Ideas
Dollar weakens on systemic tariff risk.
Tariff risk is now being read as systemic trade risk rather than inflation, which is undermining the US dollar; she expects further dollar lows if geopolitical and trade tensions continue.
Asian equities to outperform on diversification.
US markets have underperformed Asia in currency-adjusted terms, and she expects diversification into Asian markets to continue because Asia is relatively resilient and benefiting from international economic fundamentals.
Defense and defensives lead on anxiety.
Defense and defensive sectors are top beneficiaries for the year given unsettled markets, tariff anxiety, and geopolitical uncertainty.
AI demand still rising; be selective.
She remains bullish on AI technology despite bubble concerns because AI is transforming how the world lives and works, and demand for applications and infrastructure should keep rising; investors must be selective on companies spending in the space.
JGBs risky on fiscal concerns.
Japanese long-end yields have risen to abnormal levels and the steep curve signals serious market concerns about debt sustainability and the government's fiscal balance, especially if election-driven easy money continues.
Korea market confidence remains intact.
Korea was Asia's top-performing market for good reasons, including confidence in local assets and the economy, and she remains confident in the market if those fundamentals continue.
Malaysia equities can grow further.
The KLCI can grow further because Malaysia offers policy stability and execution, and active capital investors can push companies to improve profitability and earnings, similar to Japan and Korea.
Ringgit strengthens as dollar weakens.
The ringgit should strengthen further as the US dollar outlook weakens, with some analysts projecting it toward four or below versus the dollar.
Emerging Asia offers long earnings growth.
Emerging Asian markets offer 4-5% growth, younger demographics, and long earnings growth; despite fast capital flows, fundamentals make it a good market to be in.
Policy-change themes offer regional growth.
Khazanah is targeting areas benefiting from market reconfiguration and policy changes, especially semiconductor supply chain infrastructure, connectivity, energy transition, and digital.
Indian banking consolidation favors large banks.
Consolidation will remain a long-term theme in Indian banking: larger institutions capture a disproportionate share of profits and India needs 8-10 large banks, while small banks are at risk if they cannot scale across products.
Indian banking consolidation favors large banks.
Consolidation will remain a long-term theme in Indian banking: larger institutions capture a disproportionate share of profits and India needs 8-10 large banks, while small banks are at risk if they cannot scale across products.
Rupee should stabilize in current range.
The rupee has depreciated sharply and weak FDI and portfolio flows hurt it, but government reforms and fiscal consolidation should help it stabilize in its current range rather than depreciate further.
Euro resilient but tariffs test it.
The euro has been resilient despite weaker data because of a robust current account and because some European capital is no longer being recycled into US assets; however, tariff damage to European growth could test that resilience.
Long USD/JPY targeting 160.
Barclays is long USD/JPY and targets 160 because the yen is not acting as a clear safe haven amid Japan election and fiscal worries and the long-end JGB selloff; pullbacks in USD/JPY should be shallow, though intervention risk rises near 160.
Swiss franc safe-haven if risk blows up.
The Swiss franc is holding up as one of the few safe-haven currencies that would clearly benefit in a major risk-off blow-up, even though other traditional havens are conflicted.
Gold rally continues on uncertainty.
Gold is benefiting from gradual de-dollarization, extreme policy uncertainty, inflation-hedge demand, central-bank easing and Fed uncertainty, and the Greenland dispute; it has hit record highs and a turnaround looks unlikely in this environment.
Rupiah defended near 17,000.
The rupiah is under pressure near 17,000, but Bank Indonesia has ammunition to defend it and he does not expect further slides; fiscal credibility and BI policy are the key swing factors.
KOSPI can reach 6,000.
The KOSPI can extend beyond 5,000 toward 6,000, supported by shareholder-return programs, government and legislative reforms, improved competitiveness in chips, defense and shipbuilding, and the new value-up drive.
Korean won could stabilize on inflows.
The won's weakness is driven by capital-account outflows from corporate overseas investment and domestic investors buying foreign assets; if domestic investors return and foreign inflows rise, it could stabilize the currency.
MSCI upgrade to drive Korea inflows.
Korea aims to join MSCI's developed-market league within the president's tenure; although it takes years, reclassification would force global allocations and the resulting inflows should substantially exceed outflows.
Hyundai Motor gains on robotics AI.
Hyundai Motor shares have rallied on analyst target upgrades and growing optimism around Boston Dynamics' Atlas humanoid robot and embodied AI, which has dispelled fears that Hyundai is behind cutting-edge tech and improved earnings expectations.
Indonesia equities face MSCI outflows.
MSCI is reviewing its methodology and may lower Indonesia's weighting because of low free float and manipulation concerns; this could trigger over $2 billion of passive outflows, reduce the market's heft, and cap valuations in an already illiquid market.
Avoid Europe; more positive China.
Citigroup downgraded continental European equities to neutral because US-Europe tensions threaten earnings and valuations, and Europe is heavily overbought; the reporter sees this as a step toward ignoring Europe and becoming more positive on China.
Avoid Europe; more positive China.
Citigroup downgraded continental European equities to neutral because US-Europe tensions threaten earnings and valuations, and Europe is heavily overbought; the reporter sees this as a step toward ignoring Europe and becoming more positive on China.
This Bloomberg Markets video, published January 20, 2026,
features Hebe Chen, Feisal Wan Zahir, Amitabh Chaudhry, Mitul Kotecha, Jeong Eun-bo, Annabel Droulers, Abhishek Bishnoi
discussing USD, AAXJ, ITA, XLP, AI-SECTOR, Japanese government bonds, EWY, EWM, Malaysian ringgit, EEMA, SMH, Connectivity, ICLN, DLR, Large Indian banks, Small Indian banks, Indian rupee, FXE, USD/JPY, CHF, GLD, Indonesian rupiah, USD/KRW, Korean equities, 005380.KS, Indonesian equities, VGK, FXI.
25 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Hebe Chen,
Feisal Wan Zahir,
Amitabh Chaudhry,
Mitul Kotecha,
Jeong Eun-bo,
Annabel Droulers,
Abhishek Bishnoi
· Tickers:
USD,
AAXJ,
ITA,
XLP,
AI-SECTOR,
Japanese government bonds,
EWY,
EWM,
Malaysian ringgit,
EEMA,
SMH,
Connectivity,
ICLN,
DLR,
Large Indian banks,
Small Indian banks,
Indian rupee,
FXE,
USD/JPY,
CHF,
GLD,
Indonesian rupiah,
USD/KRW,
Korean equities,
005380.KS,
Indonesian equities,
VGK,
FXI
