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00:00JOUMANNA: GOOD MORNING, THIS IS HORIZONS MIDDLE EAST & AFRICA. ASIAN STOCKS AFTER JAY POWELL SIGNALS AN INTEREST RATE CUT COULD COME AS SOON AS NEXT MONTH, DESPITE DIVISIONS OVER CHALLENGES IN INFLATION IN THE JOBS MARKET. THE U.S. GOVERNMENT TAKES A 10% STAKE WORTH $8.9 BILLION IN A BID TO REINTEGRATE INTEL AND BOOST DOMESTIC CHIPMAKING. EARNINGS AHEAD, IN THE SPOTLIGHT AS WE LOOK AT SOME COMPANIES RELEASING RESULTS THIS WEEK. I AM BACK IN DUBAI AFTER TWO WEEKS OFF. WE HAVE A LOT TO TALK ABOUT TODAY ESPECIALLY AFTER JAY POWELL'S SPEECH AT JACKSON HOLE FRIDAY, A MAJOR CATALYST FOR MARKETS, MOVED TO PRICING ALMOST CERTAINTY SEPTEMBER INTEREST RATE CUT. THAT TURBOCHARGED STOCKS ON FRIDAY, BIG BOUNCE FOR THE S & P UP 1.5%, NASDAQ UP 8% FRIDAY AND THE DOW REACHING AN ALL-TIME HIGH. A VERY STRONG SESSION AND MAJOR RALLY IN THE FRONT END OF THE CURVE BECAUSE OF THE REPRICING OF INTEREST RATE EXPECTATIONS. TODAY, STABILIZATION, U.S. FUTURES INCHING TOWARDS THE RED. IT IS A BIG WEEK IN TERMS OF FURTHER OPTIONS, WE HAVE PCE INFLATION DATA TO WATCH AND THE BIG ONE, NVIDIA EARNINGS, THE DARLING STOP OF THE WORLD -- OF THE WORLD. UST UP SIX BASIS POINTS THIS MORNING AFTER THE JACKSON HOLE SPEECH FRIDAY THE DOLLAR SLIPPED A LOT DOWN .5%. LET'S LOOK AT HOW MARKETS IN ASIA ARE FARING WITH DAVID INGLES. A LOT OF GREEN ON THE SCREENS THIS MORNING. HOW DO WE EXPLAIN THAT? DAVID: WELCOME BACK. ONE THING THAT HAS CHANGED SINCE YOU WENT AWAY, THE MARKET RALLIED 3% ON THE BENCHMARK BASIS NOW WITHIN 3% OF THE FRESH RECORDS SO JAY POWELL OPEN THE DOOR TO RATE CUTS, LEADING TO A WEAKER DOLLAR IN THE ASIA-PACIFIC. AND THE OTHER THING COME OF THE PBOC SETTING THE FIXING OF THE CURRENCY, STRONGEST ADJUSTMENT GOING BACK TO JANUARY AND THAT IS LEADING TO A STEEP DECLINE IN THE DOLLAR AND INFLOWS IN THE REGION AND WHAT WE SEE IN THE EQUITY MARKET ON TOP OF THAT, THE RALLY IS EXTENDING IN CHINESE MARKETS. 2 TRILLION IN THE MORNING SESSION ALONE IN THE ONSHORE MARKET. AND WE UNDERSTAND WHAT WE ARE GETTING A MASSIVE MOVES IN CHINESE MARKET, SHANGHAI HAS EASED HOMEBUYING CURBS AUGUST 26, EFFECTIVE TOMORROW SO NOW WE UNDERSTAND WHY THINGS LOOK THE WAY THEY LOOK. JOUMANNA: THE TURNOVER NUMBER IS IMPRESSIVE. 2 TRILLION ON THE SESSION IN ANTICIPATION OF SOME MEASURES THAT SEEM TO BE COMING THROUGH NOW. DAVID IN HONG KONG, THANK YOU SO MUCH. BACK TO THE MAIN STORY. FED CHAIR JEROME POWELL HAS SIGNALED THE FED IS HEADED FOR RATE CUTS AS SOON AS SEPTEMBER BUT NOTED THE ECONOMY HAS HAD A CHALLENGING SITUATION. > > THE SHIFTING BALANCE OF RISK MAY WARRANT ADJUSTING THE POLICY STANCE. OUR RATE IS MODESTLY RESTRICTIVE. THE STABILITY OF THE UNEMPLOYMENT RATE ALLOWS US TO PROCEED CAREFULLY WHILE THE LABOR MARKET APPEARS TO BE IN BALANCE, BUT IT IS A CURIOUS BALANCE. WELL ANCHORED BUT WE WILL NOT ALLOW A ONE-TIME INCREASE IN THE PRICE LEVEL TO BECOME AN ONGOING AND NATION PROBLEM. JOUMANNA: LET'S TALK ABOUT THIS WITH MARY NICOLA. GOOD TO HAVE YOU WITH US. THE MAINLINE IS THE BASELINE OUTLOOK AND SHIFTING BALANCE OF RISK MIGHT WARRANT ADJUSTING OUR POLICY STANCE. THE MARKET TAKES THAT TO BELIEVE SEPTEMBER IS A LIVE MEETING. > > ABSOLUTELY AND THAT IS WHAT MARKETS HAVE GOTTEN EXCITED ABOUT, THE FACT THAT HE HAS OPEN THE DOOR TO A SEPTEMBER RATE CUT. LAST WEEK IT WAS MORE ABOUT THE FOCUS WAS ON IF HE PUSHES BACK ON EXPECTATIONS OF FED RATE CUTS. YES HE OPEN THE DOOR FOR A SEPTEMBER CUT, I THINK WITH THE FOCUS ON THE LABOR MARKET HE SETS THE BAR A LOT HIGHER. LET'S SAY -- IN TERMS OF KEEPING RATES STEADY WHICH IN SOME CASES WOULD SUGGEST UNLESS PCE COMES REALLY HOT OR WE SEE AN ADJUSTMENT IN THE LABOR MARKET, IT LOOKS LIKE THE FED WILL PROCEED. BUT ONE OF THE THINGS TO HIGHLIGHT IS HE STILL HAD A CAUTIOUS TONE WHICH WOULD SUGGEST IT'S NOT FREE AND CLEAR OF WHERE POLICY RATES ARE HEADED OR ARE WE IN THE START OF AN AGGRESSIVE RATE CUTTING CYCLES SO HE HAS SET THE TONE FOR AN OPENING, BUT NOT A FORGE AHEAD ON THE EASING CYCLE. JOUMANNA: IN LIGHT OF WHAT WE HEARD FROM HIM ON