still to come, blackrock and singapore team up.e'll be hearing from the ceos about the joint venture that is focused on climate investing. this is bloomberg. ♪ haidi: two of the world's most powerful money managers are joining forces to create climate focused venture capital fund. the new firm will aim to raise $300 million for a first funding round and 700 million more from outside investors. the blackrock ceo larry fink and thomas ike ceo spoke about their plan. >> to properly address the issue of decarbonization, we're going to have to think about new technologies. we have the technologies but those processes whether it is green cement or green hydrogen or so many other things that emit carbon, the cost to do it green is very expensive. to truly get to a net zero world that is way beyond electric vehicles, solar, and wind. hydrocarbons are very cheap. hydrocarbons are cheaper than a bottle of water. >> a few nuts and bolts questions so people have a sense of scale. what are each of the two partners bringing to the table here? wi

erik schatzker is with larry fink, blackrock chairman and ceo.talking about the investment case for climate action. larry: change is disruptive, so we need to be careful in how we design this. this has to be done through enormous long-term planning for society to do this effectively and well. i look at this like i look at the pandemic. i want to just use a reference. i do believe the pandemic is a good metaphor for what is going on in sustainability. the pandemic was an existential risk. it showed how fragile society is. when you step back and ask how society navigated over the last 12 month and segments of society have done very well, and segments of society have done very poorly, if you take that same type of metaphor for sustainability, the earth's health is deteriorating. so it is not like a new pandemic. we see it getting sicker, and we have to stop that disease curve for the earth. the sooner we start changing the course of carbon in our environment, the sooner we can stabilize our global earth health. so this is a bigger task. but when you

that stock right now up a quarter of a mergepercentage po >>> blackrock reporting adjusted earnings of77. that beats the estimate of $ $7.71. $9.01 trillion for the quarter larry fink is our special guest at 7:00 eastern time the stock is off by $1 we will talk to larry about what he sees from the earnings report, but what he has been seeing with the consumer if that additional money that has been out there making its way in the stock market and what his expectations are on that that interview is coming up at 7:00 a.m. eastern. joe. >>> thanks, beck the big debut for coinbase stock opened at $381 a share up 52% from the reference price. it initially rocketed higher with intraday high of $ $$ $429 before cooling off at $328. gives a market base of $38 million. the company designed its public debut to attract retail investors. coinbase accounted for 10% of the equity retail trade yesterday. joining us now is jj kenihan jj, we can talk about crypto and bitcoin in an equity context prior to that, did you need to bone up on everything? you are an exchange guy and you watch all of the indica

blackrock and temasek.ll take stakes in startups with the potential to reduce the world's resilience on fossil fuels. they are committing to $600 million to the efforts. that is the bloomberg business flash. anna: back to german politics. in germany, angela merkel's succession looks to be in disarray. the parties in her conservative alliance are split. the various -- bavaria's csu is backing soder and the cdu is backing laschet. joining us now for more is our german government reporter in berlin. what does the split within the conservative camp mean for the national elections in september? >> good morning. when angela merkel will leave office in september, it will be the end of 16 years of conservative rolling. her potential successor -- we might see the victory of a left or green government. mark: good morning. what exact role will merkel play in all of this? >> she has made clear from the very start of the process that she will keep out of the race of her succession. now though we hear she is increasingly

it is raising more than $4 billion from investors, including blackrock, t.price, and will trade on the nasdaq. $40 billion. when do we hit peak spac? coming up, it is the european close. we will talk to frances donald, manulife investment management global chief economist. j&j stockdale down -- j&j stock still down. what it means for j&j. this is bloomberg. ♪ so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business. ingand while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services withou

that really triggers the national conversation. >> i think it's blackrock. bitcoin a currency for money launderers, and now -- [laughter] they're already recommending, and it's enabling a couple of their funds to purchase bitcoin. i think when there's massive etf associated with blackrock, i think it's going to make a huge difference. liz: okay. you're making news there. what are you hearing from your clients in media and technology? not necessarily on the other side of those who offer it, but the people who had the opportunity to strike deals, like you do work with disney, with our parent company, fox, where you can suddenly start betting on fox bent with, say for for example, clip poe. what are you hearing from these big names? >> we're a long ways away for crypto to be a means, an easy means for people to pay. and the reason is because it just isn't that kind of volume. but what we are going to see is we're going to see crypto becoming an important part of certainly large transactions. it's going to be ways in which as a whole set of merchants so companie

one of the most prominent names to sign is blackrock.ed their earnings this morning. that company has become a even bigger colossus, folks. they have $9 trillion under management. 9 trillion. what struck me was the 1.2 billion in net earnings, talking cash to the bottom line. larry fink, ceo of the company made what they're calling a bold promise to increase their black workforce by 30%. it is only 5% of the people there the company also pledging to donate $5 million to organizations for equal rights. 5 million to hispanic and black entrepreneurs. think about it for a minute. that is $10 million. you know what that is compared to what they made last three months. .00083%. that is what it is. it is not magnanimous. it is not righteous. not even particularly helpful. before blackrock and all these other companies check a box and pat themselves on the back, i want to make a plea to them. if you really want to help the area we need help is education. public education systematic larly in progressive cities is an unmitigated disaster. i have s

