gate drop at 2:00 p.m., and catch the encore. ricky carmichael, will christien, jason thomas, this is leigh diffey saying, congratulations, jo shimoda, jett lawrence. the championship gets decided next weekend in salt lake city. thanks for watching ♪ good morning and welcome to "street signs." i'm frank holland and these are your headlines. berkshire hathaway's cash pile surges to $890 billion as the oracle of omaha talks about how they will function after his passing. >> i think it will be entirely with rank. we do not want to atry to have

200 people around. and stocks open higher as u.s. futures point to the green with the weaker than expected jobs reports boosts bets that the fed could cut interest rates soon. atos shares receive restructuring offers. it will decide among the three offers. and xi jinping touches down in paris on the first leg of his european tour with emmanuel macron set to get support for ukraine. welcome to "street signs." we open with breaking news on eurozone pmi.

it was coming in at 51.7. the flash read at 51.4. we get the services pmi coming in at 53.3. that was another upside surprise. the flash of 52.9. it shows expansion in both areas with the eurozone. this follows the surprise when it comes to french pmi. swinging from the forecast of 49.9 which is in contraction and moving into expansion at 50.5. getting italian services pmi. three surprises with pmi. eurozone pmi surprising to the upside with composite and services. moving on to the big story over the weekend. warren buffett has used the berkshire hathaway annual shareholder meeting to discuss the future of the company, including his succession plan and the investment decisions. the cash pile swelled to a record of $189 billion in the

first quarter. berkshire hathaway sold $20 billion in stock in the first three months of 2024 and purchasing $27 billion in new sto stock. it reduced its stake in apple. the oracle of omaha told investors he trusts greg abel to make decisions. >> i think the responsibility should be entirely with greg. the responsibility has been with me and i farmed out some of it. i used to think differently about how that would be handled. i think the responsibility should be that of the ceo. whatever that ceo decides may be helpful in effectuating that

responsibility. that is up to him or her to decide at the time they're running the money. i would say that my thinking on that has developed to some extent as the sums have grown so large at berkshire hathaway. we do not want to try to have, you know, 200 people around that are managing $1 billion each. >> berkshire hathaway has made the most of higher interest rates. it under $1.9 billion in interest from the cash pile which is invested in short-term treasuries. >> if we had $10 billion, we wouldn't -- i wouldn't basically see many more opportunities than we found. it is true with japan. we could have done something with a company of 30 or 40 the

billion and we had great returns on equity. if i did it now, it would be for berkshire. it is not like i have a hunger strike going on. things aren't attractive. >> operating profit rose 39% in the first quarter to $11.2 billion. the company saw a 185% year on year increase and insurance un underwriting earnings. berkshire posted a 64% decline in earnings. apple shares are lower in pre-market trade as warren buffett discussed the holding in the iphone maker after trimming the stake in the company. >> we will own apple and american express and coca-cola. it doesn't bother me in the

least to write that check. i would really hope with all that america has done for you, it couldn't bother you. if i'm doing it at 21% this year and a lot higher percentage later on, i don't think you will mind the fact that we sold a little apple. >> in addition to apple, warren buffett said a.i. could be the next growth area, but he has concerns. >> we let the genie out of the bottle when we developed nuclear weapons. that genie has been doing some terrible things lately. the power of that genie is what scares the hell out of me. i don't know any way to get the genie back in the bottle. a.i. is similar. when you think of the potential for scamming people -- if you

can reproduce images that i can't even tell that say i need money, you know, it's your daughter. i just had a car crash and i need $50,000 wired. scamming has always been part of the american scene, but this would make me, if i was interested in invested in scamming, it will be the growth industry of all time. >> we will have more from the berkshire hathaway agm in a moment. non-farm payrolls came in at 175,000 and unemployment ticked up to 3.9%. the data has raised the prospect that the federal reserve to cut interest rates sooner. investors are looking for a cut

in september. warren buffett praised jay powell for steering the country through the difficult times in years. >> jay powell is a great human being, but a very, very w wise man, but he doesn't control fiscal policy. he sends out a disguised plea for please pay attention. that's where the trouble will be. if we have it. >> as i mentioned before, we will have more from warren buffett later in the show. you can see the boards here in the green. this follows a down week for the yo european markets with the exception of the ftse 100 closed for the bank holiday.

