and then blackrock's ceo larry fink will join us to talk about the quarterly numbers, the markets and lot more remember, he got some grief for saying i expect a melt-up before a meltdown >>> at 7:00 a.m., we'll be joined by marc lasry who owns the milwaukee bucks, and baseball superstar alex rodriguez, who has so much money and -- >> a big investor in real estate >> loaded. >> has some interesting things in his personal life, too. married to j.lo. we'll get -- >> on his way. >> all right they're engaged. any way, it's kind of hoping that she stops by to watch the show i wouldn't count on that any way, we'll get the thoughts on the sports business before we head to break, a look at the biggest winners and losers in the dow. this is the couple who wanted to get away who used expedia to book the vacation rental that led to the ride ♪ which took them to the place where they discovered that sometimes a little down time can lift you right up. ♪ flights, hotels, cars, activities, vacation rentals. expedia. everything you need to go. we like drip coffee, layovers- -and waiting on hold. what w

is blackrock's larry fink right? are stocks going even higher >>> widely followed regular nancy davis takes the other side, saying the bond market is screaming right now, the end is near "the halftime investment committee is ready to debate >>> plus microsoft's run, led by the cloud team we're talking about other cloud plays on the horizon "the halftime report" starts right now. >> great to be with you on this friday, your investment committee, joer er ijoe, john,y young, senior portfolio manager with young and associates at morgan still is larry fink right? are investors not being aggressive enough right here, serrat with markets on the precipice of a fed rate cut? >> i think right now it's fair to say we are properly valued. i don't think you want to be more aggressive going to the markets. earnings are coming down we have a lot of uncertainty stocks have had a great run, plus 20% there are opportunities. i like a barbell approach on investing, where there's growth and value but going full force into the market is

matt: blackrock came out and put an interesting view, now overweight on government debt.the investment implications for new qe from the ecb in a situation where we are already negative real rates, nominal rates? do you continue to buy hoping the price action pays you back? think right now the thinking is the capital gains can continue. we are on the side that you should look at credit markets where the spreads are positive because the spreads cannot go negative. you have to have a positive price credit risk. substantial qe program, if it happens would be more focused on credit markets than on the debt -- government debt market relatively speaking. i understand what you are coming from but it is not a long-term investment anymore because it is real negative rates and real nominal rates. you are sure to lose money. matt: you will stick with us, salman ahmed, chief investment strategist at lombard odier. a tough time to be a banker. aboutder and ubs speak the pain of negative rates that beat on the bottom line and a lifting markets. ♪ we're the slowskys. we like drip coffee,

good afternoon, everyone let's call a spade a spade blackrock is a fixed income shop of course, they're negative. with respect to active management, we have known that active managers have had a hard time performing. they got in this rally very late they have been underperforming in the majority of portfolio managers have less than ten years experience, and they have been more busy the last five or ten years managing redemptions versus managing portfolios and more succinctly, they're more busy managing their careers. so lastly on the morgan stanley side, we don't like to comment on other firms' opinions, but let's face it, this is a firm that has been negative for a year they were right for a quarter. they have been wrong for nine. we like to think a little more fu fundame fundamental, more longer term. we think it's preposterous the market thinks we're going to get a 50 basis point cut, that we thought we were going to get a 50 basis point cut people are still negative. they're the most negative i have seen and i'm not trying to grandstand here, i think investors are more negative than

i wouldn't say our views are in line with blackrock but we will be neutral on european equities.he correction, ubs was the pretreating price -- i was cognizant of the fact -- i was actually looking at the pre-price. >> no worries. we would never correct you, you are one of our favorite guests. but i also want to talk about another copy which is important -- european governments agreeing to assemble enable mission to provide safe passage for ships through the persian gulf -- that's after iran seized a british oil tanker last week. the act has been condemned by the u.k. foreign secretary, jeremy hunt. we are seeing oil markets not doing a whole lot, but we've seen a spike over the past couple days -- our markets underpricing the risk the persian gulf? fairlyuld say they are pricing it, and the reason i say are -- first of all, you right, we did see it go from $60 to $55, and now we are talking about crude oil futures. there's a couple reasons behind that. the main proponent for crude oil prices in my mind is growth, and a lot of people are not expecting a recession anytime soon. ce

