Bloomberg Surveillance 5/11/2026

Watch on YouTube ↗  |  May 11, 2026 at 15:18  |  2:24:23  |  Bloomberg Markets
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.
Trade Ideas
Roukaya Ibrahim Chief Commodity & Energy Strategist, BCA Research 80:49
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.
WTI MED
James Steel HSBC 113:47
Gold safe haven, buying to resume.
Gold's recent decline reflects liquidation and hedge fund activity, not a loss of safe-haven status. Once the Iran conflict ends and oil prices moderate, central bank buying is expected to resume, providing support for gold prices.
GLD MED
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This Bloomberg Markets video, published May 11, 2026, features Roukaya Ibrahim, James Steel discussing WTI, GLD. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Roukaya Ibrahim, James Steel  · Tickers: WTI, GLD