↗  |  May 21, 2026 at 09:55  |  1:35:38  |  Bloomberg Markets
Speakers
Max — European equity and cross asset strategy head, Deutsche Bank Research
Mark Cudmore — Executive Editor, Bloomberg Live / Macro Strategist
Ben Barringer — Investment strategist and global head of technology research, Quilter Cheviot
Kenton Jarvis — CEO, EasyJet
Melanie Baker — Senior economist, Royal London Asset Management

Summary

The episode covers Nvidia's earnings beat with a lukewarm market reaction, the SpaceX IPO filing, and the ongoing Middle East conflict's impact on oil prices and European PMIs. Guests debate the US vs Europe equity allocation, the asymmetric risk in markets due to the Strait of Hormuz standoff, and the outlook for tech stocks and airlines. European futures declined despite a rally in Asian tech stocks.

  • Nvidia reported a beat but saw after-hours weakness; focus shifted to new reporting segments and the buyback.
  • SpaceX filed for a potentially record IPO, with Elon Musk retaining control and ambitious Mars targets.
  • European PMIs (France especially) slumped, raising stagflation concerns and pressuring the ECB's rate path.
  • EasyJet reported a loss and cautious summer bookings due to Middle East uncertainty and higher fuel costs.
  • Analysts favor overweight US vs Europe given growth and earnings divergence.
  • Short-term downside risks are highlighted for KOSPI and broader markets if Middle East talks fail.
  • Buying OTM put options on QQQ is suggested as a cheap hedge against a 5-10% pullback.
  • Oil prices remained elevated around $106/bbl amid the Strait of Hormuz blockade.
Trade Ideas
Mark Cudmore Executive Editor, Bloomberg Live / Macro Strategist 43:14
Short KOSPI short-term
The Korean stock market (KOSPI) has seen massive retail buying and is super volatile. Despite strong fundamentals and tailwinds from Nvidia and averted Samsung strike, I think Kospi has downside in the short term, with more correction to come.
EWY MED
Max European equity and cross asset strategy head, Deutsche Bank Research 51:40
Overweight US vs Europe equities
The US economy is growing much faster than Europe (GDP now 4% vs 0.5%) and earnings growth is significantly higher (25% vs 6%). Therefore, remain overweight US equities relative to Europe pending a re-acceleration in European H2 earnings and a potential peace deal.
Euro Stoxx 600 HIGH
Max European equity and cross asset strategy head, Deutsche Bank Research 51:40
Overweight US vs Europe equities
The US economy is growing much faster than Europe (GDP now 4% vs 0.5%) and earnings growth is significantly higher (25% vs 6%). Therefore, remain overweight US equities relative to Europe pending a re-acceleration in European H2 earnings and a potential peace deal.
SPY HIGH
Max European equity and cross asset strategy head, Deutsche Bank Research 55:00
Buy OTM puts on QQQ
With the market pricing a high probability of a diplomatic resolution in the Middle East, the asymmetric risk is to the downside. To protect against a short-term pullback of 5-10%, buy 10% out-of-the-money put options on QQQ (Nasdaq 100) as cheap insurance.
QQQ MED
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This Bloomberg Markets video, published May 21, 2026, features Mark Cudmore, Max discussing EWY, Euro Stoxx 600, SPY, QQQ. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Mark Cudmore, Max  · Tickers: EWY, Euro Stoxx 600, SPY, QQQ