the ftse mib is performing better after the services pmi came in better than expected. this is a busy week for europe for central banks including the bank of england and richts bank. when it kamscame to pmi, it is swinging into expansion territory at 50.5. higher than the forecast of 49.9. that is boostsing the french index. the swiss is up .13%. looking at u.s. futures. the dow is up 50 points higher. nasdaq and s&p are fractionally higher. we will continue to watch the markets. let's welcome our next guest. the cio of bank cis. charles, great to have you here. >> good morning. >> what are you seeing when it

comes to the markets? we have seen a bit of a pullback and divergence from the u.s. markets and european markets. we came off a winning week in the u.s. with no clarity from the central bank there. >> we call twith the u.s. beinga moment of fatigue. there are three reasons for this. the first was the rate fears. fears we will not get any rate cut this year. the second was the oil price feel with the geopolitical tensions. there were also doubts about the earnings growth for business. what was interesting last week, we saw developments on all three counts. let's start with the last one. earnings growth was 7% better growth than expected. so far, we know that is

remarkable. in terms of oil price ares, there was a big dump of oil prices last week at minus 5.5%. when it comes to rate fears, we started with one rate cut and then we ended the week with two rate cuts on the back of what we heard from jay powell and the data. all of these three concerns last week was rather positive because we saw some improvements and this is why we got these better performance from the u.s. >> you know, one factor with the global markets is the dollar. we have seen a strengthening dollar this year. you are focusing on continued strength. you downgrade the euro and pound and emerging market currencies. i want to talk about the stronger dollar on the markets. technology stocks have flagged the dollar in recent quarters. as we see the dollar

strengthening, it increases the price of commodities. how are you looking at the dollar risk? >> it is a bit of a mixed bag. the dollar strength is coming from the fact that all of the others are weak. we have seen it in the japanese yen crash, which seems to be at least on point. we still have chinese yuan weakness and euro weakness because ecb is expected to cut ahead of the fed. same story with the bank of gl england. this creates opportunities. you mention the european market. this is a region we recently upgraded because the dynamic with growth and inflation is getting better and also in terms of monetary policy with a better story than the fed. interestingly, we have seen despite the fact of the dollar

being strong, strength coming from commodities. that is due to global growth improving and due to the f fact the supply side is strong. we have seen the previous history will stay in the same place. that is why it's a bit of a mixed bag. >> one of the big stories for everybody in the investing world is berkshire hathaway. one thing a lot of people have noted is berkshire increased cash pile by double digits. i want to talk about your view on the bond market and competition that bonds seem to be giving way of equities. the oracle of omaha has closely followed. >> with the cash ratine being s

high, we dtend to look at that. if you look at the cash pile and market cap, it is actually pretty much in line with history. the kind of business that mr. warren buffett is running through berkshire hathaway requires cash pile. i just want to mitigate a little bit the absolute number. all investors are facing the fact that yes, cash is very high and this is on a relative basis. this is the main concern on the equity side why we are not seeing much more than current levels. >> within your notes, you are f focused on geopolitical risk. where are we seeing the

geopolitical risk right now? we are seeing wti below $80 a barrel. when you are looking at the geopolitical risk in the market, where should investors look at that risk and how should they respond to it? >> i think oil prices are not at the risk premium with the oil demand and supply. we like to find some of the opportunities standing from geopolitical risk. one is the east/west divide. china traveling to europe this week. there is a big shift. there are winners with vietnam and mexico. we are trying to find winners of the current tensions we are seeing. these are examples related to reshoring or near shoring which

is benefitting from the geopolitical shift. >> thank you for being here. coming up on the show, troubled french i.t. firm atos is looking at restructuring offers. we will have the latest coming up after this break. member set shipstation. one or two clicks and everything was up and running. i was printing out labels and saving money. shipstation saves us so much time. it makes it really easy and seamless. pick an order, print everything you need, slap the label onto the box, and it's ready to go. our costs for shipping were cut in half. just like that. shipstation. the #1 choice of online sellers. go to shipstation.com/tv and get 2 months free. what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your

