bob miller, blackrock head of fundamental fixed income.sh positioning, i brought it up several times with other fixed income investors, i was really surprised about the pushback i got about blackrock's cash position going into a summer where most people anticipate there will be a taper story developing. tom: you've got a grizzled veteran like bob miller, and huge respect for people who have been through the wars. i love what he said about the parlor game, to take the phrase from the fed, of trying to figure out what to do with higher yields, lower bond prices, while you wait to reload. that is jargon for what do you do in the sweat of higher yields. mr. miller has been there. jonathan: bob miller of blackrock on the situation and the cast position opening asked the cash position going into the summer. equity futures down six, 0.1%. tom: we are moving. jonathan: yields, 1.6676%. hopefully we are moving at some point in the next five years. >> as we come to 2021, what we see is it is a megacycle for compute. if you had asked me a couple of y

blackrock and others they don't seem to care about that. what do you make of this? with this woke movement is they move from one target to the next, right? when this woke crowd finds out that china has 1,000 coal plants in operation with another 20 coming online, and that companies like apple and nike are manufacturing their products in, in china to a large extent while our middle class workers in michigan, wisconsin, pennsylvania, are losing their jobs. so essentially it is not only in china do we have cheaper labor but we have the cheapest electricity in the world and they get a big, fat, esg free pass from the blackrocks of the world. what is going on here? charles: that's what i'm wondering. listen, just the fact that blackrock owns exxonmobil. it is their third largest holding. it is an oil company. i thought woke folks hated fossil fuels? is it more than just, is it just lip service? or will this thing one day really start to dictate how companies run their businesses, who gets to sit on the board of directors? >> well, we have a bloomberg chat with, we have a

we are joined by a global head of the medic investors at blackrock. -- of thematic investors at blackrockur assessment, where are we in the commodities cycle? because things have gone in some ways pretty parabolic,. . guest: thank you for having me on. the first thing i would say is when you see these kinds of moves, you have to look at the reasons behind them. what we are coming out of now is a period of depressed demand, but we are also coming out of a very long period of underinvestment in commodities. the entire resource industry has been taking up the cash flows they have been making and using it to pay down debts. the price elasticity of supply is very low. on the others of the equation, the demand is battling back from the depressed lows of last year. we also have the greening of the global economy, the fiscal spending, etc., which is driving demand at higher levels than what was expected prior to the pandemic. i think the last thing we are starting to see, as you touched on it earlier, we are seeing some signs of financial demand coming into the space, which is always associated w

morris pearl a former managing director of investment management company, blackrock, as chair of the patriotic millionaires a group of hundreds of high net worth americans committing to making all americans better off. prior to blackrock, pearl had a long tenure on wasser or him vested -- invented some of the security connecting capitol market in need of credit. he is a csa charter holder, a member of the cfa institute new york society of securities analyst and on the board of verified voting in the center for political accountability. erica payne is pate is the founder of the millionaires she's author of the practical progressive, how to build a 21st century political movement published in 2008, along with make market be market. a post crisis analyst of financial regulation and the u.s. banking system. which she co-authored with doctor rob johnson. an advocate for economic justice has appeared on many mainstream media outlets. from nbc to fox news. they are both tax the rich, how lies, loopholes and lobbies make the rich even richer is the >> of tonight's talk. please help men work

jeffrey rosenberg of blackrock will recalibrate off of this stunning report.ow will you presume the fed will recalibrate? jeffrey: the first thing is not any one single report is going to determine the fed change or its projections. the expectations are here for a string of reports. obviously this report has disappointed that. the fed's outlook was not to react to just one report. that is good news and bad news. we will move on. the report is very much at odds with all of the other data. clearly there is something going on. when we look across the broader ranges of the reopening economy, it is still consistent with a strong recovery in labor markets and the economy. the broader message from the broader range of indicators is what the fed will be looking at for determining their policy. near-term markets will react. there is positioning. near-term that will enter into sentiment. the longer run trajectory is still in place. lisa: bespoke investment saying this is the biggest missed relative to expectations for nonfarm payrolls going back to at least 1998. this i

the joint venture is 50.1% owned by blackrock.in light lester to begin jointly building the business. the ceo says the chinese market is a significant opportunity to serve long-term investors. beijing-based medical data company is set to be planning an ipo that could raise about $500 million. the offering could come as soon as this year, with the firm considering potential venues including hong kong. bank of america and morgan stanley are working on the proposed share. they provide cancer-focused health care service and is reportedly backed by alibaba health. volvo says it is considering an ipo on the nasdaq months after falling off a merger. bloomberg reported an offering by volvo's owner could value the business at around $20 billion. it would remain a major shareholder in the swedish automaker. next, china deploys more ships into the south china sea despite philippines protests. before an affairs secretary tells us what actions he will take. and more big interviews coming up. we will be speaking with the nissan ceo after the co

