Bessent's Yen Dare, Modi's Global Payments Ambition

Watch on YouTube ↗  |  September 09, 2026 at 07:22  |  47:25  |  Bloomberg Markets
Speakers
Jasmine Duan — Senior Investment Strategist, RBC Wealth Management Asia
Mark Cranfield — Cross Asset Strategist, Bloomberg
Scott Bessent — Treasury Secretary
Suresh Sethi — Group Country Manager, India & South Asia, Visa
Sundararaman Ramamurthy — MD & CEO, BSE
Abir Abu Omar — Bloomberg Middle East Correspondent
Rhee Chang-yong — Former Governor, Bank of Korea
Stephen Engle — Chief North Asian Correspondent, Bloomberg
Susan Schwab — Former US Trade Representative; Strategic Advisor, Mayer Brown
Narendra Modi — Prime Minister of India
Ashutosh Joshi — Asia Equities Reporter, Bloomberg

Summary

The episode covers the oil price spike from US-Iran tanker strikes near the Strait of Hormuz, the yen rally after Treasury Secretary Bessent warned traders not to bet against Japan's currency, and Korea's exposure to the semiconductor supercycle. It also examines India's digital payments ambitions, Visa's tokenization position, and the Indian IPO pipeline through the BSE CEO.

  • US-Iran attacks on tankers push Brent toward $100 and raise supply-risk concerns.
  • Treasury Secretary Bessent warns traders against betting against the yen.
  • RBC's Jasmine Duan expects Brent to stay elevated and sees India as oil-vulnerable.
  • Mark Cranfield sees a possible KOSPI year-end rally but says confirmation is needed above 7,000.
  • Former US Trade Representative Susan Schwab discusses US-Canada common interests and China overcapacity.
  • Visa's India head highlights tokenization and 55% market share of tokenized assets.
  • BSE CEO expects India's IPO pipeline to strengthen and foreign flows to recover.
Ideas
Mark Cranfield Cross Asset Strategist, Bloomberg 6:52
Long-end Treasuries face inflation auction pressure
He says long-end US Treasuries face pressure because rising oil prices toward $100 reinforce inflation concerns and come at an awkward time with 10-year and 30-year Treasury auctions plus Bessent buyback details, so Treasury futures are already pushing lower.
TLT MED
Mark Cranfield Cross Asset Strategist, Bloomberg 7:53
Korea's market set for year-end rally
He sees Korean equities and the KOSPI as positioned for a year-end rally, supported by AI-linked optical names, rotation into smaller Korean companies, and KOSPI futures widening into December; he notes the cash KOSPI still needs to break out above the 7,000 range to confirm more upside.
EWY MED
Mark Cranfield Cross Asset Strategist, Bloomberg 9:14
Yen rally has further to go
He is bullish on the Japanese yen because short covering is turning into a fundamental rally: Japan's fiscal deficits are relatively better than the US, France, and UK, the Bank of Japan is increasingly likely to hike in September or October, a government fund is expected to repatriate money to Japan, and the US dollar is undermined by the Iran conflict.
FXY HIGH
Jasmine Duan Senior Investment Strategist, RBC Wealth Management Asia 14:09
Brent crude could hit $120 in Q4
She expects Brent crude to remain elevated and reach $100 in Q4 as a base case, with a high case of $120, because a durable US-Iran deal is unlikely, Iran's demands around Hormuz control and upfront cash are unacceptable to the US, shipping remains sidelined, and producer restarts take time.
BNO HIGH
Jasmine Duan Senior Investment Strategist, RBC Wealth Management Asia 16:26
Underweight India, overweight US on oil risk
She says India equities are pressured by high oil prices because India relies heavily on Middle East oil imports, so her portfolio is underweight India equities and uses that as a funding source for an overweight in US equities, which are relatively less affected by higher oil.
India Equities HIGH
Jasmine Duan Senior Investment Strategist, RBC Wealth Management Asia 16:26
Underweight India, overweight US on oil risk
She says India equities are pressured by high oil prices because India relies heavily on Middle East oil imports, so her portfolio is underweight India equities and uses that as a funding source for an overweight in US equities, which are relatively less affected by higher oil.
SPY HIGH
Suresh Sethi Group Country Manager, India & South Asia, Visa 36:19
Visa leads India's tokenized digital payments
He argues Visa is positioned to benefit from India's digital payments opportunity because India is a 100% tokenized market with over 1 billion tokens, Visa holds about 55% market share of tokenized assets, and tokenization plus biometric passkeys are foundational for AI-driven commerce.
V MED
Sundararaman Ramamurthy MD & CEO, BSE 41:03
BSE IPO pipeline improves second half
He expects BSE's IPO pipeline to strengthen in the second half, with two major IPOs in the offing and many more, because India is growing around 7.8% and is in a clear sweet spot despite geopolitical situations.
BSE MED
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815 Money Talk (815머니톡) · Sep 09

This Bloomberg Markets video, published September 09, 2026, features Mark Cranfield, Jasmine Duan, Suresh Sethi, Sundararaman Ramamurthy discussing TLT, EWY, FXY, BNO, India Equities, SPY, V, BSE. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Mark Cranfield, Jasmine Duan, Suresh Sethi, Sundararaman Ramamurthy  · Tickers: TLT, EWY, FXY, BNO, India Equities, SPY, V, BSE