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Asia Stocks Fall From Record as Tech Rally Cools | The China Show 6/23/2026

Watch on YouTube ↗  |  June 23, 2026 at 06:47  |  1:33:10  |  Bloomberg Markets
Speakers
Anthony Stevens — Bloomberg Market Producer
Hao Hong — Chief Economist, GROW Investment Group
David — Strategist
Rebecca — Senior Analyst, Bloomberg Intelligence
Emilie Bodoin — Chairman and CEO, Pure Lithium
Haidi Stroud-Watts — Anchor, Bloomberg

Summary

Asian stocks dropped, led by a severe selloff in Korean chipmakers, as worries over oversized leveraged ETFs and a global tech cool-down rattled markets. The show covered China's market divergence, with guests calling for a sector rotation out of tech hardware into value and further yuan appreciation. Additional segments highlighted Iran oil waivers, battery startup innovation, and warnings on SK Hynix leveraged products.

  • Korean Kospi plunges over 4% with memory stocks Samsung/SK Hynix under heavy selling pressure.
  • Anthony Stevens sees continued upside for Chinese semiconductor names like SMIC, but near-term profit-taking on Korean chips.
  • Hao Hong expects sector rotation from Chinese tech hardware into traditional value within two months.
  • Hao Hong also predicts CNH appreciation to 6.5 or beyond on strong trade surplus and capital repatriation.
  • David from Bloomberg strategy flags US duration as attractive amid curve flattening and lower oil.
  • Bloomberg Intelligence's Rebecca warns about massive tracking error and premium in SK Hynix leveraged ETF.
  • Pure Lithium CEO touts lithium metal battery technology, potentially reducing reliance on graphite.
  • Hong Kong's exchange reports strong IPO pipeline with broadening international issuers.
Ideas
Anthony Stevens Bloomberg Market Producer 4:34
Chinese semis have room to grow.
China's AI buildout continues in a more sustainable, capital-light open-source model. Chinese semiconductor supply chain names like SMIC are a fraction of the size of US peers such as Micron and Intel, offering significant room to grow. The 52-week high list is dominated by these names, and this widening trend will continue.
0981.HK CHIK MED
Anthony Stevens Bloomberg Market Producer 7:16
Take profits on Samsung and SK Hynix.
Asian time-zone traders are heavily leveraged and retail-driven, sentiment shifts quickly. Regulators have warned about leveraged ETFs. With high expectations ahead of Micron earnings, it is logical to take money off the table. Korean memory stocks face near-term downside risk.
005930.KS 000660.KS MED
Hao Hong Chief Economist, GROW Investment Group 27:57
Rotation to value stocks from tech hardware.
Relative outperformance of Chinese growth/tech hardware stocks over traditional value stocks has reached an extreme last seen in early 2021. Historically, such extremes lead to sector rotation. Expect rotation toward traditional value sectors in the next two months.
FXI MED
Hao Hong Chief Economist, GROW Investment Group 27:57
Rotation to value stocks from tech hardware.
Relative outperformance of Chinese growth/tech hardware stocks over traditional value stocks has reached an extreme last seen in early 2021. Historically, such extremes lead to sector rotation. Expect rotation toward traditional value sectors in the next two months.
Chinese tech hardware stocks MED
Hao Hong Chief Economist, GROW Investment Group 32:59
Yuan to appreciate to 6.5 or beyond.
China's record trade surplus and lagging reserve growth indicate money held overseas. Recent regulatory crackdown on illegal cross-border flows is forcing funds back, supporting yuan appreciation. Expect CNH to strengthen to at least 6.5 per dollar and beyond.
CNH HIGH
Hao Hong Chief Economist, GROW Investment Group 35:13
Chinese rare earth stocks to continue outperforming.
China controls 80% of global rare earth production, providing strong bargaining power in trade negotiations. The US will take years to build alternative supply. Chinese rare earth names have been performing well and will continue to benefit from this competitive advantage.
REMX MED
David Strategist 49:36
US duration attractive as curve flattens.
The Fed is hawkish on current inflation but long-end bond yields have not moved dramatically, flattening the curve. If oil trends lower, inflation will moderate, and the Fed will change posture. Duration looks attractive, especially for those concerned about equity volatility.
TLT MED
Rebecca Senior Analyst, Bloomberg Intelligence 64:04
Avoid SK Hynix 2x leveraged ETF.
The SK Hynix 2x leveraged ETP has massive tracking error exceeding 200% YTD due to daily rebalancing and high swap costs. Investors pay a premium. Korean regulators regret allowing the product and may impose new rules. Investors should be cautious and consider total cost of ownership.
SK Hynix 2x Leveraged ETP HIGH
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This Bloomberg Markets video, published June 23, 2026, features Anthony Stevens, Hao Hong, David, Rebecca discussing 0981.HK, CHIK, 005930.KS, 000660.KS, FXI, Chinese tech hardware stocks, CNH, REMX, TLT, SK Hynix 2x Leveraged ETP. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Anthony Stevens, Hao Hong, David, Rebecca  · Tickers: 0981.HK, CHIK, 005930.KS, 000660.KS, FXI, Chinese tech hardware stocks, CNH, REMX, TLT, SK Hynix 2x Leveraged ETP