Ideas
Structural US dollar weakness expected.
Expects geopolitical tensions and concerns about Fed independence to feed structural US dollar weakness. A weaker dollar should also support US corporates and Asian risk assets, reinforcing the bearish dollar view.
Overweight Japan over US equities.
Overweight Japan rather than US equities. Low rates, a weak dollar, corporate restructuring, M&A and consolidation, attractive valuations versus global equities, and capital reallocation to North Asia should support Japanese equities; North Asia also benefits from upstream semiconductor strength.
Shift AI exposure to Asian applications.
Remain committed to AI but shift exposure from US upstream 0-to-1 development toward Asian and China AI proliferation and applications. Adoption across industries can drive margin expansion, earnings growth, and new beneficiaries such as health tech and renewable energy supporting AI growth.
Overweight Asian equities structurally.
Overweight Asian equities in a more structural way. Attractive valuations versus global equities, weakening dollar, geopolitical diversification, and capital flows shifting away from excessive US concentration support the region.
Hold gold as strategic portfolio ballast.
Gold should be a strategic allocation rather than only a tactical trade. It provides portfolio ballast and diversification because it has low correlation to currencies and responds to geopolitical noise; investors should maintain exposure rather than chase high momentum.
Seek yield in private credit.
Neutral on duration because rate-cut timing is uncertain and consensus cuts are already priced. Bonds still play a total-return role, but high-quality spreads are tight, so investors should seek yield in private credit and Asian equity yield.
Watch yen intervention risk near 158.
Yen weakness to a one-year low reversed because of dollar weakness, but around 158 the intervention watch is active. Japan's Ministry of Finance is focused on the pace of depreciation rather than a specific level, and intervention speculation should persist until snap-election or lower-house dissolution clarity.
Stay overweight Hong Kong and China.
Remains overweight Hong Kong/China after initiating the position in Q3 2024. Valuations are attractive, policy direction has shifted toward stable growth, consumer subsidies and affordability support consumption, real estate stabilization would be a catalyst, and AI adoption can broaden earnings beyond tech.
Overweight Singapore and Malaysia equities.
Continues to open the year overweight Singapore and Malaysia alongside Hong Kong/China, using them as additional overweight exposure within a constructive Asian equity allocation. The rationale is less detailed than for Hong Kong/China but sits within the broader Asia valuation and capital-reallocation view.
Lency Gu
Head of Business Development, Haisco Pharmaceutical Group
40:04
Haisco licensing validates innovative pipeline.
Haisco's license collaboration with Air & Access/Nexus validates its China-generated data and innovation. It receives over $100 million upfront, up to $1 billion total plus equity, royalties and sublicense income, and a 19.9% NewCo stake. With 48 programs, about 30 active pipeline assets, and a partnership-led overseas strategy, multiple assets can drive global expansion despite domestic pricing pressure.
Dollar risk from Fed independence probe.
The DOJ subpoena and pressure on Powell are a negative-optics political attack on Fed independence. Analysts warn it could trigger capital outflows from the US and a weaker dollar, though the near-term rates path is not immediately changed and prior Sell America narratives faded.
Watch oil risk premium, capped upside.
Iran is a larger oil risk than Venezuela because its medium-sour crude and petrochemical/feedstock exports are harder to replace, flows to China are large, and Hormuz risk adds premium. But Q1 refinery maintenance and China's high inventories cap flat-price upside, so the key bullish signal is stronger backwardation rather than a large sustained price spike.
Canada may win from oil reshuffle.
Canada could be a winner from an Iranian-supply disruption to China because China may replace lost Iranian barrels with more Canadian crude. The reshuffling of China's crude-buying portfolio supports Canadian crude demand.
Clients adding alternatives for diversification.
Longer-term clients are adding alternatives to diversify away from traditional assets and add alpha sources. HSBC is investing in alternative capabilities as institutional and wealth demand picks up.
Gold demand amid US diversification.
Clients are diversifying away from US assets and adding precious metals including gold as part of a broader volatility-diversification and hedge strategy for 2026.
Sentiment shifts toward Chinese, Asian equities.
There is a notable shift in sentiment toward Chinese and Asian equities, with clients coming back to China because of structural reform and sector excitement, supporting demand for these markets.
Positive long-term view on India.
HSBC Asset Management has a positive long-term view on India. Acquisitions have built a full local suite of equity, fixed income, multi-asset and liquidity products, and the firm continues to look for opportunities there.
This Bloomberg Markets video, published January 12, 2026,
features Jean Chia, Stephen Engle, Lency Gu, Enda Curran, Mukesh Sahdev, Daisy Ho
discussing USD, EWJ, AI-SECTOR, AAXJ, GLD, BIZD, FXY, FXI, Singapore equities, EWM, 002653.SZ, WTI, Canadian crude oil, Alternatives, GLTR, INDA.
17 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Jean Chia,
Stephen Engle,
Lency Gu,
Enda Curran,
Mukesh Sahdev,
Daisy Ho
· Tickers:
USD,
EWJ,
AI-SECTOR,
AAXJ,
GLD,
BIZD,
FXY,
FXI,
Singapore equities,
EWM,
002653.SZ,
WTI,
Canadian crude oil,
Alternatives,
GLTR,
INDA
