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Korea's SK Hynix to Make US Debut; Japan Urges Pensions to Invest More at Home | The Pulse 7/10/2026

Watch on YouTube ↗  |  July 10, 2026 at 10:33  |  50:01  |  Bloomberg Markets
Speakers
Marina Zavolock — Chief European Equity Strategist, Morgan Stanley
Phoenix Kalen — Head of Emerging Markets Research, SocGen CIB
Neil Campling — Tech/TMT Analyst

Summary

The episode covers SK Hynix's record US IPO, Japan's domestic investment push, and a bidding war for EasyJet. Morgan Stanley's strategist is bullish on European equities, banks, and semis, while SocGen's EM strategist sees yen and won weakness and favors LatAm FX longs and Hungarian forint.

  • SK Hynix raises $26.5 billion in largest US foreign IPO, strong AI memory demand.
  • Japan's finance minister urges pensions to invest domestically, boosting yen and bonds.
  • EasyJet receives surprise Apollo bid, starting potential bidding war.
  • Morgan Stanley strategist constructive on European equities, overweight banks, sees catch-up in European semiconductors.
  • SocGen EM strategist expects yen and Korean won near-term weakness, favors LatAm FX longs (BRL/CLP, MXN/BRL/COP) and buying Hungarian forint.
  • Spain's economy minister advocates for EU joint debt issuance.
  • VW plans to cut model lineup by 50% to improve profitability.
  • China's CXMT emerges as memory chip rival, ramping capacity.
Ideas
Marina Zavolock Chief European Equity Strategist, Morgan Stanley 8:23
European semis earnings kicker just starting
European semiconductor earnings trends are just starting to take off strongly, providing a big earnings kicker compared to the US. Lower leveraged ETF exposure in Europe reduces volatility, making it an attractive AI capex play.
SMH MED
Marina Zavolock Chief European Equity Strategist, Morgan Stanley 10:02
Europe equities strong on earnings, inflation benefits
European equities are constructive with 17% earnings growth, margins at all-time highs, and 60% of earnings benefiting from inflation. Oil at $70-$80 is a sweet spot. The AI capex cycle is not over, and a healthy pause provides opportunities. Broadening earnings strength supports the market.
VGK HIGH
Marina Zavolock Chief European Equity Strategist, Morgan Stanley 11:03
Overweight European banks on inflation boost
European banks are overweight, the number one diversification recommendation. They benefit from inflation, and margins have broken out to all-time highs. Inflation is great for European banks.
EUFN HIGH
Phoenix Kalen Head of Emerging Markets Research, SocGen CIB 18:09
Yen weakness persists despite interventions
Japan's growth equation is lackluster compared to the US, and fundamentals do not support sustained yen appreciation. Interventions are expected but will not be very effective given growth dynamics, so yen weakness is likely to persist.
JPY MED
Phoenix Kalen Head of Emerging Markets Research, SocGen CIB 21:28
Korean won weakness near-term despite interventions
Korean won dynamics have shifted to portfolio flows, causing weakness on equity rebalancing outflows and risk-off. Despite SK Hynix listing short-term support and expected interventions and rate hikes, near-term more weakness is likely.
KRW MED
Phoenix Kalen Head of Emerging Markets Research, SocGen CIB 21:42
Long BRL vs CLP on carry, terms
Latin American FX is the favorite trade. Brazil versus Chile is a buy-the-winners theme driven by terms of trade and a substantial carry story, with BCB relatively hawkish and market pricing more hikes, supporting long BRL positions against CLP.
BRL/CLP MED
Phoenix Kalen Head of Emerging Markets Research, SocGen CIB 23:04
LatAm FX to rise vs dollar on carry
Latin American currencies (MXN, BRL, COP) are likely to appreciate against the dollar, benefiting from terms of trade, carry, and hawkish central banks. The dollar may slightly appreciate overall but more against DM currencies than against LatAm FX.
MXN BRL Colombian Peso MED
Phoenix Kalen Head of Emerging Markets Research, SocGen CIB 23:14
Asian currencies ex-China to weaken vs USD
Some Asian currencies outside of China are likely to depreciate against the dollar, with the bloc outside China facing weakening pressures.
Asian currencies ex-China LOW
Phoenix Kalen Head of Emerging Markets Research, SocGen CIB 23:51
Long HUF on stronger narrative
In Central and Eastern Europe, currencies are broadly stable, but there are opportunities to get back into stronger narratives like Hungary, which stands out for appreciation potential.
HUF LOW
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This Bloomberg Markets video, published July 10, 2026, features Marina Zavolock, Phoenix Kalen discussing SMH, VGK, EUFN, JPY, KRW, BRL/CLP, MXN, BRL, Colombian Peso, Asian currencies ex-China, HUF. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Marina Zavolock, Phoenix Kalen  · Tickers: SMH, VGK, EUFN, JPY, KRW, BRL/CLP, MXN, BRL, Colombian Peso, Asian currencies ex-China, HUF