Iran Attacks US Bases; Fed Call & AI Earnings Loom | The Opening Trade 7/29/2026
Speakers
Skyler Montgomery Koning
— Macro Strategist
Marina Zavolock
— Chief European Equity Strategist, Morgan Stanley
Ethan Debert
— Senior Investment Advisor, Monitor
Neil Campling
— Tech/TMT Analyst
Hichem M'Saad
— CEO, ASM International
Mark Cudmore
— Executive Editor, Bloomberg Live / Macro Strategist
Summary
The show covers a surge in oil prices after Iran attacked US bases, uncertainty ahead of the Fed rate decision, SK Hynix's profit miss and extreme volatility in Korean markets, strong European bank earnings and buybacks, and a luxury sector jump led by Kering. Key themes are higher oil from Middle East tensions, a hawkish Fed hold, AI spending fears hitting tech stocks, and broad-based strength in European earnings.
- Oil jumps 4% as Iran fires on US bases and the Strait of Hormuz remains blocked
- Fed decision expected to be a hawkish hold, with around 30% market probability of a hike
- SK Hynix profit disappoints despite surging growth; Kospi volatility triggers trading halt
- European banks beat estimates with UBS, Deutsche Bank, Standard Chartered all announcing buybacks
- Kering shares surge over 10% on better-than-expected Gucci revenue, signaling turnaround progress
- Semiconductor and AI-related stocks sell off globally amid concerns over CapEx sustainability
- European earnings season exceptional with 17% consensus earnings growth and broad upgrades
