5 Burst results for "Anz Banking Group"
Bloomberg Radio New York
"anz banking group" Discussed on Bloomberg Radio New York
"Right now, ANZ banking group shares down a little more than four and a half percent off session lows, the bank reported profit above estimates, full cash profit from continuing operations, a little more than 6 and a half billion. That's Aussie dollars, but the stock is I mentioned showing some weakness. We are off the low of the day with a drop now in ANZ banking group or up around 4.6%. More on markets in 15 minutes. Head Baxter next with a look at global news headlines, Eddie. All right, thank you, Douglas, U.S. Secretary of State Antony Blinken is calling on the globe to send a united message to China about any use of force regarding Taiwan exclusive Bloomberg interview. He says they continue to accelerate accelerate their move to a unified. UK prime minister Rishi sunak told the House of Commons today that he is delaying the economy's strategy announcement until November 17th. Chinese leaders omitted the elders that is from an official account of how Xi Jinping chose his new leadership team in an apparent plan to change policy from including party leaders as important members in major decisions. South Korean defense minister Lee Jong su says that Korea needs to be more aggressive in adopting a stance of saying even if Kim attempts to use nuclear weapons that it will bring an end to his regime. It appears that the rosters of the Philadelphia Phillies and Houston Astros will see no black players. It is the first time that has happened since Jackie Robinson in broke in in the 50s, and a Tesla is being investigated for misleading claims about capabilities of its autopilot driver assistance system. These are criminal allegations. I should say Jackie Robinson actually broke in on the late 40s, but the last time that this has happened was 1950, the World Series. In San Francisco, Ahmed Baxter, this is Bloomberg. Yeah, thanks very much. Let's take a closer look here at Samsung. Third quarter profit missed analysts estimates and joining us to discuss the earnings is Peter L strum, Bloomberg executive editor for Asia, technology. So operating profit for the chip segment almost cut in half, yet Samsung is not cutting back on CAPEX. We saw that from SK Hynix yesterday for next year, but as one of our colleagues said, Samsung has deeper pockets than most. Your thoughts on this earnings report, Peter. Yes. Well, these have been rough days for the semiconductor industry and particular in the technology industry more broadly. We knew that there were going to be some weak results here this had been pretty well foreshadowed by Hynix, as you mentioned. And micron even before that, they've been pulling back on their expenditures high next yesterday reported weak earnings and said they're seeing an unprecedented downturn in demand. So expectations were pretty low for Samsung. As you mentioned, earnings are down sharply. They did miss estimates. That was largely driven by the chips business. As much as Samsung, Samsung really makes its money from the chips business, even though it's it may be best known for its smartphones, but ships really make the difference in terms of profit or nonprofit. And as you mentioned, the difference here is that Samsung is saying it is going to keep spending on factories and new fabs to make more chips. Because it sees opportunities ahead that's both in the memory business and it's also pushing into the foundry business, which is making chips for other people the way Taiwan Semiconductor does. In the memory business, it is expanding in a few different areas, including into the U.S.. So it's expanding very aggressively at this point, which is pretty contrary to what its peers are doing. Yes, Samsung, a major producer of the world's chips, obviously. Producing more chips into a market that admits already got a glass. Most of the impact on the broader market are going to be with this. Yeah, there's some parallels to the oil industry, I think, in the OPEC countries where some company, some countries continue to produce very aggressively because they want the revenue. Samsung is acting aggressively. They're investing even though prices are falling pretty sharply in the memory chip market. They're investing aggressively. They see opportunities here. They're expanding geographically also. Into a few different markets. And they do want to become a bigger, more competitive player in logic chips, which are microprocessors as they build up this foundry business. They want to compete with Taiwan. Semiconductor, which is now the most valuable chip company in the world and has built a very, very strong business as a foundry for other companies. So we've seen these new U.S. government rules on exports to China, particularly having to do with very high level chips for AI and such. I think a lot of people are curious what Samsung is saying about these new rules. Have we heard anything on that yet? That is the big question for the chip industry over the past two to three weeks. That's really the only thing that everybody is talking about. What are these U.S. export rules mean for the industry broadly and especially for doing business in China? Samsung, of course, sits in a quite challenging spot in South Korea. It has many factories there. It also has a fab in Mainland China. And the Korean government has very close ties to the U.S. also. The conference call hasn't started for Samsung yet. So they haven't gone into details on how those chip export rules are going to affect them. But they