阿里港股二次发售跌8.5%；三星拟800亿美元股东回报

VONNIE: IT IS 5:00 A.M. IN NEW YORK CITY. GOOD MORNING. TECH WEAKNESS DRAGGING ON FUTURES AHEAD OF A BUSY WEEK OF INFLATION DATA AND FED CHAIR WARSH'S SPEECH AT FED -- AT JACKSON HOLE. SECRETARY BESSENT’S REMARKS ON ECONOMIC MEASURES AGAINST IRAN TODAY. NVIDIA HANDS OUT RISING COSTS AHEAD OF ITS EARNINGS FOR LATER THIS WEEK. LET'S BRING IN WINNIE HSU IN HONG KONG FOR THE LATEST. WINNIE: WE ARE SEEING ASIAN STOCKS FALLING AT THE BEGINNING OF WHAT IS LIKELY GOING TO BE A VERY BUSY WEEK.

AHEAD OF NVIDIA EARNINGS AND JACKSON HOLE BUT FROM THE EARNINGS PERSPECTIVE, IT IS GOING TO BE ASIA'S BUSIEST WEEK FOR THIS QUARTER. WE HAVE MORE THAN 30% OF THE MSCI ASIA COMPANIES REPORTING EARNINGS. TODAY IS ABOUT TO BIG COMPANIES. ONE THAT IS ALIBABA SEEING SHARES DOWN 8.5%. HAVING ITS WORST DAY SINCE APRIL AFTER THE COMPANY RAISED 0 BILLION IN HONG KONG'S BIGGEST SECONDARY SALES SHARE. THAT IS RAISING CONCERN ABOUT POTENTIAL DILUTION FOR THE COMPANY BUT ALSO THE BROADER MARKET.

THAT IS WHY YOU ARE SEEING'S WEAKNESS IN THE TECH STOCKS. ANOTHER AREA OF WEAKNESS WE ARE SEEING IS IN SAMSUNG ELECTRONICS. THE COMPANY ANNOUNCED A SHAREHOLDER RETURN PLAN ON FRIDAY OF AS MUCH AS $80 BILLION FOR THIS YEAR. THE DID THIS -- THAT HIS APPOINTMENT IS COMING THROUGH BECAUSE THERE WAS A LACK OF MENTIONING OF SHARE BUYBACK BUT MORE FOCUSED ON DIVIDENDS. VONNIE: THAT IS WINNIE HSU IN HONG KONG. WE ARE IMPROVING A LITTLE BIT.

WE HAD BEEN IN THE RED AND NOW THE STOCKS ZERO 600 HAS TURNED GREEN. ASML DRAGGING ON THINGS BUT WE HAVE HIGHER PRICES FOR THINGS LIKE IRON ORE AND GOLD. THAT IS HELPING STOCKS IN THE FTSE 100. WE ARE SEEING A LITTLE MORE STRENGTH THERE. THE EURO, WE ARE A TINY BIT WEAKER VERSUS THE DOLLAR TODAY BUT THE TREND HAS BEEN FOR EURO STRENGTH, DOLLAR WEAKNESS IN THE DEBASEMENT TRADE. EURO IS STRONGER BY ONE PERCENTAGE POINT THIS MONTH ALONE VERSUS THE DOLLAR.

IF THAT CONTINUES, YOU CAN SEE MORE OF THAT. RISK REVERSALS POINTING THAT POSSIBILITY IN FOCUS. LET'S TURN TO THE U.S. BECAUSE THE TECH WEAKNESS MIGHT DRAG ON THAT S&P 500. NOT AS MUCH PESSIMISM FOR THE RUSSELL 2000 AND S&P 500. NOT A HUGE AMOUNT OF MOVEMENT BUT A LOT OF RISK EVENTS THIS WEEK. FROM SCOTT BESSENT TALKING TODAY AND WHAT WILL HE TELL US ABOUT THE TREASURY TOOLKIT HE HAS PROMISED TO TELL US ABOUT, TO OBVIOUSLY JACKSON HOLE.

THE 30 YEAR YIELD IS A LITTLE DAMPENED OFF ITS HIGHS. WE ARE CREEPING HIGHER ON THE TWO YEAR YIELD IS A FED COMES MORE IN FOCUS. THE PCE DATA LATER THIS WEEK. TAKE A LOOK AT THE ASSET CLASSES. OIL COMING OFF A LITTLE BIT. WE CAN SEE THE EMERGENCY MEASURES ARE GOING TO TAKE THE FORM OF WHEN IT COMES TO THE ECONOMIC D-DAY THAT SCOTT BESSENT HAS BEEN TALKING ABOUT. GOLD IN OVERBOUGHT TERRITORY AS WE ARE ABOUT $4600 AN OUNCE.

