still with us is philipp hildebrand from blackrock. blackrock owns a large chunk of these banks. lot of the banks touched record lows in the last couple of days and weeks. what does it mean, that the business model is broken? philipp: it is remarkable that 11 years after the crisis, we are back at record lows, more or less. what it shows is that the environment is difficult. curveis no doubt the of is hard for banks. but it also shows there has not been enough to fundamental -- enough fundamental rethinking of cases in europe. this is something we have talked about many times. they have restructuring of the business model and what we have today is basically the consequence of that. it is an environment that is difficult for a bank to operate in. francine: is it almost too late to rethink some of the business models? banks will not disappear, at least for the for siebel future. my guess is that it looks very different and i suspect one of is ahings we see rethinking the activities in the u.s.. instead, focusing european banking much more on an integrated european market. that is w

scott ofre back with blackrock.f the risks that the ecb has had to deal with right now, inflation is not going anywhere. it should not be where it is. it's looking woefully short at the moment. aboutrd a few days back the kitchen sink in september at --se markets -- throughout throwing the kitchen sink at these markets in september. much are we expecting? one thing adding to the market is that the market is starting to question. rinse andive is the repeat going to be? how effective is moving this lower? the bond market -- the bond market hasund rallied after hitting a low. and we may be reaching a level where investors have had enough. i just wonder, part of what's feeling -- feeling this uncertainty is the concept that what central banks has been doing is not working on the inflation target, and so keep doing more of that. yes, it has helped europe get , butgh a number of crises in respect to replay it -- in respect to inflation it's not doing it. so you get the question of the effectiveness of monetary policy , wh

still with us is rick rieder of blackrock.ever they are trying to communicate, is it still operative? rick: what it described was the state of dependency. it's an important thing about mid cycle when you do these mid cycle moves. and that implies a 75-day move. he was leaving the door open and today probably kicked the door down in terms of -- unless things change radley. and the market are having a lower cut already in september. and the fed, you know, it's a hard thing. you have an economy now where the consumer is doing really well. you look at this g.d.p. number is 4%. you're cutting rates into that. i get the debate. i still think the equilibrium rate where we are in today's world is probably 50 or 75 basis points to where we are today. today is going to force that issue. alix: this is looking at rate cuts. you're now looking at four for the next 18 months. so to echo with a you were talking about, if this doesn't work though, is it really about the dollar now? talking it down. how that works versus the fed actually cutti

aancine: jean boivin blackrock. news york and we will count you down to the bank of england decision. ♪ francine: a little cut, the fed cuts rates for the first time since 2008 that jay powell's next messages about further easing roils the markets. hisu.s. president continues attacks on the fed chair after saying because was not big enough but credits them for an early stop -- bank of england, slumping pound and the threat of a heart exit loom large as mark carney faces a tough news conference. good afternoon if you are watching from asia. i am francine lacqua in london and tom keene is in new york. we will spend a lot of time trying to figure out what happened at the news conference, why the market is disappointed and what it means for the rally after what jay powell said and we will spend the time that is left in the next two hours talking about the bank of england and earnings. tom: earnings may be about your opening was dead on about the tensions with jay carney, fascinating to see. let's call it bloomberg: race

wei li from blackrock is still with us. we last week and all the pressures, but you also think the u.s. treasury rally has gone too far. wei: we have recently brought our neutral view on the u.s. government to actually underweight to reflect back -- or like the fact if you think about currency below 1.8%, less than a year ago, we were talking about above 3.2%, so really significant repricing. we think the fed will continue cutting rates to combat trade tensions, to combat growth. degree of dovish repricing has gone too far. manus: would you like any german government bonds? they are all negative at the moment. let's try and get a little bit of guidance. are absolutely right. curve, the the yield market is really quite extreme. if you look at movement last week, going from negative to more negative, there is a case to be made one does not have to be too fearful of bonds, because at times of crisis, they can go even more negative. of underweight in the space. should there be a bit of repricing, we think there is a place for u

