the president and blackrock's reaction ahead we head to break two other key headlines.ent the runway raises $357 million expanding 15 to 17 million shares for $21 a piece to trade later today under the ticker, rent >> and visa topping estimates of travel spending. they gave a revenue outlook some believe can be conservative. we are back right after this richness. hard you work to build it. now harder stadtfestungsbank works to make it grow more bigger. trust the egg in your nest to our clever money people. stadtfestungsbank. you rich. we make richer. translation is complex. transperfect makes it simple. our experts help your business succeed. in any market, any language, any industry. simplify global business with transperfect. wealth is breaking ground on your biggest project yet. worth is giving the people who build it a solid foundation. wealth is shutting down the office for mike's retirement party. worth is giving the employee who spent half his life with you, the party of a lifetime. wealth is watching your business grow. worth is watching your employees grow with

both hold investments in blackrock.better if shares of blackrock go up, and i think that's where the conflict of interest comes in. now, again, liz, we should point out, has a very small amount of based on his disclosure, it's very small, but he did work at blackrock for a number of years, brian diese has about $4.2 million according to his disclosures in blackrock stock. i'm not saying there's a big scandal here but this is a huge conflict of interest that blackrock, which employs, which employed a lot of people who are now in the biden administration and blackrock is making money off of the esg push of the biden administration and some of those same people presumably will be making money as well. we should point out that excel investors -- liz: wait, charlie we're running out of time. no, we're running out of time. you have to listen to me for a second! larry fink, for years, has been going forward on excel, well before biden was president. charlie: mutual funds that invest in esg charge much higher fees than regular

is getting a tremendous amount of pushback based on blackrock investing in china. it touts a straight a for responsible investing they tell people that we need all the metrics that the un says for the companies that we invested they have environmental policies that are social responsible, governance policies and yet blackrock and best making tremendous headway in china the least responsible country in the world in terms of the environment we know that they are a major polluter and the oppressed ethnic minority the uighurs and other dissidents, yet blackrock is making moves. two investments that is catching people's eyes, what is going on, blackrock has a decent size investment in the a.i. companies, the surveillance software companies that apparently the chinese are using, these are chinese companies that the government is using to surveilled on these. it is one company called hick vision, hi k vision over $9 million and that, $50 million and that and something called i fly tech and $9 million investment they obviously have other investments and they do have china

john: you have a blackrock, goldman sachs, j.p.an all coming to the conference and they would all say the same thing yes, they like the city of london but they are also hedging their bets, putting some jobs in paris and amsterdam. behind all of it, they would say look, we are in industry, we bring in 160 billion pounds per year for the british economy. they would rather argue with the french about fishing rather than talk about finance. pm johnson: on the contrary, in 2008 and 2009, there was literally only one politician that spoke up repeatedly for the city of london bankers and that was me. i know the city of london is crucial not just for our country but for the whole of europe. and for this hemisphere. for the world. and that's why you think it is profoundly in the interest of our partners to ensure we do have good rates and continue to see proper flow of capital and services between london and the other parts of europe. i am sure that will continue. you want to raise money around europe, if you want to finance your merger or

it would be blackrock. blackrock is a leader in esg investing. than in regular funds. and guess what? my producer, ellie, pulled up mr. deese's financial records, and he holds stock. does competence equal causality? i have no idea. all's i'm simply pointing out is this: if a conflict like this existed during the trump years, don j. had some deal with some company that head money or eric or any of them or mike pompeo or larry kudlow, we would be seeing headlines blast all over the place. but what we have thousand is a guy that was the head of esg investing at blackrock moving to the top, one of the top economic positions in the biden administration which is pushing esg investing as his company is expanding its esg offerings to investors and making a lot of money at it. and and he holds $2.4 million of stock in that company. now, are you telling me this is not a story? david: it is a hell of a story. >> i'm not saying there's anything wrong here. i'm not saying anything is wrong here. david: yeah. now, there are two elements whether there's conflic

we had a call in to blackrock.se. it's a pretty extensive list. by the way major players. michael, see if i get his name, michael powell, by the way is the chief of staff for kamala harris, the vice president. neil, back to you. neil: all right, yeah. wild stuff. thank you very much. charlie gasparino. which brings us to gordon change, china expert. china could ruin all the financial ties doing anything to taiwan and islands around taiwan. it must know that. that the argument people use, it would never do anything like that or tempt economic disasterous fate by initiating something that blatant. do you agree with that? >> no, i don't, and the reason is we have to look inside of the chinese political system because that is what is going to drive xi xinping, the chinese ruler, that is what is going to drive the chinese military. right now you have a ruler with near complete accountability. he has raised the cost of losing political struggles. he has a very low threshold of risk which means he can surprise us. we shou

