it's interesting what blackrock is saying. how larry fink had a cautious finnic in the world of crypto. has started to write about the infrastructure play, the payments, the way in which it could facilitate trade. is that what is going on here? why would black block -- blackrock get involved? . >> this is a corporate strategic investment from blackrock. it's not investing their client money, it's their own money. alongside it, a strategic partnership has been formed which is focused on the reserve management model for usdc. they are a primary manager of the reserves that back usdc which is important to get institutional acceptance for people to understand the safety and security of all of this. importantly, this is about power , upgrading the fundamental financial market infrastructure of the way dollars working capital markets. as we know today, the banking system doesn't move at the speed of the internet. there's counterparty risk, settlement risk. all kinds of challenges that are there. i think blackrock lays an incredibly

while what blackrock get involved -- why would blackrock get involved?s not investing their client's money, it is its own money. strategic partnership has been formed between circle and blackrock focusing on the reserve management model. they are a primary manager of the reserves that back usd c. that is important to get institutional acceptance for people to understand the safety, soundness. , security of all of this this is about how we are upgrading the fundamental financial ways and that dollars work in capital markets. the banking system does not work at the speed of the internet. there are risks, all kinds of challenges that are there and i think blackrock plays an incredibly large role in capital markets. dealing with that infrastructure, this is an opportunity to bring use cases for usdc, there are a major use cases in digital asset markets, nfts, cross-border payments, we see an enormous opportunity. there is a belief in the opportunity in establishing dollar digital currency and private sector led innovation and dollar digital country and i thi

blackrock. i say former because now he's in the white house leading joe biden's national economic council. why is this so important? here is bird and brian deese talking about their climate agenda. >> we need to make sure spliewghtss woven into every output much our policies. >> how to bring the world togetherred to find global agreements. >> so he uses some of the same language larry fink and blackrock are using. turns out blackrock's investment could impact your wallet. check out this headline. mastercard to link all employee bonuses toarks sg goals. take a guess who one of the major investors of mastercard is? blackrock. but that not all. would you be intriesed if i told you twitter? access, baby, access. former black rock executives are heavily influencing the white house while controlling the information flow on platforms like twitter where conservatives who wanted to have an honest conversation about climate change are threatened with censorship. let, be clear. we are not just singling out

still with us is karim chedid, blackrock head of investment strategy.arim: given the proximity of europe to the shocks we are seeing on geopolitics and energy, and the vulnerability to those energy shocks, we are seeing european equities become less attractive. we downgraded european equities from plus overweight. when it comes to dm stocks because of those energy stock vulnerabilities. francine: what kind of vulnerability have you been able to track, do you think it is underlying something more symptomatic? karim: when we look at etf flows, the selling of european stocks is not that surprising. it makes sense in the context we have been discussing. it's interesting to see that buying in spread assets. this is linked to the conversation before around the shrinkage of negative yield assets in bonds. along with that trend, and it was a shocking shrinkage that few of us expected. we are seeing buying in em of local, high-yield and investment-grade credit. francine: i think technology has been one of the main allocators for march, is this surprising or does

alex brazier, deputy head and managing director of blackrock.e looking at foreign ministers entering into the nato meeting and any of them are in serious conversations. we will hear from foreign ministers as they go around the world -- go around the room. we speak with christos megalou of piraeus bank next. this is bloomberg. ♪ francine: welcome back to the open. 42 minutes into the trading day and we are still seeing support for the european stocks. they are climbing but not as much as they were minutes ago. the euro stoxx 600 getting some 0.2%. wicking at u.s. futures, they are also stabilizing -- looking at u.s. futures, they are also stabilizing. we are also looking at live pictures from the meeting in nato. -- the nato meeting in brussels. you could see the foreign minister of ukraine giving a short statement to reporters gathered around him. the ims says more efforts are needed to rebuild resilience of the country's inking sector as mounting inflation persists. -- banking sector as mounting inflation persists. this comes as greece's bankin

laura cooper, blackrock senior investment strategist.e ask whether or not the macro matters here? you will see more when it comes to big technology later today with their earnings, but is a micro event now actually a macro event? laura: macro does matter. when we look at what we are expecting to see from companies, it will be crucially around for the guidance, so are they able to pass through the price pressures onto consumers? are we going to see further signs of supply disruption impacting the bottom line? and are we going to continue to see signs that potentially the russian invasion of ukraine -- is it feeding into the demand impact? earnings are interlinked with what we have in the macro backdrop, that you really cannot separate them? guy: what are you getting thus far? laura: with european earnings, it has been resilient, unsurprising given we did see downward revisions to eps estimates. when we look at banks, it's a balanced picture so far. trading revenues are getting stronger. the backdrop of higher interest rates is feeding thr

