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Speaker 1: From the Bloomberg Interactive Brokers Studios. This is Bloomberg day

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Speaker 1: Break for Tuesday, April twenty fifth.

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Speaker 2: Coming up today, UBS shares drop following its earnings report.

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Speaker 3: We speak with CEO Sergio or Madi.

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Speaker 1: First Republic Banks quarterly results, Jar Investors.

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Speaker 2: House Speaker Kevin McCarthy moves ahead with his debt ceiling

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Speaker 2: plan without changes.

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Speaker 1: And Joe Biden's twenty twenty four presidential campaign could launch

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Speaker 1: as early as today.

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Speaker 4: The US hopes a seventy two hour ceasefire in Sudan holds,

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Speaker 4: plus a New York subway fair hike has been postponed

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Speaker 4: for now. I'm Michael Barb. We'll explain why. Straight ahead.

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Speaker 5: I'm Don stansh Aaron's Fords, the Devil's Bait, the Rangers

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Speaker 5: to tie up the series, a loss for the Yankees,

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Speaker 5: and the Jets have acquired Aaron Rodgers.

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Speaker 6: That's all straight ahead on Bloomberg day Break, the business

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Speaker 6: news you need to starn your day in just one

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Speaker 6: fifteen minute podcast each morning on Apples, Spotify, the Bloomberg

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Speaker 6: Business app, and everywhere you get your podcasts.

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Speaker 3: Good morning, I'm Nathan Hager.

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Speaker 1: And I'm Karen Moscow. Here are the stories we're following today.

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Speaker 2: We begin with breaking news President Biden has officially launched

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Speaker 2: his bid for reelection. The eighty year old president just

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Speaker 2: released a video message asking voters to let him quote

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Speaker 2: finish this job. The president says there's still work to

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Speaker 2: do to give Americans a fair shot and to beat

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Speaker 2: back what he calls extremists in the Republican Party who

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Speaker 2: want to cut government spending and curb abortion rights. President

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Speaker 2: Biden's already the oldest person ever elected to the nation's

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Speaker 2: highest office. If he were re elected, he'd be eighty

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Speaker 2: six at the end of a second term. His kickoff

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Speaker 2: message shows the president's betting voters will reward him for

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Speaker 2: his decades of experience and look past any concerns about

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Speaker 2: his age.

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Speaker 7: Well.

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Speaker 1: Nathan will have much more on the Biden announcement in

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Speaker 1: a few minutes when we speak live with PANGEA policy

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Speaker 1: founder Terry Haynes. But now let's turn to the markets,

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Speaker 1: and specifically the banking industry. Shares of UBS. They're down

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Speaker 1: one and a quarter percent this morning. The bank missing

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Speaker 1: profit estimates as it set aside hundred and sixty five

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Speaker 1: million dollars for litigation, tied to its role in selling

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Speaker 1: mortgage securities before the financial crisis. The bank also said

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Speaker 1: it attracted inflows worth twenty eight billion dollars in the

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Speaker 1: months running up to its takeover of Credit Suite. We

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Speaker 1: spoke with UBS CEO Sergio Ermadi.

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Speaker 8: We were very pleased with the fact that at times

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Speaker 8: of distress in the market generally the first quarter was

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Speaker 8: very challenging, we still sew clients looking at UBS as

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Speaker 8: a safe haven, and the influence were coming in from

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Speaker 8: all regions and from different sources. In that sense, we

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Speaker 8: are very pleased that, particularly also after the announcement of

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Speaker 8: the transaction of the acquisition of Pretty Swis, we still

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Speaker 8: saw influence coming into our bank, so a sign of

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Speaker 8: confidence of our clients.

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Speaker 1: Sergio Ormadi made the comments to Bloomberg's Menace Krenny.

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Speaker 2: Well back here in the US, Karen First Republic shares

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Speaker 2: are plunging more than twenty percent following its latest learning support.

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Speaker 2: We Get the Latest live with Bloomberg's John Tucker John Nathan.

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Speaker 9: First Republic saw deposits collapse apps. At the same time,

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Speaker 9: they avoid a disaster by tapping into emergency lifelines. That

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Speaker 9: means they didn't have to take a hit selling their

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Speaker 9: portfolio of securities, and there was also this from the CEO,

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Speaker 9: Mike Roffler on a conference call.

