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科技公司開始跟財政部搶同一批錢Tech Giants Compete With the Treasury for the Same Capital研究單位估算 5 大雲端業者的公司債發行量，今年約在 2,500 億美元之譜、明年可能來到 4,000 億；長天期資金的需求同時來自企業與政府，期限溢價因此被推高。Research firms estimate bond issuance by the five major cloud providers will reach roughly $250 billion this year and could hit $400 billion next year. With corporate and sovereign borrowers seeking long-duration capital simultaneously, the term premium is being pushed higher. 讀全文 →Read →

承接力已經在下降Absorption Capacity Shows Signs of Straining到 7 月底為止發行的 91 檔雲端業者債券中，有 78 檔的殖利率高於發行當時；認購倍數則從 2 月的近 5 倍，一路降到 7 月的不足 2 倍，新券讓利也由 2 至 3 個基點放大到約 12 個基點。Of 91 cloud-provider bond tranches issued through the end of July, 78 are trading at yields above their issue levels. Bid-to-cover ratios declined from nearly 5x in February to under 2x in July, while new-issue concessions widened from 2 to 3 basis points to approximately 12 basis points. 讀全文 →Read →

本週台股收黑、韓股獨強Taiwan Stocks Pull Back While South Korea Advances近 5 日加權指數下跌 2.36%、櫃買下跌 3.98%；同期標普 500 下跌 2.02%、費城半導體下跌 5.27%，韓國KOSPI逆勢上漲 4.16%。Over the past five sessions, the TAIEX dropped 2.36% and the TPEx fell 3.98%. Over the same span, the S&P 500 slipped 2.02% and the Philadelphia Semiconductor Index lost 5.27%, while South Korea's KOSPI bucked the trend with a 4.16% gain. 讀全文 →Read →

油價創近月新高Crude Oil Touches One-Month High美國揚言對伊朗發動大規模經濟制裁，8 月 20 日西德州原油收 87.83 美元、布蘭特收 93.78 美元，兩者都創下自 7 月下旬以來的最高收盤。WTI crude settled at $87.83 and Brent settled at $93.78 on August 20, both marking their highest closes since late July, driven by U.S. threats of sweeping economic sanctions against Iran.

外銷訂單的錢有 42%來自美國U.S. Accounts for 42% of Taiwan's Export Orders7 月接單來自美國的部分是 407.9 億美元、年增 89%，占整體大約 42%；分產品看，資訊通訊 333 億美元、年增 90%，電子類 413.2 億美元、年增 72%。July export orders from the U.S. reached $40.79 billion, up 89% year-over-year to account for roughly 42% of total orders. By segment, ICT orders totaled $33.3 billion, up 90%, while electronic products reached $41.32 billion, up 72%.

玻纖布缺口被形容為異常嚴重Fiberglass Fabric Deficit Called 'Abnormally Severe'高階玻纖布供不應求，第 2 代低介電產品的供需缺口估計已超過 6 成，T-Glass短缺同步擴大；上游宣布調漲銅箔基板售價，價格上行看到明年上半年。High-end fiberglass fabric faces severe shortages, with the supply-demand deficit for second-generation low-dielectric products estimated to exceed 60% alongside widening T-Glass constraints. Upstream suppliers raised CCL prices, with the pricing uptrend projected through the first half of next year. 讀全文 →Read →

美東航線單櫃突破 1 萬美元US East Coast Container Rates Exceed $10,000巴拿馬運河通行受限、亞歐港口壅塞，航商以空班與跳港調節船期，遠東到美東每 40 呎櫃報價來到 10,249 美元。Panama Canal transit caps and port congestion in Asia and Europe prompted ocean carriers to manage schedules through blank sailings and port skips, lifting Far East-to-US East Coast spot rates to $10,249 per 40-foot container. 讀全文 →Read →

美國最大零售商釋出消費降溫警訊Top U.S. Retailer Flags Consumer Slowdown美國最大零售商本季營收與獲利雙雙優於預期，但美國同店銷售只增加 2.6%、為 6 年來最慢，加上下 1 季展望不如市場預期，股價單日下跌 9.15%。Walmart beat quarterly revenue and profit forecasts, but U.S. same-store sales grew just 2.6%, the slowest pace in six years. An uninspiring forward outlook triggered a 9.15% single-day decline in its stock. 讀全文 →Read →

光通訊占比翻倍的樣本Optical Component Maker Doubles AI Exposure一家光學元件廠今年 1 至 7 月的人工智慧光學營收占比升至 45.5%，去年為 32.7%；第 2 季毛利率回到 31.5%，7 月營收年增 98%創單月新高。An optical component supplier saw AI optical revenue climb to 45.5% of total sales in the first seven months of the year, up from 32.7% last year. Second-quarter gross margin returned to 31.5%, and July revenue rose 98% year-over-year to a monthly record. 讀全文 →Read →