we were talking about 18,000 people at blackrock.an has 10 times the headcount. 271,000 employees at jp morgan. the last time a look at that number it was 260,000. they seem to be hiring. what do you need to know about this story? delta airlines with a boom report. mr. dimon saying better than good across his view of american banking. it is an ascendant dollar this morning. yen, 126 handle. stay with us. this is bloomberg. ♪ >> inflation is high. inflation is too high for the fed's comfort level. >> inflation is a product of demand and supply. demand has got to slow down. >> it will happen at some point. >> the economy looks good. they have run way to do so. >> can the market still go higher? >> this is bloomberg surveillance with tom keene jonathan ferro and lisa abramowicz. tom: good morning. mr. ferro on sabbatical but kailey leinz joins us. sweden and finland make history talking about joining the eu and nato. is a huge deal with finland. we have weak yen. the dollar is in a churn off the inflat

speaking of blackrock.nancial institutions are being spooked, congressman, by these locked out, they are shocked that you have a month-long lockdown in shanghai of 26 million people. shocking to them. reuters is reporting that nevertheless goldman sachs is looking to add close to ten jobs in shanghai. they are building other operation. blackrock is adding around 20 to its head count already there. the industry's growth moves resulted, many bankers, traders, fund managers at the same time are moving from hong kong to other centers, to shanghai. those dreams now appeared to be in peril, some of these other companies are picking up and moving over to hong kong where there is no freedom as well. you would think that goldman and blackrock at some point will put their money where their mouth is. >> this is what happens when you make a deal with dictatorships and a deal with the devil. how about we default dictatorships. how about a little bit of corporate patriotism? at the end of the day. they sell what they rea

tom: thank you so much, marilyn watson of blackrock. important thing, this is how economists look at yield. the series goes back 70 years, and the move up here to 2.75% is possibly the greatest standard deviation move higher during the great moderation, which means it is really a test of where we are in the move from volker, the 40 move of this great moderation. lisa: how can we look at a new higher-yielding regime when we talk about yields only at the highest since 2019, but really edging up to some of the great moderation highs that we have seen? remember, we were saying that yields could not go that high because something would break from all the debt that has been incurred. no one is talking about that. a lot of this has to do with the momentum, the strength in the economy that people had perhaps not expected in the past. tom: i want to go to your wells fargo comment in the report. people are still enthused by banks even though there's the gloom of recession. kailey: we will see how much that holds up when we start to get earnings.

of the big shareholders that are out there, which are big retail asset management companies like blackrockrgan stanley, vanguard which is the largest shareholder at 10%, i think they are all likely, if this financing can be firmed up, if elon musk can prove to his financial advisor morgan stanley, if he can prove to goldman sachs who is representing the twitter board and the twitter board, that he has this financing lined up, then those big shareholders, vanguard, blackrock, are going to go and take this money and run. this is the best thing that has happened to twitter in years. >> jim, let's go down the road and imagine, what would a twitter with elon musk having a controlling stake, what would that look like? what changes could we see? i know he has called to remove advertising and dropping the w from the name twitter but what would that look like? >> it would be wildly unpredictable. that is part of the excitement. you think he has made twitter relevant in a way that the topic of twitter, not his -- just what is going on on twitter, the topic of the company on the platform itself. in m

dan: i have been all over blackrock. ceo larry financial has been open about his commitment to. how the heck do you go back to investors, some of whom stand to double their money and said we took a hard pass on this, we wanted to go woke. how do you do that? >> this is the ultimate betrayal of fiduciary duty. the problem is the separation of ownership from ownership. there are people who claim to be the shareholders of twitter, they are the every day retired americans who shaved their money and invested in the stock market. but elon musk used his own money to bring a voice to the table that's not only his voice, but a voice that represents a majority of the american people and a majority of twitter's own users. mark my words, they will come after him one way or another, the government can capture twitter. if elon musk runs twitter they may not be able to do that. so the government will come after him, too. i think that's what's coming. that's what the managerial class does. that's how they operate. dan: not that long ago

delta airlines has hit the tape so has blackrock, better than expected on blackrock, let's get to cheryllooked for a buck 27, it was a buck 23. losses and lev knew coming better than expected. remember we also had breaking news on delta earlier this week, suspended the flights to shanghai. they are saying that they are seeing a strong rebound in demand and that omicron is -- they return today profitability for the month of march. for the whole quarter losses for delta airlines, profitability, i talked about that with cpi yesterday, the airline prices had doubled month to month. here you go. this is first mayor airline that we wanted to see, get to the numbers and talk about as far as what they are seeing across the skies but they are a little bit about fuel and talking about head fuel as best they can. it is an issue for all the airplanes and look through as we go through all of the reports, blackrock crossing and we are waiting on jp morgan. back to you. >> cheryl, thanks very much. dow futures up 117 right now. rally underway, stay with us, lots to cover when we come right back. ♪ ♪ ♪

