Ideas
Sell dollar; yen and euro lead.
London traders are likely to keep selling the dollar after Trump's comments; interest in shorting the dollar has broadened beyond the yen to the euro, Aussie, Kiwi and sterling, with the euro breaking 1.19 and hedge funds buying euro/yen options. He expects broad dollar selling when London comes in, with the yen and euro as main beneficiaries.
Sell dollar; yen and euro lead.
London traders are likely to keep selling the dollar after Trump's comments; interest in shorting the dollar has broadened beyond the yen to the euro, Aussie, Kiwi and sterling, with the euro breaking 1.19 and hedge funds buying euro/yen options. He expects broad dollar selling when London comes in, with the yen and euro as main beneficiaries.
Robert Kaplan
Vice Chair, Goldman Sachs; former President, Federal Reserve Bank of Dallas
12:35
No structural dollar decline; stability favored.
He does not see the start of a multi-year structural dollar correction. US innovation and strong GDP growth remain positives, the US wants a stable dollar to help sell the long end of the Treasury curve, and global investors are hedging tail risk rather than abandoning US assets.
Robert Kaplan
Vice Chair, Goldman Sachs; former President, Federal Reserve Bank of Dallas
13:22
Gold supported by hedging and safe-haven demand.
Gold can move toward $5,400-$5,500, which he does not view as unreasonable, because investors are hedging dollar and tail risk and buying alternative safe havens. There may be retrenchment, but stronger gold makes sense.
Yuan appreciation pressure; short USD/CNH.
The PBOC set its strongest yuan fix since August and is not pushing back hard against renminbi appreciation. The weak dollar adds fresh appreciation pressure, supporting a lower USD/CNH.
Memory chip shortage fuels Asian chip rally.
Equity traders remain focused on chips and AI because memory chip tightness is driving momentum. SK Hynix and Samsung report tomorrow, Chinese memory makers have announced price hikes for the first time, and Texas Instruments reported robust earnings, reinforcing the bullish chip story across Asia.
Data-center fiber deal lifts fiber optics.
A $6 billion deal between Corning and Amita Platforms for Corning to supply fiber optic cable to US data centers should boost fiber optic companies, with related names already jumping in Japan and China.
Korea chip exports support market re-rating.
Korea's market cap has topped Germany's, driven by the global memory-chip shortage and strong tech exports. The chip sector is still cheap relative to history, especially SK Hynix and Samsung, even as domestic consumption remains weak.
Memory tightness drives Samsung and SK Hynix.
Samsung Electronics and SK Hynix have high earnings visibility and scope for earnings upgrades from the tight memory cycle. Conventional DRAM ASPs are forecast to rise 80-90% this year and could exceed that, while supplier response may not arrive until mid-2027, leaving room for the stocks to run.
Korea value-up plans drive share gains.
2025 was when Korea's government set the value-up tone, but 2026 is when corporates implement the plans. Successful implementation can drive strong share price performance.
India attractive on earnings, positioning, catalysts.
India is a contrarian standalone opportunity after underperforming in 2025. Earnings should inflect in the second half, valuations are more reasonable, foreign positioning is at an all-time low, and potential US-India or US-India-EU trade deals could catalyze foreign inflows. It is a bottom-up stock picker's market with improved breadth and depth.
MediaTek AI potential underappreciated.
MediaTek was a laggard last year, and she believes the market underappreciates its AI potential.
Liquid cooling and power look interesting.
Within AI product roadmap upgrades, liquid cooling and power solutions look interesting as sources of alpha.
CATL leads in battery chemistry, execution.
CATL is one of her large active China positions because it leads in battery chemistry and has world-class execution.
Dollar downside persists on policy risk premium.
There are short-term reasons to sell the dollar, and the long-term bullish dollar case based on productivity and higher real rates is not strong enough to offset them. A roughly 6% policy-risk premium, a low-volatility period, and little official pushback encouraged short-term investors to pile into dollar shorts, and without pushback the move can go further.
Yen weak on lost fiscal credibility.
Yen weakness is not a carry trade but a lost-credibility trade: JGB yields are rising while the yen weakens, reflecting concerns about Japan's long-term fiscal sustainability. Intervention can have an effect, but if budget stimulus remains and there is no plan to rein it in, markets will stay concerned.
