三菱电机称力争9月前与罗姆、东芝敲定功率半导体合资方案

【实时直播转录 · Bloomberg TV+】
来源:Bloomberg TV+(bloomberg 直播间 btv_us) · 标题:Bloomberg TV+
时段:2026-07-20 08:00–08:30(Asia/Shanghai),共 199 段
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[08:00] The costpi, there's some pressure for the Korean won local currency as well, you're seeing it untd for now on the chip giants.
[08:00] That is the backdrop that we're getting, of course, the digestion of all this AI development, given how as some of our colleagues have been.
[08:00] Highing this could shift the calculus in terms of how much high bandwidth memory do we really need.
[08:00] In which this is coming at the time where the hyperscalers don't forget we have alphabet also reporting earnings this week spending tons of money.
[08:00] Capital expenditure how do you justify that do investors want to see more in the way of revenues and monetization.
[08:00] up as we head into the trading day today pa we can't forget about what's happening with the.
[08:00] Oil price as well, we've got Brenent surging it's back above $90 a barrel, we started off this month with a barely above $70 per barrel.
[08:00] News today from Scom that for a ninth consecutive night, it has launched the U.S. has launched attacks against.
[08:01] Iran, a third US. serviceman was killed over the weekend in recent days, that takes the total USS to test.
[08:01] Since the start of this conflict way back in February, so rentent crude prices definitely catching a bit there have a look.
[08:01] Atralia the ASX better by a third of1% energy names doing particularly well, and we're looking at bond futures there because there's no trade in Japan.
[08:01] Ja closed for marine Day, a public holiday, so no trade in the U.S. debt, but bond futures are already slipping.
[08:01] A little in the early going and of course it goes without saying the yen's still very weak hovering around 162 April.
[08:01] Talk about all this and more whats shaping markets, joining us from Seoul, Hoin Lee, a senior macro strategist at Lombard Odier.
[08:01] Ho been always good to see you and today from Seoul, no less, talk to us so about how you know we've seen the memories.
[08:02] Really driving markets in the first half, we are in inflection poencies, momentum unwinding, how do you invest also at a time?
[08:02] China seems to be closing the gap on AI.
[08:02] The real threat to the memory bottleneck trade in South Korea comes from China and in the second half of the year.
[08:02] We're going to get a bit of narrative shift in favor of China's AI and semiconductor ecosystem.
[08:02] Due to all the mega listings that are on the horizon, which it now seems the authorities are quite supportive of.
[08:02] So that's going to support the Chinese story relative to South Korea. but for South Korea itself we.
[08:02] Start to feel that maybe this levered retail leverage impact is beginning to.
[08:02] You know,Progress quite substantially, and the fact is that the bottle lake still remains in the near term.
[08:03] And these memory makers have locked up their prices through long term agreements with the buyers.
[08:03] US exporto controls, et cetera still keep the dominant position for these names. So it is true that this week, we have.
[08:03] Confluence of a pretty negativity bench. But given the valuations and the unwind of the leverage.
[08:03] Trade maybe the trajectory for the rest of the year, despite the volatility that we see now is maybe a higher.
[08:03] Before the end of the year, and that's one of the reason why we're still keeping constructive view on the medium and trajectory of the market.
[08:03] But China's story is definitely something worth keeping an eye on for the investors in the second half of the year.
[08:03] How much does it exactly you think sap away from the South Korean story?
[08:04] So we have seen the shift from the hyperscalers and the AI.
[08:04] Service story in North America, two memory makers in past a year or so and were.
[08:04] ingTo get a complete conclusion to this debate or pendulum swing between the AI suppliers and AI themes.
[08:04] For the foresee future, simply because no one has an absolute clarity and who will emerge as the winner in this.😊
[08:04] Eystem, but it's quite possible that you could actually get, again, put it once we emerge from these.
[08:04] Headwins related to Ho moves and the monetary policy cycles and the capital flows you're going to get.
[08:04] Maybe a part of the market dynamic for both South Korea and China, for the investors' perspective, because simply because China has been.
[08:04] In a relatively neglected market, Maybe it's worth having that as a hedge alongside South Korea.