BITCOIN IS STILL ABOVE $77,000. THIS DEBASEMENT TRADE HAS NOT GONE ANYWHERE JUST YET. LET'S GET INDIVIDUAL MOVERS NOW WITH CHLOE MELEY IN LONDON. CHLOE: ALIBABA RAISED A 0 BILLION IN RECORD SHARE SALES AND THIS SHOWS THE COMPANY IS AMBITIOUS TO BECOME AN AI LEADER. IT ALSO RAISES QUESTIONS ABOUT WHEN THIS SPENDING ON A I MAY BE BECOME OVERSPENDING AND SOME OF THE CONCERNS ARE WEIGHING ON THE STOCK. DOWN ABOUT 3.5% FOR ALIBABA.

MOVING ONTO THE STEEL SECTOR WHICH IS VERY MUCH IN FOCUS AS THE U.S. AND CANADA TRADE TALKS COLLAPSE. WE ARE SEEING THE LIKES OF STEEL DYNAMICS IN THE GREEN THIS MORNING. IN THE ABSENCE OF A TRADE DEAL, THEY ARE ABLE TO RETAIN SOME OF THAT COMPETITIVE ADVANTAGE. UP ABOUT 4% FOR THE COMPANY IN PREMARKET TRADING. LET'S GO BACK TO THE AI THEME WITH A FIVE-YEAR AFFECT -- FIBEROPTICS COMPANY RAISING $600 MILLION IN A SHARE SALE AND SEEING THIS EQUITY OFFERING WEIGHING A LITTLE BIT -- DOWN ALMOST 12%.

VONNIE: QUITE THE MOVES FOR THE OPTICAL COMPANY. CHLOE WILL BE BACK LATER IN THE HOUR. COMING UP, WE WILL SPEAK WITH SHARON BELL OF GOLDMAN SACHS AND JANE FOLEY WILL JOIN US LATER FOR MORE ON THE DOLLAR AND TREASURIES. TECH STOCKS DRAGGING GLOBAL EQUITIES LOWER WITH A WEEK PACKED FULL OF EVENTS INCLUDING CHAIR WARSH'S REMARKS AND LOTS MORE. JOINING US AT SHARON BELL FROM GOLDMAN SACHS. THAT IS A BASEMENT HEAD HAS REARED ITS UGLY HEAD AGAIN.

I WONDER HOW MUCH THAT IS BEING OVERLAID IN YOUR MARKET OUTLOOK FOR THE REST OF THE YEAR NOW? SHARON: A WEAKER DOLLAR IS BAD FOR EUROPEAN EQUITIES IN SOME WAYS BECAUSE EUROPEAN COMPANIES MAKE SO MUCH MONEY IN THE U.S. ABOUT OF EUROPEAN COMPANY -- ABOUT A QUARTER OF EUROPEAN COMPANIES. IF THE DOLLAR IS FALLING VERSUS THE EURO OR THE POUND, YOU TRANSLATE THAT BACK. ON THE OTHER HAND, IF YOU LOOK AT EUROPEAN MARKET IN DOLLAR TERMS, WE ARE AT ALL-TIME HIGHS.

IF YOU ARE WANTING TO INVEST IN EUROPE, YOU DIVERSIFY AWAY FROM DOLLAR WEAKNESS. VONNIE: WE KNOW THIS MORNING THE LATEST RICH PEOPLE TO START DIVESTING WERE THE SWEETEST BILLIONAIRES -- THE SWEETEST BILLIONAIRES, TAKING OFF THE TABLE. IT IS NOT JUST AN AI PLAY. UBS SAYING THE FAMILY OFFICE CLIENTS ARE TAKING CHIPS OFF THE TABLE IN THE U.S. IS THIS JUST IN EUROPE? WE KNOW THAT CASH ALLOCATION IS AT 3.5% RIGHT NOW. SHARON: I GUESS THERE IS CONCERN ABOUT RISK ASSETS BECAUSE THEY HAVE PERFORMED SO WELL OVER THE LAST THREE OR FOUR YEARS.

