1. Executive Briefing (TL;DR)

• The Core Thesis: The structural center of gravity within the Asian AI investment cycle is rapidly pivoting away from hardware capacity hype toward operational unit economics and margin optimization. This transformation is triggering significant institutional asset allocation shifts, marked by a massive capital migration out of highly leveraged tech positions in Taiwan and…

1. Executive Briefing (TL;DR)

• The Core Thesis: Global equity markets are undergoing a significant correction led by tech overvaluation fears, while the energy sector faces a slow, highly friction-bound supply recovery following geopolitical disruptions in the Persian Gulf. Despite an initial exit of stranded oil tankers from the Strait of Hormuz causing downward pressure on crude prices, structural…

• Hosts/Speakers: Bernard Hickey, Henry Russell, Matt Johns, Crystal Tan, Kasani Basak, and Sanjay Mathur [00:00:26, 00:09:02].

Overview & Global Market Reactions

• Market Update: Global stock markets rose while oil prices fell following the signing of a deal to reopen the Strait of Hormuz…

00:00:09 Topic 1: US Federal Reserve Rate Decision and Market Reaction

• Fed Rate Hold: The US Federal Open Markets Committee (FOMC) unanimously held the federal funds rate at a range between 3.50% and 3.75% [00:00:48].
• Hawkish Shift: The new dot plot projections removed the previous…

[00:00:09] Global Market Shockwave & Geopolitical Relief

Macro Market Data Matrix

• Crude Oil Crash: West Texas Intermediate (WTI) futures plummeted 4.7% to settle at $80.90 USD/barrel, while Brent crude dropped 4.6% to finish at $83.30 USD/barrel.
• Equities Record Run: The S&P 500 surged 1.8% and the Nasdaq jumped…

Speaker: Tai Hui, Chief Market Strategist for Asia Pacific at J.P. Morgan Asset Management

Geopolitical Breakthrough & Near-Term Caveats

• The Announcement: On June 14, 2026, President Trump announced an agreement to extend a ceasefire and reopen the Strait of Hormuz [00:00:00].
• Validation of the Deal: This news has been confirmed by Iran’s Deputy Foreign…

• Event Location: Ecosperity Event, Singapore (overlooking Marina Bay) [00:01:05, 00:02:02]
• Speakers:
• Oscar Pulido: Host [00:00:58]
• Salem Samaha: Global Head of Energy at Global Infrastructure Partners (GIP), a part of BlackRock…

Global Market Volatility & Pre-CPI Positioning

• Geopolitical Escalation in the Strait of Hormuz: [00:00:09] Crude oil fell roughly 3% in early trading on optimism surrounding U.S.-Iran negotiations. However, volatility surged after President Trump confirmed that the U.S. would respond to Iran shooting down a U.S. helicopter in the Strait of Hormuz…

Global Markets Overview & Commodity Deficits [00:00:09]

• Geopolitical Volatility: Ongoing military conflicts in Lebanon create conflicting news flows across the Middle East. However, renewed hopes for a diplomatic breakthrough or deal have dragged global crude prices down significantly.
• Energy Benchmarks:
• Brent Crude fell 3.6% to trade…

Global Markets & US Macroeconomic Outlook

• Commodities & Energy: Brent oil prices rose over 2% (up 2.2% to $98.10/barrel) and West Texas Intermediate (WTI) futures increased by 2.6% to $96.00/barrel, driven by renewed clashes in the Middle East conflict [00:00:44]. Consequently, gold dropped 1.2% to $4,465 an ounce…

Speaker Details

• Bernard Hickey: Podcast Host [00:08:25]
• Adam Boyton: ANZ Head of Australian Economics [00:00:57]
• Mahjabeen Zaman: ANZ Head of FX Research [00:02:15]
• Madeline Dunk: ANZ Economist [00:02:54]
• Crystal Tan: ANZ…

Host: Bernard Hickey Speakers: Daniel Hynes (Senior Commodity Strategist, ANZ), Buni Maravani (Economist, ANZ), Matty Dunc (Economist, ANZ), Mahjabeen Zaman (Head of FX Research, ANZ), Vicky Shiahua (Head China Economist, ANZ), Richard Yetsenga (Group Chief Economist, ANZ)

1. Global Energy Markets: Geopolitical Spikes & Drying US Buffers

• Geopolitical Catalyst:…

Host: Taimur Baig (Chief Economist, DBS Group Research) Guest: Vandana Hari (Founder, Vanda Insights)

1. Macro Framework & Structural Supply Bottlenecks

• The Scale of the Shock: The ongoing conflict in the Middle East initially threatened roughly 20% of global oil supply and nearly 20% of Liquified Natural Gas (LNG) supply passing through the Strait of Hormuz…

Speaker & Video Profile

• Subject Matter Experts: Lim Soo Chong - J.P. Morgan, Head of Asia Credit Research [00:00:00]
• Data Context: Broadcast date May 29, 2026. Analysis tracks active macro metrics, focusing on a 0.1% default rate and a 64% US dollar global market dominance benchmark…

Guest Details

• Herald Van der Linde: [00:00:26] Head of Equity Strategy, Asia Pacific at HSBC.

South Korea’s Market Dynamics & The National Pension Service (NPS)

• Institutional Support: The National Pension Service (NPS) is recognized as one of the largest pension funds in the world and has been a primary domestic institution supporting…

• Host / Anchor: Bernard Hickey [00:00:09, 00:09:05]
• Interviewer: Alex Tarrant [00:05:01]
• Subject Matter Experts:
• Brian Martin (Head of G3 Economics, ANZ) [00:00:56]
• Miles Workman (Senior Economist, ANZ)…

Speaker Profiles & Metadata

• Episode Date: Thursday, May 28, 2026 (Published May 27, 2026)
• Bernard Hickey: Podcast Host [00:08:54].
• Sharon Zollner: Chief Economist, ANZ New Zealand [00:00:52].
• Miles Workman: Senior Economist, ANZ…

Global Markets & Macro Overview

• Market Volatility: Global financial markets closed mixed overnight amidst high volatility driven by conflicting signals from the Middle East. Geopolitical tensions escalated following renewed military strikes by the United States against Iran, which simultaneously pressured markets alongside conflicting statements from Washington highlighting progress toward a peace…

Speaker & Episode Overview

• Host: Bernard Hickey [00:08:58]
• Guest Speakers:
• Daniel Hynes (ANZ Senior Commodity Strategist) [00:01:03]
• Mahjabein Zaman (ANZ Head of FX Research) [00:02:32]
• Khoon Goh (ANZ Head of Asia…