Markets Weigh Fresh US Strikes on Iran | The Asia Trade 7/13/2026

Watch on YouTube ↗  |  July 13, 2026 at 04:56  |  1:34:17  |  Bloomberg Markets
Speakers
Chey Tae-won — Chairman, SK Group
Hiromi Ishihara — Head of Equity Investment, Amundi Japan
Rupal Agarwal — Asia Quantitative Strategist, Bernstein
Shuli Ren — Opinion Columnist, Bloomberg
Mark Cranfield — Cross Asset Strategist, Bloomberg
Frederic Neumann — Chief Asia Economist, HSBC
Winnie Hsu — Bloomberg Reporter (Asia Markets)

Summary

Bloomberg's Asia Trade covers escalating US-Iran strikes pushing oil near $80, SK Hynix's record US listing, and shifting investment narratives. Guests weigh in on the AI memory super-cycle, a rotation from crowded momentum into value areas like China internet and India materials, and the outlook for Japan equities amid repatriation speculation. Fed Chair Warsh testimony and key Asian data also loom.

  • US conducts fourth missile strike on Iran; conflicting statements on Strait of Hormuz status push Brent toward $80/bbl, raising geopolitical risk premium.
  • SK Hynix ADR debuts with 13% gain; chairman Chey Tae-won claims memory demand will outstrip supply until AGI era, doubling capacity seen as insufficient.
  • Bernstein strategist Rupal Agarwal calls for trimming crowded momentum trade in Korea/Taiwan, rotating into China internet and India materials on deep value.
  • Amundi Japan's Hiromi Ishihara remains constructive on Japanese equities, favoring industrials over consumer discretionary amid weak yen and inflation.
  • Japanese finance minister urges pension funds to invest domestically, stirring speculation of a repatriation-driven yen rally, though timing remains uncertain.
  • Fed Chair Kevin Warsh set for congressional testimony; US CPI and PPI data this week could shape rate hike expectations.
  • SoftBank and PayPal considering a stake in Seven & i as a defensive move, while Bloomberg Opinion casts doubt on SK Hynix's demand forecast.
  • Key Asian data ahead: China trade, GDP, South Korea rate decision (expected hike), and India inflation in focus.
Ideas
Mark Cranfield Cross Asset Strategist, Bloomberg 6:06
Brent $80 breakout would spark broad risk-off
Brent crude approaching the $80/barrel mark is the key threshold for global markets. Positioning is light, and if sustained strikes push a weekly close above $80, it would trigger a negative reaction across risk assets, making this a critical level to monitor.
BNO MED
Chey Tae-won Chairman, SK Group 25:57
Memory supply will never catch demand
The expectation that memory demand will outstrip supply until 2030 is too optimistic. Micron's latest data shows only a 20% volume increase, with profit growth driven by price hikes. As massive new capacity comes online, bargaining power will shift to customers, threatening the sustainability of SK Hynix's super-cycle narrative.
000660.KS HIGH
Hiromi Ishihara Head of Equity Investment, Amundi Japan 36:48
Japan equities offer unique diversification upside
Japan equities offer a unique opportunity for non-Japanese investors due to great diversification, lower single-stock risk compared to the US, intact corporate governance reforms, and a structural AI theme that broadens from equipment to infrastructure and applications. Earnings fundamentals are strong, and long-term repatriation potential adds further support.
TOPIX MED
Hiromi Ishihara Head of Equity Investment, Amundi Japan 40:07
Avoid Japan consumer discretionary on weak yen
Domestic consumer discretionary faces headwinds from a weak yen and elevated inflation, which erode purchasing power and make the outlook for consumption-oriented sectors challenging. Prefers industrial exporters over domestically focused consumer names.
Japan consumer discretionary sector LOW
Rupal Agarwal Asia Quantitative Strategist, Bernstein 50:29
Trim crowded momentum/AI trade in Korea-Taiwan
The momentum trade, heavily driven by AI and semiconductor names in Korea and Taiwan, has reached record valuations and earnings expectations not seen since 1999. Positioning is extremely crowded, and equity risk premiums have fallen to record lows. It is time to trim exposure and take profits.
EWY TWSE MED
Rupal Agarwal Asia Quantitative Strategist, Bernstein 51:49
China internet stocks deeply undervalued opportunity
Chinese internet stocks have been extremely beaten down, reaching record low valuations and bearish sentiment levels worse than 2022. With earnings expectations bottoming and deep undervaluation, they represent an underappreciated opportunity for a recovery.
KWEB MED
Rupal Agarwal Asia Quantitative Strategist, Bernstein 52:12
India materials well positioned on capex cycle
Indian materials sector is well positioned amid an ongoing capex cycle and improving earnings momentum. It is one of the under-owned pockets offering relative value as investors rotate away from overconcentrated AI momentum plays.
Nifty Materials Index MED
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Bloomberg Markets · Jul 13

This Bloomberg Markets video, published July 13, 2026, features Mark Cranfield, Chey Tae-won, Hiromi Ishihara, Rupal Agarwal discussing BNO, 000660.KS, TOPIX, Japan consumer discretionary sector, EWY, TWSE, KWEB, Nifty Materials Index. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Mark Cranfield, Chey Tae-won, Hiromi Ishihara, Rupal Agarwal  · Tickers: BNO, 000660.KS, TOPIX, Japan consumer discretionary sector, EWY, TWSE, KWEB, Nifty Materials Index