Wall Street Awaits Nvidia Earnings; Amazon Added to the Dow

Bloomberg Audio Studios, Podcasts, radio News. 0:00:09.520 --> 0:00:12.719 Good morning, I'm Nathan Hager and I'm Amy Morris. Here 0:00:12.760 --> 0:00:14.720 are the stories we're following today. 0:00:15.040 --> 0:00:18.160 We begin with the highly anticipated earnings report that Wall 0:00:18.160 --> 0:00:21.760 Street has been waiting for from Nvidia because of its 0:00:21.840 --> 0:00:25.720 leadership and AI training chips, and Vidia's market capitalization has 0:00:25.800 --> 0:00:29.960 ballooned to around one point seven trillion dollars. Amy Wou 0:00:30.040 --> 0:00:33.240 Silverman of RBC Capital Market says the report after today's 0:00:33.280 --> 0:00:35.280 close could be critical for the markets. 0:00:35.680 --> 0:00:39.199 Those results are what we saw kind of similar to 0:00:39.320 --> 0:00:42.520 last year. It still has a while to run. However, 0:00:42.640 --> 0:00:45.479 as let's say the results are quite disappointing, you can 0:00:45.520 --> 0:00:48.920 see that call skew stuffed out of the market pretty quickly. 0:00:49.200 --> 0:00:51.599 And then the question there becomes, you know, if this 0:00:51.640 --> 0:00:55.160 is disappoint to two investors, what happens next? Do you 0:00:55.200 --> 0:00:57.240 actually see a pickup in the downside. Do you see 0:00:57.240 --> 0:00:59.920 a pickup and hedging that's a major inflection for the market, 0:01:00.440 --> 0:01:02.560 or do you see people still say, you know, we 0:01:03.080 --> 0:01:03.840 like these stocks. 0:01:04.080 --> 0:01:07.720 RBC's Amy Wou Silverman now, according to options positioning, in 0:01:07.840 --> 0:01:11.360 Vidia investors may have almost two hundred billion dollars riding 0:01:11.360 --> 0:01:14.199 on today's results, prices for short term calls and puts 0:01:14.240 --> 0:01:16.559 imply a more than ten percent move in the chip 0:01:16.560 --> 0:01:18.280 maker's shares after the report. 0:01:18.959 --> 0:01:21.920 Nvidia is, of course part of the Magnificent Seven which 0:01:21.920 --> 0:01:25.080 have propelled equity markets to record hives, but now it 0:01:25.120 --> 0:01:29.039 appears investors are cutting back. Goldman Sachs analyzed more than 0:01:29.040 --> 0:01:32.000 seven hundred hedge funds with two point six trillion dollars 0:01:32.040 --> 0:01:35.320 of gross equity positions. Six of the mags seven stocks 0:01:35.360 --> 0:01:38.080 saw a decrease in exposure. The only one that saw 0:01:38.080 --> 0:01:39.520 on increase was Amazon. 0:01:39.760 --> 0:01:42.959 And speaking of Amazon, Amy, those shares are up one 0:01:43.000 --> 0:01:45.760 percent this morning. The e commerce giant is about to 0:01:45.760 --> 0:01:48.880 be added to the Dow Jones Industrial Average, and we 0:01:48.920 --> 0:01:51.280 get the story from Bloomberg's Kimberly Adams. 0:01:51.400 --> 0:01:55.000 Amazon will replace Walgreens Boots Alliance in the Dow on Monday. 0:01:55.120 --> 0:01:57.720 The inclusion in the index is another milestone in the 0:01:57.720 --> 0:02:00.600 retailer's rapid expansion. The company was found that in nineteen 0:02:00.680 --> 0:02:03.680 ninety four as an online bookseller. It now sells goods 0:02:03.720 --> 0:02:07.280 of all types and runs the world's largest cloud computing business. 0:02:07.320 --> 0:02:10.679 In fact, Amazon is the second largest private sector employer 0:02:10.720 --> 0:02:13.560 in the US behind Walmart. The absence of Amazon in 0:02:13.600 --> 0:02:16.160 a slew of big tech firms from the Dow spurred 0:02:16.200 --> 0:02:19.440 the blue Chip index to underperform peers. Last year, the 0:02:19.480 --> 0:02:22.400 tech heavy Nasdaq one hundred climb more than fifty percent, 0:02:22.440 --> 0:02:26.240 while the Dow rose thirteen percent. Kimberly Adams Bloomberg. 