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welcome back to "street signs." the board of atos has received four offers to restructure its debt. charlotte is here with more on the story. >> they opened higher and now back in the red. it reflects uncertainty which is what we have seen in last few years. that tells you how difficult things have been for the french i.t. group. four restructuring offers on the table. received among them are the banks and bond holders. they are working on rescuing the

supermarket in france here and coming back on the forefront of the operation. one large shareholder wanted to get involved and they are working with butler industries. the four offers were submitted to the board. the board will not continue the talks with bain. it does not meet the stated objectives of the company. they will pick an offer by the end of the month. atos is working on the restructuring with the reinvestigation of the financial restructuring framework. they hope to raise 1.7 billion euro against 1.2 previously in new money to fund the business through 2025. they hope to cut that debt. they have debt of 5 billion euro. that is why this restructuring has come into the picture. the offers for the business that the french government is not taking on as you remember the

french government said it would take on the most strategic and sensitive assets of atos. atos is involved in computing and cyber computing and military. they will keep that part aside here and pay between 700 and 1 billion euro there. we have to wait and see which part of the investors take the business. >> a lot of story with twists and turns. we look to get a resolution at the end of may. >> it looks like the beginning of the end for atos. >> it is not over the until it is over. charlotte, thank you. eqt has agreed to acquire perficient for $3 billion. that deal is set to close at the end of the year. shareholders will receive $76 per perficient share. shares over 50% higher in the

pre-market trade. taiwan giant foxconn has record levels thanks to the cloud products. it reiterated the revenue growth in the second quarter with a 19% jump in sales in the last month. moeller says maersk traffic in the red sea is worsening and it will be reduced in the second quarter. the company said disruption caused by houthi attacks should continue until the end of the year. and the ubs ceo will leave at the end of the month as they look to review the entities.

we have dan murphy with more. >> reporter: i just stepped off stage and about the write down in the first quarter with cigna group. it resulted in the ceo of julius baer walking away and the private debt markets. i asked whether or not the business, the firm, has adequate risk management structures in place and what was being done to clean up the mess. >> the recent events have been unfortunate. i think we dealt with all of them. it took a lot of helps measures.

we are still a profitable company. we almost printed half a billion of swiss franc profit aside from the write down. our strategy in focusing on servicing private individuals and high-net worth clients is sou sound. in that sense, i'm confident we drew a strong line on these events and now it is about moving forward. >> reporter: speaking to me at the dubai fintech summit. no word on when we will see a new ceo. they are still working on it. the focus, frank, is what is happening in the space and julius baer opened a new office in the dubai area.

it is opening up a world market in the middle east as they try to tap into the pools of the public and private capital in the region. we spoke about how bank julius baer is looking to leverage. >> i have been sitting on this stage for quite a while. i remember sitting here five years ago with some who say your bank will go out of business in the next two or three years. that has not happened. having said that, this fintech industry is important for julius baer. technology is essential for our business to bring our value proposition appropriately and in a most efficient way to our clients. in that sense, a sound and good fintech ecosystem helps to stay

on our toes. it also allows to partner and experiment. >> reporter: of course, we cannot escape the conversation around artificial intelligence. it has also been a key theme on the ground here. i asked if he thought robo advisers and a.i. could replace the wealth management division. he said not yet. it is something interesting to think about. we are speaking to the uae economy minister later on, frank, particularly in the latest on the back drop of the regional conflict. back to you. >> a lot to unpack. dan, thank you very much. coming up on the show, chinese leader xi jinping arrives in francis president macron flags a reset in economic times. stay with us.

