we are back with trooper from blackrock.ca,ook at latin look at the coronavirus rampaging through out the moment, how difficult is it to forecast because we are still really in the middle of it? >> a very volatile situation. even in latin america, we see the virus flattening out. even in hard to countries like brazil we see activity continue to recover. clear short-term, with attempts and china to ramp up the stock market, you could get a tailwind for em assets, particularly under own. if we get a value recovery, em will participate in that. longer-term, i think it is difficult to make a case for em. em, credit are looking tight relative to fundamentals. em countries are more exposed to her down -- prolonged slowdown. there is the short-term case for this em recovery to continue, but i find it difficult to take a big structural view in that asset class. francine: what does it mean for this change the? does it impact politics, the health care system, the transition of these economies? rupert: i think em economies, you are see

blackrock brought back shares because of that. we also track assets over management $7.3 trillion in assets under management up from $6.84 trillion a year ago and ahead of income in the second quarter we'll speak to larry fink, the ceo of blackrock coming up >>> turning unused concert t-shirts into potentially life-saving mas.sk we'll have that feel-good story just after this. sflush s so they can keep more cash in your pockets for when it matters most find out more at usaa.com for when it matters most our retirement plan with voya gives us confidence. yeah, they help us with achievable steps along the way... ...so we can spend a bit now, knowing we're prepared for the future. surprise! we renovated the guest room, so you can live with us. oooh, well... i'm good at my condo. oh. i love her condo. nana throws the best parties. well planned, well invested, well protected. voya. be confident to and through retirement. i see a new kitchen with a grill and ask, "why not?" i really need to start adding "less to cart" and "more to saving

wei li from blackrock is still with us.e certainly saw quite a bit of risk in coming through in the hopes of the modernity vaccine. -- moderna vaccine. when you look at the appetite investors have had for risk assets, it looks as though there hasn't been -- has been a big favoring for fixed income in june. has that been in credit on the assumption that central-bank support is going to be around for a while? wei: absolutely. it makes the et g flows globally a record month in june and this is coming on the back of central-bank support, so if you think about the fed likely going to stay close to zero for an extended period of time, three years or maybe even longer, that is really taking away income. leaving aally scramble and that is very much supporting credit, which is why we continue to keep our overweight in credit, including investment-grade and including a high-yield because we expect the search for income to continue to intensify. yes.: what is interesting as well if you look at the stock market in the u.s., we had a fe

but for blackrock, the quarter panned out pretty well. thank you.ing up, retail investors have been blamed for driving the market higher and naively adding up u.s. stock rises, but is there real evidence for that? we will discuss that next. this is bloomberg. ♪ romaine: all right, the surge of retail investors flocked to the stop market. marketked to the stock and in robinhood they added 300 new accounts with a concern that the influx are game will -- gamblers here to destabilize the market. not be enough evidence to show it. joining us now, there is an old saw out there that when you start getting stock tips from the shoeshine guy and taxi driver, you know that the top of the market is near. i guess the modern-day is robinhood in these retail accounts. looking at the data, what does it tell you about who these people are and what they represent to the market? >> it's a good question because they are certainly taking a lot of criticism about being gamblers andrew is that don't know what they are doing, but the truth is we don't really know a lot. yo

because the fed i guess can buy stocks by their mandates but if they appointed to blackrock which is the biggest asset manager and the world you know beyond hedge funds they have like trillions under management and they get to buy stocks on behalf of the fed and clued into who knows who their friends are they get to buy their own stocks and their own you know black rock has a lot of e.t.f. they're about to buy these e.t.f. so i mean this is ultimately the sort of corruption that they warned about in the. french revolutionary days well fans of the godfather movies will recognize the modus operandi here the godfather orders the hit man to go kill the guy who the godfather doesn't have any culpability. so here jay powell is ordering blackrock to essentially ask the hitman to go and commit fraud this is obviously it's the law as is what it is right there bypassing the law so not a lot of murder somebody but he could hire somebody to murder somebody and they don't get caught then according to the godfather stary of economics which now runs american economy bets ok again it's a conspiracy

