Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan
Speaker 1: Hager and I'm Karen Moscow. Here are the stories we're
Speaker 1: following today.
Speaker 2: We begin with the latest on pro Palestinian college protests
Speaker 2: expanding across the country. Students at Columbia University are now
Speaker 2: occupying parts of a campus building. We get the very
Speaker 2: latest now with Bloomberg's John Tucker in New York.
Speaker 3: Dozens of students to enter the campus building known as
Speaker 3: Hamilton Hall after midnight. They barricaded themselves inside, piling tables
Speaker 3: and chairs to block doors and covered security cameras. Columbia
Speaker 3: University remains the epicenter the demonstrations taking place on campuses
Speaker 3: across the country and even around the world. The school
Speaker 3: is now suspending students who refused to abide by yesterday's
Speaker 3: deadline to vacate an encampment set Upollet, one of the organizers,
Speaker 3: refuses to go and call the protests peaceful and unifying.
Speaker 4: There has been no violence on this encampment.
Speaker 1: Students from diverse dot grounds have shared their religious observances
Speaker 1: together well protesters.
Speaker 3: At the University of Texas campus in Austin. They witnessed
Speaker 3: a forceful response from local law enforcement and state police,
Speaker 3: some in riot gear. At UCLA, students and faculty took
Speaker 3: part in a walkout. John Tucker Bloomberg.
Speaker 1: Radio, All right, John, thank you well. As those campus
Speaker 1: protests intensify, the White House is pressuring Hamas to accept
Speaker 1: a ceasefire deal with Israel. Secretary of State Anthony blink
Speaker 1: And has called Israel's offer extraordinarily generous. White House Press
Speaker 1: Secretary A. Karin John Pierre agrees.
Speaker 5: Now is the time for Hamas to take this deal.
Speaker 5: It is on the table.
Speaker 1: It is time to is way past time to get
Speaker 1: these hostages home. White House spokeswoman Karin Jean Pierre says
Speaker 1: Hamas and not Israel, as the bigger obstacle to peace.
Speaker 1: President bought and spoke yesterday with the leaders of Egypt
Speaker 1: and Cutter to put even further pressure on her Mush.
Speaker 1: Egyptian state media report A. Mush plans to give a
Speaker 1: written response to Israel's ceasefire offer, but it's not saying when.
Speaker 2: Turning to markets, now, Karen, there is an unexpected change
Speaker 2: of the guard at one of the world's biggest banks.
Speaker 2: Let's go to London and get the details on that.
Speaker 2: From Bloomberg Daybreak Europe Banker Caroline Hepger, Good morning, Caroline.
Speaker 6: Good morning Nathan and Karen. HSBC's COO Noel Quinn is
Speaker 6: stepping down after some five years for a portfolio career
Speaker 6: and a better work life balance. It was a surprise decision,
Speaker 6: but you can't say Quinn hasn't delivered, with record profits
Speaker 6: last year and a thirty five percent jump in the
Speaker 6: share price. As for first quarter results, pre tax profits
Speaker 6: dipped one point eight percent but beat estimates. Plus there's
Speaker 6: that three billion dollar share buyback. The bank is now
Speaker 6: looking at candidates near and far to a place Quinn
Speaker 6: will stay on during a transition. His success's main challenge
Speaker 6: grabbing growth in Asia and managing time US China ties
Speaker 6: in London. I'm Caroline Hepke Bloomberg Radio.
Speaker 2: Okay, Caroline, thank you. That buyback news seems to be
Speaker 2: impressing investors. Checking shares of HSBC. They are hired by
Speaker 2: more than three percent in London.
Speaker 1: Well, Nathan, we have management changes here in the US
Speaker 1: as well. The CEO of Paramount Bob Backish is stepping down.
Speaker 1: He'll be replaced by a trio of top executives and
Speaker 1: we get more from Bloomberg's Doug Prisner.
Speaker 7: It comes as Paramount negotiates a possible sale to David Ellison.
Speaker 7: Ellison wants to merge the company with his Skydance Media.
