Trump Says US to Guide Ships Through Hormuz & US-EU Tariffs Dispute | Daybreak Europe 05/04/2026
Speakers
Elias Haddad
— Head of Research, Paradigm
Summary
Bloomberg Daybreak Europe covers US plans to guide ships through the Strait of Hormuz, rising oil prices, China's defiance of US sanctions, and US-EU tariff threats. Guest Elias Haddad of Brown Brothers Harriman shares his bullish yen outlook targeting 140, while discussing Fed policy and dollar bearishness.
- President Trump announces US will guide stranded ships through the Strait of Hormuz, but details on naval escorts remain unclear.
- Oil prices initially fall on the news but stabilize as uncertainty persists.
- China orders companies to ignore US sanctions on five domestic refiners linked to Iranian oil.
- Trump threatens 25% tariffs on EU-made vehicles and deeper US troop cuts in Germany.
- ECB officials warn of recession risks from the Middle East conflict.
- Elias Haddad expresses a bullish yen view, targeting USD/JPY at 140 by year-end.
- Haddad advises fading Fed rate hike risk and maintains a base case for a rate cut this year.
- Markets focus on US nonfarm payrolls, Treasury refunding, and European bank earnings this week.
Trade Ideas
Bullish yen, target 140 by year-end.
He is bullish on the yen, expecting USD/JPY to decline to 140 by year-end, supported by cheap valuation and a macro policy mix of tight monetary and loose fiscal in Japan, which is a positive combination for the currency. Intervention alone is insufficient, but the underlying policy backdrop is constructive.
Up Next
This Bloomberg Markets video, published May 04, 2026, features Elias Haddad discussing USD/JPY. 1 trade idea extracted by AI with direction and confidence scoring.
Speakers: Elias Haddad · Tickers: USD/JPY