Ideas
Long-term yields rise; near-term bounce.
Long-term drivers such as aging demographics, populist policies, geopolitical risks, and government debt and spending will keep inflation and bond yields structurally higher through the decade. The 10-year Treasury yield can cross 5%, and the rise in term premium reflects eroding trust in US institutions and investor alternatives to US bonds. Near term, however, she thinks yields may correct because markets have priced three to four more Fed hikes, which she views as overdone, even as the long-term direction for yields remains up.
JGB yields rising as BOJ tightens.
Global long-term bond yields and higher inflation and rates should hit Japan too, even if nominal levels remain lower because of domestic structural issues. The BOJ is likely to tighten further toward a cash rate around 1.75% over the next year, putting upward pressure on JGB yields.
Yen has further upside.
BOJ tightening toward 1.75% and rising Japanese yields should support the yen, while the multi-year carry trade unwind likely has further to run. She expects the yen to have more upside, implying further unwinding of short-yen carry positions.
DeepSeek threatens memory/HBM demand.
DeepSeek's new model claims to cut high-bandwidth memory requirements by about 75%. If that efficiency approach proliferates across China, the US, and globally, it could meaningfully reduce long-run memory demand, especially HBM. SK Hynix and Samsung are already selling off on those concerns, and the memory group faces negative headwinds, even though Jevons-paradox-style growth in model usage could eventually offset some of the demand hit.
China tech earnings squeezed by AI costs.
China tech and AI earnings are under pressure: consensus 2026 EPS estimates were cut by nearly 7% in August alone because AI-related costs and token expenses are rising while monetization remains very difficult. He expects the trend to continue, with cost inflation outpacing monetization in the China AI sector, squeezing earnings.
SBI benefits from strong India credit.
SBI sees very strong credit growth and enough opportunity despite competition from private banks and rate pressure. It has created specialized groups to lend to hotels and hospitals and to M&A, where it sees early and good traction, while using India's 7%+ GDP growth to defend market share. This supports SBI's loan growth outlook.
India data center/power demand booming.
Credit growth across banking and corporates is very strong and investment is picking up, especially in data centers and power. India's data center capacity is very low relative to large and cheap data consumption; more local data centers are needed, hyperscalers are active because data must be stored locally, and data centers require additional power, water, and high-quality cooling. This creates a broad investment opportunity in Indian data centers and power infrastructure.
High US yields hurt emerging markets.
High US Treasury yields are negative for emerging markets: global investors can earn attractive US yields without taking EM currency or credit risk, so money flows back to the US. EM borrowers then have to pay higher rates to compensate, raising the cost of credit across the system.
NSE IPO priced for valuation debate.
NSE's IPO has been downsized with a price band of Rs 1,700-1,785, valuing it around $46 billion versus the $52-55 billion marketed. At the top end it is about 43x earnings versus roughly 25x for global exchanges, so valuation looks expensive, but NSE grows faster, has a 62% profit margin, and has 90%+ market share in equity products. Regulatory measures curbing derivatives speculation and weaker Indian equity momentum are risk factors for volumes and revenue, making the IPO a valuation debate rather than a clean buy.
This Bloomberg Markets video, published September 11, 2026,
features My Bui, Robert Lee, Ashwini Kumar Tewari, Rajesh Mascarenhas
discussing TLT, JGBUX, FXY, 005930.KS, 000660.KS, KWEB, SBK.NS, Indian data centers, Indian power, EEM, NSE IPO.
9 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
My Bui,
Robert Lee,
Ashwini Kumar Tewari,
Rajesh Mascarenhas
· Tickers:
TLT,
JGBUX,
FXY,
005930.KS,
000660.KS,
KWEB,
SBK.NS,
Indian data centers,
Indian power,
EEM,
NSE IPO
