美国30年期国债收益率创25年新高，法拉奇赢得英国补选

LIZZY: THIS IS BLOOMBERG DAYBREAK: EUROPE. TRUST DEFICIT. INVESTORS DEMAND THE HIGHEST YIELD ON U.S. 30 YEAR BONDS IN A QUARTER-CENTURY. GOVERNMENT FOLLOWING LEVELS FUEL CONCERNS. A FOURTH WEEK IN THE GREEN. CHIP STOCKS DRIVE MORE GAINS IN ASIA IS. THE AI REBOUND CONTINUES BLOOMBERG LEARNS OPENAI IS SET TO GENERATE ANNUALIZED REVENUE OF MORE THAN $40 BILLION, ALTERING THE AI GIANT AHEAD OF ITS PLANNED IPO. HAPPY FRIDAY.

ASIAN STOCKS ADDING TO THE FOURTH WEEK OF GAINS AND FUTURES POINTING HIRES ON BOTH SIDES OF THE ATLANTIC AFTER THE S&P ALREADY CLOSED AT A FRESH HIGH YESTERDAY. THE MOOD LIFTED BY THE U.S. INFLATION DATA, REINFORCING BETS THAT THE FED WILL HOLD OFF ON RAISING RATES FOR ANOTHER MONTH. MARCUS AN UPRISING LESS THAN A 40% CHANCE OF A SEPTEMBER MOVE. TECH STOCKS ALSO EXTENDING THAT REBOUND. SK HYNIX UP MORE THAN 5%. SAMSUNG UP 3.4% AS THINGS STAND.

BOTH UP 15% THIS WEEK. YOU CAN SEE OIL IS HOLDING ABOVE $87 A BARREL THIS MORNING. CRUDE TANKERS CONTINUING TO EXIT THE PERSIAN GULF DESPITE THE LIMITED DIPLOMATIC PROGRESS TO REOPEN THE STRAIT OF HORMUZ. TREASURIES YIELDS ARE A TOUCH HIGHER ACROSS THE CURVE. U.S. BONDS RALLIED YESTERDAY DESPITE THE AUCTION SELLING AT THE HIGHEST YIELD AND 25 YEARS. THE 10 YEAR YIELD AT 4.65. REMINDING THE YEN, STILL IN STRIKING DISTANCE OF 160 PER DOLLAR EVEN AFTER THE JAPANESE PRIME MINISTER'S GOVERNMENT OR WAS SET TO SUPPORT A RATE HIKE.

LET'S TAKE A LOOK AT THE RISK A GENT -- EVENTS ON THE AGENDA. 1:30 P.M., THE LATEST U.S. RETAIL SALES SPIRIT OF LOOKING FOR A MODEST ADVANCE AFTER A SOFT JUNE PRINT. AT 3:00 P.M., THE UNIVERSITY OF MICHIGAN SENTIMENT DATA AND TODAY IS THE FILING DEADLINE FOR INSTITUTIONAL MANAGERS TO DISCLOSE THEIR SECOND-QUARTER EARNINGS. EXPECT A WAVE OF 13F FILINGS HITTING AFTER THE CLOSE. LET'S GET YOU STARTED. ♪ TECH LEADING THE WAY ONCE AGAIN IN THE ASIAN SESSION.

LET'S GO TO WINNIE HSU TO SEE HOW THINGS ARE FARING. WINNIE: GOOD MORNING. WE ARE SEEING A PRETTY DECENT WEEK FOR ASIAN STOCKS WITH THE MSCI ASIA UP A BIT LESS THAN 3% SO FAR THIS WEEK. WE HAD THE VERY BEST WEEK SINCE TWO MONTHS AGO. SUPPORTING SENTIMENT ARE THOSE LATEST INFLATION NUMBERS FROM THE U.S. INDICATING INVESTORS ARE WALKING THEIR BETS AWAY IN TERMS OF THE FED'S RATE HIKE. CAN SEE THAT LEADING GAINS SAY THEY ARE THE TECH STOCKS IN THE REGION ESPECIALLY THE KOSPI UP 1.6%.

WE ARE SEEING FOREIGN INVESTORS COMING BACK INTO THE MARKET WITH A NET INFLOW FOR THIS WEEK. SEEING THE HIGHEST LEVEL SINCE APRIL. THE JAPANESE STOCKS HIGHER WHILE THE YEN IS A BIT STRONGER AGAINST THE DOLLAR BUT WE CLOSELY WATCH OUT FOR THOSE RISKS FOR INTERVENTION AS THE YEN REMAIN JUST BELOW THE 160 LEVEL AGAINST THE DOLLAR. WE TAKE A LOOK AT THE BIGGEST GAINERS NI AS -- IN ASIA WHICH ARE THE MEMORY CHIP STOCKS. LEADING GAINS ABOUT 4%.