[08:05] A trade that will probably go through a turbulence, but ultimately still grind upward.
[08:05] Once these headwinds faded, might it not make sense now, though, I mean, to your point about half.
[08:05] They've run up to take profit on chips, I mean we are also seeing in the background there seems to be rotation to financials.
[08:05] So in fact, the financial sector is one of the sectors that we like.
[08:05] The valuation is quite compelling, the sector has been able to deliver fairly substantial recovery since last year.
[08:05] And the fees from the MA activities and trading continue to be pretty strong, not just in North America, but the.
[08:05] Markets around the world. so relative to the other sectors that have seen some froth and the maybe excessive momentum.
[08:06] This is the sector that probably delivers that nice combination of slight defensiveness, evaluation, appeal.
[08:06] And the earnings stability down the road. So alongside the other kind of a favor batch that we have, including emerging markets.
[08:06] financial markets, a financial sector is definitely the sector that we like as we head into the second half of the year.😊
[08:06] For the big AI spenders, though, it looks like it's increasingly difficult to justify their valuations.
[08:06] We've had into your investment thesis when you talk about valuations.
[08:06] Really, when you talk about software or the semiconductor segment, actually, the valuation has become quite compelling.
[08:06] I mean, if you look at the South Korean memory makers right now for the entire silicon layer due to the selloff that has taken place.
[08:06] past few weeks, now we see forward P multiples trading close to six or seven for some names, and that's quite compelling.
[08:07] For the medium to long term, especially if you believe in the re story for some of the regional markets where these.
[08:07] My conductor stories are concentrated, so we wouldn't say we see a lot of access.
[08:07] Broth in the segment right now, especially because of the sell of. But for the North American market.
[08:07] Given the mega IPOs that are on the horizon, maybe it's slightly trickier to make a very, very strong valuation bet.😊
[08:07] With the tech hardware ecosystem elsewhere, especially in Asia Pacific, we think it's quite compelling and that's one of the reasons why.
[08:07] Especially for the diversified portfolio, it's worth having some of these exposures and trying to look through some of these.
[08:07] that are highly technical in nature will likely fade in due time, I guess to your point also.
[08:08] We've been seeing the chip makers in South Korea in terms of the stock action, they've been paring some of the early losses maybe.
[08:08] There's a dip buying that is emerging, you talk about exports, talk to us about the risk in the back half because this week as well.
[08:08] In terms of tariffs, rere seeing the one to two expiration, do you think there is something on there?
[08:08] That we need to be paying more attention to So you're right.
[08:08] We could likely get the expiration of the Section 1 to tariff and Trump administration will try to replace that with sector specific.
[08:08] Country specific tariffs. Now, our assumption is that the over effective tariff rate will remain close to the pre.
[08:08] Sme Court ruling level. And that's manageable for the market, but simply because the mechanics of replacing the universal tariff.
[08:08] is a sector and country tariff. It's quite complicated and potentially has some disproportionate negative impact for significant.
[08:09] sectorctors in different countries, we think we'll definitely have to deal with some volatilityolatilities down the road due to this dynamic.
[08:09] But it's important to understand that from our perspective, it's not going to be easy for the Trump administration.
[08:09] To replace you know or actually raised the effective tariff rates significantly from what we had before the Supreme Court ruling.
[08:09] But meanwhile, for the market, this week, we could potentially get another positive development in China AI space.😊
[08:09] And also, more pro growth and constructive signals from the polyproro meeting in China. So there will also be some positive offset.
[08:09] bench. And ultimately, we simply have to wait for the uncertainties to clear in the Str of Homo. So that's another factor that we need.
[08:09] eye Brent above90 hoie, great to chat as always thank you.
[08:10] 🎼Much for the time homily a senior macro strategist at Loomard We have more head on the Asia trade This is Bloomberg.😊
[08:11] My old mentor Roger Sawback, who told me when I transitioned, footballball will never leave you, but you need to leave it wow.
[08:11] Everyone has a dream and a lot of dreams are you know, my dream is to play football and play professional football and you get the dream comes true, but it is going to end.