last week, blackrock gold etf hit a holdings high.hat is an example of the retailers starting to trickle into the gold rally that has been going on. scarlet: perhaps set to continue with goldman sachs seeing gold adding to $1600 an ounce. eric: your best seller is aaau, a gold etf. this one is a new school. it is cheap. it has some of the bells and whistles. it will deliver gold to your house. it is backed by the australian government for the extra paranoid. do the bells and whistles matter? jay: the low fee is great. it is 18 basis points. you have the australian government backing the product. it is backing the gold in the etf. that makes a difference. if you think about it, there are a couple of large commercial banks that are the custodians for all of the rest of the gold product in new york and in london. the gold for perth is underneath the ground in perth. whether you own enough shares to buy one ounce of gold or you could own 500,000 shares of aaau, you could turn your shares in to the perth mint, and they will send you back t

francine: report harrison from blackrock stays with us.seeing a little bit of a recovery in the markets. 500 atook at the s&p what is happening in europe. u.s. futures are rising. i am looking at what we saw so far. we did have hong kong and the pboc saying that the daily currency fixing is stronger than the fed expected and a sale in hong kong helping to shore up a little bit the flight we got yesterday and the central bank rejecting accusations it manipulates the you on. -- yuan. this is bloomberg. ♪ >> the kurds immediately label is probably another form of escalation. label iscy manipulator probably another form of escalation. >> because china is not intervening. >> like a chess game at this point and how china has been curbtime being tried to some yuan weakness. >> if they cannot respond in kind, i think we see is possibly a shot across the bow. >> they have shown they are willing to play with the seven level and the market does not have a firm grip on how far the currency could go. francine: that was the reaction of some of our guest

blackrock is a leader in that space but many others are doing the same thing in the area. need to connect the dots between how we can maintain this strong interest in, you know, meeting the needs of our shareholders, balancing that across all stakeholders. what does that mean and how do we do it well? investors can help companies figure that out. there were various reactions to what the business roundtable put out. some people like ben & jerry's and patagonia saying you have not gone far enough, just be a be corporation. that's a different certificate that some states allow in order to endorse paying attention to all the stakeholders. what do you make of that? >> is a really important part of the overall picture here. whether or not it works for a large publicly traded company, that's a big change. one thing that we see is that it is fine to be able to say -- ok, companies, now you have said this, what are you actuallythats a strong role, we think, we have been tracking these companies on this for five years. there are always going to be people who think it doesn't go far

. >> right. >> interesting this is blackrock. >> early story was blackrock was spun out of blackstone there you have it. >>> this one is the one everyone has been waiting for wework could unveil ipo filing as soon as this week they confidentially filed to go public if you remember back in april, talked about that back in the time according to its most recent private funding ground in january, wework is valued at -- i can't say this number because it's just so spee shous, $47 billion. the issue is whatever you see in the next week or two is not going to be $47 billion, more likely to be 25 and $35 billion. they're worth so many different ratchets and other provisions inside that funding deal then with softbank that it's unclear what the actual valuation will be but that's what everybody is waiting with baited breath to figure out. >> most of the unicorns have been asset light their assets are their people and their software and their technology this is very much a different ball of wax, a company will real estate leases, corporate debt obligations, completely different financial model

. >> blackrock seems to have a similar feel saying this is a buying opportunity but perhaps selectivelythe managing director saying " after the recent selloff global high yield spreads are relatively more dislocated, offering a tactical opportunity to earn a pickup in spread." kevin, do you agree? is this when you see people come in and parse out what they like? >> on the surface this is what we have been waiting for. widening that was significant enough for investors to come back into the marketplace. $2y struggled to sell billion in debt in high-yield. was $36 billion of ig debt sold with great demand. the market is still stable. we do not have a credit issue but high-yield may be out of favor. it may be the opportunity to buy what we have been waiting for. lisa: is there a severe dissonance with the idea that treasury yields will go a lower selloffgo lower and any being the opportunity you are waiting for to come in and pick off the things that you like? these are riskier credit that are highly leveraged to the economy. to these market realities seem in congress to you? -- incongruou