investments are fueling climate change and are pushing for blackrock along with financial institutions and the federal government to divest from fossil fuels and deforestation. >> so blackrock is the world's largest asset manager. and so they manage almost 10 trillions of assets under management on behalf of clients across the and so with that comes a lot of power and influence. so not on the black crook has the power to really shift the way it uses its capital. >> today's protest included a block-long street near old using paint made from the ashes of california's wildfires. >> as well as of march led by youth burch, a versus apocalypse. >> governor newsom will not be going to the united nations climate change summit in scotland. now the governor had planned to go highlight his administration's climate change actions including a proposed ban on the sale of new gas-powered cars by 2035. but he just canceled the trip today citing unspecified family obligations lieutenant governor eleni could lock us will now lead a delegation of newsom's wife, the first partner, 15 state lawmakers sent

and target blackrock a conservative group is going after the world's largest asset management companyor its ties, its business in china dragging so-called woke companies into the dirty game of politics and a working lunch with the ceo of adobe he transformed the company from a niche player to a tech power house with the help of a simple driving force. >> really looking forward to that hi, everybody here's a quick look at the market dow still down 70 points s&p is hanging on to a six-point gain nasdaq jumping visa shares are falling on a disappointing revenue outlook. mcdonald's higher on strong sales, higher prices, and new menu items a pricing power and inflation beneficiary. f 5 networks are eyer on quarterly results. juniper higher after earnings reported yesterday both outperforming the nasdaq year the date, up 7.5% today. >>> we start with autos and the push to try to dominate the future of the industry general motors' ceo mayor aye barra today said her company can catch tesla in u.s. sales by 2025 by having 30 ev vehicles on the market by that year. others setting ambitious goal

that blackrock headquarters in san francisco, set the stage for a colorful campaign to urge the global company to turn their back on businesses. that contribute to the climate crisis. >> all generations were represented at a climate change rally that shut down the corner of howard and first street in san francisco friday from 1000 grandmothers bay area to another group called youth versus apocalypse together. they demand that the world's biggest global investment firm called black rock stop working with companies like chevron. the contribute to global warming through crude oil production. the profit incentive. >> is, you know, he's driving. just everything that we're seeing in our society. so you know, we're here, especially young people. if we continue to produce fossil fuels at this rate or produce co 2 and shock. also fuels burn fossil fuels were we're not going to have a little future. >> the peaceful demonstration resorted to various forms of art that depict both their frustration and solution to the ongoing climate crisis perpetrated by global players that they say put profit ove

, so, if it's not jpmorgan for me then it be blackrock as the name to watch on wednesday, when it cops out, right? when the wiff, you talk about fedex, well ups is going to have that same issue in my opinion, because they are in that same sector in that same business and you heard what fedex said in terms of rising cost and labor and ethiops is going to end up with that same story, but i think they are going to be certainly other names and that's important this earnings season, to listen to what these companies say about whether it's supply chain shortages and logistics issues which are going to hamper them. liz: you guys are so boring. you have a crush on the banks, you have a crush on ups and fedex. dominoes is coming out friday. world wheat prices are up 41% year-over-year. now kenny is like right, yeah, i know. no! >> but wait, dominoes pricing, i mean i'll tell you, dominoes has pricing power, they saw what pepsi did, they beat, they didn't beat a whole lot but they beat by $0.06. prices are going up. they actually said after the announcement they were going to start to raise pric

like blackrock, the masters of the _ people like blackrock, the masters of the universe _ people likey will have a big _ of the universe in some ways, they will have a big say _ of the universe in some ways, they will have a big say on _ of the universe in some ways, they will have a big say on how- of the universe in some ways, they will have a big say on how this - will have a big say on how this goes — will have a big say on how this noes. . ~' will have a big say on how this noes. . ~ ,, y will have a big say on how this uoes. ., ~' , . will have a big say on how this ioes. ., ~' , . goes. thank you very much. the uk finance minister, _ goes. thank you very much. the uk finance minister, the _ goes. thank you very much. the uk finance minister, the chancellor - goes. thank you very much. the uk finance minister, the chancellor of. finance minister, the chancellor of the exchequer, was certainly managing expectations this week. its budget and spending plans for the next three years including the largest increase in taxes and almost 30 years. not that you would non—? but not that yo

>> protesters rallied here in the bay area to they are urging the world's largest asset manager blackrockop working with companies who contribute to the problem on first the money and is with us in the studio now live with that report l a. >> well. the moment comes ahead of the climate summit in glasgow, scotland this week involving 20 world leaders. this country has produced the most carbon emissions. but today hundreds of people gathered in protest right in front of the black rock headquarters that shut down the corner of howard and first street in san francisco. together. they demand that the world's biggest global investment firm, stop working with companies like chevron that contribute to global warming through crude oil production. the peaceful demonstration featured art that included wildfire ash to get their point across. >> we came out to really demand. >> you know, the divestment of blackrock's investment in the fossil fuel industry and the destruction of the harms and really pave the streets of beautiful solutions of what we know exist today with our climate and what's most pow