we got to hear from blackrock.street we have to hear from glass lewis, vanguard, i know the adds are against us we want to change at the board, it may be that darren is fine because he's obviously changing his perspective. he's endorsing the paris accord, realizing that exxon can't fight climate change, they have to join in and adjust it's going to be a huge change for the company but it has to start at the top with the board asking those tough questions what he's doing at carbon capture, he has scientists and a good team at it, it's minuscule to what he's doing they have the highest cost of barrel per oil for production. they have to change their behavior and stop being recalcitrant and start being progressive. >> if you put a price on carbon, it might become a very profitable business to start to take it out of the atmosphere. meanwhile, you have owned the stock, it's done extremely well. i wonder, do you take your profits and move on at some point? >> you know, i'm a passive investor i own because it's in the br

shery: up next, blackrock's larry fink about continuing to be loud on social issues, especially withe calls a tectonic shift to climate sensitive investments. this is bloomberg. ♪ >> we are in the early stages of a sustainability revolution. >> the train has left the station, investors care about it, people who work in corporate america care about these issues. >> every time the united states has some great, transformative things, there has been a partnership between government and the undecided sector. >> there is not enough tax and the world for a private sector to pay for all of this. it is going to have to be a public-private partnership. >> companies that have strong stakeholder capitalism as a part of the principal, those companies are performing better than the ones that were silent. shery: top executives, policy makers and executives speaking earlier. we also heard from larry fink at the summit. he says speaking up on issues such as climate change have resonated with clients. citing a record amount of money flowing into the firm. >> i will be loud again. first of all, i can s

annmarie: blackrock's ceo says he is constructive.listen. >> constructive today as it was two years ago and five years ago. i think the innovation we are seeing from capitalism is transforming how we live, how we work, how we are educated, how we apply medicines. that does not mean we do not have problems. economies are not fully balanced. sectors of the economy are not functioning because of covid. but i believe strongly that markets are in a very good position to continue to grow. we have a record amount of monetary policy, record amount of fiscal stimulus. i have never seen more cash on the sidelines. we are going to live longer post-covid so the liability of retirement is getting longer there is a need for long-term investing. all the foundations for long-term equity holdings is strong. that does not mean there is not inflation risk. that does not mean i am not worried about our deficits. you cannot deny, the market is evolving and changing. i would say just -- interest rates need to go higher and i do believe they will, but i don

jonathan: i will do that now, blackrock head of american fundamental.hat's happening right now, bob? bob: thanks for the opportunity to catch up. i do think this is a consolidation. when you take a step back and consider what's happened in the last six months, i think it is really important to keep in mind that we haven't seen a policy prescription in the domestic economy like we are witnessing today in over 40 years. you really have to go to the post-world war ii period to see significant fiscal policy cooperation in a noncrisis period. our argument, as your question -- to answer your question directly, i think this is a pause and i think rates go higher over the balance of the year for a variety of reasons, but primarily for the same reasons that have brought us to these levels from 100 basis lowers in 10 year notes six months ago. that is a function of substantially better nominal gdp growth, significantly greater net issuance of treasuries, and a dual policy impulse right now that is frankly disproportionately large relative to the actual economic c

annmarie: larry fink, blackrock chairman and ceo, an interview at the bloomberg green summit. your first word news with laura wright. laura: the u.s. says it will share its entire supply of the astrazeneca vaccine with other countries, about 60 million doses. it is also preparing an aid package for india, which is facing the world's largest surge in covert infections. it reflects growing pressure on the u.s. to do more to help other countries jumpstart their vaccination campaigns. germany plans to open covid vaccinations to all adults by early june. it also wants to allow people who have been fully immunized or have recovered to be able to go shopping without needing a negative virus test. the nation's vaccine campaign has been speeding up. it took three months for 10% to get their first shots. the next 10% took just three weeks. the latest census is shaking up the u.s. house of representatives. texas will gain two seats. states in the northeast and midwest set to lose it is a seven. shift to republican strongholds ahead of the 2022 midterms. in a sign of how close the numbers

and chinese investor on a short list make a final offer edging out blackrock.he saudi plans to attract foreign investors. mitsubishi ufj will robe yield -- rebuilt took you headquarters with a post-covid world and mine. it will bring together -- post-covid world in mind. it will bring together workers spread out over the city and some compliance roles will shift to india. blackrock is examining its business to see how it may have contributive to racism in the financial system, breaking ranks with its wall street peers. world's biggest money manager is planning to undergo an independent racial audit of its operations, following a shareholder request. by contrast, goldman and citi have asked shareholders not make similar audits saying they have taken steps to address racial injustice. rishaad: markets a mixed bag, sti in singapore. the charge lower led by the nikkei but other markets are doing well. the reserve bank of australia out with a decision in an hour and a half. sdi currently flat but we have bond yields falling back a little in the u.s. with treasuries

