black rock raked in about $20 billion. the firm disclosed alongside earnings this morning, down more than 80% from last year, the question is whether crypto is a new avenue for growth at black rock >> thank you >> are we witnessing peek etf? let's asked the man who has created and manages a few of his own etf's. it's always great to speak with you. are we witnessing peek etf or does this speak to the increased number of participants offering etf's in the markets? >> i think people categorize etf's as asset class market cap weighted indexes, they are still the lions share of the aum in the last couple years, this concept of actively managed etf's has come to the front, that's where i'm intrigued as someone who invests, if i can find a great manager, an institutionalize their philosophy into an index, it's cheaper, way more tax efficient. i don't want to own the russell 20,000 there are so many companies that don't make any money you have to say, you're the indexer of this fantastic index that's performing now. i don't want

we want each investor to be voting not the -- not black rock voting on their behalf. and while it sounds great in practice what it really means is that actually the little guy loses because most of us unfortunately don't vote. so that puts more of the power back in the hands of management and correspondent boards and it -- it was a bit of a surprise. i hope now that this is a little bit more transparent. i should give props to knell minno who tipped me off that maybe this argument ends quicker >> scoop this is a great story. mom and pop investors only if the mom and pop are mrs. hanigan and darth vader. >> and president trump meeting with farmers in iowa suffering from the tariffs. but is the damage already done? >> it's a trade war. and you know, they -- we're the low hanging fruit. and it's pretty hard for us to defend ourselves against the country like china when they put tariffs on our soybeans and corn. made for better things than psoriatic arthritis. as you and your rheumatologist consider treatments, ask if xeljanz xr is right for you. xeljanz xr is a once-dail

black rock trading up .2%. live from new york and washington, this is bloomberg. ♪ kevin: this is bloomberg markets, balance of power. shery: i'm shery ahn. the breaking news, a major twist ahead of the trump-putin summit. 12 russian intelligence officials have been indicted by the u.s. government. that was rod rosenstein coming intelligencehese officials meddled in the u.s. elections in 2016, that one group stole the information and others spread. to give us more insight is retired brigadier general mark kimmitt. he served as assistant secretary of state for political military affairs under george w. bush. thank you for joining us. what a time to have you on. we heard from deputy attorney general rod rosenstein talking about the extent russian meddling in the u.s. elections, that americans were not aware this was going on, but this comes at crucial timing when president trump is set to meet with russian president. what are the risks that this summit poses, if president trump does not deliver? i think he will d

larry fink to move the deal along while london will still be black rocks de facto european headquarters and no staff will move the company will make paris the hub for outreach to europe and asia and city for their part said that they will add one hundred jobs and concentrated in paris and four other cities across europe as well as one hundred fifty more workers in frankfurt. and other news about the shifting geo political relationships of the trump era china is looking to europe for allies and partners as it braces for the full impact of president trump's tariffs on thirty four billion dollars worth of chinese imports to the u.s. which went into effect on friday china's prime minister met with a number of european leaders at the so-called sixteen plus one summit in sofia bulgaria on saturday and with german chancellor angela merkel earlier today these diplomatic overtures will precede the twentieth china e.u. high summit set for next week in beijing in june the european commission's vice president and the chinese vice premier it signaled plans to quicken the pace of negotiations on a bi

black rocks larry fink's says tariffs may hurt the u.s. economy.he imf says another warning about the dangers of the trade war. >> president trump is under fire for his comments on russia. he said he sees no reason why moscow would meddle in the election. hello, from sydney. it is past 8:00 a.m. i'm paul allen. this is "bloomberg daybreak: australia." frome two hours away asia's first major markets. >> good morning. it is past six ago p.m. in new york. i am ramy inocencio. we will be looking at how the action on wall street and across the united states will play into europe, asia and -- pacific trading day. it really is a different day depending on what kind of news comes out. especially with u.s. trade tensions. different directions, especially for the markets. we saw the nasdaq as well as the s&p both down. the dow actually ended up higher . you can see basically we ended mixed here. -- ins, good news, in the terms of u.s.-china trade war. the imf is saying the tensions could derail global demand and its rebound. earnings, definitely in the drive

