三星SK海力士公布巨额股东回报计划

VONNIE: IT IS 5:00 A.M. IN NEW YORK CITY, 10:00 A.M. IN LONDON. GOOD MORNING. I AM VONNIE QUINN WITH YOUR "BLOOMBERG BRIEF." LET'S GET YOU SET UP FOR THE DAY. THE DOLLAR UNDER PRESSURE AS INVESTORS ASSESS THE POTENTIAL FOR A BIGGER DEBT BUYBACKS AND THAT PLAN FOR FISCAL CONSOLIDATION. AI EXUBERANCE RIPPLING ACROSS MARKETS WITH SAMSUNG'S CHUNKY RETURN TO SHAREHOLDERS AND BROADCOM'S LATEST DEBT DEAL. BRENT POISED FOR A WEEKLY SURGE AS MARKETS AWAIT SECRETARY BESSENT'S ADDRESS TWO MARKETS NEXT WEEK.

LET'S START IN TOKYO WITH ALICE.

GOOD MORNING. A SLIGHTLY MAKES TODAY FOR EQUITIES TODAY. THE MSCI ASIA PACIFIC ENDING HIGHER, AS YOU MENTIONED. AI SENTIMENT PRETTY STRONG TODAY. SAMSUNG, SK HYNIX, TSMC HELPING DRIVE GAINS. U.S. RETAIL FALLING AFTER DISAPPOINTING WALMART RESULTS YESTERDAY. THE YEN HOVERING AROUND THAT 159 TO THE DOLLAR MARK, THAT HAS RETRACED SOME OF THE WEAKENING IT HAD EARLIER BEEN STRUGGLING TO GAIN GROUND. ALL OF THE FOCUS HAS BEEN ON BONDS AND JGB'S COMING UNDER PRESSURE THIS AFTERNOON.

WE SAW THE YIELD ON THE 40 YEAR JGB RISING AS MUCH AS SEVEN BASIS POINTS AT ONE POINT. THERE IS A LOT OF WORRIES AROUND WHAT'S HAPPENING WITH TREASURIES, WORRIES AROUND THE DOMESTIC SPENDING BY TAKAICHI'S GOVERNMENT SO I THINK WE COULD SEE BONDS COME UNDER MORE PRESSURE NEXT. VONNIE: LET'S GET TO LONDON TO SEE WHAT'S HAPPENING IN EUROPE. . WE WILL GO ACROSS TO ALEX MORGAN.

GOOD MORNING. YOU PROBABLY CANNOT HEAR ON THAT SIDE OF THE ATLANTIC BUT THERE IS AN AUDIBLE SIGH OF RELIEF FROM EUROPEAN EQUITIES AS THEY SNAP THE END OF WHAT WAS LOOKING LIKE IT WAS GOING TO BE THE WORST RUN IN A DECADE. IN THE GREEN THIS MORNING. ALL OF THESE MOVES ARE FAIRLY SMALL. AND THE GREEN, EUROPEAN EQUITIES THIS MORNING. LET'S FLIP THE BOARD AND HAVE A LOOK UNDER THE HOOD. WIND IN THE SALES FROM PMI. EUROZONE PMI COMPOSITE COMING IN AHEAD OF FORECASTS AND MANUFACTURING DOING THE HEAVY LIFTING.

GERMANY, THE BEST STREET SINCE 2022 SOME MANUFACTURING GIVING A LIFT. SERVICE A BIT OF A DRAG ACROSS THE CONTINENT. FRANCE AS WELL. EQUITIES PICTURE IN THE GREEN SO WE WILL BE TALKING -- WE WILL NOT BE TALKING ABOUT THE WORST RUN SINCE 2016. VONNIE: ALEX MORGAN, THANK YOU SO MUCH. EVEN WITH ALL OF THE FISCAL CONCERNS THAT ARE NOW COMING TO THE FORE AND ARE REALLY FOREFRONT IN MARKETS' MINDS, WE DO HAVE FUTURES HERE RATTLING AS WELL THANKS TO SOME AI EXUBERANCE.

