Business and finance news from the Asia-Pacific.

Early focus in Asia is on the yen after the currency weakened 1% on Monday, erasing about half of its recent intervention-led rally. The move is psychologically significant for traders, who remain on alert for further official support. The yen was slightly stronger in early Tuesday trading at about 159.10 per dollar. We discuss with David Savage, Bloomberg News MLIV Strategist in Hong Kong.

Plus - US investment giants including Apollo Global Management Inc., Blackstone Inc., BlackRock Inc. and Brookfield Asset Management are partnering with Nvidia Corp. to invest $500 billion in artificial intelligence infrastructure. The news came on the same day as Intel announcing a new share sale, and Anthropic striking a $9.1 billion deal with Riot Platforms. We examine the state of the global AI buildout with Grace Tam, Deputy Asia CIO at BNP Paribas Wealth Management.

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Business and finance news from the Asia-Pacific.

Oil extended its recent gains as Iran rejected talks with the US and a deal to reopen the vital Strait of Hormuz remained elusive. Treasuries declined. Meanwhile, a gauge of Asian stocks rose 0.4%, with gains for South Korean and Japanese chipmakers. The Kospi Index climbed as much as 2% before trimming its advance, with SK Hynix Inc. and Samsung Electronics Co. among the winners. The move followed Friday's Wall Street rally after soft US jobs data lifted equities, sending the S&P 500 Index to a record high. Bloomberg's Haidi Stroud-Watts spoke to Jasmine Duan, Senior Investment Strategist at RBC Wealth Management Asia.

And prices paid by US consumers probably inched up marginally last month after falling for the first time in six years, a welcome tempering in recent war-driven inflationary pressures. The closely watched consumer price index is seen rising 0.1% in July following a 0.4% decline in the prior month, based on the median projection in a Bloomberg survey of economists ahead of Wednesday's Bureau of Labor Statistics release. In the wake of Friday's weak July jobs report, the moderation in price growth may help alleviate some of the inflation anxiety at the Federal Reserve after three officials dissented on July 29 in favor of raising interest rates. Bloomberg's Haidi Stroud-Watts spoke to Illiana Jain, International Economist at Westpac.

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

• In the US – a look ahead to U.S CPI and PPI data, along with a focus on 3 stocks for the week ahead.
• In the UK – a look at some of Europe's biggest energy companies on their recent performance.
• In Asia – a look ahead to a monetary policy decision from the Reserve Bank of Australia.

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Business and finance news from the Asia-Pacific.

Oil extended gains after a report that Iran attacked “hostile targets” in the Strait of Hormuz, with Tehran seeking to bar US ships from the critical waterway in a deal with Oman. Higher energy prices revived concerns that the Federal Reserve may need to keep interest rates elevated. Bloomberg's Haidi Stroud-Watts spoke to Lori Calvasina, Head of US Equities Strategy at RBC Capital Markets.

Plus - Japan had a slew of corporate earnings, Bloomberg's Shery Ahn spoke to Rie Nishihara, Chief Japan Equity Strategist at JPMorgan Securities.

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Business and finance news from the Asia-Pacific.

Asian stocks slipped after Wall Street's recent tech-led rally stalled, with chipmakers coming under pressure. The MSCI Asia Pacific Index fell 0.8%, though gainers outnumbered decliners. Gauges in Japan and South Korea declined, while stocks in Australia advanced to a record. For more on the markets, Bloomberg's Haidi Stroud-Watts spoke to Kerry Craig, Global Market Strategist at JPMorgan Asset Management.

And for an outlook on Chinese markets, Bloomberg's David Ingles and Avril Hong spoke to Eva Lee, UBS Global Wealth Management Chief Investment Office Head of Greater China Equities.

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Business and finance news from the Asia-Pacific.

SpaceX stock fell after the company disclosed higher-than-expected spending on its artificial intelligence business, dampening an inaugural quarterly report that broadly surpassed Wall Street forecasts. Shares of Elon Musk's rocket, satellite and AI conglomerate tumbled as much as 8.8% in US postmarket trading after it said capital spending jumped to about $18.4 billion in the second quarter. "We expect the cadence of AI development to improve dramatically," Musk told analysts on a conference call after the company reported results that beat forecasts for revenue, AI losses and Starlink subscriber growth. Bloomberg's Haidi Stroud-Watts spoke to Bob O'Donnell, President and Chief Analyst at TECHnalysis Research.