black rock that debate, leverage loans or high-yield? >> the load market has been a good place to hide. i think -- the loan market has been a good place to hide. we think the front end of the yield curve offers a good margin of safety. the loan market, we are definitely witnessing a deterioration in underwriting standards throughout the market over the past quarter or so. relative to the high-yield market, i think that is a trickier trade. i would rather talk about bmr currency because that gives us an easier switch. relative to loans at high-yield. i don't have a strong opinion about the relative valuation of loans to high-yield. >> mark, i know you do. it has been your big trade. --ns over high-yield come up high-yield, how does that play out? >> i think it is a function of fundamentals and what you get paid for them. we looked at spread versus turn and surprisingly, even with compression we have seen across leverage loans air at 73 basis points. from a fundamental standpoint you are cheap even though it has tightened. rate dynamic tha

black rock said higher fee and strong performance helped it turn a better than expected profit, but the world's largest asset management also said that less demand for its etf's as investors rangeled wit market uncertainty last quarter, that took a toll.>> shares fell as a result. >>> higher shipping ratesnd more deliveries helped jb hunt top earnings expectations even as it operated a smaller fleet of trucks. sharesere initially higher, but did reverse on analysts concerns that the company did not rise guidance, and that the pouck market may have peaked at this t. they finished off about half a% to 121.13 today. valley and pharmaceuticals changed its name today to baush health.l n an effort to distance themselves from a number of accounting and drug pricing investigations that happened under previous management. bausch r said they're on tht path. >> we've increased our research and investment we d reduce our debt by $7 billion just in the last two years, we do think we're making gre progress, there's a lot to do to be clear. we think today being day one, bausch health captures the lega

roller skating clubs joined in on the effort, the holy rollers of the church of eight wheels, and black rock roller disco group. unfortunately the group was not able to break the current record of 371 skaters. the organizer says he will try agin. >> now, your accuweather forecast with drew tuma. >>> in accuweather we're tracking a gradual cooldown if the coming days. live doppler 7 with satellite is showing you from time to time we've had high, thin cirrus clouds passing. with the fog, along the coastline it's been stuck the last 12 hours. outside we go, a live look from the kgo rooftop camera. you can see the fog is descending over the city, and it has created a wide range of temperatures. something you would expect this time of the year. so it's a cool 59 in san francisco, but sunnier prevail in south bay. even warmer in clear lake, a temperature, very hot, at 101 degrees. here's the call from accuweather, over the next 12 hours we have the fog that's already building on the coast right now. that will move into the bay close to midnight tonight. and tonight will be a cooler night than we e

jonathan: i note the house view at black rock is more nuanced.ust walk us through it quickly. >> currently, we still favor and theng the front value of the curve. we actually think you will start to see some steepening of the curve. held down has been and it is hard to see when that will decline a little bit. but i think particularly when you look at the bank of japan, we expect to see steepening on those curves as well, and that will feed through to the u.s. treasury curve. we do expect to see supply coming into the market. we do expect to see a steepening eventually. and we are just not taking the risk. jonathan: will the steepening be policy driven or economic fundamentals? i want to say policy driven. we are looking ahead to a boj decision next week. will the catalyst be a bank of japan move to change the yield curve control they have had as a policy control for quite a while now? >> that is right. we have seen a slight move. we know they want this to start to steepen. i think based on the fundamentals, economic growth is relatively stable. i

revenues are up being offset by higher costs and black rock great numbers but its down i'll tell youis going on here, there's a concern about slower growth overall here so in flows are weaker they're up 1.3%. but weaker than last year. that's a little bit of a problem. remember the atf business was going gang busters last year it floats all over the place black rock was a big beneficiary. it's slower this year. it's not negative but it's slower the growth everyone saw last year isn't happening this year they've got over $6 trillion in assets under management. their fees are still up. their revenues are still strong. you see the numbers are all good it's that everybody says oh, okay we're not going to get as much numbers the growth won't be as strong. ultimately the fee structure isn't going to be as high. you can see the effect it had on the asset managers this year they're all down big black rock only has 15%. look at the other numbers. this is before the start today that's the concern about slowing growth, and, of course, the concerns overall about going toward exchange traded fund

