Asia Centric by Bloomberg Intelligence

Can Korea's World-Beating Bull Market Continue?

South Korea's Kospi Index has surged about 70% this year, driven by AI-linked tech stocks such as Samsung Electronics and SK Hynix. Retail investors, who poured more than $100 billion into US equities since the pandemic, are now turning their attention homeward. President Lee Jae Myung's pro-market and corporate governance reforms, including dividend tax cuts from 49% to a proposed 25%, are reshaping investor sentiment and capital flows. Peter Kim, managing director and investment strategist at KB Securities, joins John on the Asia Centric podcast. Kim discusses the sustainability of South Korea's rally, Seoul's overheated property market and the geopolitical balancing act between China and the US. See omnystudio.com/listener [https://omnystudio.com/listener] for privacy information.

China's Pragmatic AI Strategy vs US Spending Surge

China's AI rollout diverges sharply from the US, favoring open-source models and broad adoption over high-cost infrastructure. China's top tech firms including Tencent, Baidu and Alibaba will invest less than 10% of the $370 billion that US hyperscalers plan to spend on AI capex this year. This cost-conscious approach aligns with Beijing's AI Plus strategy, aiming to embed AI across all sectors by 2027 to boost productivity. Who will win the AI race? And are we in a bubble in AI infrastructure spending? Robert Lea, senior tech analyst at Bloomberg Intelligence, joins John to discuss why China's broader economy, rather than its tech companies, may be the main beneficiary of the nation's AI rollout. See omnystudio.com/listener [https://omnystudio.com/listener] for privacy information.

Inside the High-Stakes World of Commodity Trading

Some of the world’s largest companies by revenue – such as Vitol, Trafigura, and Cargill – operate outside the public eye, trading oil, metals and grains at scale. These private firms have quietly become central to global supply chains, recording substantial profits since 2022 as wars and sanctions re-routed flows.  Giovanni Serio, former global head of research at Vitol, joins John and Katia to unpack how commodity traders operate, why scale and flexibility matter, and how satellite data and real-time analytics have transformed market transparency. Serio also discusses oil price dynamics, the rise of non-OPEC supply, and why most trading firms remain private despite their size. See omnystudio.com/listener [https://omnystudio.com/listener] for privacy information.

Goldman on Aging’s Upside and Why 70 Is the New 53

The world's demographic shift is often framed as a looming crisis, but new data suggests a more nuanced outlook. Hong Kong leads the longevity frontier with an average life expectancy of 86 years, having steadily increased by 0.25 years annually for over 150 years. Meanwhile, a landmark IMF study finds that today's 70-year-olds have the same cognitive ability as 53-year-olds in 2000, underscoring how healthier aging is reshaping workforce dynamics. Kevin Daly, managing director and senior economist at Goldman Sachs, joins John and Katia to discuss why aging may not be economically detrimental, how healthier lives extend workforce participation, and why the “silver economy” narrative oversimplifies consumption trends. Read Goldman Sachs’ related research: The Path to 2075 — The Positive Story of Global Aging (https://www.gspublishing.com/content/research/en/reports/2025/05/20/2d3fe290-10b1-44be-8d0e-77b8d303928f.html [https://www.gspublishing.com/content/research/en/reports/2025/05/20/2d3fe290-10b1-44be-8d0e-77b8d303928f.html]) See omnystudio.com/listener [https://omnystudio.com/listener] for privacy information.

Special Live Recording With Apollo's Michelini

In this live episode, recorded at Bloomberg's Investment Management Summit in Singapore, we sit down with Matthew Michelini, head of Asia-Pacific business for Apollo Global Management. We explore his optimism about Japan, driven by its corporate governance reform and the vast $7.5 trillion in consumer deposits. We also discuss how private capital is shaping asset allocation and the challenges posed by intense competition in the private-equity industry.  See omnystudio.com/listener [https://omnystudio.com/listener] for privacy information.