FRIDAY, HOW SIGNIFICANT IS THE PCE DATA THIS WEEK IN TERMS OF THE FED'S DECISION MAKING AND PERHAPS WILL IT HAVE MORE BEARINGS ON IF THIS TURNS INTO A LOAN RATE CUTTING CYCLE? > > FOR THE PCE DATA IT HAS TO COME IN EXCEPTIONALLY HOT FOR THE FED TO CHANGE ITS MIND OR SOME SUGGESTION TO SAY INFLATION IS BECOMING A BIG PROBLEM. AND IT HAS TO COINCIDE WITH A REALLY HOT LABOR MARKET WHEN WE GET PAYROLLS LATER IN SEPTEMBER. SO IT NEEDS TO SHOW THAT OVERALL I THINK THE FOCUS IS STILL ON THE LABOR MARKET BUT IF WE SEE AN EXCEPTIONALLY HOT PCE NUMBER IT WILL CHANGE THE BAR AND THE RISKS FOR THE CENTRAL BANK. OVERALL, WE WILL SEE SEPTEMBER REMAIN IN PLACE IN TERMS OF EXPECTATIONS BUT IT IS WHAT HAPPENS AFTER, I THINK THE MARKETS WILL TAKE A CAUTIOUS TONE AND THE FED WILL TAKE A CAUTIOUS MOAN, ESPECIALLY IF WE GET A FASTER PACE IN PCE. JOUMANNA: YEAH. MARY NICOLA, THANK YOU PEERED LET'S PICK UP THE CONVERSATION OR -- FURTHER WITH [INDISCERNIBLE] GOOD TO HAVE YOU WITH US. IN YOUR MIND, IS SEPTEMBER A DONE DEAL FOR A CUT? > > IT SEEMS LIKE IT. IF YOU LOOK AT THE UNEMPLOYMENT DATA AT 4.2% AND IN THEY AT 2.7%, IT'S A DICHOTOMY THAT THE FED HAS AN YOU HAVE NOT SEEN A RATE CHANGE SINCE JANUARY. IF YOU ARE LOOKING AT THE UNDERLYING INFORMATION OF THE UNEMPLOYMENT THERE IS NOT MUCH JOB GROWTH AND THERE ARE NOT THAT MANY PEOPLE LOOKING FOR JOBS SO THAT IS CONCERNING AND ITS VALID FOR POWELL TO DO THIS AND CONSIDER THE RATE CUT. THE BOOST NEEDED TO ADDRESS THIS FIRST, INFLATION IS IMPORTANT BUT IT WILL PLAY OUT WITH TARIFFS COMING IN AND THAT IS A BIGGER PROBLEM TO BE DEALT WITH. JOUMANNA: AND THE FOCUS WILL SHIFT AWAY FROM SEPTEMBER TOWARDS WHETHER THIS IS THE BEGINNING OF A SUSTAINED RATE CUTTING CYCLE AND YOU COULD ARGUE RATES ARE STILL SOMEWHAT RESTRICTIVE. WILL THEY HAVE TO BRING THEM DOWN QUICKLY TO A POINT WHERE IT IS STIMULATING THE ECONOMY? > > IT DEPENDS ON THE TARIFF SITUATION AND HOW INFLATION NUMBERS WILL GO OUT BUT AT THIS POINT IF YOU [INDISCERNIBLE] WHAT WILL BE THE MORE IMPORTANT THING IS LOOKING AT THE UNEMPLOYMENT DATA. JOUMANNA: HOW DO YOU SEE U.S. DATA TRANSPIRING IN THE NEXT COUPLE OF MONTHS? EVEN IN THAT SPEECH, JAY POWELL REFERRED TO WEAKNESS SHOWING UP IN THE LABOR MARKET. HOW BAD WILL THINGS GET IN THE NEXT FEW MONTHS? > > I THINK IT IS NOT JUST ABOUT THE DATA SHOWING BUT ALSO EXPECTATION OF INFLATION. A LOT OF UNCERTAINTY ON THE GROUND. PEOPLE ARE NOT GOING TO BE DEALING CONSUMPTION IF YOU HAVE INFLATION IS GOING TO COME THEY ARE ASKED AFFECTING THEIR TO BE JOB CUTS, A LOT OF THAT WILL PLAY OUT AS WELL SO THE SITUATION MIGHT END UP BEING WORSE THAN ANTICIPATED AND A LOT DEPENDS ON WHAT PLAYS OUT. THE UNCERTAINTY SEEMS TO KEEP YOU FROM GOING ONE WAY OR ANOTHER SO SOME AMOUNT OF ACTION ON ONE RUN WILL HELP THE SENTIMENT. JOUMANNA: WHAT I AM TRYING TO FIGURE OUT IS WHETHER WE ARE ON TRACK OF A SLOWDOWN OR RECESSION IN THE U.S. ECONOMY. > > IN TERMS OF RECESSION I THINK THE U.S. ECONOMY IS RESILIENT. WE SAW SMALLER GROWTH IN THE GDP THE FIRST QUARTER BUT A SECOND ORDER WAS BETTER AND THEN ANTICIPATE WHAT WILL BE THE NUMBERS NEXT MONTH WHEN THEY COME OUT FOR THE GDP AND THAT WILL HELP US SEE WHAT DIRECTION IT IS GOING IN. I THINK RECESSION RISKS STAY LOW, HOWEVER, THERE ARE REALLY BIG PROBLEMS THE U.S. NEED TO ADDRESS. UNEMPLOYMENT BEING ONE OF THEM AND THEN OF COURSE THE MOUNTING DEBT THEY HAVE INFLATIONARY PRESSURES, INFLATION STILL STAYS AT A HIGH NUMBER, 2.7% IS THE HIGHER THAN THE TWO -- 2% TARGET SO WE STILL HAVE A LONG WAY TO GO. JOUMANNA: THE DOW IS MAKING AN ALL-TIME RECORD HIGH, STRONG PERFORMANCE, S & P, NASDAQ. > > THAT CONTINUES. SIMILAR TO WHAT WE WERE TALKING ABOUT EARLIER WITH CHINA, ECONOMIC DATA DOES NOT NECESSARILY WANT THE KIND OF MARKET MOVEMENT BUT THEN YOU HAVE THIS MARKETS THAT IS GOING ON ABOUT IT BECAUSE OF THE FACT THAT YOU KNOW THIS IS A PROBLEM YOU WILL HAVE TO WAIT AND WATCH SO YOU HAVE LONG-TERM INVESTORS WANTING TO GET IN AND TRADERS [INDISCERNIBLE] ANOTHER BIG EVENT IS COMING UP THIS WEEK, THE ADDITIONAL 25% TARIFFS THE U.S. WILL IMPOSE ON