i'm craig melvin. thank you for watching. ♪ good morning welcome to "street signs." i'm frank holland with silvia an maro these are your headlines anglo america is surging after the offer to create the world's largest company. astrazeneca gets a boost after a top and bottom line beat the ceo tells cnbc how the pharma giant is spending its cash >> we come to invest substantially in our plan.

the expenses are by 18% in the quarter. we are very much investing in r rand d. nestle posts a sales miss in the first quarter with prices weighing on the consumer. and meta shares sink in the trade despite the beat on earnings as mark zuckerberg rekindles fears of a.i. spending. >> we have shown we can build leading models and be a leading a.i. company in the world. welcome to "street signs." we start today's show with the acquisition news bhp confirmed it made an offer

to buy london listed anglo american with the share capital of 31 billion pounds anglo america is looking to review the offer a significant potential deal here we have karen tso joining us karen, outline the potential deal >> we had this discussion a few years ago. we were all puzzled. we were staring out into the abyss looking for the acquisition. something changed last year. the san pcompany is preparing fe future copper is no longer discussed as dr. copper it is now dr. green in the energy transition and future tre trends copper is in infrastructure and power grids and consumer

products and smartphones you see why it is pivopivotal. bhp has consolidation attempts with anglo america it is pivotal. we are talking about the proposal in discussion with shares you see the escalation in the anglo america shares it includes 4.816 piece of platinum shares. in the statement, it val ues anglo america at 31 billion pounds value nfor shareholders and may not amount to anything with the

usual caveats. when it comes to the significance, it would see output from the companies to be 10% of global production taking on the issues of the chilean player >> it is not just dr. copper anymore, but dr. green this deal would bring together two p companies companies thate largest platinum producer and nickel as well a valuable commodity making chips chip s. >> there are all pieces here anglo america saying this is a conditional proposal there is a view that some parts of the business in south africa may have to be diffivested here.

prices are down for lab grown diamonds others have reportedly been looking at anglo america in the past bhp with a lot of expertise in the area. >> you mentioned it was unsolicited. anglo america is still vreviewin other offers a lot of twists yet. karen tso, thank you we will continue later this hour with todd warren later this hour that is coming up at 10:30 cet. astrazeneca topped the first quarter earnings in sales forecast as thepharma giant wa boosted by demand for the rare blood disorder the company confirmed the full year guidance of $12.7 billion the ceo told cnbc how the company is using artificial intelligence in a bid to improve

the pipeline >> we have a lot of projects coming up. they are so smart where we never had enough money the agencies are coming in very handy to improve our productivity and come up with new targets and faster and che cheaper. we are starting to use artificial intelligence across every part of the company. and in other news, nestle has missed sales estimates with first quarter organic sales rising by 1.4% amid soft demand and higher prices. you see how nestle shares are trading at the moment. down 4%. however, the swiss consumer giant backed full-year outlook for sales to rise by 4%. unilever backed the full-year outlook after posting better sales growth of 4.4% in

the first quarter to 50 billion euro volume growth exaccelerated to 2.2% with beauty division leading sales gains. and in the banking sector, deutsche bank has posted a 10% rise in first quarter net profit to 1.5 billion euro. the german lending saw net revenue grow 1% on the year while investment banking inflows reached 90 billion euro. we have annette weisbach joining us you had the chance to speak with the ceo and dive into the results. outline for us how important the message from deutsche bank was this morning >> reporter: actually, if you look at the share price, that is divergent and you have to dig into the numbers to find the

negativity in the numbers. we have investment banking better than expected which is crucial for the bank and if they wanted to diversify from the investment banking which is going weak and the share price is going down. we have others like private banking and corporate banking with weakness. there is the cost side of things if you look at costs, one could argue that is a slight miss and that could be one reason for the lackluster share price today all in all, the business momentum seems to be in tact and also the outlook for the year seems to be positive i asked the cfo of deutsche bank how the quarter or the year started and whether this momentum, this activity, is sustainable. let's listen in. >> there is momentum in the businesses and we do think it is

sustainable. just to round out the picture, we are delivering on the commitments of costs and capital returns in the quarter we are pleased with the progress and being on track for the targets we laid out for investors. if i look at the businesses, the standout this quarter was 13% year on year we think we are gaining market share there and tar m participai the environment. lastly, what i call the interest rate sensitive businesses, corporate bank and private bank, are doing better than ant anticipated in the deposit margins and interest income while at the same time grow the fee commission income. all of the things we described are in tact. >> investors focus on the investment bank. let me get a sense how this quarter actually started and in