0:02:25.840 --> 0:02:29.120 Radio Thanks Kim. While Amazon takes its place in the 0:02:29.120 --> 0:02:32.200 blue Chip index, founder Jeff Bezos is selling more of 0:02:32.280 --> 0:02:35.520 his stake in the company. The billionaire unloaded another fourteen 0:02:35.560 --> 0:02:38.440 million shares worth about two and a half billion dollars. 0:02:38.800 --> 0:02:41.000 That brings his total cash out to eight and a 0:02:41.080 --> 0:02:44.200 half billion. Bezos announced a plan to sell up to 0:02:44.240 --> 0:02:47.600 fifty million shares of Amazon earlier this month. He finished 0:02:47.600 --> 0:02:50.000 the transaction in just nine trading days. 0:02:50.280 --> 0:02:52.640 Keeping things in the c suite Amy City Group has 0:02:52.639 --> 0:02:55.600 boosted the pay of CEO Jane Fraser by about six 0:02:55.720 --> 0:02:59.000 percent to a total of twenty six million dollars. The 0:02:59.040 --> 0:03:02.280 increase comes after Fraser initiated what's built as the largest 0:03:02.320 --> 0:03:05.400 reworking of City Group in decades. The moves are designed 0:03:05.400 --> 0:03:08.519 to propel the firm from a banking underdog to competitive 0:03:08.600 --> 0:03:11.200 with its more profitable peers. 0:03:10.800 --> 0:03:14.040 And staying in the banking sector. Shares of HSBC are 0:03:14.080 --> 0:03:16.880 down more than seven percent in Europe. The bank reported 0:03:16.919 --> 0:03:20.640 fourth quarter profit that plunged eighty percent. HSBC took a 0:03:20.680 --> 0:03:23.280 three billion dollar impairment in the fourth quarter on its 0:03:23.280 --> 0:03:27.480 holding in China's Bank of Communications. CEO Noel Quinn says 0:03:27.560 --> 0:03:29.799 the payment will have minimal consequences. 0:03:30.040 --> 0:03:32.519 I just want to make clear that has no impact 0:03:32.639 --> 0:03:36.240 on our capital position of any significance. It does not 0:03:36.360 --> 0:03:40.600 prohibit distribution because it's non capital impactful. It is a 0:03:40.840 --> 0:03:44.560 technical accounting issue, and I also want to reiterate we 0:03:44.640 --> 0:03:48.360 have strong confidence in the China economy. We believe there 0:03:48.360 --> 0:03:52.760 are huge opportunities ahead, and we believe that our partnership 0:03:52.800 --> 0:03:55.640 with BOCOM has been a good partnership for twenty years 0:03:55.840 --> 0:03:57.520 and that status has not changed. 0:03:57.960 --> 0:04:01.560 HSBC CEO Noel Quinn all so announced a two billion 0:04:01.640 --> 0:04:02.680 dollars share buyback. 0:04:02.920 --> 0:04:05.160 On the economic front, today, Amy, we may get more 0:04:05.200 --> 0:04:08.160 clues on the future of US interest rates This afternoon. 0:04:08.200 --> 0:04:10.840 The Federal Reserve releases minutes from its last meeting. We 0:04:10.920 --> 0:04:13.080 get a preview from Bloomberg's Michael McKee. 0:04:13.200 --> 0:04:17.120 January's FED meeting began a concentrated, if not coordinated effort 0:04:17.160 --> 0:04:20.000 by Fed officials to push back against market pricing of 0:04:20.080 --> 0:04:22.920 an early rate cut. The minutes of the meeting may 0:04:22.960 --> 0:04:26.279 offer hints at why what did the policymakers see in 0:04:26.320 --> 0:04:30.279 the economy then too much strength building inflation pressures, a 0:04:30.320 --> 0:04:33.640 too tight labor market, or was it just an abundance 0:04:33.640 --> 0:04:37.200 of caution? Caution that has proved out as January retail 0:04:37.240 --> 0:04:41.280 sales came in week and consumer prices rose. The minutes 0:04:41.320 --> 0:04:44.320 are always a bit outdated, since the Fed Policy meeting 0:04:44.360 --> 0:04:47.320 took place three weeks ago, but in this case, clues 0:04:47.360 --> 0:04:50.880 to the Fed officials thinking may help investors anticipate when 0:04:50.960 --> 0:04:55.240 and under what conditions they will finally cut. Michael McKee, Bloomberg. 