Sep 25, 2026 · 6 min
India’s exchange debut collides with insurance-sector pressure
NSE Rises, Turtlemint Sinks, PB Fintech Crashes
The episode connects market optimism around India’s National Stock Exchange debut with regulatory pressure threatening insurers, distributors, and fintech valuations.
- 1A conciliatory Xi-Trump meeting offered symbolism without resolving the trade tensions shaping Asian markets.
- 2Japanese bank shares benefited from higher global rates, a steeper yield curve, and delayed increases in deposit costs.
- 3India’s exchange debut faced a broader financial-sector reckoning as commission limits pressured insurers, distributors, and fintech shares.
Don't miss
The sharp contrast between India’s major National Stock Exchange debut and the steep declines in PB Fintech and Turtlemint captures the episode’s central tension.
The brief
Caroline Hepker and Anthony Stevens survey Asia’s major movers, beginning with the conciliatory tone of the Xi-Trump meeting and the trade tensions beneath its symbolism.
Japanese bank shares are rising as global rates move higher: a steeper yield curve may help earnings, while delayed increases in deposit rates could protect margins.
India’s National Stock Exchange makes its market debut after a massive IPO, with its prospects tied to growing derivatives activity and the uneven momentum of Asian cash markets.
The episode closes on pressure facing Indian insurers and distributors as proposed limits on commissions and expenses weigh on the sector, alongside sharp declines in PB Fintech and Turtlemint.
What was said on this episode
6 statements · 4 positive · 1 negative · 1 mixed
Delayed deposit-rate increases are generating earnings for Japanese banks
“the Japanese banks have been slow to pass on higher rates in the form of deposit rates. So that lag is generating a bunch of earnings”
Listen at 2:43
Japanese lenders’ US expansion plans are beginning to pay off
“they are benefiting from lending in the US. There are some big expansion plans that Japanese lenders have made in the US that are starting to pay off in a pretty decent way.”
Listen at 2:59
Japanese bank stocks are up 2–3%, supporting the index
“This entire sector is up 2 to 3% and it's literally helping the index stay up.”
Listen at 3:12
SoftBank is weak amid doubts about long-duration technology trades
“There is some doubt on the longer run, higher duration trades in the tech space on the other side of things. So while banks are strong, SoftBank is weak.”
Listen at 3:17
Asian exchanges increasingly need effective derivatives strategies
“So it's becoming very important to have a good derivative strategy.”
Listen at 4:16
SGX is at multi-year highs while Australian and Hong Kong exchanges struggle
“SGX is the poster child for that. That's at multi-year highs, whereas Australia and Hong Kong have struggled.”
Listen at 4:20
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
Featuring
Anthony Stevens
Hong KongListen to the full episode and explore every guest, topic, and moment on PodLume.