Under the Banyan Tree by HSBC Global Research

Fred's got his hands on Herald's latest compilation of quirky facts and stats. From giant shopping malls to a company you've probably never heard of outperforming Google, this episode's for anyone looking to flex some knowledge at holiday parties.For more content from HSBC Global Investment Research, follow us on LinkedIn: #HSBCResearch. And don't forget to follow our global podcast "The Macro Brief" on YouTube, Apple Podcasts, Spotify, or wherever you get your podcasts.Email us at AskResearch@hsbc.com for any questions.Click here for appropriate Disclosures, including analyst certifications, and Disclaimers that must be viewed with this podcast: https://www.research.hsbc.com/R/101/qKmt7KV Hosted on Acast. See acast.com/privacy for more information.

This discussion dives into the surprising resilience of Asian trade in 2025, despite anticipated declines due to tariffs. The AI boom is spotlighted for boosting exports, particularly in chips and components. A K-shaped recovery reveals a growing wealth gap, with struggling domestic consumption juxtaposed against rising exports. China faces a paradox of high exports and weak domestic demand, while India showcases quirks in its growth story. Japan's tightening cycle shows how it's navigating inflation and wage increases amidst a different economic landscape.

Dr Murat Ulgen joins Herald and Fred to talk AI, US outflows and Asia's influence over global emerging markets, all in the context of EM's outperformance in 2025.For more content from HSBC Global Investment Research, follow us on LinkedIn: #HSBCResearch. And don't forget to follow our global podcast "The Macro Brief" on YouTube, Apple Podcasts, Spotify, or wherever you get your podcasts.Email us at AskResearch@hsbc.com for any questions.Click here for appropriate Disclosures, including analyst certifications, and Disclaimers that must be viewed with this podcast: https://www.research.hsbc.com/R/101/QrL2kKQ Hosted on Acast. See acast.com/privacy for more information.

Herald takes on the role of interviewee this week, as he and Fred look at what's driven Asian equity markets in 2025, and what investors are likely to be watching in the year ahead.For more content from HSBC Global Investment Research, follow us on LinkedIn: #HSBCResearch. And don't forget to follow our global podcast "The Macro Brief" on YouTube, Apple Podcasts, Spotify, or wherever you get your podcasts.Email us at AskResearch@hsbc.com for any questions.Click here for appropriate Disclosures, including analyst certifications, and Disclaimers that must be viewed with this podcast: https://www.research.hsbc.com/R/101/wvPzpMC Hosted on Acast. See acast.com/privacy for more information.

Global Head of Luxury and Consumer Research Erwan Rambourg joins Herald for a lively chat on the state of the luxury market across Asia and beyond.For more content from HSBC Global Investment Research, follow us on LinkedIn: #HSBCResearch. And don't forget to follow our global podcast "The Macro Brief" on YouTube, Apple Podcasts, Spotify, or wherever you get your podcasts.Email us at AskResearch@hsbc.com for any questions.Click here for appropriate Disclosures, including analyst certifications, and Disclaimers that must be viewed with this podcast: https://www.research.hsbc.com/R/101/gdmsgks Hosted on Acast. See acast.com/privacy for more information.

Fred welcomes HSBC's Chief Precious Metals Analyst James Steel to the podcast for a comprehensive look at the recent gold rally and the critical role that markets including China and India play in the global gold trade.For more content from HSBC Global Investment Research, follow us on LinkedIn: #HSBCResearch. And don't forget to follow our global podcast "The Macro Brief" on YouTube, Apple Podcasts, Spotify, or wherever you get your podcasts.Email us at AskResearch@hsbc.com for any questions.Click here for appropriate Disclosures, including analyst certifications, and Disclaimers that must be viewed with this podcast: Hosted on Acast. See acast.com/privacy for more information.

ASEAN Economist Aris Dacanay joins Herald and Fred to explain why Southeast Asian economies could actually see rising market share across various sectors as a result of US import tariffs.For more content from HSBC Global Investment Research, follow us on LinkedIn: #HSBCResearch. And don't forget to follow our global podcast "The Macro Brief" on YouTube, Apple Podcasts, Spotify, or wherever you get your podcasts.Email us at AskResearch@hsbc.com for any questions.Click here for appropriate Disclosures, including analyst certifications, and Disclaimers that must be viewed with this podcast: https://www.research.hsbc.com/R/101/W9vcfSd Hosted on Acast. See acast.com/privacy for more information.

Recorded in front of a live audience on 21 October 2025, Fred and Herald are joined on stage in Hong Kong by Jing Liu, Yuqian Ding and Frank Lee for a comprehensive round-up of the major macro and micro talking points in Asia.For more content from HSBC Global Investment Research, follow us on LinkedIn: #HSBCResearch. And don't forget to follow our global podcast "The Macro Brief" on YouTube, Apple Podcasts, Spotify, or wherever you get your podcasts.Email us at AskResearch@hsbc.com for any questions.Disclosures and Disclaimers: https://www.research.hsbc.com/R/101/zJCkN77 Hosted on Acast. See acast.com/privacy for more information.

Herald catches up with Chief China Economist Jing Liu as Beijing gears up for its fourth plenum, where the economic agenda for next five years will be set.For more content from HSBC Global Investment Research, follow us on LinkedIn: #HSBCResearch. And don't forget to follow our global podcast "The Macro Brief" on YouTube, Apple Podcasts, Spotify, or wherever you get your podcasts.Email us at AskResearch@hsbc.com for any questions.Disclosures and Disclaimers: https://www.research.hsbc.com/R/101/dxd6clm Hosted on Acast. See acast.com/privacy for more information.

Fred has the studio all to himself, and that can only mean one thing: a comprehensive review of the key talking points shaping Asian economics from tariffs to central bank action and, of course, AI.For more content from HSBC Global Investment Research, follow us on LinkedIn: #HSBCResearch. And don't forget to follow our global podcast "The Macro Brief" on YouTube, Apple Podcasts, Spotify, or wherever you get your podcasts.Email us at AskResearch@hsbc.com for any questions.Disclosures and Disclaimers: https://www.research.hsbc.com/R/101/xglRmRg Hosted on Acast. See acast.com/privacy for more information.