inm blackrock, terms of repositioning ourselves. great conversation, as always.nk you for joining us. eric lonergan is macro fund manager at m&g investments. let's get set up for the rest of the trading day. a paris court will decide whether the ceo helped the businessman cheat the government out of 403 million euros in 2008. 3:15 in the afternoon. that is when we get more economically interesting. the look lane will answer questions live on twitter. he is a new economist at the ecb and watch for commentary on christine lagarde's appointment as the new head of the ecb. nejra: later today, president trump will hold talks with qatar in washington. they are expected to discuss economic and security ties and discuss counterterrorism. later, boris johnson and jeremy hunt will go head-to-head in front of a live tv auditions -- audience. this is bloomberg. ♪ nejra: this is "bloomberg daybreak: europe." i'm nejra cehic in london. manus: i'm manus cranny in dubai. what do brexit and trump have been common? apart from being populist, this triad represents the first phase i

the yellow line tracks blackrock share prices. the world's largest etf provider.nto higher share prices. the net rise in price actions shows there's a significant over performance of black couple -- blackrock over 500. here is that this positioning could reverse and there's greater potential for higher outside in the s&p 500 index. how about you judge? i keep getting all the time. david: that's a very good point. it's a big flow of the market that you don't really see until you see it in the price. at the same time, i like how sharon is really bringing up an asset -- yvonne: not a lot of people are talking about it. david: not a lot of people understand. in that case, i will give it incrementally to share in for today. we can make up when you are back. congratulations. check it out, g tv on your library. yvonne: we have plenty more coming up. this is bloomberg. ♪ ♪ emily: i am emily chang in san francisco. and this is "bloomberg technology." coming up in the next half hour, tech companies being grilled on capitol hill. grilled currency and antitrust. what can

blackrock has estimated that some coastal communities face annual average losses of up to 15% of g.d.p. from climate change by the end of the century. heads up, florida. coastal property is not the only financial risk. the bank of england, bank of france, bank of canada, san francisco fed and european central bank along with many top-tier peer reviewed economic papers are all warning of systemic economic risk. that's central banker speak for something that poses a risk to the entire economy. all from stranded fossil fuel assets which is called the carbon asset bubble. one other thing i spent a lot of time on is oceans. the heating, the acidification, the lost and shifting fisheries, the collapse in coral and expanding dead zones and of course the rising sea levels. our terrestrial species needs to pay a lot more attention to the seas. and there has been a real shift in attention in these intervening years. then you have standard and poor's and moody's and citigroup and more economists warning that the costs of climate change won't be measured in the hundreds of billions, won't even be

ishares at blackrock joins us. it is like a bullet train, isn't it?ars to one trillion, but we will rocket to 2 trillion in five years. what will trigger the next acceleration? a more efficient product in terms of costs? what is a driver? >> there are four main drivers for fixed income etf's. one is the change in the way investors are constructing portfolios. the increased adoption from institution investors as more investors understand etf and more investors are using them in different ways in portfolio, finding utility for their outcomes. i would point out we see most of the use of etf by active managers. product innovation will drive some of the growth, to be sure. continued think the regulatory support that we see through transparency in markets, the continued transparent around these, understanding -- around fees -- nejra: i was wondering how you see the pace of adoption differing in different regions of the globe, naspers is asia -- u.s. versus asia? etf's were first launched in the u.s. and most widely understood in the u.s.. we in europe are c

. >>> we have the global head of investing at blackrock the comments in response to some of those phrases from mr. trump, rather skeptical from what i could judge. we've seen expectations for u.s. rate cuts really move lower the last few months. the fed is expected to cut tonight. do you expect further cuts down the road at what point could we see interest rates increase again? how far out is that? >> that's a long way into the future given how volatile things have been over the last nine months we had huge turnaround in expectations in q4, now the consensus is widely towards a cut. for us, where we invest, this is a positive kind of tailwind. we have seen positive moves in gold when you have lower interest rates, the opportunities for owning gold declines with commodity prices benefiting from this as well, it is an encouraging environment for our funds. >> so you got gold there at a six-year high. pushing what might be the third straight month of gains at the moment we're july 31st. i'm wondering when you look at its performance, is that the safe haven asset all held up to be given the i

