Caution Builds Ahead of Big Tech Earnings | The Opening Trade 7/22/2026

Watch on YouTube ↗  |  July 22, 2026 at 10:44  |  1:35:00  |  Bloomberg Markets
Speakers
Greg Poux-Guillaume — CEO, AkzoNobel
José García Cantera — Head of Digital, BBVA
Tim Martin — Chairman of JD Wetherspoon
Rufaro Chiriseri — Head of Content, CryptoSlate
Paul Wallace — Team Leader/Senior Editor, Bloomberg
Adam Linton — Markets Live Strategist, Bloomberg
Chloe — Bloomberg Anchor/Reporter
Brooks Macdonald — CIO at Brooks Macdonald

Summary

The Opening Trade on July 22, 2026, covers market caution ahead of Alphabet earnings, with oil surging past $92 on Middle East tensions. Guests include AkzoNobel CEO affirming pricing power, Santander CFO upbeat on customer growth and shareholder returns, and RBC's fixed income head favoring UK gilts and Spain/Portugal bonds over France. JD Wetherspoon warns on profits.

  • Global markets cautious ahead of Alphabet earnings; Nasdaq futures lower.
  • Oil prices spike above $94 as Iran tensions escalate and Trump downplays talks.
  • AkzoNobel CEO says sustainable pricing power offsets raw material cost inflation.
  • Santander CFO reports strong customer adds, on track to beat targets, raising cash returns.
  • JD Wetherspoon chairman warns full-year profits will miss expectations.
  • RBC strategist expects BOE to hold rates, making UK gilts attractive; Spain/Portugal bonds favored over France.
  • Trump threatens 100% tariff on generic drug imports, pressuring European pharma stocks.
Ideas
Greg Poux-Guillaume CEO, AkzoNobel 13:28
Pricing power offsets cost inflation.
AkzoNobel has sustainable pricing power, enabling it to pass through raw material cost increases in the mid-teens, with organic sales growing and the overall world remaining resilient.
AkzoNobel MED
José García Cantera Head of Digital, BBVA 25:11
Strong customer growth, higher returns.
Santander is accelerating customer acquisition, adding 8 million customers in four months, on track to meet or beat its three-year plan targets, and increasing shareholder cash returns from 20% to 35% of profits with excess capital above 13% to be distributed.
SAN HIGH
Tim Martin Chairman of JD Wetherspoon 43:52
Profit warning below expectations.
Full-year profits will fall below expectations due to cost inflation, energy prices, and lower demand than hoped for.
JD Wetherspoon MED
Rufaro Chiriseri Head of Content, CryptoSlate 78:08
BOE hold makes UK gilts attractive.
The Bank of England will keep rates on prolonged hold because labour markets are weakening and wage data is easing, making market pricing of 40 basis points of rate hikes overdone; this makes UK gilts attractive.
UK 10-Year Gilt HIGH
Rufaro Chiriseri Head of Content, CryptoSlate 82:48
Long Spain/Portugal, avoid France bonds.
Political uncertainty makes French bonds unattractive, while Spain and Portugal offer less risk and more attractive valuations; therefore underweight France, overweight Spain and Portugal.
IBGL Portugal Government Bonds MED
Rufaro Chiriseri Head of Content, CryptoSlate 82:48
Long Spain/Portugal, avoid France bonds.
Political uncertainty makes French bonds unattractive, while Spain and Portugal offer less risk and more attractive valuations; therefore underweight France, overweight Spain and Portugal.
France Government Bonds MED
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This Bloomberg Markets video, published July 22, 2026, features Greg Poux-Guillaume, José García Cantera, Tim Martin, Rufaro Chiriseri discussing AkzoNobel, SAN, JD Wetherspoon, UK 10-Year Gilt, IBGL, Portugal Government Bonds, France Government Bonds. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Greg Poux-Guillaume, José García Cantera, Tim Martin, Rufaro Chiriseri  · Tickers: AkzoNobel, SAN, JD Wetherspoon, UK 10-Year Gilt, IBGL, Portugal Government Bonds, France Government Bonds