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Iran, US Trade Attacks For Second Day, SK Hynix To Set US Listing Price | The Pulse 7/9/2026

Watch on YouTube ↗  |  July 09, 2026 at 10:26  |  50:08  |  Bloomberg Markets
Speakers
Emmanuel Cau — Head of European Equity Strategy, Barclays
Bruce Spring — Bureau Editor, Bloomberg
Francisco Blanch — Head of Global Commodities and Derivatives Research, Bank of America
Judy Ganes — President, J Ganes Consulting

Summary

The Pulse covers US-Iran military strikes and potential oil supply risks, hawkish Fed minutes, AstraZeneca's drug trial failure, Volkswagen's restructuring, and SK Hynix's oversubscribed ADR listing. Equity strategist Emmanuel Cau recommends European banks, luxury, and miners as diversification plays. Commodities experts highlight upside risks for oil, diesel, and natural gas, while coffee and cocoa face supply disruptions from adverse weather.

  • US launches second day of strikes on Iran, Strait of Hormuz traffic near standstill, yet oil prices slip 1.5%.
  • Fed minutes show some officials made case for a rate hike in June, surprising markets.
  • AstraZeneca shares tumble after late-stage drug trial failure; some analysts call it an overreaction.
  • SK Hynix US ADR listing more than 7x oversubscribed despite Korean tech volatility, seen as discounted.
  • Barclays' Emmanuel Cau favors European banks, luxury, and miners for earnings-driven diversification and hedging.
  • BofA's Francisco Blanch warns oil could spike above $100 if energy infrastructure is targeted; diesel and winter gas also tight.
  • Judy Ganes flags coffee and cocoa supply risks from prolonged heavy rainfall and upcoming El Niño, supporting higher prices.
Ideas
Emmanuel Cau Head of European Equity Strategy, Barclays 12:32
Banks benefit from investment cycle broadening.
European banks are benefiting from the investment cycle and re-growing earnings, offering diversification away from overconcentrated tech and a hedge against potential market drawdowns.
SX7E MED
Emmanuel Cau Head of European Equity Strategy, Barclays 12:32
Luxury to benefit from consumer rebound.
Miners have corrected ~20% from highs, valuations have reset, and they belong to investment sectors where earnings are growing most, offering an opportunity to buy the dip.
STOXX MED
Bruce Spring Bureau Editor, Bloomberg 23:11
SK Hynix discounted with strong AI demand.
SK Hynix ADR listing is more than 7x oversubscribed, signaling strong global investor appetite; the stock is discounted versus peers and is well-positioned for AI memory demand despite recent volatility.
000660.KS MED
Francisco Blanch Head of Global Commodities and Derivatives Research, Bank of America 27:46
Watch oil for infrastructure-driven spike.
The oil market is currently relaxed, but inventories are low and any strike on energy infrastructure could cause a rapid spike above $100/bbl; the risk of miscalculation between US and Iran remains high.
BNO HIGH
Francisco Blanch Head of Global Commodities and Derivatives Research, Bank of America 33:16
Diesel tight, watch for conflict disruption.
Diesel is the tightest part of the energy complex with refining bottlenecks, and escalating Middle East conflict could disrupt supplies and push prices higher.
Diesel (ULSD) MED
Francisco Blanch Head of Global Commodities and Derivatives Research, Bank of America 34:10
Gas inventories low, winter price risk.
European natural gas inventories will likely stay below comfortable levels ahead of winter, with strong summer demand and potential LNG supply disruptions, posing a risk of sharply higher gas prices.
TTF HIGH
Judy Ganes President, J Ganes Consulting 44:50
Coffee supply hit, prices stay elevated.
Brazil's coffee crop is hit by excessive rain, lowering quality and delaying harvest, shifting supply from expected surplus to deficit; with El Niño risk, coffee prices are likely to stay elevated.
Coffee (Arabica futures) HIGH
Judy Ganes President, J Ganes Consulting 46:42
Cocoa rain damage pushes prices higher.
Warm Atlantic water is causing excessive rain in cocoa-producing regions, pushing cocoa prices from $4,000 to $6,000 per ton; El Niño could further threaten supply and keep prices high.
CBR MED
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This Bloomberg Markets video, published July 09, 2026, features Emmanuel Cau, Bruce Spring, Francisco Blanch, Judy Ganes discussing SX7E, STOXX, 000660.KS, BNO, Diesel (ULSD), TTF, Coffee (Arabica futures), CBR. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Emmanuel Cau, Bruce Spring, Francisco Blanch, Judy Ganes  · Tickers: SX7E, STOXX, 000660.KS, BNO, Diesel (ULSD), TTF, Coffee (Arabica futures), CBR