the company, 50.1% owned by blackrock. tom: it is just one of those whispers in the blur where we will look back in six months. jonathan: and let's be clear, the conversation we just had about markets is radically different to the conversation you will have on the very same theme with policymakers because they got to look at where this is going. it got to look at the moment and not just the destination. tom: disinflation is on all prices, but boy does inflation hammer a huge part of america. jonathan: the report 18 minutes away. in new york city this morning, good morning. alongside tom keene, i'm jonathan ferro. equity futures on the s&p down 12. we declined zero point 3%. on radio, on tv, this is bloomberg. ♪ ritika: with first word news, i'm ritika gupta. colonial pipeline says it will know today whether it is safe to restart gasoline and diesel flows. they have been off-line since hackers targeted that pipeline last week. shortages have spread across the eastern u.s. energy secretary jennifer granholm says even if it c

blackrock voting for three director candidates supported by activist hedge fund engine number one blackrockd largest shareholder, roughly 6% stake and exxon saying it's not moving fast enough to address climate change. >>> you're up to date. back to you. >> thank you, rahel. >>> discord coming in at three on the cnbc disrupter 50 list. this a reported worth $10 billion. app launched six years ago allowing groups to gather by text, audio and video. reports about 140 million monthly active users beloved by gamers who use the live audio feature get to julia boorstin who joins us now with the ceo. julia? >> thanks, jon actually i'm going to update the user number. over 150 million users joined by discord ceo jason s citron to discuss that and the company's growth thanks for being with us this morning. >> thanks for having me. >> jason, you've reached that 150 million number in part growing outside your core gamer audience now people are gathering on discord to talk about tv shows talk about their neighborhoods to do fantasy football how important is that expansion outside of video games and who

blackrock amongst others betting on indian assets, and at the moment we've got blackrock adding to theans with the investment management boosting its stock holdings after a recent selloff. others are linked to going to india, investor hong kong as they look to debt that particularly in the country. house linda: we are keeping an ion the commodity space. china renowned a crackdown in the commodity market. government officials said speculations were behind the search and that they will show zero-tolerance for market violations. jason rogers is in shanghai. commodity is up 45% in the past year. is that about to change? jason: it could well be. it seems beijing has found a hammer for the snail and it's targeting the markets. it has decided the speculation that has caused these big gains in price and it keeps on hammering on the idea that prices should fall. the chinese authorities are very concerned about inflation and they don't want to be paying up for commodities. rishaad: that begs the question, which is the most vulnerable here? jason: they have called in for metals specifically. what

how larry fink injected himself in blackrock is an interesting question to me there is no doubt thatonmobil companies like that, chevron, make their money from getting oil out of the graound and turning into jet fuel. it is a great product. it is cyclical when the prices are sky high, they make a ton of profit. $110 a barrel. exxon made more than any other company in the history of companies. when the price goes to near zero he la last year, they hurt they have been hurting with the lower price. exxonmobil and chevron, i consider them to be national energy champions they get the job done. they remain profitable and hold dividends and keep their companies focused on energy security i think that's under threat now. >> john, thanks for your thoughts this morning. >> thank you, becky. >>> andrew >> okay. thanks, becky. coming up, the commute to the beach is going to be different this year thanks to remote work. robert frank, what do you have for us >> good morning, andrew. in a couple of hours, a procession of sea planes will start touching down and taking off here from the east river in

shery: kate moore joining us from blackrock.reaking news -- we are getting the latest numbers from cacao, the south korean messaging app reporting first-quarter profit that beat average analyst estimates, profit 155th .7 -- 155.7 billion yuan, beating estimates. consolidated net, much higher than estimates of around 134 billion won. cacao has captured over $11 billion during the month and saw stocks split, a large share placement of $450 million and the potential slump of its fintech business. right now, first-quarter earnings are beating expectations. haidi: -- shery: still ahead, the outlook for india. but up next, g7 ministers have a laundry list that is expected to irritate the government in beijing as they call out issues in hong kong, taiwan and shenzhen. this is bloomberg. ♪ ♪ vonnie: this is "daybreak asia." vaccines are part of the effort to increase global supply by the u.s. and address shortages in were nations. reports say the biden administration will actively take art in negotiations over a waiver at wto and encour