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Speaker 10: We are pursuing strategic options to expedite our progress while

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Speaker 10: reinforcing our capital position.

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Speaker 9: Well, they've considered a sale of the entire bank, but

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Speaker 9: there's sizeable losses on paper which would have to be

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Speaker 9: crystallized in most deals have caused some buyers to bulk.

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Speaker 9: The bank also will cut a quarter of its workforce,

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Speaker 9: lower outstanding loan balances, and slash non essential activities lined

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Speaker 9: in New yorkom John Tucker, Bloomberg.

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Speaker 1: Debreak Right, John, Thanks well. The earnings will continue to

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Speaker 1: roll in today with more than forty companies in the

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Speaker 1: S and P five hundred reporting, One of the big

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Speaker 1: ones comes after the bell We get a Microsoft preview

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Speaker 1: from Bloomberg's Jeff Bellinger.

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Speaker 10: All further slow down in sales of personal computers could

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Speaker 10: be evident in Microsoft's results and Bloomberg Intelligence, as weak

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Speaker 10: infrastructure software demand may have had an impact on the

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Speaker 10: company's Azure cloud business as well as on premise sales.

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Speaker 10: BI notes the software giant has aggressively marketed artificial intelligence enhancements,

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Speaker 10: while new features are not expected to have contributed to

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Speaker 10: sizable growth in near term sales. Microsoft is likely to

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Speaker 10: indicate increased interest from advertisers in its enhanced search capabilities.

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Speaker 10: Jeff Bellinger, Bloomberg day Break.

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Speaker 2: Jeff, thanks, We now turn to the decision by Fox

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Speaker 2: News to break off ties with one of its most

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Speaker 2: popular hosts, Tucker Carlsen. While it remains to be seen

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Speaker 2: how that affects viewership, it definitely impacted investors. Fox's stock

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Speaker 2: lost more than a half billion dollars in market camp yesterday.

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Speaker 2: Keita Ranganathan is a media analyst at Bloomberg Intelligence.

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Speaker 7: Fox News is the major is a crown jewelryly of

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Speaker 7: the full Fox Empire. It brings in seventy five percent

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Speaker 7: of the company to profit. It is the most watched

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Speaker 7: cable network in the US, has been now for about

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Speaker 7: ten years running. And a huge part of that think

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Speaker 7: they owe to their anchors and especially the popularity of

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Speaker 7: Tucker Calson.

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Speaker 11: So this is this.

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Speaker 2: Is huge Bloomberg Ski Toarngga.

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Speaker 3: Nathan says.

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Speaker 2: Carlson's departure comes just days after Fox agreed to pay

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Speaker 2: seven and eighty seven million dollars to settle a defamation lawsuit.

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Speaker 1: Well, Nathan, Now let's get to the latest on the

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Speaker 1: debt ceiling debate. In Washington, House Speaker Kevin McCarthy is

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Speaker 1: moving ahead with his one and a half trillion dollar

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Speaker 1: proposal as is, despite demands for changes from some of

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Speaker 1: his rank and file. Scott Carr has more from our

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Speaker 1: Bloomberg ninety nine to one newsroom in Washington.

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Speaker 12: Speaker McCarthy has said he plans to put his debt

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Speaker 12: ceiling proposal up for a vote on the House floor

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Speaker 12: this week as is, while people familiar toell Bloomberg. It'll

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Speaker 12: also be placed under a rule disallowing any amendments. McCarthy's

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Speaker 12: proposal would increase the nation's debt ceiling by one and

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Speaker 12: a half trillion dollars, holding off a US payment's default

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Speaker 12: until March of next year at the latest, and it

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Speaker 12: aims to trim four and a half trillion dollars in

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Speaker 12: discretionary spending over ten years. McCarthy acknowledges there's still a

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Speaker 12: number of republic Can hold outs demanding changes in the bill,

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Speaker 12: but he can't afford to lose many as few as

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Speaker 12: five Republicans opposing it, Combined with what's expected to be

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Speaker 12: a unified democratic opposition would defeat the bill. Scott car

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Speaker 12: Bloomberg Daybreak.