INDIA BECAUSE OF PURCHASES OF RUSSIAN OIL. AT LEAST THAT IS THE JUSTIFICATION TRUMP IS GIVING. HOW DAMAGING WILL IT BE TO INDIA? > > THE TOTAL EXPORT INDIA DOES TO THE U.S., U.S. IS ITS LARGEST EXPORT MARKET, 81 BILLION DOLLARS. SOME GOODS ARE EXEMPT LIKE PHARMACEUTICALS. THAT IS $15 BILLION THAT WILL BE EXEMPT. IF YOU LOOK AT THE $81 BILLION, IF THE 25% IS GOING TO COME IN WHICH IS MOST LIKELY GOING TO COME IN BECAUSE THAT WAS SUPPOSED TO BE TALKS BETWEEN THEM BETWEEN 25TH AND 29TH WHICH IS YOU KNOW IN THE PUBLIC DEMAND THEY ARE SAYING THEY ARE NOT COMING THE U.S. OFFICIALS ARE NOT GOING TO BE COMING TO INDIA ANYMORE HOWEVER EXTERNAL AFFAIRS MINISTER HAS SAID ONGOING TALKS BUT ASSUMING THIS IS GOING TO COME IN IT IS GOING TO BE COMPLETELY UNVIABLE TO BE EXPORTING AT THAT 50% TARIFFS THOUGH WHAT INDIA HAS TO DO IS TRY AND FIND OTHER 65 BILLION DOLLARS, TRADE PARTNERS. PRIME MINISTER MODI HAS BEEN LOOKING FOR OTHER TRADE PARTNERS ALONG THESE MONTHS, WE HAVE FIND SOME AGREEMENTS THAT ARE LOT OF THE NEGOTIATIONS GOING ON AND ASSUMING THAT 40% WERE ABLE TO FIND ALTERNATIVES, YOU WERE TALKING ABOUT $40 BILLION THAT WOULD BE A TRADE LOSS. STILL ABOUT 1% OF INDIA'S GDP. SO IT IS NOT A VERY BIG IMPACT. THE OTHER BIG THING IS EVEN IF YOU LOOK AT IT FROM THE GDP GROWTH, WE ARE CURRENTLY AT 6.7% OR SO. SO EVEN BRING IT DOWN, IT IS YOU KNOW IT IS NOT GOING TO MAKE A SIGNIFICANT DENT. JOUMANNA: GOOD TO HAVE THAT FRAMING. THANK YOU SO MUCH. REALLY GOOD TO HAVE YOU ON THE SHOW. CENTRAL BANKERS AT THE FED THE SYMPOSIUM IN JACKSON HOLE EXPRESSED SUPPORT FOR JAY POWELL AMID TRUMP'S RELENTLESS ATTACKS ON HIM OVER INTEREST RATES. HE GOT A STANDING OVATION BEFORE HIS SPEECH WITH OFFICIALS STRESSING IN'S MEDIA INTERVIEWS JUST STRESSING IN MEDIA INTERVIEWS THE IMPORTANCE OF CENTRAL-BANK INDEPENDENCE. > > I HAVE SEEN FIRSTHAND WHAT HAPPENS WHEN THE CENTRAL-BANK INDEPENDENCE IS UNDER THREAT. IT BECOMES DYSFUNCTIONAL AND STARTS DOING THINGS IT SHOULD NOT DO AND THE NEXT STEP IS DISRUPTION, INSTABILITY, IF NOT WORSE. IT SHOULD NOT BE DEBATED. > > ABSOLUTELY CRITICAL, THE INDEPENDENCE OF THE FED. IT DOES NOT MEAN THE FED IS NOT HELD ACCOUNTABLE. INDEPENDENCE DOES NOT MEAN YOU GET TO DO WHATEVER YOU WANT. THERE IS STILL ACCOUNTABILITY TO CONGRESS AND TO THE MARKETS AND TO THE AMERICAN PEOPLE. YOU CANNOT LOSE SIGHT OF THAT. JOUMANNA: STILL AHEAD, PRESIDENT TRUMP STRIKES A DEAL WITH INTEL, GIVING THE U.S. GOVERNMENT A NEARLY 10% STAKE IN THE CHIPMAKER. THE LATEST, NEXT. THIS IS BLOOMBERG. JOUMANNA: WELCOME BACK TO HORIZONS MIDDLE EAST & AFRICA. THE U.S. GOVERNMENT IS TAKING A 10% STAKE IN INTEL AS PART OF A BID TO REVIVE THE COMPANY AND BOOST DOMESTIC CHIP MANUFACTURING. TRUMP: I THINK THE UNITED STATES SHOULD BE GIVEN 10% OF INTEL. AND HE SAID, I WOULD CONSIDER THAT. I SAID, I WOULD LIKE YOU TO DO THAT BECAUSE INTEL HAS BEEN LEFT BEHIND. JOUMANNA: I AM SO SORRY, I AM QUITE DISTRACTED BY HIS BASEBALL CAP. IT SAID TRUMP WAS RIGHT ABOUT EVERYTHING. OK LET'S TALK ABOUT THE ACTUAL DEAL. THE U.S. GOVERNMENT TAKING A 10% STAKE IN INTEL. HOW WILL THIS HELP TURN THE COMPANY'S FORTUNES AROUND? ANABEL: IS CERTAINLY UNCONVENTIONAL. THE BROADER SHAPE OF THE DEAL, THE U.S. GOVERNMENT IS ESSENTIALLY BUYING UP 400 33 MILLION SHARES OF STOCK, JUST UNDER 10% STAKE IN THE BUSINESS AND THE DEAL WAS WORTH $11.1 BILLION. THAT WAS THE MONEY WAS GOING TO BE RECEIVING UNDER THE U.S. CHIPS IN SCIENCE ACT. SO THE TERMS OF THE DEAL WE HAVE BEEN REPORTING OVER THE PAST FEW DAYS, THE GOVERNMENT WILL BE A PASSIVE OWNER, NO SEAT ON THE BOARD OR INFORMATION RIGHTS. HOW COULD HELP TURN IT AROUND, WE HAVE SEEN A CHANGE IN TUNE IN INTEL STOCK PERFORMANCE BUT STILL ON THE OUTSET OF WHAT COULD BE A MULTIYEAR RESTRUCTURING EFFORT. WHAT IS CLEAR IS THAT U.S. GOVERNMENT DOING THIS IS UNCONVENTIONAL. THEY DO NOT USUALLY TAKE A STAKE IN ANY BUSINESSES. THAT UNDERSCORES THE SIGNIFICANCE OF WHY THE GOVERNMENT WANTS TO DO IT, TO BUILD UP THE U.S. MANUFACTURING OF SIDE CONDUCTORS. JOUMANNA: A SHIFT TOWARDS STATE CAPITALISM, MORE INTERVENTIONISM IN