today we will look at what blackrock's results say about the etf markets.arned more about the money flowing into the company. net investment flows rose to a record $172 billion. more than $100 billion of that came from new money. larry fink says it is an incredible amount of money still on the sidelines. between that and the market performance, they actually topped $9 billion, crushing the etf industry. vanguard, as you can see, is trying to attract more etf flows to compete. this is bloomberg. ♪ alix: live from new york, i'm alix steel. this is "bloomberg markets." morgan stanley wrapped up wall street earnings week. sonali basak has more. we are looking at the losses from archegos. sonali: almost $1 billion for a single client. however, it is important to remember, even with this loss, they brought in a record amount of money this quarter. without the loss, they would have maintained their lead in equities trading is a total in revenue for that business. they've had a huge jump in their fixed income trading business as well. what did james gorman have to

blackrock is examining its business to see how it may have contributed to racism.oney manager is planning to undergo a racial audit of its operations following a shareholder request. by contrast, goldman and citi have asked shareholders not to back similar orders, saying they have already taken steps to address racial injustice. that is the bloomberg business flash. matt: thank you very much. coming up, we will get more details on the shakeup at credit suisse, as the bank grapples with steep archegos losses. we do not have enough detail to tell you what kind of losses they are looking at -- but we will find out. this is bloomberg. ♪ >> it is highly likely we will have another situation like that. these things, when they come like we are experiencing, where out of the blue you hear of some major lost somewhere, they tend to continue to cascade until the market corrects and flushes the risk out of the system. matt: scott minerd saying it is only a matter of time before another firm implodes in a manner similar to archegos. let's get back to the latest on one recipien

what i notice is the concept of total blackrock and underestimated their. regional exposure is booming. jonathan: it is been booming for a long, long time. the inflows have been phenomenal. i caught up with bank of america earlier and they said the equity when flows in the now -- the less five-month have been greater and the whole of the last 12 years. can you get your head around that? tom: you can't get your head around this. we are in a boom. there are shadows of 1947, 1940 eight, but they are shadows. let's go over to geopolitics. bloomberg sanctions reporter. jack, there are topics but only one front and center. it goes down to a single headline that the kremlin suggest they will not back off from the eastern border of ukraine even with the sanctions we may see today. tell us about the linkage of sanctions to the tensions in ukraine. check: more the justification we have heard for this new round of sanctions has been focused on solarwinds, the solar wind packed and past election interference. i cannot necessarily say this would be the last shooter drop

in the climate space probably you mentioned larry fink, you , mentioned blackrock.ectation is companies think about their impact broadly. the omissions of their employees, remote workers also , their customers and their vendors. the important thing here is all these different pieces are interdependent. the companies we work with are all thinking about the big picture. caroline: the big picture. you can help get to the big picture much faster than usual. talk to us about how some of the products are helping speed up this map. taylor: every company is wrestling with climate. it has become a business imperative as well as a planetary emergency. companies are finding climate is a data problem. your carbon footprint as a business lives in supply chain. it lives in thousands of different companies making the products you buy it lives in , utility bills and purchase orders. we build software that helps a company upload a bunch of road -- raw data and turn that into a plan on how they can reduce emissions, how they can source from different suppliers. all that adds up to bu

haidi: blackrock ceo larry fink speaking exclusively to bloomberg.ok at what commodities are doing right now. we saw some downside pressure for prices all week after china's effort to send commodities inflation came into the floor. -- fore. really raising questions about the commodity super cycle we are seeing. copper futures under pressure. iron ore and rebar, still a little upside there. beijing will tighten controls on raw materials to help limit costs. here is a quick check of the latest business headlines. net income rose 15% to $1.2 billion as sales reached almost $6 billion. uber also seeing a recovery in ride-hailing demand as vaccination rates increase in the u.s. and more people get out of their homes. company saw its highest growth in bookings in a year last month, passing $30 billion on and analyze -- annualized basis while its delivery service grew 50% from a year earlier. a german carts maker is set to be seeking a near $12 billion valuation in a frankfurt ipo. we are told discussions are ongoing and the value and timing of the ipo coul

figures from bank of america, citi, and blackrock. what to expect after j.p. morgan and goldman sachs kicked off earnings season with revenue windfall from trading and dealmaking. later we will bring you an in-depth conversation with brian moynihan. ♪ >> what people call cryptocurrencies are vehicles for speculation. no one is using them for payments. they are using them for speculation like gold. >> expects tremendous volatility. this is going to be unstable in terms of investors and analysts understanding what coinbase actually is. >> most of the people who are most deeply invested in this economy, this crypto economy, are really long-term thinkers about what's going to be possible. i think this is going to be a really interesting one for decades to come. >> this is a successful direct listing. a watershed day for coinbase and crypto in general. when you look at price action, there is a tremendous amount of enthusiasm. anna: some reaction to the coinbase mega listing. interesting to see the business themselves having to warn about t