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Speaker 1: All right, Scott, thank you for having earnings crossing the

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Speaker 1: Bloomberg right now looking at UPS first quarter profit meeting

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Speaker 1: analysts estimates, and it looks like revenue just missed, and

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Speaker 1: it sees the revenue for the fiscal year coming at

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Speaker 1: the low end of ninety seven billion dollars to ninety

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Speaker 1: nine point four billion, and that would be right around

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Speaker 1: what analysts we're looking for. Also hearing from PEPSI will

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Speaker 1: have more on those in just a moment, and this

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Speaker 1: is Bloomberg.

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Speaker 3: Thanks Karen.

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Speaker 2: At six oh seven on Wall Street, it's forty six

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Speaker 2: degrees in New York. It'll be probably mostly sunny today

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Speaker 2: behind your sixty back down to the upper forties tonight

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Speaker 2: under mostly clear sky, and Michael barrs here with more

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Speaker 2: on what is going on in New York and around

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Speaker 2: the world.

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Speaker 3: Michael, thank you very much.

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Speaker 4: Nathan. It's official. President. Joe Biden formally announced that he

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Speaker 4: would seek reelection in twenty twenty four, and the video

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Speaker 4: released a few minutes ago, Biden implored voters to let

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Speaker 4: him finish this job he began when he took office

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Speaker 4: and put aside any worries about his age. He said

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Speaker 4: there is still work to do to give Americans a

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Speaker 4: fair shot. Biden would be eighty six at the end

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Speaker 4: of a second term if he wins. Jerry's selection is

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Speaker 4: scheduled to begin today. In the civil trial stemming from

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Speaker 4: a lawsuit filed by writer E Jene Carroll against former

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Speaker 4: President Donald Trump, Carrol says Trump raped her in a

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Speaker 4: New York City department store in the mid nineteen nineties.

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Speaker 4: Business and entertainment attorney Trey Levell says jerors may hear

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Speaker 4: that infamous Access Hollywood video of Trump, and says the

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Speaker 4: allegations from Carroll are not unlike others he's faced.

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Speaker 13: There's a fair amount of evidence out there of Trump

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Speaker 13: doing this similar thing to other people. We have these

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Speaker 13: other two women who say he basically is almost the

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Speaker 13: exact same scenario. He approached him, assaulted them, and they

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Speaker 13: may fun of them out afterwards.

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Speaker 4: Trump has denied her allegations. The US announced Sudan's two

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Speaker 4: warring factions had agreed to a three day cease fire.

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Speaker 4: The US is watching over convoys helping to ferry out

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Speaker 4: American citizens still there. National Security Advisor Jake Salivan.

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Speaker 14: For those Americans who are interested in joining a convoy,

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Speaker 14: we have been providing information about how they can do that,

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Speaker 14: and then, as I mentioned before, we are now providing

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Speaker 14: some degree of overwatch to try and ensure that these

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Speaker 14: convoys can arrive safely.

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Speaker 4: The US already evacuated American embassy diplomats. President Biden and

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Speaker 4: Vice President Harris met at the White House with the

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Speaker 4: Tennessee State House Democratic lawmakers who faced expulsion votes earlier

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Speaker 4: this month organized by the Republican majority. They took over

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Speaker 4: the podium on the House floor to chant with protesters

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Speaker 4: demanding gun reform. Representative Justin Pearson it is.

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Speaker 15: A moral issue. It is about our children. It is

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Speaker 15: about our schools and not turning them into war zones.

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Speaker 15: But also and it is also about communities that are

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Speaker 15: experiencing gun violence every single day, like the communities where

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Speaker 15: I am from, and a lot of other communities.

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Speaker 4: And anticipated five and a half percent fair hike on

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Speaker 4: New York City subways, buses, and commuter rail lines is

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Speaker 4: delayed until July or August as the state's overdue budget

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Speaker 4: is holding up new changes. Global News twenty four hours

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Speaker 4: a day, powered by more than twenty seven hundred journalists

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Speaker 4: and analysts in over one hundred and twenty countries. Michae Lamarn,

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Speaker 4: this is Bloomberg, Nathan.