, now it looks like companies like fidelity, vanguard, blackrock and invesco, in theory they could offerund management products to retail investors, which is what many of them were hoping to do in the market the premier did not reference the trade deal, but a lot of people here have been seeing this as a message by beijing to the u.s. and beyond that china does make good on its pledges, and it plans to open up faster than people thought. when i spoke to some financial people here, they said on the whole, this is significant but at the same time there's a certain reality on the ground of how quickly you can open up and expand your business here because the licensing process could be arduous >> eunice yoon, thank you very much for that update >>> in other trade headlines, the u.s. is stepping up pressure on the eu in a long-running trade dispute over aircraft subsidies. the u.s. trade representatives office is proposing $4 billion in additional tariffs on european goods the list includes things like olives, italian cheese and, yes, scotch whiskey that's on top of the products worth $21 bil

we will continue on the green with rupert harrison of blackrock.n given the plan in thesion united states, jacob lew. this is bloomberg. ♪ ♪ is a sweltering day in london, extraordinary hot weather, perhaps record hot temperatures, all but put aside the changingtry of of the guard. the pageantry will begin. this automobile will take the prime minister to her questioning. at the parliament, she will face her final, what is it called, pmmq's or something? what will be that moment? she will tryuess and reflect, i imagine, on her legacy, unless she tries to put herself in the camp of philip hammond against boris johnson. , whot harrison is with us was chief of staff of george osborne. while theresa may use this to try to guide the tory mps to not game his stake, or will she use this to reflect on her legacy? rupert: both things. the house of commons will give her this last chance to licked on her legacy and we may hear a appeal for compromise and unity because she sees the brexit wing of the party are the ones that have not compromised. the left will h

other notable companies reporting include blackrock and american express.sed higher yesterday rallying on technology and bank stocks. the dow was up three points. the s&p 500 added ten points. and the nasdaq added 22 points. boeing is booking a $4.9 billion charge to cover possible compensation to airlines that have canceled flights following the grounding of its 737 max jet. boeing says the max jet fallout will cut more than $5.5 billion from its revenue and pretax earnings in the april through june quarter. the calculations are on based on assumptions that the faa will return the jet to flight early in the fourth quarter. the 737 max fleet was grounded worldwide in march following two deadly crashes overseas. >>> house democrats approved legislation to raise the federal minimum wage for the first time in a decade to $15 an hour. it's not expected to pass the republican controlled senate. top democrats have made it a priority to raise the hourly minimum wage from the current amount of $7.25. states can raise the minimum wage and many have already done so.

blackrock proving that proving there are still some bond bulls left in the market. >> the ecb is likelyo deliver what they say they will deliver at the central meeting. in fact, maybe even more. as odd as it may sound, we have a near-term favor of bunds over treasuries because we believe the ecb is more likely to deliver the full amount of priced in monetary policy easing. jonathan: the key line for many of you, as odd as it sounds, you should have seen the faces being pulled when that was being played out live on a program. your thoughts on that bunds , outperforming treasuries? matthew: we would take the opposite side of the trade. not to say that we are haters of bunds but our view is the fed is more likely to overdeliver than the ecb. mike: i would agree. the ecb cannot do much. difficult to get super excited at this point. kathy: i could see in the short run you see that outperform, depending on the duration, the steepening of the curve. over the long run, hard to see that. jonathan: what do you make of the quite selloff in the german bond market? , 17 basisd a 16 points on the 10

joining me now is blackrock global chief investment officer for income and beyond rick reeder is heres also leeper polio manager for global allocation and strategic income funds. he oversees $2.1 trillion of assets under management. the largest asset manager and we are honored to have you on the phone. >> thank you very much. >> take is to much for joining us and congrats on more work. >> first assess the week for us. we heard a little jay powell, the fed, the minutes there. what was your reaction ? >> it was a huge week. i think the last two weeks were pretty big. he think about after the trade agreement, after that then you had powell, the ecd and the christine the gardners is a very big piece of news. atticus would be more aggressive going forward and markets have started to react to that. by the way the cpi report, we don't think inflation is moving a higher but it's nice to see that now there is a bit of pricing power that companies for the equity market have a bit more inflation. the fed is going to keep moving because they're worried about global growth. companies have pricing

we have heard this idea floated out by blackrock ceo that you could even see eventually the ecb goingut and buying stocks. one is the threshold of getting to that level? sassan: i think that is a very interesting idea. i don't think it is going to happen under draghi's leadership. they havecussions, two policy tools that they are looking at. three actually pared forward guidance, rates, and qe. they can pull the lever on either one of those. for them to have a bazooka would be to have a quantum difference in the qe and this is where buying equities would hope and a whole new universe. the problem for the ecb is while the swiss national bank and the bank of japan and others do this, they are quite concerned about the politics and the optics of going into the equity markets. there is this all -- there is all this discussion about income inequality and who you are benefiting. in my earlier conversations, it seemed to be in the hypothetical. i do not think this ecb under mario draghi will take that step. in the future, maybe lagarde will consider something like that, but not this or the n

