all of this from one blackrock.that thisnly is not what the mineral council of australia was hoping for what it has been labeled as a spectacular publicity fail. japan's benchmark index going to get two new members dna seiko willcho -- has join. to make sure it has the right balance of industries. dna has been riding high. they bet the stock will jump almost 50% over the next 12 months. seiko's addition is showing how shinzo abe's efforts are proving to be true. the traditional employment model breaks down. it is up and around 4000% and commercialhis tv features a superstar girl band, nonregular employees make up one third of the japanese workforce while rising many prophets has seen demand be the highest in 23 years. a declining market. i can to you now with the dip corporation down just under 2%. robotics engineer in the u.s. military. artificial intelligence. it will also establish joint research center at stanford and m.i.t.. they are exploiting improvement in road safety. vehicles to invest in that can navigate

joe: joining us to discuss that is peter fisher from blackrock. thank you for joining us. what do you make of the market action since that? peter: the important thing the fed said was what they are likely to do in the future but unfortunately it was murky. rightlyllen has been trying to get us focused on the expected path of interest rates, but she has backed yourself into a corner where what matters most is when they start. i think they have gotten a bit tangled in their own medications strategy. scarlet: is the fed to sensitive to swings in commodities and currency prices? peter: monetary policy matters. interest rates are a big influence on asset prices but they run the risk of making it look like they are fine-tuning things with respect to markets, so that is another whole she may be stuck in. joe: what about the market expectations of inflation? janet yellen cited them but in the san francisco fed said market expectations don't have any predictive power at all. should the fed be looking at breakeven's? they: that's one thing look at. they don't have an impact because

. >> knows two words has blackrock banging the table on one group of beaten-down stocks.e wavelike motion... ahhh- ahhhhhh. liberate your spine... ahhh-ahhhhhh......aflac! and reach, toes blossoming... not that great at yoga. yeah, but when i slipped a disk he paid my claim in just one day. ahh! so he had your back? yep. in just one day, we approve and pay. one day pay, only from aflac. [duck snoring] >>> welcome back to "fast money." time for today's buzz kill. apple down 2.5%. you made the point janet yellen is concerned about china. tim cook is not. >> not so bothered. tim cook is talking about a bigger theme talking about this emerging middle class in china. here's the only point i would make about apple. we saw the stock turn down before the market did. now the stock is very closely tied to the performance we know they've been growing year over year in china between 70% and 120%. the last thing investors are going to want to see is any hiccup especially after cook put himself out there. >> i completely agree. i would say apple, i said it was dead money the past coupl

blackrock -- so a lot of it is being concentrated in the big majors, halliburton, exxon mobil, shell, et cetera. how is that next influx of private capital going to come to fuel shale 2.0? how does it get kick started when it's all just big as the? >> i'm not sure it's true it's all enhanced by the big guys. there's a lot of midsize players which are seeing significant capital support from congress much more than blackrock. the trigger is a complicated. as prices rebound slightly which is normal as there's a slowdown in the production growth, it's very easy to turn the frog feels back on. a much high velocity as we discovered on the gas site. as you will know when gas prices collapsed google operating and production costs, everybody pulled about it as soon as prices recovered modestly, people rushing because they can make so much money. the oil fields now and she'll have that characteristic. the velocity of production is civil because you to build million dollar projects, single decisions and exxon, very long cycle. now which of the sort of like a fast throttle, prices go up a little

i just say that the blackrock folks have come on our air and larry fink have satisfied along with rick reider and said they think the fed should have raised rates as well. i want to make sure that point is out there and clearly known. we talked about a number of stocks as well as his overall market view as far as apple which he claims is undervalued, is thinking about more. then we got into some newer positions in energy, commodities, the miner freepo freeport-mcmoran when i ask what he see this is a stock like this that has been beaten down? >> you have to have a certain temperament for that, which i do over the years developed, where you're willing to buy things when they're down like this, like a freeport, like a commodity company, and be willing to go in and take this as a golden opportunity to buy them because i do believe in three or four years looking ahead, i know i'm getting hold but this is what i've done all my life, buy them when nobody wants them, when they're throwing them on the fire, and then put them away and don't worry that they go lower. in fact, be happy they go lo