lisa; blackrock saying this is a buying opportunity but perhaps selectively.he managing director writing, "after the recent selloff, global high-yield spreads are now relatively more dislocated, offering a tactical opportunity to earn a pickup in spread," echoing what you said. kevin, do you agree? you are seeing people come in and parse out what they like. kevin: on the surface, this is what we've been waiting for, a spread widening that was significant enough for investors to come back into the marketplace. they struggle to sell $2 billion worth of debt this week in high-yield. on the flipside, some $36 billion of ig debt was sold to multiple covers and bids to great demand. the market is still stable. we don't have a credit issue right now, yet high-yield maybe out-of-favor. it may be that opportunity to buy that we been waiting for. lisa: is there a severe dissonance here with the idea that treasury yields will go lower, and yet, any selloff, 40 bps, the opportunity that people are waiting for to take up things that you like. these are riskier credits that

jeffrey, do you agree with blackrock? >> well, look.inx criticized but it's a wise move times are changing and the practices need to keep up. think of the world of business today. the pace of change ten times faster disruption and competition coming from all angles economic institutions of capitalism are literally under attack so i think the board members need to step up and they need to manage the risk better and be more focused and spend time in a smaller handful of companies and deeper and not wider it reduces the risk and it raises the ceiling for all parties. >> do you think this is actually, when you have a heavy hitter like blackrock make rules like this, do you think it actually changes governance at companies? >> i do. i think that governance is positive and it will drive economic value i think what it will do is force or allow board members to do a deeper dive and not only manage the strategy because it's changing so much more rapidly but really the people side so it gives them a chance to focus on ceo succession planning and

maria: a couple weeks ago we had rick reeder he managed the $2 trillion at blackrock and he said theno wiggle room. but ecb has even less. what will they do, they will buy european equities, would you buy european equities? >> i think the $13 trillion of negative yield securities out of the market price. that is what they're trying to do, are trying to say don't save your money spend it. to pump priming, but that is my one concern. my big concern. maria: the hospital sector had its own issues and one of the solutions is consolidation. you nyu have done a fair amount. the tell us what you did in brooklyn, you required lutheran you're about to acquire another hospital. >> we acquired lutheran and are going to do the merger of lutheran because we have patients out there and it's very important to serve our patients with the same type of quality that we have in manhattan. and at lutheran hospitals, it's now nyu and brooklyn, were incredibly proud of the quality, so we took a hospital in a community, sunset park that has the largest concentration of medicaid in the united states and over

i look at what hildebrand a blackrock has been saying recently, which is saying more qe.be the immediate reaction, more qe? and would that be the right trade for them? james: it would be instantly more qe and rate cuts. it would be fairly aggressive. we do expect this new government to ease fiscal policy in the coming months. but i agree with you, the impact of further monetary easing, whether or not it helps, is questionable. but i'm certain the bank of england will be easing instantly if we do have a hard brexit. manus: stay with me, we've got more work to do. james mccormick. money into assets guaranteed to return face value seems counterproductive. but there are ways that it can be traded for a profit? -- profit. annmarie hordern has been digging the government looking east for a convoluted hedged trade. good morning. annmarie: we have $17 trillion of negative yielding debt. the question is how you make money from it. the first one i want to talk about is fx hedging. rising demand means those with funds can generate positive returns in europe and japan. is an annualrs

plea i think hildebrandt's in the blackrock piece is important. you cannot get a more mainstream, authority of macroeconomists than stan fischer. i studied his test books -- textbooks. these guys are the mainstream of central banking, and they can see what is becoming pretty much obvious to everybody, which is, qe, the marginal impact is negligible. forward guidance was always questionable. stage really has to be about transferring money from the central bank directly to the private sector in europe, because that is the only option available. what happens in america is very different, because the fed does not have the same degree of monetary flexibility that the -- that the ecb has. it is likely the endgame would be fiscal. you will either get helicopter drops or a huge fiscal stimulus. we saw what happened the last time they had a fiscal stimulus what it did to the bond market. manus: so i have two bubbles to worry about. one is the inflation bubble. by the way, i will have a bit of loans at 0% on another property and i will be off to portugal. e

and 500 million or less in assets and don't have a specialty, you will struggle to compete with blackrockllion or less in assets, you will struggle -- assets and don't have a specialty, you will struggle to compete with blackrock, vanguard. larger managers can offer active and passive. francine: if you are not big or niche, how do you survive? >> you may not. the future, we are very much looking at this. consolidation is going to continue. the smaller players will -- by some of the larger competitors and some may disappear. ultimately, they may have to cut costs. some of the issues they are grappling with our modernizing their operating models with data and technology, which will also lead to some cutting some underperforming business lines. yeah. francine: i think we have a viewer question. this is a great question. follow bloomberg surveillance, he is writing, how much will technology, so ai, big data, continue to push investors away from the classical active manager? >> it is something we looked into. it is still at the forefront. i mean, when you think about alibaba already offering m