THAT IS WHAT ALICE WAS TALKING ABOUT AND ALEX WAS TALKING BY AND WE HAVE A HAD FIVE STRAIGHT DAYS OF DECLINES FOR THE NASDAQ 100. IF YOU LOOK AT TREASURIES, THAT'S WHERE THE MAIN ACTION IS HAPPENING RIGHT NOW. SCOTT BESSENT'S PLAN FOR FISCAL CONSOLIDATION, WE DON'T KNOW WHAT THE PLANS ARE RIGHT NOW, HE SAYS THERE IS A BIG TOOLKIT. GOLDMAN SAYING IF YOU WANT TO GET YIELDS DOWN, YOU'VE GOT TO DEAL WITH INFLATION SO WE ARE SEEING THAT 30 YEAR YIELD NOT FULLY BACK TO THE HIGHS WE SAW LAST WEEK BUT 5.2350 IS NOT WHERE WE WERE AT THE BEGINNING OF BESSENT'S ANNOUNCEMENT EITHER.

DEFINITELY A PARTIAL REVERSAL AND THE SAME FOR THE BELLY, THOUGH WE ARE BELOW 4.7 RUN OUT. WE WILL BE LOOKING TO NEXT WEEK, KEVIN WARSH AND JACKSON HOLE AND WHAT HE SAYS TO SEE WHAT HAPPENS WITH THE TWO YEAR YIELD. WE ARE SEEING SOME DETRIMENT TO THE U.S. DOLLAR. IF YOU LOOK TODAY, ANOTHER DECLINE OF ABOUT 0.3%, 98 AND CHANGE ON THE DOLLAR INDEX BUT IT IS ON THE DECLINE AND UNDER PRESSURE. GOLD CONTINUES TO RALLY. BRENT CRUDE OFF ITS HIGHS BUT WE ARE HEADING FOR A WEEKLY SURGE.

BITCOIN AS WELL HAS BEEN ON AN ABSOLUTE TEAR, CONTINUING HIGHER NOW. LET'S GET TO SOME INDIVIDUAL MARKET MOVERS. WE GO BACK OVER TO LONDON AND CHLOE MELEY.

AS YOU ARE JUST MEASURING BITCOIN, WE ARE SEEING THOSE CRYPTO LINKED STOCKS IN THE GREEN WITH THE LIKES OF STRATEGY, MARA HOLDINGS, AND COINBASE ALL UP, WITH STRATEGY IN PARTICULAR UP MORE THAN 10% IN PREMARKET. MOVING ON TO RETAIL AND WE HAVE GOT A DISCOUNT RETAILER BOOSTING ITS OUTLOOK, UP QUITE STRONGLY ON THE BACK OF THAT, AS MOMENTUM CONTINUES WHILE SHOPPERS TRY AND SEEK OUT MAY BE CHEAPER OPTIONS WHILE THEY GO SHOPPING.

FINALLY, LET'S GO OVER TO ITALY, WHERE MONTE DEI PASCHI IS TRYING TO BUY NOT ONE BUT TWO BANKS FOR A COMBINED 34 BILLION EUROS, IT IS TRYING TO FEND OFF A TAKE OVER FROM INTESA SANPAOLO. IT MIGHT BE QUITE DIFFICULT TO PULL OFF. VONNIE: CHLOE MELEY WILL BE BACK. WE ARE GOING TO CATCH UP WITH MAX KETTNER OF HSBC, OBVIOUSLY TALKING ABOUT THE INCREASED DEBT BUYBACKS AND WHAT IS IN THAT TOOLKIT AT TREASURY. TREASURIES STEADY THIS MORNING, THE DOLLAR WEAKENING AS MARKETS DIGEST TREASURY SECRETARY BESSENT SIGNAL TO EXPAND EFFORTS TO CONTAIN LONG-TERM BORROWING COSTS.

JOINING US IS VEN RAM. WHAT ELSE IS IN THE TREASURIES TOOLKIT?

GOOD MORNING. I WONDER WHAT IS IN THE TOOLKIT ACTUALLY BECAUSE THERE'S NOT TOO MUCH IF YOU LOOK INTO IT. BECAUSE I THINK WHAT WE ARE GETTING A SENSE OF, WE ARE GETTING A SENSE THAT THEY ARE GOING TO ANNOUNCE SOME SAVINGS TIED TO STATE DEFICITS AND STATE FUNDING GROUNDS AND THINGS LIKE THAT. WE ARE LOOKING AROUND SOME TINKERING AT THE MARGINS. I DO NOT THINK THAT IS THE MESSAGE THAT INVESTORS WANT TO HEAR. WHAT THEY WANT TO HERE IS A MESSAGE OF FISCAL DISCIPLINE.