[08:11] And the day before it ends, you're one of the best in the world great, the next day you wake up, that's gone, What are you great?
[08:11] And the truth is nothing, right, I'm not great at anything else I talk about it all the time, Steve is this whole idea of is's not from penthouse to penthouse.
[08:11] And what I mean by that is you played for 15, 20 years and you're in the penthouse, that doesn't mean that you come to the business world and you're going to be in the penhouse.
[08:11] Now you don't start in the third floor or the lobby, you actually have to start in the basement.
[08:11] Yeah.
[08:12] At a time when policy in washing is driving Wall Street, we draw a distinction between the rhetoric and the action.
[08:12] Marke moving guests and original reporting this is Bloomberg surveillance.
[08:12] The U. and Iran traded fresh attacks over the weekend with.
[08:12] announcing a third troop death in two days, Limberg editoror Michael Heath joins us now and the events of the past.
[08:12] We' just underscoring how fragile the ceasefire always was, what's the strategy for the US. now is it restraint or escalation?
[08:12] PaulI mean, they do have escalation options, but it seems to be at the moment that as they have been, they're targeting these.
[08:12] You knowThe missile sites and where the small boats are along the coastline there, and they also seem to be targeting infrastructure that get.
[08:13] To that region to try and prevent Iran from resupplying them. So at this stage, they haven't really escalated in Iran for its part.
[08:13] To be trying to proportionateally retaliate. So while they're escalating, neither is sort of going to the bigger options, which for Iran would be.
[08:13] Targeting pretty significant infrastructure and its neighboring countries and perhaps bringing in the Hootis for the US, it might be boots on the ground.
[08:13] or attacks on cities and more significant infrastructure, so it's escalating, but it still seems to be proportionate at this stage.
[08:13] But it does look like that tru is really, really unraveling What do we know about the current state of transit of oil through the Strait of Hos?
[08:13] It's hard to tell at this stage, but Iran has mentioned that it turned back two ships and it attacked another two that had tried to pass.
[08:13] and has basically warned that nothing will get through while the U is blocking, obviously blockading any Iranian ships from going.
[08:14] So it is unclear because obviously some ships might be using the Oman route and turning off transponders and energy.
[08:14] But at this stage, it's obviously a very, very risky situation. again, there's just been reports from the UK maritime group.
[08:14] That a ship is on fire so it's very very risky, are there any efforts at all to get the ceasefire back on track?
[08:14] Part of the Iranian strategy seems to be that in targeting the neighbouring countries, the Gulf countries's Qatar, which was a key mediator.
[08:14] And Jordan and the other Gulf nations is to get them to put pressure on the US to return.
[08:14] To talks, Pakistan and China have urged a resumption, but as long as those Gulf countries are coming under pressure, whichre.
[08:14] main targets for Iran, and they're the ones with the best influence over the U. they may well be the best option for trying to get.
[08:14] sides talks mi, thank you so much as always for getting us up to speed Bberg mi hefe.
[08:15] For more on how the war is impacting oil markets, bloomberg oil trading reporter yong Changqin joins us now, so yongchang markets are pricing in this.
[08:15] Escalation that we've been already expecting in the past week or so i think oil is highest in more than a month what's next, what's the outlook?
[08:15] So as you do say there's been lots of fresh attacks, people are trying to price in the increased risk in the region, I think the biggest questions on.
[08:15] O traders mines is whether or not their supplies, the things that they've already booked maybe a month, a month or so ago, whether those will still be safe, whether those can even make it out of the Gulflf.
[08:15] Let's not forget, even though the war's been going on, there has been supplies that originate from within the Persian Gulf that have been bought.
[08:15] Those had been slowly coming out, so there's lots of questions about whether or not those can make it out of the Persian Gulf, so be it through secret.
[08:15] Dock transits through the Strai of Hormose or whether we had some coverage where Iraq is sending some of its fuel oil, a type of residual down.
[08:16] of the fuel oil to Syria via truck to be exported there. the Saudis have an underground pipeline.
[08:16] It feeds directly to the Red Sea. So there's also oil that can flow out of the Persian Gulf through there. So there's all kinds of workarounds.
