i know you were breaking down the allianz numbers.n the face of it they are still not able to give guidance, and that is the bottom line. side, on the positive they attracted new money from outside clients in the second quarter. that does blunt the impact of outflows. eurosrought in 23 billion in the period, customers pulled the most cash in five years. we are starting to see that money come back. what that meant is the second quarter operating profit did come in at a beat. 2.57 billion euros versus the estimate of 2.46. that is what we got, but the guidance is something we are going to be looking at. we will talk about it with the cfo of allianz. that interview is coming at 6:30 a.m. u.k. time. and breaking down the numbers from allianz is trying to understand, you know, the other side of their business is, you and i love to talk about the pimco numbers, what's happening with yields. the reality is allianz is a huge insurance company. your risks and your outflows versus your income, the combined ratio on that side of the business com

stay right here, mohamed el-erian of allianz is going to el-erian of allianz is going to we love our home. there's so much space. we have a guestroom now. but, we have aunts. you're slouching again, ted. expired, expired... expired. thanks, aunt bonnie. it's a lot of house. i hope you can keep it clean. at least geico makes bundling our home and car insurance easy. which helps us save a lot of money oh, teddy. did you get my friend request? uh, i'll have to check. (doorbell ringing) aunt joni's here! for bundling made easy, go to geico.com. hello? ♪ ♪ maria: welcome back. the second half economic recovery in focus, while many are optimistic we we will see a v-shaped recovery, a stimulus are plan, a potential second virus wave will play a factor. joining me to talk about what to expect in the second half is allianz chief economic adviser mohamedal mohamed el-erian. thank you so much for being with us. once again, that theme of lots of uncertainty in the face of record-setting stock market performance is with us this week. characterize the week that was and what do you see as the most

allianz chief economic adviser mohamed el-erian is here to talk about investing in the second half of020 and 2021. plus, we will hear from the ceo of wal-mart giving us his take on the state of retall. it was a major week this week for retail. but first, let's take a look back at some of the big moments in this edition of "the week's talkers." ♪ ♪ maria: you were surveilled for a year, and you've never been charged with any crime. >> they never asked me one question which was based in any sense or, you know, could have implied even a crime. maria: what does the democratic party stand for? >> maria, when you heard bernie sanders said last night if, because i know bernie sanders often is someone who likes to criticize, i want a living wage, i want to make sure that the american people have health care, i want to make sure we have a family medical leave act. maria: give me your take on the last two nights of the democratic national convention. >> a lot of boring things and a lot of democratic drivel. talking about unity. how about this? they don't seem that unified. a aoc is endorsing be

champions league trophy a small number of fans were on hand to greet them later when the buses arrived at allianz arena because of the ongoing pandemic there was no official parade. watching news from berlin that's it for me for now stationed. combating the corona pandemic. where does research stand. what are scientists learning. background information and. our corona update. from the 19 special next on d w.

league trophy a small number of fans were on hand to greet them later when their bosses arrived at allianz arena because of the ongoing pandemic there was no official parade. and looking through the famous names of the by and side who beat. it's possible to overlook the man who took over the reins of a club in crisis last november by an management introduced as the interim coach 9 months and 3 trophies later the caretaker has become a fully fledged buy in legend. i it was once said by a munich could win the bundesliga trophy playing with their hands in their pockets . but after a humiliation in november last year the bavarian set forth in the table and were forced to sack then coach nico. and hunt for a savior to their season they didn't look far and in fact promoted then assistant coach clancy flick on an interim basis that once designed for what's important for us now is to look ahead what happened we have to see to it that we start acting on the pitch often plots its feet again as the buyer and head honchos went looking for a big name flick focused on getting the best out of his team. i

champions league trophy a small number of fans were on hand to greet them later when the buses arrived at allianz arena because of the ongoing pandemic there was no official parade. watching news from berlin that's it for me for now stationed. combating the corona pandemic. where does research stand. what are scientists learning. background information and news. hour corona update. 19 special next on d w. how the virus spread. why do we panic and when will all this. just through the topics covered in the weekly radio show is called spectrum if you would like any information on the prong of virus or any other science topic you should really check out our podcast wherever you get your podcast you can also find us at. ford slash science. test time for the school children not your usual exam but waiting for the results of this one can be just as stressful. and you gargle and speed test for the coronavirus. nicer than a swab but it still needs to be sent off to a lap and there aren't enough labs and tests to process every pupil in every school . plus doctors warn it's not a free pass from social dista

bmw, commerzbank, allianz. the dax is up nearly .9%.omberg business flash, here is laura wright. laura: commerzbank has abandoned its goal for a full-year profit after future losses tied wirecard. it comes as the lender seeks to emerge from a leadership crisis. this week, the lender appointed a new chairman but is looking for a ceo who knapp -- navigate the conflicting demands of shareholders. theo attracted new money in second quarter, blunting the impact of outflows in the first three months of the year. the u.s. bond giant brought in 23 billion euros in the period, allianz took a hit with profits declining 19%. pressure from cheaper alternatives before the coronavirus crisis. virgin atlantic files for chapter 15 bankruptcy protection in the u.s. after telling a london court it is set to run out of cash next month of a rescue deal is not approved. 15 allows foreign companies with u.s. assets to protect themselves against claims while the work for a turnaround plan at home. virgin hopes to secure a rescue package. that is your bloomber

allianz chief economic adviser mohamed el-erian is here to talk about investing in the second half of, we will hear from the ceo of wal-mart giving us his take on the state of retall. it was a

