Indonesia's Economic Team Reset, Pressure Builds for Tata Sons Listing

Watch on YouTube ↗  |  September 16, 2026 at 07:51  |  47:21  |  Bloomberg Markets
Speakers
Avril Hong — Reporter, Bloomberg Markets
Raisah Rasid — Global Market Strategist, J.P. Morgan Asset Management
Tom Papa — Thai Finance Minister
Mari Pangestu — Vice Chair, Indonesian National Economic Council
Yvonne Man — Head of APAC, CoinDesk
Hetal Dalal — President and Chief Operating Officer, Institutional Investor Advisory Services India

Summary

The program covered Hong Kong's first five-year economic plan, Fed decision positioning, and the impact of high Treasury yields on markets. JPMorgan's Raisah Rasid favored high-quality fixed income, short-to-belly Treasuries, selective AI exposure, software/cybersecurity, China AI valuation gaps, and gold/commodities as diversifiers. Other segments featured Asian LNG demand resilience, Thailand's investment-led growth outlook, Indonesia's finance minister transition, and pressure for a Tata Sons listing.

  • Hong Kong unveiled a five-year plan focusing on Northern Metropolis, tech, AI, biotech, and microelectronics.
  • Markets braced for the Fed decision with Treasury yields near 5% and the dollar supported.
  • JPMorgan's Raisah Rasid sees high-quality fixed income attractive and prefers short-to-belly Treasuries over long duration.
  • Rasid remains risk-on AI but selective, favoring software/cybersecurity, China AI valuation dislocations, and gold/commodities.
  • A Gastech panel flagged resilient Asian LNG demand but warned of a difficult European winter.
  • Thailand's finance minister stuck to a 2.5% growth target, citing investment-led reforms.
  • Indonesia's new finance minister was expected to maintain fiscal discipline and support rupiah stability.
  • Tata Sons faces pressure to list, but resistance and governance uncertainty remain.
Ideas
Avril Hong Reporter, Bloomberg Markets 6:54
Yen weakness persists on BOJ-Fed divergence.
The yen has weakened to 155 despite an expected BOJ tightening because Japan is increasing government spending and BOJ tightening will likely undershoot the Fed, keeping the yen under pressure versus the dollar.
FXY MED
Avril Hong Reporter, Bloomberg Markets 7:38
Dollar bias remains upside after FOMC.
Asian risk appetite is constrained ahead of the Fed, but the US 10-year yield near 5% and its positive correlation with the dollar support the greenback; even if Fed Chair Kevin Warsh sounds dovish, the dollar's move is biased to the upside after the FOMC.
USD HIGH
Raisah Rasid Global Market Strategist, J.P. Morgan Asset Management 9:25
High-quality fixed income attractive for income.
Although term premium and fiscal deficits may keep yields high, current yields are attractive for income-seeking investors; she advocates high-quality fixed income rather than taking excessive credit risk.
High-quality fixed income MED
Raisah Rasid Global Market Strategist, J.P. Morgan Asset Management 11:07
Prefer short-to-belly Treasuries; avoid long duration.
She prefers the short-to-belly of the Treasury curve because the term premium and fiscal deficits are structural, not cyclical; long duration is not attractive until there is a resolution such as new revenue or lower spending.
Short-to-belly US Treasuries HIGH
Raisah Rasid Global Market Strategist, J.P. Morgan Asset Management 11:07
Prefer short-to-belly Treasuries; avoid long duration.
She prefers the short-to-belly of the Treasury curve because the term premium and fiscal deficits are structural, not cyclical; long duration is not attractive until there is a resolution such as new revenue or lower spending.
TLT HIGH
Raisah Rasid Global Market Strategist, J.P. Morgan Asset Management 12:29
AI earnings offset higher yield headwind.
She remains risk-on on AI stocks because strong AI demand and earnings delivery should offset the negative valuation impact of higher bond yields; however, investors need to be selective due to high concentration risk.
AIQ HIGH
Raisah Rasid Global Market Strategist, J.P. Morgan Asset Management 14:16
Inference shift favors software, cybersecurity.
As AI focus shifts from training to inference, existing models will remain in use longer, benefiting software companies that build on that momentum; software and cybersecurity names are already outperforming while semiconductors pull back.
CIBR IGV MED
Raisah Rasid Global Market Strategist, J.P. Morgan Asset Management 15:32
China AI value chain has valuation dislocations.
Within the AI value chain, she sees valuation dislocations in China that investors can tap, and prefers diversification across geographies rather than concentrating only in the US AI complex.
AI-SECTOR MED
Raisah Rasid Global Market Strategist, J.P. Morgan Asset Management 16:01
Gold, commodities diversify geopolitical risk.
She argues gold and commodities become more important as diversifiers because geopolitics remains a persistent risk and 2025 has already seen a heavy flow of geopolitical events.
GLD DBC MED
Tom Papa Thai Finance Minister 24:12
Thailand growth supported by investment.
Thailand's finance minister is confident the 2.5% growth target can be met despite higher oil prices, citing investment-led structural reforms, public-private committees, a 47% jump in BOI applications to 1.4 trillion baht, and double-digit private investment growth.
THD MED
Mari Pangestu Vice Chair, Indonesian National Economic Council 29:34
Indonesia fiscal discipline supports investor confidence.
She expects the new finance minister to maintain fiscal discipline, keep the deficit below 3% of GDP, improve fiscal-monetary coordination, and safeguard rupiah stability, which should support investor confidence in Indonesia.
EIDO MED
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This Bloomberg Markets video, published September 16, 2026, features Avril Hong, Raisah Rasid, Tom Papa, Mari Pangestu discussing FXY, USD, High-quality fixed income, Short-to-belly US Treasuries, TLT, AIQ, CIBR, IGV, AI-SECTOR, GLD, DBC, THD, EIDO. 11 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Avril Hong, Raisah Rasid, Tom Papa, Mari Pangestu  · Tickers: FXY, USD, High-quality fixed income, Short-to-belly US Treasuries, TLT, AIQ, CIBR, IGV, AI-SECTOR, GLD, DBC, THD, EIDO