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Speaker 2: Thanks Michael. Almost six ' ten on Wall Street. Time

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Speaker 2: for the Bloomberg Sports Update. Here's John stan Shower, Nathan.

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Speaker 5: It was in two thousand and eight that the Green

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Speaker 5: Bay Packers made way for a new quarterback. Aaron Rodgers

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Speaker 5: took over, so Brett Fare joined the Jets. Now the

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Speaker 5: Packers are again turning to a young QB Jordan Love

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Speaker 5: and Rogers is a Jet that Trade finally agreed to

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Speaker 5: five weeks after Rogers admitted he planned to come to

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Speaker 5: New York. He was, of course number twelve in Green Bay.

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Speaker 5: That was Joe NAMA's number will remain retired. Rogers as

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Speaker 5: a Jet will where number eight that was his number

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Speaker 5: in college.

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Speaker 10: Devils and Rangers both good.

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Speaker 5: Road teams in the regular season, and four games into

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Speaker 5: their playoff series, the road teams are four and oh.

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Speaker 5: At the Garden, Devils won three to one, the series

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Speaker 5: tied to two. Toronto hasn't won a playoff series since

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Speaker 5: two thousand and four. Maple Leaves came from three goals

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Speaker 5: down in the third period, beat Tampa Bay in overtime,

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Speaker 5: leastly the series three to one. Couple of NBA playoff thrillers. First,

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Speaker 5: Miami down fourteen in the fourth quarter, rallied to beat Milwaukee.

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Speaker 5: Jimmy Butler scored fifty six points. That's tied for the

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Speaker 5: fourth most NBA playoff history. The Bucks, who had the

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Speaker 5: NBA's best record, now need to win three in a

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Speaker 5: row to avoid being the fifth to one seed to

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Speaker 5: lose to an eighth seed. The Lakers, seeded seventh in

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Speaker 5: the West, beat Memphis in overtime. Lebron James twenty two

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Speaker 5: points twenty rebounds in The Lakers have a.

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Speaker 3: Three to one series lead.

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Speaker 5: Yankee bats again quiet on a chilly night in Minnesota.

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Speaker 5: They lost six to one. They've scored only six runs

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Speaker 5: in their last four games. They've also lost six straight

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Speaker 5: series openers. Tampa Bay beat Houston the Razor twenty and three.

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Speaker 5: They're fourteen and oh at home. I went Baltimore both ones,

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Speaker 5: so the Yankees are in fourth place. The Master back

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Speaker 5: home tonight to play Washington Johns Dash Award.

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Speaker 3: Bloomberg Sports.

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Speaker 16: Appen Bloomberg dot com.

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Speaker 2: This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. Let's

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Speaker 2: get back to the breaking news. Moments ago, President Biden

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Speaker 2: did make it official he is running for reelection in

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Speaker 2: twenty twenty four. The President made the announcement in this

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Speaker 2: video that went online just minutes ago.

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Speaker 13: Let's finish this job.

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Speaker 6: I know we can't because this is the United States

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Speaker 6: are There's nothing, simply nothing we cannot do every day.

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Speaker 2: Together, President Biden's video announcement making it official he is

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Speaker 2: running in twenty twenty four. Let's bringing Terry Haynes, founder

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Speaker 2: of Pangaea Policy, as we parse the message and look

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Speaker 2: ahead to this race.

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Speaker 3: Terry, good morning.

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Speaker 2: What do you make of this sort of soft launch

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Speaker 2: for this re election campaign?

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Speaker 17: Good morning, Nathan. Pretty soon it'll be like it was

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Speaker 17: in the nineteenth century, where you never even have to

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Speaker 17: leave your your front porch in order to run for president.

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Speaker 17: So here we are again. A couple of points. Firstly,

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Speaker 17: kind of on the on the polls and enthusiasm levels,

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Speaker 17: there's little to no enthusiasm for Biden within even within

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Speaker 17: his own party, there's a very short bench, no real challengers.

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Speaker 17: They've made up their minds to to to back him

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Speaker 17: for one more time. Even without that, you've got a

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Speaker 17: situation where there's not a lot of enthusiasm for Biden nationally.