we now have fields in northwestern germany where it's failing in the fight against black rocks this land border. it's shocking to see how the weeds develop such strong resistance as a sense is a else. that's resistance that makes the weed practically invincible with superpowers bestowed by human intervention. random genetic mutations can lead to a weed becoming resistant to a particular herbicide. once resistant black grass has infested the field sprayed with that chemical the non resistant plants competing for the space with air and die. the surviving variety then thrives unimpeded leaving seeds which in turn produce more resistant black grass weeds that evolved this way and are no longer vulnerable to new herbicides are called super winds. the rat. proliferation of multi resistant weeds has become a global problem. from the chemical industry say they might have a new product in ten or fifteen years time it used to be every five or ten years so once black prosser develop resistance to these active ingredients there be something new to replace them as it works except farmers fail to adap

vanguard, fidelity, black rock,o state streetl advisers are all top holders of this stock and if you own etfs, facebook is 6% of the qqq which racks the nasdaq 100 index. the technology etf called the xlk had an 8% weighting in facebook shares and vanguard's communication etf and the vox has about a 13% weightingfaf book. >>> so now that the faang names which is the acrym for amazon,en netflix and gond let's take a look at what they're investing in and what's not. john najarian founder of the najarian family office. >> welcome >> good to be here, guys. >> especially on a day like today. ce>> let's start with ok and a terrible day for investors y. how do you look at the stock and what would you do with this? >> last night the told us too much, sue. when the cfo warner got out and said basically that the margins ting and ascontr you said, operating margins down from 60% two years ago and nearly 60% to 44% now will drop into the 30s and he sai that over the next two years. that's a lot faster and a lot bigger than anybody thought that face book would dip to that kind of operating margin

and the black rock roller disco current record of 371 skaters. they were going for 400.he organizer says he's going to try again. >> oh, man. > it looks like they had fun. >> yes. that's the main point. >> maybe that's most of it. >>> the sweet moment as a san francisco marathon winner crosses the finish line. >> he had enough time to pick up his young son and cross with him. i love this. take a look. 40-year-old jorge maravilla of mill valley crossed the finish line just under 2 hours 28 minutes. yeah. he had his little buddy with him and also won last year's marathon and apparentlas his os.wor 32-year-old bonnie tran of san francisco and finished in 2 hours 54 minutes. both are like mthey finished th. >> i know that you have done many races but how do you feel when the second guy is way behind. >> oh, yeah. >> he could look back and pick up his kid. when you're the second guy and seat winner picked up his kid. >> let him go. i mean you know it's over. it's okay. >> all right. good. second place is not so bad when that good of an athlete. >> exactly. >> a secret program

white character in the lead role but it wasn't just the movie screens that were showcasing the new black rock.

also it's going to bring mainstream knowledge to financial professionals and then finally we have black rock the six point three trillion dollar mammoth of the industry and they said they're putting together a research group sophists specifically designed to look at the implementation of block chain and technology in their current operations so this is absolutely huge news and we think that the next big news that's where all waiting to see is if the c.c. is going to approve the bitcoin e.t.f. that is going to be coming out we think that that's going to happen sometime in august jeffrey it's interesting you know we've talked about these fluctuations over over the last several months and but they do seem to move you know rather large i mean this isn't crude oil that you know it's a big deal if it goes from seventy to seventy four what do you make of it. there's huge fluctuations that it's and it's for anybody any nubes in the sector there are alarm that shocked like how can you have a set of this volatile. you know it's a new technology and we're still in this massive price discovery phase and

. >> and it relocated to black rock city, nevada, a destination and outlet for tens of thousands of burnersho embraced the community. >> i met this young lady in 2001 and married her six days later and we've been married now it will be 17 years. >> this story and so many others being shared at saturday night's celebration of life and harvey's legacy. in true burning man fashion burners are added and will be ignited. >> i think he's a indication study for what it means to be a human being. >> tipping their hat to the man with the hat. >> he would hate having this mungs attention lauded on him but we're doing it anyway because he's not here to complain about it. but it's important for us to recognize as a group, as a community what he did for >> a suspicious package led to the evacuation of los angeles's famous griffeth observatory this afternoon. a park ranger found the item near the building and called police. visitors and hikers were evacuated. the bomb squad spahned and determined there was nothing harmful. today was the first day the observatory was opened, since it was closed by awildfi