blackrock is cautioning markets may be underpricing medium-term inflation risks.n price pressures on china with a jump in ppi being underpinned by the rally in commodity prices and the stronger yuan has been a boon when increasing those commodity import cost. it is trying to decelerate the pace at the rally is seen as being too quick. the offshore yuan was climbing on monday. check out commodity prices. crude holding near a $68 per barrel price. goldman saying they do see brent in the $80 owned by the fourth quarter as they do expect that energy will be able to absorb the supply. shery: commodities are under pressure after china stepped up its fight against soaring commodity prices. our next test says commodities are a contrarian view. great to have you with us. could this be the spike in prices before the end of a commodities boom? >> i think we have been able to survive the year in an environment where people talk about commodities. if you look at commodity prices, passing a 2011 high. silver is still below the 1980 peak. for most commodities, we are significant

blackrock has backed three of the candidates. haidi: turning to commodities.holding near $66. no real change in asian trading. investors weighing concerns about the recovery trends and demand. su keenan joins us now. where are we now when it comes to these talks between world powers and iran? su: right now, we are seeing the world powers starting their fifth round of talks which have been going in vienna. this will be on reviving a landmark agreement as it reinstates caps on iran's nuclear program in exchange for iran's return to the global market -- oil market and global economy. sanctions have prevented them from doing so. this would put more oil on the market. we have seen very choppy trading as a lot of oil veterans try to gauge when iran might presume -- resume oil exports. iran's president backing from his chinese counterpart on monday. so far, those talks have been progressing. a lot of oil investors have to balance that against supply data which will be out on wednesday and it shows a decline if demand picks up. the oil boom continues to be optimistic

like you said, we just crossed $100 billion in assets at blackrock.of the areas weably the category will grow by 2030. >> i'm amazing there such a strong interest from a new class of investors driving interest in climate change, but i can't help but noticing the top holdings, they're all megacap tech names, which we see all the time in esg funds. why do megacap techs appear in so many esg holdings is there a diversity problem in these top funds? >> no. what i would say is sustainable is not the same for all the investors. each investor takes a different approach how to incorporate sustainable in their portfolios. in the case of the low-carbon transition we talk about, you're trying to get exposure to the russell 1000 we can overweight and underweight, with 100 basis points of tracking error, trying to give exposure to the russell 1000, but at the same time the overall portfolio has 50% lower-carbon intensity that is the objective. we try to double down on education to help investors understand the different groups of products that they can choose to i

larry fink and blackrock had $9 trillion in assets under management.e of that money is his, but most of it is mom and pop and every other person with 401(k) that happens to have money, larry fink takes their money and the leverage granted him and uses it to advance his own political end, that is extremely antidemocratic, he essentially usurps the will of the people, particularly the ability of the shareholder to affect corporate behavior. at this point you can't get the public to care, or more, that is all they care about andy sg in particular has done really well over the past couple years, where money is free and the fed is running the printing press as fast as they can, everyone is making 10%. at some point investing is going to become more difficult and making money won't be as easy and at that point we will see how willing people are to allow people like larry think to exchange their political views for the people's need to save for their retirement. >> as if you are describing a bubble growing in the market for esd, the promotion of esd values am

. >>> blackrock's kate moore, what do you make of mike san tollist's thesis, and he was like the "i willurvive" market >> yeah, this is actually going to be an interesting week, despite the fact that the bulk of earning are behind us we're talking about, can cuff those software companies lead again? we have ten companies reporting this week. you know, a lot of these strong reports -- we're not talking about the stock that has strong earns, but a lot of them have put up good numbers not that well received by the market. i think the next couple reports are going to be a litmus test. if we have companies put up good numbers, i think we'll have to focus more on the cyclical tr trade. >> i know you've got to run to a meeting. i appreciate you hanging out i hope you didn't rue unyour opportunity for lunch before the meeting. >> never >> thank you, kate she makes a great point, shannon, so the reaction to earnings i don't know what that means about the bar going in, but you have z-scaler, octa, salesforce, box, and box has an activist in there, so that may be a different story you own sales for

so the question is if you're an esg investor, if you're blackrock, one of the big institutions talkingy might jump into these waters almost immediately. the question is whether you think they hold off even temporarily as a function of -- if elon musk doesn't want to touch it in this case, i recognize he still owns it, but is not advocating for it in the same way, it becomes a lot harder for larry fink to. >> larry fink better drop dollars then because the dollar is way worse for the environment than bitcoin that would be a ridiculous argument to make what i think ends up happening again, the cambridge study, i've seen it, i've read it, i'm sure they're fine people but there's all sorts of data put out where literally the lower bound of their estimation -- i'm sorry, the upper bound is 11 or 12 times higher than the lower bound. maybe it's a little bit, maybe it's a lot it's not very clear. when you start to look at things like what's actually happening with the miners themselves, two of the largest provinces in china, the metrics have done great research on this they're almost 100% hyd

