China’s Factory Activity Returns to Growth | The China Show 6/30/2026

Summary

The episode covers a tech-led rally driving Asian stocks toward their best quarter in years, while the yen slides to a 40-year low near 162 per dollar. China's June PMI signals a marginal return to growth, though the economy remains split between strong exports and weak domestic demand. Guests across the program highlight investment themes: broadening cyclicality favoring Asian equities, Taiwan logic semiconductors, Hong Kong financials, memory chips, Japanese yen recovery, and Miniso's US expansion.

• Asian equities on track for best quarterly gain in 17 years, led by tech and AI-related names.
• Japanese yen hits 162 per dollar, prompting verbal warnings from officials; analysts see a potential move to 155 later this year.
• China's June manufacturing PMI edges back into expansion, but non-manufacturing remains barely above 50, indicating a two-speed economy.
• South Korea unveils a nearly $900 billion semiconductor and AI infrastructure plan, fueling bullish memory outlook.
• Julie Ho of J.P. Morgan AM favors Asia ex-tech cyclical broadening, Taiwan logic semis, HK financials, and Asian telcos.
• Tom Bartlebaugh, Miniso USA CEO, projects 20% store growth and resilient US consumer demand.
• Bloomberg Intelligence warns of hidden costs in leveraged ETPs on Samsung and SK Hynix despite huge inflows.
• EU and China set an October deadline to address trade imbalances, while oil markets watch Strait of Hormuz negotiations.