Midterm shockwave - tech, oil, and the great rotation

The political earthquake of the US midterm elections has sent immediate, violent shockwaves across global markets. With Democrats capturing majorities in both the Senate and the House, investors are abruptly reassessing the future of aggressive AI capital expenditures, soaring energy demands, and stringent regulatory scrutiny. Trillions have been wiped from tech-led indexes, leaving major Asian markets tumbling and investors scrambling for safety. Is this merely a temporary correction, or a fundamental reset of the entire tech-driven cycle?

In this week’s episode of Market Focus Weekly, a podcast by The Business Times, Howie Lim sits down with Charu Chanana, chief investment strategist at Saxo.

Why listen

• Oil, geopolitics, and safe-haven rotations Beneath the tech sell-off, energy markets are experiencing their own dramatic upheaval. Brent crude plunged nearly 9 per cent below US$100 a barrel amid optimism surrounding US-Iran peace talks, though lingering risks in the Strait of Hormuz suggest markets may have turned premature in pricing geopolitical relief. Simultaneously, capital is aggressively rotating out of crowded US tech into traditional safe havens: US Treasury yields have hit two-month lows, the dollar touched a one-month low, and gold has surged past US$4,000 per ounce.

• Navigating Asia, Singapore, and beyond As macroeconomic volatility accelerates, investors can no longer treat Asia as a monolithic block. While tech-heavy hubs in South Korea and Taiwan remain tied to semiconductor volatility, selective opportunities are emerging. Chanana believes China and Hong Kong tech offer alternative efficiency drivers, while Singapore showcases remarkable resilience supported by robust institutional stability and defensive banking dynamics.

• The great rotation As tech multi-year highs buckle under political and regulatory crosscurrents, Chanana thinks capital will move swiftly into value, commodities, and defensive regional strongholds—redefining market leadership for the next macro era.

Chanana has advice on how to identify true defensive pillars, and position your portfolio for what comes next. Listen now.

Discover more episodes at bt.sg/podcasts. Got feedback? Email us at btpodcasts@sph.com.sg.

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Written and hosted by: Howie Lim (howielim@sph.com.sg)

With Charu Chanana, chief investment strategist, Saxo

Edited by: Howie Lim & Claressa Monteiro

Produced by: Howie Lim & Chai Pei Chieh

A podcast by BT Podcasts, The Business Times, SPH Media

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