even the likes of blackrock are speculating, examining whether to look at bitcoin as some sort of commodity-likeng forward for investment. do you agree? william: let's step back. what is the role of money in any society? money does three things. it is a unit of account, it is how we decide what we buy. instead of barter, we have a medium of exchange. it is a unit of account, a medium of exchange, and a store of value. digital currencies, bitcoin, all that stuff, they meet two out of three. they can be medium of exchange, a unit of count, but they are not a stored value. coming down the road, this is a real deal -- it is coming in the issue will be around privacy. that is where the rub is going to be. we have never been big fans of any of the bitcoins, the digital currencies, but the central banks are coming into it. china will probably be the first. i think you will see something in europe and the u.s.. the verbalization of what they are doing is behind the curve, but they will get there. if one really wants to learn about digital currencies and central banks, the bank for international settleme

blackrock announced they plan to conduct a racial equity audit. additionally, new york state announced in february that the state retirement fund conducting racial equity employment, including amazon. however, many do not agree with this idea. mr. diamond, your jp morgan statement says conducting a racial equity audit would not provide useful information. ms. frazier, we heard that the bank recently urged its shareholders to vote against a proposal. could you elaborate on your opposition to independent racial equity? >> we are devoted to the principle of trying to do a better job for black and latinx community. you're welcome to come and look at the programs. harlem to $30 billion from merck -- for housing mortgages for black full. small business enterprise, getting kissed high school. it's pretty global. -- forgetting kids through high school. it's pretty global. we report it out. that is completely different from the theocracy and -- bureaucracy and bs. i would rather take the time and effort. if there are best practices, we will learn from them

russ koesterich blackrock. portfolio manager. just a conversation about the substitution for duration, time, if we get that risk off move, where to get the protection? tom: the bond dynamics, we throw these words around time it it is still a mountain of cash that is out there including what russ has come at the mountain of cash given absolutely fiscal and monetary policy, i am not sure the bond market since signals i am familiar with. jonathan: it is pretty simple. tom: look at the real yield. jonathan: there is green on my screen. treasuries can't guarantee you that. lisa: and saunders came out today from charles schwab and said the ruling sixty-day correlation and negative territory come the most negative since the mid to thousands. highlighting the lack of protection for treasuries are providing. jonathan: a big challenge. we will continue this conversation with evan brown at 7:00 a.m. eastern time as some point, someone else might mention the "b" word. lisa: a new drinking game. jonathan: good morning. equities pulling lower.

the bond market, rosenberg of blackrock. also commentary from the financial stability report. the idea being that if risk appetite drops, prices might be vulnerable. and kit juckes of socgen this morning with this fantastic line -- the barman suggested another drink, and tom warned of exuberance. tom: this is something that lisa, john, and -- lisa, jon, and i have worked on for years. this is the controversial president of the minneapolis fed. this will be absolutely riveting. subreddit assume a rainy and -- jeff rosenberg is going to explain the real yield to jon ferro so he doesn't go down in flames this afternoon on the real yield at 1:00 p.m. jon: thank you, tom. i really appreciate it. it means a lot. tom: i go back to truman. this is the most important jobs day since time began. jon: ok, let's bring in the e-commerce and former fed professor. how would you process this payroll report that comes in at 8:30? >> certainly we want to look for signs of how the labor market has led to wage pressures. exactly along the lines that you guys were just discussing, whether there wil

shareholders will vote on engine number one to claim four seats on that board meanwhile, reports say that blackrock support behind several of engine's picks to join the board. several ceos from some of america's biggest panks are heading to capitol hill. jp morning, jamie dimon, morgan stanley's james gorman, bank of america, brian moya hand, goldman sachs' david sullivan will face the house committee tomorrow and efforts to fight systemic racism republicans are also expected to grill the ceos on claims of, quote, woke capitalism over corporate america's focus on progressive social causes. >>> and uber ceo says he's not happy with how long it's taking for drivers to pick up riders or the price that customers are being charged. speaking yesterday, he said the demand for rides has outpaced the supply of drivers as more people start to travel again the situation is getting better as more drivers are getting vaccinated uber announced they would spend $250 million on a onetime stimulus aimed at getting drivers back on the roads. brian, i tried to go to brooklyn to west chelsey saturday night, $100 i too

