特朗普称中期选举前不攻击伊朗，油价回落

GUY: THURSDAY THE NINTH. GOOD MORNING. HOW ARE YOU DOING? FRIDAY THE NINTH. I’LL GET THE DATE RIGHT. WHAT EXACTLY IS OPENAI’S ANNUAL REVENUE RUN RATE? THAT IS IMPORTANT. YESTERDAY IT WAS $50 BILLION. TECH STOCKS WENT DOWN. TODAY $70 BILLION. AND THEY’RE GOING UP AGAIN. OIL, THOUGH, DEFINITELY FALLING. TRUMP DECIDING HE DOESN’T WANT TO STRIKE IRAN BEFORE THE MIDTERMS. AND THE EU-CHINA TRADE TALKS CONTINUE. BEIJING SAYS ITS CURRENCY IS NOT UNDERVALUED, ANNA.

ANNA: LET’S PUT SOME NUMBERS ON SOME OF THOSE STORIES, GUY. THURSDAY THE PICTURE ON OIL THEN. A LOT OF -- THIS IS THE PICTURE ON OIL THEN. A LOT OF FACTORS. WHAT’S WINNING OUT A BIG PUSH HIGHER WENT UP TO AROUND $106. COME DOWN TO $102.85 NOW. AND THAT IS ON THE BACK OF PRESIDENT TRUMP SAYING HE’S NOT GOING TO ATTACK IRAN BEFORE THE MIDTERMS. WE’RE ALSO WATCHING OF COURSE HURRICANE SEASON IN THE GULF OF MEXICO. A FEW THINGS TO WATCH ON TREASURY MARKETS, ON BOND MARKETS, MORE BROAD WILL, HERE IN EUROPE, INTERESTING TO WATCH HOW EGB’S OPEN ON THE BACK OF COMMENTS FROM CHRISTINE LAGARDE AND THE STRONG AUCTION IN THE UNITED STATES, ONE OF THE FACTORS WE WATCH WHEN IT COMES TO YIELDS ALONG WITH THE WEAKER OIL PRICE, EURO STOXX 50 FUTURES, U.S.

STOCKS DROPPED AFTER WE SAW THE EUROPEAN CLOSE YESTERDAY. BUT WE’RE NOT LOOKING SET TO FOLLOW THEM. BECAUSE OF THE OPENAI STORY HAVING CHANGED, THE OIL STORY HAVING CHANGED, A LOT HAS CHANGED SINCE THE END OF THE EUROPEAN TRADING DAY YESTERDAY. THE COUNTDOWN TO "THE OPENING TRADE" STARTS RIGHT NOW. GUY: IT’S FRIDAY MORNING. I JUST WANT TO CLARIFY THAT. NOT THURSDAY, FRIDAY. FOR THOSE OF YOU WHO WERE WORRIED WHAT I SAID AT THE TOP OF THE SHOW.

LET’S TALK ABOUT GROSS AND NET REVENUE. THIS IS GOING TO BE TO BE AN EXCITING CONVERSATION BUT I THINK IT’S QUITE RELEVANT TO WHAT’S HAPPENING IN THESE MARKETS RIGHT NOW. SO YESTERDAY, THE FT COMES OUT WITH A REPORT SAYING THAT OPE OPENAI’S REVENUE IS $50 BILLION. RUN RATE IS $50 BILLION. EVERYBODY FREAKS OUT. TECH STOCKS GO DOWN. THEY LATER CLARIFY IT. THE NET NUMBER IS $50 BILLION. THE GROSS NUMBER IS $70 BILLION. BASICALLY, THE MARKET -- EVERYBODY IS TRYING TO FIGURE OUT HOW YOU COMPARE ANTHROPIC AND OPENAI.

WHAT THEY’RE BASICALLY DOING IS GROSSING UP, TRYING TO GROSS UP THE OPENAI NUMBER INTO THE ANTHROPIC NUMBER BECAUSE ANTHROPIC REPORTS A GROSS NUMBER WHICH INCLUDES THE KIND OF PARTNER REVENUE. SO EVERYBODY TRYING TO FIGURE OUT HOW TO DO THIS. IT JUST SHOWS YOU HOW WHIPPY THIS MARKET IS WHAT WE’VE GONE THROUGH THIS HUGE GYRATION IN TECH STOCKS AS A RESULT OF FEARS AROUND WHETHER OR NOT THE AI STORY IS ACTUALLY GOING TO DELIVER.

