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Watch on YouTube ↗  |  July 23, 2026 at 09:13  |  47:43  |  Bloomberg Markets
Speakers
Rajiv Batra — EM Equity Strategist, JPMorgan

Summary

The program covers escalating Middle East tensions driving oil prices higher, AI spending surges from Alphabet and Tesla's profit slide, and J.P. Morgan's Rajiv Batra discussing emerging market rotations. Batra remains bullish on Korean tech driven by AI capex, views Indonesia's rally as fragile amid returning oil/dollar headwinds, upgrades Thailand to neutral while downgrading Philippines on oil and El Niño risks, and sees India poised for a comeback on the AI trade. SBI Funds executives also discuss post-IPO growth and India's investor base.

  • Houthi attacks on Red Sea tankers and US-Iran tensions push oil (Brent near $96) higher, threatening Asia's oil importers.
  • Alphabet raises capex outlook to over $200B for AI, while Tesla profit slides amid robotaxi/robot spending questions.
  • J.P. Morgan's Rajiv Batra stays bullish on South Korean tech/memory, citing hyperscaler AI spending and strong earnings growth.
  • Indonesia's 20% rally is at risk from rising oil, strong dollar, and higher US rates; sustainability uncertain.
  • Thailand upgraded to neutral on AI-linked exports and political stability; Philippines downgraded on oil/El Niño sensitivity.
  • India seen staging a comeback as low consensus earnings and a reduced valuation premium attract flows.
  • SBI Funds management highlights India's expanding retail investor base and low-cost operating model after its large IPO.
Ideas
Rajiv Batra EM Equity Strategist, JPMorgan 11:44
AI capex drives Korean tech earnings
Korean tech and memory stocks are supported by strong earnings growth (400% this quarter, 45% in 2027) driven by hyperscaler AI capex. A recent technical sell-off and leverage ETF rollover have cleared crowding, and fundamentals remain intact. Price target based on earnings, not re-rating.
KOSPI HIGH
Rajiv Batra EM Equity Strategist, JPMorgan 14:45
Indonesia rally fragile; watch oil risks
Indonesia's rally was driven by rotation out of AI and easing oil headwinds, but oil prices, strong dollar, and higher rates are now returning as headwinds. Sustainability depends on oil declining; if oil stays high, the non-AI downward cycle resumes. Foreign positioning remains underweight, so inflows could come if risks ease.
JCI MED
Rajiv Batra EM Equity Strategist, JPMorgan 19:34
Thailand benefits from AI and stability
Thailand offers sustainable earnings growth via exposure to AI stocks and trade/export revenue, supported by political stability. Upgraded to neutral within a selective ASEAN approach.
SET HIGH
Rajiv Batra EM Equity Strategist, JPMorgan 19:34
Philippines hit by oil, El Niño, rates
Philippines has limited re-rating catalysts, is a large importer of energy and food vulnerable to high oil and El Niño, and corporate earnings are sensitive to higher rates and a strong dollar. Downgraded to underweight.
Philippine equities (PSEi) HIGH
Rajiv Batra EM Equity Strategist, JPMorgan 22:02
India poised for comeback on AI rotation
India has emerged on the AI trade with recent outperformance. Consensus earnings growth expectations are low at 10-11%, and the valuation premium has declined, setting up a comeback for Indian equities.
NIFTY HIGH
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This Bloomberg Markets video, published July 23, 2026, features Rajiv Batra discussing KOSPI, JCI, SET, Philippine equities (PSEi), NIFTY. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Rajiv Batra  · Tickers: KOSPI, JCI, SET, Philippine equities (PSEi), NIFTY