Iran War Rages On; New Trade War Looms With Canada Tariffs | The Asia Trade 7/21/2026

Watch on YouTube ↗  |  July 21, 2026 at 04:41  |  1:35:16  |  Bloomberg Markets
Speakers
Ed Gomes — CIO, SGMC Capital
Bruce Li — Director, AIC Corporate, Fitch Ratings
Kelly Ortberg — CEO, Boeing
Unnamed Bloomberg — Australia and New Zealand Equities Reporter
Anthony Stevens — Bloomberg Market Producer
Nicholas Lau — Oil Reporter, Bloomberg

Summary

Bloomberg's The Asia Trade covers escalating US-Iran conflict and its impact on oil, with Houthi threats to blockade Red Sea shipping potentially pushing crude above $100. Markets also focus on AI trade fragility after a tech selloff, Japan's Nikkei entering correction, and new US tariffs on Canadian goods. Guests analyze defensive opportunities in Australian equities, the benefits for thermal coal producers from El Niño, and Chinese tech valuations. Boeing's CEO signals a turnaround, while currency markets see persistent yen and won weakness.

  • US strikes Iran for a 10th day; Houthis threaten Red Sea blockade of Saudi oil, raising supply risks.
  • Oil prices remain elevated but volatility low; Bloomberg Economics warns Red Sea closure could push oil above $100.
  • AI trade faces volatility; Nikkei enters technical correction, though long-term AI growth narrative remains intact.
  • US announces fresh 50% tariffs on some Canadian goods, escalating bilateral trade tensions.
  • Fitch says El Niño to benefit Australian thermal coal producers as hydropower declines and fossil fuel demand rises.
  • SGMC Capital CIO sees value in Chinese tech such as Alibaba, and expects yen and won to keep weakening on central bank inaction.
  • Boeing CEO says company is turning the corner, accelerating production with a strong order backlog.
  • Australian equities viewed as defensive haven due to domestic banking and consumer exposure with low tech correlation.
Ideas
Ed Gomes CIO, SGMC Capital 52:38
Lower AI costs boost chip usage demand.
Lower AI model costs from open-source Chinese competition will drive an explosion in usage, significantly boosting demand for the entire AI semiconductor supply chain across South Korea, Taiwan, Japan, the U.S., and China.
SMH MED
Ed Gomes CIO, SGMC Capital 53:34
Chinese tech valuations attractive, AI catalyst.
Chinese tech stocks, particularly Alibaba, are attractively valued relative to U.S. peers after years of foreign underweight, and Alibaba stands to benefit from its stake in Moonshot AI and a potential IPO catalyst.
BABA MED
Ed Gomes CIO, SGMC Capital 58:25
Central bank jawboning ineffective, short yen/won.
Japanese and Korean central banks' verbal intervention and jawboning are ineffective; market fundamentals and interest rate differentials will continue to force the yen and won weaker, and traders will take the trade into their own hands.
FXY KRW MED
Bruce Li Director, AIC Corporate, Fitch Ratings 87:37
El Niño benefits Australian thermal coal producers.
El Niño's dry conditions will reduce hydropower availability and increase demand for traditional fossil fuel generation, making Australian thermal coal producers one of the few clear beneficiaries of the weather pattern.
Australian thermal coal producers MED
Kelly Ortberg CEO, Boeing 89:59
Boeing turning corner, strong demand, production ramp.
Boeing is turning the corner after years of missteps; production is accelerating to 47/month on 737 and 8/month on 787, with plans to go higher, underpinned by a massive backlog and strong market demand for aircraft.
BA MED
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This Bloomberg Markets video, published July 21, 2026, features Ed Gomes, Bruce Li, Kelly Ortberg discussing SMH, BABA, FXY, KRW, Australian thermal coal producers, BA. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Ed Gomes, Bruce Li, Kelly Ortberg  · Tickers: SMH, BABA, FXY, KRW, Australian thermal coal producers, BA