sustainability is one of blackrock spire is in europe -- blackrock's priorities in europe.an opportunity is that? how big is that here? rachel: you have to think of it in two ways. one is as an asset class, and the other way of looking at it is, what are the things that go into sustainability? things like environmental factors, social governance, impacts that altogether get bundled up with sustainability, including inclusion and diversity. step back for a second and think, what is it that an asset manager does? we assess the risks in companies and make decisions in investing based on those risks. how could you not assess the risk around if a company is sustainable? does it have a social purpose, does it have good governance practices? does it pollute the environment? if you think about it in that way, it's also about helping portfolio managers and investors to come up with better ways of accessing and being able to predict -- assessing and "to predict the sustainable value -- being able to predict the sustainable value of the company. >> that new way is not being applied fo

i want to talk to about blackrock and about world growth in a second.irst, we focus on central banks. how has the outlook for central banks changed? are they turning dovish? philipp: good morning, great to be here. we are in this latest cycle phase where we have a synchronized slowdown there they are seeing this and responding, initially i being cautious in terms of any further normalization, or indeed in the case of europe, the beginning of normalization. the first stage of the response, and typically what they will do is watch the date and see how it involves and be careful, deliberate, and cautious. francine: is there a chance they missed the window to normalize and we see a downturn in the world economy? philipp: that is my biggest concern at the moment. they're still a good chance we have the slowdown now. it is late cycle, everything gets more complicated. it does not mean we cannot have a soft landing. the chances of a recession are very small this year, even into 2020. the challenge is to avoid a crisis, a policy mistake, or something else that

marilyn watson from blackrock will stick with us, kevin gaddis of raymond james.oming up, in the auction bloc the rally in emerging markets. they are continuing, fueling concerns that the market could be overheating. that conversation is coming up next. from new york, this is bloomberg. real yield. ♪ ♪ jonathan: i am jonathan ferro. this is "bloomberg, real yield." with the auction block, we go to europe and start with greece, returning to the market again. the country agreeing to sell $2.8 billion of 10 year bonds. less onto yield 3.9%, the initial target of about 4.13%. this is boosting demand in emerging markets. qatar returning to the market, raising $12 billion with its three-part offering and the gulf state attracting $50 million in demand as it took advantage of a u.s. interest rate. finally, in corporate dow , technologies tapping the investment grade market and selling $4.5 billion securities as 10 yeardebt, notes, priced to yield 2.7 percentage points. sticking with corporate credit, another warning come this time from the bank of international settlemen

joining us is richard from blackrock.al coordinated central-bank action and what that has done to volatility. we have dampened volatility on mixed currencies. theseu concerned that global coordinated central-bank actions have made all of us a bit too complacent? richard: we have seen the change in central-bank policy this year . it this decline in volatility not just in equities, but in all risk assets. followedseen that be by indications of dovish policy in europe and asia. , they took some pressure off the currency that led to the significant risk rally. in the near term, we think that where wean environment are unlikely to get any change in fed policy. but that policy will remain loose globally for some time to come. it creates a tailwind for markets. they can have broad exposure to risk assets. we have seen this decline in the vix, we have seen this decline in market fear broadly. look at central banks now, for example. the feds are priced to make no change. you think about what the risks are for that consensus, fed -

we just heard from the blackrock ceo, larry fink, talk about this turn dovish.ake a look at this. >> i would almost call this a goldilocks moment where it's not so bad, not so good. central-bank behaviors are probably more on the dovish side now from where they were in the fourth quarter, so i would say it is time for investors to be a .ittle more relaxed >> were policymakers a little too late in the game or were they just in time to address the slowdown? >> central bankers are really not there to provide forward backstop if you look at the markets. the current fed has been especially cognizant of being opportunistic and looking at the data very carefully to make sure that they do not tighten too much. in fact, if anything, it looks like there is a higher likelihood of some type of a cut at the end of this year, so i think that the central bankers are doing a relatively good job in the u.s. japan, the issue is they just do not have much ammunition and i think this is what has been driving the differential in the growth as well as in the rally in the dollar recen