. >>> welcome back allianz has posted a second quarter fall the german operator refrained from givingl yearo outlook the cfo said while there were no surprises in the second quarter result, the future is still unknown. >> we are confident we have a good understanding of what is happening but there is still a lot of uncertainty moving forward. you can see the news coming from australia. in the united states, the situation is not under control you can see outbreaks here and there. from that point of view, the uncertainty is more regarding future development we have a good understanding of the situation. in the second quarter, there was no surprises our profit for the second quarter was even a little bit ahead of the consensus >> they've beaten second quarter estimates on the top and bottom line they got a surge in boost from e commerce as they shopped on line maintaining guidance for the full year. speaking to cnbc, the cfo said she was unsure whether the rise would continue >>> it is too early to tell whether this will be a sustainable acceleration there are good arguments for that peo

shares of allianz have doubled since march. that is the bloomberg business flash. very much indeed. how do you manage risk when interest rates are effectively zero. let's focus on that now. bridgewater associates co. cio bob prince has the high-grade corporate debt have traditionally been a place to hold well, the extreme low interest rate brought on by the covid-19 pandemic has upended their role. he spoke to bloomberg's jonathan ferro. bob: while everybody sort of focuses on the change in payroll and people tend to focus on the growth rate, the big issue is the depressed level of spending and income in the economy, which is reflected in the level of the unemployment rate of around 10%. the longer that we are in that situation of a depressed level of income and spending, the more vulnerable individuals and companies are to that set of circumstances. the most likely time frames that the virus impact on income and spending is 18 to 24 months. something like that. it is very uncertain. as you can imagine, we have just had a four-month fiscal program, or one quarter.

joining us is mohamed el erian he is the allianz chief economic advisor.on this what has the government done to this point that has unintentionally helped big business over small business how can that be remedied >> good morning, becky look, the strong have been getting stronger and bigger. the weak, weaker and almost disappearing if you ask why, it has two elements to it one is what's happening in the economy, who's allowed to reopen, who's not allowed to reopen if you are an investment grade issuer, you've been able to issue $1.4 trillion for a year the last time we saw that was in the whole of 2017. we've seen it in 2020 in eight months at record low yields. if you're a small business, the fed numbers show the bank has tightened lending conditions on you. here easy access, people are throwing money at you. here, very difficult to get access so you've had a combination of things and i'm really worried. this may be good for the stock market but will have huge economic and social implications down the road. >> what needs to be done >> a few things. one is

allianz chief economic adviser mohamed el-erian is here to talk about investing in the second half of

allianz chief economic adviser mohamed el-erian is here to talk about investing in the second half ofon the state of retall. it was a

allianz chief economic adviser mohamed el-erian is here to talk about investing in the second half of from the ceo of wal-mart giving us his take on the state

developments out of washington, on a possible stimulus deal, joining me right now to talk more about that allianzmorning. >> thank you, maria thank you for 25 great years of reporting, insights congratulations. >> thank you so much mohamed. what do you think is needed in stimulus package that would move markets move the economy, to actually show growth second half of the year? >> to protect people, maria a lot of people are losing jobs again. through no fault of their own they need relief but we also need forward-looking measures, pro work forward-looking measures tricky balance facing congress right now. i think getting somewhere but not going to be perfect. >> you know, they are talking about all sorts of -- of ideas, from the payroll tax, what the president wants to do eliminate that payroll tax, so extending the 600 dollars a week, do markets care about debt? i mean the president talking about something one and a half trillion dollars nancy pelosi is already passed, a three trillion-dollar bill, in the house, when do markets and investors start recognizing 222 trillion dollars in debt spendin

feel about the state of the economy the results from a new survey by survey monkey and cnbc 7:30 allianzor mohamed el erian will join us to discuss markets and what's next. the ambiguity. this moment calls for more. and northern trust delivers more. with specialized expertise. proven strategies rooted in data and analytics... and insights borne from over 130 years of successfully navigating economic turbulence. giving you new clarity. inspiring confidence. and helping you uncover new paths forward. northern trust. wealth management. change is certain every single day. even in the pandemic, i've learned a lot about myself as a business owner. you know, pulling yourself out of the tough times and pushing through things. it's so exhausting, but if you really want it, you can have it. you just gotta sacrifice, you know? off 8 points from where we were to start this year the number of businesses that say their current conditions are good has doubled from may to august at 36% with more businesses reopening and moving forward in varying ways. 23% describe conditions as bad which is more than tr