[08:16] It has shown that it can reach areas further away, not just Persian Gulf, it can use the Houthis, for example, to block off the Red Sea that' has been thrust.
[08:16] F nothing yet, but you know big, big questions about where this could all go from now talk to us a bit more about what Iraq is doing.
[08:16] How big of a work around actually is this so we've had some coverage that Iraq is sending some of its fuel oil.
[08:16] Overland, you, using trucks to Syria for export. Now, this is and know a creative work work around for.
[08:16] For I guess, a connection that didn't have a pipeline, obviously, a pipeline would be easier. The problem is,, by using trucks to kind of send it to the.
[08:16] Some of the oil overseas, what happens is because you kind of use oil just to carry oil in a sense.
[08:17] It's less efficient in a way, which is why this flow, even though it's been going on, is relatively small for the oil market'.
[08:17] It's likely to grow hugely anytime soon, it's not a big trade, but is it just does highlight how kind of desperate some countries are to.
[08:17] Just get oil out through any means necessary because even though it's more expensive, like getting some of the oil out is just better than getting none of it and you have to stall, stop production all.
[08:17] And these adjustments also are benefiting markets such as the U have we been seeing.
[08:17] Obviously, the kind of stoppage of the H flows that has benefited other oil producers, you know, the US.S is the biggest one, but Brazil.
[08:17] North Sea oil, so global oil prices have been rising, we have seen the US producers in.
[08:17] Particular, trying to ramp up production, ramp up exports, the problem being, of course, we're now headed into the summer season, the so called peak summer.
[08:18] In the US, you know, it's driving in Europe, Maybe it's heating demand. So we need more oil, more energy to kind of power your air conditioners, whatever. So you have all of that.
[08:18] ThatDemand in the West, in Europe and the U as hormone flows are being shock in so there's more demand in Asia, so overall it's just not looking really good.
[08:18] you have really demand rising from all these different centers at the same time, so I think the outlook in a sense pretty bullish, price probably going to rise.
[08:18] pointWell, prices is again hard to tell, people I don't analyst and trade speed are not necessarily.
[08:18] Trowing out that number yet, but we are 1991. so it does, feel like the trajectory is up but how far rap Pu is because when prices rise far.
[08:18] EnoughDe destruction might happen so people will buy less if it gets too expensive, so you know jurys there you so much.
[08:18] Oil trading reporterong ChangWe have more head on the Asia trade this is Bloomberg.
[08:19] 🎼Get your fixed income fixed what Bberg.
[08:20] 🎼yield now at its new time Thursdays at 12 p Eastern right here on bloomloberg morning good morning this.
[08:20] 🎼A. We back to the opening trade. It's Bberg money. This is the Asia trade. This is Wall Street week. We to balance of power you what.😊
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[08:20] It happens I'm Tyler Kenendall in Geneva, Switzerland and this is bloomloomberg.
[08:21] Let's check in on the Coby in something of a wild ride we're used to associate.
[08:21] The cost be with wild rides at the moment after a horrible start coming off a three day weekend, we're now just softer to the tune of one third.
[08:21] Of1% so a big bounce here, perhaps coming as a result of this crackdown on new leveraged ETF listings.
[08:21] Of trading rules around those very volatile instruments as well was drawing a lot of concern from all sides of the political spectrum, as well as the public.
[08:21] ub petition urging the government to do something and do something they did. so that's helping stem losses for the cost be off just a1 or a half.
[08:21] Those big names SK Hex, up 2.6% and Samsung electroniclectronics narrowly in positive territory as well.
[08:21] N it's ofishi Erics looking to reach a deal by September with rivals tohiba and Rome, speaking exclusively with Bloomberg, CEO K.
[08:22] raama says the move is to consolidate three of the world's top suppliers and the electronic supply chain.
[08:22] Looking at Japan today, there are many power semiconductor manufacturers.
[08:22] Any domestic players leads to wasted development resources combining our forces will allow us to go head to head with our global rival.
[08:22] That was the starting point of our thinking by teaming up with Rome and Toshiba, we can streamline development, produce low cost.
[08:22] And manufacture high value semiconductorDo you have then a timeline for this alliance to be formed?
