Canada Sees Long Trade War With US, Bessent Set to Unveil Iran Plan | Opening Trade 8/24/2026

Watch on YouTube ↗  |  August 24, 2026 at 09:12  |  1:34:20  |  Bloomberg Markets
Speakers
PoOJA Kumra — Senior European Rates Strategist, TD Securities
Richard Saldanha — Global Equity Portfolio Manager, Aviva Investors
Brendan Murray — Trade Reporter, Bloomberg
Wayne Saunders — Senior Defense Analyst, Bloomberg Intelligence
Daniel Lundgren — CEO, MilDef
Gautam Samarth — Multi-Asset Fund Manager, M&G Investments
Anthony Stevens — Bloomberg Market Producer
Adam — Markets Live Team, Bloomberg

Summary

The video covers a busy macro week, focusing on upcoming guidance from US Treasury Secretary Scott Bessent regarding Iran sanctions and fiscal policy, as well as Kevin Warsh's speech at Jackson Hole. Markets are also bracing for Nvidia's earnings amid a broader tech selloff and a looming trade war between the US and Canada.

  • US Treasury Secretary Scott Bessent is expected to unveil an economic isolation plan for Iran.
  • Markets await clarity on US fiscal consolidation and monetary policy from Bessent and Warsh.
  • Canada prepares retaliatory tariffs against the US, potentially targeting politically sensitive exports.
  • Nvidia's upcoming earnings report is viewed as a critical macro event for the AI CapEx cycle.
  • Alibaba's record $10 billion share sale in Hong Kong pressures Asian tech equities.
  • European defense spending shifts toward digitalizing armed forces and tactical IT.
Ideas
PoOJA Kumra Senior European Rates Strategist, TD Securities 28:02
US Treasuries may underperform European bonds.
A lack of monetary policy predictability from the Federal Reserve could cause US Treasuries to underperform European bonds and widen spreads.
IGOV TLT MED
PoOJA Kumra Senior European Rates Strategist, TD Securities 32:15
French fiscal support could widen bond spreads.
If the French government implements further fiscal support for fuel without corresponding spending cuts, markets will punish the move, leading to a brutal widening of French bond spreads.
French OATs MED
Richard Saldanha Global Equity Portfolio Manager, Aviva Investors 52:52
Chinese tech offers idiosyncratic AI diversification.
Chinese tech and hyperscalers offer idiosyncratic diversification away from the US AI trade and have demonstrated resilience during recent semiconductor selloffs.
KWEB MED
Richard Saldanha Global Equity Portfolio Manager, Aviva Investors 53:37
Consumer staples provide a counterbalance to AI.
Consumer staples act as a natural counterbalance to the AI trade, with companies like Unilever continuing to deliver solid volume growth.
UL XLP MED
Richard Saldanha Global Equity Portfolio Manager, Aviva Investors 53:44
European healthcare offers catch-up and M&A upside.
European healthcare stocks have catch-up potential relative to their US counterparts and offer an interesting M&A story as companies start deploying their balance sheets.
European Healthcare MED
Richard Saldanha Global Equity Portfolio Manager, Aviva Investors 57:08
Industrials offer solid earnings uncorrelated to AI.
Industrials provide solid earnings growth uncorrelated to AI and should benefit from a pickup in economic activity as indicated by PMIs.
XLI MED
Brendan Murray Trade Reporter, Bloomberg 66:31
Canada may target John Deere with tariffs.
Canada may specifically target US exports like John Deere farm equipment and recreational vehicles for retaliatory tariffs to apply political pressure on key Republican states ahead of the midterms.
DE RV manufacturers MED
Wayne Saunders Senior Defense Analyst, Bloomberg Intelligence 78:12
Modern warfare integration drives defense tech partnerships.
The integration of drones, AI, electronic warfare, and cyber into a single kill chain is forcing European defense primes to partner with US tech firms to create a global framework for allies.
THLLY BAESY LDO.MI Rheinmetall PLTR BAH Leidos MED
Daniel Lundgren CEO, MilDef 79:31
Digitalization of armed forces drives MilDef's growth.
The third wave of European defense spending is focused on digitalizing armed forces and tactical IT, which perfectly aligns with MilDef's portfolio, and the company has successfully ramped up capacity to meet this sustained demand.
MILDEF HIGH
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This Bloomberg Markets video, published August 24, 2026, features PoOJA Kumra, Richard Saldanha, Brendan Murray, Wayne Saunders, Daniel Lundgren discussing IGOV, TLT, French OATs, KWEB, UL, XLP, European Healthcare, XLI, DE, RV manufacturers, THLLY, BAESY, LDO.MI, Rheinmetall, PLTR, BAH, Leidos, MILDEF. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: PoOJA Kumra, Richard Saldanha, Brendan Murray, Wayne Saunders, Daniel Lundgren  · Tickers: IGOV, TLT, French OATs, KWEB, UL, XLP, European Healthcare, XLI, DE, RV manufacturers, THLLY, BAESY, LDO.MI, Rheinmetall, PLTR, BAH, Leidos, MILDEF