emily: you have folks like black rock saying tech is not as overvalued as it looks.he consensus? >> there are two camps. some folks look at the p/e ratios. ratio of 250.p/e amazon is to 70. blackrock pointed out these companies if you look at them in the right way aren't as overvalued as you might think. we have a chart that illustrates this point. and how theys relate to the p/e ratio for the s&p 500 as a whole, and what you're looking at on the screen is the gap between the p/e ratios for the s&p 500 tech stocks versus the s&p 500 as a whole. it is showing you it is well below historical averages, where we were during the tail end of the tech bubble. basically his argument is that these stocks are not as overvalued and he thinks they because thebuy growth story is stronger than what you're seeing from the non-tech side of this market. emily: i have to ask about facebook. not much of a dent from the controversy and data scandals. where we see that this quarter? >> it is difficult. you will see instagram growing rapidly. if you subtract instagram from core revenues,

we welcome an expert on lng, jim barry, black rock global had a real assets.better day to have you here. >> to contradict the president? david: just tell the truth. if angela merkel wakes up and says forget about this pipeline into russia. i'm going to buy it from the u.s. what would be involved? billions of dollars of investment, 10 years to make it happen. security has driven european energy policy for the last 20 years. 2009, russia reduced gas thisies to the ukraine but has shaped european policy. more thanare driving anything else is a diversification of sources. i think there will be significant quantities of u.s. natural gas transported into your over time. david: so will they be investing those billions of dollars? >> no question you'll see on the back of this shale gas dynamic, it has turned the industry on its head. export facilities in the u.s. will begin to export into europe and you'll see new import facilities built. alix: perfect segue because you just raised a $1.5 billion energy infrastructure fund. where would he want to put that money, europ

black rocks larry fink's says tariffs may hurt the u.s. economy.r warning about the dangers of the trade war. >> president

a black rock manager is saying for,oks pretty cheap, but and influential magazine in the financial sector, is saying if the trade war's continue to heat up come a guess what might take place of gold and benefits? bitcoin. a pretty big fall from grace, if you will, but the issue with bitcoin is there is increasing talk of an etf, and exchange traded fund that would trade like a stock, and that has bitcoin enthusiast very pumped up, and that may explain some of the rise in the cryptocurrency as well. at&t going the other way, after-hours down by a little more than 1% right now. it's revenue missed and revised its forecast. what are the details here? reports is their first since the merger got the big go ahead. couple of interesting marks, changing time warner now to war and media. warner media. we did see a tumble in the stoxx, down more than 2.5, so it has reduced its losses. big picture, you can see the pressure at&t has been under. they managed to reduce some of the pay-tv unit losses and that explains what was behind the time warner burger. -- the time warner merger. see how that plays

black rock is taking a closer look at block chain and cryptocurrency.sking what this means for upstarts like bitcoin. crocs growing up, getting a high heel and a high price tag. back in a minute. ♪ let the sun shine in. ♪ this is no ordinary coffee. it's single-origin kenyan coffee from the nyeri highlands, 6,000 feet above sea level. but how do you really know that the beans journeyed to the port of mombasa and across the pacific? that you can trust they're 100% authentic? ibm blockchain. a smart way to track every step, ensuring this coffee did indeed come from 6,000 feet above sea level. and not a foot lower. ♪ ♪ maria: welcome back. a manhunt is under way in north carolina this morning after a sheriff's deputy is shot during a traffic stop. cheryl casone has the details. cheryl: the deputy is out of surgery after he was wounded on sunday night. the sheriff's office says the suspect took off from the scene after shooting the deputy just below his bulletproof vest. investigators are not releasing a motive for that shooting at this time. meanwhile, som

grant thornton and the black rock chief income strategist, that's at 2:00 p.m. in new york.his is bloomberg. ♪ retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. ♪ markets open in just about 90 minutes in sydney. futures looking positive, 0.3% higher in the sydney opener. u.s. stocks rallying, tech lightg a comeback, a shining through. haidi: definitely -- some relieftely there. you are watching daybreak australia. let's get the first word news. forecast sales that would top estimates. continuing demand for iphones and wearable devices. it expects fourth-quarter revenue to be as much as $62 billion. analysts had been looking at $59 billion. the stock gained more than 10% this year. apple is moving cl

