Speaker 1: From the Bloomberg Interactive Brokers Studios. This is Bloomberg day
Speaker 1: Break for Tuesday, April twenty fifth.
Speaker 2: Coming up today, UBS shares drop following its earnings report.
Speaker 3: We speak with CEO Sergio or Madi.
Speaker 1: First Republic Banks quarterly results, Jar Investors.
Speaker 2: House Speaker Kevin McCarthy moves ahead with his debt ceiling
Speaker 2: plan without changes.
Speaker 1: And Joe Biden's twenty twenty four presidential campaign could launch
Speaker 1: as early as today.
Speaker 4: The US hopes a seventy two hour ceasefire in Sudan holds,
Speaker 4: plus a New York subway fair hike has been postponed
Speaker 4: for now. I'm Michael Barb. We'll explain why. Straight ahead.
Speaker 5: I'm Don stansh Aaron's Fords, the Devil's Bait, the Rangers
Speaker 5: to tie up the series, a loss for the Yankees,
Speaker 5: and the Jets have acquired Aaron Rodgers.
Speaker 6: That's all straight ahead on Bloomberg day Break, the business
Speaker 6: news you need to starn your day in just one
Speaker 6: fifteen minute podcast each morning on Apples, Spotify, the Bloomberg
Speaker 6: Business app, and everywhere you get your podcasts.
Speaker 3: Good morning, I'm Nathan Hager.
Speaker 1: And I'm Karen Moscow. Here are the stories we're following today.
Speaker 2: We begin with breaking news President Biden has officially launched
Speaker 2: his bid for reelection. The eighty year old president just
Speaker 2: released a video message asking voters to let him quote
Speaker 2: finish this job. The president says there's still work to
Speaker 2: do to give Americans a fair shot and to beat
Speaker 2: back what he calls extremists in the Republican Party who
Speaker 2: want to cut government spending and curb abortion rights. President
Speaker 2: Biden's already the oldest person ever elected to the nation's
Speaker 2: highest office. If he were re elected, he'd be eighty
Speaker 2: six at the end of a second term. His kickoff
Speaker 2: message shows the president's betting voters will reward him for
Speaker 2: his decades of experience and look past any concerns about
Speaker 2: his age.
Speaker 7: Well.
Speaker 1: Nathan will have much more on the Biden announcement in
Speaker 1: a few minutes when we speak live with PANGEA policy
Speaker 1: founder Terry Haynes. But now let's turn to the markets,
Speaker 1: and specifically the banking industry. Shares of UBS. They're down
Speaker 1: one and a quarter percent this morning. The bank missing
Speaker 1: profit estimates as it set aside hundred and sixty five
Speaker 1: million dollars for litigation, tied to its role in selling
Speaker 1: mortgage securities before the financial crisis. The bank also said
Speaker 1: it attracted inflows worth twenty eight billion dollars in the
Speaker 1: months running up to its takeover of Credit Suite. We
Speaker 1: spoke with UBS CEO Sergio Ermadi.
Speaker 8: We were very pleased with the fact that at times
Speaker 8: of distress in the market generally the first quarter was
Speaker 8: very challenging, we still sew clients looking at UBS as
Speaker 8: a safe haven, and the influence were coming in from
Speaker 8: all regions and from different sources. In that sense, we
Speaker 8: are very pleased that, particularly also after the announcement of
Speaker 8: the transaction of the acquisition of Pretty Swis, we still
Speaker 8: saw influence coming into our bank, so a sign of
Speaker 8: confidence of our clients.
Speaker 1: Sergio Ormadi made the comments to Bloomberg's Menace Krenny.
Speaker 2: Well back here in the US, Karen First Republic shares
Speaker 2: are plunging more than twenty percent following its latest learning support.
Speaker 2: We Get the Latest live with Bloomberg's John Tucker John Nathan.
Speaker 9: First Republic saw deposits collapse apps. At the same time,
Speaker 9: they avoid a disaster by tapping into emergency lifelines. That
Speaker 9: means they didn't have to take a hit selling their
Speaker 9: portfolio of securities, and there was also this from the CEO,
Speaker 9: Mike Roffler on a conference call.
