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ANYTHING THAT HAPPENS WITHIN A 24-HOUR PERIOD IS NOISE. OUR THINK ONCE THE MARKET UNDERSTANDS WE ARE FOCUSED ON FISCAL CONSOLIDATION AND TRYING TO BRING THE MARKET BACK INTO EQUILIBRIUM IN A THINLY TRADED MARKET. HASLINDA: TREASURY SECRETARY SCOTT BESSENT TELLING US TO TUNE OUT THE NOISE AROUND DAILY MARKET SWINGS, BUT INVESTORS ARE NOT LISTENING AS BOND MARKETS QUESTION AMERICA'S FISCAL PATH. WALMART EARNINGS RAISE DOUBT ABOUT THE EARNINGS OF THE U.S.

CONSUMER. A BIGGER QUESTION IS EMERGING, WHAT IS SIGNAL AND WHAT IS NOISE? LIVE FROM SINGAPORE, THIS IS INSIGHT WITH HAS LINDA ARMENTA WHERE WE DIVE INTO THE STORIES THAT MATTER WITH CRUCIAL CONTEXT AND SHARP ANALYSIS. OIL HEADS FOR A SHARP WEEKLY GAIN AS WASHINGTON MOVES TO ISOLATE IRAN'S ECONOMY. BRENT HEARING $90 -- NEARING $90. ALIBABA SHARES SWING AFTER STRONGER MARGINS EASE AI SPENDING CONCERNS. INVESTORS WEIGHING THOSE METRICS AGAINST PROFIT PRESSURE AND RISING CAPITAL INVESTMENT.

INDIAN REGULATORS BAN A J.P. MORGAN LINK DENSITY AND BROKERAGE AFTER ALLEGED MANIPULATION, UNDERSCORING EFFORTS TO PROTECT INDIA'S NEW MARKET CLOSING SYSTEM. OUR TOP STORY TODAY, ASIAN BONDS AND THE DOLLAR REMAIN UNDER PRESSURE AFTER A RALLY IN TREASURIES FADED. BONDS FALLING IN JAPAN AND NEW ZEALAND, GIVING UP MUCH OF THE GAINS FROM YESTERDAY. THE REVERSAL CAME AS TREASURY SECRETARY SCOTT BESSENT IS PREPARED TO EXPAND DEBT REPURCHASES AND UNVEIL A NEW FISCAL PLAN.

FOR MORE, BLOOMBERG M LIVE STRATEGIST MARK GRANT FAILED AND ANTHONY STEVENS. IT DOES SEEM LIKE TREASURIES CAN'T CATCH A BREATH, AND PERHAPS BESSENT IS LEARNING IT'S HARD TO CONTAIN THOSE LONG END YIELDS. IT'S A VERY HUGE MARKET. THE PUBLIC DEATH IN AMERICA IS $40 TRILLION U.S. THE KIND OF MONEY SCOTT BESSENT IS THINKING ABOUT DOING BUYBACKS WITH IS A SMALL FRACTION OF THIS ENORMOUS MARKET. IT WOULD NEED TO BE SKILLFULLY DONE TO PERSUADE PEOPLE THEY SHOULD GO FULLY ALONG WITH HIS THINKING THAT YIELDS HAVE BEEN CAPPED.

AT THE SAME TIME, THE U.S. GOVERNMENT HASN'T PUT FORTH A COHERENT PLAN FOR HOW THEY ARE GOING TO GET THE FISCAL DEFICIT DOWN TO THE LEVELS IT WAS SIX OR SEVEN YEARS AGO, LET ALONE WHEN IT WAS CLOSE TO BEING BALANCED. UNTIL THEY ADDRESS THAT, TRADERS CAN SEE THERE ARE SOME HOLES IN THIS STRATEGY. YOU HAVE THE SITUATION IN THE MIDDLE EAST, WHICH IS KEEPING OIL PRICES HIGH. THAT FEEDS INTO THE INFLATION SITUATION. THERE IS NO PARTICULAR SIGN THAT IS GOING TO BE ADDRESSED.

APPARENTLY MR. BESSENT IS GOING TO ANNOUNCE NEW ECONOMIC MEASURES AGAINST IRAN, WHICH MAY MAKE THE SITUATION EVEN WORSE THAN IT IS NOW. THAT'S NOT GOING TO VEIL OUT THE LONG END OF THE BULL MARKET EITHER. TRADERS ARE TELLING HIM, IT'S AN INTERESTING PLAN, THERE ARE A FEW HOLES, TELL US WHEN YOU ARE SERIOUS. HOW'S LINDA: THE QUESTION REMAINS HOW MIGHT THIS IMPACT THE STOCK MARKET. SO FAR NOT REALLY. CAP ASK EARNINGS LOOKING PRETTY HUNKY-DORY.