. >> reporter: and it relocated to black rock city, nevada, a destination and outlet for tens of in the course of burners who embraced this community, cultivated by harvey. for brett roncelli, this lifestyle led to love. >> i met young lady in 2001 and married her six days later. we've been married now 17 years when we go out. >> reporter: this story and so many others being shared at saturday night's celebration of life and harvey's legacy. and in true burning man fashion, burners added to this altar, which will be ignited in late august. >> i think of larry harvey as a case study for what it means to be a human being. >> reporter: many saturday tipping their hat to the man with the hat. >> he would hate to have this much attention given to him and lauded on him. but we are doing it anyway, because he's not here to complain about it. but also it's really important for us to recognize as a group, as a community, what he did for us. >> reporter: at the castro theater, abc 7 news. >> burning man officials say there will be no fences around major burns this year. this follows the death of

i have to leave it there thank you very much for joining us michael krauts berger at black rock and sam, we leave you as wechlt sam lowe from the center for the center for european reform. >>> some corporate news. bp is leaving the battle to buy the american shale oil and gas assets according to multiple reports. the british oil major submitted an offer in excess of $10 billion. they added that a deal hasn't yet be reached and could take weeks. bp and bhp haven't commented on the reports. chevron and shell are among the others as well >>> air france has reported a 3.7% annual rise in june's passenger traffic carrying 9.3 million passengers, which has sent shares higher the load factor rose to 89.3% up from 87.7% last year air france is battling the disruption caused by strikes and uncertainty over its management structure. >>> nissan has announced that results from its exhaust emissions deviated from the testing environment. inspection reports were based on altered measurements the nissan news is weighing on shares in its partner renault. >>> from nato summit, it's a big week. >> if you

joining us the head of china equities for the fundamental equity group at black rock glad to have youthank you, good to be here. >> before the break we showed the significant outperformance of the u.s. market versus the chinese market the chinese market is down 12% at the same time, the u.s. market is up more than 2, perhaps 4%, depending on which average you look at. is that because of trade tensions or is that something else? >> i think it's really a combination of two things. in reality, the on the ground fundamentals for the economy are still fairly rebust we saw 6.7 gdp growth posted in the second quarter looking forward people are worried not only the uncertainties related to the trade situation but also very importantly there is this concern that the policy makers might overtighten into an uncertain export environment because of the financial and corporate deleveraging agenda that the policy makers have put forth. i think it's those two concerns compounded together that hit the asia market particularly hard in the last months. >> to be clear you are talking about the policy mak

more expected today on tap black rock, bank of america, this hour we'll bring you the numbers and reactionlus, amazon kicking off its prime day holiday. it's expected to generate $3.5 billion in sales we'll tell you why sam zamazon's competitors may be the biggest winners. july 16th, already 2018 half of this month is gone "squawk box" begins right now. >> announcer: live from new york where business never sleeps, this is "squawk box. >>> good morning everybody welcome to "squawk box" on cnbc. we're live from times square i'm becky quick with andrew ross sorkin here to cover this historic meeting with president trump, we have nicholas burns, former u.s. ambassador to nato, and fred kemp, the ceo and -- thank you for being here today. >> we'll talk about the summit in a moment. but first, vladimir putin just arriving in helsinki president trump is set to arrive shortly. later this hour, they'll begin a summit that is expected to last 90 minutes we'll bring you more as it

there is an opportunity to chase the black rocks. alix: let's talk about money.t to put a cap on how much money you make to invest in their private wealth management. we do not want to limit ourselves. that is different from what we have heard. this comes from the head of global wealth management. heard from others is that they are moving that floor up to $3 billion, $5 million. they want to have enough capacity. they haveews for ubs, a lot of capacity. they are the biggest wealth manager. it is interesting to see them want to scale. i also love the idea that $2 million can become $2 billion overnight. i'm not sure that happens overnight. >> look at china. asia, where in there is not a lot of transparency. ubs is one of the strongest players around the world. that theyis story is were saying this is a play for offshore assets, assets that have moved out of china but eventually onshore assets. we are seeing banks and wealth managers trying to get a foothold in china with their own products. >> this banker did make an example, this is not made up. they did have a c

i've spoken before about what i consider to be the untrustworthiness of exxon's response to the black rock shareholder resolution which required exxon to report the predicted effect of climate policies on exxon's business model. as nations enact carbon emission restrictions, fossil fuel reserves now claimed as assets by energy companies may become undeveloppable, stranded assets. well, in a nutshell, exxon seems to have wildly -- indeed, so wildly you can only conclude deliberately overestimated the adoption of carbon-capture utilization and storage, wildly underestimated the adoption of electric vehicles, and wildly underestimated renewable energy growth, all to reach its rosy conclusions that its assets were more or less secure. and on the subject of trustworthiness, right now big oil companies are still being untrustworthy, telling the world that they want a price on carbon while statement telling their political fixers here in congress to kill any such thing. who knows how much they push around their analysts and others who are curious about a carbon bubble. what we know is that trusti

