SK海力士拟投入约383亿美元扩充韩国AI存储芯片产能

【实时直播转录 · Bloomberg TV+】
来源:Bloomberg TV+(bloomberg 直播间 btv_us) · 标题:Bloomberg TV+
时段:2026-08-07 21:00–21:30(Asia/Shanghai),共 195 段
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--- 转录正文 ---
[21:00] Hopen interest starts right now.
[21:00] Coming up is Mike was so rightly putting it, maybe not a happy day.
[21:00] A surprise setback for the labor market, employers unexpectedly cut jobs in july, meanwhile prospects for a lasting agree.
[21:00] To reopen the straightit of H moose remain elusive and earn season winds down with a mixed picture from corporate america.
[21:00] Let's look at the reaction thus far that we are getting in these markets because of the jobs number, a surprise contraction stocks move higher.
[21:00] Up about half of 1% nasdaq that outperforms considering this is a longer duration asset class two year yields come in by seven basis.
[21:00] Should this would be the biggest move down in front end yields since june 11th when the president said the war in iran was coming to an end.
[21:00] Gold, the asset class dere up nearly 3% trading above 4300.
[21:01] These numbers surprise contraction for the month surprise contraction, I mean some people have been waiting for it given some of the trends in the labor market, but nobody was expecting it.
[21:01] A negative number and we did get a negative number 23,000 down and we saw 103,000 jobs.
[21:01] Removed in the revisions over the prior two months that chart isn't wrong there, it's negative 23,000.
[21:01] Employment rate falls to 4.1% the labor force falls by 264,000, and that's why we saw the drop in.
[21:01] The unemployment rate, the average hourly earnings also dropped, they were up only a tenth0 of a percent during the month, so 3.2% on an annual.
[21:01] BasNow what moved local education now that's a bit of a surprise because those people tend to fall off the payrolls in may and june.
[21:01] Not july, so they've made a seasonal correction here that shows 49,000, almost 50,000 jobs lost.
[21:02] In local government education, construction jobs were up 22000 and almost all of those were in the.
[21:02] Groups that put together things like the AI data centers, not housing construction health and social.
[21:02] Services is always a big number, it's the strongest hiring category, but it slipped a little bit2.
[21:02] than the pace that we have seen, retail jobs is something to worry about, maybe 19,000 jobs lost and leisure in hospitality.
[21:02] 40,000 jobs a loss was kind of expected because the World cup was over and so maybe that plays a lot in.
[21:02] But I think what the bottom line of all of this is going to be is all of the economists are going to be going in and doing their MRIs and xrays on this.
[21:02] And this may not be as bad as it looks, it isn't great news, it clearly shows hiring slowing down and fewer people looking for jobs.
[21:02] Forgive my ignorance here, and this is not to attack the economists of the world, but something like local education, you said it was a quirk, but isn't that a quirk that we could,
[21:03] Of foresee and maybe the estimates could have been more accurate if this had to do with summer schools. Well, it depends on what the.
[21:03] Seasonals actually were, and I haven't looked into the background, but usually the seasonals would take away jobs technically.
[21:03] Add back jobs into june because that's when everybody goes off the payroll, so i'm not sure why it was delayed to july, but it does seem to.
[21:03] Have had an effect on the overall number let's continue the conversation.
[21:04] of the debate now, but when we look at things like Beigs book or NB and we just went through the earnings season, none of this was really echoed on sort of the company level or smaller.
[21:04] levelSo this kind of caught people off guard, as you guys just noted. But the overall price reaction so far is what you would expect, but it's not out of size to what we just.
[21:04] Yeah, I think what we're seeing here is the slower labor market, but the question that the markets are going to try to guess at.
[21:04] Even though he doesn't want them to, Kevin worship doesn't want them to is how's the F going to react to this I think no hire no fire if this is kind of what we're seeing now.
[21:04] If that continues then they can still be patient, but again, we just don't know and this is the big crux since July FOMC, what is his reaction?
[21:04] Fun, not that we need forward guidance, but we need clarity and what he's actually thinking about doing if we get X, Y,z in the data or so.
[21:04] Something like comes out of the blue again with oil or some other shock comes to the system, Hows he going to think about it, and we just don't have that, that's being the biggest gripe and why it was sort of,
[21:05] I mean he hasn't talked about the labor market much at all, except maybe we know he doesn't really believe in the phlips curve.