blackrock says you could put it into their portfolios read on and on we go. think that is where the price is at the moment. you strike a price and expect to see higher growth and higher prices ahead, and i believe that is going to be the case with bitcoin. lisa: just to be clear, as an investor, are you saying you're more interested in buying banks if they trade crypto, if they have efforts that are trying to take advantage of the energy in this space? jay: i think it is a supporting factor. for me, it is really the play on higher interest rates which has been my view for some time. i continue to think that the 10-year will ultimately trade towards 2% as we go through 2021. that is going to be very constructive for the banks. banks are the way to play that steeper yield curve, followed second by the buyback increases, third the opportunities and what is becoming a much more aggressive and fast-growing, at least that part of it, part of the financial seen. the question for the big banks is can they really make a difference. they are so huge that it is hard to

assets of bvva i guess in an ideal world you would have gotten a better price for blackrock given wherek, i love the trade. we bought bbba at a fixed price when banks are 40% cheaper than they are today in a perfect, perfect world i would like to sell blackrock today and buy bbba six months ago but the perfect world doesn't exist. we're set up for a phenomenal future everything is on track with the acquisition and we wouldn't be happier. >> in terms of expanding, it's so interesting seeing what's going on in the space now. it feels like there's a little more consolidation maybe not a total unleashing of it i just wonder whether you're looking around at other areas. lots of banks have capital and banks have buybacks. what about hsbcs, other foreign banks, u.s. assets seem to be on the chopping bank. >> as relates to pnc, we have our hands full at the moment, at least as it relates to bank acquisitions as an aside, we have been acquiring in the payment space, you know, even in the mortgage servicing space recently but it doesn't surprise me that hsbc is selling that franchise it wouldn't

the blackrock chairman and founder will be giving a panel later today along with the former pboc governor who is part of that management there. in addition to the speech coming up later this morning, we will get the central bank governor, he will be on a panel at 4 p.m. it's an interesting day and more interestingly perhaps is the optics involved. we are hearing very few people are wearing masks and they are showing china is leading the way out of the recovery with very few infections and the economy blistering growth. that's coming off a very low base from last year but china wants to give the impression that the chinese economy is humming quite well despite the risks xi jinping will outline in his speech. haidi: there was quite a heated conversation about the criticism -- >> the interesting thing is that it's it -- it's different from davos. every year, they alternate the cities, which is more internationally focused, but this forum digs into the issues led often times by chinese delegates and dignitaries. the longest-serving central bank governor in china's history has been an active p

and chinese investors and is on the shortlist to make a final offer, edging out the likes of blackrocksaudi arabia's plans to attract investors. blackrock is examining its business to see how it may have contributed to racism in the financial system. breaking ranks with its wall street peers. the biggest money manager is planning to undergo an independent racial audit of its operations following a shareholder request. goldman and citi have asked shareholders not to back similar audits. mitsubishi usg will rebuild its tokyo headquarters as part of the revamp with a post-covid world in mind. bringing together about 19,000 workers who are currently spread across nine locations in the city. the world bank's chief economist says central banks cannot ignore inflation risks when making tough decision on rates and while the g20 is likely to extend a debt suspension plan for poor nations, carmen reinhart says huge challenges remain for policymakers made an uneven recovery. she spoke to kathleen hays. . >> higher rates are a very tough choice. do not forget also that countries have fought long a

haslinda: that was blackrock chairman and ceo larry fink speaking exclusively to eric schechter at theomberg green summit. let's turn our attention to a ferocious rally we are seeing in the commodity markets. expectations of the global coronavirus recovery that will continue. let's bring in our market coanchor in hong kong for context. when you look at the spot index, what is the key take away? >> that was the mood that we saw last week. when you look at it in totality, really, to varying degrees because of the weather, some because of structural issues, some because companies are raising prices. i think the point here is, when you look at the move in the last month or so, everything from corn, soybeans is a big mover for 10 straight days, it begs a bigger question. we are still in the middle of a global pandemic. when you look at food prices we have a measure. this is on the bloomberg terminal. it goes all the way back to 2014. is this the right time for food prices to go up, knowing that millions of people are still out of work, and a lot of countries that are still struggling with t

cicc is looking outside china's $15 trillion asset management with rivals like blackrock seen gaining 50% share in the next 10 years. credit suisse bank reportedly believed greensill capital was a once in a generation company that could've been were $30 billion. according to the guardian, presentation to the board in 2020 said the finance firm with the exponential growth triggering a nine figure windfall for the advisor and former u.k. prime minister david cameron. greensill collapsed a year after the presentation. icici fourth-quarter profit search to $585 million thanks to strong earnings from its lending business, even as it set aside less money for bad loan provisions. the banks domestic loans grew 18%, sharply higher than the banking sector average, durham by an increase in retail books, especially mortgage -- driven by an increase in retail, especially mortgages. china's economy continuing to boom after record growth in the first quarter. we discussed that in a moment. -- we will discuss that in a moment. this is bloomberg. ♪ (announcer) do you want to reduce stress? shed pounds