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happy monday. i'm frank holland. welcome to "street signs." these are your headlines. berkshire hathaway cash pile moves higher as the oracle of omaha sheds more light on how they will function after his passing. >> i think the responsibility ought to be entirely with greg. we do not want to try to have, you know, 200 people around that are managing 1 billion each. it doesn't work. european stocks open higher and u.s. futures point to another day in the green with the weaker than expected jobs report that bets the fed will start cutting soon. and the french i.t. firm atos will decide between the three takeover offers. and xi jinping touches down

in paris with the french leader maemmanuel macron set to talk about trade disputes and support for ukraine. happy monday. welcome to "street signs." look at the boards today. we are seeing a green day across the board. not pictured is the ftse 100. a busy week for europe with the central bank decisions. take a look at the indices right now. we are seeing the ibex fr fractionally higher right now. the italian ftse mib is better than expected in expansion territory. also seeing the cac 40 move higher today.

the chinese president xi jinping in town and expected to be talking about fair competition with china and eurozone. the eu commission president in attendance. the dax seeing higher shares of mercedes-benz and bmw. also with the talks between xi jinping about competition. now looking at the u.s. boards. the u.s. futures in the green. the dow looking like it would open 73 points higher. s&p and nasdaq in the green. everyone is looking at the currency markets as well. some of the most interesting action in japan. we are taking a look right now at the dollar and yen. the dollar is making more gains on the yen after last week where a lot of people believed the

central bank of japantaking yen-terventions. we are also seeing more moves with the dollar making fractional gains against the euro. the chinese currency making gains on the dollar as well. now you see the u.s. futures are moving higher. the yen is weaker after touching a three-week high on friday. the japanese currency saw the biggest weekly gain following suspected government in interv interventions. the stock market in japan is closed today for a public holiday. authorities appeared to use the quiet period to intervene. at the asian development bank

meeting, dan murphy asked the finance minister how they will stabilize the yen. >> translator: when there is excessive movement, it may be necessary to smooth it out. >> speaking at the berkshire hathaway annual meeting, warren buffett found japanese trade houses compelling. he did add that it is unlikely they will make large commitments in other countries. >> our japanese experience has been fascinating in that respect. so, there maybe an unexplored or unattended opportunity in that area. i'm not the one to do it. that may be something that, in the future, might be opportunities. >> turning to china in the apac

region. the services pmi was skewed to smaller firms came in at 52.5 in expansion territory for the 16th straight month. sam baddas filed this report. >> chinese services eased in april. coming in at 52.5. that is lower than march. it is comfortable above the boom or bust line. it marks the 16th month of expansion. today is the private firnms in china in retail and tourism. it showed new business expanding in years. it showed business confidence reaching the highest level year to date. the report was consistent over the state-owned firms which showed activity coming off a bit and partially put down to bad

weather in the sougth of china. jobs remain a worry with companies cutting staff for the third pmonth. that makes up 60% of the chinese economy and big generator of jobs. it could the all be a bit backwards looking after strong preliminary tourism data out during the holiday break. that appeared to be one of the factors behind the castch-up rally in morning trade. the yuan hit a six-week move on the dollar. trade numbers are out on thursday and inflation figures out on saturday and loan data expected to drop. in singapore, i'm sam baddas, singapore business news. and xi jinping is praising the french area as he lapd edla

paris to begin the first tour in years. why chinese exports could soon become a burden to europe. >> if china exports evs and cannot export to u.s. or japan or turkey, then the problem is a european one and understandably, macron will be asking xi jinping to get more control over the economic imbalance. >> we are joined by the senior research fellow at the chatham house. good morning. >> good morning. >> we mentioned xi jinping touched down in paris. what are your expectations with

xi and macron and the commission president has joined? >> this is the first time in five years that xi has visited this region. this part of the world has turned significantly after the russian invasion of ukraine and covid. the attitudes of europeans has changed. i think they will offer some type of diplomacy. i think xi jinping will offer a warning to the european warnings not to play. it is not going to be an easy conversation. >> you mentioned it is not an easy conversation. this visit will be the joined by the eu commission president. this comes after she had a talk about derisking from china and citing the economic leverage and geopolitical leverage.