public companies are held by blackrock or vanguard? there is that element.p of that, you have the algorithm trading and the high-frequency trading. it is not the same sort of volume flows it was 20 to 30 years ago. in fact, if you look at flows, some people love to look at inflows and outflows, outflows have dominated for most of the 2010s in a period where equity prices just went up and up. i do not think you could read a lot broadly into volume, but i do still cling to the concept that volume can confirm price action in a specific stock or a specific sector. lisa: in other words, conviction, right? if there is a lot of volume and price action that can indicate greater conviction about the direction of a specific stock or an entire market. what is the conviction like right now at a time people have seen froth with respect to spac's and high flyers and when people are looking to a potential deceleration of growth expectations already priced in? barry: keep in mind, i hate to keep going back to the lockdown pandemic. we saw the rise of stocks as entertainment

and they only own 0.2% of the stake, but they lobbied other big investors like blackrock, etc., and gotrd as well. it also made a difference this time is the increasing pressure overall in terms of esg, particularly on oil companies to green their oil, and u.s., these are deftly farther behind the other european counterparts on this. that said, two board seats is an historic win for sure, particular for a tiny activist shareholder. however, there are 12 seats on the board. so this is not a carte blanche for engine one climate board -- climate proposal to go through. but something could have happened because exxon on monday said they would look into having two board members that were climate related in the future, but it was not enough to fend off engine one's push. matt: i'm glad we talked to you to put it into perspective a little bit. i can pick my jaw back up off the floor. in terms of their greenness, how does exxon mobil rank compared to the other big integrated oils , bp, royal dutch shell? are they doing as well as they can, considering what they are hacker alix: i think that que

blackrock, for example, voted against ge executives pay packages a more oppositional investor baymayl incentive of participants and that a company is vulnerable. say on pay votes specifically are non-binding, meaning a company does not have to change their plans but most advisers say it's probably a good idea to show a good-faith effort to make some tweaks. guys >> on that, do we have data that shows the response of companies when they do get a non-binding resolution in terms of reducing pay? do they actually follow through? >> that is a very good question. i don't have that data handy, but i will reach out to some comp firms to see what the response is. i did speak anecdotally to advisers who says unless they have a really, really good reason for keeping pay where it is, they should go around and talk with specific shareholders and talk with certain compensation experts and try and find a way to get a middle ground of some sort of resolution to make everybody happy, if that's the outcome that they do see >> and are the shareholders objecting to the absolute numbers? the actual pay p

after he took the position in bitcoin is he got pushed back from institutional shareholders like blackrockt larry fink beating the drum on climate change as one of the most important topics and problems of our time, he was going to have to face those sorts of concerns. i don't think he expected that, and now that he is sorting it out, learning more about the environmental impact, i think you will come back into the mix. we certainly hope he will. i don't know if he is going to be part of the conference in july or not. he would be a very good addition because i think he would provide both sides of the equation. how quickly could the adoption of solar accelerate if we introduce mining into that acute system -- that ecosystem. alix: do you expect -- >> did you expect a bitcoin etf to get approved anytime soon? >> now that gary gensler is head of the sec, he is bitcoin friendly. we know that. he taught a class, courses at a mighty -- at m.i.t., and i think the research professionals at the sec understand bitcoin in particular and i think are much more comfortable with it now that we've had sev

and so shockingly, really large institutional investors like blackrock for example said you know what we are going to back those candidates for the board. we want to have different voices. at chevron it was a sort of resolution to get the company to similarly think about the effects of its products. so just like the shell ruling which said that you have to think about how are your products creating pollution, at chevron they're saying we want you to be thinking about what are the climate impacts of the drug, so to speak you're selling, which is oil & gas and fossil fuels, so these are really big changes. and it's a tactic that activists have used for a long time but we're starting to see breakthroughs. and i think that is because investors are seeing, they are continuing to prevent that climate change is not here say bad financial decision. >> brangham: lastly, this all dovetails with some fairly surprisingly aggressive moves by the biden administration in its infrastructure plan. clean electricity, electric vehicles, do you think that those elements will with dran-- withstand this pr

anna: we were talking to an official from blackrock earlier who was giving thoughts about what he thoughthappen to commodity prices. he was saying that prices will move substantially above previous peaks. if we think about how far this rally in commodity prices has to go, we are seeing all-time highs or new highs in some commodities , but what are the levels you are watching for specifically to be taken on next in the commodity story? fiona: the recovery has been spectacular. 12 months ago, we were in the aftermath of negative oil prices. the commodity has been impressive. so far this year, it is up 27% which is an amazing start to the year. the market needs to look out for new catalysts i think to keep the momentum going so i would be slightly concerned as we move through the summer months we need to see this momentum keep going or new peaks may be out of the question. anna: fiona, stay with us. plenty more questions for you. if you wouldn't mind waiting for one more conversation. coming up on the program, who let the doge out? elon musk hosted saturday night live. we got the latest as w