tracks, a singapore start observing retailers, raising money from investors, led by division fund and blackrockell. all of this is designed to bankroll tracks. -- is just going to be seen with the dilution, selling just shy of ¥13 billion to finance it supplement and skincare. that is a look at some of those movers. japanese markets on the way down as we had to lunch -- head to lunch. more on the way. this is bloomberg. ♪ >> we have this big backlog out of demand in the auto industry and other places. we don't expect this to clear up into 2020, which is good for the semi conductor companies. >> since the early 2000s, we have seen only about a 10% to 15% improvement in the space. -- in the chip space. >> the secular demand trends from smartphones to automobiles to intelligent devices -- this trend will continue on. rishaad: just some of our guests weighing in on the global chip shortage. juliette: let's bring in our next guest, who says the chip shortage problem won't be a result this year. joining us is sebastian hou at clsa. why not? sebastian: good morning. juliette: why don't it be resolved

warren buffett, amazon, and blackrock are the hundreds of companies uniting to oppose limits on votingaccording to the new york times, they signed on a letter denouncing what they call any discriminatory legislation making it harder for people to vote. republicans have been trying to enact new election rules in almost every state. now its members of president biden's own parties threatening to stall his agenda. 17 new york democrats in congress say that any economic recovery bills funded by tax increases will also need to fully restore the state and local tax reduction known assault which was removed during the trump. it's valuable for residents in high stack -- high tax states like new york and california. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumpton. this is bloomberg. >> this is bloomberg markets, i am matt miller. we are awaiting the first trade of coinbase shares on the nasdaq. we are trying to make a market. coinbase is set to open at $382 per share. though that indi

blackrock amongst the hundreds of companies and executives uniting to oppose limits on voting.ccording to the new york times, they denounce what they call any discriminatory legislation, making it harder for people to vote. republicans have tried to enact new election laws in almost every state. the 20th anniversary of 9/11, by then, the biden administration plans to withdraw u.s. troops from afghanistan. the terrorist attack that led the country to oust the taliban leadership of afghanistan. biden will keep some troops in afghanistan past the may 1 target set by the trump administration last year. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i am ritika gupta. alix: wells fargo shows a long road to recovery. goldman sachs equity traders fueled a record quarter. where do you go from here? jeff hart, piper sandler senior research analyst with us. let's start with j.p. morgan for a second, because this speaks to the loan growth. what is your big take away here? >> what we are seeing from j.

jonathan: the reason i ask is because i caught up with blackrock couple of months ago, thinking aboutdynamic. what they said is maybe you could make the equity composition a little bit more defensive to allow you jake more risk on the bond side of things. where would you come down on that particular argument? leslie: i think how we are positioned right now, only because we are a little more procyclical on the equity side and the fixed income side as well. we have a tendency to lean more towards your traditional, high investment grade corporate's. so i do think there's a way to have a balance, but right now we are still a little bit on the procyclical side because although expectations are very high, going into the end of 2021 , 2022, we will still have this reflation trade continue. lisa: this seems very goldilocks , with interest rates expected to remain low for a very long time with really solid corporate earnings. how long can we stay in this goldilocks before rates go materially higher or corporate earnings come down materially? leslie: i think the guidance from the fed is they ha

stands out in this field is that they were able to secure investments from global investors such as blackrockty. long-term investors. so, one thing -- yeah. they think they really have a long-term commitment in both companies going forward. rishaad: thank you for that, yoolim. getting to japanese markets, having a look at them as we enter the lunch break in about 3.5 minutes. looking at a bit of pressure on shares at the moment. toshiba on the way up, as we have the possibility of a tv being usurped by kkr. that is where we are going to leave things. this is bloomberg. ♪ s bloomberg. ♪ >> the fda is the gold standard for ensuring the safety and the effectiveness of the vaccines and today's action i think is clear evidence they are taking every step necessary to ensure the american people have clear and transparent information. >> we expect it to be a matter of days for this pause. >> we want to get this worked out as quickly as we possibly can. that is why you see the word pause. you want to hold off for a bit and very well may go back to that, maybe with some conditions or maybe not. >> the

blackrock and singapore's temasek formed a joint venture decarbonization partners, to invest in reducingendence on fossil fuel. the two are committing six or million dollars to the effort aiming to eventually manage billions across multiple funds. >> this is not a large fund, not tens of billions of dollars. it may lead to those types of large-scale investments, but it does not need to be that large-scale in the early beginnings of this venture. ♪ haslinda: uber is seeing a recovery in ride-hailing to meant as vaccination rates increase in the u.s. and more people get out of their homes. the company saw its highest gross bookings in a year last month, $30 billion on an annualized basis while its delivery service group 150% from a year earlier -- its delivery service group one had a 50% from one year earlier -- it's delivery service 1 room50% from one year earlier -- uber's delivery service group150% from one year ago. rishaad: china's march export number up 16% and imports up 35.2% on the month, that is what we have in yuan terms, only first quarter data, showing a trade search with expo