of the blackrock as well but you're right, massive declines in the first quarter for blackrock. their earnings are dependent on two things they're dependent on flows, and they're also dependent on beta, whether the market goes up or down, because they take a fee over the money managed overall so if they see their assets decline in the first quarter, they see them evaporate, that makes a difference in terms of profitability, in terms of margins, in terms of money coming in the door >> do you think he wants the secretary job? the end of it was he would definitely say yes if offered. >> yeah, he said he's happy where he is. there was a really sobering message in that interview, though he was asked if this crisis will be worse than the financial crisis of 2008, and he said yes. he said the financial crisis of 2008 really started and ended with housing and the financial sector whereas this time it's all parts of the economy i thought that was a little bit troubling when you look at how long it could take to get out of all this >> we hope he's wrong, but we certainly listened to that

coming up, blackrock seeing investors jump back into mutual funds and etf's.his is bloomberg. ♪ alix: time for etf friday. blackrock reported earnings this morning, taking in money but not as much as estimated. scarlet? sure.t: the biggest etf 4.3%, trading at a record high. marketrket and stock rebounded with huge inflows into the firm's etf's and mutual funds. $7.3 trillion. worth, up $16 billion from last year. stunning. in $62rm, they took billion. i am getting my quarters mixed up. fixed income, all other types of , surpassing all alternatives, in contrast to multi-assets, which sought outflows. alix: i wonder how indicative this is? scarlet: the fed continues to buy credit so why would you want to rotate out? income is theixed theme for this month and the second quarter at large. most,llion total, the going back to 2014 and even further back probably. more than half went into corporate bonds. federal reserve and their purchases of credit, in particular, recent fallen angels. all of this was reflected in the bank results this week. fixed income commoditie

elga bartsch is with us from blackrock.ith a great heritage of economics, a great heritage of fixed income. we will talk to elga bartsch, fx trader, right now. what is the significance if we get a breakdown in the dollar? what does that mean for our viewers and listeners? an orderly or abrupt move. so in terms of a somewhat weaker dollar, it obviously helps. if the fiscal were removed, then it would be more worrying because it could talk to various dislocations that might be the reason. but as usual, with currency moves, it is not just whether they move but also why they move. what is it going to be that gets the dollar lower? i'm trying to think of potential things that could happen. there is a lot of good news in the price of the euro right now, and that is a significant portion of most dollar baskets. correlation got the with what happens with stocks. what do you think would be the catalyst for the move that tom is potentially talking about? elga: i think by looking at the dollar, there are always two drivers you need to

i don't have the daily face-to-face interaction with anybody else that blackrock. or three phone calls in the course of a few months are not very many. i think their conflicts are managed extremely carefully in the arrangements that we have with them. and again i cannot recall exactly what those conversations were but it would be about the markets. generally exchanging informatio information. and typically trying to make sure that we get good service from the company he founded. that's his main objective when we talk. >> thank you mr. chairman. scott with npr can you give us an update on the clean shortage you talked about last month and what does that tell us about the economic circulatory system? >> the situation with queens is the quantity is going up and was adequate before the pandemic but circulation stopped because stores were closed and banks were closed and customers were not spending. so the queen stopped moving in the system. since i began to happen we saw that happening right away, we been working to try to reverse that disruption of the supply chain to

tom: mike pyle joining us from blackrock. we welcome all of you on bloomberg radio and bloomberg television. something i am really unclear on , has health care ballooned like the tech stocks, or is health care behind? say we sort of see health care particularly the pharmacies in the u.s., as having some legs behind it. those are really strong business models. there's a lot of focus on what that part of the health care world is bringing to society, bringing to the market. i think that is a space where we see quite a bit of upside. lisa: you talked about how in europe, they've got the virus a bit more under control. certainly more than the united states, which is seeing record numbers of people diagnosed with covid-19. and yet, the market doesn't seem to care. this is something that a lot of people have talked about, that the market goes up even as we get these record tallies. what are the main risks, if not that, to market levels right now in the united states? is it the election? is it something else we were factoring in enou

tom: jeff rosenberg of blackrock, thank you very much. now we are going to go back to michael mckee. i will show you a little inside surveillance baseball. i will look at a number and rounded up and be like whatever, it is 20 million. lisa abramowicz is a responsible adult, and she will rounded up correctly with all that fancy chicago math she took, to 15 million. the key won't even go to 15 million. he will use scientific notation and go 14.661. that is the number of jobs still out there. michael mckee, that is a big number, 14.6 million that we have to recover. mike: that is how many jobs according to the establishment survey we are below the high in february. arere still lower and there 14.6 million people who don't have work right now. i will let you come up with what the standard deviation is for that but the whole remains really big. folks on wall street may trade higher on this because it is good news that shows we are recovering, but there is a long way to go and how many of these people are going to have jobs to come back to, esp

