Asia Centric by Bloomberg Intelligence

What's driving Japan's historic bull market? And why are global investors finally returning to Tokyo after years on the sidelines? According to Goldman Sachs, it’s a rare convergence of factors including the global AI trade, inflation, corporate governance reform and an evolving macroeconomic landscape.
The firm also believes a regime shift is underway in the market, moving focus away from the high-growth, asset-light sectors such as software that dominated the past decade. Instead, they highlight a transition into "HALO" stocks: heavy assets, low obsolescence. These capital-intensive sectors, such as utilities and telecommunications, offer defensive barriers that can protect against AI disruption and geopolitical friction.
Bruce Kirk, chief Japan equity strategist at Goldman Sachs, joins John Lee on the Asia Centric podcast to unpack these trends and discuss the implications of Japan's changing market dynamics.
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The rise of single-stock ETFs, especially CSOP's 2x leveraged SK Hynix ETF listed in Hong Kong, is reshaping market dynamics. The daily rebalancing of these massive funds is contributing to higher volatility in equity markets, creating new challenges for investors. At the same time, high concentration risk and narrow market leadership are fundamentally changing how investors think about hedging.
In this special episode, featuring an excerpt recorded at the Singapore Volatility Forum on June 3, Oliver Chan, portfolio manager at Capula Investment Management; Stephane Martin, APAC head of derivatives institutional sales at Optiver; and Ivan Nurminsky, portfolio manager at Dymon, join Bloomberg News' Lianting Tu to discuss the hidden risks and opportunities in today's derivatives markets, including the surging popularity of the dispersion trade.
To listen to the full recording of the Forum beyond this excerpt, including the opening speech by Bloomberg Intelligence chief global derivatives strategist Tanvir Sandhu on multi-asset volatility strategy and more, please click on the link to our sister podcast, FICC Focus. We hope you enjoy this episode.

Apple Podcasts: https://podcasts.apple.com/us/podcast/all-options-considered-volatility-forum-singapore-2026/id1589459799?i=1000773012810

Spotify: https://open.spotify.com/episode/4bRLGabkpuzCdg1xxCCUGP
Bloomberg Terminal: {NSN TGQJMKKJH6V8 <GO>}
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China is rewriting the global energy playbook, rapidly transforming into a clean energy powerhouse and emerging as the world's first "electrostate". While the Iran war has rattled global commodity markets, Beijing has successfully absorbed the shock due to a decade-long pivot toward domestic renewable energy. Now, it's positioning itself to reap economic rewards by exporting its green infrastructure to the rest of the world.
Jian Chang, Chief China Economist, and Dave Dai, APAC Head of Sustainable Investing Research, both from Barclays, join John Lee on the Asia Centric podcast. Together they unpack the economics behind China's green infrastructure exports and, with the US doubling down on fossil fuels, debate who will ultimately win the global energy race.
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China's property market is showing signs of life after a five-year slump, prompting some analysts to call for a long-awaited rebound. Price declines for newly built homes are narrowing, while transaction volumes are finally ticking up, particularly in top-tier cities. But is this a significant turnaround or just a dead cat bounce?
Leonid Mironov, a fund manager at Gavekal Capital, joins host John Lee on the Asia Centric podcast. He breaks down why he believes the real estate sector is bottoming out rather than roaring back and explains why markets might be too bearish on China's consumption narrative. Mironov also discusses Beijing's "anti-involution" measures to curb cutthroat competition and details where investors can still find high-quality opportunities aligned with the government's 15th Five-Year Plan.
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Australia is emerging as a surprising beneficiary of new technological shifts, even as the country faces a growth hit from the Middle East war. Rapidly accelerating data construction is driving an unprecedented demand for copper, while battery solutions are fueling a massive consumption of lithium. Escalating geopolitical tension is also providing a powerful tailwind for rare earths as Western nations hunt for secure ex-China supply – all of which is highly positive for the country's mining sector.
Meanwhile, sticky inflation has forced the Reserve Bank of Australia to become one of the most hawkish central banks in the world, raising interest rates three times already this year. While high rates are dampening demand and cooling house prices, they are also proving to be a boon for earnings of the country's banks and insurers.
Bloomberg Intelligence senior analyst Matt Ingram joins John Lee on the Asia Centric podcast to discuss how these structural forces are reshaping corporate earnings, pushing the economy to move up the value chain, and redefining Australia's "lucky country" moniker.
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