Peace hopes, profit-taking and a Bitcoin plunge: making sense of a rollercoaster week

It started with optimism. Progress on ending the Iran war lifted Wall Street mid-week, the AI rally was running and sentiment was cautiously positive. Then Broadcom disappointed, chips sold off, Hezbollah rejected a new ceasefire in Lebanon and by Friday, Asian markets were sliding as investors took profits and turned defensive heading into the weekend. It was that kind of week.

In this episode of Market Focus Weekly, a podcast by The Business Times, Howie Lim speaks with Thomas Rupf, co-head and chief investment officer (CIO) Asia at VP Bank, to work through a market that is being pulled in too many directions at once and still, somehow, holding together.

Why listen

• Why the real energy problem is not the price of oil  Rupf explains why elevated oil prices of US$80 to US$90 could persist well into year end even with a reopened strait, and why ingrained inflation beyond energy is the variable central banks are watching most carefully.

• Why the AI trade needs to broaden out and what that means for regular investors  The stock market is dangerously concentrated around a handful of names. Rupf makes the case for trimming winners and diversifying into AI enablers and users across industrials, healthcare and internet platforms.

• Why Bitcoin’s 17 per cent plunge in a matter of days is not necessarily a warning sign Rupf argues it has decoupled from equities since last October and points to something more specific that may be driving the sell-off right now.

• Why Singapore is one of the few places in Asia managing to benefit Tech exposure, manufacturing spillover, fiscal strength and safe haven capital flows are all working in its favour simultaneously.

The week was noisy. The signal is there if you know where to look. 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 Thomas Rupf, co-head and chief investment officer Asia, VP Bank

Edited by: Howie Lim & Claressa Monteiro

SEE ALSO

AI-fueled stock surge meets oil’s 10% drop: Is the energy crisis over?

Produced by: Howie Lim & Chai Pei Chieh

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

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