from your view at blackrock, how financially stable is em right now? >> em is a big stays -- is a big space. you have a complex story playing out. the commodity story is playing out. these are very distinct forces. it turns out here in an environment where rates are still pretty low they started earlier and were ahead of this and i think that provides more resilience. that's why we seem to be overweight em and that continues to be attractive in this environment stop lisa: how can you look at sectors at a time when people are talking about specific idiosyncratic stories within emerging markets? when you look at oil's versus financials or consumer discretionary and how are you surgical at a big firm at a time when people are talking about security selection? >> this environment is one where there will be challenges. i think that makes security selection potentially more conducive. my team is responsible for brought allocation so i'm not the one that will be surgical on this. we have a large set of teams that are taking opportunities in this environment.

haslinda: neeraj from blackrock crude plenty more ahead. keep it with us.his is bloomberg. ♪ yvonne: emmanuel macron has one against far right leader marine le pen and the french presidential election. taking a look at what we are expecting as the european session is opening a few hours from now. we are blue -- joined by bloomberg coanchor rishaad salamat it. how big of a relief do you think this is? rishaad: it has been seen as another brexit moment if le pen was not able to turn the tables on emmanuel macron. if he was not -- if she was not able to of course, managing to when the first election or should i continue on with the last president. you have to go all the way back to charles legault before you saw a similar situation. the euro got a lift up as a result of all of this. then the slide and the in defect its ability of the dollar. as you mentioned, we are looking to the opening in paris. they're likely to do well, the banks. then, of course, institutions, which are relying on eu integration are likely to be very positive in the days trade. this 44-y

putting the pressure on large investors like blackrock in a new letter to mcdonald's shareholders urging vote in favor of the two nominees to the board. he is running a proxy fight in an effort to call out what he believes to be an animal welfare issue. he implied today that big wall street firms outspoken on esg related issues but don't plan to vote in favor of the platform. he wrote the reality is that if the esg is more than a market tool the massive manage managers must back up the words with actions. the stake about $50,000, small real ty to the previous campaigns but said on cnbc a few weeks ago it is not for returns. >> in this case, i am not doing this to make money for myself. i don't want to be seen as owning the stock i'm not here to say i'll make money on mcdonald's. i think mcdonald's has a lot to answer to people that are fans of esg because i think if you look at mcdonald's, hey, they have great gravitas but on the environment i would say they get a "f." >> blackrock declined to comment. mcdonald's did not immediately respond to the request on comment. >> i have often thou

mcdonald's carl icahn telling wall street and blackrock and other fund m managers said they should back proxy fight. he nominated two to the board and seeking to change how the suppliers house and treat their hogs icahn says blackrock and others are putting too much emphasis on animal welfare it is a burger chain carvana stock down 26% the used car retailer with a first quarter loss and the first ever drop in sales carvana will raise capital with the operations and a tougher economy. and stock three. lam research third quarter missing forecast as it faces additional costs to secure parts all of the supply chain challenge. that stock slightly higher right now. >>> if you are planning to fly this summer, a few things you know right now number one, masks are no longer required well, pending that new cdc challenge to the judge's ruling last night two, the airports are going to be crowded like really crowded. get there early. three, ticket prices may be high like really high in part, because jet fuel costs are really high. recently hitting a record. here is something you may not know if thin

and stryker and mercadolibre >> blackrock, we immediately wanted to reduce correlation with the s&pmarket moves it's a great way to derisk meli, it's a great company we still own a position in it. and -- >> stryker >> stryker, we own medtronic we wanted to get rid of one of them >> i got cha give me a final trade. >> canadian natural resources. 11 % free cash flow. 3.8% dividend yield. a great hedge against the current environment. >> good seeing you good to have you back. pete >> i'm going to give you ericson. >> okay. >> steve weiss >> i don't want to steal your final trade, duke long, and i'm staying in cash for now. >> i think your mic was cut. what did you say >> i did -- >> just kidding. >> he thought i was serious. shannon. >> intuitive surgical. >> anybody but all right. have a good weekend, everybody "the exchange" is now. see you in "ot". >>> thank you, scott hi, erverybody here's what's ahead. 431,000 jobs added in march. the unemployment rate falling to 3.6 %. is the economy on strong footing at the beginning of the fed hiking cycle we'll hear from one who says it's absu