BECAUSE THAT $20 BILLION APPARENTLY REALLY MATTERS. ANNA: YEAH. THE $20 BILLION REALLY MATTERS AND CERTAINLY MOVED MARKETS AND MORE RISK ON THEN AS WE GET THAT CLARITY. AND CONFUSING TOKER FOR TWO REASONS. ONE IS THE REASON YOU DESCRIBE THAT AROUND CLOUD REVENUES AND WHETHER YOU INCLUDE THOSE OR NOT. THE OTHER IS THIS IS A ROLLING NUMBER. WE’RE TAKING THE MOST RECENT PERIOD AND EX-TRAP LAYING. GUY: A RUN RATE. ANNA: EXACTLY.

THERE ARE MANY WAYS IN WHICH YOU CAN DO THAT AND MANY PERIODS YOU CAN USE AS YOUR REFERENCE POINT TO FORECAST FORWARD. SO AS COMPANIES GROW SO QUICKLY, IT MUST BE VERY DIFFICULT TO GET THESE -- GET THESE NUMBERS EXACTLY RIGHT. SO THIS IS SOMETHING THAT IS CERTAINLY SET TO -- TO BE A FOCUS. I’VE BEEN WATCHING ALSO -- THIS AUSTRALIAN TATA CENTER -- FIRMUS THIS AUSTRALIAN DATA CENTER THAT PULLED ITS IPO AND THE REASON FOR THAT, VALUATION IS INCREASING TOO QUICKLY.

THE OVERHANG FEARS FOR THE EXISTING SHAREHOLDERS, YOU KNOW, WHAT ARE THEY GOING TO DO WITH THOSE? SO LITTLE PROVEN TRACK RECORD FOR THE BUSINESS AND THE INCREASING YIELD ENVIRONMENT. SO ALL OF THOSE THINGS ADDING UP TO A COCKTAIL THAT THEY HAVE HAD TO PULL THE IPO. GUY: A BIG CHUNK OF THEIR DATA CENTERS HAVEN’T BEEN BUILT AND PEOPLE ARE CONCERNED ABOUT THE VALUATION AND ENTRY POINTS WILL MATTER AT THIS POINT. THE OTHER THING TO THROW IN AS WELL ON THE SOFTWARE SIDE IS SOFTBANK.

TRYING TO RAISE $100 BILLION OUT OF THE -- MORE MONEY TO BE RAISED. AND ANOTHER BIG FIGURE BEING THROWN OUT THERE. ANNA: MORE FOR THE GULF AND WHAT’S GOING ON IN THE GULF, WE SHOULD TALK ABOUT WHAT’S GOING ON WITH ENERGY MARKETS. ENERGY PRICES COMING DOWN TODAY. $102 IS THE HANDLE ON BRENT JUST. PRESIDENT TRUMP SAYING HE WON’T ATTACK IRAN AHEAD OF THE MIDTERMS. CITING RICH DISCUSSIONS. AND "THE NEW YORK TIMES," THOUGH, HAD A RUNDOWN OF TARGETS THAT HE COULD HIT.

AND AS IF SOME PLANNING, AT LEAST IN THE BACKGROUND, HAS GONE -- GOT TO A CERTAIN PLACE. SO WE’RE WATCHING THAT. IRANIAN REPORTS OF HEAVY EXPLOSIONS IN THE STRAIT OF HORMUZ, VESSELS BEING HIT BY MINES ALL OF THAT UNSUBSTANTIATED. STILL ADDING UP TO A BACKGROUND STORY OF AN UPTICK IN VIOLENCE FROM THE IRANIAN SIDE. IN THE GULF OF MEXICO. GUY: THE TIMES ARE SAYING THAT TRUMP IS HESS TAKING. AND THAT’S REALLY INTERESTING THAT HE’S -- THE -- THE PLANS IN PLACE FOR THREE DAYS OF STRIKES AND TRUMP IS HESITATING.

YOU -- YOU CAN UNDERSTAND WHY. HE SAYS HE’S GOING TO STRIKE IRAN BEFORE THE MIDTERMS. OIL ROCKETS UP TO THE TOP END OF ITS RECENT RANGE. AND THE WHITE HOUSE LOOKING AT THAT GOING, FINE, THAT SOUNDS LIKE A VERY BAD IDEA AND LET’S NOT DO THAT. ANNA: AT A TIME WHERE HURRICANE SEASON IS FINALLY KICKING IN IN THE GULF OF MEXICO. GUY: SO WE’VE BEEN PRACTICING OUR PRONUNCIATION. ANNA IS THE EXPERT THIS MORNING. ANNA: I’M NOT SURE I WOULD GO THAT FAR.

