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Turkey Could get F-35 Jets Despite Israel Opposition | Horizons Middle East & Africa 7/9/2026

Watch on YouTube ↗  |  July 09, 2026 at 06:50  |  46:11  |  Bloomberg Markets
Speakers
Max Kettner — Chief Multi-Asset Strategist, HSBC
Rohit Sipahimalani — CIO, Temasek
Stephen Stapczynski — Asia Energy Coverage, Bloomberg
Winnie Hsu — Bloomberg Reporter (Asia Markets)

Summary

Global markets digest a sharp escalation in US-Iran conflict with oil prices rising near $80 as Hormuz traffic slows, while Asian equities wobble but AI chip stocks rebound. HSBC's Max Kettner stays overweight global equities, shifting to overweight Eurozone equities and banks, citing muted sentiment and low earnings expectations. Temasek CIO Rohit Sipahimalani expresses strong conviction on AI, highlighting cheap valuations in hyperscalers and Nvidia, and supports US equities driven by broad earnings growth. Fed minutes reveal a hawkish tilt, keeping bond markets alert.

  • US strikes Iran for a second day; Iran hits Gulf neighbors, sending Brent toward $80.
  • Strait of Hormuz traffic severely slowed, but alternative pipelines and China demand dip cushion supply.
  • Asian equities fluctuate; Kospi entered bear market, but AI chip optimism lifts the sector.
  • Max Kettner (HSBC) overweight equities: neutral sentiment, subdued Q2 earnings expectations offer upside.
  • Kettner shifts overweight Eurozone equities and banks, attracted by low growth/earnings bars and steepening.
  • Rohit Sipahimalani (Temasek) ramps up AI exposure as capex cycle drives strong cash flows.
  • Sipahimalani calls hyperscalers cheap at multi-year low multiples and Nvidia not frothy at 13x earnings.
  • US equities seen as earnings-driven with multiples lower than January; S&P equal weight up 17%.
Ideas
Max Kettner Chief Multi-Asset Strategist, HSBC 13:51
Neutral positioning and earnings catalyst favor equities.
Sentiment and positioning remain surprisingly neutral despite all-time highs and tight credit spreads, with no warning signals. Upcoming Q2 reporting season has subdued consensus expectations, creating a potential upside catalyst. Strong AI story, manufacturing orders, and consumption data outweigh geopolitical risks, supporting an overweight on equities.
SPY MED
Max Kettner Chief Multi-Asset Strategist, HSBC 17:13
Low expectations and weaker euro lift Eurozone equities.
Eurozone equities are attractive because earnings expectations are much lower compared to the US, the recent euro weakness and stronger dollar support relative earnings, and overall growth expectations are low, providing a low bar to beat. European banks are particularly compelling: even a tiny steepening was enough to turn flat earnings estimates into outperformance, making valuations attractive.
EZU EUFN HIGH
Rohit Sipahimalani CIO, Temasek 19:39
AI capex cycle drives durable earnings growth.
AI capex growth cycles are a strong tailwind for revenues and earnings across the ecosystem, and the cycle is not expected to change. The AI ecosystem already generates half a trillion dollars of free cash flow, with many investable areas still showing strong cash generation and reasonable traditional metrics.
AI ecosystem MED
Rohit Sipahimalani CIO, Temasek 20:09
Hyperscalers trade at multi-year low multiples.
Hyperscalers are trading at the lowest multiples seen in the last few years, yet they are central to the AI ecosystem and earnings-driven market. Despite some frothy segments, these large-cap platforms offer cheap exposure to AI growth.
SKYY HIGH
Rohit Sipahimalani CIO, Temasek 20:36
Nvidia at 13x earnings is not frothy.
Nvidia is trading at only 13 times earnings, which is not frothy for a company at the heart of AI infrastructure spend. Stock-level valuation still looks attractive despite broad AI enthusiasm.
NVDA HIGH
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This Bloomberg Markets video, published July 09, 2026, features Max Kettner, Rohit Sipahimalani discussing SPY, EZU, EUFN, AI ecosystem, SKYY, NVDA. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Max Kettner, Rohit Sipahimalani  · Tickers: SPY, EZU, EUFN, AI ecosystem, SKYY, NVDA