COMPANIES. MAJOR EARNINGS COMING OUT THIS WEEK FROM NVIDIA. WHAT SHOULD WE WATCH OUT FOR FROM WHAT IS PROBABLY ONE OF THE MOST IMPORTANT STOCKS THIS WEEK? > > I THINK IT WILL BE THE MOST THIS WEEK, 3% OF THE GLOBAL MARKET CAP, IT IS THE HEAVIEST WAITING ON THE S & P 500, 8% AND IT WILL BE REALLY IMPORTANT TO TRACK BECAUSE TAX STOCKS UNDER PRESSURE OF LATE, CONCERNS WERE SURFACING AROUND THE HEALTH OF THE AI LEAD RALLY AND IF IT WILL BE SUSTAINED MOVING FORWARD HERE LOOKING AT SOME NUMBERS WE ARE AFFECTING REVENUE EXPECTED TO COME IN AT 46 BILLION DOLLARS, 50% JUMP ON THE YEAR, ADJUSTED EARNINGS-PER-SHARE JUST OVER ONE DOLLAR AS WELL, OPTIONS TRADERS ARE SAYING YOU WILL SEE BIG SWINGS IN EITHER DIRECTION AROUND X PERCENT BUT ONE BIG QUESTION FOR ANALYSTS GOING IN IS WHAT NVIDIA WILL SAY ABOUT CHINA BECAUSE LAST WEEK A BIG STORY WAS HOW THE U.S. HAS REVERSED DECISION TO HALT SALES OF H 20 CHIPS TO CHINA BUT NOW THE CHINESE GOVERNMENT IS ENCOURAGING FIRMS TO NOT BUY UP THE CHIP THAT WAS DESIGNED FOR THE MAINLAND MARKET SO NOW WHAT DOES NVIDIA DO GIVEN WE HEAR THEY HAVE STOPPED PRODUCTION OF THE CHIP AND THEY CONTINUE TO RELY ON THE MAINLAND MARKET. JOUMANNA: STILL CAUGHT IN THE CROSSHAIRS OF GEOPOLITICAL TENSIONS BETWEEN THE U.S. AND CHINA. ANNABELLE, ALWAYS A PLEASURE. COMING UP, WE GET THE DETAILS OF WHAT TO WATCH OUT FOR WITH AFRICAN EARNINGS THIS WEEK. THIS IS BLOOMBERG. JOUMANNA: WELCOME BACK TO HORIZONS MIDDLE EAST & AFRICA. FORMER ST. LOUIS FED PRESIDENT THINKS THERE'S A CASE FOR 100 BASIS POINTS WORTH OF RATE CUTS BEFORE NEXT YEAR. BULLARD IS A CONTENDER TO SUCCEED HOWELL AS FED CHAIR. -- POWELL AS FED CHAIR. > > HE USED THE SPEECH TO SOLIDIFY EXPECTATIONS FOR 25 BASIS WAITS IN SEPTEMBER. MARKETS WERE EXPECTING THAT. HE LEANED INTO THE MOST RECENT LABOR MARKET REPORT, WHICH WAS VERY SOFT, SO I THINK THAT IS A DONE DEAL. HE DID NOT SAY TOO MUCH BEYOND THAT COME UP WHAT YOU WANT TO DO WITH THE OCTOBER OR DECEMBER MEETING. I SAID 100 BASIS POINTS GOING IN TO 2026. I THINK YOU COULD ADJUST AS YOU GO FORWARD AND EVENTUALLY GET A FULL 100 BASIS POINTS BUT I WOULD GO SLOWLY AND WATCH THE DATA. ON THE FRAMEWORK REVIEW I AM SURE MUCH EARLIER IN THE YEAR THEY HAD TARGETED THAT THEY WOULD HAVE A FRAMEWORK DISCUSSION AND USE THE JACKSON HOLE SPEECH TO TALK ABOUT CHANGES TO THE FRAMEWORK. I THOUGHT THEY WERE THOUGHTFUL AND WELL PRESENTED IN HIS SPEECH AND THEY ARE ABOUT WHAT MANY SPECULATED ON SO I THINK THEY DID ABOUT AS MUCH AS THEY CAN ON THE FRAMEWORK SIDE. > > I DEFINITELY CAN TO THAT OF THIS MY CONVERSATION OF THE DAY. JUST CONSIDER THIS MY CONVERSATION THE DEAD. YOU HAVE LIVED THE DECLINE OF A GREATER ECONOMY, DECADES AGO IN THE EFFORT TO PROVIDE FOR A RESURGENT ST. LOUIS. IT IS THE NEXT SHARE OF THE FED, DO THEY HAVE TO MANAGE FOR TWO AMERICAN ECONOMIES, TECHNOLOGY DRIVEN AND ANOTHER AMERICA, FLAT ON THEIR BACK? HOW WOULD A CHAIR EXECUTE THOSE TWO AMERICA'S? > > WEALTH DISTRIBUTION BECOME MORE SALIENT TOPIX FOR THE FED. IT IS NOT THAT CLEAR HOW MUCH THE FED CAN DO. PROVIDING INTEREST-RATE POLICY FOR THE WHOLE ECONOMY. IF YOU CHANGE THE RATE STRUCTURE, IT AFFECTS EVERYONE, NOT JUST ONE PARTICULAR GROUP YOU MIGHT BE TARGETING. SO THAT HAS BEEN SOMETHING WE HAVE HAD TO WRESTLE WITH AND I HAVE DONE RESEARCH ON IT MYSELF TO TRY TO UNDERSTAND BETTER FROM MY POINT OF VIEW. I THINK IT HAS BEEN A THEME FOR A WHILE AND IT WILL BE AN IMPORTANT THEME GOING FORWARD. JOUMANNA: THAT WAS FORMER ST. LOUIS FED PRESIDENT JAMES BULLARD TALKING WITH BLOOMBERG. COMING UP, SAUDI ARABIA AND THE OLYMPIC COUNCIL IN TALKS TO MOVE THE WINTER GAMES. THIS IS BLOOMBERG. GOOD MORNING. THIS IS HORIZONS MIDDLE EAST & AFRICA. ASIAN STOCKS RALLY AFTER JAY POWELL SIGNALS INTEREST-RATE CUT COULD COME NEXT MONTH DESPITE DIVISIONS AMONGST POLICYMAKERS OVER CHALLENGES IN INFLATION OF THE JOBS MARKET. THE U.S. GOVERNMENT TAKES A NEAR 10% STAKE IN INTEL IN A BID TO REINVIGORATE THE COMPANY AND BOOST DOMESTIC CHIPMAKING. SAUDI ARABIA WINTER DREAMS ON FOR NIGHT'S, RIYADH AND ASIA'S OLYMPIC COUNCIL LOOK TO ALTERNATIVES FOR 2029 