Plus -  HSBC Holdings Plc announced a fresh stock buyback and raised its cost-cutting target as it reported second-quarter earnings that beat estimates despite China's crackdown on cross-border wealth flows. The London-headquartered lender will repurchase as much as $1 billion in stock after pretax profit for the three months through June rose to $10.1 billion, beating estimates. Results were bolstered by notable items alongside gains in banking and wealth revenue. Bloomberg's Francine Lacqua spoke to HSBC Group CEO Georges Elhedery.

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SpaceX stock fell after the company disclosed higher-than-expected spending on its artificial intelligence business, dampening an inaugural quarterly report that broadly surpassed Wall Street forecasts.  Shares of Elon Musk’s rocket, satellite and AI conglomerate tumbled as much as 8.8% in US postmarket trading after it said capital spending jumped to about $18.4 billion in the second quarter. 

For instant reaction and analysis, Bloomberg Businessweek Daily hosts Carol Massar and Tim Stenovec speak with:

• Ed Ludlow, Bloomberg Tech co-host
• Mandeep Singh, Bloomberg Intelligence Global Head of Technology Research

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Business and finance news from the Asia-Pacific.

The yen held steady through the New York trading session on Monday, after a sharp advance earlier in the day that sparked speculation authorities may have intervened to support the currency again after last week's coordinated action between the US and Japan. Meantime, US and Japanese officials warned investors they're determined to keep defending the yen after jolting currency markets with their first joint intervention in 15 years. Bloomberg's Shery Ahn spoke to Shusuke Yamada, Chief Japan FX and Rates Strategist at BofA Global Research.

Plus - President Donald Trump said his latest offer of talks is a "last chance" for Iran after he called off what he said was a major attack on the Islamic Republic. Iran denied it was negotiating with the US, but said talks with Oman to get more ships moving through the Strait of Hormuz are making progress. Bloomberg's Shery Ahn spoke to Mona Yacoubian,  CSIS Director and Middle East Program Senior Adviser.

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Business and finance news from the Asia-Pacific.

The yen advanced sharply on Monday amid high alert in markets. This comes after Japan confirmed its first joint intervention with the US in currency markets in 15 years and warned that it was ready to act again, after the yen last week slid to a four-decade low. Japan’s Finance Ministry intervened in the market on Friday in coordination with the Treasury Department. US President Donald Trump earlier said the US joined the currency-market intervention as a sign of friendship with Japan, saying that he expects Washington to reap a financial benefit from helping the ally. Separately, US Treasury Secretary Scott Bessent said in a post on X that the US stepped in to help fight “disorderly” movements in the yen and is ready to keep helping Japan. Bloomberg's Paul Allen and Haidi-Stroud Watts spoke to Louise Loo, Head of Asia Economics at Oxford Economics.

Amid US intervention with the yen in Japan, bond investors say the risk of a deeper Treasury rout is rising as Federal Reserve Chairman Kevin Warsh keeps investors in the dark about how officials will respond to the evolving economy. The Treasury market is signaling that Warsh's inflation-fighting credibility is eroding after he declined to outline how he plans to curb price pressures when policymakers left interest rates unchanged last week. The result is steeper borrowing costs for the government, homeowners and companies, with the rate on the 30-year Treasury at a 19-year high. Bloomberg's Paul Allen and Haidi-Stroud Watts spoke to Julia Wang, North Asia CIO for Nomura International Wealth Management.

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AI promises untold breakthroughs, yet success requires huge amounts of energy. That begs a crucial question: How can we power progress responsibly? Find out how B.Grimm is leading the shift through a major renewable energy-powered data center project in Chon Buri.

https://sponsored.bloomberg.com/media/bgrimm/the-stewards-of-compassion-podcast

This episode is sponsored by B.GRIMM.

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