have been able to secure a one year exemption so that they continue to ship equipment and supplies into China to supply that fab that they've got in China so they can continue to produce memory chips at that facility there. Yeah, that conference call you to get underway in about 5 minutes of Bluebird subscribers will be able to follow the details on our blog top live go. But talk to us about smartphones as well. We have had some weak growth in that division. The market doesn't seem too troubled though. Yeah, it's interesting. Samsung is probably better known for its smartphones than its chips because that is a consumer facing business. It's just that business was pretty strong, which is a little surprising. The overall smartphone market is falling this year, there has been some weakness across the board. Even Apple has shown some signs of weaknesses and they sell at the very high end of the market. Samsung has sort of pushed the envelope with their flip phones and their foldable phones. They say that demand has been relatively strong and they're optimistic about that business going forward. Is there a glut in that business at the moment? Well, the real glut is in the chips business as we talked about. That's challenging for people because during the COVID pandemic there were chronic shortages of chips. That led customers to over order because they were so anxious to get chips that they needed into their facilities. And now all the chip makers are really saying that inventories are a problem. They've been piling up. And that means that customers are going to use their inventories before they start buying new chips from Samsung or Hynix or micron or the other companies. In terms of smartphones, it's a bit less of an issue. The problem with smartphones is that they become obsolete a lot more quickly that's a business that's very has to be very, very timely. So Samsung is facing some uncertainties that are also. We have seen a very weak one over the past few quarters as well. How's that altering our perspective on these results? Well, they say that the strong dollar did have an effect that strong dollar of the weekend did have an effect on their business. Largely Samsung benefits because they are selling much of their products abroad and bringing that revenue back in either dollars or other currencies. So
Bloomberg Radio New York
"anz banking group" Discussed on Bloomberg Radio New York
"Kong, 1130 here in Sydney. I'm Paul Allen. And I'm Brian Curtis in Hong Kong looking at markets in Asia. We have the yield on the ten year US Treasury, dipping below 4% just a moment ago. And we have the dollar weaker equities generally higher. We'll get you some of the reasons for all of that with Doug prisoner in a couple of moments, but for now some of the top stories, Paul. What could Elon Musk's takeover of Twitter be imminent today, Tesla's CEO made his presence felt at Twitter's San Francisco headquarters. He posted a video clip of himself walking into the officers carrying a kitchen sink, captioned, let that sink in, get it. And Musk also changed his public profile descriptor to chief twit and this comes after a Twitter memo to employees saying Musk would visit the company's headquarters this week. His Bloomberg ludlow. According to this memo with Musk is due to address Twitter employees on Friday, as we've reported, both according to sources who are talking about Elon Musk conversation with the debt side of the equation and the banks, but also I'm hearing from some of the future equity investors in this new entity, all the signs have been that we're moving towards completing this deal for muster by Twitter by the 5 p.m. Eastern Time deadline this Friday. Meanwhile, Twitter staff could be greeting a Musk takeover with some trepidation we've heard that potential investors were told Musk plans to cut 75% of Twitter's workforce and he expects to double revenue within three years. Boeing says it may discontinue the smallest and largest versions of its 7 37 max aircraft. The playmaker said it could fail to achieve FAA certification of the jets if a government deadline for safety approvals is not extended. The disclosure came after Boeing lowered its delivery target for the 7 37 aircraft. And the reaction on Wall Street was not good, Boeing shares down 8.8% in New York. That was the biggest one day drop since June. After hours the stock traded flat. Mobilize shares at row 38% during its U.S. trading debut, and that's the biggest debut again for a major U.S. listing. Mobileye is a self-driving tech company spun off by Intel. Earlier CEO amnon shusha gave us a hopeful outlook for its future. The penetration of driving assist is growing all the time. Back in 2017, it was 20% last year. It was 50%. Our market share is growing. So we see continuous growth going forward. Mobileye raised 861 million in an IPO priced above its targeted range, and it's offering is the fourth largest in the U.S.. Let's get to Doug prisoner looking at markets. I don't want to steal your time, but we've got just a moment here. Sean Darby said an interesting thing that the recessions in the UK and Canada would last longer because mortgage is a price that the short end and the fluctuating mortgage rates whereas in the U.S. we've got we'll probably solve the ten year, but we have 30 year fixed and people can weather this storm as long as you don't have a banking crisis or a big credit crisis, so you'll fare okay. Well, that's one of the big concerns I think. We were talking to Ed Harrison last hour about liquidity problems in the bond market. And I