0:04:54.880 --> 0:04:58.000 Radio, all right, thank you, Mike, and deal News this morning, 0:04:58.000 --> 0:05:01.000 Bloomberg News has learned that buyout from Thomas Bravo is 0:05:01.080 --> 0:05:04.719 weighing a sale of JD Power for about eight billion dollars. 0:05:05.080 --> 0:05:08.640 JD Power uses data and analytics to produce rankings and 0:05:08.720 --> 0:05:13.680 reviews across industries including automotive, financial services, and healthcare. 0:05:13.360 --> 0:05:16.320 And a tie up between two supermarket giants could be 0:05:16.400 --> 0:05:19.640 in trouble, sources tell Bloomberg News. The Federal Trade Commission 0:05:19.640 --> 0:05:21.960 and a group of states are preparing to sue to 0:05:22.040 --> 0:05:25.400 block the combination of Kroger and Albertsonz. We get the 0:05:25.440 --> 0:05:27.360 details from Bloomberg's Charlie Pellett. 0:05:27.600 --> 0:05:30.520 The suit is expected before February twenty eighth, when an 0:05:30.560 --> 0:05:33.480 agreement not to close the deal between the companies and 0:05:33.560 --> 0:05:37.400 the FDC expires. The sources say several states are expected 0:05:37.440 --> 0:05:41.960 to join the suit, alongside the federal antitrust enforcers. A 0:05:42.080 --> 0:05:45.760 Kroger spokeswoman says the company remains at ongoing discussions with 0:05:45.880 --> 0:05:49.480 the FDC and state regulators, and that the merger will 0:05:49.560 --> 0:05:53.520 lead to lower prices, more union jobs, and broader choices 0:05:53.640 --> 0:05:57.960 for consumers in New York. Charlie Pellett Bloomberg Radio. 0:05:57.920 --> 0:06:00.920 Thank you, Charlie. Turning to politics now, more financial trouble 0:06:00.960 --> 0:06:03.440 could be on the way for Donald Trump. New York 0:06:03.480 --> 0:06:07.200 Attorney General Laditia James says she is prepared to seize 0:06:07.240 --> 0:06:10.960 the former president's assets. Bloomberg's Ed Baxter with that story. 0:06:11.400 --> 0:06:13.760 James says she'll follow the money if he does not 0:06:13.920 --> 0:06:15.960 come up with a three hundred and fifty million dollar 0:06:16.000 --> 0:06:19.200 plus fine ordered by the judge. She says a decade 0:06:19.240 --> 0:06:19.719 of crime. 0:06:19.839 --> 0:06:25.200 Financial frauds are not victimless crimes. He engaged in this 0:06:25.720 --> 0:06:29.320 massive amount of fraud, and it wasn't just a simple mistake, 0:06:29.400 --> 0:06:34.000 a slight oversight. The variations were wildly exaggerated and the 0:06:34.040 --> 0:06:35.800 extent of the fraud was staggering. 0:06:36.240 --> 0:06:39.120 James, refuting the Trump claimed that there were no victims, 0:06:39.520 --> 0:06:43.760 She says financial markets, banks and the citizens were ed. 0:06:43.839 --> 0:06:50.480 Baxter Bloomberg Radio. 0:06:48.080 --> 0:06:49.360 Time Now to take a look at some of the 0:06:49.400 --> 0:06:52.000 other stories making news in New York and around the world, 0:06:52.000 --> 0:06:54.000 and for that were joined by Bloomberg's Michael Bark. 0:06:54.000 --> 0:06:57.120 Good morning, Michael, Good morning, Nathan. The FBI is joining 0:06:57.120 --> 0:07:01.040 the investigation into how many violent crimes iams nationwide are 0:07:01.080 --> 0:07:04.720 linked to a suspected multi state serial attacker taken into 0:07:04.800 --> 0:07:07.880 custody in Arizona. The twenty six year old man may 0:07:07.920 --> 0:07:11.560 have targeted sex workers. He allegedly told police about his 0:07:11.640 --> 0:07:14.440 involvement in a string of assaults on women in the 0:07:14.440 --> 0:07:17.760 Phoenix area, Florida, and as well as a deadly attack 0:07:17.840 --> 0:07:21.400 in New York in MYPD Chief of Detectives Joe Kinney 0:07:21.720 --> 0:07:25.600 says the victim killed in Manhattan was found inside a 0:07:25.680 --> 0:07:27.760 hotel room earlier this month. 