AND UNLESS THEY MEANINGFULLY PLAN TO PULL BACK THE DEFICIT, THAT IS NOT GOING TO ASSUAGE INVESTORS. THE DOLLAR IS ALREADY FEELING THE PRESSURE OF ALL OF THAT BECAUSE IF YOU HAVE GOT FISCAL IN-DISCIPLINE MATCHED WITH UNCHECKED INFLATION, WHAT YOU'VE GOT IS DOLLAR DEPRECIATION. VONNIE: NEXT WEEK, WE ARE GOING TO HAVE THE WEEK BOOK ENDED ON THE ONE SIDE BY SCOTT BESSENT AND ON THE OTHER CYBER KEVIN WARSH. HOW ARE MARKETS GOING TO REACT?

WHAT WILL KEVIN WARSH SAY AND JACKSON HOLE IN ORDER TO MAKE MARKETS BELIEVE THAT PERHAPS THINGS ARE NOT LOOKING DESPERATE FOR THE UNITED STATES AT THE MOMENT?

I WONDER HOW MUCH OF A SWAY KEVIN WARSH'S ADDRESS IS GOING TO HAVE ON THE MARKETS BECAUSE WE HAVE HEARD HIM REPEATEDLY SOUND HAWKISH WHEN IT COMES TO SPEECHES, WHEN IT COMES TO HIS PRONOUNCEMENTS. HE IS ALL FOR HAWKISHNESS. . HAS SAID A RUNNING HOT INFLATION IS INTEREST. HE STOPPED -- HE HAS SAID RUNNING HOT INFLATION IS INTEREST. . I THINK WHAT INVESTORS WILL WANT TO SEE -- IS A CHOICE. THERE WILL BE A BIT OF A DISCOUNT FACTOR THERE.

I THINK WHATEVER HE SAYS IS GOING TO BE TAKEN WITH A PINCH OF SALT, AND I DOUBT IN ANY CASE THAT HE'S GOING TO COMMIT HIMSELF ONE WAY OR THE OTHER TO RAISE RATES. VONNIE: THANK YOU SO MUCH. THAT IS VEN RAM OF OUR MLIV TEAM. SAMSUNG NAILING DOWN PLANS TO RETURN AS MUCH AS $79.6 BILLION TO SHAREHOLDERS, JOINING SK HYNIX IN GIVING INVESTORS SOME OF THE MONEY GENERATED BY THE AI BOOM TO CALM SPENDING FIRST. THE PLAN COULD FURTHER EXTEND THE WON'S RALLY IF CHIPMAKERS CAP LOCAL -- CAP LOCAL CURRENCY MARKETS -- TAP LOCAL CURRENCY MARKETS.

IS THIS THE BEGINNING OF A BOOM THAT CONTINUES FOR INVESTORS IN THE COMING QUARTERS? TOM: THIS HAPPENED IN THE SOUL. THEY HAVE BEEN UNDER PRESSURE FROM INVESTORS TO RETURN MORE CASH TO HIS SHAREHOLDERS VIA DIVIDENDS AND BUYBACKS AND THAT'S WHAT THEY'VE DONE. SOME OF THE MONEY WILL GO TOWARDS REWARDING EMPLOYEES AS WELL. WE REMEMBER THE STRIKES THAT TOOK PLACE AND THE PRESSURE TO GIVE BONUSES TO EMPLOYEES SO THAT IS ALSO PART OF THE MIX.

THIS IS A COMPANY, ALONG WITH SK HYNIX, THAT HAS A VERY SOLID BALANCE SHEET. THEY HAVE SEEN THIS RECORD DEMAND FOR HIGH-BANDWIDTH MEMORY THAT GOES INTO NVIDIA CHIPS. NVIDIA ONE OF THEIR MAIN CUSTOMERS. THAT DEMAND HAS CONTINUED AT PACE SO THEY HAVE GENERATED A LOT OF CASH. INVESTORS HAVE BEEN PRESSURING THEM TO RETURN TO CASH -- THAT CASH AND THAT IS THE DECISION THAT, OVER 110,000,000,000,001 WHICH TRANSLATES INTO THE HIGH SIDE OF THE 70 BILLION IN TERMS OF THE U.S.

DOLLAR. SK HYNIX CAME OUT WITH ABOUT $29 BILLION THEY ARE RETURNING TO SHAREHOLDERS AS WELL. WILL THERE BE MORE IN THE PIPELINE POTENTIALLY QUESTION MARK THAT WILL COME DOWN TO HOW MUCH CONTINUE TO DEMAND THERE IS FOR HIGH-BANDWIDTH MEMORY AND THOSE CHIPS THAT GO INTO THOSE NVIDIA CHIPSETS. THE STOCKS ABOUT THOSE COMPANIES ARE BOTH DOWN ABOUT 25% FROM THE PEAKS IN JUNE.