blackrock's private equity unit striking its first deal, spending to become the largest shareholder inntic brands. the company manages brands and likenesses such as elvis presley, "sports illustrated," and juicy couture. the deal is valued at more than $4 billion. the ceo of swedish company saab is leaving after almost a decade. he says he would like to face another operational challenge in his career. he plans to stay until there's another ceo. soft shares have had an annualized return of almost 18%, beating industry peers. the boards at cbs and viacom working over the night to determine a price for their long-awaited merger. the media companies were hoping to reach an agreement in time to announce a deal today. viacom's ceo would lead the new company. i'm viviana hurtado. that's your bloomberg business flash. david: of course, i've been watching cbs-viacom, but i've been watching it forever. it's surprising it took this long to get it done. the question is, what do they do with the combined firm? we are now with cinelli bostick to cover 3 -- with asak to cover three things worth talk

coming up the world's biggest money manager blackrock adds sports illustrated to portfolio, details on housing market, red hot in some parts of the u.s., the surprising places that are seeing a boom straight ahead. by consolidating your credit card debt into one monthly payment. you can get your interest rate right - by locking in a fixed low rate today. and you can get your money right. with sofi. check your rate in 2 minutes or less. get a no-fee personal loan up to $100k. most people think a button is just a button. ♪ that a speaker is just a speaker. ♪ or - that the journey can't be the destination. most people haven't driven a lincoln. discover the lincoln approach to craftsmanship at the lincoln summer invitation. right now, get 0% apr on all 2019 lincoln vehicles plus no payments for up to 90 days. only at your lincoln dealer. can the past help you write the future? plus no payments for up to 90 days. can you feel calm in the eye of a storm? can you do more with less? can you raise the bar while reducing your footprint? for our 100 years we've been answering the questions of tod

wereiling up, among the topics francine lacqua tackled on thursday in an exclusive interview with the blackrock>> the yield curve metals a great deal for banking no matter how you look at it. a wealth manager can be a way to diversify away from some of the risks of having a flat or inverted curve, but we are not going to see booming banks in an environment where we have the yield curve the way we have today. it almost weekly, but it just keeps on going up -- this is the value of negative yielding bonds, topping $16 trillion. are we in a bubble overall? >> there are reasons why the haven andseeking safe it's where you go. i wouldn't say this is a bubble -- this is a consequence of, on the one hand, a cyclical slowdown which we are now delayed, risks of recession are increasing, but most importantly it is also a consequence of the governmental policies, particularly the populist policies we've seen in so many countries -- the notion that this will not harm the global economy is simply a fallacy that is now revealing itself. leadist economic policies to bad economic outcomes and markets are expect

. >> my name is claire i'm a college student in dc but the ceo of blackrock wrote how it's more necessary for companies to have a purpose and to be socially him conscious that the purpose is now tied down to the bottom profit margin so now i am thinking these see these corporations are socially conscious businesses as a way to combat what you describe as the anti- capitalist sentiment growing especially for people my age? >> maybe in the old days they did not work very well but i would caution often it is a con for kyle but the investment funds of huawei they are based on money from fossil fuels that then they want to be more green. bewarecr of hypocrisy so businesses genuinely do care from the ones that say they do to the ones that they do. >> hello professor working here in the federal government to make that comment how cheap it is in the metrics of lobbying of dollars spent to see how successful that is and to push back on the idea that most of what is done is mostly unknown or go look at all the various financial services bills coming to congress every year it doesn't take much money

that comes from blackrock, and stanley fischer as an author. what do we see for jackson hole?ssio: i think these are the precise challenges, and it is very good we are discussing these things. at the next global recession, we know monetary policy is not going to do the trick. it worked to a certain extent, but it is not going to deliver much more. what conventional monetary policy can do is only an void that deflationary track, but in order to create a meaningful rebound, in my opinion we need, and this is where coordination is needed, global coordinated fiscal expansion. just like into thousand eight, we had global monetary easing -- had globaln 2008, we monetary easing. we need to have a global supply of bonds that is competing for debt demand for bonds. fiscal expansion globally is the only thing that can try to overcome the savings glut that we have at the private sector level. what is the danger that you talk yourself into recession because the market will say, is it that bad? we need to react to that. think the way animal spirits tend to work is always unpredictable. i t