0:07:27.800 --> 0:07:30.400 He informs them that he is wanted for homicide in 0:07:30.440 --> 0:07:32.720 New York City and tells the cops that they should 0:07:32.760 --> 0:07:34.960 google Solho fifty four hotel. 0:07:35.800 --> 0:07:40.600 The suspect, rod Almunsouri is believed to have arrived in 0:07:40.640 --> 0:07:44.480 New York City in late January. Later credit card use 0:07:44.520 --> 0:07:47.680 syndicates the purchase of a plane ticket to Arizona, where 0:07:47.720 --> 0:07:51.880 he allegedly committed at least two more crimes. Two men 0:07:51.920 --> 0:07:54.800 have been charged with murder in last week's shooting after 0:07:54.800 --> 0:07:58.720 the Kansas City Chiefs Super Bowl parade. According to court documents, 0:07:58.760 --> 0:08:01.520 the men were strangers who pulled out guns and began 0:08:01.680 --> 0:08:05.240 firing within seconds of starting an argument. One person was 0:08:05.360 --> 0:08:09.360 killed and about two dozen others were injured. New York 0:08:09.400 --> 0:08:12.520 City police are doubling down on stopping more pedestrians in 0:08:12.560 --> 0:08:16.840 twenty twenty three than the year prior. Pedestrian stops fell 0:08:16.880 --> 0:08:19.080 out of favor in New York City after a federal 0:08:19.160 --> 0:08:23.160 courts in twenty thirteen ruled that the NYPD stop in 0:08:23.280 --> 0:08:27.760 frisk practices were unconstitutional, but that trend appears to be 0:08:27.800 --> 0:08:30.840 reversing under Mayor Eric Adams, who took office in twenty 0:08:30.880 --> 0:08:35.120 twenty two. President Joe Biden's administration announced that more than 0:08:35.200 --> 0:08:39.040 one hundred and fifty thousand borrowers will receive one point 0:08:39.080 --> 0:08:42.560 two billion dollars in student loan forgiveness under a program 0:08:42.679 --> 0:08:46.640 unveiled in January seeking to provide relief for Americans who 0:08:46.640 --> 0:08:49.640 had been making payments for at least a decade. The 0:08:49.720 --> 0:08:52.520 move wipes out loans for those who borrowed less than 0:08:52.520 --> 0:08:56.880 twelve thousand dollars for their higher education. A new study 0:08:56.920 --> 0:09:00.000 finds one in four people who attended college earned legs 0:09:00.040 --> 0:09:03.960 less than high school graduates ten years later. Michael Isskwitz 0:09:04.040 --> 0:09:07.840 is president of the HA Group, which conducted the survey. 0:09:08.240 --> 0:09:11.199 Out of the about four thousand institutions in the study, 0:09:11.600 --> 0:09:14.040 eight hundred and fifty two of them, or about twenty 0:09:14.080 --> 0:09:17.560 two percent of colleges, so the majority of students earning 0:09:17.600 --> 0:09:19.720 below a fifteen dollars minimum wage. 0:09:19.800 --> 0:09:23.160 Michael Isskowitz with AHA says most of the people who 0:09:23.240 --> 0:09:26.960 earn less than high school grads went to for profit colleges, 0:09:27.000 --> 0:09:31.640 but about fourteen percent attended public colleges. Global News twenty 0:09:31.640 --> 0:09:33.480 four hours a day and whenever you want it with 0:09:33.520 --> 0:09:36.320 Bloomberg News Now, I'm Michael Barr. This is Bloomberg Nah. 0:09:36.520 --> 0:09:43.760 Thanks Michael. Time now for the Bloomberg Sports Update, brought 0:09:43.800 --> 0:09:47.199 to you by Tri State OUTI. Here's John stashawanks Nathan U. 0:09:47.280 --> 0:09:47.480 Kohn. 0:09:47.559 --> 0:09:50.880 Husky's dominant in winning last year's NCAA tournament. They've been 0:09:50.880 --> 0:09:53.640 dominant this season. They went to Omaha running a fourteen 0:09:53.679 --> 0:09:55.880 game winn Is break. Most recently, they won by twenty 0:09:55.960 --> 0:09:59.080 eight over Marquette, who was ranked fourth in the country. 