Speaker 7: He's been talking with Sherry Redstone, Paramount's controlling shareholder. However,
Speaker 7: some Paramount investors are against a deal. They say it
Speaker 7: would enrich Redstone at the expense of other investors. So
Speaker 7: now the olive branch. Ellison is proposing to buy three
Speaker 7: billion dollars of Paramount shares at a premium, and Redstone
Speaker 7: is in favor of letting non voting shareholders have a
Speaker 7: say on any transaction. In terms of earnings, Paramount's results
Speaker 7: top estimates thanks to the broadcast of the Super Bowl
Speaker 7: and narrower losses from streaming in New York. I'm Doug Prisner,
Speaker 7: Bloomberg Radio.
Speaker 2: Okay, Doug. Thanks Turning the economy. Now, the FED is
Speaker 2: beginning its two day policy meeting today. Well, just about
Speaker 2: everyone expects j. Powell and Company to stand pat on rates. Investors,
Speaker 2: including Matt Miskin at John Hancock Investment Management, expect a
Speaker 2: more hawkish tone from the Fed.
Speaker 8: Share I think Palell's got to come in and really
Speaker 8: actually shake it up. You know, you put this into contacts.
Speaker 8: The last six months they've been way too dubbish, and
Speaker 8: they may have actually re accelerated reaccelerated inflation just from
Speaker 8: the Ford guidance that they provided six months ago. He's
Speaker 8: I think he's naturally a dove. He might have to
Speaker 8: come to the dark side a little bit and become
Speaker 8: a bit of a hawk here, and you might see
Speaker 8: a bit of a repricing in markets as a result.
Speaker 2: It's Matt Mickskin at John Hancock that FED decision and
Speaker 2: Pale press conference. It all begins tomorrow at two pm
Speaker 2: Wall Street time.
Speaker 1: Well, investors await the FED decision, Nathan. The barrage of
Speaker 1: earnings keeps coming in. Today we'll hear from four four
Speaker 1: dozen companies in the S and P five hundred and
Speaker 1: headlining that list is Amazon. We get a preview from
Speaker 1: Bloomberg's Tom Busby.
Speaker 4: The big focus for investors how much the company's artificial
Speaker 4: intelligence efforts have given its Amazon Web Services unit, already
Speaker 4: the largest player in cloud services, a boost. It's also
Speaker 4: facing a lot of competition for Microsoft and Alphabets Google division. Now,
Speaker 4: this will also be Amazon's first earnings report since it
Speaker 4: introduced an ad supported tier to its prime video service
Speaker 4: in January, creating a new source of revenue. Consensus calls
Speaker 4: for overall net revenue of one hundred and forty two
Speaker 4: point five to nine billion, about forty percent of that
Speaker 4: from online sales, earnings per share of.
Speaker 3: Eighty two cents.
Speaker 4: Tom buzzby Bloomberg Radio.
Speaker 2: All right, Terren, thank you. More job cuts are reportedly
Speaker 2: on the way at Tesla. The Information is reporting Elon
Speaker 2: Musk is planning one hundreds more layoffs as two more
Speaker 2: senior executives leave the company. The fresh round of cuts
Speaker 2: comes just weeks after Tesla announced it would layoff more
Speaker 2: than ten percent of its workforce.
Speaker 1: Nathan. While Tesla cuts jobs, Elon muskwell continues to rebound.
Speaker 1: In the past five days, must net worth has gone
Speaker 1: up more than thirty seven billion dollars according to the
Speaker 1: Bloomberg Billionaires Index. Musk add at eighteen and a half
Speaker 1: billion to his fortune yesterday alone, after Tesla's shares rose
Speaker 1: fifteen percent on optimistic news from the Chinese market. With
Speaker 1: a net worth of more than two hundred one billion dollars,
Speaker 1: Musk is close to overtaking second place Jeff Bezos after
Speaker 1: he surpassed Mark Zuckerberg on the Billionaire's Index last week.