>> i am gloood, how are you >> my question for you is pertaining to blackrock.o i bought blackrock prior to pitch earnings and i know, you know, i had a nice run from earning. i am trying to figure out is this a good stock? >> listen to me, phil, i am going to vote for it next thursday this team is the cardinals they don't have any losses, it's really incredible. they got great receivers, they got a good tight-end you want to stay along blackrock and if you want to buy some. how about anne in indiana? >> jim, thanks for taking my call >> oh, you are quite welcome >> yeah, we have seen snap and facebook's report. so is apple's privacy policy, we see how that's affecting our ad targeting. is this a red flag or an opportunity to buy snap at a discount >> i think snap isoverly discounted >> not all is bad. there is no doubt about it apple is on a path for its own customer we don't want it to be tracked the next generation is more positive for apple and less positive for the online. snap is coming down a lot though, it made people panic, i think the jury is out that

blackrock anticipated above the third quarter.ement grew in the quarter. that was less than expected. he called it outstanding overall and emphasized they have scrambled the u.s. labor picture and he ultimately sees success for the markets at the end of that transition period >> i was very bullish over the long run, could we see like the month of okay, this consternation in the marketplace, i think that may be longer in the back end, i truly believe we will see higher highs. he says you could see more wage inflation, too blackrock shares up 1.6% >> dom chu joins us with top free market movers >> those cost precious becky alluded to in the blackrock report there, also play into the stock this is morning delta airlines it's the biggest carrier it's off 1% in the trade notably, it's come to its first quarterly profit for an airline. they are coming better than expe expected forecasts see a modest loss because of riding jet fuel costs. still off one and a quarter% downgrade, wayfair shares down 3% in the pre-market, this due, in part

gargi chaudhuri, blackrock head of investment, joining us.k about what a higher rate environment will look like. how are you thinking about it? if we get the 10 year up to 2%, which doesn't seem that outlandish considering where inflation is now, what are the impacts? gargi: thank you for having me. when we think about the rate moves, i think we often forget where we came from. there's a lot of talk now about how interest rates move from 20 basis points or so over the last month, but what were rates doing at 1.30% to begin with when we have an economy growing close to 6%, perhaps 4% next year? you ask about the forwards, and we think interest rates can move higher from here? yes, given the fundamentals. you point out inflation. that is definitely very topical today and this month. but also on the growth picture, given the job market and the strengthen the economy in terms of what we are seeing in the labor market. can interest mates move higher -- interest rates move higher? yes, but they are moving higher because the economy is in a strong p

take a look at blackrock.rgan also beat on top and bottom lines on the case adjusted earnings in a double-digit way. blackrock, the same deal. relative to revenues they put up more than $5 billion in revenues. a solid beat. shares being rewarded, up 4.3%. one of the top stocks on the s&p 500. the financials are down but you can see the diversions between jp morgan, it will be interesting to see the big banks reporting tomorrow if they follow. blackrock sharply higher, one of the best on the s&p 500. on tech we have laggards and leaders, apple down 1.1% after they said their production would be hurt by the supply chain. analysts think it is temporary but it is along the lines of the inflation question. is it transitory? we have shares down modestly, dragging down on sky works, down 1.7%. amazon up .7%. another part of that make a cap tech or in this case consumer discretionary. amd another chip stock up strongly. up 3.9%. pushing and pulling beneath the surface for a relatively benign s&p 500. alix: -- guy: lon

tom: we will go to jeffrey rosenberg with blackrock. look at the monitor and i have a fancy bloomberg -- i have seen the blinky red and green color going back to 2008. the level of uncertainty now. jeffrey: it certainly has a delta variant character to it just like it did. the key disappointing industry sector -- not clear it would've affected that much. overall those two sectors disappointing. average hourly earnings, you see a shift. you are seeing particulate with leisure and hospitality workers less in the mix at that point due to delta variant. as lisa was talking about, the longer-term implications for the fed exactly right, participation rate and very tight market. put it together and i think the fed can look through this because it so clearly looks like delta variant, and every other indicator, there is a reason why the private market forecast had $500,000 penciled in -- had 500,000 penciled in and that is because there indicators on the labor market pointing to the reopening and the strengthening and the tightness of the labor

we have results from financial giants jpmorgan and blackrock but the market stumbled out of the gate. think it's a good thing, i think it sets up the ultimate test. break the closing swoons into the closing bell. meanwhile of course stocks have gotten a lot cheaper. i think the best kind of dip is out there for you. i'm talking about buying stocks at lower valuations. but who has the nerve? joining me now, group that always has great nerve, barry nap, erin gibbs along with gary gary kaltbaum. core was better month over month. used cars, airline seats starting to slide a little bit, barry, month after month. here is the question, if inflation is ultimately the cure for the inflation is the stock market overreacting right now? >> i don't see any evidence that we had serious demand destruction right now, which is what inflation is the cure for inflation comment implies. if you look at various components of cpi, what you see is broadening out of the price pressure. you're right to note that the reopening related sectors like air fares, lodging, used car prices are coming off, however the

the top bosses of goldman sachs, blackrock, blackstone in a panel discussion underlined the fact thatortant to recognise that, because that could lead to higher inflation. and they also didn't rule out that oil could touch $100 a barrel, which could be a bigger crisis, especially at a time when there is an energy shortage. the other thing that has been discussed is climate change and talking about achieving net zero carbon emissions. saudi arabia just announced two days ago that they are aiming to reach there by 2060, but at the same time have been highlighting the fact that it's important to recognise, given the scenario right now where there is an energy crisis that fossil fuels cannot be demonised completely because they are needed and they are not going away anytime soon. it is important to adopt a balanced approach, and that was pretty much the consensus across many panel discussions over here where you have people from across the globe, investors, entrepreneurs and some marquee chief executives from different companies that attended this event. the bottom line here that came out