. ♪ tom: we will bring you up-to-date with lines in a story about blackrock looking to expand its footprintumpstart extension. we go to bloomberg story on this crossing the terminal. asset management is very high and china. some of the regulations get removed. according to the story they are looking at operations in china. it has held discussions with major chinese lenders about setting up a g-v in the mainland. david, i willo get onto this battle of the chart section of our show. charts, i can hear excitement from david. how exciting. these two will put their best charts against each other. david: woo hoo. tom: david, over to you. was too'm sorry, i excited. let's start things off. why don't you start things off for us? inversion iscurve happening from the u.s. to the u.k., and we see that in taiwan as well. earlier this week taiwan sales have a batch of 10 year government bonds at a yet -- a record low of 0.6%, which is slightly lower than the option yield of two years. this is also the first time ever rosethe short-term rate above the yield in auction. in one hand taiwan dropped followin

my question is this reminded me of a letter that the ceo of blackrock wrote around last year about how it's more and more necessary for companies to create a sense of purpose and socially conscious idea of the company and greater public. i think you said something like purpose is now ties down to bottom profit margins and you mentioned that as well, are you thinking, do you see something like seek work, benefit's corporation or more socially-conscious businesses as a way to combat what you're describing as anticapitalist sentiment growing for people my age. >> i would like to see more experimentation, maybe in the old days it didn't quite work well that was the internet. all things are possible. but corporations say that and it's very cynical. must be from fossil fuels. they want to be more green. be aware of hypocrisy. a lot of businesses genuinely do care, but the ratio want to say they do and the ones they do, you need to be aware. >> my name is brandon, i work here in federal government. i wanted to touch on the comment about how cheap it is to buy washington and metrics of lobbyin

to sort this out with scott thiel from blackrock in a moment. here is the anomaly.ks, which normally benefit when we see yields compressing with germany, that ain't happening either. so you have italian banks trading lower on this story, which is low as well. that means the stocks are going

big names have followed his lead including blackrock. david: what smile name?with claudio piron talking central bank decisions. india ande bank of more, but we've got to start with the rbnz dropping a rate cut bomb. why do you think they did it? is this the start of a currency war? claudio: exactly. the two messages out of the rbnz front ofnt to get in an escalating trade war putting downside pressure on global growth. the immediate expectation for global growth is 3.3% this year but it looks like we are tracking close to 3%. in terms of the currency, the currency there are concerns of whether it is too strong for them and tightening financial conditions so they cut 50. guided lower for another 25% rate cut to come. this will spark concern it is every man or woman for himself in terms of governments getting in front of this and get the currency to do some work here. that puts a lot of focus on the r.b.i., the philippine central bank going forward. david: that takes me to the next question. we have the r.b.i. and bank of thailand, but i want to ask about the phi

we have also seen clear signs of blackrock.orm in september that they are postponing for the way. another big foreman hong kong, they are now increasing security. it includes fundamental questions about what happens to hong kong, which was before seen as a gateway to china. caroline: is there any pushback leaders from the billionaires coming up -- among business leaders, billionaires coming out, that this as her hong kong too much for their liking. >> they are in a difficult position. these billionaires have a lot of stake in their businesses with the mainland, but they are taking a big hit. were talking about henry chang, his network down 20%. wealthhing, his decreasing by 12%, so we have not heard a lot from him, but we have heard from associations linked to them. caroline: we will continue to see how the protests unfold. more on those stories. , tomorrow, and interview with d.o.a. ceo brian moynihan. -- bank of america ceo brian moynihan. joe: i will be looking at housing starts in consumer sentiment. fromine: that is all ro

blackrock, you have which has so many offerings for clients and the scale that goes along with that.r end of the spectrum you have small boutique asset managers that might have a special thing they do really well. what we are seeing in the marketplace is that if you fall somewhere in the middle of that spectrum, it is hard, and you have to figure out what you will .e to be able to prosper guy: what role is regulation playing? annie: regulation and technology costs -- the cost of compliance and technology have been stepping up pressure on this industry. to cope with those costs, these asset managers have had to figure out where they are going to pick up some of the slack. you have seen layoffs and part of that is keeping up the cost of compliance. vonnie: what kind of money management firms are at the greatest risk? annie: the middle-of-the-road type of asset manager. in thing you have seen response to these pressures is consolidation in the industry. we have seen a couple of big passive --active and the oppenheimer merger, also a couple of cases like the changes henderson -- like the