terms of m&a activity and backlog. what do you see? >> we see what was delayed last year we hoped in the second half of last year we would see mostre momentum we saw innvestment grade and non-investment grade environments and we see a recovery in non-investment grade. in m&a announcement is picking up and our sense is that it is sustainable. a little bit slower than anticipated. the area that's being surprisingly sluggish is the ipo market >> reporter: so, looking into the year of 2024, it could be a year of volatility we have the markets close to record highs and the interest rate path with the uncertainty

attached to provoke more volatility saying all that, it should be positive for banking shares, but at the same time, if we are going to see harsher rate cuts, that could lead to lower interest income. it depends on which side you are looking at with banking shares and deutsche bank shares deutsche bank, of course, they are stuck in the middle because their competition is the wall street banks, but they don't have as big balance sheet. it is a difficult market, but still they are confident they can gain market share and be of a much stable footing. >> annette weisbach, thank you very much. turning to other bank earnings bnp has 3.1 billion euro in the

first quarter. that was down 2.1% on the year the lender said it expects to see growth on the top and bottom line for the full year with revenue expected to grow for the 2023 levels. we have charlotte here with more >> the numbers were lebetter th expected from the last quarter where revenue was down 0.4%. interesting to see operating expenses down 1.5% on the year and cost cutting has been helping. in march, they would step up the cost cutting to 4.1 million euro to reach 2.7 billion by 2025 29 basis points for the guidance number below 40 basis points for the year they had given a bit of guidance for the year with revenue more than 2% higher than in 2023.

net income higher than 2023. they are positive about 2024 looking at the revenue which is lower down 4%. equity and prime services is giving them a boost which they have been pushing the last couple years their revenue up which has offset the business which was down 20% that is where the wall street players are there. we talked about the rates environment as well as i asked the ceo if he was concerned with the ecb and the fed. >> if you look at the ecb versus the fed, you are talking to the cfo of the european bank let me give you the view of what we see in europe there are diverging inflation issues in the eurozone and in the u.s. for us, we see and hear the ecb should deploy the first rate cut somewhere over the summer and it

will be easing what we see is the logic with the ecb seeing inflation going down that will trigger them to bring down the rates that will lead to confidence and growth we could get into the spiral that it would be triggering. for us, that is what we are observing. >> that was the cfo of bnp we see positive reaction on the back of the board this morning with shares up 15% in of last 12 months >> charlotte, thank you. turning to barclays, it posted a profit of 2.28 billion pounds in the first quarter. down 12% year on year. in line with expectations according to the consensus the bank would return 10 billion pounds to shareholders through 2026 through buybacks and dividends.

we are joined by nicholas hardy. thank you for being here, nicholas. >> good morning. thank you very much. >> i know you have a note with us, but i want to get your take on the bank earnings so far today. differing outcomes for the banks. >> it is interesting this morning. we have barclays and bnp this morning which is very important and driving revenues on the business it is something that has seen diverging views. maybe linked to the fact where we look at the stability of earnings and in the days since reporting, we notice the activities which are volatility.

we need to realize the core business is improving. >> this is pretty close to historical lows. you look across the eu on the corporate level, construction is 6% and growing and manufacturing is 15% of all loans which is second to real estate at 25% of non-pe non non-performing loans what does that tell you about the eurozone >> we have formation across europe and it is based on the ebitda dashboard we open observed the slow revero the trend we have had with the massive improvement in terms of formation despite the covid and

despite the macroeconomics slowdown which was very positive we see incrementally the trend which is not a surprise because of the tightening financial conditions it is really under control at the moment, what is really a point of contention is commercial real estate and real estate activity in general and the performance of the construction sector across europe it represents significant portions of the portfolio. it represents more than 20%. >> it sounds like you are saying commercial real estate is a problem. in the u.s., that problem ab abates in europe, does it continue to be a problem as the year goes on >> not really a problem, but a concern for banks. i'm focusing on the ability for

banks to observe from commercial real estate activity it is under control at the moment this morning, it was highlighted with the risk which relates to the offices in the u.s it is a fear which is resolved we have seen idiosyncratic issues in australia and germany impacting banks which is c conce concentrated we don't think it is a major problem. it is an area we are monitoring. >> i would like to ask about profitability. european banks have seen improvements when it comes to profitability on the back of the rate hiking cycle. as the ecb prepares to cut rates as early as june, are we about to turn the page for banks and

return to the low and weak levels from the past >> i think that's really a critical question. we have seen diverging trends across europe. in france, for instance, the ratio of banks show 60% and for some above 70% this morning, deutsche bank reported a ratio below the 70% mark other banks in france are also making thoughts to go down the average which is significant from the high interest rates the question is with the lower interest rates, the anticipation it will have a rate cut from this year and also given the macroeconomics slowdown as the new loan production is slowing down and it is not clear how the

