A seismic shift is underway in global finance, led by a new breed of trading firms. Electronic market makers such as Jane Street and Citadel Securities are outpacing traditional Wall Street banks with cutting-edge technology, aggressive hiring strategies and lower regulatory burdens. In 2Q alone, Jane Street generated more than $10 billion in net trading revenue, eclipsing all of Wall Street's banks including JPMorgan and Goldman Sachs.

Should Wall Street be worried? And can these companies continue to expand into Asia? Earlier this year, Jane Street was banned from trading in the Indian securities market for alleged market manipulation, which the firm denies. Larry Tabb, head of market structure research at Bloomberg Intelligence, joins John and Katia on the Asia Centric podcast.

See omnystudio.com/listener for privacy information.

For all the doomsaying about US President Donald Trump's trade and economic policies, the world's biggest economy has held up relatively well, at least on the surface. Markets are up, trade demand remains firm and the Federal Reserve is moving toward interest rate cuts, which could spur more activity.

But Steven Okun, founder and CEO of APAC Advisors, warns that the worst is yet to come. Global exports that surged in the run-up to August’s reciprocal levies are cooling, the US labor market is slowing, and markets will react once the data confirms economists’ warnings, he says. Though the slew of global levies provides some clarity, questions remain over Trump's motivations on trade policy and his tendency to upend matters with one social media post. Okun speaks with John and Katia from Singapore.

Join us for Bloomberg's Investment Management Summit in Singapore on Oct. 7, featuring leading investors, asset managers and experts, to unlock insights and strategies for geopolitical volatility, technology innovation and sustainable growth. Also catch John and Katia for a live episode recording with Matthew Michelini, head of Asia-Pacific at Apollo Global Management. See you there!

Register here for this exclusive event: https://events.bloombergevents.com/0BAkqm

See omnystudio.com/listener for privacy information.

The Genius Act in the US and a new regulatory framework in Hong Kong have helped legitimize stablecoins, potentially setting the stage for increased usage. The two largest issuers of dollar-backed stablecoins, Tether and Circle, hold more than $270 billion in US treasuries. At least one person – US Treasury Secretary Scott Bessent – sees that rising to $2 trillion.

This should reinforce the dollar's role as the world's reserve currency while disrupting the global banking and SWIFT payments system, says Yat Siu, co-founder of Animoca Brands, which has $1.8 billion in digital assets. He breaks down what's next for stablecoins and digital assets – and reveals why his company tokenized a 1708 Stradivarius violin. Siu joins John and Katia on the Asia Centric podcast.

See omnystudio.com/listener for privacy information.

China's consumers are a powerful force – the world's second-biggest spenders after the US. Officials want to harness this to transform the nation into a "mega-sized consumer powerhouse," and there are some initial signs of success with increased spending on home appliances, toys and jewelry.

But how sustainable is this uptick in conspicuous consumption, and how much should investors worry about the Chinese consumer being fundamentally changed by the pandemic and real estate crash? Despite policymakers efforts to create a consumer-based economy, it still only accounts for about 39% of GDP, significantly below the OECD average of 54%.

This week we take a deep dive into the Chinese consumer with Catherine Lim, senior analyst for consumer and technology at Bloomberg Intelligence, and Anson Bailey, head of Asia Pacific consumer and retail at KPMG. They speak with John and Katia.

See omnystudio.com/listener for privacy information.

US tariffs are seen as broadly inflationary at home and disinflationary abroad, so countries across Asia – where central banks have already begun a cycle of easing – face increased pressure on economic growth and prices.

The levies loom at a time when China is mired in deflation, and Japan is trying to reinflate prices that are also weak in other Asian economies. Should investors be worried about disinflation across the region? How will that influence central bank decisions? And does it complicate the path forward for Japan's policymakers?

Gareth Leather, senior Asia economist at Capital Economics, joins John and Katia to discuss China's overcapacity, the government's failure to address the issue, how it could export deflation to the region, and Japan's success at engineering price growth.

See omnystudio.com/listener for privacy information.

Advanced semiconductors, the tiny components crucial for everything from smartphones to national defense, are at the heart of US-China geopolitical rivalry. It's no wonder, then, that the US has increasingly restricted China's access to these chips, while Beijing fights back with its own trade barriers.

So where are we in the great chip war? Why are they so important and difficult to make? And what are the prospects for new alliances as chip-hungry countries navigate the new AI world? Chris Miller, author of Chip War and professor of international history at Tufts University, sits down with John and Katia for a crash course on this technology and what lies ahead.

See omnystudio.com/listener for privacy information.

China has a near monopoly on rare earths due to decades of government foresight. The country controls 70% of mining and nearly all processing of the vital minerals used in cars, data centers and defense equipment. It's one of the biggest cards China can play in trade talks with the US.

When China restricted its flow of rare earths to the US earlier this year, companies shuddered. Ford had to stop production at some plants. How did China come to dominate this industry? Can companies in the US, Japan, South Korea and elsewhere replicate China's success? And what are the roadblocks?

Curtis Moore, senior vice president at uranium-miner Energy Fuels, joins John and Katia to break down the global rare earth industry.

See omnystudio.com/listener for privacy information.

US President Donald Trump's trade war on the world and the Federal Reserve has increased investment risk. But it's only the latest overhang for the US, with ongoing concerns about high fiscal debt exacerbated by the passage of Trump's $3.4 trillion tax and spending package.

That's prompted Idanna Appio, portfolio manager and economist at First Eagle -- a $161 billion investment manager -- to look increasingly outside the US for value. In her view, investors are too complacent about these risks, as they have yet to see the full effect of tariff and other policies on growth and inflation.

She joins John and Katia to talk about where she sees value in Asia, the many risks ahead and how she allocates money as a long-term investor.

See omnystudio.com/listener for privacy information.