IESIAS SET TO MAKE LANDFALL FRIDAY INTO SATURDAY. ALABAMA TO FLORIDA. SO A WIDE AREA. BUT IT’S NOT AS IF THE MAJOR SORT OF PRODUCTION ARE GOING TO BE HIT. BUT 60% OF PRODUCTION IN THE GULF OF MEXICO HAS BEEN SHUT IN AS A RESULT OF THIS. SO WE’RE WATCHING THAT VERY CAREFULLY. GUY: AND WE HAVE JUST SEEN A REPORT FROM THE NATIONAL HURRICANE GROUP IN THE STATES I’M -- AND IT WILL APPROACH IT AS A DANGEROUS HURRICANE. I THINK.

AND EU-CHINA TRADE TALKSION GOING. -- TALKS ONGOING. THE STATEMENT IN CHINESE AND ENGLISH SAYING ITS CURRENCY IS NOT UNDERVALUED. THE EUROPEAN UNION HAS AN ISSUE WITH KY NIECE CURRENCY BEING UNDERVALUED AND THE FACT THAT THE CHINESE ARE PUTTING THIS OUT AND PUSHING THIS SO HARD SUGGESTS THAT ACTUALLY, MAYBE WE’LL GET A FAIRLY TOUGH LINE FROM THE CHINESE WHEN IT COMES TO EU NEGOTIATIONS. I THINK THAT PROBABLY IS THE TAKEAWAY THIS MORNING.

IN TERMS OF THE PROGRESS THAT SEFCOVIC MAY OR MAY NOT MAKE. ANNA: THE INTERPRETATION OF THE STATEMENT IN MARKET SEEMS TO BE THIS ISN’T JUST A TOUGH OPENING STATEMENT. THIS SUGGESTS SOME INTRANSIGENCE ON THIS POINT. AND SO MAYBE WE DON’T SEE ANY KIND OF MEETING OF MINDS ON THIS. BECAUSE BRUSSELS HAS BEEN VERY OUTSPOKEN IN THE PAST ABOUT SEEING THIS CURRENCY AS UNDERVALUED. SUPPORTED BY IMF ANALYSIS THAT SAYS THAT IT IS 12% TO 20% UNDERVALUED.

THE STATEMENT IN BOTH LANGUAGES DOESN’T MAKE ANY REFERENCE TO THE DAILY FIXING AND DOESN’T TALK ABOUT THE ROLE OF STATE BANKS AND MANY IN THE MARKET WHO MIGHT SAY THERE IS SOME OMISSIONS TO THAT PARTICULAR -- GUY: WE TALKED ABOUT ONE IPO. LET’S TALK ABOUT ANOTHER ONE. ANNA: LET’S GO TO IPO’S A LITTLE CLOSER TO HOME AND TALK ABOUT AN IPO TAKING PLACE IN LONDON TODAY. SO WE GOT SOME HEADLINES ACROSS THE BLOOMBERG TERMINAL TELLING ME THAT THE FINAL OFFER DETAILS FOR AIRTEL MONEY WHICH IS THE COMPANY WE’RE TALKING ABOUT THIS MORNING HAVE BEEN RELEASED.

THE -- THE AIRTEL MONEY OFFER SIZE WHICH IS 582 MILLION POUNDS INCLUDING THE IPO PRICE AT 196 A SHARE. LET’S TALK NOW I’M PLEASED TO SAY ON THE FIRST DAY OF TRADING IN LONDON. EXCLUSIVELY TO IAN FERRAO WHO IS THE CEO OF AIRTEL MONEY. REALLY NICE TO SPEAK TO YOU ONCE AGAIN. THANK YOU VERY MUCH. FOR COMING IN TO SPEAK TO US. SO 582 MILLION INCLUDING THE GREEN SHOOTS A BIT MORE THAN MAYBE HAVE BEEN EXPECTED BEING RAISED THERE.

HOW DOES IT FEEL? WHAT IS YOUR RESPONSE TO THAT -- HOW IT’S GOING?

AN AMAZING DAY. ABSOLUTELY AMAZING DAY. A BIG MILESTONE FOR AIRTEL AND ALL OF OUR KEY STAKEHOLDERS. HOW AM I FEELING? I’M RUNNING ON COFFEE AND ADRENALINE RIGHT NOW. A WHIRLWIND FOR A FEW WEEKS SINCE I LAST