Trump Heads to China, SoftBank Profit Jumps on OpenAI Bet | The Opening Trade 5/13/2026

Watch on YouTube ↗  |  May 13, 2026 at 11:55  |  1:35:48  |  Bloomberg Markets
Speakers
Max Kettner — Chief Multi-Asset Strategist, HSBC
Paul Malcolm — Investment Director and Head of Global Equities, GAM Investments
Mark Cudmore — Executive Editor, Bloomberg Live / Macro Strategist
Jamie Dimon — CEO, JPMorgan Chase

Summary

The video covers market reactions to the US-China summit, rising global bond yields, UK political turmoil, and earnings from major European companies. Key themes include a bullish view on US and Asian equities driven by strong earnings and AI, and an avoid stance on Europe due to lack of AI exposure and Middle East uncertainty. A rotation within tech from hardware to software is flagged as a potential opportunity.

  • US and Asian equity markets favored over Europe by HSBC strategist Max Kettner, citing strong earnings and positioning.
  • European equities underperform due to AI deficit and sensitivity to Iran conflict resolution.
  • Software sector may see a relative recovery as valuations compress below hardware, per GAM's Paul Malcolm.
  • Mark Cudmore warns of an AI bubble with many months left but high volatility and tail risks from Iran.
  • Jamie Dimon expresses caution on market exuberance but offers no specific trade.
  • UK political crisis adds pressure on gilts, but no tradeable idea is directly offered.
  • Corporate earnings from Siemens, Hapag-Lloyd, and Allianz show mixed results with cautious forward guidance.
  • Jensen Huang joining Trump on China trip raises hopes for chip deal progress.
Trade Ideas
Max Kettner Chief Multi-Asset Strategist, HSBC 21:26
Avoid European equities due to headwinds.
European equities are unattractive relative to US and Asia because the region lacks significant AI exposure, is highly sensitive to a resolution of the Iran conflict, and faces structural headwinds. Investors should avoid or underweight Europe.
VGK HIGH
Max Kettner Chief Multi-Asset Strategist, HSBC 21:30
Bullish on US and Asian equities.
US and Asian equities are attractive because earnings season has been exceptionally strong with broad-based beats, positioning is not frothy (systematic and discretionary far from sell signals), and the AI theme provides a tailwind. Europe lacks AI exposure and needs resolution of the Middle East conflict to become investable, so skip Europe and focus on US and Asia.
SPY AAXJ HIGH
Paul Malcolm Investment Director and Head of Global Equities, GAM Investments 57:32
Potential rotation into software sector.
Within the tech sector, a rotation from hardware into software may be due because software valuations have compressed below hardware, and if the market becomes convinced that software companies maintain defensible moats, there is opportunity for a rally. The traditional software premium has eroded, creating a potential entry point.
IGV MED
Up Next
48:38
Oil Inventories Falling at Record Pace, Warns IEA | The Pulse 05/13/2026
Bloomberg Markets · May 13
42:54
Tech Rebounds; Trump Heads to China | Bloomberg Brief 5/13/2026
Bloomberg Markets · May 13
4:26
Investors should be hedging inflation risk right now, says T. Rowe Price's Sébastien Page
CNBC · May 13
4:38:56
[26.05.13 오후 방송 전체보기] 코스피 공포지수 역대급 겪고 다시 상승 전환…만스피 진짜 갈까요? [클로징벨 라이브]
3PRO TV (삼프로TV) · May 13
37:43
포모를 이기는 주도주 선점 전략ㅣ차영주 와이즈경제연구소 소장 [집중 오늘의 주식]
3PRO TV (삼프로TV) · May 13

This Bloomberg Markets video, published May 13, 2026, features Max Kettner, Paul Malcolm discussing VGK, SPY, AAXJ, IGV. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Max Kettner, Paul Malcolm  · Tickers: VGK, SPY, AAXJ, IGV