Bloomberg Surveillance 5/15/2026

Watch on YouTube ↗  |  May 18, 2026 at 21:36  |  2:24:17  |  Bloomberg Markets
Speakers
Sebastien Page — CIO & Head of Global Multi-Asset, T. Rowe Price
Dan Ives — Managing Director, Wedbush Securities
Alastair Pinder — Global Equity Strategist, HSBC
Lorraine Hutchinson — Senior Retail Analyst, BofA Securities
Scott Chronert — Managing Director, Citi
Ted Mortonson — Baird
Ola (UBS) — UBS
Subadra Rajappa — Head of Research at Societe Generale
Jonathan Ferro — Anchor, Bloomberg Television

Summary

The episode covers a global bond sell-off as inflation fears intensify, with US 10-year yields breaking above 4.50% and UK/Japanese yields hitting multi-decade highs. Equities pull back from record highs, but earnings strength and the AI theme remain powerful. Guests discuss hedging inflation, overweighting US large cap growth, Korean memory stocks, and off-price retailers, while the market awaits incoming Fed Chair Kevin Walsh's reaction function.

  • Global bond yields surge on hot PPI prints and oil price shock; US 10-year passes 4.50%.
  • Equities slip from all-time highs, with NASDAQ down ~1.5% weighed by tech and semis.
  • Sebastian Page advises hedging inflation via cash, short duration, energy/metals equities.
  • Alistair Pinder is bullish on Korean memory stocks (Samsung, SK hynix) at 6x earnings.
  • Lorraine Hutchinson expects off-price retailers (TJX, Ross, Burlington) to benefit from trade-down.
  • Dan Ives sees AMD rising 15-20% and NASDAQ 30,000 within 6-9 months on AI demand.
  • Scott Croner recommends the NASDAQ 100 as the preferred AI play.
  • UK political turmoil and Japan's hot PPI add to global bond market jitters.
Trade Ideas
Sebastien Page CIO & Head of Global Multi-Asset, T. Rowe Price 4:23
Hedge inflation with cash, short duration, real assets.
Diversify hedges against inflation risk because Treasuries won't work in an inflation volatility environment. The portfolio should hold cash, be short duration, own real asset equities (energy and metal companies), and use hedged equities to stay invested while protecting against inflation shocks.
CASH SHY XLE Metals & mining equities HIGH
Sebastien Page CIO & Head of Global Multi-Asset, T. Rowe Price 8:23
Long US large cap growth for AI.
Move money from international to US large cap growth stocks as the best expression of the AI theme. Earnings growth is 28% for the next 12 months, margins are high, and valuations are below the 5-year average. These stocks tend to meet high bars.
IVW HIGH
Dan Ives Managing Director, Wedbush Securities 35:34
AMD up 15-20% on AI demand.
AMD is a key beneficiary of the AI chip super cycle and will move 15-20% higher from current levels. Demand for AI infrastructure continues to accelerate, and AMD is gaining share.
AMD HIGH
Dan Ives Managing Director, Wedbush Securities 35:55
NASDAQ to 30,000 on AI boom.
The NASDAQ 100 is the preferred play on the AI buildout because fundamental expectations continue to improve and earnings growth provides a strong underpin. It is the best direct expression of the AI theme.
QQQ MED
Alastair Pinder Global Equity Strategist, HSBC 58:18
Korean memory stocks at 6x earnings.
Korean memory names (Samsung, SK hynix) are a compelling AI play because they trade at only 6x earnings and have entered 3-5 year long-term supply agreements with hyperscalers, providing rare earnings visibility. 20% of hyperscaler capex flows to Korean memory.
000660.KS 005930.KS HIGH
Lorraine Hutchinson Senior Retail Analyst, BofA Securities 79:14
Off-price retailers gain from trade-down.
Off-price retailers like TJX, Ross, and Burlington will benefit as consumers trade down due to elevated gas prices. Off-price behaves like a necessity and captures upper-income shoppers seeking value.
TJX ROST BURL HIGH
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This Bloomberg Markets video, published May 18, 2026, features Sebastien Page, Dan Ives, Alastair Pinder, Lorraine Hutchinson discussing CASH, SHY, XLE, Metals & mining equities, IVW, AMD, QQQ, 000660.KS, 005930.KS, TJX, ROST, BURL. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Sebastien Page, Dan Ives, Alastair Pinder, Lorraine Hutchinson  · Tickers: CASH, SHY, XLE, Metals & mining equities, IVW, AMD, QQQ, 000660.KS, 005930.KS, TJX, ROST, BURL