has this relationship changed in the last year or has that dynamic changed that the eu commission president was worried about? >> i think two things here. firstly, the things happened within europe with the supply chain security and resilience given covid and russian invasion of ukraine. things changed with the chinese economy which is to say the tension makes the economy upgrade. the chinese companies are not competitors with the europeans. that is why the structural challenge is there despite the words. >> how do you read the fact that the german chancellor said he had something previously scheduled? during his visit to china, he had a lot of tough talk for

chinese leaders? >> for the german chancellor, he had a meeting in beijing a couple weeks ago. whatever discussions or negotiations were done had been discussed. i think it is the bottom line for his not attending here in europe. you have to see meeting with the president, you need to figure out what to talk about. >> one question that has to do with the meeting today is putin. putin is visiting later this month. does that hango over this meeting? do they have to discuss this based on what is going on in the middle east and in ukraine? >> obviously, in the eyes of the

chinese, they consider this is a european war and not in the chinese interest to get involved in this. i think europeans firmly believe the chinese is persuading russians to stop this war. i think this is a different concep conceptional difference here. >> no meaningful con vevergence there. what will make this trip a success? macron trying to take a charm offensive. i would imagine we will see some of what we saw with janet yellen in china. adopting local customs. after all that is over and xi's trip to serbia and hungary, what

is the latest on the trip? >> he will look at trade risks in certain sectors. that would be the win for the europeans. for the chinese, it is all about the framing and pif voting euro and the united states. steering the story that china is still the economic partner. >> what do you expect to be on the agenda there with serbia and hungary? >> i wouldn't use the term ally here. it is the close economic partner. for hungary, it is a showcase of how china expects eu-china relations going forward in terms of the collaborative model. for serbia, it comes at an

interesting time, 25 years of nato bombardment of the chinese embassy there. they are looking to a sense of telling a story which is about anti-american for germany. >> senior research fellow at the chatham house, thank you for being here. israel's military is encouraging residents of rafah to advance to a humanitarian area out of the threatened assault of the area. the ambitions for the assault in the area have provoked concern around the world. israeli prime minister benjamin netanyahu says the offensive will go ahead with or without a hostage deal. the news comes after israel shutdown the offices of international news the al

jazeera on sunday. israel's suppression of free press by killing and arresting journalists has not deterred us. coming up on the show, uk prime minister srishi sunak admits there is work to do as his party comes third in the bruising set of local elections. stay with us.

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some u.s. corporate news, paramount shares are higher after the company decided to open formal negotiations with the group led by sony and apollo according to the new york times. the paramount committee met yesterday with skydance offer expiring on friday. warren buffett was looking at his stock into paramount as a full loss. >> now, it was 100% my decision.

we sold it all and we lost quite a bit of money. that happens in this business, too. boeing shareholders are looking for a 45% pay hike against david calhoun. the board did not have a sound rational for a significant move which would take his come pe signi compensation to $33 million. ping votes on friday over the hsbc board. ping was reelected to the board are80% of shareholders voting. and blackrock is looking to the appointment of the

independent share for bluebell. they are looking at the failure of blackrock's governance. companies need different leadership as they mature. >> i think the goal of the company change over time. the best goal at every stage of the company is different from the one in the mature stage and the only one which is an issue. i think we look to blackrock as a company where larry fink is 72 years old and looking to step down at 75. there is no question there is a complete lack of oversight. >> blackrock told cnbc that

bluebell made misguided and contradictory criticisms. shares of blackrock have risen 60%. turning attention back to europe. the votes are in on the bruising set of local elections for the ruling conservative party. rishi sunak has looked at a projection from sky news that the next general election could end with no party having an outright lead. arabile is here with more on the story. you just came back from local flavor in blackpool. >> that has been taken away from the conservative party and a labour con constituency.

