Trump Plans Hormuz Charge, Stocks Steady Before Warsh & CPI | The Opening Trade 7/14/2026

President Donald Trump reinstated the US blockade of Iranian ships transiting the Strait of Hormuz and demanded a 20% reimbursement for all other cargo shipped through the waterway.

US stocks steadied as traders refrained from making big bets ahead of a jam-packed day that will see the unofficial start of the earnings season, along with testimony from Fed Chair Kevin Warsh and US inflation data. Higher crude prices kept bets on a July US interest rate increase in place, with swap markets signaling a chance of a hike when the Federal Reserve meets later this month.

The Opening Trade has everything you need to know as markets open across Europe. With analysis you won’t find anywhere else, we break down the biggest stories of the day and speak to top guests who have skin in the game. Hosted by Anna Edwards and Tom Mackenzie.

Chapters:
00:00:00 – The Opening Trade
00:02:57 – Iran, US Trade Strikes
00:06:25 – Katayama Floats JGBs in Tax Free Accounts
00:10:18 – Bank Earnings
00:13:20 – US Hits Iran with Strikes, Blockade
00:21:14 – Fed Rate-Hike Bets
00:25:26 – Bond Market Check
00:32:02 – Strong Global Outlook in 2027: Franklin Templeton
00:38:24 – Japan’ GPIF Holds
00:42:34 – Warsh to Move Markets More Than He Wants: MLIV
00:47:42 – Stocks to Watch: Ericsson, BP, Watches of Switzerland
01:05:31 – Brent Crude Level, Oil Price Climbs
01:11:17 – Watches of Switzerland Stock
01:15:10 – Fed’s Kevin Warsh Testimony
01:17:32 – Robust Economic Outlook in US: Apollo’s Jim Zelter
01:19:05 – easyJet Gets £5.7B Apollo Offer
01:30:48 – US Inflation
01:35:25 – World Cup: France vs Spain
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