we have blackrock's rick reider.told you stocks were going up he was right we're back in two minutes. like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq ever wonder how san francisco became the greenest big city in america? yeah... oh. don't worry i got it! just ask the employee owners of recology. we built the recycling system from the ground up, helping san francisco become the first city in the country to have a universal recycling and composting program for residents and businesses. but it all starts with you. let's keep making a differene together. it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. only comcast business' secure network solutions give you the power of sd-wan and advanced security integrated on our activecore platform so you can control your network from anywhere, anytime. it's network management redefined. every day in business is a

hoovered up by people perhaps less - transparent with less - commitment to try to do this, like blackrockgaging will be a key one . that people like blackrock,| the masters of the universe in some ways, they will have a big say on how this goes. i thank you very much. the uk finance minister, the chancellor of the exchequer, was certainly managing expectations this week. its budget and spending plans for the next three years including the largest increase in taxes and almost 30 years. not that you would have known. rishi sunak says the budget was creating a new age of optimism, which includes the highest tax burden since the 1950s. that is hot spa. slightly tongue in cheek, simon, but there are a series of questions about it. is it possible to square the rhetoric with the reality of the measures he is introducing? you have to take this with the last budget. j we have seen some of- the biggest tax rises we have seen in a generation, 40,| 50 billion, the highest tax burden since the 19505. back in march he said we have had a one in boo—year event, | i have paid the wages of 11 million worke

wild card victims from santa cruz and paradise, california was mixed in to paint that is now on blackrock's doorstep to highlight climate driven disasters. think got social media movements are amazing. >> that does not provide a push or a threat to the people up there and not and not office building what does is bringing this movement and bring our demands and bringing our voices and getting a lot of right on their office blackrock's website touts a commitment to working with their clients to help achieve a net 0 economy. we drastically reducing emissions by the year 2050 admitting that requires replacement of fossil fuels as the country's primary energy source. >> but organizers of the protest say that their ongoing investments. our contradiction to that statement. >> i reached out to black rock for comment but have not heard back in time for this report. and pam and grant. meantime, the rally's organizers tell me that their team members are actually going to glasgow to try to meet with the ceo of blackrock. it's going to start on halloween and it goes on for about 2 weeks, but they're goi

and howard protesters claim their investments are fueling climate change and they're pushing for blackrock along with other financial institutions and the federal government to divest from fossil fuels and deforestation. >> so blackrock is the world's largest manager. and so they manage almost 10 trillions of assets under management on behalf of clients across the and so with that comes a lot of power and influence. so not on the black crook has the power to really shift the way it uses its capital. >> today's protests included a block long street mural using paint made from the ashes of california wildfires. >> as well as a march led by youth versus apocalypse. >> well, as friday. let's check on our 4 zone forecast. a live look outside at the golden gate bridge. it is there. we can see the cars, but you can see the towers that fog is really rolling in tonight. certainly meteorologists lawrence karnow here talk about spooky. look at yeah, right down on the deck that fog looks really need appropriate as we head into the halloween weekend out there this evening. beautiful sight as the sun no

double-click on that and you have a problem with the wealthy executive at blackrock to . it's not blackrock as an investor, it is their ceo and their managerial class that is the wealthy executive all over again but put thatá to one side given the number of investors that same that you have these advancing values that we want to see you push. both are different from the third phenomenon which is the consumers themselves. many of them generally progressive consumers demand the ceos of the companies buying products from and body the values that match their own values as consumers and you could argue that's just capitalism working what i offer is more cultural commentary to say that is a symptom of a teacher deeper cultural malaise where there are consumers as citizens are hungry for a cause and hungry for a sense of purpose but we have resorted to superficial means like mixing morality with personalism commercialism to satisfy a moral hunger that demands more substantial fare. that's one axis among which you could cut three types of wokecapitalism . there's a different acce

before we let you go, there was a lot of wall street news from overnight from blackrock to jeffries.hat else has caught your eye? >> jeffries has turned in a record quarter for their investment banking division. they have doubled revenue from this time last year to $1.18 billion. this has been fueled by dealmakers who are enjoying an unprecedented deluge on wall street, which has been in turn fueled by the economic recovery. very good news for jeffries, but also very good news for the wall street banks that are yet to report earnings. jp morgan, bank of america, goldman sachs report earnings a little bit later and jeffries has always been considered a -- no like blackrock is saying that it would like most employees back in the office at least three days a week from november 1. they are trailing a pilot program to see how well u.s. and european colleagues collaborate, while still working two days remotely. we will see how that goes. we are collaborating pretty well from asia to europe, so hopefully they will figure it out, too. dani: exactly. it does not look that promising considerin

