China, Philippine Vessels Clash in Disputed Waters | The China Show | 7/21/2026

Watch on YouTube ↗  |  July 21, 2026 at 05:02  |  1:33:24  |  Bloomberg Markets
Speakers
Marvin Chen — Head of Content, CoinDesk
Yan Wang — Chief EM & China Strategist, Alpine Macro
Sunil Tirumalai — Head of EM Asia Equity Strategy, UBS
Rishi Jalan — MD and Head of IPAC Debt Syndicate, Citi
Adam Farrar — Senior Geo-Economics Analyst, Bloomberg Economics
David Ingles — Anchor, Bloomberg
Charlotte Yang — Asia Equities Reporter, Bloomberg

Summary

The episode covers multiple market themes: escalating Iran conflict and oil supply risks, Chinese state support for equities, Taiwan's strong GDP growth, and the accelerating divergence between US- and China-centric AI ecosystems. Guests include Alpine Macro's Yan Wang making a case for Chinese tech allocation, Bloomberg Intelligence's Marvin Chen highlighting a rotation from AI hardware into cheap Chinese platform stocks, UBS's Sunil Tirumalai detailing a massive memory chip opportunity favoring Korea over Taiwan, and Citi's Rishi Jalan flagging a revival in Asian high-yield bonds. Geopolitical tensions in the South China Sea and Hong Kong's potential trading-hour extension are also discussed.

  • Iran-US conflict persists, Houthis threaten Saudi Red Sea shipping; oil prices remain elevated but correlation with equities is currently muted.
  • China's national team actively buys ETFs and coordinates with state institutions to stabilize the CSI 300 after a sharp selloff.
  • Taiwan's economy minister signals 2026 GDP growth could top 10%, supporting the Taiex index.
  • Alpine Macro argues global portfolios are underexposed to China's distinct, low-cost AI ecosystem and should build a core allocation.
  • Bloomberg Intelligence sees a rotation into unloved Chinese tech platforms (Alibaba, Tencent) on cheap valuations and moderating AI CapEx.
  • UBS stresses an acute memory demand-supply crunch, heavily favoring Korean memory makers with massive EPS and FCF upside versus Taiwan.
  • Citi expects Asian high-yield bond issuance to surge on robust pipelines and investor demand for higher-yielding paper as IG spreads stay tight.
  • Geopolitical tensions rise as China and Philippine vessels clash in the South China Sea ahead of the ASEAN foreign ministers' meeting.
Ideas
Marvin Chen Head of Content, CoinDesk 16:36
Rotation into cheap Chinese tech platforms.
China's tech platform companies (the 'tech eight', notably Alibaba and Tencent) are undergoing a valuable rotation. With the global AI selloff pressuring hardware names in the region, funds are rotating into China's unloved platform stocks, which are trading at historical low valuations, seeing sentiment recovery from moderating competitive AI spending, and a focus shift from build-at-all-costs to monetization.
HK BABA MED
Marvin Chen Head of Content, CoinDesk 16:36
Rotation into cheap Chinese tech platforms.
Global portfolios are dangerously under-exposed to China's increasingly competitive and profitable tech/AI ecosystem. The world is becoming bipolar with two distinct tech systems, and investors currently have almost everything in the US-centric ecosystem. Chinese models are closing the performance gap while being significantly cheaper, offering massive growth potential and a compelling valuation entry point, making a core allocation to Chinese tech a strategic necessity.
MCHI MED
Marvin Chen Head of Content, CoinDesk 17:29
Korea still has room to deleverage.
South Korean equities face further downside risk from ongoing deleveraging. Margin balances surged from Q3 last year, and only about one-third of that leverage has been unwound, with the market still experiencing extreme monthly volatility. This leaves room for more selling pressure as the deleveraging continues.
EWY MED
Sunil Tirumalai Head of EM Asia Equity Strategy, UBS 67:15
Korea memory chip boom beats Taiwan.
Korean memory chip makers are in an acute demand-supply crunch driven by the AI inference buildout. MSCI Korea's EPS has multiplied several times over Taiwan's, and the next 3-4 years of free cash flow for leading Korean memory names could equal their current market caps. This overwhelming earnings and cash flow advantage makes Korea strongly preferred over Taiwan for AI hardware exposure.
MSCI Korea Index HIGH
Rishi Jalan MD and Head of IPAC Debt Syndicate, Citi 80:55
Asian high-yield bond market revival.
Asian high-yield bonds are becoming the next big trend after years of absence. Robust issuer pipelines in mining/metals, India non-bank financials, and Japanese tech are meeting a market increasingly receptive to higher-yielding paper, especially as investment-grade credit spreads remain at all-time tights. The search for yield will drive a pickup in high-yield volumes.
Asian High Yield Bond Index MED
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This Bloomberg Markets video, published July 21, 2026, features Marvin Chen, Sunil Tirumalai, Rishi Jalan discussing HK, BABA, MCHI, EWY, MSCI Korea Index, Asian High Yield Bond Index. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Marvin Chen, Sunil Tirumalai, Rishi Jalan  · Tickers: HK, BABA, MCHI, EWY, MSCI Korea Index, Asian High Yield Bond Index