once driven, there's no going back. . >>> to the allianz arena we go..nteresting. >> to score a goal like this. great combination play, right place, right time. neuer could do nothing. just ahead of halftime. all the way to the 77th minute before we see this one. robert lewandowski. >> this just shows everything that this man is, the power, the strength. just the intuition to get in front of the net. he finishes off the play to get them back on the board. there's the strength, intelligence, and the gift of just knowing where to be. >> he came out very well. thomas muller, lewandowski continuing his fine form. here's the controversial moment of the match. 88th minute. >> it's been a huge top nick germany. both the linesman and referee have come back and said they may have made a mistake, which they did. >> thomas muller steps up and slots home the kick. let's hear about the controversial call. >> all players have a right to their position on the field of play. being in the way of the opponent is not the same as moving into the way of the opponent. in any

chief investment officer at allianz.y, i thought it was fascinating to hear the former weopec chairman saying that are getting strung out on stock market volatility. fundamentals have not changed that much in terms of growth. yes, lower in china. he has the nail on the head. lucy: fundamentals have not changed, but i think some people have not understood what the fundamentals were previously. that has been the change. that is i think the understanding of how weak the underlying economy has been is now better. that's good. so, when you look at the real data that we can believe in china -- and it's not much -- production, retail sales, you can get a better idea of where we are. and those are very weak. retail sales are strongest. companies exposed the consumer and china are probably better off than those devlin -- delving into manufacturing. but those figures have been weak for a while. so that is not news. i think they are still looking at the official numbers, the 7 to 5, and expecting that is when reality. -- that is re

richer than ever, insurance giant alley on -- allianz puts the debt of households in more than 50 countries under the microscope. global gross financial assets have hit a new record level, over $136 trillion. nine zeros, it's a long number. that is higher than the value of the entire worlds listed country -- companies in all sovereign debt put together. we are still talking about unequally distributed wealth. >> personal wealth is increasing especially fast and asia where financial assets grew by 16% in 2014, according to the report. that was mainly thanks to last years booming stock market which has taken a u-turn. but the total amount of web could see private households pay off all the world's national debt three times over. those in the best position to do that are the swift, -- the swiss . the u.s. follows in second place with nearly 140,000 euros. in japan, net assets came to 73,500 euros per capita. that puts japan a place in first place in asia, followed by singapore at 73,000 euros. the global wealth report points out that this wealth is still extremely unevenly divided. on average,

joining us from allianz is mohamed el-erian.morning to you. >> good morning. >> some people said with the mets and the jets, maybe mohamed's dark view might be lightened a bit. then i see you tweeting about the greek elections. what do you think? >> we are in the midst of the change of the volatility paradigm. all that means is that central banks are less able to repress volatility. that's something that markets have to price in. in regards to thursday, it's too close to call. the big question is not whether they'll hike or not, the big we is why are we so obsessed with a single hike. that says a lot about how codependent markets and central banks have become. >> you are suggesting that we shouldn't be obsessing about it or that central banks have an incredible amount of power now? >> so, first, michelle, we should really be looking at the journey, not the first stop, if you'd like, not the first hike. the journey is the loosest tightening in the history of the fed. they'll go very gradually. it's going to be stop and go. and th

mohamed el-erian's chief economic advisor charlie arms -- to allianz.good to see you, particularly on job days. tell me your view on the jobs report. what does it say for the fed? >> there was something for everybody in this report, whether you are enthusiastic about the u.s. economy or worried. so yes, job creation fell short of what was expected, the lowest in five months. but the unemployment rate came down. hourly work went up. wages went up. it is a mixed report. it will make the fed even more uncertain and more tentative about what to do in september. betty: you tweeted shortly after the report. let show that tweet -- let's show that tweet. since you left pimco, you have become an active social media maven. low job creation offset by other positive factors. does that tell you the markets are going to remain very volatile and this is why we are down over 200 points right now? >> today, absolutely. an indecisive jobs report, a long weekend, and trying to reopen after holiday. if you are a trader, you do not want to go along into this weekend, so you

allianz says the worldwide cyber insurance market is now estimated to be worth around $2 billion.ning us now to discuss the outlook for that market is nigel pearson global head of cyber and crime products. good morning to you. the cyber insurance market is you say worth $2 billion. sounds like a big number but it's still a niche market, isn't it? >> very much so. the product only kicked off about ten years ago in the states and 2 billion is a small number. >> in the u.s. it's a much bigger market. they have to inform customers when their data is breached. it's very similar here in the u.k. and europe. do you foresee any changes in the privacy laws here? >> absolutely. so the major change is the general data protection regulation in europe. it's been debated but we're getting quite close to the end of that. we have to notify data subjects and regulators so we're all gearing up for that to come in in the next year or so. >> i wonder about pricing too. cyber crime is so incredibly complex. it can take on so many forms that few people know about. it's much more difficult to price than

. >> let's bring in mohammed el arian, the chief economic adviser at allianz.hat's the message of the markets the last couple of weeks? >> it's that we have a massive tug of war going on and it is staying on the volatility paradigm. we have the old world in which volatility is repressed by central banks and we have the new world in which volatility reprices because of the more more fluid global economic outlook and we are going back and forth. today the old word is inserting itself because the ecb came out dovish and clearly indicated it's willing to do more. we're going to continue in this volatile environment, up and down, up and down. this is a great environment for active investors, lots of opportunity being created if you look in the right places. >> anybody who is watching our program today, watching the markets over the last couple of weeks. what they should be thinking about when we're going to have a real good handle and some clarity on what's taking place around the globe and what the impact is going to be here at home? >> it's going to take time. it'

one of our guest hosts that comes on that we think highly of at allianz.at's -- you don't need a lot of money to be u.s. trust do you? i think i might call bank america and i think they transfer me to u.s. trust once in awhile. do you have some of my money? >> i hope we do. >> you better be -- i'm going to be hard on you because now i'm a little bit -- you know what you're doing? >> i think we know what we're doing, yeah. >> okay, good. what do you think the fed's going to do? >> well, i think whether it's september, october, november, they're going to raise rates. rates at zero is crisis level. i don't believe we're in a crisis environment any longer. you know, we're all mesmerized about when is it going to happen. i think the most important question, joe, is what is the pace at which rates will go from there. >> we do keep hammering this in. larry the former ceo that just can't get out of the ceo mind-set says you're -- this is a very bad thing you're saying because of the dollar. because you're going to hurt exports. ceos have to worry about. >> look. i

let's get more with our chief investment officer at allianz. so much fory do sticking around.is obvious you have been our guest host for the hour that you want the fed to act now. 25 is the time to do it. otherwise, get used to occur. how do you make money in this environment? you have been quoted. 4%. so far you are proven right. andreas: i think it is a question of taking risk, because your risk-free is zero. a smart risk. i do not think you can rely on the date of the markets to do what it has done in the past, which is a 10% annualized return. everyone got used to that. everybody would love the to be the case for the next five to 10 years. i'm afraid it is going to be a question of really hard work. whether it is identifying price securities or being brave when the market overshoots because we do expect volatility. look at emerge market currencies, for example. whether that -- that is the case of being really diversified. the times of easy money are over. francine: what worries you the most? the greek crisis out of the way, we now have deflation globally but you say this c