Speaker 10: We are pursuing strategic options to expedite our progress while
Speaker 10: reinforcing our capital position.
Speaker 9: Well, they've considered a sale of the entire bank, but
Speaker 9: there's sizeable losses on paper which would have to be
Speaker 9: crystallized in most deals have caused some buyers to bulk.
Speaker 9: The bank also will cut a quarter of its workforce,
Speaker 9: lower outstanding loan balances, and slash non essential activities lined
Speaker 9: in New yorkom John Tucker, Bloomberg.
Speaker 1: Debreak Right, John, Thanks well. The earnings will continue to
Speaker 1: roll in today with more than forty companies in the
Speaker 1: S and P five hundred reporting, One of the big
Speaker 1: ones comes after the bell We get a Microsoft preview
Speaker 1: from Bloomberg's Jeff Bellinger.
Speaker 10: All further slow down in sales of personal computers could
Speaker 10: be evident in Microsoft's results and Bloomberg Intelligence, as weak
Speaker 10: infrastructure software demand may have had an impact on the
Speaker 10: company's Azure cloud business as well as on premise sales.
Speaker 10: BI notes the software giant has aggressively marketed artificial intelligence enhancements,
Speaker 10: while new features are not expected to have contributed to
Speaker 10: sizable growth in near term sales. Microsoft is likely to
Speaker 10: indicate increased interest from advertisers in its enhanced search capabilities.
Speaker 10: Jeff Bellinger, Bloomberg day Break.
Speaker 2: Jeff, thanks, We now turn to the decision by Fox
Speaker 2: News to break off ties with one of its most
Speaker 2: popular hosts, Tucker Carlsen. While it remains to be seen
Speaker 2: how that affects viewership, it definitely impacted investors. Fox's stock
Speaker 2: lost more than a half billion dollars in market camp yesterday.
Speaker 2: Keita Ranganathan is a media analyst at Bloomberg Intelligence.
Speaker 7: Fox News is the major is a crown jewelryly of
Speaker 7: the full Fox Empire. It brings in seventy five percent
Speaker 7: of the company to profit. It is the most watched
Speaker 7: cable network in the US, has been now for about
Speaker 7: ten years running. And a huge part of that think
Speaker 7: they owe to their anchors and especially the popularity of
Speaker 7: Tucker Calson.
Speaker 11: So this is this.
Speaker 2: Is huge Bloomberg Ski Toarngga.
Speaker 3: Nathan says.
Speaker 2: Carlson's departure comes just days after Fox agreed to pay
Speaker 2: seven and eighty seven million dollars to settle a defamation lawsuit.
Speaker 1: Well, Nathan, Now let's get to the latest on the
Speaker 1: debt ceiling debate. In Washington, House Speaker Kevin McCarthy is
Speaker 1: moving ahead with his one and a half trillion dollar
Speaker 1: proposal as is, despite demands for changes from some of
Speaker 1: his rank and file. Scott Carr has more from our
Speaker 1: Bloomberg ninety nine to one newsroom in Washington.
Speaker 12: Speaker McCarthy has said he plans to put his debt
Speaker 12: ceiling proposal up for a vote on the House floor
Speaker 12: this week as is, while people familiar toell Bloomberg. It'll
Speaker 12: also be placed under a rule disallowing any amendments. McCarthy's
Speaker 12: proposal would increase the nation's debt ceiling by one and
Speaker 12: a half trillion dollars, holding off a US payment's default
Speaker 12: until March of next year at the latest, and it
Speaker 12: aims to trim four and a half trillion dollars in
Speaker 12: discretionary spending over ten years. McCarthy acknowledges there's still a
Speaker 12: number of republic Can hold outs demanding changes in the bill,
Speaker 12: but he can't afford to lose many as few as
Speaker 12: five Republicans opposing it, Combined with what's expected to be
Speaker 12: a unified democratic opposition would defeat the bill. Scott car
Speaker 12: Bloomberg Daybreak.