. >> all right let's bring in our headliner, he manage ceo of blackrock's team, rick reeder, welcome back. >> thanks, scott how are you? >> great, thanks when you were last with us, and let's caulk it sick weeks or so ago, you said, quote, it was the most exciting time in investing in your entire career. then today, even though you've been bullish, you say this week -- speaking i suppose of last week -- feels like things are overheating. it feels a bit frothy. this is an eerie week for my my an tenantennae are up. >> there's some private financing that are, so i still think it's exciting. that being said, last week was a bit eerie, in that you had -- you have an economy that is accelerating quickly retail sales were up almost 10%. housing starts up 19%, an economy is surging nan manufacturing ism hit a record then you have the federal reserve putting more liquidity into the system. so what happened rates dropped, equities rallied. commodities rallied, then the bank numbers suggested much bigger balance sheets, because they're taking in so many deposits it started to feel a big overdo

blackrock is examining its business to see how it may have contributed to racism in the financial system. the world's biggest money manager is planning to undergo an independent racial audit of its operations following a shareholder request. goldman and citi have asked shareholders not to back similar orders, saying they have taken steps to address racial injustice. global news, 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. manus: thank you very much, laura wright in london. more headlines to come on credit suisse. read the u.k. prime minister, boris johnson, warned against complacency, as he sets up a plan for a gradual opening of the english economy. the full details. this is bloomberg. ♪ >> we can't be complacent. we can see the waves of sickness afflicting other countries, and we can see how this story goes. we set out our roadmap. we do not want to see the virus brought back into this country from abroad. there is a surge in other parts of the world. we have to be mindful of that.

why is blackrock favoring them now?ter a choppy first quarter, they see signs of a turnaround. they expect a dollar rally will pause as markets consider the broadening of a reopening. staying overweight on asia and with the economic rebounds seem to be delayed and not derailed. vaccinations remain a key headwind, otherwise they are favoring the space. shery: let's make a u-turn and talk about sports -- i think we do have breaking news. mate one raising 10 billion dollars in stocks and convertible bonds -- we had seen earlier from data compiled by bloomberg that a chinese delivery giant is seeking $10 billion as they double down in newer areas like online groceries. we are finally seeing confirmation, now raising $10 billion in stocks. we will have more on this story but let's make that you turn into sports. european soccer's governing body is in discussion for a $7.2 billion financing package to overhaul its flagship tournament and stop plans for a breakaway super league. i know nothing about european soccer. explain to

and chinese investors and is on the shortlist to make a final offer, edging out blackrock and canada'sfield asset management. the aramco sale is part of saudi arabia's plan to attract foreign investors. we do have a conversation coming up in a few moments. kathleen: we are going to start with carmen reinhart, the chief economist at world bank. the world bank and in it nash -- -- the world bank imf kicking off the spring meeting with the aftermath of the pandemic hanging over the developed world , certainly hitting the world's poorest nations very hard. we will ask about a number of things. if the g20 does extend his jet suspension -- if the g20 does extend its debt suspension for more months is that enough to stem what she refers to as the quietly bring financial crisis that hits mainly in emerging markets but could spread more broadly? later, carlos to make us -- dominguez, finance secretary the philippines, a case study and what carmen reinhart is looking at even other that situation is fairly strong among asian emerging markets, there lockdowns are enforce again in manila where the

warren buffett of amazon and blackrock are among the hundreds of companies and executives uniting toppose [indiscernible] they signed on to denouncing any discriminatory legislation, making it harder for people to vote. public debt or publicans have been trying to elect new republican gordon -- new voting rules in almost every state. we have seen the giant container ship that blocked the suez canal last month, authority seeking more than $900 million in compensation for third-party losses the you kp and i club says a claims and damages. global news, 24 hours a day, on air and on tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. alix: thank you so much, riddick up. as we are looking at the vaccine versus variant rate, the question becomes when do economies reopen? belgium is going to ban leisure travel abroad. that expires april 19. you can then travel abroad, and opening up a little bit on april 26. they will end restrictions on retailers and hair salons. for eight, restaurants are allowed to serve outdoors. they were also end the curfew and

let's get more on that clean energy and the opportunities in that realm appeared david giordano, blackrock of renewable power joins us. you joined a renewable power fund and it's become the largest climate infrastructure fund globally. always good to catch up with you. just to pick up on where we were just talking about, the idea you have an oil major that sold off production assets to someone else and then someone else was able to reduce emissions better. how do you as an investor put money? do you want to put it with the big oil company that willate technology, how do you think about it? david: for our strategy we are looking at discrete assets that provide additionality in the overall target. it's great to see it after this long year. as we think about sort of a broad energy transition infrastructure investment field of play, it is thinking about all of the above. where do we see opportunities to invest in future proofing investors real asset portfolios. alix: where is your top opportunity right now? in what sector and what region? david: we have a global fund so we really try to think