furthermore, the ceo of black rock, larry fink, in an ,nterview with erik schatzker says he also seese inversion of the yield curve this year, although he is not so convinced that it's going to be a harbinger of recession. he says that there are other things that are flattening it. this is something we know in the past, yvonne, we have seen the curve invert. the red bars are recession. you'll a nice white curve that gets smaller and smaller and smaller. when it gets negative, you see the red bars appear. look where we are. 25 basis points behind the 2-year note and the 10-year note yield. this is definitely a concern. one more thing that's interesting from that interview, yvonne, larry think was really concerned about tariff war's. in fact, he said that not only would more china terrace end up hurting the u.s. economy -- t ariffs and up hurting the u.s. economy, but they could go down 15%. if this goes on and on, more and more people are worried about it. coming back to jay powell, i think it will be difficult for him to not give more specific that he has. there has been this view tha

lisa: i wonder how much this is directly aimed at competing with flat rock -- black rock their platformmilar to charles river and has been successful. how is this a direct strategy to compete better with blackrock? ron: i would describe the strategy as more of responding to what our clients are asking of us. so we serve in the back office and their middle office. our clients, who are big asset managers and owners like sovereign wealth funds, they are looking for a front to back solution. the reality is very few of them have that today. willin is one provider, we be another, but the real competition is actually what exists today within the asset manager of consolidating all of that the getty that they have in place. for us, this will fit alongside aladdin. we as a custodian have many share clients with a latin, and our information platform is intended to support both. julie: how much overlap do you have with client in charles river at this point? are you hoping to bring in new client that are clients of charles river, are are you hoping -- or are you hoping to expand the services you are

growth really is, and for goldman and the other firms, they were a little left behind behind the black rockss. jason: i was reading this and scratching my head a little bit, so i turned to none other than lisa abramowicz to help me understand this. [laughter] jason: she captured it very well in a tweet earlier where she distilled it all down. i'm turning to you for th is. blackrock and others using etf's the way they want to use the balance sheet, facilitating really big trades without taking on a huge amount of risk. they are basically saying the clients sure, we can trade your $20 billion of whatever or $1 billion or $5 billion, which might be harder to do in straight bonds in over-the-counter markets. we will just use the etf to do it. jason: and i do think -- you know this better than anyone, scarlet -- it does speak to the importance of the market in etf's and the new and clever ways -- this is wall street, after all -- that people are using to get into this business and leverage, literally and figuratively, the etf markets in this active versus passive world we are living in. scarlet:

fidelity investments they do some income products but they're also stock there black rock, very much the etf play here, 4.5% there. that's the institutional side of things if you take a look at some of these other etfs that might own them as well we also talk about the qqq. that particular index is made up of facebook shares and that stock is taking a big hitbuse of it. you take a look at another one, that particular xlk has around 8% waiting in facebook shares and one, the vanguard communications services etf, that particular etf you can see here has around 1% waiting as well as we talk about some of the major change fund, many of them hold facebook, it might pay to go take a look and see whether those holdings include some of those big names of facebook especially in light of amazon earnings after today's close >> thank you very much for that. only goes to show how resilient the border markets have been >>> shares, though, of wwe are up more than 280% in the last 12 months we'll talk to the company's copresident what's driving that coming up next >>> and after the bell we've got a

. >> reporter: his property like so many others is now covered with black hardened rock, and it's unclearf the state will ever allow them to rebuild. so for hundreds of people here their futures are still uncertain. even once this crisis is over. >>> there is outrage from some victims of last year's las vegas massacre. mgm, which owns the site of the shooting, is actually suing the victims. how is this possible? jericka duncan has the story. >> my first thoughts were we're probably going to die. >> reporter: nine months after the las vegas shooting lisa fine's physical injuries have healed, but her emotional and psychological wounds have not. the hooting last october, fine says mgm's latest legal maneuver makes her feel sick to her stomach. >> feels like bullets are flying at my head right now. >> reporter: in two federal lawsuits filed against hundreds of shooting victims last week mgm says it cannot be held liable for deaths, injuries, or other damages arising from the shooting. it cites the safety act. the law encourages security firms to develop new anti-terrorism measures. in exchang