[21:05] He's been so concentrated on inflation, is the right move really to price out rate hikes if that is what he's concentrated on and who knows what we get next?
[21:05] Well, it's hard to say that obviously we're going to have two prints and we'll see what we get next week and how that feeds into core PC, but it's hard to say the conditions.
[21:05] Weren't there in July if you're that focused and you're that worried about this gap that has persisted, but then he's also muddying the water by saying he wants to look at a broader.
[21:05] Of inflation kind of metrics, which is why he has the task force. Now, as we know the task force doesn't get done to next spring, they're going to have to deliberate among the committee for a couple of months.
[21:05] only next summer when we start to actually see the results for task force probably explained properly from the chair himself a long period of.
[21:05] Certainty, still, as we know, will add volatility. But then again, this is the opposite of that. This is not a volatility driven market right now. We are one that is, again, risk on.
[21:05] We'll see you in Jackson hole basically I was going to say it's very simple, he cares about PCE until he doesn't anymore at some defined point in time.
[21:06] Tax forces come back mike thank you so much for joining us michael ball from our macro team let's now get to the dc reaction joining us now bloom.
[21:06] White House correspondent jeff Mason, je, a lot on the white House is mine, not least of the latest in the ir war, but let's.
[21:06] with this jobs picture because we know that this is a fed chair who has been communicating with the president. Do we know at all of.
[21:06] A policy has been discussed what the reaction might be given this weaker jobs report Well, no reaction yet Danny but I think.
[21:06] Hearing from administration officials in the coming hour with reaction. And my guess is they'll put a positive spin on this contraction, the labor market.
[21:06] What I would want to say as a sort of fact check, both for the labor aspect, but also inflation that we've been talking about is do hear.
[21:06] Some Republicansan still trying to blame president Biden for the increase in inflation. and of course, that was a huge weakness coming out of.
[21:07] His administration. But this is very definitely definitively President Trump's economy. He's had the tariffs. He's the war.
[21:07] In Iran and so those impacts or the impacts from those policy measures are certainly having an influence on.
[21:07] economy nowAnd they're having an influence on inflation, of course, and we get the inflation report next Wednesday, the president in his latest comments.
[21:07] there isn't much change in where we are with Iran right now right, And that is sort of the state of play right now.
[21:07] The whole week a hearing that there is progress anticipating that perhaps there's a deal about to be arranged, the latest details.
[21:07] we are reporting is that the Iranian parliament is looking at essentially a draft agreement and there are some.
[21:07] s that are being proposed by lawmakers that i suspect would not go over well here at the white house, including charging a fee for.
[21:07] What are considered?
[21:08] flagging that the US is involved in these negotiations and indicating that the deal could be close. Jeff elsewhere in Washington D.
[21:08] We've all been tracking the nomination of Todd Blanch's attorney general, the latest development this morning, Senator Lisa Murkowski posting on X.
[21:08] She will not be supporting his nomination, Jeff, why the change and what does this mean for his road ahead?
[21:08] First of all, it's not necessarily a change. We're waiting to hear from Senator Markrkowski about what she was going to do. And she was still a question mark and that.
[21:08] Question has now been answered with her saying that she's not going to vote for the acting attorney general. that is certainly a blow to him.
[21:08] His chances of becoming the confirmed attorney general and to this white house's desire to make him the permanent attorney general.
[21:09] It's over, it just means it's really really really close right now he can only afford to lose one additional Republicanublican.
[21:09] And the remaining question mark right now in the Senate is Senator cassidy, and he has expressed similar concerns to what senator murkowski.
[21:09] Has said with regard to the politicization of the Department of justice and the acting attorney generals.
[21:09] Involvement in the irRS deal for president trump that also created this fund to help pay back people who.
[21:09] Ma have been involved in the Januaryary 6th riots and also anyone else who feels they've been inly treated.
[21:09] Unfairly treated, I should say, by the previous administration, so that's hanging over this and the murkowski new.
[21:10] They hold the vote and when i say they, I mean repan now, unless they know that they're going to be able to get a yes Jeff.
[21:10] Re appreciate it that's bloomberg's jeff mason in washing d at 10 am.. we're going to hear from kevin hassett, director of the white house's national economic.
