BOK's New Governor Delivers Hawkish Hold | The Asia Trade 5/28/2026

Watch on YouTube ↗  |  May 28, 2026 at 04:57  |  1:35:02  |  Bloomberg Markets
Speakers
WINNIE SUE — Asia Markets Reporter
Shamaila Khan — UBS Asset Management
Ed Yardeni — President, Yardeni Research
Hyosung Kwon — Bloomberg Economics Korea Economist
Anthony Stevens — Bloomberg Market Producer

Summary

Asian markets slip as optimism over an Iran peace deal fades, with oil prices fluctuating. The AI-driven rally continues to dominate, pushing Samsung and SK Hynix into the $1 trillion club and reshaping South Korea's economy. The Bank of Korea holds rates but sharply raises inflation forecasts, signaling a hawkish tilt. Guests discuss opportunities in EM debt, the Chinese yuan, and rotation trades within the AI theme.

  • Iran war uncertainty keeps oil elevated but markets await clarity on the Strait of Hormuz reopening.
  • AI boom propels Korean tech stocks to record highs, with SK Hynix joining the $1 trillion market cap club.
  • Bank of Korea holds rates at 2.5% and upgrades inflation projection to 2.7%, hinting at future rate hikes.
  • Yuan strengthens as China's exports boom and geopolitical tensions boost its safe-haven appeal.
  • EM dollar-denominated debt seen as attractive due to improving fundamentals and limited supply.
  • Chinese high-yield real estate bonds offer deep value as the sector shows signs of bottoming.
  • Samsung Life Insurance emerges as a rotation play for investors constrained by single-stock caps.
  • Yardeni dismisses bubble fears, calling the US rally an earnings melt-up with a 10,000 S&P target.
Trade Ideas
WINNIE SUE Asia Markets Reporter 32:42
SK Hynix cheap relative to Nasdaq
SK Hynix is trading at only 7x one-year forward earnings versus the Nasdaq at over 20x, making it attractively valued despite the massive AI-driven rally. Strong earnings and supply-demand imbalance support further upside.
000660.KS MED
WINNIE SUE Asia Markets Reporter 33:56
Samsung Life benefits from rotation trade
Due to the 10% cap on single stock exposure, asset managers are forced to sell Samsung and SK Hynix shares. They are rotating into Samsung Life Insurance as a proxy to benefit from the AI boom without breaching the cap. Samsung Life holds large stakes in Samsung Electronics, providing indirect exposure.
Samsung Life MED
Shamaila Khan UBS Asset Management 54:28
EM dollar debt outperformance sustainable
Emerging-market dollar-denominated debt has outperformed similarly rated US credit over the long term and benefits from fundamental improvements, positive technicals (limited net supply), and strong demand. The asset class should continue to show resilience even during stress periods.
EMB MED
Shamaila Khan UBS Asset Management 57:01
Chinese real estate HY bonds undervalued
Chinese high-yield real estate bonds offer attractive single- to double-digit yields. Even defaulted bonds trade at deeply distressed levels and have significant upside as the Chinese real estate sector bottoms out. The high-yield market in Asia is seeing low default rates.
Chinese high-yield real estate bonds MED
Ed Yardeni Market strategist 74:50
S&P 500 earnings melt-up continues
The US stock market is not a bubble; the rally is driven by phenomenal earnings momentum. The forward P/E has stayed stable around 20-22, which is reasonable if the economy avoids recession. He expects the S&P 500 to reach 10,000 by the end of the decade.
SPY HIGH
Stephen 78:05
Yuan benefits from exports and geopolitics
The Chinese yuan will strengthen because China's exports are booming (especially high-end manufacturing like EVs and chips) and the geopolitical tension with Iran makes the yuan a safe haven in Asia. China is willing to let the yuan float stronger, and it has been the best-performing Asian currency since the war began.
Chinese yuan (CNY) MED
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This Bloomberg Markets video, published May 28, 2026, features WINNIE SUE, Shamaila Khan, Ed Yardeni, Stephen discussing 000660.KS, Samsung Life, EMB, Chinese high-yield real estate bonds, SPY, Chinese yuan (CNY). 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: WINNIE SUE, Shamaila Khan, Ed Yardeni, Stephen  · Tickers: 000660.KS, Samsung Life, EMB, Chinese high-yield real estate bonds, SPY, Chinese yuan (CNY)