blackrock has set much of its tech exposure. we will bring you the details, but why now.the background contact for other companies. this is bloomberg. ♪ >> welcome back to the european market open. 15 minutes until the start of cash equity trading. future points are up. dax futures are up. perhaps setting its own path. nasdaq futures up by 7/10 of 1%. speaking stateside, the stockmarket rotation is having a big impact on one of wall street's quantitative strategies. that is momentum. the ishares momentum etf has long been tied to highflying tech shares. the $16 billion fund is do to rebalance this weekend will be injected with the large amounts of value shares. joining us to discuss his dani burger. i guess this is because there is a new set of players that now have the momentum. 68% of the portfolio set to change, give us the size and scope and a sense of just how consequential that could be? >> it is consequential on face value. regardless of if you think it's transitory or not or if value will do well, it already has. this really just emphasizes and puts a big! on the

well-placed to take advantage of that and that was a message they put to their cornerstone investors like blackrockk. longer-term, the concerns about the technology environment and regulatory environment will continue even though the ceo says they have a pretty good run from here. anna: the company speaking to investors and garnering a lot of interest. what are their priorities? apart from the e-commerce story, what are the priorities for this company? tom: you won't be surprised to hear that in china, the competition in they logistics space is incredibly intense. it is a very fragmented market and they are competing against the likes of alibaba's logistics company. there are a number of other competitors as well. building market share is key and they hope to deploy a $3.2 billion to do precisely that. they will be spending on future logistics including building out warehouses as well as investing in technology. they also have a plan to expand overseas. plans for europe. opening warehouses and logistic arms in the continent as well. he says that is important to them. longer-term, he says profitabil

last night, they reported that blackrock will support this move , they want to put forward proposed structuresre people with experience in clean energy and in technology as well. a while back we have seen in activist move from the environmental route to produce carbon emissions. it is about whether the world is moving to climate change and these companies have concerns that the world is moving in a direction of producing carbon emission, that we will have to stop exploring, exxon is not moving in that direction. exxon may end up over prepared for the arrival. anna: with that, what should be expected in the meeting today? jess: while blackstock is going back, we need to see if others will join, if they do, we will have to see whether the ceos strategy, if they can reduce emissions is valid. if you look over in europe, they are taking a different approach, they have agreed to net zero goals reducing oil and gas production. [indiscernible] anna: something else that could reverberate around the sector, even if companies make those pledges, that is enough -- that is not enough. in a case that has b

against him with the two dissident directors being elected so -- just in the last couple of hours, blackrockich is exxon's second-biggest shareholder, came out and said it supported three of the activists -- the activists, the directors, which is a big rebuke for exxon. shery: so what happened here? how did we get to this moment? kevin: exxon's financial returns have been deteriorating for some time, long before the pandemic, and the pandemic really sent the company's financial performance into a tailspin, and this kind of opened up the opportunity for environmental concerns to come to the fore. exxon was in a weak state, and the activists really capitalized on that but when it came to the actual vote, it was climate concerns that loomed large and exxon's intransigence did not fit well with a lot of investors who saw this as a good opportunity to send a message to management which clearly had not been getting through for many years. haidi: a double whammy for big oil with shell being told they need to be cutting their missions faster and more. what are the global ramifications of this across

in a bradley or an abrams and they don't want to shoot an extended long-range or future but fly a blackrockr apache. [inaudible] could you confirm that we will give good names that motivate our soldiers rather than bureaucratic names? a lot of great generals like eisenhower and grant and sherman and a lot of great young soldiers who won the medal of honor over the years and soldiers need to be motivated by the history of their army and they don't need to be riding around in names or vehicles with acronyms or unpronounceable. >> yes, senator. >> thank you. >> thank you, senator cotton. let me recognize senator -- >> finca mr. chair. ms. wormuth, great to visit with you and congratulations on your nomination. i would like to ask you to start off and just talk about the army's progress on dealing with the military housing challenge. you and i talked and i feel like the army might have been suffering the most difficulty in this area but i've been pretty pleased with how the army has moved out and dealing with the challenge. please give me your assessment of where we are and what we need to do t