but some on a program last week we had rick reeder from blackrock and he said the ecb will start buying equities and no other wiggle room. but the point is what is the backdrop in europe from your standpoint compared to china. >> there are two very key points to be monitored closely. with europe we think the biggest thing is uncertainty of brexit. that brings uncertainty into the uk but also brings it into europe as a whole. we are advocating and doing everything we can to talk about the importance of brexit. we have so much going on between the uk and the european union. that if you had a hard brexit and you had a lotta borders put up and when i see borders and talk about from clearing goods, it can cause a lot of complexity spirit where the worlds largest broker. we can help customers deal with any situation. we just think that it's much smoother trade if that happens. maria: you also by the way, made it cheaper and easier to do cross-border packaging. >> that's right. maria: tell me what you have done. >> we just start of the service, it is worldwide economy, we announced it this wee

talking about following the rest of the world, maria you had a great interview with rick reader from blackrock. i want to play some of that. because the way the rest of the world has gone is beyond rate cuts. >> i think you're going to see while the world thinks you will keep cutting rates, rate are already negative, there are some incredible statistics, in europe, almost half the market is in negative rates. >> wow. >> going more negative doesn't create more velocity, bank lending. what are the other tools you use? i think you will see new tools, how you make equity investment partnering with regional governments getting invest e in right places. i think it will be a really big deal. >> you think the ecb will buy equities? i do. >> that is a key point. remember who is going into the ecb, christine lagarde. she is not an economist. she is a politician. and they're negative already. they don't have any wiggle room. only thing they can do is buy equities. he is buying equities. i think it's a good call even though. charles: mario draghi says he needs fiscal policy. that is the great hope christi

blackrock proving that there are still some bund bulls left in the market.ere is what he had to say. >> the ecb is likely to deliver what they say they will deliver at the central meeting. in fact, even maybe even more. as odd as it may sound, we, in the near term, favor bunds over treasuries because we believe the ecb is more likely to deliver the full amount of priced in monetary policy easing. jonathan: the key line for many of you, "as odd as it sounds." you should have seen the faces being pulled when that quote was being played out live on the program. your thoughts on that, bunds outperforming treasuries? matthew: we would take the opposite side of the trade. it is not to say that we are haters of bunds, but i think our view is the fed is more likely to overdeliver than the ecb is. jonathan: mike schumacher? mike: i would agree. the ecb cannot do much. it is difficult to get super excited at this point. jonathan: kathy? kathy: i would see, in the short run, you might see boones -- you might see bunds helper form depending on the duration, the , steepe

jonathan: joining me around the table to discuss here in new york, marilyn watson of blackrock, bob michele of jpmorgan, and george bory of wells fargo. marilyn, you know how this works. you pick your bias, look at your data, and confirm the price. there is something in this for everyone. marilyn: that's right. the data was as expected, shows an economy that is still very , very healthy, decelerating to trend. it is above the fed's own expectations of long-term growth. i think you saw, obviously, very healthy personal consumption. so i think it is pretty good data and i think, looking at the fed next week, it will be hard to see how the fed will cut by 50 next week. jonathan: we will have to work it out, if it means anything to the fed at all. bob, your take? bob: if i want to nitpick, i could say the revisions brought 2018 sup 3%, 2.5% at the end of the fourth quarter. there is some slowdown there from what was expected. but marilyn is right, a solid number. the fed could not care less. that is not their issue. they are concerned about inflation expectations. jonathan: george? george: if y

joining us now on the phone is the blackrock head of research.or joining us on your outlook. what led you to this call? factors are two main that caused us to shift our view. one is a push led by the u.s.. that increases the downside risk to global growth but also creates a wider range of potential outcomes for the future. that is for us the key reason to reduce some of the risk and reason some cash. equally, we have central banks making a dovish tilt. you mentioned powell. they are stretching the cycle out for us. recession risks are less of a worry. instead, we are looking at compress bond yields and an extended expansion. we are looking for fixed income products such as emerging markets or credit exposure. alix: how much cash do you want to be in? elga: we would rise it -- raise it marginally to offset some. the key balance against equity or risk asset drawdowns would still come from government bonds. -- low yielding and could potentially still be sensitive to expectations as far as the fed rate cut cycle is concerned. we think that expectatio

