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Through the Asia section. That pool. We've seen the futures picture for Europe and the U.S. deteriorating a little bit, certainly has negative a lot to do with the oil price. I would guess we're up by 3% now on Brent 103 is the handle. Yeah. Good morning. And a that is exactly it. And I actually I think the you know you could argue well oil's holding in that uh reasonably well given all of the bad news that we have uh, from uh, the crude sector today, we have a tax again in Hormuz and deep inside Hormuz as well, um, which is, uh, adding to, uh, supply, uh, concerns.
We have very high and rising costs of shipping to get the oil out of there and into the rest of the world. Uh, we have, uh, escalating tensions between Saudi and the Yemeni houses as well, and storms in the Gulf of Mexico. So there's a lot going on there. Um, that it's really, you know, threatening to, to make oil more scarce, um, and pushing up those prices again today. Uh, and, and, you know, not just oil, but, you know, what everybody is really paying attention to is the refined products and the scarcity there as well. I would say that of all the risks, this is the one I feel that could, uh, derail, um, the bull market that we've
got in stocks or cause more pain in the bond market as well, you know, so we're seeing a little bit of that feeding through today. Uh, this is where the tension and the pressure is. But the market for now, uh, seems to still believe that oil will be reasonable, um, in the medium term and isn't getting panicked. Paul, what have we learned from Samsung? Yeah. So, uh, Samsung, uh, what we learn is that investors expectations for Samsung extremely high because although, uh, had this humongous, uh, jump in, uh, its
operating profit was nine fold or something like that guy. And nevertheless, the shares still felt a little bit. Now they tend to do that after Samsung reports these numbers. It's a pretty, uh, regular pattern, but I think that it tells you something, that it can make all of those numbers and the lofty expectations that the market has means the stock still can't rally. Flip side of that is TSMC reported some sales figures today as well. Uh, that was not a repeat, but we'll be see a favorable response in Taiwan where, uh, relative to Korea, the Taiwanese market continues to push higher. and we're pretty reliant on the bond
markets not to keep funding the I build out pool. Uh, bond investors and those putting up that money are they pay more attention to the worrying signs maybe from Samsung or the positive some TSMC do you think? Yeah. I mean yeah, not just on the bond side but on the equity side as well. You know, we're just seeing such a lot of fundraising efforts at the moment. So much coming to market. We had Tencent today uh, potentially uh coming in for 5 billion more uh, for its funding. Um, but I think that there's a lot of attention as well, um, in Asia, at least on this company thermos in Australia, data center company, which is doing an
IPO at the moment, and it seems to have, um, come up against some challenges. So, uh, investors are slightly worried that the deal may not even, um, go ahead at this point. Uh, now, it's not just to do with concerns about the AI build up. Maybe it's about valuations for this particular company as well, and the expectations for how quickly it can build out from here. But nonetheless, it does show you that people are being discerning there as well about the AI risks, uh, for the long term in terms of spending.