SIMILAR GAINS WHEN IT COMES TO SK HYNIX AND SAMSUNG, COMING AFTER THOSE BULLISH OUTLOOK FROM SANDISK. INVESTORS REALLY LIKED THOSE LONG-TERM AGREEMENTS, AS WELL AS THE EXPECTATION FOR THE STRONGER REVENUE AND THE CASH RETURNS. THOSE ARE SUPPORTING THE SECTOR, WHILE THE WEAKNESS, WE CONTINUE TO SEE IN THE TECH SHARES IN HONG KONG WHICH IS A TREND WE'VE SEEN THE PAST FEW SESSIONS. AS WE LOOK AT HOW TODAY'S LOSSES HAVE BEEN DRIVEN BY JD.COM, DOWN MORE THAN 10%.AFTER THE COMPANY LOCKED IS VERY FIRST REVENUE LOSS SINCE 2014.

THIS IS COMING ON THE BACK OF THAT WE CONSUMER DEMAND. WE DO HAVE MEITUAN REPORTING LATER TODAY, DOWN ABOUT 6% SO INVESTORS TURNING QUITE CAUTIOUS. THOSE DRAGS ON THE HSTECH DOWN ABOUT 2% IS ALSO HEADING FOR HIS WORST WEEK IN ABOUT TWO MONTHS. OVERALL, EARNINGS SHOWING THE DIVERGENCE WHEN IT COMES TO THE WEAKNESS IN INTERNET NAMES WITH THE STRENGTH HARDWARE NAMES. YOU CAN SEE THE HARDWARE NAME, UP ABOUT 2% AFTER EARNINGS SHOWING A BEAT AGAINST ESTIMATE DRIVEN BY THE STRONG DEMAND FOR CHIPS.

LIZZY: THANK YOU FOR THE UPDATE ON ASIAN MARKETS. WE HAVE SOME BREAKING NEWS. THIS IS THE RESULT OF THE COLLECT AND BY ALEXION IN THE U.K.. A SPECIAL ELECTION IN WHICH NIGEL FARAGE WAS SEEKING TO RETURN TO PARLIAMENT. HE WON A MAJORITY OF THE VOTE IN THIS SPECIAL ELECTION. HE TRIGGERED THE CONTEST HIMSELF. HE STEPPED DOWN OTHERS THE LOCAL MP. IT PUT A STOP IN TO THE INVESTIGATION IN HIS FINANCES. HE SAID IT WAS UP TO THE ELECTORATE TO JUDGE HIM AND THE EXPECTATION WAS THE VOTE WOULD GIVE HIM THIS NEW MANDATE.

OTHER MAJOR PARTIES COLLECTIVELY SITTING OUT OF THE CONTEST, DERIDING IT AS A STUNT. THAT LEFT HIS MAIN COMPETITOR, A MAN DRESSED AS A TRASHCAN KNOWN AS COUNT BINFACE. THIS WAS THE LARGEST EVER FIELD IN A BRITISH BI-ELECTION. 33 CHALLENGERS TO FARAGE. WE CAN SEE MORE TROUBLE AHEAD FOR HIM. HOLSTER SEVEN TALKING ABOUT FARAGE 50, THE SCANDALS AROUND HIS FINANCES, BUT ALSO AS HE HAS A THREAT AGAINST THE PRIME MINISTER ANDY BURNHAM TALKING ABOUT THE COST OF LIVING.

TALKING TO THE PUBLIC, CONNECTING WITH THE PUBLIC AND THE RECOGNITION AMONG SENIOR REFORM FIGURES THAT CALLING THIS CLACTON VOTE MADE THE PARTY LOOK EVASIVE, MADE IT LOOK DEPENDENT ON STARTS. LATER IN THE PROGRAM, WE WILL GET FULL ANALYSIS FORM ARE U.K. POLITICAL CORRESPONDENT LUCY WHITE. THE RESULT IS FARAGE HAS WON A MAJORITY OF THE VOTE IN CLACTON. LET'S TURN BACK TO TECH AND BLOOMBERG UNDERSTANDS OPENAI IS ON TRACK TO GENERATE OVER $40 BILLION IN ANNUALIZED REVENUE BASED ON ITS CURRENT PERFORMANCE.

