The Week in Markets: Encouraging signs in Hong Kong’s long-beleaguered property market
Recent bankruptcies of companies that accessed the private debt market are a reminder that manager selection is of the utmost importance. The real acid test for the private debt market will be the next recession, although there are no signs of one on the horizon. Still, the labour market is changing, and we look for a rate cut at the Fed’s next meeting on October 29, followed by another three by March. Alibaba claims to have invented a computing pooling solution that reduces the number of Nvidia GPUs needed to serve its AI models by 82%. An index of Hong Kong residential property infers prices are up 6% this month. This episode is presented by Mark Matthews, Head of Research Asia at Julius Baer.
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12:19
Why AI is driving the current emerging markets equity rally
For the first time in five years, emerging market equities are outperforming their developed market peers. But what’s driving this rally? Interestingly enough, this boom is driven by a rather small number of stocks, mainly located in North Asia.In this episode of the Beyond Markets podcast, Nenad Dinic, Emerging Market Equity Strategist and Manuel Villegas, Next Generation Research Analyst, discuss with Ayako Lehmann why emerging market equities are having this strong run, to what extent developed markets are highly dependent on AI components coming from Asia and whether the usual commodities and macro factors that used to be the key drivers of EM equities have lost their importance or not and what this all means when it comes to diversifying a global portfolio.(00:11) - Introduction
(00:54) - What drove past emerging markets equity rallies?
(01:48) - What exactly has changed now?
(03:02) - Is Asia matching the U.S. AI boom?
(05:36) - Will Asia soon lead AI markets?
(08:16) - Where is the U.S. & China story going?
(11:07) - Will the shift in EM from commodities to tech remain?
(16:12) - Is portfolio diversification with EM still relevant?
(21:40) - Do we remain constructive on AI globally?
(24:40) - Closing remarks
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The Week in Markets: AI takes centre stage as Q3 earnings season begins
As the third-quarter equity earnings season begins, we anticipate broadly supportive results, with a strong focus on the ongoing AI investment cycle and commentary from the hyperscalers. While revenue generation will be a key theme heading into 2026, significant execution risks remain despite the expansive opportunity set. Amid growing policy uncertainties in the United States, investors may find merit in diversifying portions of their equity exposure away from the US toward other markets, such as China, Switzerland, India, and Japan, where policy settings appear more favourable. In fixed income, listed corporate credit continues to look attractive, supported by tightening spreads and limited new supply. This episode is presented by Bhaskar Laxminarayan, Chief Investment Officer Asia and Middle East at Julius Baer.
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6:08
China Conversations: From Golden Week to the 15th Five-Year Plan
Golden Week has just wrapped, offering a timely snapshot of China’s consumer sentiment. Travel volumes surged, but spending data remained subdued, highlighting the limits of short-term stimulus and reinforcing calls for deeper structural reform.Amidst this backdrop, China’s stock market continues to rally, prompting fresh questions: Can momentum broaden beyond tech? Will long-awaited social reforms finally shift the consumption narrative? And what does a weakening US dollar mean for global asset allocation?Richard Tang, Head of Research Hong Kong at Julius Baer, and Hong Hao, Managing Partner and CIO of Lotus Asset Management Ltd., return to unpack the macro forces behind the rally, the outlook for the 15th Five-Year Plan, and why gold and silver are stealing the spotlight in 2025.This episode was recorded on 8 October 2025.
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29:27
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29:27
The Week in Markets: Shutdown blues, Sanaenomics buzz
Despite uncertainty around the US government shutdown and signs of economic weakness, equities have rallied, though tech stocks paused as AI enthusiasm met valuation concerns. With non-farm payroll data delayed, investors are turning to private sector indicators for labour market insights. Meanwhile, in Japan, Sanae Takaichi’s surprise win as Liberal Democratic Party (LDP) leader signals a potential return to expansionary “Sanaenomics”, a policy stance reminiscent of Abenomics, boosting equities and pressuring the yen. Tune in for a deep dive into the macro shifts shaping markets this week.This episode is presented by Magdalene Teo, Head of Fixed Income Research Asia, Julius Baer.
“Beyond Markets” by Julius Baer is a series featuring conversations with experts to share recent market developments, key insights, and strategic inputs from around the globe. In each episode, we cut through the noise to offer practical advice and macro research on today’s shifting economic and market landscape.
The information contained in this podcast is marketing material. Opinions expressed do not constitute independent financial/investment research, investment advice, or an offer to buy or sell securities by Julius Baer. Please refer to www.juliusbaer.com/legal/podcasts for important legal information prior to listening to this podcast.
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