US, Iran Escalate Attacks; Global Bond Selloff Deepens | The Asia Trade 9/2/2026

Watch on YouTube ↗  |  September 02, 2026 at 05:23  |  1:33:59  |  Bloomberg Markets
Speakers
David Savage — Editor, The Block
Julia Wong — North Asia CIO, Nomura International Wealth Management
Ajit Manocha — President and CEO, SEMI
Anthony Stevens — Bloomberg Market Producer
Berthold Schmidt — Chief Technology Officer, Trumpf
Haidi Stroud-Watts — Anchor, Bloomberg
Scott Bessent — Treasury Secretary
Paul Allen — Reporter, Bloomberg
Shery Ahn — Anchor, Bloomberg Television

Summary

The Asia Trade covers a risk-off Asia session as US-Iran strikes lift oil, deepen the global bond selloff, and fuel central bank rate-hike fears. Interviews highlight AI chip supply chain strength from SEMI and Trumpf, Dell AI server demand, and China's relative resilience, while Japan's BOJ and yen path stay in focus after US Treasury pressure.

  • US completes fresh strikes on Iran; oil rises for third session on Strait of Hormuz fears.
  • Global bond selloff deepens; US 30-year yields worst stretch since 2006, JGB 10-year hits 3% first time since 1996.
  • Bessent says Abenomics worked and Japan should move to Takaichi-nomics; market prices BOJ September hike.
  • SEMI CEO sees semiconductor super cycle intact with AI and memory demand strong.
  • Dell lifts annual sales forecast by $25 billion on AI server strength.
  • Nvidia reported near deal for Hugging Face.
  • China assets show resilience in banks and government bonds amid energy stockpiles and low inflation.
  • Asian equities and chip names slide; Kospi and Nikkei under pressure.
Ideas
Anthony Stevens Bloomberg Market Producer 15:09
Dell AI server demand is strong.
Anthony Stevens says Dell's guidance increase of about $25 billion is spectacular, driven by AI server demand, with expenses as a percentage of sales dropping and growth re-accelerating. He argues the pure AI hardware story still looks great and is increasingly about better margins, reassuring Asian AI server supply chain players.
DELL HIGH
David Savage Editor, The Block 27:43
Protracted Iran conflict keeps oil supported.
David Savage argues the Iran conflict is shifting from a one-off spike risk to a longer, more drawn-out conflict that keeps commodity and energy prices higher for longer, which sustains inflation pressure and pushes long-term bond yields higher.
WTI MED
David Savage Editor, The Block 29:13
BOJ rate hikes support yen.
Julia Wang cautions that market expectations for the BOJ are already very aggressive: Japan's terminal rate is priced well above 2%, requiring the BOJ to hike and signal two or three more hikes. Because monetary policy alone has limits and Japan's fiscal backdrop is loose, the bar is high for further yen strength from the BOJ.
FXY HIGH
Ajit Manocha President and CEO, SEMI 31:38
Semiconductor super cycle driven by AI.
Ajit Manocha says semiconductors are in a long AI-driven super cycle with growth drivers including AI this decade and quantum next decade. Memory demand is growing faster than capacity readiness and the industry is still in early innings of AI, so demand is here to stay despite periodic corrections.
SMH HIGH
Ajit Manocha President and CEO, SEMI 35:51
India emerging as semiconductor hub.
Ajit Manocha argues the semiconductor industry is too concentrated in a handful of hubs; as the industry scales toward $2 trillion, new hubs such as India, Malaysia, and Vietnam are needed to reduce vulnerability. He says India is emerging on the right track and does not need to start with the most advanced technology to benefit.
Indian semiconductor industry MED
Julia Wong North Asia CIO, Nomura International Wealth Management 51:47
Long-end yields face higher risk.
Julia Wang says two global themes are pushing long-end bond yields higher: oil-driven inflation uncertainty and a post-COVID lack of fiscal consolidation in developed markets. She thinks the front end may be anchored by central banks, but for US 10s and 30s the directional risk is higher absent large policy intervention.
U.S. 10-Year Treasury U.S. 30-Year Treasury Global long-dated government bonds HIGH
Berthold Schmidt Chief Technology Officer, Trumpf 73:31
EUV lithography supply chain solid growth.
Berthold Schmidt says AI is driving technical innovation across semiconductors, with order books building and Trumpf planning to triple EUV laser output for ASML within two years and double or triple generator output. He describes ASML as having a near monopoly in cutting-edge lithography, making the EUV/lithography supply chain a solid growth area even if he would not call it a super cycle.
ASML MED
Anthony Stevens Bloomberg Market Producer 85:54
China bonds look resilient and supported.
Anthony Stevens argues China is more resilient to the current energy and inflation shock because of oil stockpiles, a network of smaller refiners, low inflation, and strong bank balance sheets. Chinese banks are trading at records and the China government bond market has several tailwinds, including a strong currency and low yields relative to Japan.
KBA CBON MED
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815 Money Talk (815머니톡) · Sep 02

This Bloomberg Markets video, published September 02, 2026, features Anthony Stevens, David Savage, Ajit Manocha, Julia Wong, Berthold Schmidt discussing DELL, WTI, FXY, SMH, Indian semiconductor industry, U.S. 10-Year Treasury, U.S. 30-Year Treasury, Global long-dated government bonds, ASML, KBA, CBON. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Anthony Stevens, David Savage, Ajit Manocha, Julia Wong, Berthold Schmidt  · Tickers: DELL, WTI, FXY, SMH, Indian semiconductor industry, U.S. 10-Year Treasury, U.S. 30-Year Treasury, Global long-dated government bonds, ASML, KBA, CBON