that blackrock had an interest in?> that exactly true. but i think it was more than some of its oil interests. they want to take exxon, the world's largest oil company if not one of the largest, and make it not an oil company. i'm so glad that you played that clip from fink talking about how you have to force behavior. they just wrote my group of attorneys general back and said we are not forcing any behavior. we are doing what the clients want. we are doing what the state investors and pensioners want. to have us be a member of the climate 100. you just helped prove our case. thank you. dan: you know, it's very rare in my business that you are shocked. you see a lot of bad stuff. i read this journal op-ed piece. blackrock responded and said we believe investors and companies take a forward looking position with respect to climate risk. these opportunities cut across the political spectrum. but they are not generating great returns on these green new deal investments at all. am i misreading this? >> what they can't get

stake and investors put money in blackrock and blackrock invests their money and it's kind of like throughstors. people like you and i that blackrock could own a big part of a bank like citi group or jp morgan and could impose corporate governance policies. that's what toomey raised, whether it happens or not, i can't tell you because they're in the minority and it'll be difficult to happen even if they become in the majority of the senate and house. this is clearly going to be an issue if the republicans at least get one chamber of commerce -- chamber of congress and it's the fed that has to decide this obviously. the fed has been reluctant to do it both blackrock and vanguard have received letters they're not banks and have taken certain steps not to be sorted of directly involved in the management of the big banks, but if the republicans get congress you'll have a tremendous amount of power involved in regulation to do this. liz: they don't like the esg ticket. let me say at the top of the show, we had andrew forest who is an australian billionaire in the mining industry. he described h

those of you who know about blackrock's big problem the rest of you look up blackrock's big problem. and you'll know that they are the biggest. investor in climate destruction whether it be agribusiness for fossil fuel. and speaking of fossil fuel. these are the fossil fuel reserves in the amazon. you may have heard about chevron in ecuador occidental petroleum into watcher tory or northern peruvian amazon. that's in the western amazon dot in the most bio diverse part of the amazon an area that we call the sacred headwaters region. it is the most bio diverse culturally diverse part of the amazon. and it's in the western amazon and these are the fossil fuel reserves across the amazon dot these companies and governments would like to get their hands on. there are many protected areas throughout the amazon indigenous peoples territories that are protected in the amazon in ecuador for example. indigenous peoples have rights to their ancestral territories but they don't have rights to the subsurface mineral minerals so theovernmt could still go in and- drill. a concession off territories.

wei li, global asset strategist at blackrock joining us with some calls.e have more on europe's energy crisis, and the eu ways special measures to rein in energy costs. this is bloomberg. ♪ >> nobody should be surprised by this decision of the russian government. we need to be prepared for a total cut of gas supply from russia. francine: the french finance minister speaking to bloomberg on the looming energy crisis over the weekend. let's get the bloomberg business flash. laura: vistry has agreed to buy countryside partnerships in a deal that values them at 1.2 5 billion pounds. the deal has been recommended by the boards of both companies and comes at a premium of 9%. the u.k. is a potential site for a new factory that builds on new generation of ev cells. the taiwanese battery start up is looking at options across europe, the u.s. and asia. unlike conventional lithium-ion batteries, there is no fire risk. citigroup has trimmed its mortgage workforce as rising interest rates continue to weigh on demand for housing. the bank originated $7.2 billion in mort

we will get more with blackrock.is bloomberg. ♪ tom: looking back to the open. 42 minutes into european trading day, and the gains we saw in the first 30 minutes of the trading session have been lessened bit. the riksbank cutting out with a bigger than expected hike of 100 basis points, the swedish bank, following the bank of canada. two major g10 countries coming out with major rate hikes. the fed is up on wednesday and the boe on thursday. futures in the u.s. have paired those gains as well. it is a mixed picture across the sectors. banks still seeing gains in europe of over 1%. jerome powell taking center stage for commodities this week with the federal reserve chief set to release another large rate hike. that is following the jumbo hike from riksbank. we are joined by evy hambro, global head of somatic investing at blackrock. i have to get your views on what is happening across the commodity prices. the bloomberg commodity index was down yesterday, and that has been a regression of 14% since then. if you overlay

coming up, blackrock has important analysis.e will speak with their head of portfolio consulting, ursula marchioni. that interview is coming up next. this is bloomberg. ♪ francine: welcome back to the open. 30 minutes into the european trading day and here are your top stories. global stocks and bonds slump following wall street's biggest rally is in over two years as inflation comes to a high. traders prices and a 75 basis point hike by the fed next week. plus, the eu's ursula von der leyen aims to raise 140 billion euros by capping revenues of power providers. we will bring you more details from her state of the address speech in strassburg. tom: we are seeing a continued selloff in bonds. the italian debt is back above 4% on your 10 year and the moves lower across the benchmark by 0.6 percent. a dramatic than what we saw from wall street yesterday. gasoline prices came off and almost everything else was stickier and more persistent. given the u.k., cpi turned in softer and the debate continues on the boe next week on 50 or 75