it has taken thousands of years to form this beauty rock drawing show that black africans once lived here and that there were cattle elephants and giraffes as well . but the desert long ago drove them further and further south. water courses long dry can still be made out. in a deep gorge on the skirts of the air mountains is a small remnant of water. and here water even flowed a short while ago. the desert fox has to live on something. but what does a herd of goats live on in these parts even goats can eat the greenery growing here . the a card she has had been it will bear as far as the goats can reach. just. the two i rake strips off the rest of the leaves on the tree. there are not many a conscious left that can still be denuded in this way for the process kills off the trees sooner or later. neither the animals nor their keepers will be able to live here much longer all of the neighbors have already left. before long those who still remain will have sold the last of their livestock and laid out their read matz on the outskirts of the town they too will lead the sorry life of tho

you can see they're just below that $42 level now the fund management team at black rock which managedhey're still focused on chinese stocks, they say really this is largely a negotiating tactic side of things nonetheless, traders will be watching certain big chinese names, like allibabalibaba, j.d they're seen -- michelle certainly ones to watch, just given the trade tensions >> it really seems like chinese stocks have gotten hit much harder on these trade fears and u.s. stocks. >> it's the valuation things too. theon is down 3.7% versus the dollar in a couple of weeks. albie b allibaba is down 7% it's ultrasensitive of trade, currency and the whole kit and c kaboodle >> you wonder if it emboldens the u.s. saying we can handle a lot more than they can handle. and it gives them just that much more strength to stick with this stuff? >> i think clearly they're emboldened >> here's what's happening at this hour, secretary of state mike pompeo departing joint base andrews for pyongyang, his first visit there since last month's summit in singapore, he is due to stop in anchorage on his way,

president trump is set to dine with prime minister theresa other business leaders from companies like black rockinner, what is on the menu, scottish salmon, beef and strawberries, and, quite a rich finish, clotted cream ice cream. that will be on the menu. and on the menu for discussion will likely be right that as as the trade, relationship between theresa may and donald trump has been strained at times. and if they want to add to that, they can talk about russia as well. julie: to throw some strawberries on your clotted cream. we are joined by our reporter from london, who is not where the president is arriving, because he is being kept separate from those protesters. maria, what kind of representation is there and what kind of people are awaiting the president, and what message are they trying to send to him? maria: that's right. we have seen president donald trump inc. helicoptered in and out of the premises you see behind me. this is where he will spend his first night in london, but it is also the focus point of an anti-trump protest we have seen now for about two hours. close to 200 peopl

we had an important interview with laurence fink of black rock.s the yield curve. >> i think we will see the version of the yield curve this year. >> i don't believe it means we are going into recession. one of the themes out there and people are on consensus with, we are having thernational relations with helsinki summit. with us is jane foley and charles from ts lombardi. she has got three phones on her ear, trying not to lose money. let me bring up your right now. economics, the film rights have been sold. get to this in just a moment. let's get to larry fink. how do you yield curve analysis into the foreign-exchange analysis? jane: i think over the last couple of years, it's been confusing with respect to the dollar. , spreadshe yield curve were in favor of the dollar and the dollar didn't move. why is it happening this year? there are a couple of factors there. was in emerging markets. that has reversed. people are coming out of emerging markets, they could go to the swiss bank or the dollar. you've got rising interest rates and the economy i

>> nobody talks about it the black rock pnc >> i slammed the heck out of them that last quarter. >> right. >> jim, thank you for sticking around with us. >> i'm not going no, i am going elise will kill me, i got to start gardening too. it i have to go home and start weeding. >> start weeding >> i love weeding. >> do you really enjoy weeding >>those pictures you send out on twitter are amazing. >> i studied with dalai lama >> you have a great time gardening, my friend. >> thank you zplp and a great weekend >> and don't miss "mad money," 6:00 p.m. eastern, he'll be back from the garden with a lot to talk about i have a feeling he'll be heading to the bank with mix performance. >> i got to say, sometimes stock lie, people lie, sometimes stock lie. >> jim cramer, everybody >>> coming up next, he's been ranked the number one analyst in the all america analysts research list for more than a decade ed hyman when we come back with more "squawk on the street" after this so lionel, what does being able to trade 24/5 mean to you? well, it means i can trade after the market closes. it's true. so all.

