Trump Cuts India Tariffs; Asian Stocks, Metals Rebound | The Asia Trade 2/3/2026

Watch on YouTube ↗  |  February 03, 2026 at 04:26  |  1:34:52  |  Bloomberg Markets
Speakers
Derek Wallbank — Senior Editor, Bloomberg
Adam Farrar — Senior Geo-Economics Analyst, Bloomberg Economics
Brendan Fagan — Market Analyst
Andrew Janes — Energy and Commodities Editor, Bloomberg
Alice French — Japan Equities Reporter, Bloomberg
George Boubouras — Managing Director, K2 Asset Management
Subhas Menon — Director General, Association of Asia Pacific Airlines
Ruth Carson — Correspondent, Singapore
Luci Ellis — Former Assistant Governor, Reserve Bank of Australia
Nick Wadhams — Defense Lead, Bloomberg Economics
Paul Allen — Reporter, Bloomberg
Kenneth Juster — Former U.S. Ambassador to India
Basant Sanghera — Managing Principal, The Asia Group
Swati Pandey — Bloomberg Asia Pacific Reporter
Annabel Droulers — Anchor, Bloomberg TV
Shery Ahn — Anchor, Bloomberg Television

Summary

The episode focuses on a new U.S.-India trade deal that cuts tariffs to 18% and removes the Russian oil levy, boosting Indian assets and the rupee. Markets also weigh a rebound in gold, silver and copper, an expected RBA rate hike, Japan yen and JGB risks, and a $12 billion U.S. critical minerals stockpile. Company and sector topics include Nintendo's memory-cost pressure, Asia-Pacific airline demand, SpaceX-xAI merger plans, and weak Bitcoin demand.

  • U.S.-India trade deal cuts tariffs to 18% and ends the Russian oil levy, lifting Indian assets and the rupee.
  • Asian markets lean risk-on as U.S. factory data supports sentiment and metals rebound from a sharp selloff.
  • Gold, silver and copper stabilize, with speakers citing intact fundamental support and Chinese dip buying in copper.
  • RBA is expected to hike rates, putting the Australian dollar and Australian housing momentum in focus.
  • Japanese yen weakness and an upcoming 10-year JGB auction remain key macro risks.
  • Nintendo faces margin pressure from surging memory chip prices and possible Switch 2 price increases.
  • SpaceX and xAI merge at a $1.25 trillion valuation ahead of a planned IPO, though the company remains private.
  • U.S. launches a $12 billion critical minerals stockpile to reduce China reliance, while Bitcoin lacks new buyers.
Ideas
Derek Wallbank Senior Editor, Bloomberg 5:02
Tariff deal supports Indian rupee
The U.S.-India trade deal cuts tariffs to 18% and removes the 25% Russian oil levy, a substantial breakthrough that explains the jump in MSCI India and is positive for the Indian rupee.
Indian rupee MED
Brendan Fagan Market Analyst 9:29
Precious metals hold key support
Gold and silver are holding above their 50-day moving averages after the sharp unwind, suggesting the worst of the selloff is behind even if volatility continues.
GLD SILVER MED
Subhas Menon Director General, Association of Asia Pacific Airlines 36:35
Asia-Pacific airline demand stays strong
Asia-Pacific commercial aviation is growing at roughly 11%, double the global rate, driven by young demographics and strong South East Asian demand, though supply-chain and airspace disruptions are pressuring airline margins.
Asia-Pacific airlines MED
Alice French Japan Equities Reporter, Bloomberg 43:51
Memory costs pressure Nintendo margins
Surging memory chip prices threaten Nintendo's margins because the Switch 2 is early in its cycle; Nintendo may need to raise the console price by up to 15%, which could hurt demand, and the stock has already fallen sharply.
NTDOY MED
George Boubouras Managing Director, K2 Asset Management 51:00
Risk-on supports S&P 500
A risk-on regime should persist into 2026, supported by resilient U.S. earnings, easy credit conditions and solid economic growth; he estimates 15% earnings growth and a 12-15% return for the S&P 500 this year.
SPY HIGH
Adam Farrar Senior Geo-Economics Analyst, Bloomberg Economics 57:20
Tariff cut boosts Indian exporters
The U.S.-India trade agreement sharply lowers India's effective tariff rate from above 35% to about 16%, a major relief for Indian exporters that were under pressure and a boon for Indian assets.
India Equities HIGH
Nick Wadhams Defense Lead, Bloomberg Economics 66:37
US launches critical minerals stockpile
The U.S. is creating a $12 billion critical minerals stockpile to insulate companies from supply shocks and reduce reliance on China, though most minerals still come from China and there is no refining backbone, making it a long-term stopgap signal.
REMX MED
Andrew Janes Energy and Commodities Editor, Bloomberg 76:38
Gold-silver support remains intact
The mid-January speculative rally in precious metals has unwound, but the factors supporting gold and silver remain intact; Deutsche Bank still sees gold at $6,000 and retail buyers are stepping in, so consolidation may precede further gains.
GLD SILVER MED
Andrew Janes Energy and Commodities Editor, Bloomberg 78:09
Copper fundamentals support prices
Copper has found a floor after its sharp decline, with Chinese dip buyers emerging; AI wiring demand and supply outages keep the fundamental backdrop supportive, and prices should return to trading on fundamentals rather than freefalling.
COPPER MED
Ruth Carson Correspondent, Singapore 80:03
Yen weakness risks persist
The yen is trading like an emerging-market currency; high fiscal stimulus, elevated inflation, low BOJ rates and political uncertainty leave it vulnerable to speculative attacks, and 155 is not a firm line in the sand.
USD/JPY MED
Ruth Carson Correspondent, Singapore 82:12
JGB auction risks rate pressure
The upcoming 10-year JGB auction is a risk event after recent yield spikes; weak demand could increase pressure on Japanese government bonds and spill into the global rates trade.
Japanese 10-year government bonds MED
Paul Allen Reporter, Bloomberg 83:06
Bitcoin lacks new buyers
Bitcoin is stabilizing after falling more than 35% from its 2025 peak, but the lack of new buyers and HODLers sitting underwater suggests weak demand and a fragile setup.
BTC MED
Luci Ellis Former Assistant Governor, Reserve Bank of Australia 84:52
RBA hike expected, Aussie watched
The RBA is likely to hike rates because inflation is too high, the labor market remains tight and consumer spending is rebounding; if the RBA surprises by holding, the Australian dollar would move, while global diversification away from U.S. assets also weighs on the dollar.
AUD MED
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This Bloomberg Markets video, published February 03, 2026, features Derek Wallbank, Brendan Fagan, Subhas Menon, Alice French, George Boubouras, Adam Farrar, Nick Wadhams, Andrew Janes, Ruth Carson, Paul Allen, Luci Ellis discussing Indian rupee, GLD, SILVER, Asia-Pacific airlines, NTDOY, SPY, India Equities, REMX, COPPER, USD/JPY, Japanese 10-year government bonds, BTC, AUD. 13 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Derek Wallbank, Brendan Fagan, Subhas Menon, Alice French, George Boubouras, Adam Farrar, Nick Wadhams, Andrew Janes, Ruth Carson, Paul Allen, Luci Ellis  · Tickers: Indian rupee, GLD, SILVER, Asia-Pacific airlines, NTDOY, SPY, India Equities, REMX, COPPER, USD/JPY, Japanese 10-year government bonds, BTC, AUD