0:09:59.120 --> 0:10:01.880 Yucon's number one. The vote this week was unanimous, but 0:10:01.960 --> 0:10:05.440 the Creighton Blue Jays ranked fifteenth themselves. They've won twenty games, 0:10:05.480 --> 0:10:08.760 and they crushed Yukon eighty five sixty six. They stormed 0:10:08.760 --> 0:10:11.840 the court after the school's first ever win over the 0:10:11.840 --> 0:10:15.200 team rank number one. The Yukon coaches Dan Hurley, you. 0:10:15.240 --> 0:10:18.400 Haven't lost him two plus months, and this doesn't happen 0:10:18.400 --> 0:10:20.600 to us very often. So yeah, I mean, we were, 0:10:20.800 --> 0:10:23.840 you know, we were definitely stunned. This wasn't the good 0:10:23.840 --> 0:10:26.600 game we expected. We knew this was a dangerous game 0:10:26.679 --> 0:10:29.600 and their quality opponent and one of the better teams 0:10:29.600 --> 0:10:32.760 in the country, but we didn't expect this to happen. 0:10:32.840 --> 0:10:35.480 Next up for Creighton is a game Sunday at Saint John's, 0:10:35.520 --> 0:10:37.360 the Red Storm of lost eight of ten, their players, 0:10:37.400 --> 0:10:41.240 recently severely criticized by their coach Rick Patino. Saint John's 0:10:41.240 --> 0:10:44.600 play tonight at Georgetown at the Garden. Rangers scored once 0:10:44.679 --> 0:10:47.400 in each period, got forty one saves from Igor Sisterkin. 0:10:47.480 --> 0:10:50.360 Won there eighth in a row, three to one over Dallas. 0:10:50.400 --> 0:10:53.480 It's the Rangers' longest winning streets in twenty sixteen two 0:10:53.520 --> 0:10:55.960 more wins. They tied the club record of ten. That's 0:10:55.960 --> 0:10:59.520 happened twice nineteen seventy three and in nineteen forty when 0:10:59.520 --> 0:11:01.319 they won this Stanley Cup. Has any new interrot fan 0:11:01.400 --> 0:11:03.959 knows They've only won it once since They played tomorrow 0:11:04.000 --> 0:11:06.600 at New Jersey. The Devils were in Washington, the Capitals 0:11:06.600 --> 0:11:09.959 one sixty two. Alex Lovechkin scored twice Islanders of five 0:11:09.960 --> 0:11:13.680 to four overtime win. At Pittsburgh. Matthew Slater has retired. 0:11:13.720 --> 0:11:16.480 Special teams stand out for the Patriots, went to ten 0:11:16.600 --> 0:11:19.440 Pro Bowls, who was a Pats captain thirteen of his 0:11:19.520 --> 0:11:23.720 sixteen seasons. The one time met shortstop Ahmedrasario assigned with 0:11:23.760 --> 0:11:26.839 Tampa Bay at Yankee spring training. All eyes on Aaron 0:11:26.920 --> 0:11:30.000 Judges Big Tow heard it last June at Dodger Stadium. 0:11:30.040 --> 0:11:33.440 Never had surgery, and Judge said yesterday that to avoid 0:11:33.520 --> 0:11:36.959 flare ups, he'll need constant maintenance on the tow. 0:11:37.000 --> 0:11:38.080 For the rest of his career. 0:11:38.440 --> 0:11:40.200 John Stashaward, Bloomberg. 0:11:39.720 --> 0:11:43.520 Sports Steaven All right, John, thank you. Now let's turn 0:11:43.520 --> 0:11:46.280 back to markets and our focus on earnings. This morning, 0:11:46.280 --> 0:11:49.480 we're watching shares of HSBC. They are lower by more 0:11:49.520 --> 0:11:52.640 than seven percent in London, and that move comes after 0:11:52.679 --> 0:11:56.120 the lender reported earnings showing a fourth quarter profit falling 0:11:56.240 --> 0:12:01.200 eighty percent after unexpected charges on its holdings in China's 0:12:01.280 --> 0:12:06.000 Bank of Communications Bowcom. HSBC also announced a two billion 0:12:06.040 --> 0:12:08.960 dollars share buy back, but the bank CEO, Noel Quinn 0:12:08.960 --> 0:12:12.720 says the Bowcom charge was a technical accounting issue and 0:12:12.840 --> 0:12:16.920 won't impact capital. Noel Quinn spoke with Bloomberg's Francine Lockwhile 0:12:17.000 --> 0:12:18.679 let's listen in to part of that conversation. 