Name: More Bullish for Investors Than Traders: 3-Minutes MLIV
Uploaded: 2026-01-27T08:51:04+00:00
Duration: 205 s

Speakers

Mark Cudmore — Executive Editor, Bloomberg Live / Macro Strategist

Summary

Mark Cudmore of Bloomberg MLIV argues the macro backdrop for global stocks is strong for investors, with good growth and fiscal expansion, but short-term traders face event risks. He expects rest-of-world equities to keep outperforming U.S. stocks, sees the AI theme as the dominant market driver, and cautions that precious metals are now a crowded, volatile trade. He is particularly wary of the upcoming JGB auction.

Gold and silver have had a logical but crowded rally; Mark Cudmore cautions against chasing.
KOSPI rose despite 25% Korea tariff threats, but the gain was driven by SK Hynix and narrow AI leadership.
The AI/tech theme remains the key market driver, with tech earnings and bubble-stage debate in focus.
Global equity macro backdrop is strong due to growth and fiscal expansion, especially for investors rather than traders.
Rest-of-world equities are expected to continue outperforming U.S. stocks.
Mark Cudmore is wary of the JGB auction and expects short-term volatility to rise.
FOMC and earnings are seen as less important near-term drivers for traders than the JGB auction.

Ideas

Mark Cudmore Executive Editor, Bloomberg Live / Macro Strategist 0:30

Crowded metals have less upside, more volatility.

The move into gold and silver has been fundamentally logical given the desire to diversify away from the dollar and a lack of attractive alternatives, but it is now a long-established and crowded trend with less upside juice and a more volatile phase ahead. If an investor has not been involved over the past two and a half years, this is not the time to get involved enthusiastically.

Mark Cudmore Executive Editor, Bloomberg Live / Macro Strategist 1:25

KOSPI gain driven by SK Hynix.

The KOSPI finished up 2.7% despite the threat of 25% tariffs on Korea, but the gain was really driven by a few heavily weighted stocks, especially SK Hynix, so it reflects a narrow AI-theme rally rather than genuine immunity to tariff risk. Investors should not get carried away by the market's shrug at tariff threats.

Mark Cudmore Executive Editor, Bloomberg Live / Macro Strategist 2:10

AI theme dominates; bubble not bursting yet.

The AI/tech theme remains the dominant driver of markets, more than geopolitical noise, and long-term investors should focus on it. He believes the theme is still in an expansionary phase and in an inflationary bubble stage, but does not expect the bubble to burst this week, making upcoming U.S. tech earnings important to watch for investors.

Mark Cudmore Executive Editor, Bloomberg Live / Macro Strategist 2:48

Global stocks supported by growth, fiscal expansion.

The macro backdrop for global stocks is incredibly good, with good growth and fiscal expansion almost everywhere, and the theme remains in an expansionary phase. This makes it a big positive backdrop for investors, even though short-term traders face numerous risks.

Mark Cudmore Executive Editor, Bloomberg Live / Macro Strategist 2:53

Rest of world outperforms U.S. stocks.

He expects the rest of the world to continue outperforming U.S. stocks, supported by good global growth and fiscal expansion almost everywhere. This is a relative allocation view favoring non-U.S. equities over U.S. equities.

Mark Cudmore Executive Editor, Bloomberg Live / Macro Strategist 2:53

Rest of world outperforms U.S. stocks.

Mark Cudmore Executive Editor, Bloomberg Live / Macro Strategist 3:13

JGB auction poses short-term volatility risk.

He is very wary of the JGB auction tomorrow, more so than the FOMC, because he expects short-term volatility to increase. This makes the auction a key risk event for traders.

More Bullish for Investors Than Traders: 3-Minutes MLIV

Summary

Ideas

Up Next