Moving Markets

After a sharp correction in AI-related stocks across Asia, investors are reassessing one of the market's strongest themes of the past year. In China, many AI and semiconductor-related names have fallen significantly from their recent highs, prompting debate over whether the pullback is creating a buying opportunity or signalling a more prolonged period of volatility.
 
In this episode, Richard Tang speaks with Hong Hao, Managing Partner and CIO of Lotus Asset Management, about the outlook for China's equity market following the recent AI sell-off. They discuss whether the correction has further to run, the prospects for a rotation into internet and other old economy names, and what recent economic data means for expectations around policy support in the second half of the year.
 
The conversation also explores the implications of a more hawkish US Federal Reserve under Kevin Warsh, and what this could mean for inflation expectations, interest rates and global asset prices. They also discuss the outlook for the renminbi amid strong export growth and China's expanding trade surplus.
 
This episode was originally recorded on 15 July 2026.

(00:29) - China's AI correction: buy the dip or wait?

(03:05) - Are AI fundamentals still intact? What’s the near-term outlook?

(04:48) - China's IPO activity, liquidity conditions and market rotation

(06:05) - Can China's internet and old economy names catch up?

(07:48) - China's policy outlook after the latest economic data

(11:14) - The Fed under Kevin Warsh and the outlook for rates

(14:18) - China's exports and the long-term case for RMB appreciation

Equity markets weakened as continued losses in semiconductor stocks and ongoing tensions in the Middle East weighed on risk sentiment, pushing major indices firmly into negative territory. At the same time, recent economic data highlighted the resilience of the US economy, adding another layer of complexity to the market outlook. Meanwhile, Netflix shares came under pressure in after-hours trading after the company forecast slower revenue growth. In today’s episode, Tim Gagie, Head of FX Advisory in Geneva, joins us to discuss the latest moves in gold and the British pound, what's driving these markets, and the key levels investors should keep on their radar.

(00:00) - Introduction: Helen Freer, Product & Investment Content

(00:25) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content

(06:17) - FX & metals update: Tim Gagie, Head of FX/PM PB Geneva

(10:55) - Closing remarks: Helen Freer, Product & Investment Content

Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

The current earnings season is seeing some bright spots, such as the Swiss luxury retailer Richemont and the US asset manager BlackRock. US producer prices came in below expectations, continuing to ease inflation concerns. In Asia, a rotation continues from this year's winners, Japan and South Korea, towards laggards such as Hong Kong, while South Korean regulators announced plans to address volatility linked to leveraged ETFs tied to SK Hynix and Samsung Electronics. The US dollar stabilised after recent weakness and sterling rose to a one-year high. Meanwhile, Norbert Rücker, Head of Economics and Next Generation Research, discusses why oil continues to flow through the Strait of Hormuz despite renewed regional tensions, why European natural gas prices remain elevated, and why gold has been largely unmoved by softer inflation data.

(00:00) - Introduction: Helen Freer, Product & Investment Content

(00:27) - Markets wrap-up: Mike Rauber, Product & Investment Content

(07:00) - Commodities update: Norbert Rücker, Head of Economics & Next Generation Research

(13:18) - Closing remarks: Helen Freer, Product & Investment Content

Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Yesterday’s release of June CPI inflation data in the US provided a welcome boost to US equity and Treasury prices, as traders drastically lowered their bets on a Fed rate hike in July. The mood was further bolstered by Q2 earnings from Wall Street’s big five banks. The buoyant mood continued in Asia this morning, especially in tech, with the Kospi rallying over 7% at one point. We had two guest speakers on today’s podcast. Dario Messi, Head of Fixed Income Research highlights his key takeaway from the inflation report and outlines his expectations for Fed policy going forwards. And our equity strategist, Nenad Dinic, assesses those US bank earnings and provides some insights into what the early European earnings reports are revealing. Tune in to find out more!

(00:00) - Introduction: Lucija Caculovic, Product & Investment Content

(00:41) - Markets wrap-up: Bernadette Anderko, Product & Investment Content

(06:50) - Fixed income update: Dario Messi, Head of Fixed Income Research

(10:11) - Equity markets update: Nenad Dinic, Equity Strategy Research

(14:50) - Closing remarks: Lucija Caculovic, Product & Investment Content

Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Oil prices surged after fresh tensions in the Middle East raised concerns over global energy supplies, while higher inflation expectations pushed Treasury yields higher and weighed on equity markets, where semiconductor stocks led the declines. Investors are now turning their attention to the start of the US earnings season, with major banks reporting results today. Elsewhere, China’s trade data surprised to the upside, Singapore’s economy grew faster than expected, and the UK and Switzerland announced a new trade deal. On today’s show, we are joined by Enrico Chinello, Next Generation Research, to discuss quantum computing and discover whether or not it has reached its ChatGPT moment.
Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.