Iran Latest: Trump Vows ‘Whatever it Takes’, Rubio: More Attacks To Come | Daybreak Europe 3/3/2026

Watch on YouTube ↗  |  March 03, 2026 at 08:53  |  47:00  |  Bloomberg Markets
Speakers
Mark Cranfield — Cross Asset Strategist, Bloomberg
Jamie Dimon — CEO, JPMorgan Chase
Lizzy Burden — Crypto Reporter, Bloomberg News
Vonnie Quinn — Anchor, Bloomberg
Joumanna Bercetche — Anchor, Bloomberg
Ziad — Chief Emerging-Market Economist, Bloomberg
Yael Selfin — Vice Chair and Chief Economist, KPMG UK

Summary

Bloomberg Daybreak Europe covered the escalating U.S.-Iran conflict and its market impact, including strikes on Gulf energy infrastructure and threats around the Strait of Hormuz. Oil and gas prices rose on supply concerns, government bond yields climbed on inflation worries, and Asian equities were under pressure while Korean defense stocks and Chinese assets showed relative resilience. The program also previewed the U.K. spring statement, with attention on gilt issuance and fiscal stability, and featured Jamie Dimon warning of inflation and credit-spread complacency.

  • U.S.-Iran conflict escalated with strikes and threats around the Strait of Hormuz.
  • Oil and European gas prices rose on supply disruption and Qatari LNG outage.
  • Asian equities fell as higher oil prices pressured net-importing economies.
  • Korean defense stocks outperformed on expected spending and geopolitical tension.
  • Government bond yields rose on inflation fears and reassessment of rate cuts.
  • U.K. spring statement preview focused on fiscal stability and lower gilt issuance.
  • Jamie Dimon warned inflation and credit spreads reflect market complacency.
  • Dollar index strengthened as a safety trade.
Ideas
Eduardo 8:32
Oil surge pressures Asian equity earnings.
The rise in Brent is adding pressure to Asian stocks because Asia is a net oil importer, and a 20% jump in oil is estimated to hurt Asian earnings by about 2%.
AAXJ MED
Eduardo 8:54
Korean defense names lead on spending.
Korean defense names are a bright spot in Asia, leading gains, because further defense spending is expected and geopolitical tensions are likely to persist longer than previously anticipated.
Korean defense stocks MED
Eduardo 9:14
China stocks relatively insulated from war.
Chinese stocks are less exposed to the external war shock than other Asian markets, so their losses are not as pronounced; this relative insulation makes them a potential relative haven within Asia.
FXI MED
Eduardo 9:30
Yuan supported by PBOC fixing, trade talks.
The onshore yuan is gaining by the most in 10 months after a stronger PBOC fixing ahead of a meeting expected Thursday, and optimism around U.S.-China trade negotiations later this month is supporting the currency.
Onshore yuan MED
Mark Cranfield Cross Asset Strategist, Bloomberg 10:55
Oil inflation pressures government bonds.
Investors are selling government debt because the rise in oil prices is seen as sustainable, feeding inflation concerns and forcing traders to reassess rate-cut bets. Yields are rising across Asia-Pacific, including Australia, Japan, and Korea, and the long end is under pressure because central banks are likely to be slow to respond; this may be hard to reverse unless the Middle East conflict ends quickly.
South Korean government bonds TLT Australian government bonds Japanese government bonds HIGH
Rong 27:40
Middle East conflict tightens oil market.
Price action in oil points to near-term tightness because the Middle East conflict is still developing and the market keeps receiving news on supply-chain disruptions. Production facilities have been affected and transit through the Strait of Hormuz, a key waterway for much of the world's oil and gas, is taking longer; flat price and spreads are showing tightening.
WTI HIGH
Rong 29:04
Qatar LNG halt lifts gas prices.
The main driver for gas prices is the halt in production at a major Qatari LNG export facility, which has sent prices soaring and raised supply fears. Many countries, especially in Asia, rely on Qatari LNG and are scrambling for alternative supply.
UNG HIGH
Jamie Dimon CEO, JPMorgan Chase 33:57
Oil may rise on prolonged war.
The Iran war is a key oil-risk scenario: if it is short, oil prices go to $80, $90, or $100; if it is prolonged, it could have a major effect on markets and inflation, especially given today's more complex geopolitics.
WTI MED
Jamie Dimon CEO, JPMorgan Chase 36:08
Credit spreads may widen on complacency.
Credit spreads are low and markets are complacent; spreads could get 'battle locked' and widen because of sentiment, which is a negative outcome investors are not prepared for.
Credit spreads MED
Lizzy Burden Crypto Reporter, Bloomberg News 39:17
Lower gilt sales support UK bonds.
The Debt Management Office is expected to cut gilt sales to their lowest in three years, which would be a boon for gilt investors; the gilt market has also been healthy in February, supporting U.K. government bonds.
UKGILT MED
Vonnie Quinn Anchor, Bloomberg 45:42
Dollar strengthens as safety trade.
The dollar index is rising as part of the safety trade, having gained against basically every major currency, which suggests dollar strength is reasserting amid geopolitical risk.
DXY MED
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This Bloomberg Markets video, published March 03, 2026, features Eduardo, Mark Cranfield, Rong, Jamie Dimon, Lizzy Burden, Vonnie Quinn discussing AAXJ, Korean defense stocks, FXI, Onshore yuan, South Korean government bonds, TLT, Australian government bonds, Japanese government bonds, WTI, UNG, Credit spreads, UKGILT, DXY. 11 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Eduardo, Mark Cranfield, Rong, Jamie Dimon, Lizzy Burden, Vonnie Quinn  · Tickers: AAXJ, Korean defense stocks, FXI, Onshore yuan, South Korean government bonds, TLT, Australian government bonds, Japanese government bonds, WTI, UNG, Credit spreads, UKGILT, DXY