THE REVENUE ACCELERATED IN RECENT MONTHS, ROUGHLY DOUBLING ITS RUN RATE FROM THE END OF 2025. FOR MORE, WE ARE JOINED BY OUR EDITOR SAM. WHAT IS BEHIND THIS UPTICK IN OPENAI'S REVENUE? SAM: VERY BROADLY, OPENAI ANTHROPIC AND ALL THE LEADING NAMES WITHIN THE AI MODELS AND AGENTS ARE ALL SEEING IN BUSINESS. WE HAVE SEEN THAT THROUGH EARNINGS SEASON, STRONG RESULTS ACROSS THE AI NARRATIVE. I THINK THE THING TO KEEP IN MIND WITH THESE TWO, OPENAI ANTHROPIC, THE PAIR OF THEM ARE TRADING OFF AT THE MOMENT AND BOLSTERING THEIR OWN STRENGTHS AND THEIR PLANS FOR AN IPO LATER IN THE YEAR FOR EACH COMPANY.

BOTH IPOS EXPECTED TO BE ENORMOUS DEALS. YOU ARE LEFT THE HEAR MUCH MORE OF THIS IS HOW STRONG THOSE BUSINESSES ARE, HOW THE REVENUE RUN RATES ARE AND HOW THE OUTLOOKS ARE AS WELL. LIZZY: YOU HAD DEEPSEEK STEEPLY RAISING THE PRICES FOR ITS FLAGSHIP V4 MODELS AHEAD OF A POTENTIAL IPO FOR THEM AS WELL.

THAT'S RIGHT. MOST OF THIS WILL BE DOWN TOWARDS THE IPO, WE WANT TO LOOK AS PROFITABLE AS POSSIBLE. RAISE PRICES ABOUT FOUR TIMES OVER BUT STILL SIGNIFICANTLY CHEAPER. THE AI TOKENS FROM DEEPSEEK THAN MOST OF THE OTHER MAJOR PLAYERS, INCLUDING THE LIKES OF ANTHROPIC. YES, THEY HAVE RAISED THOSE PRICES BUT OVERALL, THE QUESTION AND THREAD OF HOW MUCH CHEAPER AI CAN BE FROM CHINA, WHICH HAS BEEN SEEPING INTO THE AI NARRATIVE OVER THE COURSE OF THE LAST COUPLE YEARS, REMAINS.

ONCE YOU GET TO THE IPO FOR DEEPSEEK, YOU GET A CLEAR IDEA OF WHAT THEIR PLANS ARE AND HOW THAT MIGHT WELL AFFECT SOME OF THE OTHER PLAYERS IN THE MARKET. LIZZY: WE'VE GOT NASDAQ FUTURE SLIPPING INTO THE RED NOW. IT IT IS A POSITIVE PICTURE FOR U.K. FUTURES AND THE COST BEGAN ASIAN STOCKS. SOME OF IT COMING BACK FROM OPTIMISM AROUND AI. HOW MUCH OF THAT GETS DOWN TO WHAT SANDISK SAID AT THE INVESTOR DAY? SAM: QUITE A BIT AND SANDISK CAPPED OFF QUITE A GOOD WEEK.

FOR THE AI STORY IN GENERAL, QUITE A FEW EARNINGS OVER THE COURSE OF THE WEEK, SOME OF THEM ARE HEADING UP AGAINST HIGH EXPECTATIONS OF THE SHARE PRICE MOVEMENT NOT LOOK THAT GOOD. FOR THE MOST PART, RESULTS HAVE BEEN STRONG. SANDISK, THEY SURE ARE SVELTE BECAUSE THEY COULD NOT GET OVER THE HIGH BAR BUT THE RESULTS WERE VERY GOOD. THE OUTLOOK THEY GAVE YESTERDAY TAKES AWAY A LITTLE BIT OF THE NERVOUSNESS ABOUT HOW SUSTAINABLE THIS IS.

FOR THESE COMPANIES, THEY ARE OPERATING ON STRONG MARGINS BUT THERE'S ALWAYS A QUESTION OF HOW LONG THIS CAN GO ON FOR. 2028, ASSUME SOME OF THOSE CONCERNS AND THAT IS WHAT YOU HAVE SEEN COME THROUGH IN THE KOSPI, WHICH IS UP ABOUT 10% OVER THE COURSE OF THE WEEK. THEREFORE, ENDING A SEVEN-WEEK LOSING RUN. THE NARRATIVE HAS TURNED QUITE A BIT MORE POSITIVE ESPECIALLY ON MEMORY STOCKS OVER T