here at westminster, rupert harrison of black rock.like no other. what is happening right now? are we expecting more resignations? does the tory party break apart? predictions in the short-term have to be taken with a grain of salt. the guide to what is going to happen is lyndon baines johnson's first rule of politics , which is you have to count. at the moment, theresa may have the numbers. there are probably enough numbers to challenge her, but she has the numbers to win that challenge and stay in place. for the moment that is a stabilizing factor. francine: they say she is untouchable for 12 months. once you are challenged in a year, you can't be challenge for another year. they don't want to mount a challenge that then fails. i think they are going to bide their time and see another opportunity to change their policy. francine: and the pound is not moving. guest: it is interesting. this is happening at the same time as people see a general move towards a softer brexit, and i think the u.k. political system realizing that no deal is

tom: you do fundamental research at black rock. fundamentally, it is about the government.ngdom within austerity? do you have to look at your bond prism thinking of austerity? austerity has reduced significantly. as you see the government we can -- weaken. sayink it is also fair to that they are still in authority mode but it is much weaker. tom: very good. marilyn watson -- watson with us from blackrock. radio,up, on bloomberg bloomberg daybreak -- from london, this is bloomberg. ♪ francine: this is "bloomberg surveillance" from london this week. is joining usly as we follow the president of the u.s. to helsinki on monday. risks of thee global trade war. thepoke exclusively to official on the sidelines. >> what is important to us is global confidence. we start with skirmishes and with nato.shes a full-fledged war would be bad for business confidence. the backdrop is a very strong europe. a strong eurozone. meaning that so far what we have seen has the potential to derail the recovery. can the ecb sit back and watch this trade war happening? we never sit back and watch. we

phil, thank you for bringing us that interview while you were speaking, black rock reporting their earnings. >> 666 for the second quarter. >> 666 >> beating them by 11 cents. devilish on the upside the result helped by growth and fees and larger profit margins as well as lower tax rates of course, there's long been questions about whether you can not only increase the margins but hold the margins on this business boy, have they held up when we come back, a lot more to talk about president trump set to meet with vladimir putin in finland this morning. we'll continue to monitor the summit not calling it a summit. calling it a meeting depending on your nomenclature. >> we'll bring you highlight as they happen. >>> amazon kicking off their prime day. get ready to click there's a big sale coming up as we head to a break, a look at the winners and losers let's get started. show of hands. who wants customizable options chains? ones that make it fast and easy to analyze and take action? how about some of the lowest options fees? are you raising your hand? good then it's time for power e*trade the

black rock has been one of the main -- maria: auto sector you'll be able to own 100%. >> that's by 2022 change their mind by then. also in the financial services side, we're seeing -- maria: you have a dictator for life. >> the fact that we're talking about this, i think this trade war, if you will, is kind of working out because the fact they're even at the table giving in to some things is a win. maria: this is a result of the trump administration. >> you've seen the capital reserve requirements are extremely high. it's not really panning out. we're not seeing them go over there. gerri: if you're expecting this to happen tomorrow and you know how upset drum is with harley, for moving jobs offshore, it will take a long time. two years before the factory's up and running, another two to three before they have production at a rate of 500,000 cars and they employ right now 40,000 people in california. so not clear, they haven't said how many people they'll employ in china. if this goes forward and happens, i'd point out that sometimes this stuff elon musk says doesn't come true. maria: th

black rock is the world's biggest asset manager they manager just over 6 trillion dollars. well, they produce better profit, but they struggled a bit with etf exchange traded funds that track are the market and that stock opened down $5 that's about 1%. do we have art with us still? yes still there -- >> i am. i want to put some numbers on it because i said when the president cool back, i believe arrives back in america tonight, he's going to be looking at a 4% growth rate for the economy. is that accurate? 4%? >> i think it is. those were all of the early signs that you see coming out. i mean, the economy has been doing very, very nicely. i am hoping that it will do even better in the future. and we have a long way to go to offset the 8, 16 years of w in obama but we're on that trajectory and i'm very pleased with the way things are are going on economy and very pleased with the deregulation, the tax bill with the monetary policy, was all of that going along very well, and i expect a lot better to happen over the the future. >> with, when you say a lot better. okay if we g