Speaker 2: Well, Karen, some of Elon Musk's competitors in the automotive
Speaker 2: space are delivering disappointing numbers. First quarter sales at Stalantis,
Speaker 2: maker of Jeep and Fiat cars, slumped twelve percent, led
Speaker 2: by declines in the US. Slower electric vehicle demand in
Speaker 2: Europe was also a drag, and Stalanta's shares are down
Speaker 2: about two percent.
Speaker 1: Nathan Mercedes Benz's earnings plummeting thirty four percent in the
Speaker 1: first quarter. The German the luxury automaker, was weighed down
Speaker 1: by model changes in sluggish ev demand, and shares are
Speaker 1: about four percent. Honest time now for a look at
Speaker 1: some of the other stories making news in New York
Speaker 1: and around the world. For that were joined by Bloomberg's
Speaker 1: Michael Barr Michael, good morning.
Speaker 9: Good morning, Karen. A grim story out of Charlotte, North Carolina.
Speaker 9: Four officers trying to serve a warrant for a fellon
Speaker 9: wanted for possessing a firearm were killed and four other
Speaker 9: officers were wounded in a shootout. The officers killed the
Speaker 9: suspect outside the Charlotte home yesterday after he fired on them.
Speaker 9: Officers who rushed rescue the downed officers were themselves wounded
Speaker 9: by a second shooter firing from inside the home. Charlotte
Speaker 9: Mecklenburg Police Chief Johnny Jennings was emotional when he informed
Speaker 9: the media late last night that one of the officers,
Speaker 9: Joshua Eyer, who was critically injured, had died.
Speaker 5: He survived by his wife, Ashley, and his three year
Speaker 5: old son, Andrew. Will always be in the edited to
Speaker 5: officer Iron for his bravery.
Speaker 9: Jief Chennings says Officer Ayer was a six year veteran
Speaker 9: of the force and just one officer of the month
Speaker 9: North Carolina Governor Roy Cooper.
Speaker 10: There really aren't words that you can say, because obviously
Speaker 10: the families of these officers who've lost their lives this
Speaker 10: afternoon are in shock and despair.
Speaker 9: A woman and a seventeen year old male were taken
Speaker 9: away for questioning after the three hour stand off ended.
Speaker 9: Overall crime on New York City's subway system is down
Speaker 9: six point four percent from last year's pace, as the
Speaker 9: nation's largest mass transit providers seeks to boost safety and
Speaker 9: writer confidence. According to the NYPD, there were six hundred
Speaker 9: and sixty one reported crimes this year through April twenty eighth.
Speaker 9: That's down from seven hundred and six during the same
Speaker 9: period in twenty twenty three. The drop coincides with a
Speaker 9: fifty seven percent increase in total arrests. Britain's King Charles
Speaker 9: resumed some public duties today. Charles's return to at least
Speaker 9: some public duties is taking pressure off wife Camilla and
Speaker 9: son and heir William, who himself took family leave last
Speaker 9: month after his wife Kate revealed her cancer diagnosis as well.
Speaker 9: No date is set for her return to public life. Finally,
Speaker 9: hot Dog City Field at tonight's Matt's game against the
Speaker 9: Chicago Cubs, fans would be able to buy Nathan's hot
Speaker 9: dogs for a dollar at the ballpark. There's a lillemit
Speaker 9: of four hot dogs per transaction or when they run out,
Speaker 9: or when you get full global news twenty four hours
Speaker 9: a day and whenever you want it with Bloomberg News. Now,
Speaker 9: I'm michae Lebarr and this is Bloomberg.
Speaker 1: Hemon, how many does it take?
Speaker 2: Michael barrs four?
Speaker 4: Enough?
Speaker 9: No? Not for me?
Speaker 11: All right?
Speaker 1: Oh, Michael Barry, thank you and as time now for
Speaker 1: the Bloomberry Sports Update. Here's John stash Hour John Good Morning.
Speaker 11: Dodn't Morning care in the next received loud fans support
Speaker 11: on the road to the two games in Philadelphia. You
Speaker 11: can only imagine what it'll be like tonight at the Garden.