A CORPORATE BOND MARKET IN RUDE HEALTH. ALL THE CORPORATE MARKET NEEDS IS FOR THE LONG END TO BE MINIMALLY ANCHORED. THAT'S WHY THERE WAS THAT FREAK OUT WHEN THE TREASURY LONG END LOOKED UNANCHORED. AS LONG AS THE FED IS DOING ANYTHING ABOUT YIELDS, THAT'S ENOUGH FOR THE STOCK MARKET. BRAUN, CAPITAL MARKET IN A BIG WAY. CLOSER TO HOME IN ASIA, IG SPREADS AT HISTORIC LOWS AND THAT IS SUPPORTING THE BOND MARKET IN THESE STOCKS.

RAISING CAPITAL FOR AI CAP ACTS IS EXTREMELY EASY IN THE BOND MARKET. ALL YOU NEED IS SOMETHING A LITTLE ANCHORED. YOU SEE THE STOCK PERFORMANCE AGAIN UNDER THE HOOD OVERNIGHT IN THE U.S. WITH THE AI SEMICONDUCTOR PLAYS OUTPERFORMING THE BROADER MARKET, AND MORE OF THE SAME IN ASIA WITH THE CHINEX OUTPERFORMING, KOREA DOING WELL. YOU ARE SEEING THE BUYBACK COME BACK MOST NOTABLY WITH SK HYNEK'S. EVEN AS WE TALK ABOUT SURGING YIELDS, THEY ARE NOT THAT HIGH.

THE 1990'S, WE HAD YIELDS AT 6.5%. MARK: IT'S MORE ABOUT THE VELOCITY OF THE MOVES RATHER THAN ABSOLUTE LEVELS. INTEREST RATES AROUND THE WORLD HAVE BEEN MUCH HIGHER THAN THEY ARE CURRENTLY, NOT JUST THE U.S., BUT EUROPE AND JAPAN AS WELL. I REMEMBER 7% YIELDS IN JGB'S. THE POINT IS HOW QUICKLY THE INCREASES IN THE YIELDS GO. THAT WAS PROBABLY UNNERVING THE ADMINISTRATION RECENTLY. THE CURVE WAS DEEPENING, MAKING PEOPLE JITTERY.

JAPAN FROM TIME TO TIME GETS EDGY WHEN YIELDS ARE GOING UP TOO QUICKLY. WHAT INVESTORS ARE LOOKING AT IS THE FALLOUT FROM THESE THINGS. AS ANTHONY IS SAYING, WHEN YOU HAVE THE U.S. TREASURY INTERVENING, IT'S GOING TO GIVE RISK APPETITE A BOOST. THERE IS GOING TO BE A FALLOUT SOMEWHERE AND IT LOOKS LIKE THE WEEK LEAK IS THE U.S. DOLLAR. WHEN GLOBAL INVESTORS USE CONFIDENCE IN THE POLICIES OF ANY PARTICULAR COUNTRY, THE CURRENCY IS LIKE THE SHARE PRICE OF THE COUNTRY.

PEOPLE ARE NOT SO KEEN ON WHAT THEY SEE, THEY WILL BUY OR SELL CURRENCY ACCORDINGLY. THE U.S. DOLLAR IS PROBABLY GOING TO BE ON A LONG-TERM DOWN TREND AS PEOPLE THINK MONETARY POLICY IS NOT ALIGNED. ALL OF THAT IS DETRIMENTAL TO PEOPLE WHO WANT TO PUT THEIR MONEY IN THE U.S. DOLLAR. ASIA IS SEEING A GREAT SIGN OF MONEY COMING BACK TO THE KOREAN ONE, THE TAIWAN DOLLAR. THAT'S GOING TO BE THE FALLOUT. U.S. DOLLAR IS LIKELY TO TREND LOWER FOR SOME TIME.