blackrock believe we will top out in inflation.lent repricing we have seen perhaps will not endure. the u.s. way ahead of itself. i think we are juxtaposed between the risk of handbrake turn, the risk of a central bank handbrake turn, versus the topping out on inflation. dani: and it is the oxymoron, persistently transitory inflation, that we are trying to wrap our heads around this morning. with the yields climbing ever higher. manus: yeah, that is just the reinvention of the narrative for the central bank. i am afraid i cannot buy into persistently... well, i am lost for words. let's look at the markets, they are more interesting. the reduction and repricing and the qb and australian rates market is having -- the kiwi and australian rates market is having a time. yet equity markets levitate. the equity market says so what? we are not bothered. at the moment. that could change as we ramp up. 160.35, and brent up six weeks in a row and rising. a lot of people talking about was traction of supply in that market. that is the state of

tom: scott thiel, blackrock, with another good opinion.ll stop the show and do what we do too often. i do this with the major hat tip to anyone thinking about the retirement industry. maker shot up to the center for retirement research at boston college which at -- a major shout out to the center for retirement research at boston college which has done great work on america's failed retirement system. barry ritholtz has done great work saying here is the reality. the birthday boy joins us, one year closer to retirement in a few day. let's start, i need to be 60/40 and have a carefully balanced portfolio. that has been thrown out the window. what do i do to get to retirement if i have the gray hair you and i have? barry: i'm not quite 60. my birthday is still if you days off. lisa is not quite 40. that 60/40 is not there yet. you have three options you can do if you're looking to get more returns. first, your 60/40 become 70/30 given how low rates are. when people talk about there's no alternative come that means there is no alternative to

blackrock's third-quarter revenue both be estimates.ing down on electric vehicles and china pledging all vehicles introduced will be battery-powered by 2030. the carmaker says it will build two new ev factories in china starting in 2024, it also plans to introduce 10 new a letter models within five years, some of which will be exported from chinese plants. conduct wants to completely ditch combustion engines by 2040. dow shares jumped on -- 445% interest in copper mine in chili. the deal includes the contingent price consideration of up to $500 million. dow 32 says funding will be an underwritten bottle -- we have plenty more to come on daybreak asia, to stick around. this is bloomberg. ♪ it's moving day. and 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 without breaking a sweat. xfinity makes moving easy. go online to transfe

blackrock saves its stock. itching to buy something for a trade this is the one. reference incredible knop matter what can put a blank number and people would draft it in the first round. next up airlines seem to be talking every day. like they can't shut up. delta reports wednesday morning still people will be surprised how bullish they are about prospects of return of international travel and done quite a bit of flying since the pandemic peak i've seen planes get more and more full go to europe, though, conscious of the green pass. showing you're vaccinated, e could use it over here but don't have political will. de delta air would do a lot better with a passport policy to handle the delta variant. i asked commerce secretary about it, she said not in the cards. america is not as aggressive on this pandemic. so far behind. of course, take the whole live or die ecos literally. and you've heard of the investment here on cnbc. go like this -- can you see it over here? this is it see? hmm? hmm? you know so if you want to -- that's how i think. right? it's like, look,

lauren: how much do you compete with let's say blackrock, who is an asset manager that's come in ands and rents those homes, but also, the digital companies like zillo w? >> we don't really compete with them at all. actually, zillow they tend to be more partners of ours, and when we're buying homes on the mls, we have the opportunity to either buy from the mls, or buy from the i-buyer so we're working together and our biggest institutional competition be immitation homes, not blackrock but this is such a large market this is the largest and maybe most fragmented asset class in the world so we don't go head-to-head against any of the institutional landlords on a daily basis. lauren: gary where are you from? >> i'm originally from south africa and i live in toronto. lauren: okay. so just describe to me what does it feel like to be down on wall street right now, the new york stock exchange is open, i'm assuming people are wearing mask s what's it like? >> it's awesome lauren. it's the american dream. it's incredible. i love it. i'm so proud, you know, for our employees it feels great i

they hope to get in touch with blackrock ceo laurence fink for a candid discussion.ot of air travel news this morning. 2 people were hurt and 2 others detained for questioning following an incident at la x. that happened thursday night. and now we've learned the event was caused by a man who was experiencing a mental health crisis. the man's sister told our sister station in los angeles that her brother was diagnosed with schizophrenia and believed people were out to harm him. about 300 people have to self evacuate from terminal one at la x on to the airfield thursday because of a report with of someone with a gun. the man did receive help from trained la x officers and he was taken to a hospital the faa did have to issue a ground stop for flights but they were able to resume them within a couple of hours. and we're now hearing from the ceo of american airlines after a flight attendant was attacked by a passenger on wednesday night. that flight was headed from the east coast to john wayne airport in orange county. >> type of behavior has to stop and the best in turn

scotland in san francisco activists use ash from california wildfires to create a mural in front of blackrocks downtown office. they are demanding the world's biggest banks defund fossil fuels you need to stop it over people the cop 26 summit begins sunday in glasgow, governor newsom was supposed to go but this morning is trip was abruptly. sold his office said in a statement due to family obligations governor newsom will no longer be traveling to the conference and instead be participating virtually lieutenant. governor. eleni kunalakis will now travel in his place on a call with reporters today at newsom's team stressed. the trip will still be effective without the governor. we obviously have a lot to brag about because california is doing more in place than any other state and many other nations the california delegation says they plan to talk about california's policies on phasing out gas-powered cars. and also highlight how the state has taken action on climate while still boosting the economy we can demonstrate actually we can do this in the world can do this for 18 year old climate acti