up next, blackrock's russ koesterich on whether this tech turn-around can stla or whether investors will♪ ♪ ♪ ♪ ♪ ♪ >>> stocks closing higher today but finishing the week in the red, worst week since february for the s&p. the dow, s&p and nasdaq all posting their worst performances since then joining us now is russ koesterich welcome, russ. what sort of moves have you been making in the portfolio lately to adjust to the new reality and that is these higher inflation numbers? >> well, we continue what we've been doing the last several months, sara i think the basic contours of the portfolio, underweight duration looking to emphasize cyclicals in the portfolio practically what does that mean. more financials, more banks in the u.s. and europe. higher weight to industrials, to materials. we have trimmed tech we haven't punch purged it. i think a lot of what we've been talking about, we have been tilting the portfolio in a direction which is more consistent with the type of growth we're likely to see over the next few quarters and frankly the type of inflation we're likely to see. >> does th

times square alliance, as we are hopeful that between the subway, jpmorgan opening offices, i think blackrockth and midtown at least, jim, starts to get more activity. >> and i'm anxious to see where the housing cools off and the auto, because i think, we always think it is go be to hybrid, high hybrid, but at a certain point, it's not hybrid, and work is not being reinvented >> no, it isn't. but i do, while i believe in certainly the conversations that we've had on air, and off, with many people who run large organizations, indicate that they expect people to come back to work. they also continue to say, but we'll be a hybrid. you know, it won't necessarily be every day, jim, but it will be three days, out in, maybe you pick your, now maybe you pick your three, and we pick them for you but not five out of five. >> is corporate america now sweet and nice >> they want to keep their employees. >> if someone comes in five day, and you got another person that comes in three day, let me tell you something, i'm giving a promotion to the five day and i'm sidelining the three day, because the three d

the size of their own stake but they have enlisted significant support, no less than the likes of blackrockfor example, which owns as much as 6% of the stock. they did get backing for three of the four directors from the shareholder services and an influential proxy advisory firm and you can see some of the other supporters as he well. one thing in exxon's favorite here as we try to figure out who will win or if in fact it will get any directors at all elected to the board, roughly half of the shares are owned by retail, jim, and retail often times is tough to get to vote, and typically does back current management and/or the board, that's changing a bit, it would seem to some, but that is in exxon's favor as they try to sort of fight off this activist campaign, again, that sort of seems to start without that much momentum but has built significant momentum and of course, in the balance is this question of are they doing enough in terms of really combatting climate, changing the compensation of their business or are they simply talking about it but not really putting the money behind it? th

i think vanguard and the blackrock, or statestreet, for them to vote in favor of exxon and then they changed their mind and you know, they did not get the support they thought was there from the index funds they still almost won. so they still had a great amount of support from retail but the index funds here, acting as they did, and voting as they did, is an important moment. does it mean that esg will be used as more of a club by any other activist or that perhaps companies will be forced to settle or think it's better to settle as opposed to going to a full proxy fight perhaps. but again, you know exxon well, for many years, and i don't want to, you do want to make sure people understand it, it does have something to do with the history of the company. >> they were very late with the charm offensive. they didn't seem to understand that the media must be addressed a more formal way. who will be on the nominating committee? because i have to question, i have to question the staying power of darren woods. >> listen, it's right to do that i asked him yesterday whether in fact, because

neila richardson blackrock's kate morris. chairman jason furman is on the right.antelli i'll started with you, now we've got a minute what are you looking for in terms of the most salient things, the number and what to look for, the most important thing? >> i think it's going to be upwards of 1 million and it's the sectors that matter. leisure and hospitality. biggest rebounds >> kate, can you do it quickly that was a good job. >> 1.3 million leisure and hospitality and jobs in education and business restarts. >> jason >> 1.5 million i'm looking at the labor force participation rate in march it was lower than it was in august. i'd like it to set a pandemic record above 61.7%. >> sarah >> 1.15 million but we're watching for wage inflation in sectors such as construction because services will bring down that average hourly earnings to about flat. >> rick, we'll get to you. let's get to steve because he's got the number okay 1.08 steve, the number. >> wow, it just came across. give me a second here. we have the number here. just came across ah sorry about that it cam

investors getting the memo kyle you've got ray dalio bridgewater managing money for ccp larry fink at blackrockbusinesses in beijing, i keep saying i have been saying for a long time, look at what happened to the ant group make sure you understand, the treating the that jack ma got. this is one of china's jewels, jack ma with you know billionaire air found one of the most successful in china alibaba that is the point you can't become bigger than china jack ma was getting too successful for ccp they disappeared him three months, when is corporate america going to get the memo here about the threat that is you communist china? >> yeah, i i mean, jack ma so far has gotten off easy maria, just -- removing him from position taking a bunch of his stock if you remember, the chairman of hna you know did a 50 foot trek off 2 1/2-foot wall, and then the head of interpol who is chinese disappeared and interpol was the one investigating th the hna dive off the wall, if you see the wall, it is 2 1/2-foot wall 50-foot drop on the other side the way that china operates, is they literally will take you out, at