she also worked at blackrock and airbnb, and is on the advisory board of the biden institute in delawareexpected to appoint her as deputy u.s. trade representative, obviously a very important job if indeed that apartment happened. we will continue to watch. she also served in the obama administration. a year ago, reservations for airlines, hotels, cruise ship's anchored to an all-time low and midst a global pandemic. as vaccines continue to reach more people, travel is researching. -- resurging. u.s. passengers hit a new pandemic record, 1.6 million over the easter weekend. u.s. domestic travel. what about post pandemic voyages, including business travel that involve crossing borders? will you need a vaccine passport? with me is ceo of the star alliance jeffrey goh, the , largest global airline alliance consisting of 26 member airlines. part of our work shifting conversation. thank you for joining us. do you think a vaccine passport or digital house passes which is a totally unproven concept by the way, do you think these will become the standard? jeffrey: thank you. good evening. thank

blackrock's larry fink coming out saying he cannot wait to get back to in person meetings.emphasizes the idea of casual conversation being fodder for creativity and innovation. this will be one of the big divides heading into the next era. you are seeing big companies take less office space in the big city centers. tom: she has done something very cool, over 19,000 employees, she has carved out a competency and ability that benefits all. in this case it is on the taxes of the nation. when are my taxes going up? is it a date or is it rhetoric? >> right now it is rhetoric. there is a relatively high likelihood there could be a tax increase of some sort that goes into effect january 1 of next year. tom: over the years we will see republicans cut tax and democrats raise tax? is there some form of cyclicality or link? laura: this has tax lawyers and tax advisors worried that they cannot plan anything, because whatever the law of the land is today will be overhauled two to four years later. how does the balance of power in washington keep shifting? republicans had unified control

mark: we've got an incredible increment or from people like tiger, blackrock, fidelity, others that haveome in on the ipo. they have done a lot of work and they spent time with us. they understand the business proposition and they know we are dealing with long-term, secular trends. these trends around ad fraud and brand suitability are not going away. they are making bets on us, and we have the momentum and the path. we think we have a really great future. from the retail perspective, there has been work done on it. we've got really smart people behind this. matt: market, thanks for your time. appreciate it. doubleverify ceo on their first day of trading down on the new york stock exchange. coming up, artists are cashing in on their old songs. this has been a trend you may have noticed. we will discuss the surge in by music assets, buying them, selling them,. i think stevie nicks and a bunch of others have done it. we will speak with the ceo of brownsville music next. this is bloomberg. ♪ . ♪ matt: this is "bloomberg markets." i matt miller. stakeholders in private equity firms are looki

jonathan: larry fink, blackrock chairman and ceo. good morning.sure to stay with bloomberg for more from the bloomberg green summit. we will hear from others this morning. i'm jonathan ferro. your equity market looks like this. equity futures on the s&p 500 slightly positive, up a little more than 0.1 percent. yields slightly higher, up around two basis points. euro-dollar, $1.2087. muted price action on the euro. tom: maybe we will see something tomorrow. look for our fed coverage tomorrow afternoon. most people looking forward to the june meeting. right now on the president's speech on infrastructure, jonathan lieber joins us with eurasia group. i want to go to the reality which i am sure you faced years ago with senator mcconnell, which is a bridge over the ohio river. it is the brent spence bridge, and it says all about how we can't fix our infrastructure in america. how do we fix the brent spence bridge given the president's initiative. jonathan l: that's a great example of a really important piece of interstate infrastructure that carries qu

seems to me inevitable we'll wake up one day and the news, you'll reporting here on "techcheck" that blackrockecided to put .25% of their cash, of their trillions of dollars of cash, into bitcoin instead of treasuries, and we're seeing this with apple and tesla and other companies. you'll start seeing it with financial institutions thinking of putting 1% or 20 per - 2% into bitcoin. so whether or not it gets widespread adoption for transactions or use it to pay my peloton subscription or buy something on amazon, nonetheless, institutional interest which will raise the price of bitcoin over time as just more people start to buy in the currency as a store value as it gets more institutional acceptance seems inevitable to me over a five-year period. >> now you're getting into a really interesting area, spencer, because whether it's a theory that the chinese don't want to see settlements happen in the west, the other day russia had threatens remarks about the dollar in the face of those sanctions we put on them in this country bp i wonder, do you see it being a player in geopolitical strife? as va

which is around for more than 100 years is $118 and the biggest financial services firm out there blackrock is $120 billion. you get an idea of the scale truly amazing. these bank earnings alsomind boggling goldman sachs reported earnings 80% above what analysts thought. jp more began's 40%, 48% above where the analysts were thinking wells fargo 50%. how did they get the numbers so wrong? trading profits off the charts fixed income and equities were just off the chart wait a minute. if things were so great how come the stocks aren't doing much investors care about loan growth and fixed income and those numbers were good but not as amazing and don't care about trading profits. they consider trading profits more of a -- low quality end and companies with significant loan loss and morgan i think that's consid considered lower quality back to you. >> we have a busy next few days. bob, thank you. >>> let's get to rick santelli for a look at the headlines out of the beige book. rick >> yes my favorite is that the u.s. economy accelerated to a modest pace i think that really sums up the fed. there