taylor: kate moore of blackrock stays with us.ecutive of bmw, harald kruger. shares up about four and three quarters of a percent that they will miss profit guidance. this is bloomberg. ♪ ♪ riggs in newtaylor york with francine lacqua in london. tom keene taking a third day off. time now for our single best chart. let's fold this into kate moore's world. this euphoria we are seeing in the world, and the rally we have had, investors are not paying for protections. here is some of the protection investors are not willing to pay for, down to the lowest level since 2018. cash has beenrole playing in the portfolio and the pivot at a fixed income, people do not want to pay for protection. kate: investors have been fading the rally for the past 10 weeks. the massive value d rating we had -- the rating we had at the end of 2018, we were position for this year but no one was expecting a 12% to 13% rally in global equities in the first 10 weeks, and they are skeptical. has driven the market this year is a re-rating, not an upgrade of fundam

income among other areas, in blackrock's firm of almost $6 trillion of assets under management.ater on, minneapolis federal reserve president and ceo neel kashkari will be here as well. a big story for the market this is week was the inverted yield curve when short-term interest rates are higher than long-term interest rates. a couple of reasons why. the ten-year yield broke 2.4% this week. concern about global growth as well as trump's nominee for the federal board, steven moore, saying the fed should cut interest rates immediately. he thinks the fed should cut rates saying that the fed is sucking the oxygen out of the economy, and it's created an economically debilitating deflation, deflation shrinks the economy. the fed should reverse its disastrous rate hikes, writes steve moore. joining me now, rick reider: great to see you. >> thanks, maria. maria: i was trying to really make the case and explain to our audience how significant your portfolio is at 2 trillion in a firm that has almost clash 6 trillion in -- $6 trillion in assets under management. you watch this stuff reall

full disclosure, it was sponsored by blackrock.lso joining us is carolina wilson, who covers all things etf's for bloomberg news. andrew, great to see you. andrew: thanks for having me. scarlet: so eric just showed us the huge swings in sentiment when it comes to high-yield etf's. talk about the role institutions play in these junk bond etf's. andrew: yeah, well the flows that eric talked about very much align with some of the trends we identified in our ninth annual institutional study. at a product level, high-yield obviously offers diversified income stream from equities. it also offers higher than expected returns than a lot of areas of fixed income. -- fire expected returns than a -- higher expected returns than a lot of areas of fixed income. and why do you use an etf? well, it gives you quick access to the category, but it also offers diversification in a single trade. and that diversification is really important, right? what we heard -- one of the big themes of this year's research was around market or environmental turbule

with us is our guest from blackrock.ier. ,e are all trying to find it but can we find it in the character of this volatility, stocks, bonds, coupon, use of cash, blah blah blah, can we find the efficient frontier? >> you can come up it doesn't remain static. when issue coming back is will bonds provide a hedge. you think about the world -- tom: that is the theory. >> it worked well in the fourth quarter. it didn't work at all last february. will we see that negative correlation between stocks and bonds reemerge? tom: how do you allocate something like banks that did not participate last year? right now you have momentum in this and this. what do you have banks as a lead brick? underweight banks outside the u.s. we believe we are in the latter part of the cycle and will see the curve over time contract, eventually invert. this is not the best environment for banks. francine: what does that mean? attractiveare not and will become attractive and we will see consolidation? >> we will see consolidation in the small and mid-ca

we are back with rupert harrison of blackrock. joins usca ceo who after the drugmaker forged its biggest deal and more than a decade. we will have plenty more on that. this is bloomberg. ♪ viviana: this is bloomberg "surveillance." h&m reporting first-quarter profit that beat expectations. they managed to cut back on clearance sales. 17%, the smartest -- smallest quarterly profit in eight years, but it still beat and a most dutch analyst estimates. executive of wells fargo is stepping down as he struggled to handle scandals. externallys looking for a permanent replacement. elizabeth warren is chairing the shouldre and says "he have been fired a long time ago." deutsche bank's merger plan could be under threat due to mounting opposition. shareholders are bulking at the plan. labor unions want to block it and within the bank, there is growing skepticism, but they are still talking. bloomberg understands the chances of a deal are dwindling. that is the bloomberg business flash. francine: let's get back to brexit. it is very painful.

