Bloomberg Surveillance 5/11/2026
Speakers
Roukaya Ibrahim
— Chief Commodity & Energy Strategist, BCA Research
James Steel
— HSBC
Kennon Still
— Clear Harbor Asset Management
Ian Harnett
— Absolute Strategy Research co-founder & CIS
Jonathan Golub
— Chief US Equity Strategist, UBS
Summary
Bloomberg Surveillance covers the equity market's resilience near record highs amid geopolitical tensions, with a focus on AI-driven tech earnings, oil price dynamics from the Strait of Hormuz blockade, and inflation data ahead. Guests discuss semiconductor valuations, safe-haven gold, and the Fed's policy outlook.
- Equity markets hold near all-time highs despite U.S.-Iran diplomatic stalemate.
- AI and semiconductor earnings continue to drive the rally, with hyperscaler capex expected to reach $850 billion.
- Crude oil prices grind higher as the Strait of Hormuz blockade persists, with inventories drawing down.
- Gold is seen as a safe haven despite recent liquidation, with potential for central bank buying to resume.
- Inflation data (CPI, PPI) and the change in Fed chair to Kevin Warsh are key events this week.
- Consumer sentiment is at record lows, but retail sales remain strong, creating a K-shaped economy.
- Several strategists raise S&P 500 price targets on strong earnings growth.
Ideas
Oil prices likely higher with Strait closed.
With the Strait of Hormuz closure prolonged, oil inventories will continue to draw down, removing the temporary buffer that has shielded the oil market. As this buffer wears thin, the path of least resistance for oil prices is higher.
Up Next
This Bloomberg Markets video, published May 11, 2026, features Roukaya Ibrahim discussing WTI. 1 trade idea extracted by AI with direction and confidence scoring.
Speakers: Roukaya Ibrahim · Tickers: WTI