PLAN TO ASIA WINTER GAMES AMONG CONSTRUCTION CHALLENGES. MARKETS FRIDAY HAD A VERY STRONG REACTION TO JAY POWELL'S SPEECH AT JACKSON HOLE, LAYING THE GROUNDWORK FOR A POTENTIAL SEPTEMBER CUT IT SOUNDING DOVISH ON THE OUTLOOK FOR THE LABOR MARKET. A BIG RALLY IN THE S & P AND NASDAQ, MASSIVE RALLY IN THE FRONT END. SOME STABILIZATION COMING THROUGH TODAY, MARKETS TRADING SIDEWAYS BUT NVIDIA EARNINGS KEY TO WATCH LATER THIS WEEK AND PCE DATA ALONG WITH OPTIONS TO WATCH OUT FOR INTEREST-RATE SPACE AND THE UST, INTERESTING PRICE ACTION FRIDAY, SELLING OFF HALF A PERCENT FOR THE GREENBACK AFTER A DOVISH SPEECH AND TODAY UP SIX BASIS POINTS BUT THE DOLLAR CANNOT SEEM TO GET A SUSTAINED BID. THAT'S THE PICTURE FOR MARKETS TODAY. LET'S LOOK AT MARKETS IN ASIA WITH DAVID INGLES. EARLIER WE WERE TALKING ABOUT THE NEW EASING OF HOMEBUYING CURBS AND OUTSET OF SHANGHAI. HAS IT BEEN A MAJOR CATALYST IN THE MARKETS THIS MORNING? DAVID: CERTAINLY HAS SPIRIT WHAT IS INTERESTING ABOUT THAT NEWS IS IN THE MORNING SESSION BEFORE THE NEWS WE SAW LIMITED MOVES IN PROPERTY NAMES AND THEY WERE TRYING TO FIGURE OUT WHAT IT WAS, COULD BE EARNINGS AND PERHAPS NOW WE UNDERSTAND MAY BE MORE CONTEXT OF EXPECTATIONS THAT MORE SUPPORT WAS COMING AND THEN THINGS CAME OF COURSE SO IN THE MORNING SESSION IN ABOUT 30 MINUTES TIME WE GET IN THE AFTERNOON SESSION SO WE ARE ON TRACK FOR LIKELY OF COURSE WE WILL SEE HOW THE AFTERNOON SESSION PANS OUT FOR AN ALL-TIME HIGH AS FAR AS TURNOVER IS CONCERNED AND THE QUESTION IS ARE WE LOOKING AT ANY SHORT-TERM SIGNS OF OVERHEATING IN THE MARKET AND SHANGHAI COMPOSITE NOW A TOP FIVE BENCHMARK GLOBALLY AND SOME OF THE METRICS , THE ANSWER IS YES BUT THE MARKETS WILL REMAIN OVERHEATED GIVEN MOMENTUM LIQUIDITY. ONE LAST NOTE, A LOT OF PEOPLE TALK ABOUT MARGIN DEBT, LEVERAGE, SPECULATION. YOU HAVE TO CORRECT IT WITH TURNOVER IS THE POINT OF MORGAN STANLEY SO THE RATIO IS QUITE NEAR LOWS EVEN GOING BACK 10 YEARS, SOMETHING TO KEEP IN MIND AS WE TRY AND FIGURE OUT WHAT IS THE NOISE FROM SIGNAL AS IT PERTAINS TO OVERHEATING LINES IN THE MARKET. JOUMANNA: YOU HAVE TO LOVE A DAVID ENGLISH MARKET WRAP. CLOSER TO HOME, SAUDI ARABIA AND THE OLYMPIC COUNCIL OF ASIA ARE IN TALKS WITH CHINA AND SOUTH KOREA ABOUT POTENTIALLY MOVING THE 2029 ASIAN WINTER GAMES. THIS COMES AS SAUDI ARABIA FACES CONSTRUCTION CHALLENGES WITH ITS PLANNED SKI RESORTS. JOINING US IS VISITING FELLOW AT THE ARAB GOAL STATE SPIRIT MY -- STATES. MY COLLEAGUES PUT THIS STORY TOGETHER LAST FRIDAY TALKING ABOUT SAUDI ARABIA POTENTIALLY LOOKING FOR ANOTHER HOSE FOR THE WINTER -- HOST FOR THE WINTER OLYMPICS BECAUSE OF CONSTRUCTION DELAYS. IF THAT HAPPENS, HOW DAMAGING WOULD IT BE FOR SAUDI ARABIA AND ITS GLOBAL REPUTATION? > > GOOD MORNING. I THINK IT IS CLEARLY NOT GREAT FOR THE GLOBAL REPUTATION IF IN THE END THE WINTER GAMES NEED TO BE MOVED. AT THIS STAGE IT IS NOT CLEAR WHAT THE OUTCOME WILL BE, BUT IT CERTAINLY WOULD BE BETTER TO DO IT SOONER RATHER THAN LATER IF THAT IS IN FACT GOING TO BE THE OUTCOME. I DO NOT THINK ULTIMATELY MOVING THE WINTER GAMES WILL HAVE A BIG IMPACT ON THE VISION 2030 PROGRAM OR PROBABLY GOING FORWARD, OR EVEN ON GLOBAL OR REGIONAL EVENTS THAT THE KINGDOM WILL HOST SUCH AS THE WORLD CUP OR 2030 EXPO. HOSTING THOSE WILL BE CHALLENGING AND REQUIRE A LOT OF INFRASTRUCTURE DEVELOPMENT BUT I DO NOT THINK EITHER OF THEM WILL BE AS TECHNICALLY CHALLENGING AS THE TOKYO RESORT, WHICH IS THE BASIS OF THE ASIAN WINTER GAMES. JOUMANNA: YEAH. IT WAS ALWAYS GOING TO BE A VERY AMBITIOUS PROJECT TO START WITH MY HOSTING WINTER GAMES, CREATING THE SNOW THAT IS NECESSARY. IS THERE AN ARGUMENT THAT PERHAPS INTERNATIONAL INVESTORS MIGHT RESPOND WELL TO THIS AND THAT IT SHOWS SAUDI ARABIA IS BEING MORE PRAGMATIC AND RATIONAL ABOUT THE TYPES OF PROJECTS THEY CAN UNDERTAKE AND THE TIMEFRAME IN WHICH THEY CAN UNDERTAKE THOSE PROJECTS? > > YES, THAT IS A VALID ARGUMENT. I THINK THERE HAS BEEN DOUBT FOR A WHILE ABOUT WHETHER THE SCALE AND AMBITION OF MANY OF THE SAUDI BIGGER PROJECTS IS REALISTIC AND I THINK IT IS