CLEARLY, YOU'VE VETERAN OVERSELL THE LAST THREE WEEKS. GERMANY IN THE LAST THREE YEARS, STOCKS CANNOT BE HIGHER. S&P 500 HAD THE BEST THREE YEAR RUN. YES, RISK ASSETS HAVE DONE VERY WELL. GROWTH IN THE U.S. SLOWING A LITTLE BIT. SOME NEGATIVE IMPACTS COMING THROUGH ON HIGHER ENERGY PRICES, THE ENERGY SHOCK WE ARE SEEING. ALL OF THAT MAKES INVESTORS CONCERNED AND THEN YOU HAVE THIS BIG BOND SELLOFF AS WELL. VONNIE: SCOTT BESSENT REALLY BECAME THE MAN OF THE HOUR LAST WEEK.

NOT ONLY IS HE PROMISING A D-DAY FOR IRAN, HE'S ALSO PROMISED THE TREASURY HAS A BUNCH OF TOOLS AND ITS TOOLKIT TO KEEP A LID ON LONG AND YIELDS. WILL THE MARKET COMPLY? WILL JOB OWNING AND INTERVENTION AND EXTRA BUYBACKS ON THE LONG AND BE ENOUGH TO SATISFY THE LONG END OF THE TREASURY CURVE? SHARON: I THINK WHAT BOND TRADERS WANT, WHAT THE MARKET WANTS TO SEE IS THE FUNDAMENTAL SUPPORTING BOND MARKETS. THAT WOULD MEAN INFLATION MODERATING A BIT WHICH WE DO EXPECT IN THE SECOND HALF OF THE YEAR.

IT WOULD MEAN JOB DATA NOT BEING TOO STRONG EITHER. IT WOULD MEAN A PERFECT MIX OF DATA, REASONABLE GROWTH. BUT ON THE OTHER HAND, FUNDAMENTALS LIKE INFLATION STARTING TO MODERATE A LITTLE BIT. ALSO, A VIEW THAT YOU WILL SEE SO MUCH OF A RUSH OF ISSUANCE. WE'VE HAD A LOT OF ISSUANCE ON CORPORATES AND GOVERNANCE. REALLY UNDERLYING IT WAS FUNDAMENTALS. YOU HAVE A LARGE DEFICIT IN THE U.S. AND IN MANY EUROPEAN COUNTRIES.

PLUS COME ALL THE SPENDING BY GOVERNMENTS AND CORPORATE'S. IT IS ABSORBING ALL THAT WHICH I THINK IS DIFFICULT. VONNIE: DO INVESTORS AND STRATEGISTS LIKE YOURSELF HAVE TO KEEP BOTH THINGS TRUE AT THE SAME TIME? OPTIMISTIC ABOUT THE POTENTIAL, PARTICULARLY FOR EUROPE, OUTPERFORMANCE ON THE EQUITY SIDE BUT AT THE SAME TIME, GLOBAL EQUITIES ARE VULNERABLE TO HIGHER YIELDS. SHARON: ON EUROPE, I THINK IT IS A TRADE WHICH HAS WORKED BETTER THAN PEOPLE THINK THIS YEAR.

THE EUROPEAN STOCK MARKET STRONGLY OUTPERFORM THE S&P. BANKS HAVE DONE INCREDIBLY WELL THIS YEAR. FOUR YEARS OF OUTPERFORMING THE MEGA CAP TECH STOCKS. I THINK EUROPE IS UNDERAPPRECIATED AS A PERFORMER. IF I THINK GOING FORWARD EUROPEAN EQUITIES WILL STILL DELIVER POSITIVE RETURNS BECAUSE EARNINGS GROWTH IS QUITE GOOD, BUT MAY BE LESS HIGH THAN THEY DID YEAR TO DATE. THAT IS A REFLECTION OF THE GROWING RISKS, ONE OF THEM THE CONCERNS ABOUT THE BOND MARKET.

THERE ARE OTHER RISKS OUT THERE. POLICY CHANGES POTENTIALLY. WE HAVE LOTS OF ELECTIONS IN EUROPE. AND THE FACT THAT VALUATIONS HAVE MOVED UP RELATIVE TO BONDS. BOND YIELDS ARE MUCH HIGHER. VONNIE: WE ALSO HAVE THE POTENTIAL FOR A TRADE WAR TO BREAK OUT AGAIN. THIS WOULD PERTAIN POTENTIALLY MORE TO THE U.S. THEN U.S. COMPANIES IN YOUR PORTFOLIO THAN EUROPEAN COMPANIES BUT THERE'S ALSO THE POSSIBILITY THIS WILL TRAVEL.

CANADA AND THE U.S. GOING AT LOGGERHEADS AND THAT WILL HAVE RIPPLE EFFECTS ON THE CHINA-U.S. RELATIONSHIP. IT JUST TRAV

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