Trump Rebuilds Tariff Wall With Global Levies | The Opening Trade 7/24/2026

Watch on YouTube ↗ | July 24, 2026 at 10:36 | 1:34:33 | Bloomberg Markets

Speakers

Christian Klein — CEO, SAP

Matt Bloxham — Head of Research, The Block

Sebastian Raedler — Head of European Equity Strategy, Bank of America Global Research

Adam London — Bloomberg Markets Live

Christel Rendu de Lint — Co-CEO, Vontobel

Anna Titareva — European Economist, UBS Asset Management

Oliver Crook — Chief European Correspondent, Bloomberg

Guy Johnson — Anchor, Bloomberg

Summary

The episode covers new US tariffs on global imports, a sell-off in tech stocks, and oil prices above $100 due to Middle East tensions. Guests discuss SAP and Intel earnings beats, VW's guidance cut, and the ECB's potential rate hike. Sebastian Raedler warns of an AI capex bust and recommends defensive stocks, while others see continued oil upside risk.

Trump administration imposes 10-12.5% tariffs on most trading partners, reconstructing its tariff wall.
Oil rebounds above $100 on US-Iran tensions and Red Sea blockade, posing inflation risks.
Tech stocks suffer heavy sell-off, with Mag 7 losing $797 billion, but Intel beats estimates.
SAP cloud revenue beats expectations, stock jumps; VW cuts revenue guidance amid China weakness.
ECB signals possible rate hike in September as energy shock feeds into prices.
Bank of America strategist warns of AI capex boom bust and advises rotating into defensive quality stocks.
Vontobel reports record profit, shares rise.
Markets look ahead to tech earnings from Meta, Amazon, Microsoft, and Apple next week.

Ideas

Christian Klein CEO, SAP 25:31

SAP accelerating cloud migration and AI.

SAP's cloud revenue growth accelerated in Q2, far ahead of the market, driven by customer migration to cloud and AI integration. SAP's Business AI platform provides the business context layer that large language models lack, helping customers run mission-critical processes. The company is managing AI token costs effectively and expects continued strength in the second half, with a strong pipeline.

Adam London Bloomberg Markets Live 37:53

Oil upside risk on supply disruptions.

Oil prices are being supported by geopolitical tensions, with President Trump threatening escalation against Iran and the Houthis opening a new front. The balance of risks is tilted to the upside, especially if the Strait of Hormuz disruption worsens and supply remains constrained, as demand is relatively inelastic in the short term.

Christel Rendu de Lint Co-CEO, Vontobel 63:52

Vontobel record earnings and growth plan.

Vontobel reported record first-half profit and assets under management, driven by clients choosing them across segments and geographies due to their differentiated positioning in active management. The efficiency program is delivering cost discipline and operational leverage, providing strategic flexibility for organic and inorganic growth, including potential M&A.

Sebastian Raedler Head of European Equity Strategy, Bank of America Global Research 76:08

AI capex boom risks sharp bust.

Equity markets are pricing in an optimistic scenario with margin and earnings growth expectations at all-time highs, while there are significant risks from the once-in-a-generation AI capex boom showing cracks, such as customers' unwillingness to pay for hyperscalers and potential financial stress from debt-financed investments. History suggests that such booms end in busts, with brutal deflationary impacts. AI-themed expensive stocks are particularly vulnerable.

Sebastian Raedler Head of European Equity Strategy, Bank of America Global Research 77:19

Buy cheap defensive quality stocks.

The market has been extremely bifurcated, with defensive, beaten-up quality stocks such as staples and pharma trading at extreme undervaluation relative to the stretched AI trade. In a turbulent market, these sectors offer safety and substantial upside potential, as they are priced for no good news, while if the AI theme falters, they will become much more attractive.

Matt Bloxham Head of Research, The Block 88:18

Intel benefits from AI shift to CPUs.

Intel is undergoing a turnaround, driven by AI demand shifting from training models to deploying, favoring general-purpose CPUs where Intel dominates. Its foundry business is gaining traction, with SpaceX looking to work with Intel, as customers seek to diversify away from traditional chip providers. Intel's earnings shattered estimates, and there is growing optimism about future growth.

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This Bloomberg Markets video, published July 24, 2026, features Christian Klein, Adam London, Christel Rendu de Lint, Sebastian Raedler, Matt Bloxham discussing SAP, BNO, VONN.SW, QQQ, XLP, XLV, INTC. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Christian Klein, Adam London, Christel Rendu de Lint, Sebastian Raedler, Matt Bloxham · Tickers: SAP, BNO, VONN.SW, QQQ, XLP, XLV, INTC