Hormuz Deal Elusive; Wall Street Sees Bond-Market Angst | The Asia Trade 8/10/2026

Watch on YouTube ↗  |  August 10, 2026 at 03:26  |  1:35:11  |  Bloomberg Markets
Speakers
Jasmine Duan — Senior Investment Strategist, RBC Wealth Management Asia
Haidi Stroud-Watts — Anchor, Bloomberg
David Kelly — Chief Global Strategist, J.P. Morgan Asset Management
Paul Allen — Reporter, Bloomberg
Illiana Jain — International Economist, Westpac
Anthony Stevens — Bloomberg Market Producer
Youkyung Lee — Bloomberg Asia Stock Reporter

Summary

The episode covers stalled Iran-Oman talks on reopening the Strait of Hormuz, keeping oil prices elevated. US shares digest a soft jobs report that resets Fed rate-cut expectations, while the AI trade sees a rotation from semiconductors to software/hyperscalers. RBC Wealth Management stays overweight US equities and energy stocks, and sees opportunity in China AI. JPMorgan's strategist urges international diversification on a weakening dollar. Copper is flagged as tightening toward all-time highs, and SK Hynix's potential share buyback is in focus.

  • Iran rules out direct US talks; Hormuz deal remains elusive, lifting crude oil.
  • Soft US payrolls data triggers bond rally and repricing of Fed rate-cut odds to ~40% in September.
  • AI leadership rotates from chips to hyperscalers/software, supporting Microsoft, Amazon, Meta.
  • RBC strategist stays overweight US equities/tech, bullish on energy stocks, and positive on China AI.
  • Copper market shows signs of a crunch, with all-time highs possible.
  • SK Hynix plans $38B fab spend and a potential $71B shareholder return program.
  • JPMorgan's David Kelly recommends international stocks as the dollar weakens.
  • Gold rallies on hopes the Fed stays patient; Australian dollar nears multi-decade high vs yen.
Ideas
Sunny 7:18
Gold rallies on Fed hold bets
Gold rallied on softer US jobs data because it reduced rate hike expectations and suggests the Fed will wait before acting. Gold benefits from a lower-rate environment and anticipation of a Fed hold.
GLD LOW
Haidi Stroud-Watts Anchor, Bloomberg 37:39
Copper set for all-time highs
Copper market indicates a tightening fast, with a surge of shipments to the US and rising orders in China. This setup is potentially setting the stage for an extended rally, and copper could see all-time highs.
COPPER MED
Jasmine Duan Senior Investment Strategist, RBC Wealth Management Asia 53:34
Overweight US equities, constructive on tech
She remains overweight US equities and constructive on the tech sector. As long as earnings can deliver, there is room for the market to go higher. The AI narrative is getting more complex with hyperscaler growth inflecting, but the base case is still positive for US stocks.
SPY ^NDX MED
Jasmine Duan Senior Investment Strategist, RBC Wealth Management Asia 55:31
China AI stocks look attractive
Chinese AI peers look more attractive on valuation and growth outlook. The China AI space still presents opportunity, and the upcoming Q2 earnings season will be important for confirming the thesis.
China AI sector MED
Jasmine Duan Senior Investment Strategist, RBC Wealth Management Asia 56:58
Energy stocks for supply constraint hedge
The US-Iran standoff remains unresolved, both sides have incentives to fight again, and the shipping threats keep supply tight. The US strategic petroleum reserve is at its lowest since 1983, so the buffer is very thin. She recommends holding energy stocks to diversify risk amid persistent supply constraints.
XLE HIGH
David Kelly Chief Global Strategist, J.P. Morgan Asset Management 91:05
International equities on weak dollar
The dollar has been declining for two years, which will amplify returns on international investments. US investors are heavily underweight international stocks; they should diversify abroad to benefit from further dollar weakness.
International stocks ex-US MED
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This Bloomberg Markets video, published August 10, 2026, features Sunny, Haidi Stroud-Watts, Jasmine Duan, David Kelly discussing GLD, COPPER, SPY, ^NDX, China AI sector, XLE, International stocks ex-US. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Sunny, Haidi Stroud-Watts, Jasmine Duan, David Kelly  · Tickers: GLD, COPPER, SPY, ^NDX, China AI sector, XLE, International stocks ex-US