US & Iran Trade Fresh Strikes, SK Hynix Shares Fall Most on Record | The Opening Trade 7/13/2026

Watch on YouTube ↗ | July 13, 2026 at 11:10 | 1:36:20 | Bloomberg Markets

Speakers

Elliot Hentov — Head of Macro Policy Research, State Street Global Advisors

Remi — Head of Multi-Asset Growth and Income, Schroder

Bloomberg Senior Intelligence — Senior Intelligence Strategist, Bloomberg

Anna Edwards — Anchor, Bloomberg TV (London)

Stephen Stapczynski — Asia Energy Coverage, Bloomberg

Benedikt Kammel — Editor/Reporter, Bloomberg (Germany)

Summary

Markets sell off as US-Iran strikes and Strait of Hormuz disruption lift oil above $79. SK Hynix plunges a record 15%, dragging KOSPI into a bear market amid profit-taking after its US ADR debut. TSMC's strong sales reaffirm AI demand. Key events this week include US CPI, Kevin Warsh testimony, and bank earnings. Strategists recommend adding to energy stocks and European banks while avoiding duration and UK equities.

Oil jumps 4% after fresh US-Iran strikes, Strait of Hormuz traffic at a standstill
SK Hynix drops over 15% to a record low; KOSPI falls 9% triggering trading halts
TSMC June sales rise 70% YoY, underscoring intact AI hardware demand
US CPI data and Fed Chair Warsh testimony are the week's key macro catalysts
State Street's Hentov sees Brent fair at $80-$85 and urges avoiding long-duration bonds
Schroder's Remi favors global energy stocks, European banks, and EM currencies while shedding UK equities
M&A headlines: Nippon Paint offers $8.6B for Akzo Nobel unit; easyJet subject to competing bids
Russian refinery strikes tighten refined product markets, boosting crack spreads

Ideas

Elliot Hentov Head of Macro Policy Research, State Street Global Advisors 14:08

Brent crude fairly valued at $80-$85

Oil prices have returned to a fair range around $80 per barrel Brent after being excessively depressed following the MOU. The fundamental structure hasn't changed: both sides seek to avoid full war and disruption is not sustainable long-term. Upside risk remains but $80-$85 is a level equity markets can absorb; oil only becomes punitive above $100 sustained.

Elliot Hentov Head of Macro Policy Research, State Street Global Advisors 18:24

European equities benefit from broadening rally

The equity rally is broadening geographically outside the U.S. and away from the AI core. This broadening supports a positive view on European equities as geopolitical risks eventually recede and the recovery broadens.

Elliot Hentov Head of Macro Policy Research, State Street Global Advisors 20:57

Avoid long-duration bonds

Long-term yields will remain elevated and keep rising due to large fiscal deficits. Near-term inflation relief is temporary. Long-term investors should avoid duration exposure entirely.

Bloomberg Senior Intelligence Senior Intelligence Strategist, Bloomberg 37:42

TSMC sales confirm robust AI demand

TSMC's strong sales growth (June up 70% YoY) confirms that AI hardware demand remains intact. The upcoming earnings will focus on gross margins and forward guidance, with expectations of sustained demand acceleration.

Bloomberg Senior Intelligence Senior Intelligence Strategist, Bloomberg 38:32

ASML benefits from chip capex boom

ASML should benefit substantially from the massive capital spending announced by chipmakers like SK Hynix and TSMC, as it supplies the advanced lithography machines essential for AI chips. AI demand offsets softer consumer electronics.

Remi Head of Multi-Asset Growth and Income, Schroder 52:07

European banks driven by rate cycle

European banks offer attractive earnings momentum driven by a rate cycle that boosts profitability, resilient European growth, and a steepening yield curve. Even with modest growth, higher-for-longer rates support net interest margins.

Remi Head of Multi-Asset Growth and Income, Schroder 54:42

Buy global energy stocks

Global energy stocks are preferred because they benefit from elevated oil prices amid a prolonged managed geopolitical conflict and supply disruptions. The firm has been adding to energy across portfolios.

Remi Head of Multi-Asset Growth and Income, Schroder 55:26

Underweight U.K. equities

U.K. equities have had a fantastic run this year and are now overvalued relative to more interesting opportunities elsewhere, such as European banks and U.S. sectors. It is time to step away from the U.K. market.

Remi Head of Multi-Asset Growth and Income, Schroder 55:59

Avoid U.S. investment grade credit

Spreads on U.S. investment grade credit are far too tight to compensate for the risks, especially the correlated risk from the private credit market. Investors are not getting paid for the earnings growth they get in equities.

Remi Head of Multi-Asset Growth and Income, Schroder 58:07

Long emerging market currencies for carry

In a murky currency market with the dollar staying strong, emerging market currencies offer attractive carry that justifies a long position, especially against low yielders.

Up Next

[26.07.13 Afternoon Broadcast Full View] SK Hynix -15%, Largest Drop Ever! 7th Circuit Breaker This Year Alone... Weakened KOSPI, Where is the Growth Momentum?

3PRO TV (삼프로TV) · Jul 13

[#RealMarket] Samsung Electronics Stock Plunge, Worst Case Scenario Up To Here… Foreigners Bet 2.7 Trillion in Futures, Will There Be a Rebound Tomorrow? | CEO Lee Gwon-hui

815 Money Talk (815머니톡) · Jul 13

Korea Selloff Deepens as SK Hynix Plunges Most on Record | The Pulse 7/13/2026

Bloomberg Markets · Jul 13

[Emergency Interview] Even Samsung Electronics, the Last Bastion, Breaks Trend… Korean Stock Market Warning Light On "Will Deposits Break 100 Trillion Won?" | Hwang Yuhyun Team Leader

815 Money Talk (815머니톡) · Jul 13

SK Hynix's Important Price Level Even Collapsed...This Week's Rebound Will Determine Future Trends | Hong Seon-ae, Min Jae-gi KB Securities PRIME CLUB Team Leaders [Yeouido Insight]

3PRO TV (삼프로TV) · Jul 13

This Bloomberg Markets video, published July 13, 2026, features Elliot Hentov, Bloomberg Senior Intelligence, Remi discussing BNO, STOXX Europe 600, TLT, TSM, ASML, FEUP, XLE, EWU, LQD, EMLC. 10 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Elliot Hentov, Bloomberg Senior Intelligence, Remi · Tickers: BNO, STOXX Europe 600, TLT, TSM, ASML, FEUP, XLE, EWU, LQD, EMLC