Ship Struck in Hormuz, Apple's Price Hikes Hit iPads & Macs | The Opening Trade 6/26/2026

Watch on YouTube ↗ | June 26, 2026 at 12:04 | 1:36:22 | Bloomberg Markets

Speakers

Amrita Sen — Director of Research, Energy Aspects

Ven Ram — Markets Live Reporter/Strategist, Bloomberg

Bill al-Hafiz — Head of Market Strategy, Macro Hive

Catherine Nice — Global Head of Global Economics and Chief European Economist, PJM Credit

Anthony Stevens — Bloomberg Market Producer

Neil Campling — Tech/TMT Analyst

Charlie Wells — Bloomberg Reporter

Tom Mackenzie — Anchor, Bloomberg

Summary

A broad selloff in Asian tech, led by a 7% drop in Korea's KOSPI, sets a negative tone for European markets. Apple price hikes due to memory chip shortages and an OpenAI IPO delay fuel growth fears, while oil falls despite a ship attack in the Strait of Hormuz. Guests offer trades: Energy Aspects founder Amrita Sen sees Brent's floor near $80; Ven Ram warns on Korean memory stocks and is short gold; Macro Hive's Bill al-Hafiz favors Japan equities, European tech, German manufacturing, and is short the dollar.

KOSPI tumbles 7% on Apple memory cost fears, OpenAI IPO delay, and Samsung/Hynix capex plans.
Apple raises product prices up to 20% globally, citing unprecedented component cost increases.
Brent crude drops ~1.8% near $74, heading for a weekly loss, despite a projectile strike on a container ship in Hormuz.
US PCE data treated as benign, paring Fed hike bets from 36 bps to 31 bps for 2025.
Amrita Sen calls oil mispriced, sees Brent floor at $80 due to record low inventories and restocking needs.
Ven Ram advises avoiding Korean memory stocks, sees gold testing $3,600 as smart money rotates out.
Bill al-Hafiz recommends Japan, European tech, and German manufacturing recovery, while shorting the US dollar.
Heatwave in Europe strains Rhine shipping, hitting diesel supply chains; Chinese car sales reach 10% share in Europe.

Ideas

Amrita Sen Director of Research, Energy Aspects 30:33

Oil floor at $80, inventories low.

Oil is mispriced because markets have overpriced the surplus narrative while ignoring record low inventories and a restocking requirement of 1-2 million barrels per day. Crude is in contango despite very high product cracks, signaling strong underlying demand. The short-term market is weak due to Iranian oil waivers releasing 130-150 million barrels of floating storage, but the back end of the curve has been hit too hard; the true floor for Brent is closer to $80.

Ven Ram Markets Live Reporter/Strategist, Bloomberg 40:22

Avoid Korean memory stocks, leverage bubble.

South Korea's stock market is a levered, retail-driven frenzy concentrated in Samsung and SK Hynix, with single-stock ETFs amplifying moves. The current selloff is a local problem of intense rotation, not a short-term blip. Investors late to the party should stay away; the musical chairs will continue to drag on, and the eventual unwind will be extremely painful.

Ven Ram Markets Live Reporter/Strategist, Bloomberg 42:35

Gold overvalued, heading to $3,600.

Gold is still trading at levels that imply US CPI already at 2030 levels, meaning there is substantial froth left. After a 30% decline from its peak, smart money is flat or rotating out of gold and into momentum trades. In the short term, gold is likely to be tested and could fall further to $3,600 or even $2,800.

Bill al-Hafiz Head of Market Strategy, Macro Hive 53:30

Buy Japan equities on cheap valuations.

Japan offers a compelling equity opportunity because valuations are significantly cheaper than Korea and Taiwan, while the government has launched significant investment plans to catch up in the AI semiconductor space. The recent sell-off in Asian tech makes this relative value trade even more attractive.

Bill al-Hafiz Head of Market Strategy, Macro Hive 53:57

European tech outperforms, buy the disconnect.

European technology stocks have been outperforming US tech over the past one to two years, but the market incorrectly confuses the weak European macro picture with the health of its tech companies. This mispricing creates an attractive value play, and European tech deserves a sustained overweight.

Bill al-Hafiz Head of Market Strategy, Macro Hive 55:38

Dollar overbought, not in hiking cycle.

The US dollar is overbought, with positioning heavily long and far from its multi-year peaks. A true sustained Fed hiking cycle is needed to propel the dollar higher, and that is not happening now. Warsh is using talk to manage inflation expectations, while upcoming disinflation and a still-weak US consumer should take pressure off the dollar, limiting further upside.

Bill al-Hafiz Head of Market Strategy, Macro Hive 57:12

Lower energy will revive German manufacturing.

If the decline in energy prices is sustained, Germany should see a bigger boost than recent PMI data suggests, because the energy shock’s negative impact has persisted longer than expected. A European manufacturing recovery is the main way to play lower energy, favoring German cyclicals and industrial equities.

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Speakers: Amrita Sen, Ven Ram, Bill al-Hafiz · Tickers: BNO, KS, EWY, GLD, EWJ, STOXX, UUP, DAX