Could Trump's Drug Tariff Threaten US Low-Cost Medicine Supply? | The Pulse 7/22/2026

Watch on YouTube ↗  |  July 22, 2026 at 11:45  |  48:38  |  Bloomberg Markets
Speakers
Johanna Kyrklund — CIO, Schroders
Equinor CFO — CFO, Equinor
Jose — CFO, Santander
Michael Haigh — Head of Commodities Research, Societe Generale
Matt — Analyst
Deirdre Hipwell — Bloomberg Health Care and Consumer Team Leader

Summary

The Pulse on July 22, 2026, covers market caution ahead of big-tech earnings, with Schroders CIO Johanna Kyrklund warning on AI froth and favoring value, quality, US bonds, EM debt and JPY. Equinor and SocGen's Michael Haigh both highlight a vulnerable European gas market. Santander reports strong results and higher payouts. Trump threatens steep tariffs on generics, and an OpenAI hack raises systemic cyber-risk concerns.

  • Schroders CIO warns AI supply chain froth and prefers value-quality overlap, US bonds, and EM debt.
  • She also reveals a long JPY vs CAD position on expected BOJ tightening.
  • Trump threatens 100% tariffs on generic drug imports, potentially disrupting low-cost medicine supply.
  • Equinor CFO warns European gas storage at 53%, well below normal, and sees tight winter supply.
  • Santander beats estimates, raises cash payouts, and remains confident on its three-year plan.
  • SocGen's Haigh sees oil upside asymmetry, calls European gas cheap and vulnerable, and is bullish copper.
  • Haigh recommends avoiding gold short-term despite a medium-term bullish view.
  • OpenAI's accidental agentic hack highlights escalating cybersecurity risks, pressuring governments to act.
Ideas
Johanna Kyrklund CIO, Schroders 4:52
Avoid frothy AI semiconductor supply chain
There is a lot of froth in the AI supply chain that has driven the recent semiconductor selloff. Investors should lean away from these frothy areas and avoid chasing overpriced AI-adjacent names.
SMH MED
Johanna Kyrklund CIO, Schroders 4:56
Long value-quality stock overlap
Value stocks are a good strategy and quality stocks also look cheap; the overlap of quality and value is unusually cheap because they have been disrupted by the AI story, presenting an unusual opportunity.
Value and quality stocks MED
Johanna Kyrklund CIO, Schroders 7:08
Long energy as geopolitical hedge
Given geopolitical tensions in the Middle East, commodity-related areas, especially energy, provide a hedge. She advocates having exposure to these sectors despite headline risks.
XLE MED
Johanna Kyrklund CIO, Schroders 7:28
Long US Treasuries, first value in years
For the first time in three years, U.S. government bonds show value. Rate expectations have become more realistic, with markets now pricing in hikes instead of cuts, offering trading opportunities despite a stagflationary backdrop.
U.S. government bonds MED
Johanna Kyrklund CIO, Schroders 10:07
Long equities on earnings momentum
Earnings momentum remains strong and the cyclical outlook is positive, supported by government spending that boosts nominal growth. She maintains a positive tilt on equities overall.
VT MED
Johanna Kyrklund CIO, Schroders 11:06
Long JPY vs CAD on BOJ tightening
The Bank of Japan will have to tighten monetary policy, making the Japanese yen attractive. She is long the yen against the Canadian dollar to express this view.
JPY/CAD HIGH
Johanna Kyrklund CIO, Schroders 12:14
Long EM debt on credible policies
Emerging market economies have pursued more credible policies, making EM debt attractive. She warns that passive EM equities are highly correlated with the AI trade, so debt offers a better diversification vehicle.
EMB MED
Equinor CFO CFO, Equinor 18:25
Long European gas, storage critically low
The European gas market is extremely vulnerable heading into winter. Storage levels are at 53%, 15% below normal, and 30% of European gas must come from LNG, which faces heightened competition because 20% of global LNG is inside the Strait of Hormuz. Even if the Strait opens, Europe will not reach target storage levels before winter.
UNG HIGH
Jose CFO, Santander 19:47
Long Santander on strong execution
Santander is on track to meet or exceed its three-year KPI targets, with strong footing. The bank is integrating Webster and TSB, has increased cash distribution from 25% to 35% of profits, and will return excess capital above 13% to shareholders.
SAN HIGH
Michael Haigh Head of Commodities Research, Societe Generale 31:55
Long oil, upside asymmetry
Oil market asymmetry is to the upside now. Traditional inventory models are broken, and the options market points to significantly higher prices. Scenarios of elevated fighting support further upside, and the probability of a full resolution is tiny.
WTI HIGH
Michael Haigh Head of Commodities Research, Societe Generale 33:30
Avoid gold short term
Gold should be avoided in the short term. The metal is not yielding anything and is reacting differently now. He prefers to wait until a Middle East resolution and lower inflation concerns before re-entering, though he remains medium-term bullish.
GLD MED
Michael Haigh Head of Commodities Research, Societe Generale 34:49
Long copper on defence and AI demand
Copper looks great, supported by increasing military expenditures, stockpiling, and AI infrastructure demand. Marginal production cost is around $10,000 vs. a price of $13,000. Any tariff-related selloff would be a buying opportunity.
COPPER HIGH
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815 Money Talk (815머니톡) · Jul 22

This Bloomberg Markets video, published July 22, 2026, features Johanna Kyrklund, Equinor CFO, Jose, Michael Haigh discussing SMH, Value and quality stocks, XLE, U.S. government bonds, VT, JPY/CAD, EMB, UNG, SAN, WTI, GLD, COPPER. 12 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Johanna Kyrklund, Equinor CFO, Jose, Michael Haigh  · Tickers: SMH, Value and quality stocks, XLE, U.S. government bonds, VT, JPY/CAD, EMB, UNG, SAN, WTI, GLD, COPPER