. >> blackrock and fidelity. they are held by retail funders. at that annual meeting. >> leslie, this has been so interesting to follow and to see where things are headed with this because d.e. shaw was behind the original board members that they put on this. they don't seem to be behind this or to be supporting this. management has been pretty outspoken about how they feel with the board, particularly with the two newadditions is really up to the task. like you said, it's hard to figure this out how the retail investor is going to be swayed what are your thoughts if you had to place a guess one way or the other? >> it's clear based on the conversations we're seeing on both sides that both sides believe this will be close you don't normally see two days before the vote the company come out and promise to add two new directors if they don't think it's going to be a close vote tomorrow of course, having 50% of shares held by retail investors, it's hard to understand those votes because they're not one big voting block as you would try to understan

when i joined blackrock in the summer of 2014, the bond investors that i was working with were absolutelyinto the market. i said, no, no, when we get to the end of this process we'll have one of these pull backs equity investors know when you get a pull back related to fed, the fed starting to normalize policy, that's a buying opportunity. you're not supposed to cut risk in front of it if you are an equity investor, you should cut risk. this is when returns are strongest. you should be in those reflation beneficiaries, materials, energy, you should be riding it. when we start talking about tape perfecting, do you want to wait a little bit for that pull back to add any new money that you get? sure that's a little too tactical for most equity investors. it's the early stages of the business cycle this is when the market has its best returns you should be in the market and, you know, as i said, i think you're overweight those reflationary beneficiaries >> barry, thanks we'll see you again soon, okay >> all right thanks >>> coming up, big announcement from new york governor andrew cuomo yeste

take a long time elon musk has decided that he can't buy bitcoin, how can a big institution like blackrockten. they all buy google stock. they own youtube it's shocking like things that are worth something in electricity. you know, bitcoin and crypto ecosystem is an important part of the future of finance so it should cost somebody there's a commitment, i think, and you're going to see it louder and more clear from people in the industry to let's make this as carbon neutral as possible all electricity in 6, 7, 8 years is going to be great anyway. if you look at the cost curves, solar, wind, geothermal. there's this gap in between when i think the world has got to figure out how do we make all industry greener. >> mike, bitcoin technology unto itself as we've talked about is about as inefficient as it comes. in fact, its inefficiency is part of the design of it in part to create the value you're talking about, but i think there's a view that if you were actually creating a new currency or new asset in this day and age and you are trying to be environmentally friendly, there are lots of othe

engine is said to have garnered support from blackrock and some other pension funds.de calls for carbon neutrality, this proxy fight will be settled based on where investors perceive the value to be and at least in the short term even engines run on oil. guys >> leslie, you mentioned the stock has rebounded since it was revealed that they had this stake, this very small stake back in december, but really the stock has rebounded as wti prices have rebounded. we saw oil prices just over a year ago go negative which none of us have ever seen before. the idea that you'd have to pay somebody to take oil off your hands, that was a pretty specific issue related to the pandemic and the global shutdown at that point. oil oil prices have come back and i guess you have to wonder what happens with the investor base, which way they kind of see that as this plays out today. >> it's a great point. i think that's the sticking point of the entire argument that engine number one is making they're saying that the investment taking place over the last four years has been in areas so reli

poor's, launching crypto currencies, bringing bitcoin to the trading floor, trillions of dollars in blackrockother digital assets and demonstrates we are soon to get a possible crypto currency etf soon. stuart: glad you didn't mention dogecoin. dogecoin, tiger coin, looking at the market. the dow industrials up 31, nasdaq up 70 and you are watching a big move. what is the story? >> it was outperformance by $800, up 40%, the biggest chipmaker will dominate in chips and gaming, cloud, self driving. apple recovering from yesterday's selloff, just announced $400 million in us based laser company like 26. 3-d maps to self driving cars, that might lead people to think there might be an apple car coming. activision blizzard, and $50 million, and and general motors made $10 more this year in the first 3 months than they did last year and reaffirming their guidance despite the chip shortage. stuart: gm at $57 a share. now this. it is national skilled trades day. one pixar movie star working to get more people into skilled jobs. i ask them what is going on with that on the show. the white house press s