. >> let us not forget blackrock, which is pressing the ecb and now common stocks, failing to actuallyhe citizens of the eurozone we have suggested what they ought to do is give people kind of a gift certificate for blackrock mutual funds that's probably the more desirable way of manipulating asset prices in the modern age nobody seems to be standing up for the price mechanism. rick, let us join hands and affirm our loyalty to the price mechanism. >>absolutely jim grant, without market signals nobody knows where they're at on the map of pricing. thank you for your time today. david faber back to you. >> okay, thank you mr. santelli. now time to send it over to jon fortt so we can get a look at what's coming up on "squawk alley." >> two earnings, two significant stock moves, both called out trade tensions, macro uncertainty, hp enterprises up about 3%, autodesk is down about 10 we've got both ceos and insights into what this means for the markets coming up on "squawk alley. memory support brand. you can find it in the vitamin aisle in stores everywhere. prevagen. healthier brain. better

some former central bankers of blackrock. in terms of looking to take a -- is thatpan overdone?hael: i think some of the comparisons, certainly the economic and demographic comparison to japan, you cannot overplay the comparison. where it is very relevant is what the central bank can do and what the possibilities are. we are still only at the beginning of alternative monetary policy. will come up with something else entirely. in europe at least, we are not quite there yet. mmt, ihen you bring up think about the dangers of mess allocating capital. -- miss allocating capital. see various bubbles or allegations of zombie companies being supported by this alternative central bank policy. does that come back to bite us? michael: i think it is definitely a concern but if you are concerned about bubbles specifically, look at sovereign fixed income markets. risk.k there is a and that is even before you get to the credit allocation point. that is the challenge for the ecb now. they want to build significant stimulus. that is the right thing to do but given alternative monetary policy is

blackrock's private equity firm has struck its first deal, spending $875 million to become the largester in that the u.s. brand management company. and manage 50 clothing entertainment labels, including sports illustrated, nine west, co juice eco -- juicy uture. second quarter loss more than doubled in the global slowdown, a rise in global competition. the carrier reported the shortfall of $23 million through june, compared to a loss of $100 million compared to a year earlier. the airline is struggling with an aging fleet and depreciation against the u.s. dollar. reports from india say struggling jet airways has received three expressions of financial investors and a global company. no names have been released. the report says there is no interest yet. will evaluate the bids and come up with a short list. a chinese operations center is preparing to be built as part of revamping and sharpening their chinese business. beijing has attracted a large number of car manufacturers and auto parts manufacturers, and a new industrial chain that covers sales and logistics. there is plenty more ahe

blackrock put out a paper in the last couple of days time for the jackson hole gathering.ays we need to go beyond pure monetary policy, bring in fiscal policy, bring the two together, and that can really generate growth. i think particularly in europe -- this is really important -- in germany in particular needs to start to stimulate. the good news is germany has plenty of room to do so. were they to take that step, that would send a strong signal to investors on the equity side and the fixed income side that we do have both monetary and fiscal policy coming into play. paul: once the of and subjects in whole are out of the way, the next thing we look forward to his u.s.-china trade talks coming up in d.c. there were signs of the u.s. , the delay oning terrorist heading into christmas that maybe things are starting to fight for the u.s. is that likely to bring both parties to the table in a better mood to negotiate? >> i think there's room on both sides for compromise, and a ticket is becoming very clear to the administration that the uncertainty around trade is having a ne

