Iran War: Stocks Fall as Oil Climbs With Talks in Limbo | The Opening Trade 4/23/2026

Watch on YouTube ↗  |  April 23, 2026 at 11:08  |  1:35:38  |  Bloomberg Markets
Speakers
Trevor Greetham — Head of Macro, PGIM
Matt Bloxham — Head of Research, The Block
Stephen Kaczynski — Asia Energy Team Leader, Bloomberg
Micael Johansson — CEO of Saab
Sharon Bell — Goldman Sachs

Summary

The video covers market divergence between US tech rallies and European weakness amid the Iran war and Strait of Hormuz blockade pushing Brent above $100. Earnings season shows strong semiconductor demand but European growth concerns, with PMI data showing services contraction in Germany and France. Key interviews include Trevor Greetham on commodities as inflation hedges, Roche's CEO bullish on a new breast cancer drug, and Saab's CEO on strong defense demand.

  • S&P 500 hits record high while European stocks decline, driven by tech rally versus energy concerns.
  • Brent crude stays above $100 as US-Iran standoff closes Strait of Hormuz.
  • Semiconductor demand remains robust, with supply constraints seen lasting 2-3 years.
  • Roche CEO expresses confidence in new breast cancer drug, sees blockbuster potential.
  • Saab CEO reports strong defense demand, expanding production capacity.
  • European PMI data shows services contraction in Germany and France, manufacturing holding.
  • EU leaders meet in Cyprus to address energy crisis and approve €90B loan to Ukraine.
  • Tesla plans $25B+ spending pivot towards AI and robotics.
Trade Ideas
Trevor Greetham Head of Macro, PGIM 19:31
Commodities hedge geopolitical inflation shocks.
Commodities provide resilience to geopolitical shocks and unexpected inflation, and should be included in multi-asset portfolios as a hedge against spike inflation. The current geopolitical environment increases the value of this hedge, and while prices may come down with peace, the structural need for inflation protection remains.
DBC MED
Thomas Schinecker 29:50
Roche breast cancer drug is blockbuster.
Roche's new breast cancer drug (Giredestrant or similar) has blockbuster potential because it targets hormone receptor positive breast cancer (70% of patients), reduces risk of death/recurrence by over 30%, is well-tolerated, and is the first new hormone treatment in over 20 years. The market overreacted to trial data, and the drug will be one of Roche's biggest medicines.
RHHBY HIGH
Matt Bloxham Head of Research, The Block 36:00
Chip demand outpaces supply for years.
Demand for semiconductors, especially for data centers and AI, continues to exceed supply, and this trend will persist for the next 2 to 3 years, supporting strong pricing and profit growth for chip companies.
SMH HIGH
Micael Johansson CEO of Saab 66:13
Saab benefits from defense spending boom.
Defence demand remains strong, with intensive customer discussions across Europe and the Middle East. Saab is investing heavily in production capacity, including new factory lines in Sweden, and has a large order backlog. The company is seeing organic growth and favorable market conditions for the foreseeable future.
SAABY HIGH
Stephen Kaczynski Asia Energy Team Leader, Bloomberg 81:34
Oil could spike to $120 on escalation.
If the US-Iran conflict escalates further to include attacks on oil infrastructure beyond the Strait of Hormuz blockade, Brent crude could rise back to the $120 level seen last month. The standoff is currently at a standstill, but any escalation would spike oil prices.
BNO MED
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This Bloomberg Markets video, published April 23, 2026, features Trevor Greetham, Thomas Schinecker, Matt Bloxham, Micael Johansson, Stephen Kaczynski discussing DBC, RHHBY, SMH, SAABY, BNO. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Trevor Greetham, Thomas Schinecker, Matt Bloxham, Micael Johansson, Stephen Kaczynski  · Tickers: DBC, RHHBY, SMH, SAABY, BNO