Episode summary
Fallout From the DC Gala Attack; King Charles Visits Washington | Bloomberg Surveillance
Bloomberg Surveillance
· · Hosts: Tom Keene, Paul Sweeney, Lisa Mateo, Michael Barr · Guests: Mishal Husain, Rebecca Patterson, Nancy Tengler, Lori Calvasina
Summary
The episode opened with Mishal Husain reflecting on the White House correspondents dinner attack and the contrast she sees between U.S. and U.K. gun culture. She said the event made her think about how the United Kingdom’s firearms framework was shaped after the 1996 school shooting in Scotland, and she described the atmosphere in Washington as politically inflamed.
The conversation then turned to King Charles and Queen Camilla’s visit to Washington, which Husain said comes at a difficult moment because of tensions over Iran and the fallout from Jeffrey Epstein. She argued that the trip is meant to use the king’s diplomatic style to improve the Trump-Starmer relationship and perhaps lower the temperature after the gala attack.
Rebecca Patterson warned that Gulf sovereign wealth funds could face cash needs if the war lasts longer, potentially slowing capital flows into U.S. technology stocks. She also said equity returns have been supported by fiscal stimulus, low rates and tech, but expects those tailwinds to be weaker ahead. Nancy Tengler stayed constructive on stocks, while Lori Calvasina said tech earnings breadth remains strong and investors still seem more focused on buying the dip than on recession risk.
Key takeaways
- Rebecca Patterson said Gulf sovereign wealth funds could need cash for defense and infrastructure, creating a risk to U.S. tech inflows.
- Patterson said the equity market’s last 15 years were boosted by fiscal stimulus, zero rates and the structural tech trend, but those supports are less likely now.
- Nancy Tengler said she called a market bottom on April 4 and sees the current rally as driven by disciplined buying and AI-related winners.
- Lori Calvasina said semiconductors are seeing extremely high upward earnings revisions, which is still buoying the U.S. equity earnings story.
- Calvasina argued the market’s drawdown has not looked like a recession scare because equity investors are still not pricing one in.
Notable quotes
“the king is the one who can sort of smooth over the troubled waters”
“one of the biggest underappreciated risks right now for US financial markets and especially this tech rally”
“if that flow is cut by a third even it would have a material impact on the US”
“the equity returns we've had over the last call it 15 years or so have been fueled by I think three main forces”
“when we look at semi specifically the rate of upward revisions, which is our gauge, some people call that earnings breadth”
How the episode opens
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Michelle Hussein is with us. She flew in to go to a quiet White House correspondent dinner to speak to Pigville, the American Express. Uh, definitive in the United Kingdom with her work at the BBC and of course the host of the Michelle Hussein show across all of the Bloomberg uh platform.
We're thrilled she could pick up the pieces for us on uh this uh Monday morning. Michelle, I think we've all seen the video, seen the tape, relived it. I don't want to do that.
What Americans want to know of every persuasion is how does the United Kingdom have less violence than we have? I guess it goes back to a horrific event in the '9s, but what is the legislative parliamentary courage that your nation has that we just can't do?
Good morning, Tom. Good morning, Paul. Wow, you are really putting me through my paces right at the beginning of this.
It's so good to be with you from DC and it yeah it was a really dramatic event. I will say that, you know, there was this sense of anticipation, a real sort of free saw around this particular dinner because the president was coming. But as I was crouched under the tables for those minutes it took before the room was cleared of the VIPs and it appeared that the person was dealt with and we kind of emerged back into um putting our heads above the parapit as it were.
In those moments, I was thinking as an outsider to the United States about the nature of gun culture in this country and how different it is in the UK.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- dc attack fallout
- king charles visit
- geopolitics
- market outlook
Watch the episode
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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