kate more of blackrock, -- kate moore.is bloomberg. ♪ leigh-ann: i'm leigh-ann gerrans with bloomberg's "first word news." asia-pacific steps opening to international travel. a 14 day quarantine for travelers starting next month. others have said they are doing away with restrictions or easing rules on entry. in the u.k., as many as 43,000 people may have been wrongly told their coronavirus test was negative. the government said it was because of errors in a private laboratory. operations there have been suspended. amazon has up peeled and $8 million fine over data protection rules in the european union -- has appealed an $8 million fine over data protection rules in the european union. they denied there was a data breach. the largest in london offering money to recruit drivers. they are facing a shortage of drivers and trying to hire 1000 drivers after demand jumped in september. global news 24 hours a day, online and at quicktake on bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm

starting with the markets and blackrock, and then talk about a huge tesla order with the interim ceod to miss with both gmc mary barra and then twitter's cfo ned segal. the final hour of "squawk box" begins right now. >>> good morning, and welcome back to "squawk box" here on cnbc live from the cnbc site at market square. >> smell the bacon just haven't seen the bacon. >> i'm andrew ross sorkin here with becky quick. >> and i'm joe kernen's sometime as quiche, too, right? but u.s. equity futures at this hour up about 15 points. nasdaq down 28 or so this isn't really the big story. a lot of earnings, though, is the story this morning more to come you see the s&p giving back five or six close, close to records on all the averages. treasury yields now as you can see back below 1.6% on the ten year and three dow components already reported quarterly results this morning. boeing posted an adjusted loss wider than expectations. revenue short of forecasts, though boeing did report better than expected free cash flow, and boeing ceo dave calhoun will appear next hour on "squawk on the street

the 10-year treasury yield higher today now back over 1.5% let's bring in jeff rosenberg of blackrockoining us >> good to be here. >> the note is stagflation risk is real. >> it is what happens when you combine the outlook for secular stagflation with transitory fails to be transitory returning on the growth side coupled with persistent signs of inflation equals stagflation not our outlook but the risk that we're talking a lot more about and it is a type of regime that the markets have not faced in a generation so it's something that we have to pay attention to. >> if we do have serious stagflation what do you want to hold >> that becomes a real challenge because what you're looking for is a very different mix. it is about pricing power on the inflation side in an environment where you're looking at a lack of growth. and so it's still a come by nation of where can you find earnings and earnings growth where can you see pass through without the tail winds of a growing economy. so i think that is a type of market environment we hadn't seen before. particularly in the fixed income enviro

blackrock is among those weighing bids to take on the listing.tech company is planning to raise as much as $2 billion from the share sale. david: a brief glance at markets. on the other side of the break, will get you a look at markets. this is bloomberg. ♪ yvonne: we are wrapping up the week with the rbi expected to post a decision earlier today against the backdrop of higher oil prices, call shortages in the country, and this week, we are waiting to see the hike from the rbnz, and the hold from the rbi. what will the rbi do with the country's consumer price index in range? it is likely to leave its rate unchanged support economic growth, while likely signaling readiness to anoint the stimulus. when it comes to hikes, that will be the key question, given the strains on the energy market. the rbl bank chief economist will be joining us. earlier we heard from some key voices on eurozone inflation concerns given what they are seeing with the gas crisis there. >> all these attempts to revise frameworks for monetary policy, average inflation targets,

blackrock, goldman sachs, j.p. morgan -- they would all say the same thing.y like the city of london, but they are also hedging their bets, putting some jobs in paris and amsterdam. but behind all of it, they would say we are at -- we are an industry, the finance industry brings in 160 billion pounds a year. you put most of your energy into arguing with the french about fishing rather than this big issue with china. p.m. johnson: on the contrary. in 2008 or 2009, there was only one politician that spoke up repeatedly for the city of london and that was me. i know the city of london is crucial, not just for us but for this whole hemisphere. that's why it is profoundly in the interest of our partners to ensure we do have good relations that we do continue to see proper flows of capital services between london and parts of europe. i'm sure that will continue. if you want to raise money around europe, if you want to finance your merger or whatever it is, london is still the place to come and always will be. the interesting thing about the way finances going is fi

abu dhabi investments authority and blackrock are among those weighing bids to take part in the listingsay the company is planning to raise $2 billion from the share sale. shery: we are headed toward the australian open. let's look at the stocks sophie is watching. >> the bank tied up with visa to weigh into the buy now pay later space. when it comes to minors, where keeping an eye on rio after the ceo gave a start date of 2022 for its goldmine. then a ceo spoke with the possibility that the company would consider operating in tougher jurisdictions if the assets involved are attractive enough. this after a report that they are in talks to buy copper project. this amid the backdrop of the metals and mining industry facing tightening supply after years of underinvestment when it comes to mind. one ceo warns that the market is running into a problem. supply undershooting demand for years to come. paul: let's have a quick look at how the markets are shaping up as we are a couple of minutes away from the australian open. we saw again on thursday. all sectors were higher yesterday with the ex

