Bloomberg This Weekend 2/28/2026
Speakers
Christina Ruffini — Anchor, Bloomberg
— Chopping Block co-host
Summary
- War Declared: The US and Israel have launched a massive joint military operation against Iran, targeting nuclear sites, missile industries, and leadership. President Trump has explicitly called for regime change and warned of potential US casualties.
- Regional Escalation: Iran has retaliated with missile strikes against US bases in the UAE, Qatar, Bahrain, and Kuwait. Airspace across the region (Israel, Iran, UAE, etc.) is closed, causing severe travel disruptions.
- Market Impact: Oil markets are the primary focus with Brent Crude expected to spike from its $73 close due to risks in the Strait of Hormuz. Safe havens (Swiss Franc, Gold, Treasuries) are expected to bid, while risk assets (Bitcoin) are selling off.
- Berkshire Earnings: Berkshire Hathaway reported a 30% drop in operating earnings due to insurance underwriting slumps, serving as a negative macro indicator for the broader economy.
Trade Ideas
Ziad Daoud notes that while Iran produces 5% of global oil, the conflict has expanded to the wider region (Saudi Arabia, UAE) and the Strait of Hormuz, where 20% of global oil flows. Tom Keene notes Brent closed at $73 and expects significant movement. The physical disruption of shipping lanes (Strait of Hormuz) and direct missile attacks on oil-producing nations (Saudi Arabia/UAE) creates an immediate supply shock premium that cannot be quickly offset by OPEC+ quota adjustments. LONG oil and energy producers as a hedge against supply chain breakage. OPEC+ successfully flooding the market with spare capacity or a quick de-escalation.
Joumanna Bercetche reports explosions heard in Dubai, missiles intercepted over UAE/Qatar, and airspace closures. Lisa Mateo notes "severe disruptions" to travel. The perception of safety in business hubs like Dubai is shattered by direct missile fire. Airspace closures halt tourism and commerce, directly impacting regional real estate values, airlines, and local equity markets. SHORT Gulf assets and Travel/Airline stocks with exposure to the region. Effective missile defense systems preventing all damage, leading to a "resilience" narrative.
Tom Keene notes that Bitcoin is trading down (under the 63k/59k level) as the news breaks. Despite the "digital gold" narrative, Bitcoin often correlates with risk assets (Nasdaq) during initial geopolitical shocks. Liquidity is pulled to cover margin or flee to fiat/sovereign bonds. SHORT/AVOID in the immediate aftermath of the attack. Bitcoin decoupling and acting as a censorship-resistant store of value if the banking system is threatened.
Donald Trump
President of the United States
President Trump stated the US will "raze their missile industry to the ground," "annihilate their navy," and that this is a "massive and ongoing operation" aimed at regime change. A stated goal of "regime change" and "obliteration" of military infrastructure implies a protracted kinetic conflict requiring massive expenditure on munitions, missile defense systems (Iron Dome/Patriot), and naval assets. LONG Defense Primes and Aerospace ETFs. A rapid collapse of the Iranian regime leading to a quick end to hostilities.
Tom Keene
Host, Bloomberg Surveillance
Amidst the chaos of the attacks, Tom Keene explicitly states, "When in doubt, follow the Swiss Franc. That will be the meter here." In times of geopolitical crisis involving nuclear powers and major oil chokepoints, capital flees risk assets and moves to traditional safe havens. The Swiss Franc and Gold are the primary beneficiaries of this fear trade. LONG Safe Havens (CHF, Gold, USD, Treasuries). If the conflict is contained quickly, the risk premium will evaporate, reversing these trades.
Lisa Mateo
Reporter, Bloomberg
Berkshire Hathaway released earnings showing operating earnings down 30% year-over-year, driven by a slump in insurance underwriting profits. As a bellwether for the US economy, a sharp drop in Berkshire's core operating businesses suggests broader economic weakness or cyclical downturns in insurance/industrial sectors, independent of the war news. WATCH/AVOID. The stock may face pressure on Monday due to the earnings miss combined with general market risk-off sentiment. Warren Buffett's cash pile ($373B) allows him to buy the dip during the war panic, potentially putting a floor under the stock.
Up Next
This Bloomberg Markets video, published February 28, 2026, features Ziad Daoud, Joumanna Bercetche, Tom Keene, Donald Trump, Lisa Mateo discussing WTI, XLE, JETS, BTC, LMT, ITA, RTX, NOC, GD, CHF, GLD, UUP, TLT, BRK.B. 6 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Ziad Daoud, Joumanna Bercetche, Tom Keene, Donald Trump, Lisa Mateo · Tickers: WTI, XLE, JETS, BTC, LMT, ITA, RTX, NOC, GD, CHF, GLD, UUP, TLT, BRK.B