." >> i'm going to keep the green positive theme going at least for right now with shares of blackrock up by over 2%. credit suisse analysts are upgrading the asset manager to outperform from a prior neutral weighting. a nice run-up today for blackrock. >>> stocks at session highs, mary thompson at the nyse, bertha coombs over at nasdaq. mary, let's start with you. are you prepared for the whoopen my uva cavaliers are going to put on the irish on saturday in charlottesville? >> they're shaking in their boots in south bend, tyler. yeah, should be an interesting game. my irish looked pretty good last saturday against texas. the texas team wasn't looking so good. >> not so much. >> we'll be watching of course on saturday. right now the dow is very close to actually at its highs of the session just crossing that 16,400 mark. we've seen about a 30, 40-point rally in just the past ten minutes or so. we've seen today a kind of continuation of light volume trading and today on slightly narrower range, about 180 points or so for the dow jones industrial average. markets are little shaky at the

blackrock, and state street. >>> go pro taking a hit today. it's currently sitting at $32 and change because of competition from apple and sony. go pro stock is down 50% so far this year and down 8% just today. starwood way point which owns thousands of single-family rentals is buying rival colony american homes for $1.5 billion in stock. and lennar is moving higher -- actually moving lower right now, down by 1%. the number two home builder beating earnings estimate selling more homes at higher prices. the stock is up almost 20% this year. but right now it's moved to the downside. tyler? >> sticking with housing, new data out showing home sales dropping more than expected. what's behind this little dip? diana olick joins us from washington. hi, di. >> hi, ty. it was actually bigger than usual dip. august sales dipped well below expectations and even below the normal monthly moves. total sales down 4.8% month to month led by much steeper drops in the south and west. those are the regions where home prices have jumped the most. the median sale p

i am pleased to say we can bring in cameron who is with the blackrock. great to have you with us. mario draghi, we've gone from qe two more qe talk. on the plus side, the euro towards 179 but we are closer to parity now than last year. what is the big red flashing light? ron: it was always noise about china, i think whether or not this year's inflation is -- and they do make it to the oil price they will say that is fair. they will change the 2017 forecast which at one went eight is the lowest 2% target in any case. if you are thinking about an extension of qe be on next year you have to link into stuff like that. markets have gone from complacency to near panic. was a justified -- it's a justified? cameron: it is like holding a beach ball underwater. it bounces pretty high. you have a. of very low volatility. corporate bond spread start to widen. leverage is becoming a little bit more disruptive. that said, i don't think you can explain the degree of volatility without asking questions about equity market structure. had big swings in the bond market with a big drop in treasury yi

i bumped into blackrock this morning.of 2013.reminds everyone was building up to this -- they held off until december. emerging markets carried off trending lower. barked was inever this balance sheet issue. is it that going to happen this time around? didn't in2013 -- it 2013. iscolm: the external debt the thing that worries us the most. -- one thing i would say investors are far better prepared for a fed rate hike then they have been for a long time. if we look at how investors are they ared to emerge -- already underway. they have been ready for this bad news. when you look at prices. e.m. currency has sold off significantly. and has been for several years. the point about investors is ok. the court balance sheet is prepared for what may come -- the corporate balance sheet is prepared for what may come? michael: i think it depends on how well the dollar is priced. it is not about the first move. it is about how far the rate will go up. drawsd titans and it capitalists out of the markets. tightening tod is a mixed econo

there are players that are seeing significant support from companies much smaller than blackrock. prices rebounded slightly which is normal. i slowed down in the production growth. it is very easy to turn the back on. they have a higher velocity on the gas died. when gas prices collapsed with costs and everybody pulled back. -- on the gas side. people rushed in book is a make so much money. profoundly different characteristic that what people have been accustomed to for the last 30 or 40 years where the velocity is so low you have to build billion-dollar projects. cycle.ng now what you have is sort of a fast throttle, prices go up a little. if i can make my money in six months of production, which you can easily do, you really do not care if price collapse two years out. you go back in and make back three times that money and price boom, i, back up of an am in. i think is scarce the saudi's and russians. the saudi's and russians. fascinating. >> hey, mark. congrats on a fine paper that is having a profound impact on how people think about energy. my question is following on what g