. >> cheryl: what's really different this time around but eye got the blackrock effect, basically, all street banks, private equity funds, hedge guys all jumping into real estate. that's who a lot of these individual home buyers are competing against. that i don't think is going to be sustainable either but that's a hopeful word for me. erin it's great to see you thank you so much for being here. all right and i am excited to announce a second season of fbn prime is coming soon. make sure to watch "mansion global" and"american dreamhome" our new night, we're going to be bringing you all of the great housing shows we produce, we've been working on this for months, on our new night wednesday night between 8:00-10:00 p.m. eastern time please join me there, a lot of great houses a lot of great family, we're so excited to bring you the new season of fbn prime. peter thiel calling warren buffett the sociopathic grandpa from omaha. michelle schneider will give me her take on those comments coming from him plus fox business is talking to strike ceo jack mollers, live from the bitcoin conferenc

domino's pizza, starbucks, blackrock all trading at lows going back to 2020 so really giving back a lot wins when the stock market did so well blackrock lowest since november 2020 and jpmorgan making a new low since december of 2020 nasdaq on track for its worst monthly performance since october 2008 let's bring in the senior market global strategist joining us on the phone. i feel like you've been one of the few that have been embracing technology this year everybody hates it it tinges to be in the eye of the storm. are you still a buyer? >> i tell you, we do -- we still do favor technology. a lot of this, we think there's going to be good earnings growth in technology. it's not as cyclical for the most part. the parts we like are things that deal with automation and efficiency so we continue to be overweight technology here we don't think interest rates are going to go much higher let's say, for instance, the ten-year yield than we are right now and think this is an adjustment period. obviously there's been some turn here in technology hit but we expected as we move through the year t

even more than blackrock, more than morgan stanley. neil: did he do it in one fell swoop? reporter: apparently so on march 14th. neil: he must have a lot of money. reporter: so i hear. when you think about it, march march 14 today he a billion dollars off that 9% stake. if you look at his cash flow, does he wants to take twitter private? he could easily bring in outside investors. tons of funds. neil: to what end? reporter: he says he wants a social media platform that allows everybody to have a say, free speech, as he says, right? does that include bringing back president trump possibly as, who knows right now. neil: by the way, how is president trump's site doing? reporter: not well. they lost two of the tech executives. counter to twitter today which is best day. dwack going the opposite direction. for some reason despite the fact you have huge engaged community. they can't seem to launch on time. when you tried to sign up for trip social? i might be asking the wrong person. neil: i would be curious though when it hangs on a individual personality, that can be problemat

he mentioned blackrock.or any investor who is trying to build out the financial sleeve of their portfolio, i think it's that important that you look past just owning big banks like jp morgan, wells fargo. you have to begin to diversify your financial as exposures into as a he'll managers like blackrock, private equity managers like blackstone, maybe an american express, some of the insurance companies look very attractive right now. those are breaking out. when i look at the fansal sector overall a -- financial sector overall, financials are expected to be the biggest drag on earnings this year with energy being the biggest contributor. so, look, typically financial or banks at least, they tend to outperform leading into interest rates going up. once interest rates start going up, which is where we're at right now, they tend to underperform. so i think as you're building out that sleeve to ken's point, you have to begin looking at some of the companies outside of just owning big banks. maria: yeah. i think i

jonathan: the conversation continues on the equity market with blackrock shortly.quity market is down about a quarter of 1% with yields higher by seven or eight bases points. crude is up by 1.4%. from new york city, on tv and radio, this is bloomberg. ♪ if you're a small business, there are lots of choices when it comes to your internet and technology needs. but when you choose comcast business internet, you choose the largest, fastest reliable network. you choose advanced security for total peace of mind. and you choose fiber solutions with speeds up to 10 gigs to the most small businesses. that's virtually everywhere we serve. the choice is clear: make your business future ready with the network from the most innovative company. comcast business. powering possibilities™. >> investors one higher yields but they don't like the path together. >> jury would be out for an inflation hedge. >> the central banks don't want to be caught too far behind the fed. >> getting a positive growth number for this quarter is going to be a challenge. >> this is bloomberg surveillanc

stuart: blackrock down a tiny fraction.ion -- susan superthat came down, it's $9.6 trillion, right? remember at the edge of 2021 it was $10 trillion in as sents under management. still, though, profit went up 18%, and they attracted a ton of money -- stuart: is that run by march ily fink? susan: yes, it is. stuart: and he's the one that wants to get us all into esg? a bad miss for bed bath and beyond. susan: yeah, look at that, down 12%. they made less money, less sales despite the fact they had to raise prices. and that's because of the lack of merchandise, and they're blaming the supply chain problems, and that cost the company $150 million. not good if you're bed bath and beyond trying to fight off your activist investor, ryan cohen of gamestop/i chewy fame. he wants profit margins to go up and get rid of these headaches of these supply chain woes. stuart: okay. well, they've got supply chain woes, $150 million not sold. susan: again, is that a problem, is that, again, blaming the dog eating your homework? because other

coming up, marilyn watson at blackrock. ♪ ritika: keeping you up-to-date, i'm ritika gupta.ch, emmanuel macron and marine le pen will face off, the top two vote getters in sunday's first round. le pen has been downplaying previous support for putin. the world bank says russia's invasion of ukraine will cause the ukrainian economy to shrink by 45%. the russian economy will contract by 11%. lawmakers set to choose opposition leader as the prime minister who will replace the previous who was forced out here he lost a no-confidence vote over a range of issues. shares of a cybersecurity company soaring. a deal has been valued at $6.9 billion, a 32% premium on the closing price. in golf, scottie scheffler won the tournament. tiger woods appeared for the first time since he was involved in an accident where he almost lost his leg. 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 ritika gupta. this is bloomberg. ♪ tom: bloomberg surveillance. there is a view that it is a time of autocracy.