>> so blackrock is just our agent. we make the policy decisions in conjunction with our colleagues and they just execute our plans. i actually don't remember exactly what i would have been talking with him about he's the head of a major service provider he generally checks in to find out whether we're okay with the quality of the service that blackrock is providing i don't have daily face-to-face with black roc three phone calls in the course of a few months. it wasn't very many. i think their conflicts are managed extremely carefully in the contracts we have with them. again, i can't recall exactly what those conversations were. it would have been about what he's seeing in the market, generally exchanging information. he's typically trying to make sure we are getting good service from the company he founded and leads. i would say that's his main objective when we talk. >> okay, thank you we'll go to scott horsely. >> thank you, mr. chairman scott horsely from npr i wonder if you can give us an update on the coin short

him all the money right right right there right that's right i said back if the banker africa at blackrock the biggest asset manager in the world has handed the responsibility of buying assets for the fed they're even allowed to buy some of their own assets how's this couple right or if the ultimate conflict of interest is to buy their own assets with the exchange traded funds they create these funds that they put all these lousy bonds in and then they sell them on to the fan explain if you wanted to have house sees that were bad for investors this is what you do this way the only investors who benefit are the blackrock and masters anybody who is not a black rock investor is shrewd for. me if we go back by the way the cares act that was passed to deal with we saw. in 1000 in his signing statement for the act trump said the act requires some de minimus amounts of transparency we're not going to provide them. so what you see is little peeks into how the money is being spent and we're talking $2.00 and a half trillion dollars where the fed was also kind of put in a box for truly you know who

chair powell: blackrock is just our agent. we make the policy decisions in conjunction with our colleagues and they just execute our plans. i actually don't remember exactly what i would have been talking with him about. he is the head of a major service provider. if wecks in to find out are ok with the quality of service that blackrock is providing. i don't have the daily, face to face interaction with anybody else that blackrock. conflicts are managed extremely carefully in the contractual arrangements that we have with them. exactly can't recall what those conversations were but they would have been about what he is seeing in the markets and things like that. you know, generally exchanging information. he is typically trying to make are getting good service from the company that he founded and leads. i would say that is his main objective when we talk. >> thank you. we will go to scott. >> thank you, mr. chairman. scott from npr. i wonder if you could give us an update on the coin shortage that you talked to lawmakers about

fisher,eter former blackrock head of fixed income.ther leader of a country now getting coronavirus. the bolivian president saying she has coronavirus. we know that the brazilian president jair bolsonaro, not to mention u.k. prime minister boris johnson also suffered from coronavirus. we are now hearing that the bolivian president also has it. a quick check of the latest business flash headlines. bankrupt brooks brothers is said to have received a competing offer of finance that would keep the chain running during its chapter 11 process. it is not clear who is behind the new bid, but a better offer could overtake the financing plans already lined up. brooks brothers had arranged a $75 million loan from wap global. but we are told the new offer has lower fees. tesla skeptics remain undetermined by elon musk confidence, with shares sold short heading for an unprecedented milestone. the stock is about to be the first to hit a short interest level of $20 billion. plenty more to come. ♪ >> what this election is about. get youyou trust to th

blackrock is opening today 580 i think it opened at here.he historic high is 590 back in february of -- march of 2018, carl, i believe or maybe it was january, but we are $10 away from a new high and with very good reason. big leader in that whole etf area guys, back to you. >> all right, bob, see you in a little while let's get to rick santelli, brought us housing starts earlier, we will get consumer sentiment in a few minutes hey, rick. >> hi, carl. indeed in the housing data is pretty good. inter day of tens you see the yields have popped but the fuse was very long because they popped an hour after the housing data was out and mostly because of the next charge here is the s&p futures on top of ten year note yields. the s&p futures like dow futures popped right away on the 8:30 eastern data but it did take a while for treasuries right now two year note yields are unchanged, everything else on the curve is lower in yield, higher in price. if you look on the week all maturities two through 30 are lower yields muted responses to good data, we