. >> should you list your current private equity investors like blackrock, may make an exit.s that a fair assumption? >> i think that is a decision they have to take. my sense is most of them do invest in private deals so they get an opportunity to buy more when they go public because they know the company well and know the management well and trust the management and trust governance of the management. those are independent fund decisions they have to make. these large investors would want to buy more rather than sell. >> your success would probably encourage more e commerce companies in india. what kind of competition do you see? how do you stay competitive in such a competitive environment? >> that is an excellent question. that is what keeps me up at night. every technology business eventually is going to become funct pment how long does it take? it is important to be investing ahead in areas which we feel are stronker areas of growth. you're looking at market consumption baskets. we are really investing heavily, well in advance over the market so that when the market is

blackrock's global chief investment strategist will join us to discuss whether the sell-off could get worse when china's markets open next week or whether this is actually a clear buying opportunity. this is a cnbc exclusive coming up. >> as we get ready for this holiday weekend, an energy expert says gas prices going below $2 a gallon. >> there is a big conference this weekend that could shape up biotech stocks. which names could be impacted. >> are people upset with the jobs number this morning? >> the problem is it was inconclusive. there are several sectors that have people a little concerned going into the close here. goldman down 5%, down better than 7%, 8% on the week. financials in general are weak. another sector, a little bit of concern here. you mentioned biotech are weak. pfizer down almost 2%. keep an eye on big pharma. we were very weak in japan overnight. weak going into the jobs report. the jobs report data is inconclusive. china's open on monday, the u.s. is closed. i think a lot of buyers are saying, i'll just sit it out. there is a small buy imbalance indicating thi

he says you should be owning chipotle, dollar tree, pepsi, blackrock, google.f the fed raises rates. what you should not be owning, because they have a lot of floating rate that, ebay, metlife, coca-cola, g.m. -- the list goes on. would you agree? nick: the fed book in this cycle is established, you want to own growth stocks. the signal is that the fed has confidence in the economy, filtering from revenue growth to earnings growth. on the flipside, you don't want to own cyclical stocks. they want to put a damper on the economy over time. those value cyclical stocks do not tend to do as well. a very well established playbook. scarlet: when you look at companies overall have we reached a point where companies have peaked? i know that you included the operating margin in your assessment. down from 9.9% in the first half of last year. it has been worrisome, frankly, the decline for not just one year, but two years. the peak was in 2013, that has put a real cap on earnings growth as well. we did not seek earnings growth in q1 or q2. we are really banking on q4, in o

blackrock's head of beautiful bonds -- head of municipal bonds peter hayes joins me along with kate smiths have written about how the interest rates would be beneficial to bonds overall. we are not there yet. at the same time, you are seeing a push by some municipalities to raise money while they can. tell us what this state of demand is. >> it has been a bit mixed, i would say it started out strong but it has weakened. i think it is partially low interest rates in general. it is the low level of rates, the lack of interest. oflso think it is the fear rising rates, people on the sidelines with cash. short duration bonds, waiting for the time for a screwup when rates were higher, 10 year treasuries at four percent or 5%. i think that added to the we could di -- weaker demand. i think it's more about interest rates. scarlet: when you talk to investors, what is the picture they are painting for you? kate: this year will likely be a record breaking year for issuance. bank of america, merrill lynch projected at $425 billion which is record-breaking. you're seeing even though demand my below ar

economist at jp morgan chase, and paul, senior managing portfolio at blackrock. good morning.day but the jobs number friday? is it enough to -- you know where i'm going with this -- the f word, push the fed into action. >> last three months, we averaged 225,000 jobs a month. we think it'll be similar this month, consensus at 200,000. i think either number probably wouldn't be enough to get them do go at the late october meeting. they have shown some hesitancy to move without scheduled press conferences, but they are on track to lift off in september. >> we say it's the all-important jobs number -- >> it is. >> the market has not moved on three years on the all-important jobs number. still, the economy's where it is from an up employment perspective because of the fed. does it matter as much as it used to? is inflation now the story? deflation? >> you're not going to learn about inflation between now and december. you know you have a lot of pass through through lower import prices in the system, and so what yellen said, at least, you know, what she said two weeks ago, was that

