Trump Rejects 'Unacceptable' Iran Offer, AI Boost Continues | The Asia Trade 5/11/2026

Watch on YouTube ↗  |  May 11, 2026 at 05:25  |  1:34:56  |  Bloomberg Markets
Speakers
Mark Cranfield — Cross Asset Strategist, Bloomberg
Aoifinn Devitt — Global Managing Director, Moneta Group
Oliver Matthew — Head of Asia Consumer, CLSA
Louise Loo — Head of Asia Economics, Oxford Economics

Summary

The episode covers the continuation of the AI trade as the dominant market theme, with South Korea and Taiwan surging on chip demand and U.S. retail investor access. Geopolitical tensions persist after Trump rejects Iran's peace offer, keeping oil elevated ahead of the Trump-Xi summit. Japanese consumer spending remains weak despite record equity highs, while Australia prepares a budget focused on housing affordability and inflation.

  • Trump rejects Iran's peace offer as 'unacceptable,' oil futures rise 3%.
  • AI trade drives South Korea's KOSPI to new highs, up 4% on the day, and Taiwan also rallies.
  • U.S. retail investors gain direct access to Korean stocks, adding momentum.
  • Japan's Nikkei opens higher but consumer spending remains challenged; Fast Retailing is cited as a long-term beneficiary of tourism.
  • Treasury Secretary Bessent visits Japan and South Korea ahead of Trump-Xi summit; currency policy in focus.
  • Australia's Treasurer outlines a budget addressing housing affordability and productivity with $64 billion in savings.
  • U.S. CPI data expected this week; inflation remains sticky due to high oil prices.
  • Analysts warn of bifurcation between AI-led economies (Korea, Taiwan) and commodity-sensitive ones (India).
Trade Ideas
Mark Cranfield Cross Asset Strategist, Bloomberg 10:26
AI trade drives Korea and Taiwan upside.
The AI trade is transforming South Korea and Taiwan, with U.S. retail investors gaining direct access to Korean stocks, driving momentum that is hard to derail. Foreign investors are still underweight these markets despite strong performance, leaving room for further inflows. The Korean won and Taiwan dollar remain cheap, and the overall backdrop of contained oil prices and low interest rates supports continued upside.
EWT EWY HIGH
Oliver Matthew Head of Asia Consumer, CLSA 44:39
Fast Retailing gains from tourism repurchase.
Fast Retailing benefits long-term from Japan's tourism boom driven by the weak yen. Its global footprint allows it to capture repurchase demand from overseas visitors in their home markets, providing sustained revenue growth beyond the short-term hotel industry gains.
9983 LOW
Aoifinn Devitt Global Managing Director, Moneta Group 52:15
Private credit offers reliable contractual income.
Private credit is a long position because it offers contractual income that is not dependent on market movements. The sector is less concentrated in software than perceived, and broad-based selection across credit types provides a reliable income source in portfolios.
BIZD MED
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This Bloomberg Markets video, published May 11, 2026, features Mark Cranfield, Oliver Matthew, Aoifinn Devitt discussing EWT, EWY, 9983, BIZD. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Mark Cranfield, Oliver Matthew, Aoifinn Devitt  · Tickers: EWT, EWY, 9983, BIZD