income among other areas, in blackrock's firm of almost $6 trillion of assets under management. reserve president and ceo neel kashkari will be here as well. a big story for the market this is week was the inverted yield curve when short-term interest rates are

the ones that blackrock and jp morgan are focused on are those in asia.we get to talk about the rupiah again. in brazil, people perceived the new administration to be more market friendly and reform oriented. you would think that market friendly stance would have helped brazil alone is because it suffered from the other stories out there in emerging markets. onemberg data shows that month, in the 11 emerging-market elections last year, we saw a 1% rally in their currencies, a 2% rally in their stock markets. that is interesting that we are seeing a widespread rally heading into those elections. we already have the thai elections over this weekend. we had a much anticipated junta leader again expected to be prime minister. we have seen the thai baht gain ground. you are looking at the rupiah right there. caroline: what about india? everyone seems to think this is the winning trade, right? shery: that is exactly what jp morgan thinks. we have the elections in may. intoions going from april may. a lot of uncertainty around the indian elections. for the time

blackrock has agreed to buy a tonch software provider expand private equity and real estate analyticse world's largest money manager will pay $1.3 billion, adding to one of the cracks key businesses -- one of blackrock's he businesses. the u.s. stock exchange could be one of the biggest listings of all time. uber has selected the exchange for the ipo. the listing could value over at up to $120 billion. that is your latest business flash. this is bloomberg. ♪ ♪ news out of the u.s. attorneys office. the u.s. attorney announcing some staff changes. the attorney who led the prosecution of michael cohen is leaving, stepping down from the position. his counsel will assume the hashtag 2 spot at the manhattan prosecutors office. mi is leaving that position, noted because he is the attorney who led the prosecution of michael cohen. he is stepping down and audrey strauss will assume the number two spot. let's turn now to futures in focus. u.s. three-month 10 year yields curve has inverted. let us talk about that with our guest. he is joining us from the cme. can you remember the last time you

in fact blackrock holds shares in every company listed on the german stock exchange and major global companies. in total black rock has assets amounting to some six trillion dollars. meaning it manages more capital than the combined state revenues of the us britain and germany . something has shifted if investors control more money than the world's wealthiest nations they have power power that politicians can no longer rein in. in the civilized i know. it's over to a certain extent it's an artificial world in new york the people in new york chicago or los angeles who control international finance capitalism have virtually no contact with the realities of a company bookish core consumer market keep which developed this kind of each item for the market they're juggling abstract astronomically high figures and trying to make abstract targets. that's the world they live it says dizzy and all is well in their world as long as the numbers look good. it's evening and can. is hosting a policy in the. good of finances his multi-billion euro projects with bank loans but he also needs investors

. >> blackrock's larry fink in an exclusive conversation. >> i would call this a goldilocks moment, not so bad, not so good. >> plus, bill gross reflects on bond trading as he bids farewell to the business. his successor explains how he is reshaping the fund. >> 10 years on the yield, 270, 14% or 15% now. >> the process will be the same. the risk profile will be different. >> it is all straight ahead on "bloomberg best." ♪ rosalind: hello and welcome. this is "bloomberg best," your weekly review of the most important business news, analysis from bloomberg around the world. let's start off with a look at the top headlines. on monday, reports of progress towards a trade agreement between the u.s. and china had investors feeling optimistic. >> the u.s.-china trade deal could result in lifting all tariffs if china buys more american products and commits to protecting ip. what is china willing to buy? >> they are willing to come to the table. they are willing to buy agricultural products. we're expecting more in the energy area. >> what are we offering china? >> we are offering a return to s

