Anthropic拟IPO对标SpaceX，Broadcom发债600亿

9 a.m. in Shanghai, Shenzhen and here in Hong Kong. You're watching the China show. I'm Yvonne Man with David Ingles. Happy Friday. We are counting down to the open of markets in Greater China. Let's get to your top stories today. Stocks across the region sideways flats coming under pressure mostly. That's US treasuries erased gains over concerns that a US debt buyback will offer. No more, no more at least than a temporary reprieve reprieve from rising borrowing costs.

Bloomberg loans the anthropic expects to match or top SpaceX's record IPO meanwhile, Broadcom said to be raising more than $60 billion in debt, adding to the rush of eye financing deals. Now I spending also in focus for Alibaba after it reports a steep drop in profits to fund new chips and data centers, will be watching those shares at the Open in Hong Kong. And we speak exclusively with Henderson Land CFO Andrew Fong to discuss a jump in the builders profits.

We'll also hear from the heads of medicine, which reported higher revenue and trimmed its losses. Good morning and happy Friday. Once again, uh, lots, uh, things to get into. Of course, as we go into the session today to Friday session, we're starting things off here with a three day look at 30 year bond futures given, of course, the, uh, the news coming through at, uh, Scott Best since the buyback there and what that means for the bond markets a lot of beats there.

Uh, in fact, that gets us into the other themes of crisis market. Speaking of be bullion is going to be very much in focus with spot gold at 4500. That's going to be very much in focus equity markets. Another B Alibaba. Uh, also Samsung and another buy back there. And of course within the equity space it's also about biotech. There we go. We've gone from 5 to 6 base uh Boba overnight 1.3 that the stock we're tracking going into the session today and of course dollar China on your screens 6 or 7.

Very much in focus if you go into that specific level. Oh man. Dollar. China, silently but very rapidly, is now closing in on that, uh, key level that's coming up on your screens. And of course, we'll talk more about this in a moment. That is, of course, has been largely on offer these last few days. It's very interesting the dynamics we're seeing across this bond market right now. On the one hand, you have, of course, Scott Besson trying to please rein in and have a bit, maybe more of a grip when it comes along.

And but that again, you have also have all this I find amazing that's going on that is keeping rates elevated as well. And then what does that mean for the fed. Right. When it comes to a time when Kevin Warsh has talked about letting the market do a lot of that tightening with what we're seeing in the bond markets. So yes, a lot of crosswinds there. Let's bring in our markets. Reporter Anthony Stevens. Um, yes. The buy back from Betsy.

Let's talk about that. Not so yet, but that seems to be in some ways already being challenged by the market. What do you think is next? Your best bet is finding out that intervention is very hard against a run of play of fundamentals. Lesson the Japanese are learning the hard way as well. And the reason for that is you touched on is that the fiscal indiscipline in the US meeting this huge bull market in AI, which is so hungry for capital.

Right. If a company like Broadcom can, you know, raise 60 billion as part of a massive calendar of DCM, we are well into the cycle now in the second year of the IE boom, and people are still raising 60 billion in the debt capital markets. Right. Goldman had a stat that around 40% of this issuance is in ten years plus, right? IAG has already almost caught up with the bank kind of weighting in the in the index stack. Right.

So that is a very big change. IG index in the US used to be safe companies and financials. Now it's increasingly tech. This is a lot of pressure on the Treasury. Right. And it's very interesting to see the kind of volumes in the long bond futures also pick up. So speculation is really picking up. CFTC data will be super interesting around that front. How? How extensively are people betting against the fed. Right. And now you see Benson coming out more regularly talking about this is on his on ex having arguments with economists.

Right. Like you need to set the tone for the market that this buyback has to be respected. And that is a long journey. Economist and journalist I should note, uh, Samsung ended by back there. What do we know that's becoming macro right. So Samsung you know was widely expected to follow Hynix. And it has come through. It looks like the number is quite punchy now. It looks like that number also has to be repeated quarter on quarter.

And this is partly to settle down local retail. Local retail has been quite adamant that, you know, all this money has to be returned back to shareholders as opposed to be continually ploughed into the CapEx story. Now, those two things combined to boost the one read more. Money is coming home. And that is very important for the one, right? It's actually been stronger to such an extent that the South Koreans are now complaining about the currency being too strong, You can't help some people, but I guess that is going to be a much bigger macro concern going forward.

It sets the Boeotia up really well into next week. Right? You have a proper bull market in the country. The economic growth is starting to spread into wages. So how does the bill see that? And what do they think of the currency and the rates picture? They're in a much stronger position. And on the front foot versus, say, the BRG. And the wall has materially outperformed the yen here. Anthony fantastic. Thank you so much.

This is up really going into the weekend and into next week. Anthony Steve and stare on one of the topics. We perhaps glanced on there, uh, tangentially there when Anthony is all this fundraising taking place in the air space, and certainly Bloomberg has learned on the anthropic deal and how big perhaps this could be, uh, the company expects to match or at least beat the size of the record setting IPO coming out of space recently went it, then goes public.

Uh, a filing coming perhaps as soon as this month. Let's bring in a U.S. deals editor with that scoop. Uh, Michael. Uh, Haifa's witness out of San Francisco. Michael. Yeah? Talk to us about the scale of this and the timing. Why this swapping now, think this could be as big, if not even bigger than space X, right? Sticking with your B for biggest in this case theme. Um, space X, of course, raised $75 initially in its IPO and was later with the overlap and brought up to about 86 billion just in June.

Um, anthropic is now saying it expects to either match that or beat it. Um, it's that's just a lot of money. We can all agree on that, right? And, um, it's it's lining up so that it will it's positioned to do this. It has a $65 billion run rate in revenue. Keep in mind that anthropic was valued at almost trillion dollars back in May. And if you're doing a simple calculation at the float for an IPO, might be as much as 10%.

There's there's your space plus some right there. So all this is remains to be seen. And we should know, as you mentioned, by within a few weeks, by the end of the month, there will be a as we understand it, anthropic is internally running a bunch of numbers, and they get the valuation that they're going to try for. Um, when that becomes public will be, uh, probably some weeks later. Okay. Um, so that's a good timeline there to know whether stuff you think anthropic is taking towards that IPO right now.

Um, there is little signs here and there, little hints. Um, one is we reported a few hours ago that Citigroup was added to the bank line up. So in addition to Morgan Stanley, Goldman Sachs and JP Morgan, Citigroup is on there. Um, there will likely be at least a couple dozen banks in all. Um, we're fine to be out. You know, it's the top line that comes first. The most import