some big names have followed snoop's lead, including blackrock and the commonwealth bank of australiae are the top global tech stories we are watching. shery: disney shares slumped in late trading after quarterly results fell short of estimates. earnings were squeezed by falling theme park attendance, spending on new streaming services and the flop of a movie in the acquisition of fox assets. let's discuss this with ivan. always great having you with us. we were expecting that new star wars attraction to draw more people, but what happened there? ivan: the problem is it is drawing too many people. the park has been packed. it is very successful. like bob iger said at the start of the call earlier, this is a very complex quarter. a lot of moving parts as the integrate fox into disney. i think it was a good quarter because it is building up to what i believe will be a very successful launch of disney plus. i have set it for a long time, content is king. and disney, especially with the merger of fox, is the king of content. they have so far $8 billion in box office revenue which is a rev

we have a lot more coming up, including kate moore with blackrock. get her takes on which sectors she likes -- think tech and health care. futures pointing to a higher open today after a mixed trade. wos andead between the t crude little changed. this is bloomberg. ♪ ♪ from the 5am wakers, to the 6am sleepers. everyone uses their phone differently and in different places. that's why xfinity mobile created a wireless network that auto connects you to millions of secure wifi hot spots. and the best lte everywhere else. xfinity mobile is a different kind of wireless network designed to save you money. save up to $400 a year on your wireless bill. plus get $250 back when you buy an eligible phone. click, call or visit a store today. ♪ powell takes center stage. will he reset market expectations? g7 leaders gather in france. brexit and a new italo dutch italian coalition. scott miners sees a dangerous asset bubble in government bonds sees a dangerous asset bubble in government bonds. i am scarlet fu in new york, nejra cehic in london. there is a lot going

these were among the topics francine lacqua tackled on thursday in an exclusive interview with blackrock'schairman, philipp hildebrand. philipp: the yield curve metals matters a great deal for banking , no matter how you look at it. wealth management can be a way to diversify away from some of the risks of having a flat or inverted curve, but it is difficult. we are not going to see booming banks in an environment where we have the yield curve the way we have it today. francine: i have this amazing chart, which i have to say, i look at it almost weekly, but it just keeps on going up. this is the value of negative yield in bonds, topping $16 trillion. are bonds in a bubble overall? philip: again, there are reasons why the market is, in an extreme way, seeking safe haven, and bonds is where you go. i wouldn't say this is a bubble. this is a consequence of, on the one hand, a cyclical slowdown, which we are now in the late part of the cycle. so risks of recession are increasing. but most importantly, it is also a consequence of the governmental policies, particularly the populist policies tha

and blackrock says it is time for board member limits. and they may help with safety, but drivers are getting fed up with drivingles. art that is coming up in rapid fire. rodney: you know what my favorite part really is is when i greet students when they come in. because i know what great things we have in store in the classroom. marisa: when they come into my classroom, they're able to really get in touch with who they are. rosanne: my favorite part of teaching has always been this opportunity to make a difference. ever: every student has the right to quality education. no matter what neighborhood you live in. rosanne: we are cta. ever: we are cta. marisa: we are cta. narrator: because we know quality public schools make a better california for all of us. >> welcome back. a news alert for you out of silicon valley >> department of justice has confirmed that it is bringing a criminal indictment against the engineer that was at the center of the uber waymo lawsuit. he is accused of taking secrets to uber. a press conference is kicking off

blackrock is looking at joining israel's infrastructure boom.te is making a push over the coming decade to revitalize everything from roads imports to a metro in tel aviv. doubling a final dividend to a record 24 aussie cents per share. iron ore prices helped them beat estimates with more than $3 billion of profit in the year to june. it is a strong start of fiscal 2020 for the world's number four iron ore exporter. the results of earnings highlight the results of a fuel glut. $4 billion.for china's oil giants are increasing expenditures to heed beijing's call to add more production. manus: thank you very much. the to our top story, u.s.-china trade war. worsening. 10 year government bonds in the low insunk to three-year terms of yields. the u.s. and china raised tariffs further on friday. over the weekend, president trump kept his hard-line, saying a regretted not raising tariffs further. georgette boele is our guest host. early august, we broke the wall ofseven on escalation tariffs. a calm and measured approach this morning. to the gtv librar