that was sean carney, blackrock head of musical strategy and primary markets. thank you. -- guy: thank you. disappointing day if you are long markets, specifically on the dax today. getting a one-two punch from bmw and bio. you can see significant underperformance we are seeing in germany, down by 1.5% right now. the cac is down as well. the london market has faded over the last few minutes, bolstered a little earlier on by the weaker pound. the dax is the center of attention today. the smi under pressure, too. the ubs story certainly dragging on the swiss markets. this is bloomberg. ♪ this isn't just any moving day. this is moving day with the best in-home wifi experience and millions of wifi hotspots to help you stay connected. and this is moving day with reliable service appointments in a two-hour window so you're up and running in no time. show me decorating shows. this is staying connected with xfinity to make moving... simple. easy. awesome. stay connected while you move with the best wifi experience and two-hour appointment windows. click, call or visit

the blackrock c.i.o. still with us and james, malcolm spoke about potentially some of the technology and the structural aspects of why we're not seeing inflation materialize globally. when it comes to japan, though, it's essentially whatever it takes, right? >> yeah. i think -- i mean, it goes beyond that. i think obviously technology is a big factor. but for sustainable long-term inflation, i think there are some major head winds to that. for one, is really just a dead burden on the global economy. you know, if you think about the last 10 years, there's been a lot that's been done to help out. the structural issues where that debt was on household and banks. but the reality is as we -- deleveraged as a global economy, we've just taken on leverage at the central banks and the government balance sheets. and again, that is still going to be a headwind, long-term sustainable inflation. and add on some of the demographic issues, japan is one but globally speaking we see some of that. and i think these are jus

income among other areas, in blackrock's firm of almost $6 trillion of assets under management.story for the market this is week was the inverted yield curve when short-term interest rates are

with vanguard or blackrock, and you don't want them going to another bank.ol: taylor has another look at these heartbeat trades, and it is pretty obvious when you see them. >> it is. taylor: [laughs] it is. let me show you one, this is the technology select fund. one of the etf's we are hearing about in this story last september, somehow they got a bank or an investor to come in, $3.6 billion to avoid taxes on capital gains, just to see them withdraw two days later. the index fund is about to change, getting to do that, you can avoid the capital gains tax after their shares more than doubled. carol: you can see why it has been standing out to our reporters and why they wanted to look into it. taylor: exactly. carol: fascinating. thank you so much. jason: up next, how lloyd's of london plans to curb its culture and an sexual harassment at the firm. carol: the ceo responds to our "bloomberg businessweek" report. ♪ jason: welcome back to "bloomberg businessweek." i'm jason kelly. carol: i'm carol massar. still ahead in this week's program, but very difficult ta

. >> vanguard and blackrock, of course. >> right and another five inactives so those five holders will of pretty much any vote in the united states, and that's a new phenomenon we haven't been in that situation before, and you also have this battle between the actives around the passives, so if you look and follow the money, if you look since 2006, the active -- the passive etfs have dominated on revenue generation versus the actives, so the actives are now saying, look, we need to demonstrate our influence. we charge more than an etf we have a human being who picks stocks who does research, and we want to have that influence. here in the bristol deal, which they are entitled to vote how they want, but they didn't just vote, they jumped ahead to the beginning of the process they tried to be new hampshire and dictate the outcome of what was going to happen, and it's unfortunate that when they do that, it's a two-paragraph statement. they don't take phone calls. there's no due process, and frankly that's really not fair to the other holders or to bristol or celgene. >> in terms of enteri

according to blackrock, they think emerging markets will be the trade of the decade.s to turn for around. they think china growth will get better. we need to see eight better picture for that to be a reality. nejra: thank you so much. it is international women's day. the annual ranking of the representation of welfare of women in the workplace across 33 nations. one, iceland's welfare for women in the workplace. billion is the boost to the u.k. economy if it raised female -- 14, the number of places the united states has dropped since 2000. this is the number of nordic countries in the top 10 spots, five. increasing female employment across all nations could lift gdp by this amount. 27, this is where china would rank if it was included in the survey. better balance, i am pleased to welcome head personal investing, legal & general investment management, helena morrissey. you did achieve your aim, that is great. elsewhere, it is not looking so great. helena: international women's day is a day to celebrate, but a time to reflect things we still have to do. your colleague

