Ideas
Falling silver cuts Pandora costs
Falling silver prices sharply lower Pandora's input costs for jewelry, making the company a relative winner from the precious-metals selloff and positioning it well ahead of results later this week.
Precious metals fundamentals remain bullish
Despite the violent selloff driven by hawkish Fed repricing, a stronger dollar and forced liquidation, the fundamental drivers for precious metals remain positive: central-bank demand, especially from emerging markets, geopolitical uncertainty, Fed-independence concerns and ongoing flows into metals. He does not expect the collapse to continue and remains bullish on fundamentals.
Copper fundamentals remain positive
Copper is also an industrial metal with separate drivers. After its hard rally, he does not see it continuing to crash because fundamentals remain positive and the sector is well supported.
Ella Gude
Head of Fixed Income and CO-Head of Real Return, BNY Investments Newton
26:23
Equities benefit from nominal growth
She expects equities to benefit from enhanced nominal growth, the rebuild of AI infrastructure and industrialization across the world, although that growth may come with inflation costs.
Ella Gude
Head of Fixed Income and CO-Head of Real Return, BNY Investments Newton
26:49
Gold is structural portfolio hedge
In a world of high debt levels, rising geopolitical crosscurrents and a needed inflation risk premium, bonds are less reliable portfolio stabilizers than before 2022. Gold has a structural place in a multi-asset portfolio, and she argues the broader precious-metals move may not be over.
Ella Gude
Head of Fixed Income and CO-Head of Real Return, BNY Investments Newton
26:54
Favor steeper yield curves
She wants to lean on steeper curves because a Warsh-led Fed may mean less forward guidance or balance-sheet reduction, bond markets will demand more term premium, and inflation risk is not reflected in current pricing.
Ella Gude
Head of Fixed Income and CO-Head of Real Return, BNY Investments Newton
26:57
Favor positive real-yield bonds
She prefers owning bonds in jurisdictions where investors are paid significantly positive real yields, rather than taking inflation or lower-real-yield risk. She specifically continues to like gilts and sees significantly positive real yields in emerging-market local-currency debt.
Ella Gude
Head of Fixed Income and CO-Head of Real Return, BNY Investments Newton
27:29
Avoid JGBs as real yields reprice
She is away from Japanese government bonds because Japan still has to reprice real yields higher; she calls that the trade of the last year or so.
Ella Gude
Head of Fixed Income and CO-Head of Real Return, BNY Investments Newton
27:40
Avoid French bonds on fiscal risk
She flags French government bonds as unattractive because of political risks on the fiscal side.
Ella Gude
Head of Fixed Income and CO-Head of Real Return, BNY Investments Newton
29:07
Avoid Treasuries on inflation risk
She is staying away from Treasuries, especially longer maturities, because short-term inflation expectations are rising, bonds are not priced for an inflation comeback, a Warsh-led Fed could reduce liquidity/balance sheet, and the market will demand more premium. She keeps duration at a three-year low and avoids 10-year-plus maturities.
Oracle financing risk worries investors
Oracle's plan to raise as much as $50 billion to build cloud/AI capacity raises the key question of when investors will see a return. Oracle's balance sheet is levered with net debt, unlike net-cash big-tech peers, and it is raising partly to protect its investment-grade rating. The lack of visible backstops from private equity or Middle East partners adds to investor skepticism, pressuring the stock.
Nvidia capital discipline is healthy
Jensen Huang is signaling fiscal prudence and discipline on the OpenAI investment while not stepping back from the AI ecosystem. With investors increasingly demanding returns and cash discipline from AI capex, this is a healthy message for Nvidia and AI spending rather than a negative.
Chinese EV demand softens post-subsidy
BYD's January EV sales fell about 30% and weakness was broad across Chinese carmakers. While January is seasonally slow, the numbers are troubling because subsidies that front-loaded purchases are falling away, raising concern about real softness across the Chinese EV industry.
Waymo progress benefits Alphabet
Waymo is seeking $16 billion at a $110 billion valuation, with Alphabet remaining its main backer. Waymo has a major advantage in costly self-driving development as competitors like GM Cruise and Volkswagen shut down, and it is showing real progress with more U.S. cities, planned London and Tokyo expansion, and competition against Chinese players. This supports Alphabet as the public parent.
This Bloomberg Markets video, published February 02, 2026,
features Norah Mulinda, Emmanuel, Ella Gude, Mandeep Singh, Craig Trudell
discussing PNDORA.CO, GLD, SILVER, COPPER, Equities, US Treasury Curve Steepener, UKGILT, Emerging market local-currency bonds, Japanese government bonds, OAT, TLT, ORCL, NVDA, 1211.HK, Chinese automakers, GOOG.
14 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Norah Mulinda,
Emmanuel,
Ella Gude,
Mandeep Singh,
Craig Trudell
· Tickers:
PNDORA.CO,
GLD,
SILVER,
COPPER,
Equities,
US Treasury Curve Steepener,
UKGILT,
Emerging market local-currency bonds,
Japanese government bonds,
OAT,
TLT,
ORCL,
NVDA,
1211.HK,
Chinese automakers,
GOOG