Speaker 1: All right, Scott, thank you for having earnings crossing the
Speaker 1: Bloomberg right now looking at UPS first quarter profit meeting
Speaker 1: analysts estimates, and it looks like revenue just missed, and
Speaker 1: it sees the revenue for the fiscal year coming at
Speaker 1: the low end of ninety seven billion dollars to ninety
Speaker 1: nine point four billion, and that would be right around
Speaker 1: what analysts we're looking for. Also hearing from PEPSI will
Speaker 1: have more on those in just a moment, and this
Speaker 1: is Bloomberg.
Speaker 3: Thanks Karen.
Speaker 2: At six oh seven on Wall Street, it's forty six
Speaker 2: degrees in New York. It'll be probably mostly sunny today
Speaker 2: behind your sixty back down to the upper forties tonight
Speaker 2: under mostly clear sky, and Michael barrs here with more
Speaker 2: on what is going on in New York and around
Speaker 2: the world.
Speaker 3: Michael, thank you very much.
Speaker 4: Nathan. It's official. President. Joe Biden formally announced that he
Speaker 4: would seek reelection in twenty twenty four, and the video
Speaker 4: released a few minutes ago, Biden implored voters to let
Speaker 4: him finish this job he began when he took office
Speaker 4: and put aside any worries about his age. He said
Speaker 4: there is still work to do to give Americans a
Speaker 4: fair shot. Biden would be eighty six at the end
Speaker 4: of a second term if he wins. Jerry's selection is
Speaker 4: scheduled to begin today. In the civil trial stemming from
Speaker 4: a lawsuit filed by writer E Jene Carroll against former
Speaker 4: President Donald Trump, Carrol says Trump raped her in a
Speaker 4: New York City department store in the mid nineteen nineties.
Speaker 4: Business and entertainment attorney Trey Levell says jerors may hear
Speaker 4: that infamous Access Hollywood video of Trump, and says the
Speaker 4: allegations from Carroll are not unlike others he's faced.
Speaker 13: There's a fair amount of evidence out there of Trump
Speaker 13: doing this similar thing to other people. We have these
Speaker 13: other two women who say he basically is almost the
Speaker 13: exact same scenario. He approached him, assaulted them, and they
Speaker 13: may fun of them out afterwards.
Speaker 4: Trump has denied her allegations. The US announced Sudan's two
Speaker 4: warring factions had agreed to a three day cease fire.
Speaker 4: The US is watching over convoys helping to ferry out
Speaker 4: American citizens still there. National Security Advisor Jake Salivan.
Speaker 14: For those Americans who are interested in joining a convoy,
Speaker 14: we have been providing information about how they can do that,
Speaker 14: and then, as I mentioned before, we are now providing
Speaker 14: some degree of overwatch to try and ensure that these
Speaker 14: convoys can arrive safely.
Speaker 4: The US already evacuated American embassy diplomats. President Biden and
Speaker 4: Vice President Harris met at the White House with the
Speaker 4: Tennessee State House Democratic lawmakers who faced expulsion votes earlier
Speaker 4: this month organized by the Republican majority. They took over
Speaker 4: the podium on the House floor to chant with protesters
Speaker 4: demanding gun reform. Representative Justin Pearson it is.
Speaker 15: A moral issue. It is about our children. It is
Speaker 15: about our schools and not turning them into war zones.
Speaker 15: But also and it is also about communities that are
Speaker 15: experiencing gun violence every single day, like the communities where
Speaker 15: I am from, and a lot of other communities.
Speaker 4: And anticipated five and a half percent fair hike on
Speaker 4: New York City subways, buses, and commuter rail lines is
Speaker 4: delayed until July or August as the state's overdue budget
Speaker 4: is holding up new changes. Global News twenty four hours
Speaker 4: a day, powered by more than twenty seven hundred journalists
Speaker 4: and analysts in over one hundred and twenty countries. Michae Lamarn,
Speaker 4: this is Bloomberg, Nathan.