bottom line would be for banks when it comes to interest income that may be a slowdown of loan production and lower interest rates. we believe the banks with the most diversified business model, bnp as an example, would be far less >> let me ask about one of the banks we did not hear from this morning, however, there has been a lot of talk about ubs in the context of that too big to fail report do you have any thoughts on the comment from the lawmaker suggesting ubs might have to face higher capital requirements do you think they are needed >> we are dealing with the very large balance sheet. one of the largest now there is a lot of tension, i

would say, to protect that space and that legacy from the last financial crisis i think there will be scrutiny going forward on the ability on the back of the basis to control risk this is in debate at the moment. >> we will see what happens. thank you for your time. deputy head of the financial institutions at scope ratings. coming up on the show, how hermes is navigating the chinese market charlotte will join us after the break to talk about the luxury numbers at thiho s urshipstations so much time it makes it really easy and seamless pick an order print everything you need slap the label on ito the box and it's ready to go our cost for shipping, were cut in half just like that

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was hit from generics. the company reaffirmed the low-to-single digit slips in shares for 2024. the ceo paul hudson will speak to cnbc later today. do not miss that interview at 12:20 cet. carrefour will slash food prices the supermarket chainsaw prices putting a strieain on consumer spending group sales rising more than expected and helping stick to guidance for the year. in other corporate news, pernod ricard has posted flat

sales. the group cited pressure in the u.s. and china and said it expects dynamic fourth quarter sales to deliver stable sales numbers for the full year. montcler posted 16% increase in the first quarter that was also ahead of expectations revenue in asia grew by 26% after strong demand in china executives sounded a cautious note with the sales expected to soften in q2 hermes with a 17% in first quarter revenue with softer traffic in china joining us now is charlotte. >> again, it is very interesting to look at hermes. they are in a league of their own. the demand is softer and there was less demand from chinese

consumers, but double digit growth in the regions. asia up 14%. europe up 15%. all of this growth is led from the leather goods which is up 20%. silk and textiles are up one bit of missed expectations of, but it is up 4%. there is a waiting list for the bags they try to create workshops to make the bags. they have 21 they have to open four more by 202 2026 it is a specific business models they have a lot of scope with growth they expect a note from citi a few days ago saying they see hermes overtaking lvmh with sales of 20 billion euro by 2027

in france, l'oreal is the second biggest market cap after lvmh. when you compare to 40%. we see the stock which is in the red this morning certainly, these numbers were better than expected in a league of their own with the slowdown for luxury and the high end is not slowing down. >> interesting chart with the share perp formance thanks, charlotte. coming up on the show, we are looking at angelo america which received a buyout offer. we will discuss more after this break.

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it's my secret ingredient shipstation the number 1 choice of online sellers and wolfgang puck go to shipstation.com/tv and get 2 months free welcome to "street signs." i'm silvia amaro with frank holland and these are your headlines. anglo america surge shares after a mega deal offer to create the largest copper mine. and astrazeneca with the top

and bottom line beat the ceo is telling how the firm is spending its cash >> we invest in the plan and the exp expenses grew by 18% in the quarter. we are investing in r&d. nestle the posting a sales miss with the softer demand weighing on the consumer giant. meta shares sink in overnight trading as ceo mark zuckerberg rekindles fears over a.i. spending. >> we have shown we can build leading models and be a leading a.i. company in the world. welcome back to the show it is a very busy day for the

markets. just do givto give you an idea, have 300 companies reporting across the european couldn't n continent. i want to take you to the boards you can see a mixed picture at this stage we have the ftse 100 and the spanish market trading in positive territory i want to take you to the ftse it has been trading at fresh record highs it crossed over the 8,000 threshold. it is moving on the back of the potential acquisition deal we will have more on that in a moment with that in mind, i want to take you to the corporate stories this morning it is a very important day when it comes to earnings and these are some of the stocks that we are monitoring if you look at the banking sector, we heard from deutsche bank at the moment, shares are moving

lower by .5. we heard from barclays the message today is boosting the stock. it is currently higher by 4% in france, we also heard from bnp. we had charlotte reviewing the numbers earlier in the show and those numbers are moving higher. when it comes to the consumer demand stories, nestle tand unilever are moving in opposite directions when it comes to the luxury space, it shows shares of hermes moving lower by 2.5% some of the stories and consumer and soft consumer demand in china is impacting the shares. when it comes to fx, this is a very important part of the market to monitor at this stage. in particular, i want to take you to the usd/japanese yen.