let's know that blackpool was a labour constituency until 2019. that was swinging back the way of labour. overall, with these results, the conservative party losing 474 seats. that is nearly half the seats they were defending that they lost last year. it was a resounding defeat for prime minister rishi sunak. it could amount to fivefold for london and getting a third term as the mayor of london which boosts the mayoral candidate for labour. the liberal democrats beat the conservatives on the overall picture. l labour first and democrats coming in second. they gained over 100 seats at the same time here with labour winning manchester and liverpool

and london and in the backyard of rishi sunak in north yorkshire. the indictment on the prospects for the conservative party. yes, they do suggest that the conservatives would be behind by at at least 7-to-9 points. you cannot extrapolate for the local polls over the general election. people vote differently in a general election. >> i read the papers here. i see rishi sunak in trouble with the general election for the second half of the year. talk about the challenge that rishi sunak is facing when it comes to the general election and within his own party. he is facing pressure from the right wing people. >> they want to go further right with the support of braverman. she blamed the prime minister

for a dismal set of results and said he needs to own it and change course. she went on outright to say they regrets backing the prime minister then for this positions. that is a significant pull down where they anticipate where he would be in all of this. it hurts ultimately his leadership at present. there are some who say changing prime ministers now would not help the conservative party either. they would not have enough time to drum up support for the prime minister at that stage, whatever that might be. the expectations it would be penny. the questions why you would do it right now is because you have a weakening economy with gdp numbers out on friday. we would have just come out of the recession, if that is the case with friday's numbers, and you have an inflation environment which is high and interest rates which are still

high at this time. >> a big day for england coming up later this week. the bank of england decision. can we put the chart back up? i was looking at the p pmi tracker. there were names on the right side. all i know is boris johnson was above rishi sunak and liz truss as well. >> at the time of boris johnson's departure. >> he was more popular than rishi sunak? >> he was compared to where rishi sunak is right now. there are questions if boris johnson should come back to lead some parts of the conservative party leadership. is liz truss making a return as well? and there was a question of farage and if it he would come back to reform uk to play a part in how uk politics is formed. it is an interesting second half

of the year with the elections set to be in place. >> if i'm rishi sunak, i would point out and say i'm more popular than liz truss. >> very low bar. 48-day time span. in the amount of time that he has and barely making it past liz truss. >> i heard you want to work out of the blackpool bureau. >> not yet. >> we have to get you back. i like you by the waterside. arabile, thank you. turning attention back to u.s. news. apple shares are lower in trade after warren buffett trimmed his stake in the company. >> we will own less unless

something extraordinary happens. it doesn't bother me in the least to write that check. i would really hope with what america has done for all of you, it shouldn't bother you that we do it. if i'm doing it at 21% this year and we're doing it at a higher percentage later on, i don't think you will mind the fact that we sold a little apple this year. >> for the full rundown of the comments at the berkshire hathaway agm, head online to cnbc.com. let's look at u.s. futures right now. we mentioned they are in the green across the board. the dow is close to the highs of this morning. the s&p and nasdaq firmly in the green. that's it for today's show. i'm holfrank holland. "worldwide exchange" is coming up next. what is cirkul? cirkul is the fuel you need to take flight. cirkul is your frosted treat with a sweet kick of confidence. cirkul

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it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." i'm frank holland. risk on. wall street heading for a higher open after the best day since february on the back of the weaker than expected jobs report. big weekend for berkshire hathaway as warren buffett weighs in on everything from the state of the market and apple to the succession plans. highlights from onlmaha coming next. apple is coming off the best day in two years with the refresh this week. investors ar