Speaker 2: Thanks Michael. Almost six ' ten on Wall Street. Time
Speaker 2: for the Bloomberg Sports Update. Here's John stan Shower, Nathan.
Speaker 5: It was in two thousand and eight that the Green
Speaker 5: Bay Packers made way for a new quarterback. Aaron Rodgers
Speaker 5: took over, so Brett Fare joined the Jets. Now the
Speaker 5: Packers are again turning to a young QB Jordan Love
Speaker 5: and Rogers is a Jet that Trade finally agreed to
Speaker 5: five weeks after Rogers admitted he planned to come to
Speaker 5: New York. He was, of course number twelve in Green Bay.
Speaker 5: That was Joe NAMA's number will remain retired. Rogers as
Speaker 5: a Jet will where number eight that was his number
Speaker 5: in college.
Speaker 10: Devils and Rangers both good.
Speaker 5: Road teams in the regular season, and four games into
Speaker 5: their playoff series, the road teams are four and oh.
Speaker 5: At the Garden, Devils won three to one, the series
Speaker 5: tied to two. Toronto hasn't won a playoff series since
Speaker 5: two thousand and four. Maple Leaves came from three goals
Speaker 5: down in the third period, beat Tampa Bay in overtime,
Speaker 5: leastly the series three to one. Couple of NBA playoff thrillers. First,
Speaker 5: Miami down fourteen in the fourth quarter, rallied to beat Milwaukee.
Speaker 5: Jimmy Butler scored fifty six points. That's tied for the
Speaker 5: fourth most NBA playoff history. The Bucks, who had the
Speaker 5: NBA's best record, now need to win three in a
Speaker 5: row to avoid being the fifth to one seed to
Speaker 5: lose to an eighth seed. The Lakers, seeded seventh in
Speaker 5: the West, beat Memphis in overtime. Lebron James twenty two
Speaker 5: points twenty rebounds in The Lakers have a.
Speaker 3: Three to one series lead.
Speaker 5: Yankee bats again quiet on a chilly night in Minnesota.
Speaker 5: They lost six to one. They've scored only six runs
Speaker 5: in their last four games. They've also lost six straight
Speaker 5: series openers. Tampa Bay beat Houston the Razor twenty and three.
Speaker 5: They're fourteen and oh at home. I went Baltimore both ones,
Speaker 5: so the Yankees are in fourth place. The Master back
Speaker 5: home tonight to play Washington Johns Dash Award.
Speaker 3: Bloomberg Sports.
Speaker 16: Live from coast to coast, from New York to San Francisco,
Speaker 16: Boston to Washington, DC, nationwide on Siriusxam of Bloomberg Business
Speaker 16: Appen Bloomberg dot com.
Speaker 2: This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. Let's
Speaker 2: get back to the breaking news. Moments ago, President Biden
Speaker 2: did make it official he is running for reelection in
Speaker 2: twenty twenty four. The President made the announcement in this
Speaker 2: video that went online just minutes ago.
Speaker 13: Let's finish this job.
Speaker 6: I know we can't because this is the United States
Speaker 6: are There's nothing, simply nothing we cannot do every day.
Speaker 2: Together, President Biden's video announcement making it official he is
Speaker 2: running in twenty twenty four. Let's bringing Terry Haynes, founder
Speaker 2: of Pangaea Policy, as we parse the message and look
Speaker 2: ahead to this race.
Speaker 3: Terry, good morning.
Speaker 2: What do you make of this sort of soft launch
Speaker 2: for this re election campaign?
Speaker 17: Good morning, Nathan. Pretty soon it'll be like it was
Speaker 17: in the nineteenth century, where you never even have to
Speaker 17: leave your your front porch in order to run for president.
Speaker 17: So here we are again. A couple of points. Firstly,
Speaker 17: kind of on the on the polls and enthusiasm levels,
Speaker 17: there's little to no enthusiasm for Biden within even within
Speaker 17: his own party, there's a very short bench, no real challengers.
