Trump Threatens Iran With ‘Big Hit’; Stocks, Bonds Slump | Horizons Middle East & Africa 5/20/2026

Watch on YouTube ↗  |  May 20, 2026 at 09:04  |  46:11  |  Bloomberg Markets
Speakers
Mahjabeen Zaman — Head of FX Research, ANZ
Alan Siow — Co-Head of Emerging Market Corporate Debt, Ninety One
Ed Ludlow — Co-Host, Bloomberg Technology

Summary

The video covers market selloffs driven by renewed Trump threats on Iran, rising bond yields, and oil prices above $110. Mahjabeen Zaman of ANZ expects the dollar to weaken long-term and favors shorting yen and sterling. Alan Siow of Ninety One sees value in EM local currency bonds. Other topics include Nvidia earnings, Samsung strike, and China-Russia talks.

  • Trump threatens to resume strikes on Iran within days.
  • Global bond yields surge to levels last seen in 2007.
  • Oil prices remain elevated above $110/barrel.
  • Mahjabeen Zaman is bearish on USD long-term, and on JPY and GBP due to energy exposure.
  • Alan Siow is constructive on EM local currency bonds as a diversification play.
  • Nvidia is expected to report strong earnings later in the day.
  • Samsung's largest labor union plans to strike after talks break down.
  • Putin visits Beijing to discuss a major gas pipeline deal.
Trade Ideas
Mahjabeen Zaman Head of FX Research, ANZ 8:58
Dollar to weaken long-term.
The dollar will be constrained and weaken over the long term because the Fed cannot out-hawk other G10 central banks, limiting the dollar's upside.
USD MED
Mahjabeen Zaman Head of FX Research, ANZ 11:14
Yen and sterling exposed to oil.
The Japanese yen and sterling are most sensitive to higher oil prices due to their energy import exposure, and both face additional domestic headwinds (UK political risks, Japanese fiscal expansion), making them vulnerable to further downside.
JPY GBP MED
Alan Siow Co-Head of Emerging Market Corporate Debt, Ninety One 30:28
EM local currency bonds attractive.
Local currency EM fixed income is a useful alternative as dollar weakness and the need for diversification create value, though it is still early days.
EM local currency bonds LOW
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This Bloomberg Markets video, published May 20, 2026, features Mahjabeen Zaman, Alan Siow discussing USD, JPY, GBP, EM local currency bonds. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Mahjabeen Zaman, Alan Siow  · Tickers: USD, JPY, GBP, EM local currency bonds