Iran Strikes 'Hostile Targets'; Yen Weakens Past 158 | The Asia Trade 8/7/2026

Watch on YouTube ↗  |  August 07, 2026 at 03:55  |  1:35:12  |  Bloomberg Markets
Speakers
Lori Calvasina — Head of U.S. Equity Strategy, RBC Capital Markets
Rie Nishihara — Chief Japan Equity Strategist at J.P. Morgan Securities
Chris Weston — Head of Research, Pepperstone
Ruth Carson — Correspondent, Singapore
Sabrin Chowdhury — Head of Commodities Analysis at BMI

Summary

The episode covers heightened Iran tensions after reported attacks in the Strait of Hormuz and a stalling peace deal with Oman, driving oil prices higher and weighing on risk sentiment. The Japanese yen weakens past 158 despite coordinated US-Japan intervention. Guests weigh in on the US equity outlook, Japan's strong earnings season, AI trade rotations, memory weakness, and commodity markets. Key calls include bullish views on US tech and Japanese banks, alongside caution on memory chips.

  • Iran struck hostile targets in Hormuz, peace deal with Oman stalls, oil jumps
  • Yen slides past 158, intervention credibility questioned ahead of US jobs report
  • Lori Calvasina sees US equities cheap vs rest of world, tech and semis attractively valued
  • Rie Nishihara highlights strong, broadening Japanese earnings and structural improvements
  • Chris Weston notes capital shifting from memory into AI hyperscalers with monetization underway
  • Memory stocks like SK hynix and Samsung suffer poor price action and weak buying interest
  • Copper near record on tariff stockpiling and AI/green demand, but fundamentals mixed
  • SoftBank beats on Intel and ByteDance gains but funding costs in focus
Ideas
Lori Calvasina Head of U.S. Equity Strategy, RBC Capital Markets 17:16
U.S. stocks cheap relative to world
U.S. equities look cheap on a five-year basis versus the rest of the world, which helps absorb challenges and makes the U.S. attractive.
SPY MED
Lori Calvasina Head of U.S. Equity Strategy, RBC Capital Markets 18:34
Tech sector cheap, buy semis and software
The U.S. technology sector is cheap now, with S&P semis back to five- and 30-year averages and software approaching historical lows, offering a long-term buying opportunity amid volatility.
S&P 500 Semiconductors & Semiconductor Equipment Index IGV MED
Rie Nishihara Chief Japan Equity Strategist at J.P. Morgan Securities 26:22
Japanese earnings strong and broadening
Japanese corporate earnings are very strong, with 15% sales growth, broader drivers beyond semiconductors, and structural improvements in corporate governance and wage growth boosting the economy.
TOPIX MED
Rie Nishihara Chief Japan Equity Strategist at J.P. Morgan Securities 31:02
Overweight Japan banks on rate cycle
Overweight Japanese banks from a structural perspective, as rising long-term rates, deposit normalization, and low valuations support the sector at the start of a new cycle.
TOPIX Banks Index HIGH
Chris Weston Head of Research, Pepperstone 55:44
Avoid memory stocks, price action broken
Memory semiconductor stocks are suffering terrible price action, with buyers absent and the market pushing them lower easily, despite a strong long-term story; avoid for now.
000660.KS 005930.KS MED
Chris Weston Head of Research, Pepperstone 57:00
Buy hyperscalers as AI monetization starts
Capital is rotating into U.S. hyperscalers as they start monetizing AI, with strong revenue acceleration at Microsoft, Amazon, and Alphabet supporting conviction.
MSFT AMZN GOOG MED
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This Bloomberg Markets video, published August 07, 2026, features Lori Calvasina, Rie Nishihara, Chris Weston discussing SPY, S&P 500 Semiconductors & Semiconductor Equipment Index, IGV, TOPIX, TOPIX Banks Index, 000660.KS, 005930.KS, MSFT, AMZN, GOOG. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Lori Calvasina, Rie Nishihara, Chris Weston  · Tickers: SPY, S&P 500 Semiconductors & Semiconductor Equipment Index, IGV, TOPIX, TOPIX Banks Index, 000660.KS, 005930.KS, MSFT, AMZN, GOOG