speculated the other day, and I hesitate to use that term, but you try to understand the action in the bond market yesterday. Yeah, some of the eco data was on the soft side, but we had a big drop in yield, and I was wondering out loud because we heard from a treasury secretary yelling at the beginning of the week, whether some in the bond market were beginning to position themselves for the possibility the possibility that the treasury would request some type of buyback of certain type of U.S. sovereign debt as a way of engendering liquidity and Ed pointed to the situation in the UK. The problem that we had in the bond market there and how the BOE was forced to intervene and in a period where you would expect them to unwind the balance sheet they were forced to do exactly the opposite. I don't think we are at that point yet here in the U.S., but it's something that a lot of the bond market participants are tracking. Ten year treasury now at 4%, very little change in yield terms a two year at four 40 tomorrow we are going to get to personal consumption expenditures, inflation adjusted. And that's going to be one of the important data points for the bond market. The dollar right now is a week. We've got a stronger yen, certainly that's casting a pall over the Japanese equity market with the nikkei down about two tenths of 1%. Talked about meta platforms. The stock got crushed in Lake trading by around 19%, even so the NASDAQ 100 E mini futures contracted last check was up a half of 1%. We're talking earlier too about the results from Samsung, both in terms of what the company kind of pre announced and what we're hearing right now. I think it's fair to say that this is a miss on the third quarter profit estimates. We're talking about decline in chip prices, adversely impacting not just Samsung but the entire industry and companies like Samsung have been forced to reduce capital expenditures. The stock right now is essentially flat in the soul session and the cost me now rallying by nearly 1.2% in Sydney ASX 200 higher by just 6 tenths of 1%. We were talking with Paul a short while ago about ANZ banking group. The numbers were very good for the last quarter in terms of profit profit coming in above estimates as rising rates helped to boost margins full year cash profit from continuing operations, something around 6 and a half billion, but shares are down nearly 5 and a half percent at the moment. More on markets in 15 minutes, Paul. All right, thanks very much, I get is 25 minutes to the top of the aisle. Let's get a check of global news. And U.S. Secretary of State Antony Blinken says China is progressively breaking the agreement regarding Taiwan and he's asking for the global community to step in at Baxter's got more. They are exactly right Paul blinken says 50% of the globe's container ships travel through the strait of Taiwan in an exclusive interview in Bloomberg's Washington D.C. headquarters blinken says the globe has to understand the ramifications of just standing back. 90% of the sophisticated chips are produced in Taiwan. If that were for any reason disruptive, it would have deeply significant consequences for the global economy. The chips that are in our cell phones are dishwashers are automobiles. If that's disrupted, if that's taken out of the supply chain, everyone has a big problem. So he says the U.S. should not be standing alone in sending a united message about the Chinese movement to break the 50 year old deal. UK prime minister Rishi sunak is delaying his new economic strategy announcement until the middle of next month. Today in questions opposition leader Keir Starmer went on the attack saying sunak will leave working people behind. That's why the
Bloomberg Radio New York
"anz banking group" Discussed on Bloomberg Radio New York
"Mena shares fall after its revenue forecast disappoints. And Ford narrows its yearly profit outlook with concerns about inflation. U.S. Secretary of State blinken issues a warning to the globe about China's progressively breaking the deal regarding Taiwan. UK's new prime minister delays by two weeks the release of his new economic plan and enters a lively session of questions. I'm Ed Baxter with global news. Liverpool advances to the knockout stage of the Champions League with a dominating win. I'm Dan Schwartzman. I'll have that story more coming up in Bloomberg sports. That's all straight ahead on Bloomberg daybreak Asia on Bloomberg 11 three O New York. Bloomberg 99 one Washington D.C.. Bloomberg one O 6 one Boston, Bloomberg 9 60 San Francisco, Syria's XM one 19 and around the world on Bloomberg radio dot com and via the Bloomberg business app. Hi everybody, our three of the program a lot of moving parts here this morning, lots to tell you about good morning to you from Hong Kong I'm Brian Curtis. And I'm Paul Allen in Sydney where it's one minute past 11 we've got markets trading in Japan and South Korea, and results from Samsung just hitting the tape, like Christmas here for more, Doug. Hey, Paul, before we get into Samsung, give me your sense of what's going on with ANZ banking group. The numbers that came in on the profit side for the last quarter were much above forecasts, but the stock right now is sinking. Can you help me understand that? This is something we often see with Australian banking stocks, so you'll get a very good set of full year numbers and then rather counterintuitively you'll see the stock decline at the open the next day, typically things do recover as the week progresses, but that's a result that you're talking about really driven