Watch 40-year JGB auction for meltdown risk.
The 40-year Japanese government bond auction is one to watch because this tender has been vulnerable to sharp swings; weak demand could trigger another bond-market meltdown.
Trina Chen
Co-head of Greater China Equity Research & China Basic Materials/Agriculture Analyst, Goldman Sachs
70:44
Copper faces near-term technical correction.
After the rapid surge in metals, macro and fund-flow support no longer align with physical demand. Copper fabricator demand has fallen 10-30% and inventories are rising, so she expects a near-term technical adjustment.
Trina Chen
Co-head of Greater China Equity Research & China Basic Materials/Agriculture Analyst, Goldman Sachs
70:57
Aluminum oversupply after attractive margins.
Aluminum prices can stay above $3,000 in the first quarter but not for the full year. Current margins are so attractive that China and ex-China producers are expanding output, making this the year with the biggest output-growth delta in five years and creating oversupply.
Trina Chen
Co-head of Greater China Equity Research & China Basic Materials/Agriculture Analyst, Goldman Sachs
72:43
Bulk commodities pressured by oversupply.
Bulk commodities such as steel, cement, and coal face weak or declining demand and chronic oversupply. Anti-involution policy aims to protect the tail rather than generate super profits, and capacity exits are slow, especially in steel.
Trina Chen
Co-head of Greater China Equity Research & China Basic Materials/Agriculture Analyst, Goldman Sachs
75:25
Central-bank buying supports gold prices.
Central bank buying is the anchor driver for gold. China's central bank holdings are only half those of the US in tonnage for a similar-sized economy, leaving room to add; as long as central banks keep buying, gold price has support, though the recent surge makes her uncomfortable.
Indonesia vulnerable to MSCI outflows.
MSCI has frozen index changes for Indonesia because shareholding structures and free float are too opaque. That risks a lower weighting in the MSCI EM index or even a demotion to frontier-market status, triggering active-fund outflows and pressuring valuation multiples.
EU-India deal benefits European automakers.
The EU-India free trade agreement opens the Indian market to European car companies, a particularly big deal for Germany, Europe's major auto producer.
Indian textiles and food gain EU access.
The trade deal gives Indian apparel, footwear, textile, and food producers access to the European market.
EU-India security pact helps Indian defense.
The EU-India security agreement includes intelligence sharing and possible joint weapons development, which is potentially good for Indian companies.
Indian automakers and liquor face EU competition.
The deal may hurt Indian car companies and liquor makers because European automakers and liquor producers will gain greater access to the Indian market.
This Bloomberg Markets video, published January 28, 2026,
features David Vitter, Robert Kaplan, Yvonne Man, Liting Tan, Jeff Liao, Steve Englander, Trina Chen, Abhishek Bishnoi, Rosalind Mathieson
discussing USD, EUR, JPY, AUD, NZD, GBP, GLD, USD/CNH, DRAM, AI fiber optics, EWY, 005930.KS, 000660.KS, Korea value-up beneficiaries, India Equities, 2454.TW, Liquid cooling and power solutions, CATL, FXY, Japanese 40-year government bonds, COPPER, Aluminum, Cement, SLX, Coal sector, Jakarta Composite Index, European automakers, Indian textiles, apparel, footwear, and food producers, Indian defense companies, Indian automakers, Indian liquor makers.
26 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
David Vitter,
Robert Kaplan,
Yvonne Man,
Liting Tan,
Jeff Liao,
Steve Englander,
Trina Chen,
Abhishek Bishnoi,
Rosalind Mathieson
· Tickers:
USD,
EUR,
JPY,
AUD,
NZD,
GBP,
GLD,
USD/CNH,
DRAM,
AI fiber optics,
EWY,
005930.KS,
000660.KS,
Korea value-up beneficiaries,
India Equities,
2454.TW,
Liquid cooling and power solutions,
CATL,
FXY,
Japanese 40-year government bonds,
COPPER,
Aluminum,
Cement,
SLX,
Coal sector,
Jakarta Composite Index,
European automakers,
Indian textiles, apparel, footwear, and food producers,
Indian defense companies,
Indian automakers,
Indian liquor makers