[21:10] TheCoun will get his reaction on the jobs report and other wait house goings let's get a check on your markets this morning again it is in reaction.
[21:10] To that negative 23,000 payrolls print that we had it means that bonds and equities and gold are all rallying this morning two year yields.
[21:10] Up by seven basis points at 41744, the odds of a rate hike go from 58% for september before this report.
[21:11] Now 40% so a less than 50% odd that we will get a hike S&P and nasdaq futures move higher, we are sitting about 0.3.
[21:11] under an all time high for your cash session and gold also gets a bid after this report up2. a5%.
[21:11] Let's take a look at some of the individual movers with that this morning is nora linda hey nora, hey Danny, good morning, we're starting with the laggard this morning sweet green.
[21:11] Having rough morning shares tumbling double digits after the company slashed its outlook saying people have been less willing to eat.
[21:11] St during the cyclospora outbreak and if that wasn't enough sweet green also pullinglapeninoos from a supplier tied to a separate sal.
[21:11] Outbreak this week not exactly the headlines that you want to see when you are selling salads let's talk gaming video game maker take.
[21:11] W earnings came up short, but the stock is actually higher after the company maintained its outlook all eyes are on grant theft auto 6.
[21:11] 2 thinks it could be the biggest video game launch of all time when it arrives in november I know gamers have been waiting forever for this.
[21:12] One sharehars of take2 up about 1.5% and finally here's a thought absolutely taking off this morning is up.
[21:12] About78% that's after raising its outlook for the year, analysts saying that's a good sign its ai investments are finally starting to pay.
[21:12] And this is a thought that did need some good news it's lost more than half its value this year those are your morning movers d thank you very much.
[21:12] Catch up with you later in the hour coming up we're going to break down the market moves and jobs data black rockck Str reader will be joining us this is open interest.
[21:13] In case you missed it on bloomloberg.
[21:13] 🎼rollinging inflation shotss is likely going to persist for the foreseeable future. So this increase in inflation volatility will lead to an increase in rate.
[21:13] 🎼Volail, which means the correlation between stocks and bonds have flipped positive, and we expect that to continue the role that alternatives.
[21:13] When you think about infrastructure is where we're leaning into because clients have been under allocateated, especially on the retail side.
[21:13] Don't miss bloomer brief live every weekday.
[21:13] My old mentor Roger Saawback, who told me when I transitioned footballball will never leave you, but you need to leave it wow.
[21:14] 🎼And a lot of know my dream is to play football and play professional football. and you get the dream comes true, but it is going to end. And the day it ends before.
[21:14] ends you're one of the best in the world Great the next day you wake up, that's gone. What are you great at?
[21:14] 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 penhouse to penthouse and what I mean by that.
[21:14] 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 penthouse.
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[21:14] Bringing you the latest business news wherever and whenever it happens, I'm scarlet Fo reporting from america's biggest military shipyard.
[21:15] 🎼Thisberg the countdown is on everything you need to get the edge at the end of the market day.
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[21:15] Now to high interesta look at what's making headlines around the world sk highnch is planning to spend.
[21:15] 38 billion on the expansion of its ship making facilities in South Korea, the move is part of the company's efforts to rapidly double its production capacity.
[21:15] And ease a global shortage of memory chips president trump reiterates his preference for lower interest rates, but acknowledge that it is.
[21:15] chair kevin wsh's decision alone in an interview with punchful news trump said warsh has a board that's very political he also said he won't.
[21:15] Critticizingsh calling him great Bank of america's bowl and bear reading climbed to the highest level since 2021.
[21:16] Say that investor bullishness has become so extreme that it's time to start reducing exposure to risky assets they pointed to broadening equity markets.
[21:16] Your credit spreads as reason behind investor optimism speaking of optimism let's look at the market rally so far this morning again that is off the back.
[21:16] Of weaker than expected jobs figures a surprise decline to s& futures up3 tenths of 1% nasdaq outperforms as.
[21:16] Yields come in by five basis points for your tenure joining us now is blackroth chief investment officer of global fixed income rick.
[21:16] Rick the unemployment rate goes down, but the a surprise contraction in jobs last time we spoke for last month you said the employment picture is stable.