the benetton family is teaming up with blackrock, looking to take over that family -- that company andhey value it at 65.5 billion euros, a premium on the last close. we will continue to watch that deal is that progressives -- progresses. in italy, caroline simmons, ubs global wealth management u.k. cio, is still with us. caroline: we have seen the majority of the d rating from the bond yield rise already. for most markets, we see single-digit. tom: where does the u.k. stand in that's given the exposure to the volatility of this market. caroline: the u.k. is one of the places where we have seen that upgrade the commodities prices so we are looking at 10% earnings growth for the u.k. this year. it is a rare combination that the u.k. gets to benefit from higher inflation and its defensive makeup. normally that suffers, but today people are worried about the growth outlook and the high inflation. tom: what do you avoid from the u.k.? caroline: you need to be worried about some of the consumer staples due to the higher input costs. they have seen margin pressures in the past, so we need to

a great chart from blackrock talks about the spend of energy in europe. that is this orange line.is just under .10 of gdp europe is spending on the crisis. let's bring back monica defend. you are laying out the scenario of high energy prices and the impact to the european economy. what has it meant for your exposure to europe? are you in the camp much this year that you should be pulling back on european equities as the risk of stagflation takes hold? >> yes. and to be a statement -- is running into it because of energy dependence and geographical turning up late. if you look at the ecb, the 10% reduction in the supply almost 1% gdp. and this is what has started including in the forecast. and we reverted our preference in the past. positioning for european equities, that we would be more than one month ago. versus european equities, it is meant to be for the time being. there might be some nicer stuff. it might be the regional preference. manus: about france, we are going into the sack around this weekend. but this time a couple of years ago, on 61% on 39%, much closer. we are sho

you need patience according to blackrock.yone is bearish but the redemptions are just starting. maybe i should call the pension fund advisor and join the redemption train. let me show you across assets this warning. emmanuel macron is back at the palace. the dollar is rising. the euro under a little pressure, down 1/8 of 1%. asian stocks down on the covid-19 situation and shut down and testing in shanghai. oil down -- there is deep-seated concern over the demand position from china. iron ore implodes because of a slowdown in chinese growth, the very edifice of the growth is in iron ore and then currencies come under pressure like the australian dollar. iron ore implodes by 9% pure emmanuel macron has if he did marine le pen in the french presidential election. he ran a pro-business, pro-eu platform, and the win is seen as a boost to the eu and missed the wharton ukraine -- amidst the war in ukraine could this get to france on -- in ukraine. let's get to francine in paris. good morning. francine: the market is not effusive bec

i am all out of blackrock and state -- and straight into state street. i want to help your bonus. graf stays with us. the dangers of an economic slowdown balanced with inflation, the task of every central banker. christine lagarde her fellow policymakers look ahead. this is bloomberg. ♪ manus: it is your daily daybreak with manus cranny in dubai and dani burger in london. tim graf is our guest. we are going into the ecb. the bund market yields are the highest since 2015. there is a fundamental repricing. we have government bonds, we have two-year paper and bobble purÉe you talk about what is overpriced and underpriced from central banks. you say the ecb is underpriced. how underpriced is the ecb? tim: they are not as underpriced as they were a few months ago but the market is underestimating further rhetoric from this week's meeting. we could have some scaling down of qe. i think we get revisions on language around asset purchases to come and the potential bringing forward of first rate hike which markets are pricing for to be fair. a lot has been put into the money market curve b

some investors like fidelity, blackrock, softbank, a number of them have stayed silent through this delistingt publicly. some investors could be forced to sell because their mandates don't allow them to hold unlisted shares. once the didi shares in the united states are delisting, they will likely go to the over-the-counter market. the so-called pink sheets market where less desirable companies, penny stocks are listed. some of these big investors would not necessarily be able to hold that so they would have to sell. softbank, they accumulated huge stakes in this company upwards of 20%. at one time, their stake was worth $16 billion. it is worth less than $2 billion now. they would be allowed hold onto penny stocks, but what a big fall from grace. we don't know the outcome that is going to be the final solution. shery: you will keep us updated on what happens with that stock. plenty more ahead, this is bloomberg. ♪ >> we are sitting on the cusp of the greatest transition we have had since the industrial resolute -- revolution. >> climate agenda was one of the key pillars of president biden's