Speaker 17: They've made up their minds to to to back him
Speaker 17: for one more time. Even without that, you've got a
Speaker 17: situation where there's not a lot of enthusiasm for Biden nationally.
Speaker 17: You know, I think it's underappreciated that polls or polls,
Speaker 17: and I don't put too much weight on them. But
Speaker 17: in six presidential national polls last Friday, four with Biden
Speaker 17: as the Democrat, too with Harris as the Democrat, only
Speaker 17: one of those did the Democrat wins the Wall Street
Speaker 17: Journal poll. All of them are very tight, but only
Speaker 17: one one. And you're gonna you're going to see a
Speaker 17: situation where, uh, you know, they're betting the farm essentially
Speaker 17: that they're going to run against Trump again and win.
Speaker 17: I'm not at all sure that's true, because you've got
Speaker 17: a situation where six out of ten Republicans don't want Trump.
Speaker 17: So I'll start there.
Speaker 2: Let's go to your first point, Terry, how does the
Speaker 2: president close that enthusiasm gap?
Speaker 17: Well, there's a lot of uh, there's a lot of
Speaker 17: issues in which they're hoping, you know, social and otherwise,
Speaker 17: to to pick away at independence and keep them on side.
Speaker 17: And I'm going to preface by saying quickly that independents
Speaker 17: aren't who you think they are. There's a lot of
Speaker 17: talk that independents are forty percent of the electorate and
Speaker 17: you know they're they're this big blob that we need
Speaker 17: to all, you know, go after somehow, when in reality,
Speaker 17: the vast majority of independence that used to be with
Speaker 17: a party, Democrat or Republicans tend to still lean in
Speaker 17: those directions. So what they're trying to do with social
Speaker 17: issues like abortion, geopolitical issues like China and Ukraine is
Speaker 17: trying to appeal to people that used to be Democrats
Speaker 17: essentially to keep them on side and provide the winning margin.
Speaker 17: And I think that's a lot of what's going on here.
Speaker 2: So your second point about the president potentially betting the
Speaker 2: farm on a Trump Biden rematch, why do you think
Speaker 2: that's not a possibility at this point, given that the
Speaker 2: former president still has so much enthusiasm, especially around his base,
Speaker 2: and at least at this point, it seems as though
Speaker 2: any potential GOP primary challengers are having difficulty breaking past that.
Speaker 6: Well.
Speaker 17: I see, I see the race on the Republican side
Speaker 17: as a little non consensus right now. If you look
Speaker 17: at the polls generally, what you see is whether they
Speaker 17: be national polls or whether they even be polls in
Speaker 17: early primary states, what you see is about four out
Speaker 17: of ten want Trump. What that tells you is about
Speaker 17: six out of ten don't. Unlike twenty sixteen, what you
Speaker 17: have is a situation where there's already coalescing around around
Speaker 17: one alternative DESANDUS. But there's a lot of people in
Speaker 17: the race, so you know, there's a lot of folks
Speaker 17: that the still are in the single digits. That's a
Speaker 17: different scenario to twenty sixteen. And what I'm anticipating is
Speaker 17: that there's still this hard nugget of support for Trump, certainly,
Speaker 17: but that the main challenger probably ends up coalescing others
Speaker 17: coalescing the Trump opposition.
Speaker 2: If you will, only about thirty seconds left here, Terry.
Speaker 2: The age factor is going to be a factor for
Speaker 2: President Biden in this reelection campaign.
Speaker 3: How does he get past that?
Speaker 17: That's a difficult question for them because part of their
Speaker 17: strategy is to ration him out as much as possible.
Speaker 17: They'll show him as energetic and selected public appearances and
Speaker 17: that's about it. But I think his problem goes beyond age.
Speaker 17: There's not a lot of domestic not a lot of
Speaker 17: domestic achievement, and in the international situation is very unsettled,
Speaker 17: and so he doesn't have a lot of domestic or
Speaker 17: international achievement too. Point two.
Speaker 11: This is Bloomberg day Break Today, your morning brief on
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