Trump Holds Back on Iran; European Military In Greenland | Horizons Middle East & Africa 1/15/2025

Watch on YouTube ↗  |  January 15, 2026 at 07:52  |  45:28  |  Bloomberg Markets
Speakers
Joumanna Bercetche — Anchor, Bloomberg
Ed Al-Hussainy — Portfolio Manager, Total Return Bond
Daniel Chapo — President of Mozambique
Mike McGlone — Senior Commodity Strategist, Bloomberg Intelligence
Alison Williams — Senior Financials Analyst, Bloomberg Intelligence
Winnie Hsu — Bloomberg Reporter (Asia Markets)

Summary

Markets reacted to President Trump signaling he may hold off on attacking Iran, with oil and safe-haven metals slumping. Ed Al-Hussainy favored long-dated US Treasuries, while Mike McGlone was bearish oil near-term but bullish gold and silver long-term. TSMC beat estimates, bank earnings were strong but clouded by White House credit-card cap talk, and Mozambique outlined an IMF-first debt strategy.

  • Trump signals he may hold off on attacking Iran for now, easing geopolitical risk premium.
  • Oil, gold, and silver fall as safe-haven trades unwind.
  • Ed Al-Hussainy sees value in long-dated US Treasuries as yields may fall.
  • TSMC reports stronger-than-expected margins and net income.
  • Mozambique President Daniel Chapo says IMF deal must precede debt renegotiation.
  • US bank earnings beat but White House credit-card cap push clouds the sector.
  • Mike McGlone sees bearish oil fundamentals but long-term gold and silver support.
  • Geopolitical focus remains on Greenland, Iran protests, and Gaza peace plan.
Ideas
Joumanna Bercetche Anchor, Bloomberg 2:25
Policy focus favors staples over banks
President Trump's renewed focus on housing affordability and capping credit-card interest rates is denting the bank rally while encouraging consumer staples. Stocks that led last year are underperforming, and consumer staples have started to outperform as policy attention shifts to affordability.
XLP MED
Joumanna Bercetche Anchor, Bloomberg 2:25
Policy focus favors staples over banks
President Trump's renewed focus on housing affordability and capping credit-card interest rates is denting the bank rally while encouraging consumer staples. Stocks that led last year are underperforming, and consumer staples have started to outperform as policy attention shifts to affordability.
KBE MED
Ed Al-Hussainy Portfolio Manager, Total Return Bond 10:18
Long-dated Treasuries attractive as yields fall
Treasury yields offer attractive income potential, especially on the longer part of the curve. He expects Treasury yields to shift down to 3%-4% next year from 4%-4.5% last year, and notes foreign investors are hedging dollar risk but keeping U.S. rate exposure. U.S. fiscal position is stable relative to deteriorating Japan and Germany.
TLT HIGH
Daniel Chapo President of Mozambique 20:30
IMF deal precedes Mozambique debt renegotiation
Mozambique plans to finalize a new IMF program before starting debt renegotiations with creditors. Establishing trust first is intended to restore investor confidence and position the gas-rich country for growth, making the IMF deal the key catalyst for Mozambique sovereign debt.
Mozambique sovereign debt MED
Mike McGlone Senior Commodity Strategist, Bloomberg Intelligence 29:43
Oil fundamentals point more bearish
Geopolitical premium is unwinding after Trump holds off on Iran. He sees potential Venezuela supply unlock, possible supply increases later in the year, and a more bearish Chinese oil import growth story due to uncertainty about stockpiling and EV adoption. This points to a more bearish fundamental picture for crude, though Iran headlines could keep geopolitical risk top of mind.
WTI MED
Mike McGlone Senior Commodity Strategist, Bloomberg Intelligence 33:01
Gold and silver are long-term safe bets
The long-term precious metals outlook is driven by fiat currency debasement, U.S. dollar concerns, Fed independence risks, and geopolitical chaos under the Trump administration. Gold and especially silver are the safest bets in that environment.
GLD SILVER HIGH
Alison Williams Senior Financials Analyst, Bloomberg Intelligence 42:00
GS/MS less exposed to card-cap risk
Strong bank earnings are being overshadowed by White House jitters over credit-card rate caps, questioning the broader bank rally. Goldman Sachs and Morgan Stanley are less exposed to credit-card caps and could benefit from investment banking and equities trading strength, potentially changing the negative narrative.
GS MS MED
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This Bloomberg Markets video, published January 15, 2026, features Joumanna Bercetche, Ed Al-Hussainy, Daniel Chapo, Mike McGlone, Alison Williams discussing XLP, KBE, TLT, Mozambique sovereign debt, WTI, GLD, SILVER, GS, MS. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Joumanna Bercetche, Ed Al-Hussainy, Daniel Chapo, Mike McGlone, Alison Williams  · Tickers: XLP, KBE, TLT, Mozambique sovereign debt, WTI, GLD, SILVER, GS, MS