AI Optimism Sends Stocks Rocketing Higher; BP's Chair Ousted | The Opening Trade 5/27/2026

Watch on YouTube ↗  |  May 27, 2026 at 10:04  |  1:36:27  |  Bloomberg Markets
Speakers
Jim Foley — Head of FX Strategy, Rabobank
Livya — Global Head of Gas, Energy Aspects
Mark Cudmore — Executive Editor, Bloomberg Live / Macro Strategist
Daniele Antonucci — Chief Investment Officer, Quintet Private Bank
Neil Campling — Tech/TMT Analyst

Summary

The video covers a global equity rally driven by AI and semiconductor stocks, particularly Micron and SK Hynix reaching $1 trillion market caps, while oil prices dip on US-Iran deal optimism. European markets open modestly higher, but concerns about stagflation and central bank hawkishness persist. BP's chairman is ousted, adding to corporate governance turmoil. Guests present views on dollar strength, bearish gas vs bullish oil, a bearish outlook for US equities, and a preference for US over European equities while underweighting high yield credit.

  • AI optimism fuels a record-setting rally in memory chip stocks, with Micron and SK Hynix crossing $1 trillion market cap.
  • Oil prices fall about 2% on continued US-Iran negotiation progress, despite limited actual Strait of Hormuz traffic.
  • European equities open higher but lag US, weighed by energy import exposure and geopolitical risk.
  • BP fires chairman Albert Manifold after eight months, citing governance concerns; he disputes the narrative.
  • Central banks (RBNZ, BOJ) signal hawkish stances due to oil-driven inflation, but growth fears limit rate hike expectations.
  • Guest Jim Foley (Rabobank) sees medium-term USD strength from tech flows and relative US economic resilience.
  • Guest Mark Cudmore turns outright bearish on US stocks, citing a frothy AI bubble against a weakening broader economy.
  • CIO Daniele Antonucci recommends overweighting US equities over Europe and underweighting high yield credit.
Trade Ideas
Jim Foley Head of FX Strategy, Rabobank 20:32
USD to benefit from tech flows, energy resilience
The US dollar will benefit over the medium term because the US economy is less affected by the energy crisis and the AI/tech focus attracts capital flows, while Europe faces a more significant growth drag from high oil prices and the energy shock.
USD MED
Livya Global Head of Gas, Energy Aspects 32:38
Bearish gas, bullish oil
European gas prices are likely to fall relative to the forward curve for the rest of 2026, assuming Strait of Hormuz traffic gradually recovers from June. For oil, there is more upside than the market is pricing due to tight physical markets and limited destocking.
TTF Natural Gas MED
Livya Global Head of Gas, Energy Aspects 32:38
Bearish gas, bullish oil
European gas prices are likely to fall relative to the forward curve for the rest of 2026, assuming Strait of Hormuz traffic gradually recovers from June. For oil, there is more upside than the market is pricing due to tight physical markets and limited destocking.
BNO MED
Mark Cudmore Executive Editor, Bloomberg Live / Macro Strategist 39:25
Bearish on US equities near term
Prefer US equities over European equities because US markets are higher quality, benefit from the AI theme, and are less exposed to the Iran-driven energy crisis. Europe is more vulnerable and may only see a tactical snap-back on a resolution. Also, riskier credit (high yield) has demanding valuations with tight spreads, so underweight that space in favor of investment grade fixed income.
SPY HIGH
Daniele Antonucci Chief Investment Officer, Quintet Private Bank 54:00
Overweight US vs Europe, underweight high yield
Prefer US equities over European equities because US markets are higher quality, benefit from the AI theme, and are less exposed to the Iran-driven energy crisis. Europe is more vulnerable and may only see a tactical snap-back on a resolution. Also, riskier credit (high yield) has demanding valuations with tight spreads, so underweight that space in favor of investment grade fixed income.
HYG MED
Daniele Antonucci Chief Investment Officer, Quintet Private Bank 54:00
Overweight US vs Europe, underweight high yield
Prefer US equities over European equities because US markets are higher quality, benefit from the AI theme, and are less exposed to the Iran-driven energy crisis. Europe is more vulnerable and may only see a tactical snap-back on a resolution. Also, riskier credit (high yield) has demanding valuations with tight spreads, so underweight that space in favor of investment grade fixed income.
IEUR MED
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This Bloomberg Markets video, published May 27, 2026, features Jim Foley, Livya, Mark Cudmore, Daniele Antonucci discussing USD, TTF Natural Gas, BNO, SPY, HYG, IEUR. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Jim Foley, Livya, Mark Cudmore, Daniele Antonucci  · Tickers: USD, TTF Natural Gas, BNO, SPY, HYG, IEUR