by an improved net earnings margin. The bank very enthusiastic about passing on the RBA rate hikes in full to mortgage customers at less so with deposit holders. So that might make an ugly headline and local media Doc. All right, well, the stock is down by more than 3%, even so the ASX 200 in Sydney is higher by half of 1%. The numbers from Samsung, a short while ago hitting the tape. This is third quarter net, a little bit of disappointment here, and the stock right now in the soul session is trading lower, not by much. I think we're down around two tenths of 1%. The cost be just now coming online with a gain of around 7 tenths of 1%. We do have a stronger yen around one 46 15 or so against the greenback. And that may be weighing on the market in Japan with an EK down about two tenths of 1%. Stateside, we snapped a three day rally, a lot of tech related weakness after the disappointing results from Alphabet and Microsoft alphabet shares in the last session down about 9% and Microsoft off nearly 8% those declines helped to lead the NASDAQ composite down about 2%. And then we had a Boeing reducing at annual forecast for the delivery of the 7 37, it shares plunged 9%. The Dow finished flat S&P 500 down by more than 7 tenths of 1% and a move lower in yields across the curve during the New York session we'll talk more about that as we continue, Brian? And we had a market reaction to meta platforms that was even more dramatic than what we saw from Microsoft and alphabet yesterday. So it portends for some trouble ahead. We'll get to the numbers after the after hours in a moment, but let's take a closer look at what meta came out with meta platforms giving a revenue forecast that was at the low end of analyst estimates. It sees 30 to $32.5 billion for the fourth quarter, analysts had been expecting 32.2 billion. So the lower end of that range is what has investors a little concerned. The company is dealing with a slowdown in ad spending due to economic uncertainty and meta is now cutting costs in the sense that it will slow down hiring. It's also betting big on the
Bloomberg Radio New York
"anz banking group" Discussed on Bloomberg Radio New York
"Strike down the landmark roe V wade abortion decision House Republicans released a statement saying that clearly coordinated campaign is designed to intimidate the justices They added Republicans will pray for a decision that protects life President Biden is condemning atrocities and war crimes being committed by Russian forces in Ukraine We see the incredible gravy the Ukrainian fighters defending their country from everything they have Biden visited a weapons factory in Alabama and praised Ukrainians for their courage He said they're making fools of the Russian military in many cases On day 13 of the Johnny Depp Amber Heard defamation trial one win for death when a Virginia judge refused to throw out the case Lisa Taylor has more The motion to strike is denied as the statement two and three Doctor Don Hughes the forensic psychologist who was treating herd was the first defense witness to take the stand today responding to questions about what type of injuries amber had reported to her She reported that she did have some scratches and cuts on her from broken glass She reported that she believed she may have lost consciousness two times Jack is suing his ex-wife for $50 million after she claimed to be a victim of domestic violence Herd is expected to take the stand on Wednesday I'm Lisa Taylor workers efforts to unionize Starbucks are reaching a milestone There are now over 50 stores unionized with more looking to join the Starbucks workers united campaign has won about 85% of union elections that have been held Just last year none of Starbucks corporate owned stores in the U.S. had union membership Tim Ryan will be the democratic nominee for Ohio's open Senate seat NBC News projects the current House representative will carry the democratic primary over two challengers Ryan has been in the house for ten terms I'm Brian shook Chicago is announcing its bid for the 2024 Democratic National Convention The announcement was made today along with a video promoting the windy city with local rapper common narrating Senator Tammy Duckworth governor J B pritzker and mayor Lori Lightfoot have been working on the bid for months no date has been set for the DNC A plan to thin the forest in one area of the Los Padres national forest in California is creating controversy Phil Hewlett reports Ventura based clothing company Patagonia the city of ojai Ventura county and several environmental groups are all suing the U.S. forest service in an attempt to stop the project on pine mountain The lawsuits claim the project was improperly vetted and would damage the area's flora fauna and cultural history The forest service says the project is intended to reduce the danger of wildfires Pine mountain overlooked so high I'm Phil hulett A New York City eye Doctor Who once appeared on a national TV dating show is robbed Sierra Lee Kessler has more Doctor Emil chin is out a 125 grand after a thief broke into his Park Avenue office 9 days ago and had it straight for the safe the Manhattan ophthalmologist is well known for offering free lasik surgery for dates with women was a contestant on bravo TV's millionaire matchmaker and appeared on Howard Stern's radio show offering his $100,000 Ferrari to anyone who could find him a wife still no wife hopefully he'll do better getting his stolen money back Police have released a photo of the suspect A documentary shining the spotlight on 80s pop sensation