FAIR TO POINT OUT THAT I DO NOT THINK THE ECONOMY IN TERMS OF THE OVERALL DESIRE TO GROW THE ECONOMY, DIVERSIFY THE ECONOMY NECESSARILY NEEDS THE BIGGEST INVESTMENT PROJECTS TO DO IT. HAVING SOME SUCCESS IS DEVELOPING MORE ENTERTAINMENT OPTIONS, TOURISM OPTIONS, MORE ALTERNATIVE ENERGY IN THE BASIS OF SOME OF THESE PROJECTS. IF THEY CAN DO IT TO SOME EXTENT IT COULD HELP HUGELY WITH THE GROWTH AND DIVERSIFICATION AMBITIONS. AND I THINK INVESTORS WOULD ACTUALLY RESPOND POSITIVELY IF THE GOVERNMENT COMES OUT PLANS FOR SOME SCALING BACK OF THESE PROJECTS AND IS TRANSPARENT GOING FORWARD ABOUT THE SCALE AND THE COST OF THE PROJECTS. INVESTORS CAN THEN WORK OUT WHAT RATE OF RETURNS WOULD BE. JOUMANNA: YEAH. IN WHICH PARTS OF THE ECONOMY, WHICH SPECIFIC SECTORS, DO YOU EXPECT FOR THE RECALIBRATION TO OCCUR? > > ONE THAT HAS BEEN IN THE NEWS IS CLEARLY THE LINE AND PARTS OF NEON, TECHNICALLY VERY CHALLENGING AND MOST EXPENSIVE. [INDISCERNIBLE] WOULD ALSO BE HELPFUL TO AUTHORITIES. IT IS UNDOUBTEDLY TRUE THAT WE ARE SITTING ON A SMALLER POT OF MONEY FOR THE GOVERNMENT NOW THAN WAS THE CASE IN 2022, OIL PRICES ARE BELOW 70 RATHER THAN AROUND $100 A BARREL. SO LOOKING AT THESE PROJECTS AND SEEING WHAT IS FINANCIALLY AND TECHNICALLY DOABLE AND WHETHER THE ASSUMPTIONS THAT WERE FIRST PUT OUT STILL HOLD, THAT WOULD MAKE A LOT OF SENSE AND THAT WILL HELP WITH THE RIGHT OUTCOMES FOR THE SAUDI ECONOMY GOING FORWARD. JOUMANNA: SO MUCH DISCOURSE HAS BEEN ABOUT WHAT THE SAUDI ARABIAN GOVERNMENT IS DOING TO RECALIBRATE OR REPRIORITIZE SPENDING. WHAT ABOUT THE PIF? THE ANNUAL REPORT CAME OUT LAST WEEKEND YOU WROTE AN INTERESTING ANALYSIS ON SOME OF THE TAKEAWAYS AND TWO OF YOUR FINDINGS JUMPED OUT TO ME. A GROUP BECAUSE OF THE PASSAGE OF THE ARAMCO DIVIDENDS AND IF YOU LOOK AT, IF YOU INFER WITH THE RATE OF RETURN WAS FOR LAST YEAR, ESSENTIALLY IT WAS FLATLINING. IT SEEMS AS THOUGH THERE ARE CLEAR HEADWINDS FACING THE PIF FROM THIS POINT. > > I THINK THAT IS RIGHT. THE PIF RECEIVED A LARGE CHUNK OF ARAMCO EQUITY FROM THE GOVERNMENT EARLY LAST YEAR. ACCORDING TO MY CALCULATIONS AND ACCOUNTED FOR ALMOST ALL OF THE ASSET GROWTH THE PIF RECORDED LAST YEAR. AND IN RATES OF RETURN, THE RATES OF RETURN PIF HAS ENJOYED UP UNTIL 2024 WERE PRETTY ROBUST , AVERAGE ANNUAL RATES OF 8.5% TO 9%. AT LEAST FROM WHAT I CAN CALCULATE FROM THE AVAILABLE INFORMATION, THE RATE OF RETURN WAS CLOSE TO ZERO LAST YEAR. OF COURSE PART OF THAT IS THE SAUDI STOCK MARKET, OF WHICH MANY PIF ASSETS ARE HELD, DID NOT PERFORM PARTICULARLY WELL LAST YEAR. ALSO IT LOOKS LIKE THEY -- THERE HAVE BEEN WRITE-DOWNS ON SOME OF THE BIGGER PROJECTS AS THE PIF CALLS THEM. TO WHAT EXTENT THE REGIONS EXACTLY WE DO NOT KNOW THAT INFORMATION HAS NOT BEEN MADE PUBLICLY AVAILABLE BUT THAT IS WHAT YOU CAN GLEAN FROM THE NATION PUBLISHED IN THE REPORT. JOUMANNA: YEAH. REALLY INTERESTING ANALYSIS. IT IS ON YOUR LINKEDIN FOR ANYONE INTERESTED. THANK YOU SO MUCH FOR JOINING US, VISITING FELLOW AT THE ARAB GULF STATES INSTITUTE. ANOTHER STORY WE ARE WATCHING, HSBC SWISS PRIVATE BANK IS SET TO BE ENDING RELATIONSHIPS WITH WEALTHY CLIENTS FROM THE MIDDLE EAST, INCLUDING WITH -- INCLUDING MANY WITH ASSETS EXCEEDING $1 MILLION. OVER WILL -- THIS COMES AS THE BANK SEEKS TO LOWER ITS EXPOSURE TO INDIVIDUALS IT CONSIDERS HIGH RISK. FOR MORE OF THESE STORIES IN THE INTERSECTION OF WEALTH AND POWER IN THE REGIONS, SIGN UP FOR OUR MIDEAST MONEY NEWSLETTER ON UBER.COM. DESPITE THE LABEL AS ETHICAL INVESTMENTS, ESG LABEL FUNDS ARE INCREASINGLY PUTTING MONEY INTO THE DEADLIEST WEAPONS EVER MANUFACTURED. SINCE RUSSIA'S INVASION OF UKRAINE, FUNDS EXPOSED TO NUCLEAR WEAPONS COMPANIES HAVE SOARED MORE THAN 50%. LET'S TALK WITH DAVID STRINGER. IT IS PRETTY SURPRISING TO HEAR NUCLEAR WEAPONS ARE BEING INCLUDED AS PART OF THE ESG PORTFOLIO CONSTRUCTION. HOW WIDESPREAD IS THE PIVOT TO DEFENSE AND NUCLEAR WEAPONS? > > GOOD MORNING. YOU CAPTURED IT RIGHT THERE. IT IS SURPRISING. BUT WHAT WE ARE SEEING IS A VERY CLEAR DYNAMIC IN EUROPE'S FUND SECTOR. SINCE RUSSIA'S INVASION