they own about $30 per pnc share of blackrock.ing bell rings] >> ex-blackrock, stock sells nine time earnings and westlake chemical. lauren: charlie smith. the bells cut us off. now "after the bell" starts us next. susan: kicking off the week in green. positive territory after a volatile session for the dow, gaining 65 points at the end of it, s&p 500 struggling for gains today. but it did edge higher at the close. tech-heavy nasdaq also ending up as well. i'm susan li in for melissa francis. connell: good to have you, susan. i'm connell mcshane. welcome to "after the bell" here is what is new at this hour. president trump versus general motors. the commander-in-chief ramping up pressure on the automaker for shutting down

income among other areas, in blackrock's firm of almost $6 trillion of assets under management. reserve president and ceo neel kashkari will be here as well. a big story for the market this is week was the inverted yield curve when short-term interest rates are

they own about $30 per pnc share of blackrock. [closing bell rings] >> ex-blackrock, stock sells nine time earnings and westlake chemical. lauren: charlie smith. the bells cut us off. now "after the bell" starts us next. susan: kicking off the week in green. positive territory after a volatile session for the dow, gaining 65 points at the end of it, s&p 500 struggling for gains today. but it did edge higher at the close. tech-heavy nasdaq also ending up as well. i'm susan li in for melissa francis. connell: good to have you, susan. i'm connell mcshane. welcome to "after the bell" here is what is new at this hour. president trump versus general motors. the commander-in-chief ramping up pressure on the automaker for shutting down one of its plants in ohio. we're live at the white house with the president's latest comments on that subject. >>> pushing for universal basic income. one major u.s. city is looking to join the free cash movement. why the democratic mayor of the city is considering handing out checks even if you are not emp

jonathan: joining me is the head of head fixed income strategy at blackrock. let us begin with you, how do you read that report? marilyn: i agree that it was not that bad. when you look at the three months numbers, it was averaging north of 200,000. for an economy that has a very tight labor market, you are seeing an increase in hourly wages, which is great. i actually feel it is a positive thing and something to be positive about. henry: i believe the wage pressure comment. the takeaway is that we are bipolar and you are seeing the data and bad data. that number was fantastic, but we are seeing most of the leaders and leading indicators roll over. this period where the lack of clarity is striking in the markets are in a challenging spot, and you have to look through it. it is a hard job. kevin: in golf, they say every shot make someone happy. today, if you are the bond bull, you have 20,000 jobs. if you are a dove, you got to point point average earnings. there is another 11 cent increase in the next month, but i would be longer than shorter. jonathan: it has

iel with us of blackrock and holger schmieding of berenberg.of this to the many leaders of europe? >> the key importance is europe needs to find its own strategy toward china. we have a u.s. approach which seems to be somewhat confrontational. europe is not really used to strategicth big questions, so this is an opportunity for some of the leaders of europe to start to discuss and make progress towards the european strategy. tom: scott t, the standard here is two deviations. australia with an abrupt move, and all of europe as well, a reaffirmation of negative yields. does it signal financial instability? the markets are keen on weak european data, and they are starting to question global growth. we are at about a 25 basis point fall in yields across markets the last couple of days of trading. that is really reflected in the market concern on the state of economic growth. they look at europe and see a slowdown. they look at the united states and see a slowdown, and they worry about china. we believe china will start to react seller to as some of

joining us is blackrock head of emea ishares, stephen collins.r positivity when it comes to emerging markets, it has become quite crowded. how much further is there to go? necessityuire as a some sort of resolution to the trade front, and also a market weakness in the u.s. dollar this year? clearly there has been a pretty solid rally both across emerging-market assets, or increasing fixed income over the last 15 months. on ongoingend progression in trade talks. that is increasingly getting priced in. we are coming from a situation 2018,for all of 2017 and investors were gradually shifting away from emerging markets. allocations have been relatively low. that's why i think we see a lot of flows over the last two months, really since chairman powell's comments at the end of 2018 that sparked the move, and probably before the risk on move. in terms of the dollar, it depends on what currencies you are looking at. against emerging-market currencies, we will continue to want to see em currencies performing. i think that is very possible. one of the rea