Speaker 11: Game five, Knicks up three one, a chance to win
Speaker 11: the series. Two series in the West ended. Oklahoma City
Speaker 11: finished a sweep of New Orleans, held the Pelicans. The
Speaker 11: thirty seven percent shooting Lakers and Nuggets. Game five in Denver,
Speaker 11: tie score, final second.
Speaker 5: Murray has it on the high right side high picked
Speaker 5: from Yokich.
Speaker 3: Murray schopper from me.
Speaker 5: He's got it again, three point six second set for
Speaker 5: the Lakers.
Speaker 2: Lebron over the Prince.
Speaker 5: Chopper's so good at the hoard and the LA Lakers
Speaker 5: did take that hell all the way out.
Speaker 11: On Altitude Sports, Jamal Murray wasn't sure he'd played into
Speaker 11: a strained cap. He played scored thirty two points. That
Speaker 11: was his second game winning shot of the series. The
Speaker 11: Nuggets move on and Lebron James will now decide whether
Speaker 11: to come back for another season. It would be his
Speaker 11: twenty second Already, the NBA's oldest player. Lebron said last
Speaker 11: night he has it yet.
Speaker 9: Given it much thought.
Speaker 11: Celtics got thirty eight points and Derek White he made
Speaker 11: eight three pointers a one h two to eighty eight
Speaker 11: win at Miami. Boston leeds series three to one. Florida
Speaker 11: Panthers advance beat Tampa Bay six to one, won the
Speaker 11: series four to one. Dallas Stars won four two at Vegas.
Speaker 11: That series tied to two. The road team has won
Speaker 11: every game. Mets and the Yankees both lost quick, low
Speaker 11: scoring games at Cityfield. Brandon Nimo a lead off home run.
Speaker 11: Mets didn't score again. The Cubs didn't get a hit
Speaker 11: off Luis Severino until the eighth inning, but they got
Speaker 11: a two run home of the ninth from Christopher Morell
Speaker 11: off Edwin Diez to win three to one. The game
Speaker 11: is played in two hours five minutes in Baltimore. Leadoff
Speaker 11: homer for the Orioles Gunner Henderson. They later added an
Speaker 11: under and run shut out the Yankees to nothing. Zeke
Speaker 11: Elliott played seven years in Dallas, then last season in
Speaker 11: New England. He's going back to the Cowboys. Travis Kelcey.
Speaker 11: He got a new two year contract from Kansas City.
Speaker 11: John Stashawa, Bloomberg Sports.
Speaker 9: Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,
Speaker 9: and around the world on Bloomberg dot Com and the
Speaker 9: Bloomberg Business app. This is Bloomberg Daybreak. Good morning.
Speaker 2: I'm Nathan Hager.
Speaker 9: Well.
Speaker 2: It is a surprise move in global banking. Noel Quinn
Speaker 2: is stepping down as CEO of HSBC after nearly five
Speaker 2: years at the helm, setting off a sudden process to
Speaker 2: find a successor to lead Europe's biggest bank for more.
Speaker 2: We're joined by Bloomberg's Charlie Wells. Charlie, good morning. As
Speaker 2: I mentioned, this did seem to come as quite a
Speaker 2: surprise to a lot of investors. Do you have any
Speaker 2: better clarity on why Noel Quinn decided to step down? Now?
Speaker 12: Yeah, Nathan, no one saw this coming. I mean last year,
Speaker 12: Noel Quinn's pay was actually doubled, so there were just
Speaker 12: not telegraphs coming out of this bank that this could
Speaker 12: potentially happen. And now what Quinn said is that he
Speaker 12: wanted to find a more a better personal work life balance.
Speaker 12: He said that he wants to embark upon a portfolio career.