OF UKRAINE IN EARLY 2022 WHAT WE HAVE SEEN IS ES -- PSG EQUITY FUNDS, EXPOSURE TO THE NUCLEAR ARMS SECTOR HAS INCREASED UPWARDS OF 2000 FUNDS NOW HAVING SOME EXPOSURE TO THAT SET THEIR, UPWARDS OF 50%. A HALF OF EUROPE'S ES CHIEF FUNDS HAVE HOLDINGS IN COMPANIES THAT MANUFACTURE, TRANSPORT OR SUPPLY NUCLEAR WEAPONS. SO A REAL SHIFT, WHAT WE ARE HEARING FROM MONEY MANAGERS IS IT IS HEART OF THE RATIONALE OF THE DEFENSE OF DEMOCRACY, THEY ARE FOCUSED ON THIS AS WHEN IT COMES TO ESG PART OF THE SOCIAL MANDATE AND ARGUE THAT CHANNELING MONEY INTO WEAPONS MANUFACTURING CAN BE ESG COMPLIANT. JOUMANNA: YEAH. IT SOUNDS A BIT PARADOXICAL. BUT AGAIN, THE INDUSTRY HAS COME UNDER SO MUCH SCRUTINY IN THE LAST COUPLE OF YEARS. YOU HAD GREENWASHING AND THEN THE PIVOT FROM THE TRUMP ADMINISTRATION, THE BACKLASH AGAINST THE ENERGY TRANSITION. WHAT IS THE PIVOT INTO THE AND DUST -- DEFENSE INDUSTRY? > > IT SHOWS THIS IS AN ASSET CLASS IN A MOMENT OF INFLECTION. ESG INVESTING HAS BEEN UNDER ATTACK FROM ANY SIZE. RECKITT OUT -- RECORD OUTFLOWS FROM FUNDS AND NOTCHES BECAUSE THE POLITICAL ATTACKS FROM THE U.S. BUT ALSO BECAUSE OF LACKLUSTER RETURNS AND BECAUSE WE SEE A BAY -- BIT OF REGULATORY FATIGUE SO THE CONCEPT OF ESG HAS BEEN IN FLUX AND THAT IS CRYSTALLIZED IN THE DEBATE. ON ONE HAND, MONEY MANAGERS OF FUNDS THAT ARGUE EXPANDING THE FRAMEWORK TO INCLUDE SECTORS LIKE DEFENSE IS LOGICAL AND SITS WITH THE OVERARCHING PRINCIPLES ON THE OTHER SIDE MIGHT CRITICS SAY THIS IS ANATHEMA, ESG FUNDS SHOULD HAVE NOTHING TO DO WITH WEAPONS OF MASS DESTRUCTION. I THINK IT SHOWS A SECTOR IN FLUX AND PEOPLE WHO ARE THINKING WHAT DOES THE ESG MEAN IS A CONCEPT. JOUMANNA: YEAH. IT HAS BECOME AN EXISTENTIAL QUESTION. FOR MORE INFORMATION, READ IT ON TODAY'S BIG TAKE. DAVID STRINGER, THANK YOU SO MUCH. COMING UP, MINERS AND TELCOS, DETAILS OF WHAT TO WATCH OUT FOR WITH AFRICAN EARNINGS THIS WEEK. THIS IS BLOOMBERG. JOUMANNA: WELCOME BACK TO HORIZONS MIDDLE EAST & AFRICA, I'M JOUMANNA THE 60 THEIR AFRICAN COMPANIES A REPORTING WITH MINORS AND TELCOS IN THE SPOTLIGHT. DEAR THE GOLD AFTER DOUBLING ANNUAL DIVIDENDS AND GOLD FIELDS FIRST HIGH PROFIT JUMPED. FOR MORE ON WHAT IS ON THE DOCKET, OUR CORRESPONDENT JENNIFER JOINS US. LET'S START WITH THE MINORS, GIVEN SOME OF THE MOVES IN GOLD RELATED STOCKS LAST WEEK. WHAT ARE WE WATCHING FOR THIS WEEK? > > GOOD MORNING. LET'S TAKE A STEP BACK AND LOOK AT SOME OF THE MINERS BECAUSE GOLD FIELDS PROFIT MORE THAN DOUBLED, DEAR DO YOU GOLD IS INTERESTING, IF YOU LOOK AT WHAT THEY WERE FORECASTING NOT LONG AGO FOR INVESTORS, THEY WERE SUGGESTING POTENTIALLY THEY WOULD MISS PRODUCTION FOR THE YEAR AND NOW THEY ARE SAYING THE -- GREAT REPORTED A 3% SLIP IN SALES OFFSET BY A 31% JOHN CONSIDERING THE GOLD PRICES. IF WE LOOK AT OTHER EXPECTATIONS LATER THIS WEEK, IT SEEMS LIKE INVESTORS ARE BULLISH ON THE FORECAST AND WHAT WILL ULTIMATELY SEE. HARMONY GOLD IS A COMPANY WE ARE LOOKING AHEAD TO COME AT THE GROUP SHARE PRICE HAS MORE THAN GAIN TO 70% THIS YEAR. SUE BONNIE IS AN INTERESTING STORY BECAUSE THEY'VE BEEN WORKING ON A NUMBER OF PROJECTS AND POTENTIALLY WE WILL GET INSIGHT INTO WHAT THEY COULD EARN BUT THEIR EXPECTATION IS 19 -- 19 TIMES HIGHER THIS YEAR COMPARED TO LAST JUNE SO MOST ANALYSTS WE ARE SPEAKING TO OUR SAYING THIS IS A BOON CONSIDERING THE GOLD PRICE AND THE EXPECTATIONS WE SAW EARLIER IN THE YEAR AND HOW THEY PANNED OUT AND THEY BELIEVE GOLD WILL CONTINUE INCREASING AND THIS COULD BE A SUSTAINED RALLY. THE QUESTION IS IF THEY WILL BE ABLE TO FOLLOW THROUGH WITH SOME OF THE OUTPUT IN SOUTH AFRICA. JOUMANNA: YEAH. A CLOSE EYE OF WHAT HAS BEEN HAPPENING. LET'S TALK ABOUT ANOTHER SECTOR. TELCO, A BUNCH OF EARNINGS COMING THROUGH THIS WEEK. WHAT ARE WE LOOKING OUT FOR? > > IT'S A FASCINATING STORY IN SOUTH AFRICA BECAUSE RECENTLY VOTE, AND TELCOM GOT APPROVAL TO MERGE AND A FEW WEEKS AGO I WAS SPEAKING WITH THE CEO OF NTN, EVEN THOUGH VOTA CALM IS A COMPETITOR, WAS SAYING THE SEEMS THE REGULATORY ENVIRONMENT IS MORE APPROVING OF SOME OF THESE ACQUISITIONS WILL WHEN