Silver surges, the won sinks and markets recalculate

Asia’s markets got the rate cut they expected this week, but not the future they were hoping for. The US Federal Reserve has trimmed its benchmark rate to between 3.5 and 3.75 per cent, and the message is blunt. Cheap money is not coming back. That sets the tone for 2026 as central banks across the region brace for a stronger US dollar and a higher floor for the cost of capital.

In this week’s Market Focus Weekly, a podcast of The Business Times, host Emily Liu speaks with Vikas Pershad, portfolio manager of APAC Equities at M&G Investments. Their conversation moves from the Fed’s carefully calibrated cut to the global commodities market, where silver has quietly overtaken gold as the year’s standout performer and positioned itself as a critical mineral for the green and digital economy.

Why listen

• A new rate reality: Pershad explains why the Fed’s shift to a higher neutral rate changes how investors value everything from equities to currencies across Asia.

• Silver’s unexpected star turn: The metal has surged beyond US$60 an ounce, not because of speculation but because of the industries that cannot function without it. Find out what these are.

• Korea’s strange split: Local equities are flying, driven by corporate reform and AI optimism, while the won slides as Korean retail investors pour billions into US tech stocks.

• China’s mixed signals: Nvidia’s H200 deal keeps China in the AI race, even as property developers struggle and inventories remain heavy. Yet the onshore tech boom continues to open long-term opportunities.

Across the episode, Pershad is clear-eyed about where momentum is real and where risks are still buried. Asia’s markets are adjusting to a world where money costs more, China is both weak and vibrant, and commodities are being revalued for a new economic cycle. For investors trying to make sense of 2026 before it arrives, this one is essential listening. Listen now.

Subscribe and listen to more episodes of Market Focus Weekly from The Business Times. Feedback and questions can be sent to btpodcasts@sph.com.sg.

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Written and hosted by: Emily Liu (emilyliu@sph.com.sg)

With Vikas Pershad, portfolio manager, APAC Equities, M&G Investments

Edited by: Chai Pei Chieh & Claressa Monteiro

Produced by: Emily Liu & Chai Pei Chieh

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

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