Speaker 12: We're not entirely sure what that means, And in comments
Speaker 12: from executives this morning from HSBC, they haven't given us
Speaker 12: a lot of indication of why or who could have
Speaker 12: potentially come next. But we do know that whoever comes
Speaker 12: next is going to have some pretty big shoes to
Speaker 12: fill because Quinn was actually at the helm of this
Speaker 12: bank for almost five years. He led it through the
Speaker 12: height of COVID, he led it through a key shareholder
Speaker 12: trying to break the bank apart, he successfully funded that off,
Speaker 12: and he led HSBC through a period of heightened tensions
Speaker 12: between China and the West. So, as I said, pretty
Speaker 12: big shoes to Phil.
Speaker 2: Yeah, certainly. And when you think about heightened tensions between
Speaker 2: China and the West, that gets into the focus that
Speaker 2: Noel Quinn had during his tenure to pivot attention to
Speaker 2: the Asia business and sort of diminish some of the
Speaker 2: more established businesses at HSBC in the US and Europe.
Speaker 12: That's exactly right. I mean, HSBC is looking to diversify.
Speaker 12: So they are a bank that is very reliant on
Speaker 12: interest rates. They're very sensitive them, and you know recently
Speaker 12: that's been a huge boon for the bank. You know,
Speaker 12: their net interest margin, what beat expectations in this first quarter.
Speaker 12: Ostensibly that's what we were all going to simply hear
Speaker 12: about today, but of course we're not hearing about the
Speaker 12: CEO move. But look, they are pivoting to Asia. They
Speaker 12: have been under Quinn, and one focus here is wealth management.
Speaker 12: And in these earnings today we got some kind of
Speaker 12: better numbers on wealth management for HSBC, So that bodes well.
Speaker 12: But this is going to be a big challenge for
Speaker 12: whoever succeeds Quinn.
Speaker 2: Yeah, and I guess we got better numbers just overall.
Speaker 2: And plus this three billion dollar stock buy back, I mean,
Speaker 2: is that kind of overshadowing or being overshadowed by this
Speaker 2: succession news that suddenly came out.
Speaker 12: Yeah, so shares have been trading up a couple percentage
Speaker 12: of a couple percentage points, which is great, you know,
Speaker 12: great for the stock. And look, I mean, analysts have
Speaker 12: been talking before these results about a potential two billion
Speaker 12: dollar buy back, and let's not forget that in February
Speaker 12: there was a previously announced two billion dollar buyback, So
Speaker 12: three billion, you know, is bigger. And it does show
Speaker 12: that over his tenure, Quinn has been able to return
Speaker 12: access capital to shareholders. So that's going to again be
Speaker 12: a big focus. Can this continue?
Speaker 11: A lot?
Speaker 12: Lot of analysts have said that some of that capital
Speaker 12: return is already kind of baked into some of this
Speaker 12: share price. Something disappointing that I also should mention for
Speaker 12: some observers of this stock though, was that forward guidance
Speaker 12: for HSBC remained the same as it was in February,
Speaker 12: and so the hope was that in an environment where
Speaker 12: you know, rates are looking like they could be higher
Speaker 12: for longer, that should have voted a bit better for
Speaker 12: this bank. So that was a little bit of a disappointment.
Speaker 2: Only about thirty seconds left, Charlie. But whoever fills Noel
Speaker 2: Quinn's shoes, can we expect much of a change in focus,
Speaker 2: a change in strategy from the new CEO at HSBC.
Speaker 12: It seems like what the bank is trying to communicate
Speaker 12: to analysts and investors is that there's going to be
Speaker 12: a degree of continuity. So they have made clear that
Speaker 12: you know, Quinn will be a part of this process.
Speaker 12: They've said that they want to try to find a
Speaker 12: successor in the latter half of twenty twenty four. There's
Speaker 12: a world in which Quinn could actually stay into his
Speaker 12: position well into twenty twenty five. And so what that
Speaker 12: seems to indicate is they want to keep the strategy again,
Speaker 12: a focus on that pivot to Asia going strong, and
Speaker 12: they're trying to communicate pat Today.
Speaker 2: This is Bloomberg day Break, Today, your morning brief on
Speaker 2: the stories making news from Wall Street to Washington and beyond.
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