susan chan from blackrock.chinese mainland professionals in hong kong are caught off guard by new tax rules with some facing is the pike. forill speak with feng ao advice on chinese financial firms. rishaad: washington accuses two hackers of working for beijing and looking to forge a coalition with u.k. to resist chinese influence. this is bloomberg. ♪ haslinda: welcome back. heir says itact expects daily food orders to grow three to four full over the next five years. it is already the world's biggest meal delivery business. taking about 30 million orders every day. in an exclusive interview with bloomberg, the chief scientist told us the company is counting on a.i. to help cope with the surgeon business -- surge in business. >> we are working on some new th ings. we are working on autonomous delivery vehicles so we can help much more delivery to deliver more orders to the consumer. you can see the self-driving vehicles can deliver food. using technology to augment reality. the user can take a picture to and r

ever for sustainability type veminvestments, there is a pivot saying if this is on offer, why not blackrock said in the first half of the year it saw $11 billion worth of money flowing into their sustainability focus fund. and this is still a small part of thelarger market, but it represents more than double of 2019's total inflows of $5 billion. so it really is just investors saying i want to put my money where my mouth is. and these risks, these social risks, these environmental risks, they do pose long-term risks for companies down the line so investors are increasingly rewarding companies that are shifting their policies and focusing on the long-term trajectory >> investors definitely putting their money where their mouth is on tuesday blackrock's etf provider said they saw a record of $11 billion of inflows into exchange traded funds in the first half of 2020. more than double the same time in 2019. do you see that continuing investors continuing to put their cash where their mouth is? >> investors that i've spoken with say the coronavirus pandemic really will be a turning point for co

thank you for sticking around, from blackrock there.nzy in the stock market in the mainland today in the last couple of days. coming up, we will go to seoul and unpack second-quarter earnings. operating profits beating estimates. we will have more analysis ahead with calaire kim. this is bloomberg. ♪ yvonne: samsung electronics posted operating profit of $6.8 billion in the eight months ending in june, being the highest estimates. and store closures, samsung was able to benefit from surging chip demand. let's get more from claire kyung min kim from hana financial investment. claire, thank you for joining us. we heard from the company in the first quarter, they were projecting some type of profits light in the second quarter. is this beat more of a one-off here? we saw when it comes to profit gain in the display unit or is recovery really in place now? claire: i think except the runoff earnings, the pure profit q1 which the same as was 6.4 trillion. if i see the numbers of 8.1 thelion for q2 earnings, 1.5 or 1.6 trillion. other than that

eastern friday night, we'll talk with blackrock cio rick reider, my special guest.est rates and the impact on your money. next weekend, right here. and this weekend on "sunday morning futures," fox news channel, live at 10 a.m. eastern, i'll be talking with congressman devin nuÑes along with ray dalio, my special guest this weekend. 10 a.m. eastern on sunday morning over on fox news. meanwhile, right here on fox business, start smart every weekday, 6-9 a.m. eastern for "mornings with maria" on fox business. we are live every morning, and we hope you'll be with us. that'll do it for us for this weekend. thanks so much for joining us. i will see you again next weekend. have a great rest of the weekend. ♪ gerry: welcome to "the wall street journal at large". this weekend we are now just 100 days away from the presidential election. for some time president trump has been trailing joe biden in the opinion polls. the democrats and their friends in the media with can barely contain their excitement about the prospects of a coronation of the former vice president in novembe

s larry fink the chairman of blackrock the world's largest fund manager came right out and said climate risk is investment risk. but i don't think there is a choice between plan and profit. that somebody actually metrics that you're scoring companies on you look at anything or is this really any s.g. thing or is this just good business are you polluting are you wasting resources or wasting resources back to the bottom line or that brings the rate back into being business. screening companies took the s.g. criteria has proven an effective way to anticipate and avoid scandals capable of wiping out share prices so for example in between yesterday mutual funds they had to hold folks who are going for a long time because there were questions around the governance structure of the company. disallowed those e s g. firms to avoid the stock crash that followed reasonable use emissions cheating scandal. millions of their cars with cheating software to make their. green companies are also better prepared to face the growing threat of climate change. these factors are reviving the appeal of green i

your organization and blackrock, bank of america, invesco, to try to drive some changes in the workplacewhat that's all about? >> absolutely. so aarp has for a couple years now sponsored the aarp best places to work and the employer pledge that companies are not going to discriminate against people because of their age. we have over a thousand companies who have signed up to make that pledge that they are looking at, you know, not looking at age as a defining factor in suring somebody or making a judgment -- in hiring somebody or making a judgment about their talents and what they bring to the workplace. so we're is so excited. we hope that we'll be gaining many more people, companies who are going to sign that pledge. but right now we're well over a thousand from all over the world who have signed on. jack: wow. that's a good number. i want to ask you about something which is you don't see the workplace or the career path as linear anymore. can you explain what that means? >> so think about this, that if, in fact, you have good health insurance and in good health and do physical exercis