blackrock, morgan stanley suggesting taking less equity risk. risk would be to bailout of stocks now. >> yeah. this is the view of ashley car who looks at the options market for signals as to when you should be entering into trades and moving around his asset allocation. the signals are telling him to remain invested in the equity market. he's a bit of a contrary or player given that so many people on the street and in the asset management industry have been dialing back there risk positions and thinking that you need to because she's in a world where the fed is cutting rates in the policy outlook is uncertain. you don't want to miss out on any continued upside for equities. inain bullish on equities the medium-term. what you are seeing in this reward inhat the risk credit and equity, he said you should finance -- should remain overweight in those areas. you should be very cognizant of the risk that an inflationary strike -- spike could trigger a shock to the economy and equities. that is something you want to keep an eye on. at the moment,, don

romaine: don't miss this, blackrock reporting earnings before the bell.hat is all for "what'd you miss?." taylor: bloomberg technology is next in the u.s.. romaine: have a great evening. this is bloomberg. ♪ hey! i'm bill slowsky jr., i live on my own now! i've got xfinity, because i like to live life in the fast lane. unlike my parents. you rambling about xfinity again? you're so cute when you get excited... anyways... i've got their app right here, i can troubleshoot. i can schedule a time for them to call me back, it's great! you have our number programmed in? ya i don't even know your phone anymore... excuse me?! what? i don't know your phone number. aw well. he doesn't know our phone number! you have our fax number, obviously... today's xfinity service. simple. easy. awesome. i'll pass. emily: this is bloomberg technology, coming up in the next hour, microsoft if i's gravity. the company beating expectations with a big lift from the cloud. plus, the congressman who says mayebook's cryptocurrency " do more to endanger america than 9/11." we will talk

have bank earnings and all of these companies coming out with earnings releases. ,f you listen to blackrockink mentioned building out new exposures as one area they are focusing on. when you look at what has been happening over the last several years, they've been away from nontraditional's. not your broad, aggregate exposures. it is these factor-based strategies. inre's been a big uptick new, nontraditional product launches. guy: today is all about the ecb, so i have to ask you an ecb question. draghi has pointed the staff to examine other assets that the ecb could buy. -- ownsalready owns xe etf's. is there much there that these be could own? -- that the ecb could own? athanasios: i'm sure they are looking at what japan has done. it is just a matter of is it politically or regulatory, will they be able to do it?i'm sure they will be looking at equity etf's and even bond etf's. guy: that's an interesting point. we will watch and wait until september. thank you very much. bloomberg etf analyst tom psaro fagis. you can find all of these factors on your bloomberg. is your function. this

the swiss asset manager has named a blackrock veteran as its new ceo.ro it suspended bontrager and dismissed them for what he called gross that's what it called gross misconduct -- for what it called gross misconduct. that is your "business flash." guy: thank you very much indeed. mexico's president lopez obrador says that rates in his country are too high. he spoke exclusively to john mickelthwait in mexico city on monday. pres. lopez obrador: one thing is what is to be decided and another is what is possible. i would like the central bank to work on not only work on controlling inflation but to think about growth as well. it is important to lower the rates to encourage growth. this is an issue that i am leaving for the central bank to decide. we trust. we're not just going to be able notrow, but also to develop only growth, development. growth that is what we want to change. and to create new paradigms. growth is creating wealth, but not necessarily distributing wealth. development is growing and distributive wealth -- distributing wealth. our adminis

fromg up, a guest blackrock. signal of china. stay with us.rg. ♪ ♪ this is bloomberg "surveillance." that is the european commissioner talking -- whyhy the euro area the commission cut the euro area growth forecast for 2020, mentioning trade tensions and policy uncertainty. they trimmed their gdp 1.5%ction to 1.4% from amid what it said was increased downside risks on inflation. this year and next were lowered modestly, a reminder the ecb aims for inflation just over 2%. we will have more. about theng today ecb, and what i notice is a nominal gdp that is shockingly different than the united states. that has to do with relative interest rates as well. viviana: in south korea, the president warns there will be an extended battle with japan over export controls on vital materials. --y are targeting the korean japan accusing moon of targeting japan. that could disrupt global supply chains. the case for china's policy makers to ramp up economic stimulus growing stronger. last month inflation falling 20. they are concerned about a return to deflatio

burgess stays with coming up, the latest episode of leaders from blackrock. sustainability and ensuring the future. that is at 7:30 p.m. u.k. time. this is bloomberg. ♪ francine: this is "bloomberg surveillance." looking at european equities climbing a little bit. futures, we have these investors, a lot of participants cheering for such a bank for the first time rates are heading lower. talking about ecb, the fed, the treasury could what we didn't talk about was emerging markets. them anda buy on whether it is structural reform or because there is all of this dovishness out there. >> i think it is a combination of everything. one, rate talks. the idiosyncratic risks that you see whether in turkey or mexico. the composition you are having just now on the outlook on regards to a weaker u.s. dollar, u.s. bond yields as a positive backdrop to the emerging markets. secondly, growth is scarce around the world. and there is a lot of big gives. -- big if. if the brazilians get this -- there isption is something that needs to be sorted out. believes he is very pro-bus