[21:16] Broadly unimpressive, has your assessment of this labor market changed since then with these numbers in hand?
[21:16] Not impressive, I think is the right right terminology. in fact, I was thinking about it, I think it's actually remarkable, how unremarkable the.
[21:17] The data is I think, you know, when you look at, you know, people will say, well, gosh, we're not hiring many people because we have a supply issue and you saw.
[21:17] Some of that play through today, but that being said, you're not seeing any wage growth, So meaning there's not that demand for labor that you would expect when you got an economy.
[21:17] s doing as well as it's doing. I mean we're going to grow. I think you're going to see 6% nominal GDP. You've got corporate top line revenue that's strong.
[21:17] Earnings are strong, but you're seeing operating leverage for companies kick in like you read about. I mean, you look at all these earnings reports, particularly in the tech space.
[21:17] Companies are growing. They're spending immense amounts of Capex, which are actually cutting people in many cases. So anyway, I think we're seeing a productivity revolution.
[21:17] And I think we're watching it play out month in and month out, I mean, to have only 20,000 jobs on a three month moving average, you strip out healthcare, you're having negative jobs.
[21:17] Growth in aggregate. So anyway, I think it's I just think we're going through. I think when they when they summarize the years from.
[21:17] They're going to witness something that is productivity, people say it's AI kicking in, I actually think it's just been an ethos around companies growing.
[21:18] Their business and seeing how you can operate without that much employment Well also, you've got the fall in immigration.
[21:18] That is probably contributing to these big declines we're seeing in the labor force, but the people who want jobs are apparently getting jobs with unemployment.
[21:18] .1%So i assume this tells you as well as the fed that we don't have a problem with the labor force side.
[21:18] Of the mandate, Yeah, I mean, I think that's right, Mike, I mean,, you know,, you know, I've been pretty adaman about don the F needs to hike and and a, I don't think you,
[21:18] Really will solve the inflation dynamic part of why I think these task forces will be so powerful as you'll get into what are some complex subjects.
[21:18] When you break down inflation a day, you look at the difference between services and goods and think about what's still sticky in inflation, education, healthcare care insurance.
[21:18] moving the overnight funds rate up really do much how end you get to the point being if you're restrictive on rate and you're driving mortgage rates higher.
[21:19] Don't see that as really effective trying to bring inflation down you've got what I would argue is yeah, maybe it's an okay labor market but.
[21:19] You still need, in particular way of this bunch of debt on the country, you need to grow faster, you need to put more people to work.
[21:19] I that me is the philosophy that the Fed has to today Well on the inflation side of things, Rick, I know you've been a big proponent again.
[21:19] Of inflation we have isn't something that's fixed by hikes, but perhaps by policy, not monetary policy, but fiscal policy policy.
[21:19] Do you think that could start to eat away at inflation is it just like ending a war basically I mean, listen a war is a big deal.
[21:19] I mean, obviously, not only do you get higher prices in terms of fuel.
[21:20] How do you get some of the stuck student loan asset liabilities on that young people?
[21:20] How do you transition some of that, How do you help with some of that. I think there's a whole series of fiscal dynamics that can help with inflation.
[21:20] And I don't think moving the overnight funds right will really do it, and we've seen that before it doesn't really have that much of an impact.
[21:20] Then in that case, because i agree that there's probably not going to be anything happening on the fiscal side because they can't even vote on an attorney general at this.
[21:20] And the Fed is maybe leaning now towards a hold in september we'll see after the wednesday.
[21:20] CPI report, but that leaves us with an inertial economy and what do you think happens to the economy?
[21:21] There's no movement on the fiscal or the monetary side you're unbelievably good at analyzing this.
[21:21] Appreciate questions you ask at the FMC meeting, et cetera, the thing I would say is i'm not sure I agree with the inertial concept I actually think the economy is up.
[21:21] At an amazingly strong level. And you look at the capex, it's obviously a big driver of that that from AI that's getting into.
[21:21] You know, straightight growth of the economy in so many different forms, and then you look at consumption today, consumption, you see this you know particularly.
[21:21] In areas like leisure in hospitality, you see this in some of the transportation dynamics in terms of travel, that the economy.
[21:21] Operating an excellent thing that was pretty amazing to me in the last two months that some of you had a fiscal tailwind, but he actually had lower and middle income that was actually.
