Oil Rally Fuels Inflation Fears; Canada's US Tariffs Kick In

Watch on YouTube ↗  |  September 08, 2026 at 11:28  |  43:24  |  Bloomberg Markets
Speakers
Marija Veitmane — State Street Global Markets Head of Research
Mitchell Fermen — Bloomberg Reporter
Fabienne — Bloomberg Reporter
Abeer — Bloomberg Reporter
Justina Lee — Bloomberg Reporter
Brendan Murray — Trade Reporter, Bloomberg
Rachel — Bloomberg Reporter
Vonnie Quinn — Anchor, Bloomberg

Summary

The episode covers rising oil prices toward $100 after Saudi attacks and Strait of Hormuz tensions, Canada's retaliatory tariffs on the US, yen strength, and the upcoming US CPI/Fed decision. State Street's Marija Veitmane discussed inflation risks, a likely limited Fed hiking cycle, and investor flows out of Treasuries into equities and risk assets. The program also covered Novartis clinical trial setbacks, European natural gas tightness, and ASML's commitments from Samsung and TSMC.

  • Brent crude nears $100 after Saudi energy facility attacks and Hormuz shipping tensions, with oil products, diesel, and natural gas accelerating.
  • Canada's retaliatory tariffs up to 50% on US goods take effect, and Trump threatens a Bombardier jet ban.
  • The yen rallies to its strongest level this year, raising volatility and carry-trade unwind concerns ahead of the BOJ decision.
  • European equities and UK long-end gilts are pressured by energy-driven inflation and deficit concerns.
  • State Street sees a limited Fed rate-hiking cycle and strong corporate earnings supporting equities.
  • State Street flow data show investors rotating out of Treasuries into equities, emerging markets, and cyclical risk assets.
  • Novartis falls after a third clinical trial failure in a week, raising pipeline and patent-cliff concerns.
  • European natural gas storage is far below average, supporting higher gas prices into heating season.
Ideas
Abeer Bloomberg Reporter 11:18
Oil product prices rise on Hormuz.
Saudi energy facility attacks and Strait of Hormuz tensions are driving Brent toward $100, but oil products are accelerating even more, with diesel and natural gas prices rising sharply. This is set to remain a story to monitor.
BNO DIESEL UNG MED
Fabienne Bloomberg Reporter 15:41
Novartis pipeline setbacks threaten growth.
Novartis has suffered three clinical trial failures in a week, including a rare muscle-wasting disease drug that was the centerpiece of an acquisition. These setbacks raise questions about the drugmaker's growth prospects while it faces the biggest patent cliff in its history.
NVS HIGH
Marija Veitmane State Street Global Markets Head of Research 23:46
Limited Fed hikes won't disrupt equities.
Despite a long list of macro risks including inflation and higher interest rates, underlying strong corporate earnings provide an offset for equities. Even if the Fed delivers a hike, it is likely to be framed as an insurance hike, and State Street's daily online inflation data show no broad acceleration requiring a significant rate-hike cycle; their take is a limited Fed rate-hiking cycle that should not disrupt earnings growth.
SPY HIGH
Marija Veitmane State Street Global Markets Head of Research 27:39
Treasury outflows fund equity risk appetite.
State Street flow data show investors are in risk-seeking mode: after only brief selling early in the year, they have been buying risk assets, particularly equities, some emerging markets and cyclical trades, while short interest is at year lows. At the same time, investors consistently show very little appetite for Treasuries and are getting out of those positions; the money for stock buying is coming from Treasuries.
TLT HIGH
Marija Veitmane State Street Global Markets Head of Research 27:39
Treasury outflows fund equity risk appetite.
State Street flow data show investors are in risk-seeking mode: after only brief selling early in the year, they have been buying risk assets, particularly equities, some emerging markets and cyclical trades, while short interest is at year lows. At the same time, investors consistently show very little appetite for Treasuries and are getting out of those positions; the money for stock buying is coming from Treasuries.
EEM HIGH
Mitchell Fermen Bloomberg Reporter 36:53
Low European gas storage supports prices.
European natural gas inventories are around 67%, far below the 83% average for this time, about a month before heating season. Europe will be competing with Asia for seaborne LNG cargoes, many from the US, which could push prices even higher.
European natural gas futures HIGH
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This Bloomberg Markets video, published September 08, 2026, features Abeer, Fabienne, Marija Veitmane, Mitchell Fermen discussing BNO, DIESEL, UNG, NVS, SPY, TLT, EEM, European natural gas futures. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Abeer, Fabienne, Marija Veitmane, Mitchell Fermen  · Tickers: BNO, DIESEL, UNG, NVS, SPY, TLT, EEM, European natural gas futures