US & Iran Trade Attacks for 2nd Day, SK Hynix ADRs Oversubscribed | The Opening Trade 7/9/2026

Watch on YouTube ↗ | July 09, 2026 at 11:02 | 1:36:05 | Bloomberg Markets

Speakers

Trevor Greetham — Head of Macro, PGIM

Helen Jewell — International CIO for Fundamental Equities, BlackRock

Peter Kinsella — Head of Investment Services, Union Bank Privé

Anna Edwards — Anchor, Bloomberg TV (London)

Guy Johnson — Anchor, Bloomberg

Summary

The US struck Iran for a second day and Iran retaliated, raising fears of derailing peace talks. Hawkish Fed minutes showed some officials eyeing a June hike. SK Hynix's US listing is massively oversubscribed. Guests recommend commodities hedges, further oil upside, avoiding US equity overvaluation, shifting credit to European ABS and EM, leaning into AI, and buying healthcare and Latam for diversification. The dollar is favored on rate and growth divergence.

Second day of US strikes on Iran; Iran retaliates against Kuwait and Bahrain, threatening fragile ceasefire.
Fed minutes reveal hawkish tone with several members seeing a case for a June rate hike.
Oil prices steady after spiking above $80/bbl; traffic in Strait of Hormuz slows sharply.
SK Hynix US ADR offering is more than 7x oversubscribed, underscoring strong demand for Korean memory chips.
Trevor Greetham advocates commodities as geopolitical hedge, sees more oil upside, and urges avoiding US equities and shifting credit from US high yield to European ABS and EM corporates.
Helen Jewell (BlackRock) recommends overweighting AI infrastructure for multi-year tailwind, plus healthcare and Latin America equities for diversification and value.
Peter Kinsella (Union Bank privé) is decisively long the US dollar on wide rate and growth differentials versus Europe.
AstraZeneca shares drop sharply after a gene silencer drug trial fails to meet primary endpoint, dragging UK FTSE 100 lower.

Ideas

Trevor Greetham Head of Macro, PGIM 13:45

Commodities hedge geopolitics and inflation.

Holding commodities provides portfolio diversification and stability against geopolitical risks and inflation shocks, as commodities react positively to events like the renewed Middle East conflict.

Trevor Greetham Head of Macro, PGIM 15:52

Avoid US equities on bubble fears.

US equities are overvalued and reminiscent of a bubble driven by the AI boom; he has less in US equities than market weight and advocates diversifying away.

Trevor Greetham Head of Macro, PGIM 16:01

Shift from US HY to European ABS, EM bonds.

Diversifying credit exposure away from US high yield towards European asset-backed securities and emerging market corporate bonds for better valuation and risk-reward.

Trevor Greetham Head of Macro, PGIM 16:01

Shift from US HY to European ABS, EM bonds.

Diversifying credit exposure away from US high yield towards European asset-backed securities and emerging market corporate bonds for better valuation and risk-reward.

Trevor Greetham Head of Macro, PGIM 19:44

Oil prices likely to rise further.

Despite the oil price having already risen above $80, ongoing Middle East tensions and supply concerns mean oil may not have peaked yet and could push higher.

Peter Kinsella Head of Investment Services, Union Bank Privé 32:34

Long dollar on rate and growth advantage.

Front-end US rate expectations have repriced to a hike this year, US economic data is robust while Europe is weak, and the dollar benefits from carry and haven demand, making it the favored currency.

Anna Edwards Anchor, Bloomberg TV (London) 34:15

Watch Spanish stocks on US trade threats.

President Trump threatened a trade embargo against Spain, creating uncertainty; the situation warrants monitoring Spanish stocks for potential downside from trade disruptions.

Helen Jewell International CIO for Fundamental Equities, BlackRock 52:33

Overweight healthcare for diversification, value.

Healthcare sector has near-zero correlation to AI, is trading at a discount to its historical premium, and offers compelling risk-reward with demographic support, making it a strong diversification play.

Helen Jewell International CIO for Fundamental Equities, BlackRock 53:37

Overweight AI infrastructure for years ahead.

The next few years will see massive AI capital expenditure, providing a clear multi-year tailwind; investors should lean into the AI theme and its secondary beneficiaries.

Helen Jewell International CIO for Fundamental Equities, BlackRock 58:27

Latam equities undervalued vs GDP share.

Latin America's MSCI equity weight of about 0.78% is far below its 7-8% share of global GDP, indicating significant undervaluation and a growth opportunity with limited downside risk.

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This Bloomberg Markets video, published July 09, 2026, features Trevor Greetham, Peter Kinsella, Anna Edwards, Helen Jewell discussing DBC, SPY, US High Yield Corporate Bonds, European Asset-Backed Securities, EMCB, BNO, US Dollar Index (DXY), IBEX, XLV, AI, ILF. 10 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Trevor Greetham, Peter Kinsella, Anna Edwards, Helen Jewell · Tickers: DBC, SPY, US High Yield Corporate Bonds, European Asset-Backed Securities, EMCB, BNO, US Dollar Index (DXY), IBEX, XLV, AI, ILF