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Iran Oil Waiver; SpaceX Falls for Third Day | Horizons Middle East & Africa 6/23/2026

Watch on YouTube ↗  |  June 23, 2026 at 07:52  |  46:00  |  Bloomberg Markets
Speakers
Manpreet Gill — Reporter, Financial Times
Rachel Ziemba — Founder, Ziemba Insights
Vonnie Quinn — Anchor, Bloomberg

Summary

The video covers the US issuing a 60-day oil waiver to Iran amid peace talks, triggering a drop in oil prices and a surge of crude through the Strait of Hormuz. SpaceX falls sharply for a third day after announcing a massive AI-focused bond sale. Markets see a rotation from hyperscalers into semiconductors, while Manpreet Gill of Standard Chartered advocates broadening into European equities and EM sovereign debt. The Iran war stresses global remittance flows, and UK politics sees Andy Burnham poised to become prime minister.

  • US grants Iran a 60-day license to sell oil internationally, offering economic lifeline and boosting crude flows through the Strait of Hormuz.
  • Oil prices decline as peace talks progress and market prices in increased Iranian supply.
  • SpaceX plunges for a third straight day, erasing $600B in market value on plans for a massive AI-focused bond issuance.
  • Asian equities fall, led by tech and semiconductor weakness, with Kospi down 0.5% and HSCI near bear territory.
  • Manpreet Gill sees a broadening rally opportunity, favoring European financials and EM sovereign debt.
  • Gill advises not chasing the overextended semiconductor rally.
  • Iran war exposes strains in global remittance corridors, threatening billions of dollars sent to developing economies.
  • Andy Burnham appears set to become the UK's seventh prime minister in a decade after Keir Starmer resigns as Labour leader.
Ideas
Manpreet Gill Reporter, Financial Times 12:12
Avoid overvalued semiconductor stocks
The semiconductor rally has been driven by liquidity and positioning rather than fundamentals, with eye-popping valuations and high concentration risk; the real opportunity is in the broadening of the rally, not in chasing semiconductor stocks at current levels.
SMH LOW
Manpreet Gill Reporter, Financial Times 12:37
Long European financials as catch-up play
European equities offer a catch-up trade as the AI-led rally broadens out from US mega-caps and Asian semiconductors; the region's sector composition, particularly financials, is less dependent on tech hype and has been performing well, making it a solid core holding in a broadening portfolio.
VGK European financials MED
Manpreet Gill Reporter, Financial Times 13:22
Long emerging market sovereign bonds
Emerging market sovereign debt offers attractive yields and diversification; it has lower sensitivity than Asian dollar bonds and adding duration here is compelling, making it a preferred fixed-income allocation to increase exposure.
Emerging market sovereign bonds MED
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This Bloomberg Markets video, published June 23, 2026, features Manpreet Gill discussing SMH, VGK, European financials, Emerging market sovereign bonds. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Manpreet Gill  · Tickers: SMH, VGK, European financials, Emerging market sovereign bonds