[21:21] Starting to accelerate. And we see that. And all of we use a lot of this high frequency data. You actually saw consumption in a pretty good place. So listen, I think you.
[21:22] He's operating at extremely solid level, you know, you would think in the second half of the year, you'd start to moderate a bit post the fiscal.
[21:22] Till winddBut boy you see this, I mean this was a pretty amazing quarter of earnings reports that not not.
[21:22] Not pervasively across every single company or industry, but boy I thought it was pretty darn good and part of what.
[21:22] Look at the equity market and having a pretty good run, particularly recently, you're actually looking at multiples that are coming down because these companies are earning so fast. So anyway I'm pretty,
[21:22] En where the economy is today and i'm assuming that that enthusiasm over equities translates into your world of credit, Rick.
[21:22] Of course, a fund that has been outperforming the broader benchmark by a healthy clip for the past few couple of years I know last time you joined.
[21:22] epticism on us iG credit, you like carrying higher income, I think all of this is an interesting time at a time rick where as you point out.
[21:22] So much is happening because of AI, especially in debt with the huge issuance we're seeing from the hyperscalers, we've got another 25 billion.
[21:23] This market easily took up from go just this week and at the same time we're going to get more issuance from the treasury next week what are you thinking about?
[21:23] Or you want to place bank just given the sheer amount of issuance that continues to hit this market say thing about.
[21:23] As you've had a backup in rates, you're able to hit your yield targets, let mean talk about we're hitting almost seven, I mean, six, you know, high sixes in terms of yield.
[21:23] And so a couple of things we've been doing is you actually don't need to go down in credit quality, you don't actually don't need to go that far down in terms of the liquidity in the portfolio.
[21:23] Weve been keeping it we've been adding a bit in terms of European fixed income, I think emerging markets are interesting.
[21:23] ifIf you assume the dollar is to be not going to be moving aggressively, you made the point right, I think on investing in great credit given the amount of supply we're going to.
[21:23] Data center hyperscale or custom correct credit, it's not that interesting at all, but in the securitization market, you know, theyve securitized assets.
[21:24] It's both in commercial real estate, ABS, Resi, those markets are in pretty good shape.
[21:24] an environment where we don't feel like we've got to stretch a lot, you know, these real rates that today give us an amazing ability to keep our yield up without.
[21:24] Reallying, we're running bank now with an average rating of a minus, you're hitting high6s like that's pretty good today.
[21:24] We're trying to be in bonds, we're trying to be as boring as you could be and know take the risk in equities, which have a little bit of.
[21:24] il particularly single name little bit less risk, maybe in the bond market, but there's such an.
[21:24] The appetite, I guess I would say, for debt, for the hyperscalers, et cetera.
[21:24] Affecting how you can sell all of these bonds, I was really surprised yesterday with the Google alphabet offering that it was.
[21:24] So oversubscribe you know, we're living through something and one of the real benefits to all the financing that.
[21:25] Data center, hyperscaler, U Treasury, UK, Japan is we're actually going through a pretty historic.
[21:25] Demographic that is supporting this demand for yield insurance companies, life insurance, pension so it's amazing.
[21:25] Price assets right on the debt side, you can place an awful lot of debt that being said, I mean, the hyperscalers have clearly widened.
[21:25] bit.And so you're getting the levels, like I say, these real rates, if you're if you're pension today and think, gosh, I can def fees a.
[21:25] A good portion of my liability stream at these real rates, it brings a lot of people and particularly if you get some spread on it and you're watching that play out.
[21:25] I would say one thing I mean this supply is not going to stop coming and you know next week we get a lot of treasury supplies, so you know in terms of interest rate exposure.
[21:25] And we feel like we don't have to be in a rush to add a bunch interest rate exposure and just like clip coupon all right Rick you're going to stick with us.
[21:26] How this market opens up and would love to get your commentary on a continued market reaction to this jobs report and just to check on where we are with five minutes less than.
[21:26] I'm innocentcent until the opening bell we continue to see a rally as yields come in now by five basis points the front end of the curve as you would expect outperforms even.
[21:26] that's down by about seven basis points this morning brent crude continues to fall as we await the latest on the ir war.
[21:26] They're this break while your opening bell and more with recruitcer.
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