anna: simon smiles, joining us from the blackrock symposium in zero.ecb expected announce its economic forecast. what else will they say? ♪ matt: 30 minutes into the trading day, let's get your top headlines. america.- huawei sues the chair says washington should not play judge, jury, and executioner. the cuts at deutsche, the biggest bank dips after flashing bonuses for underperformers. some employees in new york and london could receive zero payouts for last year. investor who has made a career out of exposing corruption files a clinical -- criminal complaint against swedish lender. welcome, i matt miller here in frankfurt for the ecb alongside anna edwards at bloomberg's european headquarters in london. anna: 30 minutes into the trading day, let's have a look at the details. 446 stocks on the stoxx 600 moving to the downside. that is more than we saw at the start of the day, so things turning negative, broad-based in the retreat on equity markets let me talk to you about some of the moves to the upside. making moves despite weakness in the market. u

for the most part, they are the same investors, so which deal -- the guys with blackrock having a lotthe power -- will decide on an part of that will come down to personalities. they are really different teams. gary goldberg is a very understated guy. you can tell us got under his skin. mark, no one would accuse him of being understated. alix: danielle, some of the oddities of the deal, bristow said there could be $7 billion of synergies but they belong timeframe. there was no premium. how does that make sense? danielle: barrick is arguing the synergies are the premium and are sticking to the $7 billion pretax prediction. newmont, gary goldberg says he has no idea where they came up with that number. he says it has to be lower. the idea of this started with john thorton's bid. that was the no premium deal that kind of captured in the market's attention and both thorton and bristow are committed to that. he says it has to be lower. they see themselves as restoring value and are sticking to their guns. investors who don't like the deal are already saying they need to pay up. alix: both

marilyn watson, head of global fundamentals at blackrock. george ross and i, cohead of fixed income at wells fargo investment institute. maryland, let's begin with you. it has been a buy everything global market rally. the something have to give here? . marilyn: i think we've seen a sea change in the fed and global banks. the fed is on hold for the rest of the year. the data has been a lot weaker than people expected. the first quarter has been weak. you expect the data to start coming down, especially in the u.s. without fiscal stimulus last year, so, we have a huge rally. we have seen concerns about global growth, concerns around expecting nothing. it's easily expendable and were not concerned. greg: i think the direction is correct. it has been too extreme. pausing is one thing. now we're pricing increasing cuts. that's a much higher hurdle. we are in a low rate environment. flatter curve. but, we pushed it hard here. george: i couldn't agree more. 50% expectations, are they going to do to cuts by the year and? that's a bridge too far for

jonathan: joining me, the fixed income had, and a senior portfolio manager from blackrock , and from minneapolis great bishop from u.s. fixed income strategies at rbc wealth management. , thisstart with craig goldilocks theme many people have become increasingly comfortable with. is it an argument that resonates with you? >> goldilocks is used a lot. i would like to maybe move on to something else. let's talk about a soft landing, the fact we believe the fed is done, tightening cycle is over and looking ahead, where we are now is a time similar to the late where the yield curve stay 1990'sed flat for years. it eventually did curve and reset. it was not an imminent event. rather than goldilocks, i would say we are in an environment where the economic growth is going to remain slow but steady. not into recession imminently, and the fed will stay on the sidelines permanently. jonathan: what do you think, jeff? it is remarkable how little the economy and the outlook for the economy between october and today has changed. what has changed is the fed's narrative. the fed caused the financia

. >> when i think about the partners there blackrock, goldman sachs, sephora, the honest company, facebookt is financial services, that is technology, that is fashion, every single industry that i know is looking for engineers. they looking for programmers, looking for people to come in you know and help build and create things. maria: and yet when you look at the technology industry say the number of women in tech companies, it is dismal you called it. >> we graduate less than 10,000 women in computer science. china graduate 350,000 engineers last year alone. we have this huge, huge deficit in the workforce and in terms of who is coming out of college with these degrees. maria: i think you make a good point about china because they are ahead of us in ai. we know that. they are ahead of us in robotics and they have got like four Ãone people work on these industries in terms of ai. every person working on here there are four in china. >> we make come we do a lot of work with the governors here in this country to really say, how do we make computer science mandatory? it needs to be mandatory