blackrock bottles if can be thought of as the as a cousin all of. our domesticated crops sir- actually all the foods that we should be domesticated to some extent. many of these. crops are already suffering from. issues with meals and susceptibility to certain diseases that we need to face sooner rather than later. please wait while we were just happppy living on the margins dividing i in hostile conditions and so they've adapted in the process of evolution to cope with these pressures the court. projects inspecting the productions of twenty nine domesticated crops such as wheat rice barley oats are things like that too but nana. potatoes their seventeen challenges the lawfulness. of had to f face it didn't reach isn't poll daily with. crocodile across rica and nigeria they have to deal with that boko haram insurgents we're not a- museum facility three actually want people to use them. humans are already relying on a very limited number of calls for the majority of what we ate of the six thousand plant species cultivated for food consumption just ni

eastern friday night, we'll talk with blackrock cio rick reider, my special guest.into rock bottom interest rates and the impact on your money. next weekend, right here. and this weekend on "sunday morning futures," fox news channel, live at 10 a.m. eastern, i'll be talking with congressman devin nuÑes along with ray dalio, my special guest this weekend. 10 a.m. eastern on sunday morning over on fox news. meanwhile, right here on fox business, start smart every weekday, 6-9 a.m. eastern for "mornings with maria" on fox business. we are live every morning, and we hope you'll be with us. that'll do it for us for this weekend. thanks so much for joining us. i will see you again next i will see you again next own your tomorrow. ♪ ♪ >> we're going to look first live at selma, alabama, as we remember a civil rights icon, john lewis, known as the conscience of congress. this is the alabama ground where he first faced one of his most dangerous confrontations in america's struggle for freedom for everyone. this is the edmund pettis bridge which you've heard so much about in

eastern friday night, we'll talk with blackrock cio rick reider, my special guest.ock bottom interest rates and the impact on your money. next weekend, right here. and this weekend on "sunday morning futures," fox news channel, live at 10 a.m. eastern, i'll be talking with congressman devin nuÑes along with ray dalio, my special guest this weekend. 10 a.m. eastern on sunday morning over on fox news. meanwhile, right here on fox business, start smart every weekday, 6-9 a.m. eastern for "mornings with maria" on fox business. we are live every morning, and we hope you'll be with us. that'll do it for us for this weekend. thanks so much for joining us. i will see you again next weekend. have a great rest of the weekend. ♪ ♪ lou: democratic leadership in america's largest cities continue to allow wallace writers to so chaos and destruction. they are forced to remain in their homes. police and portland, oregon, declared a riot last night during what is the 56th straight night of unrest in the city. arsonists starting several fires around the federal courthouse despite fed

morgan chase and then large financial institutions like blackrock that are investing in the companies that are extracting commodities they're the ones who are pushing the forestation and the burning boats america has as in a way he's made it easy for some because like tromping so outward with his racist attacks and that the kind of vitriol that he spews that indigenous people makes it easy for people who are i guess on the fence to say right we clearly don't have to do to do with this guy he's essentially involved in a genocide of indigenous peoples who are our hope is that one he's isolated himself so much and that to the world attention to the fires last season will actually reach. really spurred more action this year from those financial backers to back off and not support the forestation that's leading to the fires in the western amazon we're talking about mining and oil extraction ecuador just suffered the worst oil spill in the coca river that it's had in in over a decade and it's still polluting that river and you've got communities that are isolated because the virus they can'

and says well you need to give me more money that's the only solution that's the or over there at blackrock where they buy the government gives them money to buy their own repackaging of the stocks that they themselves own for themselves wow what a great idea. so then people in america look at that they say wait a minute this is the biggest corrupt game i've ever seen ever this is more corrupt than nero this is more corrupt and calendula this is more corrupt than you know the most corrupt. rapacious bull. thirsty potentate that's ever existed in man kind's history is the wall street and washington axis of blood and cash and so the average person in america saying well can i at least a 10 bucks for a cup of coffee and they're like off to the gulag with you plucky. this is plucky he'll say to the casino. can you money to pay i.r.s. . right so he put these words stay out of the casino go away. don't do anything. j.p. morgan while j.p. morgan the biggest u.s. bank just reported the highest quarterly revenue ever according to c.e.o. jamie dimon is common in the press release so of course this is