Cyndi Lauper is officially in production The feature length film is being made in partnership between Sony Music and law for herself let the canary sing will explore the singer songwriters 30 plus years in the music industry It will take a closer behind the scenes look into lauper finding her voice before her meteoric rise to stardom I'm Brian shook And I'm Doug prisoner Bloomberg world headquarters in New York Let's check this hour's top business stories on the markets after the bell in the U.S. didi global said it's facing an investigation from the Securities and Exchange Commission This is related to its U.S. initial public offering Shares dropped 7% in late U.S. trading We heard from ANZ banking group first half profit for the fiscal year topped estimates cash profit from continuing operations rose to 2.2 billion U.S. shares though traded lower in the Australian session and right now in Sydney the ASX 200 is ahead just at tenth of 1% After the battle in the U.S. the quarterly results from Starbucks showed increased pressure on margins and that the same time global growth it was uneven Comp sales in China showed a sharp drop by 23% but that seemed to be offset by robust demand in the U.S. where comp sales increased 12% That was higher than estimates and shares in the late session were up 5% After the bell Airbnb gave a forecast for revenue for the current quarter that surpassed estimates the company sees substantial demand for traveling heading into the busy summer season And we know that Elon Musk has agreed to take Twitter private in that $44 billion deal Well now Dow Jones is reporting Musk has told potential investors he could return the social media company to public ownership after just a few years We check markets every 15 minutes here on Bloomberg No trading in China or in Japan right now in Hong Kong to hang seng weaker by 6 tenths of 1% Check that the cost is now higher by a tenth of 1% Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries This is Bloomberg Bloomberg wealth is brought to you by Bank of America For insights so impressive you can't stop getting smarter visit Bank of America dot com slash smarter What would you like the power to do Bank of America NA member FDIC.
Bloomberg Radio New York
"anz banking group" Discussed on Bloomberg Radio New York
"The jet setter is back in the Lion city Good to be home I'll bet Juliet Well we've got the fed meeting tomorrow I'll let you guys unpack the story a momentarily That is certainly one of the things looming over markets these days Stateside we had a positivity although muted gains for both the Dow and the NASDAQ composite each of about two tenths of 1% trading tended to be a little volatile as has been the case over the last several sessions Interestingly treasury yields ended the New York session very little changed and because of a market holiday in Japan will not have trading in U.S. sovereign debt until the London session Dollar weakness today with the Bloomberg dollar spot index dropping three tenths of 1% flip side a much stronger offshore Chinese currency better in New York trading by four tenths of 1% and the yuan now offshore building on those gains 6 64 53 After the bell in the U.S. didi global said it's facing a probe from the SEC related to its U.S. IPO shares dropped 7% in the late U.S. session We also heard from ANZ banking group profit for the first half of the year That's the fiscal year that ended March 31st Those numbers topped estimates and zed bank shares right now higher by about 1.8% as we get trading underway in Australia ASX 200 better by two tenths of 1% in Seoul the Cosby rising by half of 1% More on markets in 15 minutes Brian All right Doug a closer look at the fed now the fed is expected to hike its key rate by half a percentage point as it aims to bring down the hottest inflation that we've seen in some four decades Some officials have suggested lifting rates to about 3% by the end of the year Former IMF chief economist Kenneth rogoff believes more will be needed I think the idea that just to 3% would be enough I really unlikely I think they're going to have to raise interest rates to four or 5% to bring inflation down to two and a half or 3% Rogoff sees a perfect storm of recessions ahead for the U.S. the EU and China The U.S. he says could shrink because the fed Titans too much and too fast European growth meantime may contract because of Russia's war in Ukraine And rogoff says China could suffer from a failed COVID lockdown policy Well Elon Musk is reportedly told potential investors he could return Twitter to public ownership after just a few years Dow Jones is reporting Musk is saying that he plans to stage an IPO of Twitter in his little three years of buying it He's Bloomberg's Ed ludlow We've reported that what Elon Musk is looking for is somebody to get it on the preferential equity part of this deal is that a strategic investor is this just Elon Musk needing the financing If it's Elon Musk just needing a financing how does he convince those investors that there is a way of extracting value here that down the line they can exit their stakes in a way that helps them to make money Musk's original deal to take Twitter private is expected to close later this year and Twitter shares were unchanged in the late session Well we have the cool Chris Westin coming up in a few moments head of research at pepperstone financial That'll be to take a look at markets at the big move by the RBA yesterday and the fed looms So that's coming up four and a half minutes past the hour It's time now for global news.