Oil Tops $100 on Supply Fears, Apple Faces a Big Test

Watch on YouTube ↗ | September 09, 2026 at 17:35 | 1:27:13 | Bloomberg Markets

Speakers

Alex

Ed Ludlow — Co-Host, Bloomberg Technology

Emily Green — Head of Wealth Management, Ellevest

Mark Gurman — Chief Correspondent, Bloomberg News

Anwiti Bahuguna — Global Co-Chief Investment Officer, Northern Trust Asset Management

Lotfi Karoui — Multi-Asset Credit Strategist, PIMCO

Marcelo Bacci — CFO, Vale SA

Bailey Lipschultz — Reporter, Bloomberg

Jacob Coxon — Former OpenAI and Anthropic Researcher

Michael Ball — Former NY Fed / Market Commentator

Michael McKee — International Economics & Policy Correspondent, Bloomberg

Summary

Bloomberg Open Interest covers global markets with oil above $100, Apple's foldable iPhone event, Treasury buybacks and Bessent's yen comments, and AI IPO/credit themes. Guests discuss resilient iron ore and copper at Vale, PIMCO's credit and duration views, and Northern Trust's equity-over-fixed-income stance. Key market implications include supply-driven oil strength, high Apple expectations, and AI-related debt and credit stress.

Brent crude tops $100 on Middle East supply fears and tightening fuel markets.
Treasury buyback announcement and Bessent's yen intervention comments create fixed-income uncertainty.
Apple launches its first foldable iPhone under new CEO John Ternus with shares up 15% since June.
Ellevest's Emily Green sees Alphabet as lower-risk AI exposure than the Anthropic IPO.
Northern Trust favors equities over fixed income amid better growth.
PIMCO's Lofti Karoui flags CCC credit weakness and still likes duration, especially Australia.
Vale CFO sees resilient iron ore demand and stronger copper demand.
AI safety warnings surface as Anthropic and OpenAI IPO expectations build.

Ideas

Alex 5:31

Oil supply fears keep prices elevated.

Oil markets are tightening again: Middle East conflict is keeping Hormuz flows below prewar levels, Chinese crude buying has picked up, inventories are lower, emergency reserve releases are slowing, and diesel/gasoline prices are surging; Brent has pushed above $100, though additional buying from here is tricky because prices are already elevated.

Ed Ludlow Co-Host, Bloomberg Technology 8:21

Apple event high stakes, valuation priced in.

Apple's first foldable iPhone is meaningful financially because the $2,000-$3,000 price means it does not need volume to impact growth, but the stock's 15% rally since June and 33x forward earnings mean the optimism is largely priced in; execution on the foldable iPhone is the key stock driver going forward.

Emily Green Head of Wealth Management, Ellevest 25:23

Alphabet offers safer AI exposure than Anthropic.

The AI trade has widened out, so investors no longer need pre-IPO Anthropic exposure; Alphabet has more business lines and is less risky than Anthropic while still offering AI exposure, making it a better risk/return way to participate.

Anwiti Bahuguna Global Co-Chief Investment Officer, Northern Trust Asset Management 51:00

Equities favored over fixed income.

Northern Trust favors equities over fixed income because higher yields are reflecting better global growth that the economy and markets can withstand, and S&P 500 earnings are up 28% year-to-date; they remain constructively long equities in a bull market while mindful of risks.

Lotfi Karoui Multi-Asset Credit Strategist, PIMCO 59:58

CCC bucket vulnerable to refinancing stress.

The low end of credit quality is the fragile spot: the CCC bucket has been steadily underperforming since late April because high energy prices and higher yields are making investors question the ability of the weakest companies to refinance, even as aggregate leveraged finance looks healthy.

Lotfi Karoui Multi-Asset Credit Strategist, PIMCO 64:43

Australian and U.S. duration still diversify.

Monetary and fiscal policies are less synchronized, making global duration more interesting; he likes Australian duration, and pushes back on the idea that U.S. duration has lost its diversification value because it will still provide protection and income in downturns.

Marcelo Bacci CFO, Vale SA 66:03

Iron ore demand resilient, market balanced.

Iron ore is a resilient commodity with stable demand: Chinese infrastructure, industrial production and exports are offsetting property weakness, global supply and demand are balanced, and prices are stable in the $90-$105 range with low volatility; longer-term decarbonization favors higher-grade products.

Marcelo Bacci CFO, Vale SA 66:26

Copper demand growth supported by electrification.

Copper is at a different stage with much stronger demand growth from electrification and infrastructure for technology; Vale is directing most growth investment to copper and intends to double production over the next 10 years.

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This Bloomberg Markets video, published September 09, 2026, features Alex, Ed Ludlow, Emily Green, Anwiti Bahuguna, Lotfi Karoui, Marcelo Bacci discussing BNO, AAPL, GOOG, SPY, CCC-rated high yield, Australian government bonds, TLT, Iron Ore, COPPER. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Alex, Ed Ludlow, Emily Green, Anwiti Bahuguna, Lotfi Karoui, Marcelo Bacci · Tickers: BNO, AAPL, GOOG, SPY, CCC-rated high yield, Australian government bonds, TLT, Iron Ore, COPPER