WHAT MIGHT EVENTUALLY BREAK THE EQUITY MARKETS. WE TALK ABOUT SURGING OR ELEVATED OIL PRICES. THAT COULD BE A FACTOR AS WELL. ANTHONY: IT DEPENDS WHAT STOCK MARKET YOU ARE TALKING ABOUT. THE OIL AND CONSUMPTION STORIES ALREADY CRACKING MAJOR STOCK MARKETS, WHETHER YOU ARE TALKING EUROPEAN LUXURY OR U.S. MASS RETAIL OR CHINESE E-COMMERCE NAMES. THE AI SIDE IS AI INNOVATION. THAT'S WHY YOU HAVE SEEN THE BIGGEST MARKDOWNS WHEN CHINESE COMPETITION COMES IN AT LOW PRICES FOR THERE IS AN INNOVATIVE SHIFT IN HOW THE CHINESE USE AI COMPUTER.

THAT DISRUPTION HAS NOT PASSED. IT'S INTERESTING TO NOTE THAT MOMENTUM IS STILL DOWN COMPARED TO THE JULY RUCKUS. PEOPLE HAVE NOT RECOVERED FROM THAT. UNDERNEATH THE HOOD OF THE AI TRADE, THERE'S A LOT OF DISPERSION AS THE TECHNOLOGY MOVES SHARPLY FORWARD. YOU SEE DATA CENTERS DO WELL AND LLM'S LAG. HASLINDA: MARK GRANT FAILED AND ANTHONY STEVENS, THANK YOU FOR THOSE INSIGHTS. LET'S GET MORE PERSPECTIVE FROM THE MARKET STRATEGIES FIRST DEGREE GLOBAL MANAGEMENT.

WE HEARD FROM SCOTT BESSENT. HE SAID YIELDS DO NOT REFLECT FUNDAMENTALS. THEY DON'T? THANK YOU FOR HAVING ME. I THINK WE HAVE FIGURED OUT THE RESEARCH THING IS ROUGHLY ABOUT 500-3430 YEAR. MANY SPEAKERS HAVE HIGHLIGHTED THIS IS JUST A DROP IN THE OCEAN. IT ALSO MOST -- ALMOST COMES ACROSS AS A DESPERATE MOVE AND THE HEIGHT OF GLOBAL SOVEREIGNS HAVING A LITTLE STRESSED. WE SHOULDN'T LOOK AT THE U.S. IN ISOLATION BECAUSE A LOT OF TRADERS AND MARKET PARTICIPANTS LOOK AT SOVEREIGNS AS A GROUP.

NOT JUST THE U.S., THE SAME IN JAPAN, THE U.K.. CHINA A BIT OF AN EXCEPTION. YOU CAN'T REALLY CONTROL THE LONG END BECAUSE THIS IS DOMINATED BY MARKET PARTICIPANTS. UNTIL TERM PREMIUM DOESN'T COME DOWN, I DON'T THINK ANYTHING TREASURY CAN DO. CURRENTLY WE ARE PUTTING A BAND-AID ON A BIGGER PROBLEM. HASLINDA: I'M WONDERING WHETHER FUNDAMENTALS ARE INTACT. THEY ARE GETTING CLOUDY RIGHT NOW. LOOK HOW WALMART SALES CAME AT THE WEAKEST IN ABOUT A YEAR, AND CONSUMER SENTIMENT ISN'T SO GREAT AFTER ALL.

KAIA: IT DEPENDS WHAT FUNDAMENTALS WE ARE TALKING ABOUT. YOU TALK ABOUT CONSUMERS -- HASLINDA: THE FUNDAMENTALS OF THE ECONOMY, AND CONSUMERS DRIVE THE ECONOMY. KAIA: DEFINITELY. IT IS CAP ASKED PUSHING THE ECONOMY FORWARD. WITHOUT AI SPENDING, I DON'T THINK WE WOULD HAVE ANY ECONOMIC GROWTH. IT WOULD BE POTENTIALLY SEEING SENTIMENT HAPPENING ON THE OUTER SECTORS. I WOULD BE MINDFUL ABOUT DISCOUNTING THE U.S. CONSUMER COMPLETELY.

I THINK THE TOP 10% IS STILL PUSHING THE ECONOMY AHEAD. WE HAVE HEARD A LOT ABOUT THE CASE SHAPED ECONOMY, AND I BELIEVE THESE EARNINGS RESULTS ARE REFLECTIVE OF THE CONSUMER SEGMENT. HASLINDA: INTERESTING THAT BESSENT POINTED OUT IF HYPER SCALARS WANT TO ISSUE BONDS, THEY SHOULD BE FOCUSING ON THE BELLY RATHER THAN THE LONG END. IT'S INTERESTING HE IS WEIGHING IN ON THE ISSUE. IS HE RIGHT? KAIA: HE IS RIGHT FROM THE PERSPECTIVE OF

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