Buzzberg Cup Live

Gold Falls for the Third Session, Oil Edges Higher | Horizons Middle East & Africa 7/01/2026

Watch on YouTube ↗  |  July 01, 2026 at 09:32  |  45:30  |  Bloomberg Markets
Speakers
Paul — Asian Markets Executive Editor, Bloomberg
Binky Chadha — Chief Global Strategist, Deutsche Bank
George Cheveley — Portfolio Manager, Ninety One
Jennifer Zabasajja — Chief Africa Correspondent, Bloomberg
Abeer Abu Omar — Reporter, Bloomberg London

Summary

The show opens Q3 with Asian equities extending gains after their strongest quarter in 17 years, driven by AI and chipmakers. The yen hovers near multi-decade lows with traders on intervention watch ahead of US payrolls. Oil edges higher amid positive US-Iran peace talks while gold falls on hawkish Fed signals. Guests discuss tactical views on AI stocks, gold, copper, and Ethiopian bonds.

  • Asian equities had their best quarter since 2020, led by semiconductors and the AI trade.
  • Japanese yen near 163-164 per dollar, intervention risk high after US payroll data.
  • Oil prices steady with US-Iran talks positive, but banks warn of oversupply later in 2026.
  • Gold breaks below 200-day moving average; near-term downside expected on hawkish Fed.
  • AI memory and semiconductor stocks may take a breather as capex returns come into question.
  • Central bank buying and limited ETF outflows support a medium-term floor for gold.
  • Copper inventories build up as tariff speculation distracts from recovering supply.
  • Ethiopia's Eurobond rallies after restructuring deal, seen extending gains.
Ideas
Paul Asian Markets Executive Editor, Bloomberg 3:43
Watch yen for intervention near 163
The yen is hovering near 163-164 against the dollar, and the market is nervous about further Japanese intervention. A strong US payroll number could push the dollar higher and weaken the yen further, creating a moment where authorities want to take action, especially on the Friday US holiday for maximum impact. Watch for rhetoric from policymakers to see if they signal they have had enough of the weakness and are ready to act.
JPY MED
Paul Asian Markets Executive Editor, Bloomberg 5:45
KOSPI to continue higher on AI
Asian equity markets still have good momentum from a strong first half, with South Korea as a key barometer for the global AI trade. JPMorgan has a KOSPI target of 12,501 a year from now, and there are many calls for higher Korean markets over time, though consolidation may occur along the way.
EWY MED
Binky Chadha Chief Global Strategist, Deutsche Bank 9:01
AI memory stocks to take breather
The AI-led rally in semis and memory names like Micron, SK Hynix, and Samsung has pushed earnings up 10x. Supply is coming online, and the Mag 7 capex returns on AI investment may disappoint, potentially triggering a cooling breather for these stocks.
MU 000660.KS 005930.KS HIGH
Binky Chadha Chief Global Strategist, Deutsche Bank 10:15
Watch Microsoft capex for AI signal
Microsoft is the key company to watch for AI capex signals. The base case is that capex is maintained, but any negative signal would impact the entire AI trade. Watch Microsoft closely for changes in spending plans.
MSFT HIGH
George Cheveley Portfolio Manager, Ninety One 30:58
Short gold on technical breakdown
Central bank buying remains very strong, with 45% of central banks intending to increase gold holdings. ETF outflows have been limited. The Fed will find it tough to hike rates given the costs, and gold is establishing a new floor in this cycle, suggesting recovery over the next few months.
GLD HIGH
George Cheveley Portfolio Manager, Ninety One 33:46
Copper faces headwinds from inventories
Copper is focused on tariff speculation, but on-exchange inventories have built up by 800,000 tons over the past few months. While demand is perceived as strong, supply is recovering and people are trading a very short-term tariff story. We need to be careful.
COPPER MED
Jennifer Zabasajja Chief Africa Correspondent, Bloomberg 40:17
Ethiopia bond to extend gains
A Jeffries strategist sees more scope for the Ethiopia Eurobond to extend recent gains after the restructuring deal. The agreement confirms a high recovery outcome with limited debt relief required and strong front-loaded cash flows.
Ethiopia bond MED
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This Bloomberg Markets video, published July 01, 2026, features Paul, Binky Chadha, George Cheveley, Jennifer Zabasajja discussing JPY, EWY, MU, 000660.KS, 005930.KS, MSFT, GLD, COPPER, Ethiopia bond. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Paul, Binky Chadha, George Cheveley, Jennifer Zabasajja  · Tickers: JPY, EWY, MU, 000660.KS, 005930.KS, MSFT, GLD, COPPER, Ethiopia bond