Attacks Halt Saudi Energy Sites, Novartis Drops Most in 6 Years | The Opening Trade 9/8/2026

Watch on YouTube ↗  |  September 08, 2026 at 10:28  |  1:36:01  |  Bloomberg Markets
Speakers
Anthony Stevens — Bloomberg Market Producer
Chris Watling — Global Economist and Chief Market Strategist, Longview Economics
Anna Skoglund — Co-Head of EMEA Investment Banking, Goldman Sachs
Adam Linton — Markets Live Strategist, Bloomberg
Will Kennedy — EMEA News Director, Bloomberg
Olivia Oliver — Reporter, Bloomberg
Nick Humphries — Senior Partner and Executive Chair, H.G. Capital
Bruce Richards — CEO, Chairman, and Founder, Marathon Asset Management
Arthur Mensch — Co-founder & CEO, Mistral AI
Brendan Murray — Trade Reporter, Bloomberg

Summary

The episode covers a stronger yen pressuring risk assets, oil and copper pushing higher on supply worries, and European equities opening weak after the US holiday. Guests from LongView Economics, Goldman Sachs, HG Capital, and Marathon Asset Management discuss implications for equities, bonds, software, UK takeovers, and credit. Key single-stock moves include Novartis dropping on another trial failure and ASML securing high-end lithography commitments.

  • The yen extends gains toward its strongest level this year on BOJ hike expectations and GPIF repatriation speculation.
  • Brent oil nears $100 after reported attacks on Saudi energy facilities, with refined product supplies seen as stretched.
  • Canada imposes retaliatory tariffs on US goods, keeping trade and political risk in focus.
  • Novartis falls on another negative drug trial result, while Sandoz gains on raised guidance.
  • ASML wins commitments from chipmakers for its high-end lithography machines.
  • Mistral AI raises €3 billion at a €21 billion valuation in a round led by Samsung.
  • Chris Watling is short-term cautious on equities but sees opportunities in bonds and copper.
  • Bruce Richards argues the S&P 500 can absorb a possible Fed hike and high yield credit remains healthy.
Ideas
Anthony Stevens Bloomberg Market Producer 10:44
Yen rally has flow and fundamental momentum.
The yen is rallying because short-yen positioning is unwinding, technical levels are breaking, Japanese wage and bank lending data are strong, and GPIF repatriation speculation is growing; with the BOJ expected to hike and the yen still undervalued, the move could extend.
FXY HIGH
Chris Watling Global Economist and Chief Market Strategist, Longview Economics 14:02
Yen carry unwind hits US equities.
A yen-driven unwind as Japan stops acting as the world's funding currency is negative for risk assets and centered on US equities; positioning is stretched with low cash, high equity allocation, and bond-market panic could spill into equities.
SPY VT HIGH
Chris Watling Global Economist and Chief Market Strategist, Longview Economics 16:19
Bond panic creates short-term Treasury opportunity.
The bond market is panicking about fiscal problems, but that is largely in the price; bonds are extremely stretched relative to equities and could snap back, creating short-term opportunities in bonds and safe assets like Treasuries.
TLT MED
Chris Watling Global Economist and Chief Market Strategist, Longview Economics 20:09
Medium-term overweight equities on earnings support.
Despite near-term froth and the need for an unwind, the economy is heating up and earnings are underpinned; markets have moved from liquidity-driven to earnings-driven, so he would be overweight equities in the medium term.
Equities MED
Chris Watling Global Economist and Chief Market Strategist, Longview Economics 20:45
Copper is great commodity supercycle trade.
Copper is a great trade because the world is in a commodity supercycle, with electrification and supply factors supporting prices; in the medium term he favors industrial commodities and rotating between supercycle components.
COPPER DBB MED
Anna Skoglund Co-Head of EMEA Investment Banking, Goldman Sachs 32:47
UK companies cheap; takeover activity continues.
UK takeover activity should continue because buyers see value in strong high-performing UK companies; private equity and corporate buyers are using transformation opportunities, and UK equities are perceived as cheap.
EWU MED
Adam Linton Markets Live Strategist, Bloomberg 39:21
European equities vulnerable to energy, rates.
European equities look vulnerable because Q2 earnings season is over, Europe is lagging the US and Asia, it suffers from higher energy prices without the tech offset, and earnings expectations risk disappointment as global yields rise.
VGK MED
Adam Linton Markets Live Strategist, Bloomberg 41:00
Gilts retain UK fiscal risk premium.
UK gilts are likely to retain a fiscal risk premium because the government has less fiscal headroom and must thread the needle between pushing for growth and restoring fiscal discipline.
UKGILT MED
Olivia Oliver Reporter, Bloomberg 41:37
Novartis hit by repeated trial failures.
Novartis has suffered its third disappointing drug trial result in a week, and the stock's decline is likely to continue after another late-stage trial miss.
NVS MED
Olivia Oliver Reporter, Bloomberg 42:38
ASML wins high-end lithography commitments.
ASML is securing commitments from top chipmakers including Samsung and TSMC to use its high-end lithography machines, which will allow greater chip production and lower costs as they race to meet AI demand.
ASML MED
Will Kennedy EMEA News Director, Bloomberg 64:29
Oil and refined products stay elevated.
Saudi attacks, Hormuz uncertainty, and stretched global refined product supplies, especially diesel, gasoline and jet fuel, are keeping oil and product prices elevated and pushing Brent toward $100.
BNO UGA DIESEL MED
Nick Humphries Senior Partner and Executive Chair, H.G. Capital 77:05
Software bottom passed; quality names recover.
The software and AI-driven selloff likely bottomed a month or two ago; the market is now discriminating, and software businesses with product innovation and AI growth can deliver earnings growth and be revalued higher.
IGV MED
Bruce Richards CEO, Chairman, and Founder, Marathon Asset Management 92:43
Five percent 10-year is good entry.
The 10-year Treasury yield could reach 5%, but at that level shorts would cover and real capital would come in to buy duration, making it a good entry point for fixed income.
IEF MED
Bruce Richards CEO, Chairman, and Founder, Marathon Asset Management 93:27
High yield credit is healthy, attractive.
High yield credit is healthy with 300bp spreads, most companies across industries are doing well, and only the lowest 10% of leveraged issuers are stressed; slightly higher rates are good for credit returns.
US High Yield Bonds MED
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This Bloomberg Markets video, published September 08, 2026, features Anthony Stevens, Chris Watling, Anna Skoglund, Adam Linton, Olivia Oliver, Will Kennedy, Nick Humphries, Bruce Richards discussing FXY, SPY, VT, TLT, Equities, COPPER, DBB, EWU, VGK, UKGILT, NVS, ASML, BNO, UGA, DIESEL, IGV, IEF, US High Yield Bonds. 14 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Anthony Stevens, Chris Watling, Anna Skoglund, Adam Linton, Olivia Oliver, Will Kennedy, Nick Humphries, Bruce Richards  · Tickers: FXY, SPY, VT, TLT, Equities, COPPER, DBB, EWU, VGK, UKGILT, NVS, ASML, BNO, UGA, DIESEL, IGV, IEF, US High Yield Bonds