she's on the blackrock board. on the board of a major money management firm.f she leaves that board, you can see her money guys really worry about the e-mail stuff. they're not there yet. neil: thank you, buddy. appreciate it. charlie gasparino. while the people are nervous about the federal reserve possibly hiking interest rates as soon as this week they have a funny way of showing it. the dow at session highs. but next guest says whether they hike or not and whether it's this week or december, you're going need a good bit of drugs. ♪ hi, tom. how's the college visit? does it make the short list? yeah, i'm afraid so. it's okay. this is what we've been planning for. knowing our clients personally is why edward jones is the big company that doesn't act that way. if you can't put a feeling into words, why try? philips sonicare leaves your mouth with a level of clean like you've never felt before, making it the most loved electric toothbrush brand by americans and their dentists. innovation and you. philips sonicare. technology empowers us it pushes us to go furt

cnbc also learned that the blackrock ceo was recently invited to join a discussion on the volatility that's been rallying the chinese markets. our sources say that mr. fink travelled to china in late august to meet with officials and he was in hong kong for half a day as well before journey over to the mainland. but let's tell you about china and the market dynamics feeling the ripple effects in the rest of the world. joining us here in london, fred newman, hsbc, i think they brought you in on my day one to make me feel more at home. >> i flew in specific for this event. why not be here. >> i feel the love, fred. >> broadcasting globally. >> yes. >> how much love do you feel for china right now? >> i give them the benefit of the doubt. they got a bit of a bad wrap. they're saying china is collapsing and they're going to join the currency wars. i don't think they are. they're trying to reform the regime and they're trying to stabilize things. we always said don't go out and do a massive stimulus. we don't want to see another asset bubble so they're doing it incrementally and they're t

with blackrock's rick reider and former fed president gary stern.ou're watching cnbc, first in business worldwide. we have pattern recognition technology on any chart, plus over 300 customizable studies to help you anticipate potential price movement. there's no way to predict that. for all the confidence you need. td ameritrade. you got this. announcer: babies who are talked to from the time they're born.. are more likely to have a successful future. talking and reading to children in their first years has a huge impact on what they do with the rest of their lives. the fewer words they hear, the greater their chances of dropping out of school and getting into trouble. talk. read. sing. your words have the power to shape their world. learn more at first5california.com/parents ♪ >>> welcome back. tomorrow is d-day. decision day for the federal reserve on whether or not to raise interest rates. jim grant is the editor of grant's interest rate observer and he joins me now exclusively. jim, are they going to do it? >> yes. >> you think they are. >> i th

i can tell you now that according to my sources,le chinese government invited blackrock chairman larry fink to discuss the situation there and he accepted and i'm told that mr. fink travelled to china in the last part of august and met with officials then. it's important news, because we've been sort of wondering who if anybody has been advising the chinese. they've been deemed by many people in the market as being incapable and inexperienced with dealing with the turmoil that's happening in the stock market and with the way that they've dealt with the devaluation of their currency. >> i wouldn't say they're incapable. i would say they've thrown the kitchen sink at it and perhaps some of the last bits that have worked more are because of the meetings that they've had with larry fink. don't know that for sure, but they've been willing to try just about everything. from the devaluation of currency to uting can stock loan rates to putting stocks on restricted lists and in other words, can't short lists. that's one of the worst things they can do i'm sure that's what mr. fink told them. i

