Bloomberg Surveillance Bloomberg Surveillance TV: April 7th, 2026
Apr 7, 2026
Dr. Jorge Leon, geopolitical energy expert at Rystad Energy, and Lt. General Robert Walsh, retired military leader with strategic regional experience, join Marvin Loh, State Street macro and equities strategist. They discuss how energy shocks become macro risks. They debate escalation around the Strait of Hormuz and military options to secure shipping. They analyze market flows, earnings leadership, and credit fragility.
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Earnings Lift Masks Underlying Risk
- Equity markets are holding up because earnings estimates have risen, driven largely by energy sector gains since the conflict began.
- Marvin Loh points out institutional flows show rotation back into big tech and battered tech, supporting markets despite regional tensions.
Credit Liquidity Is Uneven But Real
- Credit markets show bifurcation: strong liquidity for large issuers while private credit remains fragile and opaque.
- Marvin Loh highlights nearly $100 billion in deals that reopened after a shaky few days, revealing spotty but real liquidity.
Targeting Karaj Would Strike IRGC Lifeline
- Military escalation looks likely with strikes targeting Iranian military and dual-use infrastructure to cut IRGC funding from oil flows.
- Lt. General Robert Walsh warns attacks on Karaj/Karg Island would hit a key lifeline that funds 50% of IRGC operations.