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Speaker 17: You know, I think it's underappreciated that polls or polls,

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Speaker 17: and I don't put too much weight on them. But

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Speaker 17: in six presidential national polls last Friday, four with Biden

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Speaker 17: as the Democrat, too with Harris as the Democrat, only

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Speaker 17: one of those did the Democrat wins the Wall Street

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Speaker 17: Journal poll. All of them are very tight, but only

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Speaker 17: one one. And you're gonna you're going to see a

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Speaker 17: situation where, uh, you know, they're betting the farm essentially

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Speaker 17: that they're going to run against Trump again and win.

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Speaker 17: I'm not at all sure that's true, because you've got

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Speaker 17: a situation where six out of ten Republicans don't want Trump.

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Speaker 17: So I'll start there.

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Speaker 2: Let's go to your first point, Terry, how does the

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Speaker 2: president close that enthusiasm gap?

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Speaker 17: Well, there's a lot of uh, there's a lot of

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Speaker 17: issues in which they're hoping, you know, social and otherwise,

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Speaker 17: to to pick away at independence and keep them on side.

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Speaker 17: And I'm going to preface by saying quickly that independents

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Speaker 17: aren't who you think they are. There's a lot of

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Speaker 17: talk that independents are forty percent of the electorate and

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Speaker 17: you know they're they're this big blob that we need

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Speaker 17: to all, you know, go after somehow, when in reality,

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Speaker 17: the vast majority of independence that used to be with

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Speaker 17: a party, Democrat or Republicans tend to still lean in

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Speaker 17: those directions. So what they're trying to do with social

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Speaker 17: issues like abortion, geopolitical issues like China and Ukraine is

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Speaker 17: trying to appeal to people that used to be Democrats

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Speaker 17: essentially to keep them on side and provide the winning margin.

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Speaker 17: And I think that's a lot of what's going on here.

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Speaker 2: So your second point about the president potentially betting the

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Speaker 2: farm on a Trump Biden rematch, why do you think

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Speaker 2: that's not a possibility at this point, given that the

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Speaker 2: former president still has so much enthusiasm, especially around his base,

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Speaker 2: and at least at this point, it seems as though

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Speaker 2: any potential GOP primary challengers are having difficulty breaking past that.

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Speaker 6: Well.

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Speaker 17: I see, I see the race on the Republican side

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Speaker 17: as a little non consensus right now. If you look

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Speaker 17: at the polls generally, what you see is whether they

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Speaker 17: be national polls or whether they even be polls in

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Speaker 17: early primary states, what you see is about four out

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Speaker 17: of ten want Trump. What that tells you is about

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Speaker 17: six out of ten don't. Unlike twenty sixteen, what you

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Speaker 17: have is a situation where there's already coalescing around around

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Speaker 17: one alternative DESANDUS. But there's a lot of people in

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Speaker 17: the race, so you know, there's a lot of folks

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Speaker 17: that the still are in the single digits. That's a

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Speaker 17: different scenario to twenty sixteen. And what I'm anticipating is

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Speaker 17: that there's still this hard nugget of support for Trump, certainly,

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Speaker 17: but that the main challenger probably ends up coalescing others

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Speaker 17: coalescing the Trump opposition.

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Speaker 2: If you will, only about thirty seconds left here, Terry.

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Speaker 2: The age factor is going to be a factor for

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Speaker 2: President Biden in this reelection campaign.

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Speaker 3: How does he get past that?

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Speaker 17: That's a difficult question for them because part of their

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Speaker 17: strategy is to ration him out as much as possible.

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Speaker 17: They'll show him as energetic and selected public appearances and

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Speaker 17: that's about it. But I think his problem goes beyond age.

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Speaker 17: There's not a lot of domestic not a lot of

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Speaker 17: domestic achievement, and in the international situation is very unsettled,

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Speaker 17: and so he doesn't have a lot of domestic or

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Speaker 17: international achievement too. Point two.

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Speaker 11: This is Bloomberg day Break Today, your morning brief on

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Speaker 3: I'm Nathan Hager and I'm Karen Moscow.

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