Stocks Waver at Start of Week Filled With Key Inflation Data | September 8

Watch on YouTube ↗ | September 09, 2026 at 16:50 | 2:24:13 | Bloomberg Markets

Speakers

Seema Shah — Chief Global Strategist, Principal Asset Management

Janno Lieber — Chair and CEO of the Metropolitan Transportation Authority (MTA)

Kit Juckes — Macro Strategist, Société Générale

Earl Davis — Head of Fixed Income, BMO Global Asset Management

Jim Caron — CIO, Portfolio Management, Morgan Stanley Investment Management

Samantha Dart — Head of Digital Assets, Bitwise

Oksana Aronov — Fixed Income Strategist, JPMorgan Asset Management

Barbara Reinhard — Chief Investment Officer, Voya Investment Management

Gil Luria — Technology Strategist at D.A. Davidson

Brian Levitt — Global Market Strategist, Invesco

Kate Kalutkiewicz

Stephen Stanley

Summary

Bloomberg Surveillance discusses how Middle East oil disruptions, looming US inflation data, a potential Fed rate hike, and BOJ policy are shaping markets. Guests lean generally constructive on US equities, cautious to bearish on long-end Treasuries, and bullish on yen, diesel, and AI/data-center power bottlenecks. Canadian retaliation and AI backlash are flagged as political and growth risks but not clean trades.

Brent crude near $100 on Hormuz disruption and Houthi attacks on Saudi energy sites
CPI on Friday is seen as decisive for a possible Fed hike; PPI also matters for PCE
BOJ expected to hike as yen strengthens sharply from 160 toward 152-154 per dollar
Canada applies retaliatory tariffs up to 50%; trade stalemate with US viewed as politically driven
Long-end Treasury yields pressured by global curves, fiscal supply, and hyperscaler issuance
US equity bulls cite strong earnings, resilient growth, and not yet dangerous yields
Diesel/refined products tighter than crude due to refinery damage and low stocks
AI/data center backlash seen slowing buildout, potentially preventing an AI bubble and extending chip demand

Ideas

Seema Shah Chief Global Strategist, Principal Asset Management 4:32

US equities resilient but gains modest

The equity cycle remains intact because economic growth is resilient, inflation expectations are contained, sentiment is not euphoric, valuations are around five-year averages, and the economy is not overlevered; 5% Treasury yields are not enough to pull investors away after years of strong equity returns, though a hyperscaler pullback is the key cycle-ending risk.

Janno Lieber Chair and CEO of the Metropolitan Transportation Authority (MTA) 17:16

Crude oil supported by unresolved Hormuz conflict

Crude oil is likely to stay elevated or biased higher because Strait of Hormuz disruptions are not resolved, Houthi attacks on Saudi energy capacity add risk premium, the US has no short-term policy answer, no US-Iran talks are happening, and China re-entering the crude market could push prices higher.

Kit Juckes Macro Strategist, Société Générale 32:04

BOJ hikes support stronger yen near term

The Bank of Japan is cornered into hiking rates and has room for a couple of aggressive hikes; this should flush out yen-funded carry trades and push dollar-yen lower in the near term, especially with US cooperation on intervention.

Earl Davis Head of Fixed Income, BMO Global Asset Management 45:40

Bearish 30-year, prefer 10-year Treasuries

He is very bearish on the 30-year US Treasury because other developed market curves are 50-150bp steeper, relative global buyers may prefer foreign duration, and mortgage convexity selling could accelerate long-end selling; he prefers 10-year duration and would buy 10-year Treasuries around 5-5.25%.

Earl Davis Head of Fixed Income, BMO Global Asset Management 45:40

Bearish 30-year, prefer 10-year Treasuries

He is very bearish on the 30-year US Treasury because other developed market curves are 50-150bp steeper, relative global buyers may prefer foreign duration, and mortgage convexity selling could accelerate long-end selling; he prefers 10-year duration and would buy 10-year Treasuries around 5-5.25%.

Samantha Dart Head of Digital Assets, Bitwise 81:36

Diesel is the tightest energy product

Diesel is the tightest refined product market because refining capacity has been damaged in the Middle East and Russia, distillate stocks are low, and there is no China cushion; refiners are maximizing diesel yield, which keeps diesel and product margins elevated well above normal into next year.

Gil Luria Technology Strategist at D.A. Davidson 114:48

Data center backlash extends AI chip cycle

Data center backlash and permitting, land, power and shell constraints are actually slowing AI buildout enough to prevent a bubble and extend the cycle, while AI demand remains far above available compute; this supports longer-term AI chip demand rather than undermining it.

Gil Luria Technology Strategist at D.A. Davidson 118:15

Data center power bottlenecks benefit suppliers

Data center developers are shifting to behind-the-meter power because grid connections require expensive ratepayer subsidies; this creates a new bottleneck and demand for turbines, turbine blades, rotors, Bloom Energy fuel cells and eventually natural gas.

Up Next

Squawk Pod: Microsoft’s Brad Smith & Utah Gov. Cox: AI, teaching, & peace - 09/09/26 | Audio Only

Market Midday: Stocks Fall, Oil Rises, Treasury Unveils Bond Buyback • 9/9/26

Did OpenAI Steal $1Million Math Proof?

This Week in Startups · Sep 09

Anthropic researcher warns AI 'could kill us all by the end of the decade'

Apple’s Rally Pressures New CEO to Deliver on $2,000 Foldable iPhone

Bloomberg Markets · Sep 09

This Bloomberg Markets video, published September 09, 2026, features Seema Shah, Janno Lieber, Kit Juckes, Earl Davis, Samantha Dart, Gil Luria discussing SPY, BNO, FXY, IEF, TLT, DIESEL, NVDA, BE, UNG. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Seema Shah, Janno Lieber, Kit Juckes, Earl Davis, Samantha Dart, Gil Luria · Tickers: SPY, BNO, FXY, IEF, TLT, DIESEL, NVDA, BE, UNG