0:12:18.840 --> 0:12:21.160 Now, Well, I'm very pleased with the fact that we've 0:12:21.160 --> 0:12:24.160 been able to report thirty billion of PBT, which is 0:12:24.240 --> 0:12:27.680 obviously a record, but also I'm very pleased with the 0:12:27.720 --> 0:12:29.880 return on tangible equity we've been working hard for the 0:12:29.920 --> 0:12:32.640 past four years to make sure we deliver mid teen's returns, 0:12:33.000 --> 0:12:35.840 and we did that last year. You know, before material 0:12:35.880 --> 0:12:38.320 notable items, we had a return on tangible equitcy of 0:12:38.320 --> 0:12:42.079 fifteen point six percent. I'm also really pleased with the dividends. 0:12:42.080 --> 0:12:44.320 We've been owned sixty one cents, which is the highest 0:12:44.320 --> 0:12:47.240 dividend for the full year since two thousand and eight. 0:12:47.840 --> 0:12:50.840 And we completed seven billion dollars a buyback, and we 0:12:50.880 --> 0:12:53.360 announced another two billion dollar up to two billion dollar 0:12:53.400 --> 0:12:55.160 buy back this year. So I'm really pleased with the 0:12:55.760 --> 0:12:59.199 strong capital generation and I believe with the cet one 0:12:59.280 --> 0:13:01.959 ratio of fourteen zo point eight percent, we've got strong 0:13:02.040 --> 0:13:06.680 potential future capital distribution as well. In the fourth quarter, 0:13:06.760 --> 0:13:08.840 we did have some noise in the numbers. We had 0:13:08.880 --> 0:13:12.600 three principle items that pulled down the profit. The first 0:13:12.679 --> 0:13:15.880 one was we rebooked the loss on sale of our 0:13:16.440 --> 0:13:20.200 French operation that we completed that transaction. It's neutral for 0:13:20.240 --> 0:13:22.880 the year because we took a credit on that in 0:13:22.960 --> 0:13:25.240 Q one and we've taken a charge in Q four, 0:13:25.679 --> 0:13:28.400 so that nets each other out and neutral. There was 0:13:28.400 --> 0:13:32.560 an adjustment for hyperinflation in Argentina driven by the devaluation 0:13:32.640 --> 0:13:35.960 that took place. That's really a technical issue. And then 0:13:36.000 --> 0:13:42.079 the third issue technical issue was Bocon. We have had 0:13:42.080 --> 0:13:45.400 had an investment in Bocon for twenty years. Every quarter 0:13:45.480 --> 0:13:48.520 we have to do a valuation in use test. We 0:13:48.559 --> 0:13:51.520 did that again this quarter, updated the model and it 0:13:51.559 --> 0:13:55.000 compares the value in use to the carrying value, and 0:13:55.920 --> 0:13:58.520 value in use dropped below and that would resulting in 0:13:58.520 --> 0:14:00.440 a three billion charger. I just want to make clear 0:14:00.880 --> 0:14:04.920 that has no impact on our capital position of any significance. 0:14:05.080 --> 0:14:09.160 It does not prohibit distribution because it's non capital impactful. 0:14:09.559 --> 0:14:12.679 It is a technical accounting issue. And I also want 0:14:12.720 --> 0:14:16.600 to reiterate we have strong confidence in the China economy. 0:14:17.080 --> 0:14:20.880 We believe there are huge opportunities ahead, and we believe 0:14:21.160 --> 0:14:24.119 that our partnership with BOCOM has been a good partnership 0:14:24.160 --> 0:14:26.840 for twenty years and that status has not changed. 0:14:27.920 --> 0:14:30.480 No, given what you've just explained, are are there any 0:14:30.600 --> 0:14:33.680 large asset sales ahead? Is there anything else that you're 0:14:33.720 --> 0:14:37.480 thinking either that you need to sell off or actually 0:14:37.520 --> 0:14:40.640 that there could be some kind of accounting concern. 