Trump's Hormuz Blockade Sends Oil Soaring; Samsung Explores US ADR Listing | The Pulse 7/14/2026

Watch on YouTube ↗ | July 14, 2026 at 10:25 | 48:44 | Bloomberg Markets

Speakers

George Saravelos — Editor-at-Large, CoinDesk

Matt Bloxham — Head of Research, The Block

Tom Metcalf — Reporter, Bloomberg Opinion

Bruna Skarica — Chief UK Economist, Morgan Stanley

Andrea

Ven Ram — Markets Live Reporter/Strategist, Bloomberg

Oliver Crook — Chief European Correspondent, Bloomberg

Summary

The episode covers a US-Iran military escalation that sent Brent crude back above $85, Samsung's early-stage exploration of a US ADR listing to ride AI memory demand, and rising expectations for a July Fed rate hike ahead of CPI and Kevin Warsh testimony. Deutsche Bank's George Saravelos sees Asian currencies like the Korean won and Taiwan dollar benefiting from AI tailwinds, discusses conditional dollar strength and yen catalysts. Wall Street banks are set for blockbuster earnings driven by dealmaking and volatile trading, while Morgan Stanley's Bruna Skarica argues the Bank of England will likely hold rates steady despite market pricing of two hikes, implying gilts could rally. The UK political transition and luxury sector demand are also discussed.

Oil surges above $85 after Trump reinstates Strait of Hormuz blockade and demands 20% tanker fee
Samsung explores US ADR listing to tap AI memory demand and broaden its investor base
Fed rate hike bets mount ahead of CPI data and Fed Chair Warsh testimony; a July hike is possible
Deutsche Bank's FX chief sees AI driving Korean won and Taiwan dollar outperformance, dollar strength if Fed turns more aggressive
Major US banks expected to post record Q2 revenues on booming M&A, IPOs and equity trading; JPMorgan and Goldman seen as top picks
Morgan Stanley's UK economist expects BOE to stay on hold, challenging market pricing of two hikes, favoring UK gilts
Watches of Switzerland flagged as a unique Rolex proxy benefiting from strong US luxury demand
UK political transition and renewed inflationary pressures keep sterling and gilt markets on edge

Ideas

George Saravelos Editor-at-Large, CoinDesk 6:15

USD strength if Fed hikes aggressively

The dollar is currently fairly valued. Upside risk lies in whether the Fed shifts from a limited two-hike recalibration to a full-fledged hiking cycle of 100bp or more. Today's CPI print and further Fed signals will be crucial; if the data suggests more aggressive tightening, dollar strength can resume.

George Saravelos Editor-at-Large, CoinDesk 8:00

Prolonged Hormuz closure lifts oil prices

If the Strait of Hormuz remains closed for a prolonged period, tanker transit will be severely restricted and oil prices will move higher. The market is currently skeptical about the duration of the blockade, so further escalation or extended closure would drive prices up.

George Saravelos Editor-at-Large, CoinDesk 8:29

AI tailwind lifts Korean won, Taiwan dollar

Asian economies like Korea and Taiwan are the biggest beneficiaries of the AI revolution, which offsets the negative impact of higher energy prices from the Middle East conflict. The Bank of Korea is incredibly hawkish, with rates nearly as high as the U.S., supporting the won. In the medium-term, the AI tailwind is likely to dominate the oil shock, making KRW and TWD outperformers.

George Saravelos Editor-at-Large, CoinDesk 11:14

Yen could rally on concrete fiscal steps

Potential Japanese fiscal measures—such as tax-free treatment of JGBs or a GPIF allocation shift—could be very positive for the yen. However, the market doubts follow-through given a history of jawboning with slow action. If stronger commitments materialize, the yen could strengthen significantly.

Matt Bloxham Head of Research, The Block 12:58

Samsung ADR unlocks AI memory demand

Samsung is exploring a U.S. ADR listing, which would open up a massive investor base and tap pent-up demand for AI memory stocks. SK Hynix's recent $26 billion raise demonstrates strong market appetite; a Samsung listing would provide cheap capital to fuel the next round of AI investments, driving value for Samsung shares.

Tom Metcalf Reporter, Bloomberg Opinion 15:10

Record dealmaking and trading lift big banks

Major U.S. banks are set to report blockbuster earnings driven by record M&A volumes, surging IPO proceeds, and elevated equity trading revenues fueled by volatility from the U.S.-Iran conflict. Massive stock buybacks (over $100B this year) and rising dividends after stress tests, along with regulatory easing, make large banks, especially JPMorgan and Goldman Sachs, very attractive.

Bruna Skarica Chief UK Economist, Morgan Stanley 35:44

BOE won't deliver priced hikes, gilts rally

The market is pricing two further Bank of England rate hikes this year due to war-driven UK inflation fears, but underlying inflationary pressures are actually subsiding. The BOE's scenario framework from February suggests patience; as energy inflation data evolves, the Bank is likely to stay on hold rather than deliver the hikes priced, implying UK gilt yields will fall and prices rise.

Andrea 37:37

Rolex proxy with strong U.S. luxury demand

Watches of Switzerland is uniquely positioned as a publicly listed proxy for Rolex watches, which are private. More than half of its sales come from the strong U.S. consumer, where the wealth effect is boosting luxury demand, and potential takeover interest adds upside. This makes the stock a compelling play on resilient U.S. high-end spending.

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This Bloomberg Markets video, published July 14, 2026, features George Saravelos, Matt Bloxham, Tom Metcalf, Bruna Skarica, Andrea discussing DXY, BNO, USD/KRW, TWD, FXY, 005930.KS, JPM, GS, UKGILT, WOSG. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: George Saravelos, Matt Bloxham, Tom Metcalf, Bruna Skarica, Andrea · Tickers: DXY, BNO, USD/KRW, TWD, FXY, 005930.KS, JPM, GS, UKGILT, WOSG