blackrock, pnc, some others that you have to watch this week. let's turn to sophie kamaruddin in hong kong for a check of the markets. sophie: this monday, asian futures are signaling to gains. chip related stocks in focus after ev battery makers in south korea managed to reach a last-minute settlement in the u.s. presser. the way have and on the chip shortage later on monday. -- the white house on the chip shortage later on monday. osaka and okinawa from monday. the yen, 68. holding on to a weekly gain. the aussie dollar training flat out of the first week. seeing hedge funds turning bullish on the currency with long positions close to a five-month high. seeing the currency at 80 by the end of this quarter. the ceo is warning of a stop start economy in australia and elsewhere while the government has distanced itself from a vaccination target. the surgical glove maker and ppe manufacturer cautioning of new covid hot zones popping up in places like india and brazil. going up the chart on the terminal. india has banned experts from the remdesivir

find it really interesting we are talking to people like you, i've had the same conversation with blackrock that may be had cash allocation as we start to have this big debate over inflation and the data comes in, yet volatility keeps declining. what you think that is? andrew: because the economy is reopening. [laughter] because the vix has remain elevated versus pre-pandemic , it was in the midteens. it has remained above 20 for a year. it only finally has broken back to pre-pandemic levels, and i think that is consistent with. consumer confidence is now coming on. the economy is getting back to normal. you want to be invested in be optimistic when people are cautious. i'm sure people have been coming on this show for a year saying i expect more volatility in the future. that's because they are looking in the rearview mirror. now you don't hear people talk about more volatility because there hasn't been a lot of volatility lately. you want to be more cautious when the coast is clear. that's what the vix is telling you now. that means the market can't withstand bad news. when the vix is ele

i'll be doing that with blackrock's global lead investment strategist wei lee. forward to catching up with erin browne of pimco. what a week it has been. sales, cpi, and there is your bond market. lisa: also bank earnings. a wild week as we try to assess whether we have priced in too much optimism or not enough optimism into earnings. picking up a season that will be interesting. the dynamic, we do not know what happens, how long the cycle lasts. this idea of how long can we see this boom? will it be short or is the short boom going to drive enough momentum to carry into quarters beyond. jonathan: let's take a seat on the investment committee -- that is mr. wiesenthal saying -- let's get on the investment committee and think about it. the biggest risk was clearly upside risk and we are not positioned enough for it and i do not think economists were optimistic enough. the balance has shifted. now we have economic expectations come through so much higher over the last six months. lisa: the other hindsight capital management committee note will be about the dollar

not to sign the letter >>> and a new release today shows hundreds of companies including amazon, blackrocketflix are posing voting restrictions. the letter appears toe in ads in "the new york times" and "the washington post. dom. momentum is growing on this issue. >> absolutely right. momentum for sure. bertha coombs, thank you very >>> bank earnings are kicking off with three of the big banks reporting first quarter results. analysts are expecting earnings to rise over 75% a sharp change from a year ago which saw q1 earnings decline 38%. a lot of optimism priced into the market right now let's see if it's warranted and bring in anton schutz, chief portfolio manager at mendon capitol advisers, anton, let's see if it's pricing in a very optimistic inneearning season >> well, one would certainly say that, but if you look at how much they got destroyed in the first part of last year, the move did not reflect the very large gdp increase for the back of the year, steeper yields will occur, much more than last year. i think the stimulus has been incredible it's amounted to 42% of gdp. the econom

bank corp., charles is schwab and blackrock.s bring in teddy weisberg and scott bauer on whether, teddy, any of these things is on your buy with list ahead of tomorrow's earnings or a name that we haven't yet discussed in the last 20 minutes. >> well, first of all, as a rule of thumb, liz, we don't buy into any securities including the banks prior to earnings. it's just too much risk because a lot of these stocks are pretty much at least presently priced to perfection. they're pretty good as guiding investors' expectations prior to the release of the earns, so we think -- earnings, so we think a lot of the news is already priced in. but in the case of the banks, i mean, we have our favorites, and one of them happens to be bank of america, the other happens to be charles schwab which is sort of a bank, but certainly it's a big financial institution. and they're both reporting tomorrow. i think that with earningsing, liz, you have to be careful because it's a trifecta. they need to get the top line right, the bottom line right, an

warren buffett, amazon, and blackrock are amongst the hundreds of companies and executives uniting tolimits on voting. they signed on to a letter denouncing any discriminatory legislation, making it harder for people to vote. republicans have been trying to enact new election rules in almost every state. we are still talking about it. bloomberg has learned credit suisse has sold about $200 billion of stocks tied to the implosion of archegos capital management. last month the firm became the center of one of the biggest margin calls of all time and cost credit suisse and other banks about $10 billion in losses. mcdonald's will require anti-harassment and workplace violence prevention training at all 39,000 locations. it is a move that helps fend off criticism that the chain overlooks workspace abuse. the management training at both company-owned and franchising locations will start next february. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. ♪ >> coin