rick rieder is blackrock's fixed inco income.y hall of fame. >> thanks for having me. >> you're here at a propitious time. we're all trying to figure out what the fed is doing next week. you're concerned that maybe they've held rates low too long. the longer this goes on, the more bubbles it can build. >> yeah. people talk of the fed tightening. we're starting at excessive. can the fed move? wenk they can move. we think they could have moved three, six months ago. you have a level today not only a 0% funds rate, you have below -- that's not the right level given where we're going. do we think they could go? arguably it should be -- >> says you got to be smoking something to think about raising rates here. he supposedly knows what's going on. how do you have so much completely opposite opinion? >> so it's hard to assess. i will say we're talking about historically low interest rates. when people talk about the world's going to come to an end if we get rates up, it's very important to think about people compare this to different cy

let's bring in the money men, we have jim rosenberg, blackrock chief investment strategist.ed income. brian bethune, and jim frischling, he's president of new oak capital. all three are here exclusively, and we bring in the traders, chris robinson from the cme, and come on in, john corpina's just been fixing orders, he's with me on the floor of the new york stock exchange. jeff rosenberg, to you first. i need to know right off the bat, do you expect an october move? >> you know, liz, i listened to the premise, i have to say i totally disagree. you know, let's not make this all about the fed and take the attention that we have just put on this last meeting and now put it into october. you missed the whole message. what she talked about, what was so important and why stocks are doing what they're doing yesterday at the end of the day and today is because she introduced international developments as the reason that they're spooked. so the market's not going to be focused on what the fed is doing, the market's going to be focused on those international developments, and that isn

months, resulting in the kinds of decisions to reallocate from pimco to western asset management or blackrock or j.p. morgan asset management. matt: time to take action at twitter. in the three months since the company started searching for a new ceo, the slot -- the stock has slid and several executives have left. theboard meeting to discuss results of a search they should have done before dick costolo actually left. erik: will dorsey have shaved for this meeting? matt: i don't believe he will have shaved. the twitter board wants a fully committed ceo. basically, they do not want jack dorsey running square and twitter. just because he is young and has a silicon valley beard, he cannot run two companies? sergio runs like 18 company successfully. been also paypal. the ceo ran both his misses without a problem. erik: converging views from the world's biggest mining companies. rio tinto says it is maintaining .n outlook reaffirming its forecast that -- a week ago, bhp billiton trimmed its forecast. demand is getting tricky to call. i think blazon berg probably nailed it. difficult to figure out

from blackrock. a strong dollar is hitting h&m's bottom line.reported its weakest quarterly profit growth in two years. >> thanks. so, this is actually even a little worse than expected. if you look at the numbers, what a lot of analysts were looking for was that third quarter gross margin. came in at 55.9% in line with estimates. but it is the weakest third quarter gross margin and 11 years. if we look at pretax profit that was amiss. analysts were expecting 7. krona.ome, 5.31 billion good means that h&m had its weakest quarterly profit growth in two years. it was not all bad news to the company still sees 400 net new stores this year. sales from september 1 two 22 -- to 22 did rise. inditex has seen its sales increase but also its gross margin increase. well, the answer is cost. the effect of a stronger dollar on costs. because h&m gets 80% of its products from asia where clothes are priced in dollars. inditex produces most of his close in southern europe. really, the share prices say at all. because if you look at h&m you today, that is down

there are players that are seeing significant support from companies much smaller than blackrock. prices rebounded slightly which is normal. i slowed down in the production growth. it is very easy to turn the back on. they have a higher velocity on the gas died. when gas prices collapsed with costs and everybody pulled back. -- on the gas side. people rushed in book is a make so much money. profoundly different characteristic that what people have been accustomed to for the last 30 or 40 years where the velocity is so low you have to build billion-dollar projects. cycle.ng now what you have is sort of a fast throttle, prices go up a little. if i can make my money in six months of production, which you can easily do, you really do not care if price collapse two years out. you go back in and make back three times that money and price boom, i, back up of an am in. i think is scarce the saudi's and russians. the saudi's and russians. fascinating. >> hey, mark. congrats on a fine paper that is having a profound impact on how people think about energy. my question is following on what g