shery: we are seeing firm styling back, risk exposure, blackrock and morgan stanley suggesting to takety risk. one firm that is a little bit contrarian, janice henderson thinks the bit risk is bailing out of stocks. what are they talking about? held yeah, this is a view by the global head of asset allocation at janice henderson. what he is saying really to people is don't try and fight the fed at this point. the central banks are giving you this gift. whether or not that is warranted and he certainly places doubt on whether the fed should be cutting rates at this point given what is happening in the economy. he says they are and will continue to ease policy over the next 12 months. what you are going to see is essentially an extension of what is happening in this chart here. that is the rally in risk assets on this chart and credit and equities. he's saying do not bailout at the moment.if you are becoming cautious, it is a big risk to pull money out of stocks at this point but you've got central bank policy that is loose enough to further support upside for equity especially given the

for more, let's turn to marilyn watson of blackrock and mike gallagher of continuing.cy war? marilyn: not at the moment. i think we are in an environment where we are seeing a huge focus on global growth decelerating. we see data coming out from a range of different regions is also decelerating. it is weak in the eurozone and u.k.. in japan, it is struggling to get accelerated data and a grasp on inflation. i don't think we are in a currency war at the moment, certainly when you look at the past. i don't think we are. at the moment, we are reengaged in and rebalancing -- read gauging andre- rebalancing what's happening in the markets. francine: do you worry central banks will be too accommodated? -- accommodative? mike: i think the markets are pushing the agenda in terms of central banks. we talked about the fed and the fact that it will probably be later on the and sooner. same thing with the ecb. matter mudguard does not want to lagarded give -- madame does not want to do qe and give the credit to draghi. there is a change of team going ecb. the court ecb -- core all

blackrock has estimated that some coastal communities face annual average losses of up to 15% of g.d.p. from climate change by the end of the century. heads up, florida. coastal property is not the only financial risk. the bank of england, bank of france, bank of canada, san francisco fed and european central bank along with many top-tier peer reviewed economic papers are all warning of systemic economic risk. that's central banker speak for something that poses a risk to the entire economy. all from stranded fossil fuel assets which is called the carbon asset bubble. one other thing i spent a lot of time on is oceans. the heating, the acidification, the lost and shifting fisheries, the collapse in coral and expanding dead zones and of course the rising sea levels. our terrestrial species needs to pay a lot more attention to the seas. and there has been a real shift in attention in these intervening years. then you have standard and poor's and moody's and citigroup and more economists warning that the costs of climate change won't be measured in the hundreds of billions, won't even be

shorting by blackrock. that is of interest, up 2.7%. and exother side, dividend story down 12%.n of micro focus selling stocks, down 4.5%. anheuser-busch, we talked about this, the way they had to pull this listing of their business in asia as a result of not as much demand as anticipated. growth concerns there. plus get a bloomberg first word news update. debra mao is an hong kong. economy slowed to its weakest pace in three decades. evidencebut there's stimulus to curb the slowdown may be starting to seep through. sales beat estimates. president trump is accused of racism after suggesting for banks female lawmakers go back to the places they came from. it seemed aimed at a former group of first-term representatives, led by alexandria ocasio-cortez. three of the women were born in the u.s., but none are white. dozens arrested as protests continue in hong kong, including clashes with police. demonstrators are demanding resignations of carrie lam. the financial times a reporting beijing refuses offers to step down. they told her to stay and fix the mess she created. novak djokovi

. >>> earnings from blackrock hit the tape this hour we'll bring you an extended interview with larryon where the company is putting more than $6 trillion to work. it's friday, july 19th, 2019 we have double digit temperatures today headed higher tomorrow and sunday. "squawk box" begins right now. ♪ >>> live from new york where business never sleeps, this is "squawk box. >>> good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen andrew is off today. let's look at the u.s. equity futures. as joe was mentioning, there's all these hopes out there that maybe you'll see a bigger move from the fed, a bigger cut than anticipated based on those comments from new york federal reserve president john williams yesterday. you see the futures picking up this morning after ending in positive territory yesterday right now the dow futures up by 58 points. s&p up b