PWC CEO Paul Griggs says AI should be viewed as a business transformation, not simply a technology upgrade. He says companies most exposed to AI are seeing stronger productivity and hiring, while PWC itself is adding engineers, data scientists and machine-learning experts as its workforce evolves.
FTSE Russell's Indrani De says resilient earnings and AI-driven investment continue to support markets, but investors are becoming more selective. She says capital is increasingly balancing growth exposure with investment-grade debt, while rising refining constraints and energy costs remain key risks heading into winter.
Berkshire Hathaway Inc. founder Warren Buffett is stepping down as the company's chairman to be replaced by his son Howard, effectively ending roughly six decades at the helm of the conglomerate. Bloomberg Intelligence Senior P&C Insurance Analyst Matt Palazola discusses the move and Buffett's legacy with the company.
On this episode of Stock Movers: - On Holding (ONON) is higher after it signed Kylian Mbappé as a partner in developing football products and representing the brand. The move marks On mounting a bold challenge to Nike and Adidas' dominance of the sport. - Xenon Pharmaceuticals (XENE) is in a steep decline after it voluntarily halted a trial enrollment of azetukalner, which treats depression and bipolar, after studies showed adverse events. - Netflix (NFLX) shares are lower after Wells Fargo downgraded the stock to underweight, citing concerns about user engagement. Analyst Steven Cahall wrote that Netflix "has lacked big original series and it's showing" and that "breakout hits" are necessary for the stock to work again.
A new draft report found that Federal Reserve officials failed to adequately respond to repeated warnings about Silicon Valley Bank's deteriorating financial condition before its 2023 failure. The report by Starling Trust Sciences was commissioned by Federal Reserve Vice Chair for Supervision Michelle Bowman, who has long pushed for an outside review of SVB's failure. Michael McKee reports on Bloomberg Television.
Steven Englander, global head of G10 FX research at Standard Chartered Bank, citing the strength of the US dollar and uncertainty about future rate-hiking commitments from the Bank of Japan, says that he wants to bet against the yen "short-term."
Federal Reserve Vice Chair for Supervision Michelle Bowman said she expects the Fed to consider final revisions to the stress test framework in the "coming weeks." Bowman added that the final changes to the agency's marquee exam are likely to address concerns about risk sensitivity and which risks are captured. She spoke Friday in London.
Warren Buffett is stepping down as Chairman of Berkshire Hathaway Inc. and will be replaced by his son Howard. The billionaire will become chairman emeritus of the company, effective immediately. Alex Rajbhandari reports.
Paul Donovan of UBS Global Wealth Management joins Bloomberg's Guy Johnson on "Bloomberg Brief" to discuss his reaction to the BOJ raising its key interest rate and his thoughts on what's next for the Federal Reserve and Chair Kevin Warsh.
Max Kettner, chief multi-asset strategist at HSBC Bank, says equity markets have '100%' discounted higher interest rates from here and points to the global strength in earnings supporting stocks.
With the US midterm election about six weeks away, President Donald Trump's approval rating is near record lows. Voters now trust Democrats more than Republicans on a laundry list of issues: to handle the economy, health care, immigration, the deficit, cost of living and foreign wars, according to a fresh New York Times/Siena poll. "Inflation is still high, consumers are feeling it" and come polling day, voters will be thinking about "affordability, affordability, affordability", says Timothy O'Brien, Senior Executive Editor for Bloomberg Opinion. O'Brien joins "The Pulse with Francine Lacqua" to discuss what's at stake for the Trump administration, and what voters are most concerned about heading into the election.
French Finance Minister Roland Lescure discusses the nation's budget deficit and the impact of fiscal concerns on bond markets as the spread between French and German yields widens. "There has been a bit of a rise in the spread, as you said, between France and Germany," Lescure tells Bloomberg's Oliver Crook in Dublin. "This is mostly linked with the fact that we have budgetary issues. We are tackling them," he adds.