you sound pretty cynical what happened at that year at blackrock for you?ives of the system are not going to produce the outcome nas people that lead that system and want, and they know that it's short-term incentives to kick the can down the road on long-term social issues. and the more than that happens -- if you saw greta thunberg's blah, blah, blah speech from last week, she's far more cynical than i am you have an entire generation, all they hear is words >> tariq, this conversation could be continued appreciate you're taking some time, thank you. >> thank you >> yeah, really interesting conversation >>> the major averages are higher today, actually the best daily gain for the s&p and down from july from nasdaq in may, less than 2% for the record highs. that's it for "squawk on the street." "tech check" starts now. ♪ >>> good thursday morning. welcome to "tech check." i'm carl

other potential buyers include blackrock and kkr.e next hour, is the worst over for the semiconductors? our guest joins us. that is it for "daybreak: australia." "daybreak: asia" is next. keep it right here. this is bloomberg. ♪ this halloween, xfinity rewards is offering up some spooky-good perks. like the chance to win a universal parks & resorts trip to hollywood or orlando to attend halloween horror nights. or xfinity rewards members, get the inside scoop on halloween kills. just say "watch with" into your voice remote for an exclusive live stream with jamie lee curtis. a q&a with me! join for free on the xfinity app. our thanks your rewards. ♪ shery: good morning. we are counting down to the major market open. welcome to daybreak: asia. top stories, asian stocks dipping. wall street delivered a mixed verdict on big tech reports today. u.s. dance china telecom over national security risks and be

bond etf's from blackrock, one of the biggest daily outflows since march 2020.: that's $20 billion -- $16 billion in it and it was 1.2 billion dollars in the space of one day. goes back to the narrative between johnson and hamed, which was at the fed should take this window, closing in terms of their ability to actually taper in a timely and constructive manner without causing any further insight give from the bond market. let's go through the bonds and equities. waiting on the evergrande news to roll through. our part of the world. you have got really a hunkering down, potentially bunkering. that is a major hub for us. let's have a look at oil. would opec add more oil? more than 400,000 barrels that they are doing per month. they want to buy the dollar. inflationary environment. is that what they want to do? 147 is where you are. put on 20 basis points in the space of september. more to go on the potential for a taper re-rating. to the crypto, we have the pictures. let me to show you some of the images. some tough impact across oman. these are the images. reall

earnings from jp morgan but also blackrock. also delta airlines.ed in the fuel cost and the hedging. that wraps it up for me and guy on television stop stay with balance of power with "david david westin breaking down those headlines. you and i are off to the cable. guy: we will discuss what has just been said by lord frost. the cable is coming up on dab digital radio. this is bloomberg. ♪ baaam. internet that doesn't miss a beat. that's cute, but my internet streams to my ride. adorable, but does yours block malware? nope. -it crushes it. pshh, mine's so fast, no one can catch me. big whoop! mine gives me a 4k streaming box. -for free! that's because you all have the same internet. xfinity xfi. so powerful, it keeps one-upping itself. can your internet do that? david: from the world of politics -- david: tough decisions need to be made by president xi. david: -- >> to the world of business. >> you have demand in the oil that was not there four months ago. >> this is "balance of power" with david westin. ♪ david: from bloomberg's world headquarters

yeah blackrock, goldman sachs, j.p.gan, they are all coming to the conference and would say the same thing. they like the city of london, but they are hedging their bet. putting some jobs and power. they would say, we are an industry, finance insurance is an industry that brings in 160 billion pounds a year to the british economy. you tip your energy and arguing with the french about this issue of finance. p.m. johnson: in 2008 and 2009 there was only one politician that spoke up for the city of london bankers, and that was me. i know that the city of london is crucial, not just for our country, but for the whole of europe in this hemisphere. and that's why i think it is profoundly an interest of our partners to ensure that we do have good relations, we do continue to see proper flow of capital and services between london and parts of europe. and i'm sure it will continue. if you want to raise money around europe and financier merger, london is still the place to come, and always will be. but i think the interesting thi

blackrock is higher by about 1.6%, despite a pretty big miss with regards to net inflows. of that was a big decline in fixed income flows. they did make up for some of that with regards to retail. the etf business now at $3 trillion in assets, and overall, the company has about 9.5 trillion dollars under assets. still pretty healthy and on the way to that $10 trillion target. some earnings that aren't related to the banks, delta airlines. they beat on revenue, as well as eps, and loan factors were higher for the third quarter. did did give a fourth-quarter outlook. unfortunately, they are still at about 80% capacity relative to 2019. a lot of people looking at that metric. the company also say in fuel costs and wage costs will be a huge factor for fourth-quarter. it will be interesting to see what the say on the conference call. apple was the big news last night. apple shares still under pressure, down about 0.5%. you're talking about 10 million iphones shaved off of what was supposed to be a 90 million forecast. skyworks and a lot of these suppliers, these are taking it h