interesting point, the passive side is getting to be so big but some of the biggest players like blackrockey're going to pass down the vote to their shareholders they're doing it right now just on the institutional side, the institutional shareholders but in the future, that could evolve to the retail voters. and then to make that practical, it would have to be, you know, for an issue that you're interested in. because no one wants to get 500 proxies. >> how do we get on the website? broadridge, what you held up >> what i held up is go to the apple store or google store and download proxy vote. search for proxy vote, you can download the app, or pr proxyvote.com is the website great one-stop shopping. if you do get something in the mail, which hopefully you'll sign up for digital. but you can get a qr code, just point your phone at the qr code, and it will bring it right up, and you can vote with two clicks. >> tim, this is revolutionary, very exciting. you'll have toh come back i've been trying to change, we have old folks trying to get it right. you are very helpful in this and i love wh

jp morgan chase, blackrock and delta due to report the first figures.inflation is issue number one for the white house. fighting high gas prices with a corn allowing a cheaper ethanol blend called e-15 through the summer. bank of america says high inflation poses a serious threat to the recovery that began two years ago. inflation shock is worsening, rate shock is coming and there's an 8.5% surge in march. the fastest inflation that we've seen. >> they're saying inflation is, quote, out of control and that corners of financial markets are acting very recessionary. you mentioned 8.5% inflation. you saw record price spikes year over year on everything from new cars and trucks to men's apparel and baby food. 8.5% inflation. the fed is targeting 2% inflation. nowhere near that. the further inflation gets away from that 2% goal, the more the fed has to do to try to get it under control. the concern we're hearing is the fed won't be able to tap the breaks but slam the brakes so hard that it causes severe slowdown and maybe even a recession. the last recession

the latest shot was fired by blackrock.costs across the handful of etfs, including the biggest bond fund in the industry. state street and vanguard cut fees last year. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am lisa matteo. this is bloomberg. ♪ >> i worry the fed has to choose between one of two mistakes. i worry it will take us into recession. that they are late. they are mischaracterizing for too long. they did not do enough and now to regain credibility they have to hike twice by 50 basis points. jonathan: fantastic to hear from mohammed this morning. futures positive .5% on the s&p. nasdaq also. that is the view right now. 50 basis point move at the next meeting and another after that. tom: i have never seen the hudson river look that beautiful. for those of you on radio, it has never looked that good. jonathan: i've never seen the river with riverboats. tom: he is anchor for the network. it is quite cold. on this sp

jonathan: russ koesterich there of blackrock. let's sit on foreign exchange for a moment. the dollar-yen has not had a down day, a down-down -- tom: listen to you with your bad language -- jonathan: dollar-yen, the currency pair advancing. tom: you are killing me. you got to go strong and weak. [laughter] what are you, british? let's translate this now. it is weak or strong, that is all it is. the young used to be strong, it is not. it is weak-weak. a 1.27 yen would be a huge deal. what concerns me is foreign-exchange or leads to other repairs, and critically correlates over to selected commodities. jonathan: do you think people have missed you are not talking over each other? [laughter] tom: my week was ruined because tot did not play well. lisa: can i point out? it took 11 minutes. jonathan: to be fair, that is not bad. usually it takes about 20 seconds. [laughter] lisa: congratulations. jonathan: yield higher by a couple basis points. a weaker euro. this is bloomberg. ♪ ritika: keeping you up-to-date with the first word, and ritika gupta. defenders and mariupol have bee

morgan chase and blackrock tomorrow in addition to city group, wells fargo, morgan stanley. 4% higher on the price of crude after declining yesterday on concerns that the covid lockdown in shanghai will spark slow in demand globally and supply chain log jams. number of american companies unable to open factories in shanghai, as you can see, oil prices up right now. european markets are lower. fears are growing of russian chemical weapons being used in ukraine as president zelenskyy renews calls for military aid in preparation of a new severe conflict in the eastern part of the country. ftse 100 is down 33, the cac is down 39, so far emanuel macron in the lead in the presidential election round 2 happening at the end of april. dax index down 125 in germany. markets mixed in asia overnight. 7-day lockdowns in place in shanghai sparking frustrated residents to scream from balconies for food and water. [screams] >> the state department is now ordering all non-emergency employees and their families to leave the city of shanghai as the lockdown enters a second week. mornings with