the financial increase we added stuff like capital one and american express and even added some blackrockfind quality stocks down a lot. if i look at the portfolio, i got amex and capital one some is a consumer bet also. i think that's what i'm thinking. in terms of the big banks, jpmorgan they are rate sensitive. to me you have good earnings growth at a reasonable price. with buy backs, not a lot of currency exposure, strong dollar. i'm feeling more second cohn strubtive. the broader market expectations just being too low and sentiment being too low. there's a reasonable chance you're only three, four weeks away from using that phrase melt up on your program. >> simon has benghazied biotech. down 20% from the highs. would you be buying biotech? aren't he still in an environment of low growth where investors should be willing to pay up for companies that can post earnings growth? look apartment nike. >> health care has had one of our best bets. we went to neutral at the beginning of the year. three concerns. one very crowd. you look at morgan stanley's data shows high net exposure. two, v

millerowns 27% of sab and you also have noticed bank and blackrock involved.ltria portion is a left over from when philip morris spot miller brewery hoping they would get into consumer products. matt: they do have a wine is altria.all to you -- not only the holders are important for the stakeholders. there are joint ventures that have to be somehow unwound if the deal will be done. right.hat is exactly these companies have jb's all over the world. miller coors is the one probably you would be most a minor with which is coors and sab miller. it has been speculated i analysts and others that sab miller would probably have to exit that venture in order for this deal to get done. there are others on a smaller scale all over the world. this is just an enormous complex dealmaking and let's not forget enterap has not agreed to talks. there has been no proposal. all we know is that avi wants to make the offer. pimm: the life very much matt ,ampbell -- thank you very much matt campbell. sab miller combining with inbev. and was came up this morning and said coors would

. >>> key stocks to watch, blackrock substantially cut what had been a roughly 5% stake in bhp in thats an irregulatory filing. the stock fell sharply, obviously, in recent months, a miss these slumping commodity prices, and coca-cola announced a formation of a new national product supply system designed to streamline the production process for its bottlers. okay. let's turn back to the guest host, jack welch, and i know you and quite a bit of everyone in the country watched the first two debates, so you're ready, probably, prepared to talk about the issues that are covered. you know that cnbc is having a debate. >> are you a questioner? >> maybe the stuff beforehand, the two hours before hand. i don't know if there's an after too, is there an after? we are still deciding. we may need to consult with you. >> post game. >> a little post game joe. >> i don't know if there is a post game. we may -- you know what they do after super bowls, put on a new show, who knows what. you got all those eyeballs. jack, a lot of issues have been covered, but because it's cnbc, there's one that is alway

i wonder if you think this is such a controversial idea we'll see vanguard, blackrock, fi tellty comeu say shareholders are vocal, are they the top institutional shareholders or are these pension funds and labor groups that traditionally have had ideologies that support this? >> you're right. some shareholders will vote against the shareholders for the vote on september 22nd on philosophical grounds. having said that, we think there will be other shareholders who will vote no september 22nd. in fact, for the annual meeting vote last may against the governance committee, you did see some crossover, some investors who wouldn't normally vote no actually voted no. so, i think it will be a close vote september 22nd but it has the potential to be an epic vote. a watershed vote, september 22nd when the industry finally takes over the governance as opposed to having regulators step in there. >> is this -- >> this is a chance for markets to do their job as opposed to just regulators. by the way f they don't, it will invite more regulation. you've heard there from dan t turillo. >> steve, do yo

oom: thank you, gerard rodriguez from blackrock it is the movement.u pick up the alpha dime is called gamma. the bulldozer is called gamma and we see gamma. we have alpha, beta, and gamma. it is a greek "bloomberg surveillance." good morning. ♪ >> this is "bloomberg surveillance." tom: good morning, everyone. it is a cloudy new york city that greets the united nations. the carriages and the horses and the tourists and the many assembled for the united nations meeting. the comments of the president of the united states to the assembled at 10:00 a.m. at the united nations. they will be looking at commodities. that gives you some of the real gyration. our forex report. the best retail trading platform. 1.2025. showing a little bit of yen strength. the euro turning, dollar -- the euro churning, the dollar churning. what a great discussion this morning on mexican peso. dollar-you want, 6.3 -- dollar-yuan, 6.37. mike, we'll must have international relations -- we almost have international relations exhaustion. michael: the lady from seven investment in mana