markets and moves we've seen in the bonds is the head of global fundamental fixed rate strategy of blackrock are speaking -- we were speaking that there were worrying moves. i don't know what you make about the inverted 2030 yield curve and if it spells trouble ahead. >> we have seen funky news, but this comes on the back of a repricing in the market when interest rates might rise. we have already had the bank of canada ending its program, the reserve bank of australia ending it's a deal control, next it will be critical when you have the bank of england and the fed and markets expecting the markets to begin its tapering process. and then we have pretty high inflation numbers going into next year. i think we will see the bottleneck issues on the supply side along with strong demand. coming into the month's and year's in we have had strong performance in the equity market -- end, we have had strong performance in the equity market . i think the confluence of all of these things from the central bank to the strong equity market due to a the inflation, supply, demand side it is leading to extra

retirement services going along the road of apollo in the future or continuing on the future of blackrockthis really goes to the heart of returns. the whole idea was bigger returns, less liquid assets. how much will bigger returns get to be smaller bigger returns as everyone piles in? sonali: smaller bigger returns and there is a big pitch, fixed income replacement. you have large, traditional investors who can only limit that amount that goes into those higher fee businesses that are largely in fund format. you are switching away from the fund format and going into other things. tom: it wasn't me falling off my walker, that was me seeing the announcement that mr. ferguson, truly a great american, will join apollo. this guy is truly our nation's expert on what to do with retirement. you are the inside pro. what did it signal that roger ferguson, the former vice chairman that got us through the day of 9/11 financially, what's different? sonali: they said they want to be a financial juggernaut, is the word they used. tom: you mentioned the dreaded r word, retirement. maybe not so. sonali: i

will they start to rival like rock -- rival blackrock at $9 trillion?: i'm sure that is a goal of theirs. these bold on -- these bold -- these bolt-on acquisitions are a tremendous way to get there. just a perfect blend of their asset management and wealth management units, and i think that puts them in a great place looking out the next several years. tom: i can't emphasize enough how invisible james gorman is at davos and anything else. he loves to play it low. but this news of he has stabilized wealth management is one they will be writing in the mba textbooks. jonathan: it is why we call him the quiet man on wall street. there's nothing pretentious about it when you sit down with him. even, i remember at the time when those acquisitions were made, we were talking about the equity market going into a shut down, and people were saying this was terrible timing. no one could have predicted the pandemic. what was it that this c-suite thought yes, we need to do something, and we can't do it organically? what was it? stephen: if you think back to the time,

lisa: the biggest players are the vanguards, the blackrocks, and they have a certain strategy.onathan: that has been the issue since day one. coming up, windy schiller, brown university professor of political science. equity futures down 13 on the s&p. this is bloomberg. ♪ maria: with the first word news --leigh-ann: with the first word news, i am leigh-ann gerrans. progressives have opened the door to compromise. they have offered to scale back some of the more ambitious social spending by having those programs expire rather than become permanent. they rejected senator joe manchin's offer to cut the $3.5 trillion package to $1.5 trillion. the biden administration will directly engage with china in the next few days to enforce commitments in a trade deal. at the same time, it will start a new process to exclude certain products from u.s. tariffs. one u.s. officials says china may not change its trade practices, and the u.s. needs a strategy that takes that into account. opec and its allies are signaling that they are more likely to let the oil price rally round than cool it off

andy broke the land speed record in in the blackrock desert in nevada t was powered by two jet engines. i didn't think you could faster than 2 or 300 miles an hour because the car would take off. ashley: fastest speed on interstate. you can't do 763 on i-5 in california that is for sure. stuart: neil, it is yours. neil: stuart, i have a trivia question for you? stuart: yeah. neil: what is the difference between the blue origin flight and inflation? stuart: is this a trick question? i do not know, will you tell me the answer? neil: yes i am. stuart: go ahead. neil: blue origin came back down. see when i did there? came back down. basic cable. i thought it was witty, i guess it was not. stuart: not bad. neil: like the capital of mozambique. stuart: do you have a show to do? neil: no. i would thought i would tell the little trivia questions for the next couple hours. thank you, my friend. stuart: see ya. neil: that is true. at least the blue origin is down in ten minutes. inflation the idea, it is a short-term transitory affair i think that is pretty much push to the kibosh, captain kirk

that includes bank of america, morgan stanley, jpmorgan chase, blackrock, wells fargo, united health isn't hurting matters any, key dow component, future looks bright, many of these companies are telegraphing supply issues but look for earnings to be strong anyway but they're optimistic that we'll get over this. the big question is if it drags much more than a few months will they be saying the same thing in the next quarterly report? we just don't know. what we do know throughout all of this energy prices are getting higher and higher and higher in a lot of key cities including new york. more and more gas stations are reporting per gallon gas prices with a five in front of them, over five dollars for a gallon of gas. it's on, after this. ♪. (sfx: video game vehicle noises, horns beeping,) (engines revving, cars hitting one another.) (sfx: continued vehicle calamity.) just think, he'll be driving for real soon. every new chevy equinox comes standard with chevy safety assist, including automatic emergency braking. find new peace of mind. find new roads. chevrolet. it's another day. an