which will begin for the first quarter this wednesday with the release from jp morgan chase and blackrock on wednesday, followed by citigroup, wells fargo, morgan stanley, goldman sachs, all coming out on thursday. ahead of that futures are trading down this morning, take a look, fractional, cautious moves ahead of the big roundup from the first quarter earnings releases. dow industrials right now down 25, s&p 500 lower by 14 and three quarters, and the nasdaq down 105 right now, big tech takes a hit this morning. oil prices are pulling back as much as 2% on worries about china's lockdowns, 26 million people locked down in shanghai, the price of brent at $100, 39, a barrel, crude oil is down 2 and-a-half percent right now. this after all three major indices finished the week lower last week, we are looking at declines across the board, with the dow down a quarter percent, nasdaq down almost 4% and s&p 500 lower by 1 and a quarter percent last week. european markets are mixed. voters in france went to the polls yesterday. the ft 100 in london down 15, cac up 44, and the dax index lower by

kate: yes, so at blackrock, we are very much and decamp the fed is going to move 50 basis points of theext meeting and likely follow a lot of market pricing. perhaps hikes after that. i think we all know, students of military -- monetary policy and economic no monetary policy works with variable lag. the fed will not get too aggressive, particularly hike to aggressively into a softening economy. one of the big challenges we talk about all the time is a lot of the inflationary pressure is from the supply side. we can come demand a little bit, but it does not change some of the supply disruptions we have had as a result of the pandemic or china's shutdown. it is not going to change the mix in the near term that is driven i the headline level, much higher energy prices as a result of russia's invasion of ukraine. kailey: your points on inflationary challenges, supply-side issues reach the corporate margins. have you been surprised by what we have seen on the front thus far two weeks in turning season? kate: i've been encouraged is the way to think about it. stepping back from the past quar

blackrock joining us too. ♪ xfinity mobile runs on america's most reliable 5g network, but for up to verizon, so you have more money for more stuff. this phone? fewer groceries. this phone? more groceries! this phone? fewer concert tickets. this phone? more concert tickets. and not just for my shows. switch to xfinity mobile for half the price of verizon. that's a savings of over $500 a year. switch today. haidi: a very good morning. we are counting down to asia's major market open. shery: welcome to daybreak asia. our top stories, asian stocks set for a steady start following a late surge in u.s. tech stocks. treasury yields jump on inflation concerns. samsung earnings are due this hour with a focus on demand for memory chips and it's a galaxy smartphones. plus, facebook adds more

says are against bit bitcoin's progression including jamie dimon who called it worth will-less and blackrock in his most recent shareholder letter supported certain forms of cryptocurrency. back to buffett, he paired a picture of warren buffett with the quote rat poison, but it was not buffett who originally called bitcoin rat poison, it was vice chair charlie munger who first blurted it out right here on fox business back in 2013. bitcoin, this digital currency that's out there that people say, oh, it might be the next big thing. what do you think? >> i think it's rat poison. [laughter] >> put hit -- him down as undecided. [laughter] liz: at least they have a sense of humor about it. granted, buffett told us two years later he agreed, but that's not all thiel got wrong. bitcoin and other cryptos aren't exactly rushing higher here. let's go live to the conference in miami with one of the very first bitcoin miners. here in a fox business exclusive is hyde blockchain executive chairman frank if holmes. frank, look, peter did a good job because we're sitting here talking about. but, you know, t

we have bad inflation when you have larry fink of blackrock, jamie dimon every major financial institutionflation you as an investor have to worry that will slow down the economy and corporate earnings in the riskiest assets get the worst one of the riskiest amc you know they keep being up amc but it's well often ties. liz: are you kidding me this is about food, gasoline or consumer items that people buy. >> we are talking to things that is one part of inflation, when the fed keeps interest rates at 0 for years and years and prints money you create asset classes in the fed knows that they have investing money in the stocks that have no relative value. amc is losing money had 11 billion-dollar market cap which is part of the goldmine. adam aron i've a lot of respect for him is a good ceo but that does not mean it should trade wage trading in the fed knows that in those stocks go first. liz: lance the boil. lance the bubble. thank you very much. charlie gasparino. we are coming right back. ♪ - look, this isn't my first rodeo, and let me tell you something. i wouldn't be here, if i thought re

tom: jean boivin of blackrock investment institute.eone widely predicted to one date run the bank of canada. here on your equity debacle of friday and on the continuing debacle this morning, gina martin adams joins us, our chief equity strategist. what is your single clarion note this morning on what happened friday? gina: i think friday was a continuation of what happened all week, and that is the market starting to get quite concerned interest rates would go much higher much faster than we had anticipated and some concern the fed will attack the balance sheet with quantitative tightening. i think the market was tiptoeing its way into pricing a tighter fit, but now we are just going full steam ahead. tom: is there a partition of profitability? what i see is profitability company seem to be doing ok and the less profitable companies are getting hammered. gina: that is absolutely the case. one of the problems we have is the maker cap stocks that were the most profitable in 2020 and 2021 when we were all sitting at home, those stocks are