0:14:42.280 --> 0:14:44.800 Well, I think we've got the final lego of our 0:14:44.800 --> 0:14:46.800 disposal of Canada to come at the end of Q 0:14:47.000 --> 0:14:51.640 one that will be a big sale completion. We're on 0:14:51.760 --> 0:14:54.040 track for that at the end of Q one. That 0:14:54.080 --> 0:14:57.760 will allow us to as we've already announced first use 0:14:57.760 --> 0:14:59.960 of proceeds, we would like to use the first use 0:15:00.160 --> 0:15:03.880 proceeds as a special dividend of twenty one sense. We 0:15:04.000 --> 0:15:06.440 continue to look at the portfolio to make sure the 0:15:06.480 --> 0:15:12.440 portfolio is strategically correctly positioned and no businesses are underperforming. 0:15:12.840 --> 0:15:16.040 But I think we've done the material transactions, but we 0:15:16.120 --> 0:15:19.360 will continue to adapt and change if we feel as 0:15:19.360 --> 0:15:22.960 though part of the portfolio is not strategic or is underperforming. 0:15:23.200 --> 0:15:26.120 I also want to recap on Q four if you revert, 0:15:26.160 --> 0:15:30.800 if you take the profit, the underlying before material notables, 0:15:31.280 --> 0:15:33.800 Q four reports would have been a seven point three 0:15:33.840 --> 0:15:38.280 billion PBT, which is well up on the prior quarter 0:15:38.360 --> 0:15:39.400 in twenty twenty two. 0:15:40.240 --> 0:15:43.080 No, just going back to some of your potential significant sales. 0:15:43.320 --> 0:15:46.400 Are you also close to identifying any potential new bolt 0:15:46.400 --> 0:15:47.680 on acquisitions? 0:15:49.160 --> 0:15:51.360 We keep looking at boltons and we've done quite a few. 0:15:51.440 --> 0:15:53.880 I was really pleased that we were with announced the 0:15:53.880 --> 0:15:58.200 acquisition of Citybank's wealth business in China. That follows two 0:15:58.240 --> 0:16:02.760 other investments we put into China recently, taking our shareholding 0:16:02.800 --> 0:16:05.400 in our insurance joint venture from fifty percent to one 0:16:05.440 --> 0:16:08.680 hundred percent and the securities joint venture from fifty percent 0:16:08.720 --> 0:16:11.840 to ninety percent. So you can see our confidence in 0:16:11.920 --> 0:16:14.440 China is still strong and we're invested in and we've 0:16:14.440 --> 0:16:17.800 done three boltons there. We'll continue to look for boltons, 0:16:17.880 --> 0:16:24.080 particularly in our wealth management business. We believe buying additional 0:16:24.160 --> 0:16:30.440 product capability, specialism or distribution capability would be interesting, but 0:16:30.560 --> 0:16:33.440 we'll only announce anything on that as and when we 0:16:33.520 --> 0:16:37.240 got a transaction to complete. 0:16:38.320 --> 0:16:41.360 This is Bloomberg Daybreak Today, your morning brief on the 0:16:41.400 --> 0:16:44.920 story's making news from Wall Street to Washington and beyond. 0:16:45.000 --> 0:16:48.040 Look for us on your podcast, fed by six am 0:16:48.160 --> 0:16:52.320 Eastern each morning, on Apple, Spotify, and anywhere else you 0:16:52.400 --> 0:16:53.520 get your podcasts. 0:16:53.760 --> 0:16:56.480 You can also listen live each morning starting at five 0:16:56.520 --> 0:16:59.160 am Wall Street time on Bloomberg eleven three to zero 0:16:59.160 --> 0:17:02.600 in New York, Bloomberg ninety nine one in Washington, Bloomberg 0:17:02.640 --> 0:17:05.679 one oh sixty one in Boston, and Bloomberg ninety sixty 0:17:05.800 --> 0:17:06.719 in San Francisco. 0:17:06.920 --> 0:17:10.440 Our flagship New York station is also available on your 0:17:10.520 --> 0:17:16.000 Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty plus. 0:17:16.119 --> 0:17:19.520 Listen coast to coast on the Bloomberg Business app, SiriusXM, 0:17:19.640 --> 0:17:23.920 the iHeartRadio app, and on Bloomberg dot Com. I'm Nathan Hager. 0:17:23.800 --> 0:17:27.280 And I'm Maybe Morris. Join us again tomorrow morning for 0:17:27.520 --> 0:17:30.200 all the news you need to start your day right 0:17:30.240 --> 0:17:31.920 here on Bloomberg Daybreak