Ideas
Korean equities resilient on TACO trade.
South Korean equities are shrugging off Trump's 25% tariff threat because traders are betting on the TACO trade—that Trump backs down from extreme threats; Bloomberg analysis shows only 27% of tariff threats have been fully executed and only 20% of levies have been kept, supporting resilience in Korean assets.
Favor Asia and emerging markets over US.
She has been allocating more to emerging markets and Asia since last year because US policy uncertainty is driving global investor preference away from the US even though the US economy remains resilient; she explicitly likes Asia, Japan, Korea and India.
Underweight Europe as growth struggles.
She has reduced allocation to Europe because growth there is struggling.
Gold supported by central banks and debasement.
Gold remains a core portfolio holding: central bank buying, especially from China and India, provides a price floor, gold is finally acting as a safe haven again, and the debasement trade away from fiat currencies and Treasuries continues; she sees no reason for profit-taking yet.
US dollar weakness to continue.
Expects US dollar weakness to continue through 2026 because other central banks have finished cutting or may hike, geopolitics is driving flows away from the US, and the US administration does not appear averse to a weaker dollar.
Silver benefits from industrial and debasement demand.
Silver is part of the continuing precious-metals story and has an additional industrial-demand angle; the debasement trade and expected dollar weakness support precious metals even if silver's driver is different from gold's.
Overweight China on exports and policy sectors.
Overweight China: although domestic consumption and real estate remain concerns, exports have surprised and China remains a manufacturing powerhouse; she likes Chinese tech, infrastructure and new-economy sectors where the government is focused, and foreign money is returning with more confidence.
Ning Zhu
Senior Macro Strategist, Primavera Capital Group; Professor, Shanghai Jiao Tong University
19:55
China property remains hard to fix.
The property market was a bubble and is hard to fix; China must live through painful adjustment and moderation after the collapse, making the sector unattractive while A-shares are a better policy channel for household wealth.
Ning Zhu
Senior Macro Strategist, Primavera Capital Group; Professor, Shanghai Jiao Tong University
20:02
A-shares can restore household wealth.
The property correction is hard to fix, so the A-shares market is a better route to put a floor under Chinese household wealth and confidence; a slow, sustainable equity bull market can improve the wealth effect because household assets are concentrated in housing and equities.
Ning Zhu
Senior Macro Strategist, Primavera Capital Group; Professor, Shanghai Jiao Tong University
21:21
RMB appreciation likely but limited.
Expects further RMB appreciation/strengthening in 2026 as the market plays a greater role in setting the exchange rate, but the move should be limited because a large appreciation would hurt China's export competitiveness and add domestic deflationary pressure.
Ning Zhu
Senior Macro Strategist, Primavera Capital Group; Professor, Shanghai Jiao Tong University
22:26
China AI boom has further room.
The AI boom in China's capital markets should run for quite some time, even with less enthusiasm; Beijing wants to encourage entrepreneurship and compete with the US, while regulatory tightening is aimed at sustaining a longer, more gradual bull market rather than ending it.
Hong Kong slow bull market coming.
Believes Hong Kong is set for a slow bull market in coming years, supported by a large IPO pipeline of new-economy companies, CICC's tighter due diligence and rebuilt pipeline, and industry consolidation that should improve risk control and service quality.
Xpeng growth and margins improving.
2025 was momentous with triple-digit delivery growth and improving profitability every quarter; Xpeng is tech-centric with its own Turing chip, large language models and ADAS, expects robust growth with international sales growing faster than domestic, and is confident in auto profitability with more than $6 billion cash.
Honeywell benefits from local supply chains.
The shift from global supply chains to bilateral, country-based trade favors Honeywell because it has spent years building local supply chains and country-focused organizations, improving agility, margins and decision speed; physical AI is also scaling in energy and buildings, with 200,000 connected-building sites, and India expansion adds another growth lever.
India expansion momentum supports manufacturing.
India is gaining momentum as a Honeywell growth market: it is a two-decade focus with 13-14,000 employees, expansion across software, global capability centers, manufacturing and customer reach, and a core energy R&D site; the India-EU FTA should further boost India's manufacturing capability and allow Honeywell to optimize production between India and Europe.
Goldman Sachs positioned for M&A boom.
Expects one of the best years ever for global M&A and a strong global capital markets year; a better regulatory environment has CEOs feeling unleashed to invest, Goldman's backlog is high, and the firm is well positioned to capitalize.
US equities broaden beyond Mag Seven.
The economic setup is constructive, especially in the US, with stimulative fiscal policy, deregulation, infrastructure investment and monetary easing; markets are broadening beyond the Magnificent Seven as productivity moves into the enterprise, supporting a broader array of US companies.
Hong Kong IPO activity to rise.
Expects a very good year for IPOs in Hong Kong because there is pent-up capital markets activity, a more conducive regulatory environment and a constructive US-China detente; he also sees more IPO activity in the US and Europe.
This Bloomberg Markets video, published January 27, 2026,
features Paul Allen, Polka Mishra, Ning Zhu, Wang Siew Guang, Brian Gu, Anant Maheshwari, David Solomon
discussing EWY, EEM, AAXJ, EWJ, India Equities, VGK, GLD, USD, SILVER, FXI, KWEB, China infrastructure sector, China property sector, ASHR, CNY, China AI, Hong Kong equities, XPEV, HON, INDA, GS, SPY.
18 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Paul Allen,
Polka Mishra,
Ning Zhu,
Wang Siew Guang,
Brian Gu,
Anant Maheshwari,
David Solomon
· Tickers:
EWY,
EEM,
AAXJ,
EWJ,
India Equities,
VGK,
GLD,
USD,
SILVER,
FXI,
KWEB,
China infrastructure sector,
China property sector,
ASHR,
CNY,
China AI,
Hong Kong equities,
XPEV,
HON,
INDA,
GS,
SPY