we crossed above the 155 mark. that was the psychological level that investors were suggesting we would see the authorities in japan intervening in the market amid fears of the weaker currency so far, no move from the japanese authorities we are awaiting to hear from the bank of japan. let's see what they will say to him. tomorrow markets will be looking closely at the outlook that could bring changes to the currency space let me take you to the bond market with the changes from central bankers. we have the benchmark in europe. the yield on the ten-year german bund at 2.58%. when it comes to the moves here in the uk, we have the ten-year gilt lower by 4.32%.

let me just mention when it comes to the european yields, we are monitoring the comment from one of the ecb board members who is speaking today. frank. returning to the big story today. anglo america is looking to a sale of debeers. it is looking to be separate from the bhp takeover bid.roader

is the portfolio m >> the deal is motivated by copper and it is important to note that anglo america has nickel and iron ore and steel making >> it is the main issue they are fighting for they have been vocal in the desire for more copper, but obviously, not too distant past. the assets are diverse and the copper is the jewel in the crown. >> the driver of the deal in your opinion other people appear to agree with you i want to talk about the deal and possible divestment of the de beers unit. platinum is expected to be under would it be to the benefit of

bhp to be sold or spun off >> they made some soundings about that with regard to spinning off the anglo platinum assets how that occurs or at the time, it is difficult to know. they are around the edges with regards to the value to bhp. obviously, platinum is a loser with regards to the electrification of the journey and platinum use in the internal combustion eengine. bhp sees timeline for copper and don't have appetite for platinum the diamonds assets, which they announced, would undertake some strategic very view.

anglo sees a horizon in the near term for diamonds as well. >> todd, you are echoing the consensus opinion with the declining market diamonds, manmade and platinum with less use with the evs over the internal combustion engine isn't it important to difficult ve diversify the portfolio? you never know when natural diamonds comes back into favor >> that is the argument for some time diversity is king. the reality that we have seen in the markets is while diverse assets, depending on the assets, attract value and capital market interest the reality is those as is sets in particular would appear they

are not valued as highly by the market that creates the opportunities with the timing of the bhp bid with regards to diamonds and whether there is a market there, there's been steps taken by various places and de beers is trying to create a ground around diamonds, but that is challenging as younger consumers come through and perhaps knowledge or appetite for the brand which is not as high as older consumers. with regards to platinum, i think there is going to be money made again, this is an opportunistic deal for bhp with the platinum prices come back significantly that's not to say there will be a future at least or money to be made from platinum the timeframe involved not as long dated as the copper >> i want to ask what this means

for the sector potentially this does show there are least bhp thinking about the future and thinking about the transition and the importance of critical minerals. i wonder if this deal can pave the way for similar deals in the sector >> absolutely. we concur with that. firstly, the first shot across the bough. there will be more copper deals with others out there. i would see already glencore show their hands with the interesting resources in canada. there will be others without a doubt who are very much in the line of sight for the big companies with strong balance sheets and cash to burn. >> i want to ask about what this means for london anglo american is a very

important stock for the ftse what does this mean for london as the center of basically finance for mining >> it is a sign that perhaps london is continuing to decrease the importance we have seen bhp collapse their structure and we have seen glencore moving away from london to the u.s. or australia and anglo would reduce london as a mining center. >> do you think that this deal will actually go ahead we are talking about a potential mega deal here regulators will have a close eye on what this means for the sector what are the chances that ultimately we'll see this go through? >> i think from the anglo american shareholder

perspective, i don't think the initial bid from bhp is going to be accepted. it will need to be higher in price. something closer to high revenue if another bidder comes along. with regards to the competitive landscape, i hope can't really see too many challenges, frankly. i think the copper market is big enough this will make or would make bhp the largest listed entities producing copper still not big enough to be a dominant player in the market. for others to come in, the timing is good as well it would be just as difficult for others to come in from the competitive perspective. >> todd, does your firm own any of the shares we have been discus discussing >> we do own anglo american. we are happy to see this bid on

the table. >> thank you for joining us today. todd warren from tribeca investment thank you. in other news, hipgnosis is agreeing to a $1.51 billion bid by concord the offer of $125 per share is higher than the 116 agreed last week and leaves blackstone's bid out in the cold for now. blackstone is considering the options and urges shareholders to take no action. coming up on the show, amazon and microsoft are set to report after the bell today with both companies expected to post year on year growth. we will discuss what to expect after this break what is cirkul? cirkul is the fuel you need to take flight. cirkul is the