blackrock told european toldrities that -- bloomberg that european authorities should consider cash handoutswhat we are proposing is the next step has to be something else. something that goes in the direction of essentially what we call go and direct, which would be ways of putting money into pockets of consumers or corporates directly in order to spend. they are closest or at the point where more of the same simply will not work anymore. matt: lucy macdonald is the cio of of global equities at allianz global investors. it is not a new idea. milton friedman first brought up helicopter money in the 1960's, but is it a possibility? lucy: yeah, it has been used in some form before. i think it is to me more an emergency measure. i'm not sure we are there yet. post financial crisis, when there is a big slump in consumer sentiment. we are not really there at the moment. consumers are still spending and growth is still just about positive. s tools to have in the pocket. whether it is one to use now is less clear. matt: what do you think in general about the european central bank -- let's just say,

. >> up to 70,000 people are expected to attend the event in blackrock city, nevada. burning man ends on monday and you can go to burningman.org to live stream that event if you can't make it. >> isn't the whole point the anonymity? >> i don't want you to study me if i'm in my loin cloth or whatever it is you wear at burning man. >>> let's talk about mario cart, coming to iphone and android. nintendo says it will hit the app and google play stores on september 25th. free to download with in-app purchases. nintendo released a beta version earlier this year. mario cart fans can pre register now when it launches. >> do you have a favorite mario cart character to play? >> i like being mario. but i like peach. i was. >> i was going to say yoshi because he has that tongue. >> dupe, dupe, dupe. >>> coming back a full 90 minutes of news, including the college board coming down on plans to change how it scores the s.a.t. >>> you've seen the surveillance video of the attack outside the apartment complex. austin vincent is back in court today, but some charges will be dropped ag

active manager with under 500 billion and don't have a specialty, you will struggle to compete with blackrocktween them manage 11 trillion in assets. so in addition to helping with it caner fee problems, help with rising regulatory costs. course, it is worth noting the largest managers have the ability to get into both active and passive. anna: got to be big or niche. >> exactly. matt: these things can turn around, what do you expect for the future? >> more consolidation is absolutely going to happen. smaller players will be absorbed by bigger competitors. some won't survive and most will have to cut costs. another thing asset managers are grappling with is modernizing the operating models with data and technology, which will result in cutting underperforming business lines. anna: thank you, bloomberg's hedge fund reporter with this great peace of research. markets, 53your minutes into the day, it is a positive session. this is what we have got for you. a strong session for the stoxx 600, as you can see. up by .9%. the ftse 100 is an underperformer, but what is outperforming is technology. lo

this morning in new york, we had blackrock on tv talking about 1.5%. 10 hours ago it looked pretty far away. but i mean, yields are moving with a fury right now. u.s. still has high yields relative to the rest of the world. which just increases the attractiveness of treasuries right now. paul: sue, you were talking about equities earlier. let's talk about commodities now. getting hit hard. oil sinking. we've seen iron-ore drop from 120 to 100 now. that will be very significant for us here in australia. i guess unless it's gold, commodities have really been getting hit pretty hard too. >> yeah. again, the moves were fairly extreme. traders were not shy about hitting sell early and often. let's go right to the oil chart. because a veteran in the oil field mentioned oil is taking a hit with the escalation of the trade war and also the slide of the u.n. and -- yuan and he also points out it is overshad ogbueze the demand story -- overshad ogbueze the demand store -- overshadowing the demand store. this story trumps all. not auto to use a pun. let's go quickly to gold. gold also having quit

blackrock's private equities fund has struck a new deal, 800 $75 to be the largest shareholder in theany. they manage 50 clothing and entertainment labels including "sports illustrated" and juicy could tour. . >> ams is offering more than $4 billion in its second attempt to acquire a struggling german rival. as 35 euros from bain capital and carlyle group that has already been accepted, becoming a takeover target in the series of profit warnings. to build areparing china operations center in nanjing as part of a plan to sharpen its chinese business and launch more than 30 new vehicles to enter to chinese taste. there are long -- there are a number of car made factors in coversyears that manufacturing, r&d, and logistics. let's take a look at chinese markets ahead of that break -- we are seeing the session highs pboc to 1% with the signaling and urge to try and renminbi, stabilizing risk assets today. bloomberg bill ♪ from the couldn't be prouders to the wait did we just win-ners. everyone uses their phone differently. that's why xfinity mobile let's you design your own data. now you c