what else, find out the secret of blackrock's success, wednesday, ceo sets the rules and the agenda for most of the country on these issue and see we got delta wednesday on all in favor of buying travel stocks because it's great reopening but the airlines are a tough sell given how much money they can lose in a fed-mandated recession, done on the airlines into a fed recession, but going higher off these prices off the fed's rate hierks by it so it should take off, the ipos, in this nansing, but bank of america is a regular bank, it's going to do one giant earnings rate for 2023, eve as they may have to cut numbers for the next quarter because rates are yet to rise fast enough to off set the rise of corporate activity also thursday, hear from goldman-sachs, never hear goldman stocks get cheap ever, i think you're getting a fairly good chance to catch a bounce here if not an investment, because by this point, it should be no surprise that goldman's first quarter was ugly throughout next week, people will be looking for signs they can play the transports or semis on a bounce. you must resi

though he would have to do anything unilateral here so if you pull out the passives, vanguards, blackrocksate streets, who else on this list of filers, large holders in this stock, might be interested in a different approach to montization. who else might be receptive? pretty much everyone the last time we talked about this, judge, was in december, and i pointed out that take out the market cap growth because that's not relevant. just in terms of gains per shareholders, this is a zero nobody's made any money in this since the ipo. even with today's gain, that's still true they've issued a ton of stock options to employees and executives but there's been no growth for shareholders. so they've made progress in monetizing, but it's still a pretty tiny company. annual revenue is about the size of olive garden's, but it's a massive megaphone and the power of twitter is undeniable so i think that we should be considering other directions for this company >> that's where i want to go next what if, and this is perhaps a big what if, but gordon at the firm today, suggests when musk explored the ide

get out of blackrock into chubb which we did a few weeks back.es force and service now and take some gains from our winners like steel dynamics which is a great company which it got way overweighted. i would say anybody interested in green energy, you can't hate freeport-mcmoran down here. i don't know why it sold off just because there were worries in china. they're still great demand for copper. earlier in the show you had a woman on who was brilliant and arctic articulated that. the metals increasing demand and there are a lot of places in this market. charles: so interesting seeing chipotle at top of your list. they always find a way to pass on the costs. that is the one, people love their food will pay anything for it and reflected in the stock. you're brilliant as well. thanks so much, nancy, appreciate it. >> thanks. charles: coming up tech stocks outperformed in rising interest rate conditions but will this time be different? so far it doesn't look like history will repeat itself. what happens if the 10-year yield hits 4.5%? can you say t

>> reporter: we spoke to a former managing drerk at bl blackrock.ave hired are self taught, computer scientists and influencers from twitter unconventional hiring. you don't need an mba but a new resume they look at. >> computer science phd doesn't hurt great stuff. thank you so much. >>> that does it for "the exchange," everybody "power lunch" picks things up right now. >>> thank you. see you in a couple seconds. welcome to "power lunch. here's what we got for you on a friday afternoon peak employment. jobless rate closing in on a 50-year low. wages continue to climb. is this as good as it gets for the job market and why doesn't this economy seem to get any respect? >>> plus, the great rotation as the economy shifts our market pro will tell us we are on the cusp of a move back to growth and far better valuations. where he is finding opportunity. kelly? >> thank you quick check on markets stocks fightin

blackrock is coming around. it is just a matter of time.chael, bitcoin has moved in perfect symmetry with the pace of the money supply. so the fed is removing the punch bowl. will that hold back the price a little bit? >> my view this is a great opportunity for the hodlers. bitcoin looks risky today than two years ago, if you're dollar-cost averaging you should be grateful for the opportunity. i think all assets have taken a pause. there is a bit of attention between the fast money traders that don't really understand bitcoin and the informed who had letters olding it for the next decade or longer to give to their grand kids. i think over time we'll find the fast money traders will get informed and hodlers will get the money. charles: michael, tip my hat to you. you're a man who puts his money where his mouth is. you convince ad lot of folks. glad you came on. >> thank you, charles. charles: see you soon. deadly protests rocking peru as people take to the streets because of high costs of inflation. not the only place in the world with high

>> okay, if i'm vanguard or blackrock, big institutional investor in twitter i am hitting the elon muskthat they are going to actually enact a poison pill to try and stop from buying. charles: what do you think of it the way it's playing out? >> i mean, this is a dying, this is a dying platform. they have 85% of their revenue coming from advertising, their operating profits are going down and i don't think an edit button , or like a tip jar is going to change this business and he's buying, he be buying at a high multiple so this ain't no value play here so that's what i'm saying. charles: yeah, and you should tell that to the board, they should have taken it on friday. all right, always a pleasure thank you so much my friend. >> yeah, awesome. charles: coming up, folks my takeaway on good friday and why we need to listen a lot more than we dictate we'll be right back. i'm mark and i live in vero beach, florida. my wife and i have three children. ruthann and i like to hike. we eat healthy. we exercise. i noticed i wasn't as sharp as i used to be. my wife introduced me to prevagen and so