Inflation Fears Grow as US Leads Global Bond Selloff

Watch on YouTube ↗  |  September 11, 2026 at 06:57  |  46:23  |  Bloomberg Markets
Speakers
Ben Sharples — Reporter, Bloomberg
Winnie Hsu — Bloomberg Reporter (Asia Markets)
David Savage — Editor, The Block
Neil Campling — Tech/TMT Analyst
Nataliia Lipikhina — Head of Equity Strategy, JPMorgan Private Bank
Helene Huby — CEO and Founder, The Exploration Company

Summary

Bloomberg Daybreak Europe focused on a global bond selloff and oil surge ahead of the US CPI print, with inflation fears driving rate expectations. Guests discussed DeepSeek's pressure on memory chips, OpenAI's safety pause debate, and UAE investment in Germany. JPMorgan's Nataliia Lipikhina stayed constructive on equities while favoring US and emerging markets over Europe, and The Exploration Company's CEO outlined European space ambitions.

  • US 10-year yield neared 5% ahead of US CPI; global bonds sold off as oil topped $100.
  • Middle East escalation and Houthi attacks on Saudi infrastructure lifted Brent and WTI, with risk of further supply disruption.
  • DeepSeek's more efficient model pressured Korean and memory chipmakers by implying lower high-bandwidth memory demand.
  • OpenAI's potential slowdown of frontier AI development raised questions about the AI arms race and safety.
  • UAE announced a $46 billion investment in Germany across AI, energy, and defense.
  • JPMorgan Private Bank's Nataliia Lipikhina remained constructive on equities but saw more value in US and emerging markets than Europe.
  • The Exploration Company raised $450 million for a reusable European space capsule and rocket engine.
  • Sweden's election remained too close to call amid broader European political-risk season.
Ideas
Winnie Hsu Bloomberg Reporter (Asia Markets) 3:30
DeepSeek efficiency pressures memory chipmakers.
Winnie Hsu says DeepSeek's cheaper, more efficient model requires less high-bandwidth memory, pressuring Korean chipmakers and memory chipmakers in the near term, although longer-term AI model adoption could be a partial offset.
SMH MED
David Savage Editor, The Block 5:46
Rising inflation expectations pressure bond prices.
David Savage argues rising crude and commodity prices are lifting inflation expectations and global bond yields; with few tools to stem the move, policymakers may need higher policy rates to rebuild credibility, keeping upward pressure on rates and bond yields.
TLT MED
Ben Sharples Reporter, Bloomberg 9:58
Energy prices likely rise on supply risks.
Ben Sharples argues oil and broader energy prices can move higher because Middle East escalation and Houthi attacks on Saudi energy infrastructure threaten supply, Chinese crude buying is returning, and Russia-Ukraine disruptions add to a confluence of supply risks; Brent and WTI are already back above $100, and prices could rise further if disruptions deepen.
WTI BNO UNG DIESEL UGA XLE HIGH
Neil Campling Tech/TMT Analyst 15:11
Oracle benefits from massive cloud growth.
Neil Campling says Oracle is benefiting from massive cloud growth, with its cloud business growing triple-digit and the latest print showing spending and operating cash flow were not as bad as feared.
ORCL MED
Neil Campling Tech/TMT Analyst 15:31
Adobe faces unresolved AI disruption risk.
Neil Campling says Adobe's KPIs were weak and growth has slowed significantly; even though the stock did not collapse after being a consensus short, the report does not resolve its existential AI-related risks.
ADBE MED
Nataliia Lipikhina Head of Equity Strategy, JPMorgan Private Bank 29:30
Equities remain attractive with strong multi-year earnings.
Nataliia Lipikhina remains constructive on the equity market after a strong global earnings season and expects 2026-2028 to be strong years, provided financial conditions do not become much tighter; if tightening changes, growth and earnings could slow.
VT MED
Nataliia Lipikhina Head of Equity Strategy, JPMorgan Private Bank 29:35
European equities need catalysts to outperform.
She recently raised her European equity target and remains constructive, but says Europe is less directly levered to AI than the U.S. or emerging markets and would need a domestic catalyst or stimulus plus lower oil prices to outperform; high rates above 2.5% could pressure growth and earnings.
VGK MED
Nataliia Lipikhina Head of Equity Strategy, JPMorgan Private Bank 29:37
US and EM equities offer more value.
She sees more value in U.S. and emerging-market equities than in Europe, partly because the U.S. and emerging markets have much stronger and higher exposure to the AI theme, while Europe needs a domestic catalyst and lower oil prices to outperform.
SPY EEM MED
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This Bloomberg Markets video, published September 11, 2026, features Winnie Hsu, David Savage, Ben Sharples, Neil Campling, Nataliia Lipikhina discussing SMH, TLT, WTI, BNO, UNG, DIESEL, UGA, XLE, ORCL, ADBE, VT, VGK, SPY, EEM. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Winnie Hsu, David Savage, Ben Sharples, Neil Campling, Nataliia Lipikhina  · Tickers: SMH, TLT, WTI, BNO, UNG, DIESEL, UGA, XLE, ORCL, ADBE, VT, VGK, SPY, EEM