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Tech Stock Selloff Spreads to Europe | The Opening Trade 6/23/2026

Watch on YouTube ↗  |  June 23, 2026 at 11:04  |  1:36:15  |  Bloomberg Markets
Speakers
Matthew Amo's — Portfolio Manager, Aberdeen Investment Management
Mark Cudmore — Executive Editor, Bloomberg Live / Macro Strategist
Sonia — Economist
Neil Kaplan — Bloomberg Senior Strategist

Summary

A brutal tech selloff in Asia, led by a 10% plunge in South Korea's Kospi, spills into European markets. Hyperscaler spending fears, AI chip concerns, and frothy valuations drive risk-off sentiment. ECB President Lagarde sounds dovish, and US-Iran talks ease oil supply fears. UK politics see Andy Burnham poised to become Prime Minister, while the Bank of England's rate path is questioned. A strategist advises going short Korean equities, and a fund manager likes short-dated UK gilts.

  • Korean Kospi index triggers circuit breaker and drops 10%, dragging European tech and broader indices lower.
  • AI hyperscaler spending and cost-recovery doubts weigh on semiconductor names such as Samsung and SK Hynix.
  • ECB's Lagarde signals no forceful policy response to the Iran conflict, reinforcing dovish expectations.
  • US grants Iran a 60-day oil-sale waiver, sending crude prices lower and easing energy supply fears.
  • Andy Burnham is set to become UK PM; markets focus on his commitment to fiscal rules and potential gilt market impact.
  • Matthew Amo's of Aberdeen advocates buying short-dated UK gilts on BOE rate mispricing.
  • Bloomberg's Mark Cudmore sees further downside for Korean stocks, citing absent dip buyers and leverage risks.
  • FX strategist Sonia advises avoiding the Japanese yen amid intervention doubts and a strong dollar.
Ideas
Matthew Amo's Portfolio Manager, Aberdeen Investment Management 26:56
Buy UK short-dated gilts
The Bank of England is mispricing rate expectations. With inflation starting to ease and oil prices likely to keep falling, the BOE can sit on its hands for the rest of the year and possibly go back to rate cuts in 2027. The short end of the gilt curve looks particularly attractive.
IGLT HIGH
Mark Cudmore Executive Editor, Bloomberg Live / Macro Strategist 40:00
Short KOSPI on absent dip buyers
This is the first Korean stock selloff in over a year where bounces are tepid and there is no ammo to buy the dip. The market is heavily leveraged with massive retail participation, and losses can snowball. He believes we are in a volatile final stage of the AI bubble and there is more downside to come.
EWY HIGH
Sonia Economist 55:50
Avoid Japanese yen right now
Intervention only has a short-lived impact on the yen and cannot counter the strong dollar trend. With no easy answer to yen weakness and high uncertainty, she would rather not be playing the yen at the moment.
FXY MED
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This Bloomberg Markets video, published June 23, 2026, features Matthew Amo's, Mark Cudmore, Sonia discussing IGLT, EWY, FXY. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Matthew Amo's, Mark Cudmore, Sonia  · Tickers: IGLT, EWY, FXY