[08:22] In what parts of your business would the alliance actually be reflected製造?
[08:22] Our goal is to consolidate sales, manufacturing and developments to build one single robust company.
[08:22] The free companies are currently working out the detailed terms of the agreement and making adjustments we that by September be able.
[08:23] To our plan to establish the joint tension how much is the Japanese government also helping in this endeavor to?
[08:23] Hep everything related to semiconductors and the aI business and does that affect your company as well.
[08:23] To be completely honest, we aren't receiving any support from the government at the moment.
[08:23] I hope the government will reconsider in other countries, state subsidies help significantly lower.
[08:23] with a joint venture, our costs will remain higher than our competitors.
[08:23] PIf we can get those subsidies, it would be a massive help when it comes to the Japanese government we have seen that.
[08:23] ban will helpこれはですね非常にあの今後効。
[08:24] I believe this is going to have a very significant business impact moving forward before the five categories.
[08:24] We were actually the very first to export defense equipment, delivering our radar systems to the Philippines.
[08:24] Withs in place, exporting was always extremely Now that those barriers are gone, it's going to be much easier for.
[08:24] countries to us with specific requests at the same time, we can now consult closely with the Ministry Def.
[08:24] To respond to those needs and much more effectively working with the ministry will bring entirely new business opportunities.
[08:24] I think you recently said that your defense and space segments revenue should be doubling from fiscal 2025 to.
[08:24] A you still that right now we're aiming for 800 billion yen by 2030.
[08:24] Mitsubishi Electric CEOK, you ruma speaking exclusively.
[08:25] Bloomberg, Sharian now we've also been hearing the U.S. president speaking to reporters at joined base Andrews following on from speech.
[08:25] His victory in the World Cup and being asked about the conflict, the strikes on iran, he said that they hit ir very hard.
[08:25] Again today and talk of probably three patriots who died, I think this is in reference to the three.
[08:25] Svis passanel who were killed in the Middle East we tracking, of course, the extent in which these represented.
[08:25] A sort of escalation as we've seen how the conflict has spread and at the moment how brand prices are sitting above the 9.
[08:25] H takingak a look of course, on a day where Treasury futures have been coming under pressure, maybe that leads to a bit.
[08:25] Of a prop up when it comes to yields, take a look at how that is playing out in currencies in the Asiaia pac and the early goings.
[08:26] At the end pretty weak here and around that 162.5 handle, of course, the repeated bouts of.
[08:26] Bbal intervention or actual intervention so far this year have done really little to stem what has come for.
[08:26] Japanese currency in terms of the pressures there, you're seeing Aussie against the greenback also looking pretty flat on a day where of.
[08:26] Given the geopolitical developments we're also watching dollar China, don't forget that trump also did.
[08:26] side China in the way of election interference when he spoke in a prime time address last fri.
[08:26] China sitting just below the 678 handle for the war, take a look at how Europe futures are setting.
[08:26] Of course, this is against the backdrop of the selling that hit chip stocks on Friday and tech overall.
[08:26] This is also playing out in the Asia session as pa has also been discussing the extent in which there is a bit of that.
[08:27] Dip buying that's coming for the South k memory makers is helping to pop up markets as well now speaking of.
[08:27] All things happening, World Cup front as well, Spain our FA World Cup champions once again after defeating Argentina One ni.
[08:27] In extra time with substitute ferand tores scoring the decisive goal in extra time dominated possession as.
[08:27] struggled to muster a meaningful attack in what could be Liononel messy's last World Cup match failing to register a shot on.
[08:27] 20Argentina also went down to 10 men toward the end of regulation, putting them at a major disadvantage.
[08:27] Again SpainThis is blueberg.
[08:28] Bringing you up to the minute news whenever and wherever it happens.
[08:28] I'm Lisa abramoitz in Rio de Janeneiro and this is bloomberg welcome toloberg weekend news from Wall Street to walk.
[08:28] Earning season is underway we're going to get some key reports everything you need to know before the markets open on monday this weekend bringing a little blue.
[08:28] We're again to your weekend routine guysle up.
[08:28] 🎼