Asia Centric by Bloomberg Intelligence

Asia's private wealth industry continues to flourish. A Bloomberg Intelligence survey of 100 senior private bankers reveals widespread optimism for double-digit net new money growth, supported by mainland investors seeking diversification and emerging wealth from Southeast Asia and the Middle East. This comes despite new regulatory headwinds from Beijing, including tighter capital outflows and taxes on offshore trusts and insurance policies, which most surveyed expected will have only a mild impact on flows.

Sharnie Wong, senior analyst covering Asia-Pacific diversified financials, and Sarah Jane Mahmud, senior analyst covering Southeast Asian and Indian banks at Bloomberg Intelligence, joins John Lee on the Asia Centric podcast.
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The global economy is structurally shifting from G7 dominance toward a G2 dynamic led by the US and China, yet international investors continue to shun Chinese risk assets. Even as China dominates global manufacturing output and expands its trade surplus toward $1.2 trillion, global capital remains heavily allocated toward developed markets.
Are markets mispricing China's role in this new order? Bin Gao, CEO and co-CIO of Kaifeng Investment Management Hong Kong, joins John Lee on the Asia Centric podcast to unpack the G2 shift. Gao draws parallels to Japan's 1970s export boom, presenting a contrarian case for yuan appreciation while warning of an overvalued bubble in Japanese consumer stocks.
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Shareholder activism is surging in Japan, with 120 campaigns launched in the first half of the year, making the country the second most active market globally after the US. With a record number of companies going private and M&A takeover battles on the rise, activist investors are increasingly becoming kingmakers in securing maximum value for minority shareholders.
Jamie Halse, chief investment officer at Senjin Capital, joins Bloomberg Intelligence's John Lee on the Asia Centric podcast. He explains that while much of the headlines have focused on Japan's corporate giants like Toyota and Sony, the most compelling value lies in the under-researched small- and mid-cap space. Halse unpacks why smaller firms are only in the early innings of governance reform, how unwinding cross-shareholdings is stripping away corporate protection, and the cultural nuances of working with Japanese management teams on capital allocation and shareholder value.
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North Asian currencies – including the Japanese yen, South Korean won, Taiwan dollar and Chinese yuan – are trading at some of their deepest discounts on record, dropping up to 56% below purchasing power parity. These depressed valuations persist despite strong macro fundamentals, backed by massive foreign exchange reserves and their status as top global creditors. However, this valuation gap is beginning to snap back as booming domestic economies, rising retail sales, and increasing inflation prompt central banks in the region to hike interest rates.
What will this shifting macroeconomic environment mean for regional FX and equities? Sean Darby, equity strategist at Mizuho Securities, joins host John Lee on the Asia Centric podcast. Darby unpacks his "Burger Heaven" thesis on undervalued currencies and explains why steepening yield curves are setting up long-ignored bank stocks to outperform.

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After decades of lagging behind the US and China in economic growth and innovation, Europe faces a stark reality: the era of cheap Russian energy, low-cost Chinese goods and US-backed security is over. Achieving strategic self-sufficiency will cost an estimated €14 trillion through 2035, according to Bloomberg Intelligence, requiring massive capital deployment across defense, energy, technology and agriculture. Traditional industrial mainstays are also under threat, with Chinese EV makers rapidly capturing market share and endangering an auto sector that employs nearly 14 million people.
Rod Turnbull, EMEA research content manager at Bloomberg Intelligence, joins John Lee on the Asia Centric podcast. Turnbull breaks down how Europe can fund this €1.5 trillion annual effort — from unlocking €11 trillion in consumer bank deposits to EU budget shifts. He also highlights key investment opportunities across defense and tech, while weighing whether political friction and national self-interest could derail execution.
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