Oil Climbs as US, Iran Remain At Impasse; Bessent in Asia | Bloomberg Brief 5/11/2026
Speakers
Matthew McLennan
— Co-Head of Investment Management, Goldman Sachs
Jane Foley
— Rabobank Head of FX Strategy
Summary
Oil prices rise as US-Iran peace talks stall, with the Strait of Hormuz closed. UK PM Starmer delivers a defiant speech after local election losses, while Treasury Secretary Bessent visits Japan ahead of the Trump-Xi summit. Matt McLennan of First Eagle discusses AI investing, gold, and trimming Google, while Jane Foley analyzes UK political risk.
- US rejects Iran's counteroffer, oil edges higher with Brent above $104.
- Keir Starmer vows to stay as PM after Labour's local election defeat; gilt yields rise.
- Scott Bessent visits Japan to discuss supply chains and currency policy before Trump-Xi meeting.
- Matt McLennan says he is trimming Google on valuation to fund cheaper opportunities.
- McLennan highlights out-of-favor health care stocks as a value area but does not name a specific company.
- Gold remains a portfolio hedge; some trimming done on strength to redeploy into equities.
- Market focus on CPI and PPI data later this week, along with retail sales and jobless claims.
- Moderna rises on FDA commissioner firing news and antiviral vaccine work.
Trade Ideas
Trim Google on valuation expansion
Google (GOOGL) has re-rated substantially from when we built the position in 2022 around 10x EBIT. With multiple expansion and lower free cash flow due to heavy investment, we are willing to trim the position episodically at these levels to fund cheaper investments we see in out-of-favor equities.
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This Bloomberg Markets video, published May 11, 2026, features Matthew McLennan discussing GOOGL. 1 trade idea extracted by AI with direction and confidence scoring.
Speakers: Matthew McLennan · Tickers: GOOGL