Ferrari Drops as New €550K EV Design Disappoints | The Opening Trade 5/26/2026

Watch on YouTube ↗  |  May 26, 2026 at 10:02  |  1:36:18  |  Bloomberg Markets
Speakers
PoOJA Kumra — Senior European Rates Strategist, TD Securities
Mary Jugo — CEO, Edmond de Rothschild Asset Management France
Louis Costa — Global head of EMI strategy, Citi
Mike Bell — Head of market strategy at RBC Blue Bay Asset Management
Mark Cudmore — Executive Editor, Bloomberg Live / Macro Strategist

Summary

The episode covers market reactions to US-Iran tensions, oil price volatility, Ferrari's EV launch, China chip optimism, and bond market dynamics. Guests discuss positioning around a potential Hormuz deal, with views ranging from cautious to selective bullishness on UK gilts, US equities, Hong Kong tech, corporate credit, South Africa bonds, and South Korea equities. Key themes include yield curve flattening, EM opportunities, and the AI trade.

  • US-Iran tensions escalate with overnight strikes, oil rebounds 2%.
  • Ferrari unveils first EV at €550k, shares drop 6%.
  • Huawei optimism drives China chip stocks higher despite capital crackdown.
  • Pooja Kumar is long UK gilts targeting yield decline.
  • Mary Jugo is constructive on US equities and Hong Kong tech.
  • Mary Jugo favors corporate credit over duration.
  • Louis Costa sees opportunity in South African bonds and Korean equities.
  • Central bank hawkishness and curve flattening discussed.
Trade Ideas
PoOJA Kumra Senior European Rates Strategist, TD Securities 30:06
Long UK gilts targeting yield drop.
UK gilt yields overran due to inflation and fiscal concerns; she entered long at 5% targeting 4.70% based on historical patterns and belief that yields are at top of range.
UKGILT HIGH
Mary Jugo CEO, Edmond de Rothschild Asset Management France 54:11
Bullish on US equities due fundamentals.
US equities macro and fundamentals strong, constructive view despite geopolitical risks.
SPY MED
Mary Jugo CEO, Edmond de Rothschild Asset Management France 56:01
Hong Kong tech catch up opportunity.
Hong Kong tech index undervalued vs Korean/Taiwan tech, potential catch up, better IPO pipeline, satellite trade.
KWEB MED
Mary Jugo CEO, Edmond de Rothschild Asset Management France 59:49
Favor corporate credit over duration.
Prefer credit over duration, extract credit risk, no recession sign, positive on both investment grade and high yield.
CORP HIGH
Louis Costa Global head of EMI strategy, Citi 82:14
Buy South African bonds on overreaction.
South Africa bond yields overreacted to oil shock; opportunity to receive rates and buy bonds.
South African Government Bonds LOW
Louis Costa Global head of EMI strategy, Citi 82:52
Bullish on South Korea equities.
Korean households buying domestic stocks, AI cycle supportive, natural resources, constructive on Korea.
EWY MED
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This Bloomberg Markets video, published May 26, 2026, features PoOJA Kumra, Mary Jugo, Louis Costa discussing UKGILT, SPY, KWEB, CORP, South African Government Bonds, EWY. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: PoOJA Kumra, Mary Jugo, Louis Costa  · Tickers: UKGILT, SPY, KWEB, CORP, South African Government Bonds, EWY