亚洲股市上涨，韩国科斯达克进入技术性牛市

Live from Sydney. I'm Paul Allen and this is insight where we dive deeper into the stories that matter with crucial context and shop analysis. Asian stocks rise as a subdued US inflation report eases fears of an imminent fed rate hike. South Korea's coast be entering a technical bull market on a rebound of the eye trade. India's Tata Group is facing a fresh uncertainty, with the chairman and Chandrasekaran are due to depart next year.

We're going to speak with a leading expert on Indian conglomerates about governance and succession risks. Associate posts a 28% jump in first half profit as revenue and operating profit both leap. We're going to speak exclusively with co-CEO s y su on growth drivers and demand trends and Treasury y, and weighing shifting consumer habits as earnings weaken. CEO Sam Fisher is going to be with us exclusively to discuss US and Chinese demand, supply pressures and industry restructuring.

Asia. Tech stocks are rallying hard. Tracking Wall Street is time. US CPI data helps ease concern about fed rate hikes. Korea's Cosby's roaring back into a technical bull market $0.10 A Ise strategy, though, is worrying investors even as it more than double spending on the technology. So let's check in on how markets are faring, however, along with us in Singapore April. Yeah, Paul, this snapshot of the markets in the region looks pretty familiar, doesn't it?

The outperformance of the cost B underperformance of the Hang Seng. And of course, this is all following on from Wall Street's performance, where the S&P 500 close near a record now cost B is back. The memory trades are back against a backdrop of that positioning washout. And following on from where you look at the I complex earnings have been pretty stellar overall. And then, of course, all these large language model launches that innovation that investors want to see as well.

So that's the backdrop that is helping the memory trades where you're looking at SK Hynix, Samsung Electronics, even Kyokushin Japan is doing well today and helping the cost be of course, to climb 20% from the July low. So those gains take it past 20 plus percent. This year alone. The cost is gone from bull to bear, uh, to bull again somehow. And also the board. And take a look at what we're seeing in the macro backdrop.

Of course, as you alluded to, it's really the US CPI print which show signs of disinflation. So that helped to ease investor concerns about an imminent Federal Reserve rate hike. The pricing for September went from 5050 to about 40%. And we saw the steepening in the curve. So the relief rally in the bond markets was led by the short end. The long end, though, continues to be bogged down by concerns about persistent deficits, the unknown surrounding the Fed's reaction function.

I debt issuance even. And of course, the data has also reignited that debate about whether I productivity is causing disinflation. And at some point maybe deflation. Now, said the board. Again, when it comes to AI and Tencent is ramping up spending by doubling AI spending to catch up with its peers. It's seen as a company that is lagging in the competition, but I think even though it's ramping up spending, to the extent that free cash flow is turning negative, investors were just not convinced of its AI strategy.

There's not enough in the earnings call to convince them that it's going to be able to differentiate its products from the big names such as ByteDance or Alibaba, or even the smaller labs such as moonshot. And then as our Bloomberg Intelligence colleague Rob Lee had been highlighting all that talk about renting out my infrastructure did not help to spark confidence on $0.10. I strategy. So this is what you're seeing in the reaction in the stock today.

That is the drag that is capping pulling back the MSCI Asia Pacific. And by the way this is coming with a lot of volumes. The declines that you're seeing in Tencent setting the stage for the rest of Chinese internet names earnings as well. Paul. All right. Thanks very much for. Joining us now is Samantha Horton CEO at digital wealth management platform site. Samantha, thank you so much for joining us today. And I do want to just pick up on the points that I was making about Tencent, that when we've got surging cap, it's doubling the AI spend as well.

But where's the revenue going to come from. Is this top of mind for you or something else. Yeah. Thanks, Paul. And yes. Um, definitely. I think this fits into, you know, one of the key pillars that we also see and what we've been sharing with our investors, you know, as part of our recent outlook is that essentially we're seeing a move and maturation in the eye trade. And essentially moving from I spend is which Tencent would be, you know, in that category.

Um, and now there's a lot more scrutiny on the ROI of some of the spend. Um, as you saw, you know, revenues had not really taken off, uh, as yet. But spend is outpacing, however, we're now seeing. And what we are pushing is that where we're seeing the biggest potential gains. And the risk reward is more in those AI enabler, uh, companies. Right. So more on the infrastructure side. And, you know, chips, as you mentioned earlier, SK, SK Hynix, uh, where, you know, compared to Tencent's 11% revenue growth, we're actually seeing that come through in terms of, you know, 257% earnings, uh, sorry, revenue growth, uh, in, um, in some of these enabler and infrastructure plays.

Um, so that's where we're really seeing the shift, uh, for, uh, for us in the, in the coming months. Um, an a better risk reward skew. You know, we do have short interest in a lot of Chinese tech platforms starting to fold now. And um, you know, Tencent setting the stage for some more big earnings coming up in the next few days. Uh, would you be a buyer of the Chinese AI story at the moment? So, um, so as I said, I think, I think, you know, our view is you have to be selective.

So this more kind of broad based, uh, you know, buy everything, uh, now, as, as this trade matures and much more selective in terms of where we're actually seeing that ROI come through. So for us, you know, where we prefer is actually more China onshore, uh, versus offshore. Play some more in that hardware hardware space, uh, versus, um, versus more on the software, uh, layer. So that's kind of where, uh, you know, we would position, I know in an operational sense.

So your platform side has embraced the AI story. Correct me if I'm wrong, but I think you can ask your platform, uh, your platforms, AI, to say, okay, build me a story that is selective on I. What would that platform look like if I was to ask that question? Yeah. So, um, so you can, you can go and you can go to a platform. And also I'm not going to preempt what, what I would, uh, what our AI tools would say. Um, however um, however.

Yes. That's correct. Right. So, um, you know, now where we're seeing is if I kind of, if I kind of go to again what I was, what I was saying earlier around more on that hardware space. So, so for, for instance, what we're seeing as a potential opportunity is and what it might come up with is, you know, the star 50 index, for instance. Uh, so again, more playing on that, that hardware uh onshore players versus versus offshore offshore.

But uh, you might have to go to the platform and check if that's uh, if that's actually the case. Okay. Play around with a few settings. But if you are looking for the diversification away from the AI story, where would you go at the moment? What are some of the unappreciated corners of the market that aren't getting the attention they deserve? Yeah. So, so. So that's a good question, Paul. And this is again, you know, one of our other key pillars where we're actually seeing a lot of concentration risk right now in the market.

And and what I think doesn't get enough, uh, you know, focus perhaps is that, you know, if you even if you look at the S&P 500 right now and you think that you're buying