In this live episode, recorded at Bloomberg's Investment Management Summit in Singapore, we sit down with Matthew Michelini, head of Asia-Pacific business for Apollo Global Management. We explore his optimism about Japan, driven by its corporate governance reform and the vast $7.5 trillion in consumer deposits. We also discuss how private capital is shaping asset allocation and the challenges posed by intense competition in the private-equity industry. 

In this live episode, recorded at Bloomberg's Investment Management Summit in Singapore, we sit down with Matthew Michelini, head of Asia-Pacific business for Apollo Global Management. We explore his optimism about Japan, driven by its corporate governance reform and the vast $7.5 trillion in consumer deposits. We also discuss how private capital is shaping asset allocation and the challenges posed by intense competition in the private-equity industry.&nbsp;

Some of the world's largest and fastest-growing markets, economies and companies are in Asia. Every Thursday, John Lee from Bloomberg Intelligence speaks with experts and newsmakers about the big ideas and trends moving money across the region.

Some of the world's largest and fastest-growing markets, economies and companies are in Asia. Every Thursday, John Lee from Bloomberg Intelligence speaks with experts and newsmakers about the big ideas and trends moving money across the region.

Asia Centric by Bloomberg Intelligence

Special Live Recording With Apollo's Michelini

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/1fdb34a2-c074-4124-a7b7-b377007088e0/transcript

Chinese consumer sentiment isn't collapsing across the board, but retail sales growth is projected to hit a four-year low. While big-ticket categories like home appliances and autos crumble under subsidy fatigue, highly resilient segments are holding ground, particularly cosmetics, luxury, and premium sportswear. In e-commerce, Alibaba and rival giants are locked in a margin-crushing battle over agentic AI to capture shrinking wallets.

Catherine Lim, APAC head of Bloomberg Intelligence and senior consumer and technology analyst, joins John Lee to unpack her latest retail survey. Catherine reveals exactly where the wealthy plan to spend next -- which players, like Laopu Gold, are winning over shoppers, and how AI agents are reshaping the digital marketplace.

Chinese consumer sentiment isn't collapsing across the board, but retail sales growth is projected to hit a four-year low. While big-ticket categories like home appliances and autos crumble under subsidy fatigue, highly resilient segments are holding ground, particularly cosmetics, luxury, and premium sportswear. In e-commerce, Alibaba and rival giants are locked in a margin-crushing battle over agentic AI to capture shrinking wallets.
Catherine Lim, APAC head of Bloomberg Intelligence and senior consumer and technology analyst, joins John Lee to unpack her latest retail survey. Catherine reveals exactly where the wealthy plan to spend next -- which players, like Laopu Gold, are winning over shoppers, and how AI agents are reshaping the digital marketplace.

China's Shoppers Still Buy Luxury, But Selectively

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/6a061132-44dc-489b-a8b3-b480006af514/transcript

A massive convergence of artificial intelligence, energy and security is sparking what is likely to be the largest and longest energy investment cycle in history, according to Morgan Stanley. Driven by the demands of AI data centers and a strategic shift from "just-in-time" cost efficiency to "just-in-case" resilience, more than $5 trillion in new-energy investments is projected for Asia over the next five years.

Mayank Maheshwari, equity analyst at Morgan Stanley, joins John Lee on the Asia Centric podcast to break down this monumental shift. They discuss the rewiring of regional supply chains, how these investments will be financed, and the far-reaching implications across every asset class, sector and geography.

A massive convergence of artificial intelligence, energy and security is sparking what is likely to be the largest and longest energy investment cycle in history, according to Morgan Stanley. Driven by the demands of AI data centers and a strategic shift from "just-in-time" cost efficiency to "just-in-case" resilience, more than $5 trillion in new-energy investments is projected for Asia over the next five years.
Mayank Maheshwari, equity analyst at Morgan Stanley, joins John Lee on the Asia Centric podcast to break down this monumental shift. They discuss the rewiring of regional supply chains, how these investments will be financed, and the far-reaching implications across every asset class, sector and geography.

How AI and Energy Security Fuel a New Supercycle

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/0f4c3f58-6df4-43e9-a271-b47f0051c7a9/transcript

What's driving Japan's historic bull market? And why are global investors finally returning to Tokyo after years on the sidelines? According to Goldman Sachs, it’s a rare convergence of factors including the global AI trade, inflation, corporate governance reform and an evolving macroeconomic landscape.

The firm also believes a regime shift is underway in the market, moving focus away from the high-growth, asset-light sectors such as software that dominated the past decade. Instead, they highlight a transition into "HALO" stocks: heavy assets, low obsolescence. These capital-intensive sectors, such as utilities and telecommunications, offer defensive barriers that can protect against AI disruption and geopolitical friction.

Bruce Kirk, chief Japan equity strategist at Goldman Sachs, joins John Lee on the Asia Centric podcast to unpack these trends and discuss the implications of Japan's changing market dynamics.

What's driving Japan's historic bull market? And why are global investors finally returning to Tokyo after years on the sidelines? According to Goldman Sachs, it&rsquo;s a rare convergence of factors including the global AI trade, inflation, corporate governance reform and an evolving macroeconomic landscape.
The firm also believes a regime shift is underway in the market, moving focus away from the high-growth, asset-light sectors such as software that dominated the past decade. Instead, they highlight a transition into "HALO" stocks: heavy assets, low obsolescence. These capital-intensive sectors, such as utilities and telecommunications, offer defensive barriers that can protect against AI disruption and geopolitical friction.
Bruce Kirk, chief Japan equity strategist at Goldman Sachs, joins John Lee on the Asia Centric podcast to unpack these trends and discuss the implications of Japan's changing market dynamics.

Why Global Capital Is Pouring Into Japan Stocks

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/c0231d31-9fb0-4c65-8b9c-b479005e1164/transcript

Special Live Recording With Apollo's Michelini

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