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welcome back to "street signs. boeing posted better than first quarter results posting a $35

mil$355 million loss the plane maker burned through $8 million in cash in the period the rival company airbus will report today and we will hear from the cfo thomas toepfer. do not miss the interview at 7:50 cet tomorrow. shares are lower in extended trade after first quarter revenue came in weaker than expected for ibm they are looking to a deal worth $4.6 billion frank. shares are down for meta after ceo mark zuckerberg spent the opening statement on the earnings call focusing on the amount of money the shift to a.i. costs the company the selloff wiped off $200

billion off the company market value despite the results. you see here with the first quarter net income doubling year over year. you can see revenue increase by more than 25%. speaking on the earnings call, zuckerberg said this will take several years. >> we don't focus that much on the monetezation you enter the period where i think smart investors see that the product is scaling and there's a clear opportunity there before the revenue materializes >> it looks like a.i. spending is top of the agenda as they review big tech with amazon,

microsoft and alphabet following meta lower pre-market. you see some of the shares ahead of the market open stateside microsoft, amazon and alphabet are all lower. we are looking at the range of 2% youdown to discuss more, we have the head of thematic intelligence i would like to get your thoughts on the outlook for meta the message on the spending outlook tells something for investors. >> revenues were not bad up 27% the key thing was spending spending without a business model. meta has been promoting the metaverse for some time. it is a little bit dead now. it may revive in a few years now they are focusing on a.i the expenditure capital is $40

billion. that could be a quarter of revenue. that is an enormous amounts of cap ex to sales. microsoft has a clear a.i. model. they embed in in copilot and work flows meta is not selling chips or cloud services or a.i. models because they are based on open source how will they make money from a.i. they are spending all this money, but haven't put a strategy on it >> i want your thoughts on how you are reading that across the sector i want to share this quote with you from another analyst they said you blow the lights out or the market takes its pound of flesh i wonder if you agree with the sentiment. >> i think if you look at tesla,

for example, you know, elon musk made a clear statement forget the automaker results, which were down, but focus on the future he sold it well. i don't buy it five years ago, tesla was all about electric vehicle and esg now electric vehicle sales are falling and china is getting competitive. now he is talking about autonomous driving that is possibly many years away there will be turbulence for companies like tesla back to your comment i guess it depends on investors. what i see is microsoft is likely to keep firing on all cylinders and possibly blowout results. i think for the rest of big tech, you know, there could be trouble ahead. >> to clarify, is it hard to convince investors on the upside

now given the surge in a.i. recently >> i think given valuations right now, it is very high the way i look at it, it is at the beginning of the a.i. boom we estimate the market will be worth $1 trillion by 2030. there's only a handful of big tech players that can be considered as winners. i think for the right players, you know, there's still scope on the upside. >> a lot of potential upside with a.i. and enthusiasm i want to go back to something in the report. digital ads for meta they missed estimates. on the call, mark zuckerberg focused on the a.i. potential for ads. they don't have an a.i. product. what do you make of the miss is this a read through for other companies? alphabet gets 70% of revenue from ads what is the read on the ad

business >> my read on the ad business going forward is going to be tough. it will be tough for a number of years as long as interest rates are high that means people don't necessarily have spending money. it means it is tough in the age of a.i., you need an a.i. based product. they are all developing. google has the premium service google this more at risk than meta google business is search and the entire search model is in a way that music is to cds people don't need to search if they have embedded a.i. in the copilot. >> hyper scalers you say it is critical for a.i. leadership azure, the cloud offering, and amazon web services are in the

lead google the right now is a loser slight deceleration from last quarter, but strong. the consensus is they are gaining market share why do you see them as a loser >> i think google is number three and a distance between number one and two i think cloud is a pre-requisite for a.i. they are well positioned there my key for google is the search business means they haven't articulated the business model to solve the threat to a.i. >> very quickly, oracle, do you see them as a rising player? when the a.i. revolution started, they were vocal about the partnership with nvidia. >> i see them as a rising player i have them in my portfolio. they will be strong in health tech that is the big industry to get reformed i think in the same way that larry ellison dealt with the

threat of cloud to the data base business, they are well positioned to deal with a.i. >> we have to leave the conversation there thank you. head of the thematic intelligence. microsoft and alphabet will be the next members of the magnificent seven reporting after the bell today investors are expecting microsoft to grow 15% on the year with a mere 20% growth with the cloudy v division. google is expected to show growth on the year plenty to review stateside today. >> big inflafleflection point fe markets. i'm frank holland with silvia amaro. stay with us

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it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." we start with tech in trouble. nasdaq looking to snap a three-session streak futures are under pressure across the board. the meta mess. stock sinking in the pre-market and looking to wipe out $200 billion of market value at the open. and then ibm big blue getting hurt with the worst day since 2021. a mega global mining