IT COMES TO BLUE LABEL, THEY HAVE A BELEAGUERED PART OF THE BUSINESS CALLED SOUTH SEA AND EARLIER THIS YEAR THE TOP WAS POTENTIALLY THEY ARE GOING TO SPIN IT OFF AND WHAT WOULD THAT LOOK LIKE FOR THE TELCOM SPACE IN SOUTH AFRICA, POTENTIALLY WE SEE THE BIGGEST TELECOM PROVIDERS ON THE JOHANNESBURG STOCK EXCHANGE BUT REALLY IT'S A STORY OF THE REGULATORY SPACE WHERE INVESTORS ARE FOCUSED BECAUSE DOES IT OPEN THE DOOR TO OTHER COMPANIES TO DO THE SAME? JOUMANNA: YEAH. JEN, THANK YOU SO MUCH, CHIEF AFRICA CORRESPONDENT IN LONDON TODAY. COMING UP RUSSIAN COMPANIES ARE RECRUITING YOUNG AFRICAN WOMEN TO FILL LABOR SHORTAGES TO HELP PRODUCE DRONES FOR MOSCOW'S WAR IN UKRAINE. DETAILS NEXT. THIS IS BLOOMBERG. JOUMANNA: RUSSIAN COMPANIES ARE WIDENING THEIR CAMPAIGN TO FIND YOUNG AFRICAN WOMEN TO HELP FILL A LABOR SHORTAGE, HEIGHTENING CONCERN MANY ARE BEING DEPLOYED IN MOSCOW'S WAR EFFORT IN UKRAINE. WE'VE BEEN TOLD THE SOUTH AFRICAN GOVERNMENT IS INVESTIGATING. LET'S TALK WITH OUR REPORTER. THIS IS A REMARKABLE STORY. LET'S START WITH HOW EXACTLY THE WOMEN ARE BEING RECRUITED. > > YES. LARGELY ONLINE. WHAT HAS HAPPENED RECENTLY IS THEY HAVE MADE A PUSH INTO SOUTH AFRICA, ANOTHER BRICS MEMBER AND THERE HAS BEEN A USE OF BRICS BRANDED ORGANIZATIONS. THEY ARE NOT OFFICIALLY CONNECTED TO BRICS BUT USE THEIR NAME. THEY WORKED WITH SOMETHING CALLED THE BRICS BUSINESS ALLIANCE SOUTH AFRICAN CHAPTER AND THEY SIGN AN AGREEMENT TO SUPPLY THIS COMPANY AND ANOTHER ONE WITH 5600 SOUTH AFRICAN WORKERS NEXT YEAR. IN ADDITION, THE BRICS STUDENTS COMMISSION SEEMS TO BE A SOUTH AFRICAN ORGANIZATION AND THEY USED IT TO ADVERTISE THE PROGRAM ON SOCIAL MEDIA AND A SCHOOL HAD STUDENT 16 OR 17 YEARS OLD AND THEY TRY TO GET THEM TO SIGN AND THEY WERE HANDING OUT FREE PARAPHERNALIA. JOUMANNA: WOW. SO THEY ARE PROVIDING INCENTIVES. THE SOUTH AFRICA GOVERNMENT CAUGHT WIND OF WHAT IS GOING ON. WHAT ARE THEY LOOKING TO DO? > > THEY HAVE NOT SAID MUCH YET BUT THEY ARE INVESTIGATING AND THEY KNOW IT IS A PUSH BY A COMPANY TO RECRUIT IN SOUTH AFRICA AND ELSEWHERE AND WE UNDERSTAND THEY ARE QUITE CONCERNED AND MIGHT SOME IN RUSSIAN DIPLOMATIC OFFICIALS TO EXPLAIN THEMSELVES TO THE AFRICAN FOREIGN MINISTRY. JOUMANNA: YEAH. ANTHONY, THANK YOU SO MUCH FOR BRINGING US THIS VERY IMPORTANT STORY ON RECRUITMENT POLICIES TAKING PLACE IN AFRICA TO DEPLOY WOMEN IN THE MANUFACTURING OF RUSSIAN MILITARY EQUIPMENT. LET'S SWITCH BACK TO MARKETS AND THE FOCUS ON THE REACTION TO GLOBAL MARKETS, THE JACKSON HOLE SPEECH GIVEN BY JAY POWELL PERCEIVED TO BE DOVISH, LAYING THE GROUNDWORK FOR A SEPTEMBER CUT AND TALKING ABOUT SOME WEAKNESS POPPING UP IN THE LABOR MARKET. TODAY S & P FUTURES, NASDAQ LEANING SIDEWAYS. MASSIVE GAINS ON FRIDAY, BOTH INDICES UP MORE THAN 1.5%. WATCHING INTEL WITH THE U.S. GOVERNMENT TAKING AN ALMOST 10% STAKE IN THE COMPANY, STOCK WAS UP AROUND 6% FRIDAY AT THE TRADE AND LATER THIS WEEK THEY HAVE NVIDIA EARNINGS, PCE INFLATION TO WATCH OUT FOR AND THE TWO-YEAR, FIVE-YEAR, SEVEN-YEAR OPTIONS OF THE U.S. THOUGH A VERY BIG HE -- VERY BUSY WEEK AND VERY STRONG PERFORMANCE OF ASIAN EQUITIES AFTER SOME OF THE STIMULUS ANNOUNCED BY SOME CHINESE AUTHORITIES ON HOMEBUYING CURVES. THAT IS IT FOR HORIZONS MIDDLE EAST & AFRICA. I'M JOUMANNA BERCETCHE IN DUBAI. STAY WITH US FOR DAYBREAK EUROPE. THIS IS BLOOMBERG.

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Horizons Middle East & Africa 8/25/2025

Horizons Middle East & Africa is your daily spotlight on one of the world's fastest-growing regions. Live from Dubai, we bring you the latest global markets and analysis, plus news-making interviews, with a special focus on MEA. All that and more, as you head to the office in the Gulf, pause for lunch in Hong Kong, or start your day in London or Johannesburg. (Source: Bloomberg)

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"Bloomberg Markets" is focused on bringing you the most important global business and breaking markets news and information as it happens.
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