Amazon Lifts Tech Rebound, Border Crisis as Migrants Cross Into Spain | The Opening Trade 7/31/2026

Watch on YouTube ↗  |  July 31, 2026 at 10:56  |  1:35:43  |  Bloomberg Markets
Speakers
Paul Thwaite — CEO, NatWest Group
Clotilde L'Angevin — Deputy General Manager and CFO, Credit Agricole
Mark Cudmore — Executive Editor, Bloomberg Live / Macro Strategist
Eleanor — Co-Head of Global Swiss Equity
Neil Campling — Tech/TMT Analyst
Anthony Stevens — Bloomberg Market Producer
Anna Edwards — Anchor, Bloomberg TV (London)

Summary

Tech stocks rebounded as Amazon's cloud strength overshadowed Apple's supply-chain warning, while extreme volatility in the KOSPI pointed to a potential bottom. The BOJ held rates and intervened on the yen. European banks NatWest and Credit Agricole reported strong earnings and raised outlooks. The session also covered AI fund blowups, Bank of England rate steady, and geopolitical tensions including a Hamas disarm deal and a migrant crisis in Spain.

  • Amazon's cloud revenue growth drove a late-session rally, contrasting with Apple's supply-shortage-driven revenue miss
  • KOSPI index experienced a historic intraday rebound, with some interpreting it as a long-term bottom
  • Bank of Japan held rates and intervened in currency markets to support the yen
  • NatWest raised ROTCE guidance and signalled earlier buybacks after beating earnings
  • Credit Agricole reported record revenues and improved profitability, boosting the stock
  • European equities opened higher led by technology and bank shares
  • Bank of England kept rates on hold with Governor Bailey downplaying a hike
  • Wildfires in France/Spain and a migrant surge into a Spanish enclave added to geopolitical and climate risks
Ideas
Paul Thwaite CEO, NatWest Group 13:03
NatWest raises guidance, signals buybacks
NatWest delivered strong Q2 results with all three businesses performing well, driving a significant beat on return on tangible equity. Guidance for full-year ROTCE was raised above 19%, the dividend was increased by 26%, and surplus capital returns including buybacks are expected sooner than planned. The acquisition of Evelyn Partners is integrating well, and the medium-term outlook is confident.
NWG HIGH
Clotilde L'Angevin Deputy General Manager and CFO, Credit Agricole 26:36
Credit Agricole reports record revenues
Credit Agricole posted record revenues, driven by strong growth in investment banking, asset management, and French retail. The cost/income ratio fell below the medium-term plan target of 55%. Return on tangible equity reached 14.3%. The bank declared an interim dividend and highlighted a strong strategic position in Italy, leaving it well placed for sustained growth.
ACA HIGH
Mark Cudmore Executive Editor, Bloomberg Live / Macro Strategist 42:06
KOSPI hits long-term bottom, good value
KOSPI has experienced extreme volatility but now looks to have put in a long-term bottom. Retail investors and AI-focused funds like Situational Awareness have capitulated, cleaning up positioning. Valuations are attractive again and Korea's stock market is fundamentally a good story.
EWY HIGH
Eleanor Co-Head of Global Swiss Equity 53:43
Aging demographics boost European healthcare
Aging demographics across the Western world will drive higher healthcare costs and a willingness to spend on improving health metrics. This creates a structural growth opportunity in the European healthcare sector, where companies with exposure to these trends should benefit.
European Healthcare MED
Eleanor Co-Head of Global Swiss Equity 57:55
Swiss equities offer value creation
Switzerland is a market that is value creative and interesting. There is investment interest in Swiss equities, and the market offers pockets of growth and attractive value in an uncertain environment.
SMI MED
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This Bloomberg Markets video, published July 31, 2026, features Paul Thwaite, Clotilde L'Angevin, Mark Cudmore, Eleanor discussing NWG, ACA, EWY, European Healthcare, SMI. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Paul Thwaite, Clotilde L'Angevin, Mark Cudmore, Eleanor  · Tickers: NWG, ACA, EWY, European Healthcare, SMI