you've got to turn back the clock on larry fink who's the head of blackrock. blackrock.got caught in a fire storm elsewhere and missed the mark and came out with his team and they were all mortgage bond traders and created back rock, that was a -- blackrock and it was a company dedicated to managing risk for clients and he understands risks better than most of the people on the street. when he comes on here and says the biden administration is playing with fire by inflating the economy with tons of spending while inflation is going off the charts, including food. remember, he mentioned food. liz: he specifically mentioned food. >> i don't know how you trade up a market. i liz: can we show the black rocket. but it's taking an outside hit if you're looking at financials because it's down 7%. >> they sell etfs and make a lot of money and unless people are buying etfs and point out blackrock is a company that made its bones on bonds. remember, if you believe this is good for the bond market, which is the 30 year or 10 year up today? liz: the 10 year is well higher by 3.45. >

but in march, black rock got rid of blackrock's russian securities. investments in russia due to the aggressive invasion of ukraine, a single job portal has been launched in ukraine, it allows you to find information about jobs according to the region of the industry and the expected salary level . i would like to add that 278,000 unemployed people were officially registered in august, the worst job-seeking situation in dnipropetrovsk oblast, zaporizhia and kharkiv oblasts, the second wave of internal migration began in ukraine, if in the spring ukrainians were looking for the cheapest housing and often chose suburban real estate for the summer, now the priority is apartments in megacities where there are schools, work, hot water and heating, what are the prices on the market and what is most often chosen, let's see in the plot comfortable conditions convenient transport interchange and a loyal landlord, these are the most frequent requests of ukrainians when looking for housing. vinnytsia residents say that prices for apartments since the beginning of the war are significant. they h

gabi chowdhury of blackrock. the question is, if you will be -- gargi chaudhuri of blackrock. to be in cash, what market do you want to be it? alix: and also, do you want to wait for an opportunity? guy: what you get in the markets these days? alix: 1.9. it is coming up fast. guy: we will talk ukraine and energy next. the french ambassador to the united states is joining us. this is bloomberg. ♪ alix: we are one hour into a pretty ugly u.s. trading session. abigail doolittle is tracking the moves for us. bank of america -- citi was saying cash, there is nowhere else to go. abigail: and the fedex warning does remind me of 2008. it is really the flight to safety we are seeing and the corresponding flight out of risk. this week the s&p 500 had been higher, but now we are heading into the worst week way back to june, down 5.2%. down four of the last five weeks. seems that little rarely from the june lows, the uptrend has been broken -- seems that the little rally we had from the june lows, the uptrend has been broken. the s&p 500 is down 1%, nasdaq down 1.4%. yields rising, that i

what were you doing at blackrock? brian: two things, one was trying to actually do financial research to understand what other drivers of long-term economic performance that are financially relevant, b ut may not be on the mind of traditional investors. to give you a concrete example, one of the most persistent measures of financial performance, uncorrelated, is the rate of change at which a company brings down its carbon emissions. not just a level of carbon emissions but the weight of change in doing so. and we did a lot of research around that to find that is in part because it is an uncorrelated measure of operational performance. better management teams actually better manage against that. so that becomes a kind of thing you can invest against, but also extends a universe of what investors are thinking about. david: blackrock has been a leader in esg performance, but some people have criticized it, some people have said that blackrock has pushed people so far on esg, that it has ignored the need for carbon energy

some folks describing it as woke blackrock telling fox business the climate risk and economic opportunitiesave become a top concern for many of our clients. as i said they are investing now earning one in three investment dollars but complaints. 19 state attorneys general wrote a letter in august to the ceo of blackrock, the nation's largest money manager complaining on policies managing the state pension funds. one is jeff landry objecting saying the policies made in our legislative branch, not woke corporate board rooms. the big three have a responsibility to request with their client's best in mind rather than their own agenda on climate change, politics and other self-interest. former a.g. bill barr saying this yesterday. >> i think we have to look at this politically. this means a handful of companies can decide our energy policy, our equity policy, and stuff like that. just by going and hammering the big companies over the head and saying we own 10% of your company and we are going to throw you out. >> although blackrock says it is not abandoning controversial parts of the market like

overall macro investors, joe simons who helped invent quantitative investing, larry fink who built blackrock. a number of people. >> we will put the numbers on the screen if you have a question or comment for david rubenstein. a lot of topics he can talk about, he has also written history and leadership books. the numbers are up on the screen. go ahead and dial in. what is the goal of investing? it is the highest return on money invested, correct? >> not necessarily. there are some people who care about other things. there are people who care about esg, environmental, social, and government factors. they will not invest in oil and gas because they do not think that is good for the global climate situation. generally investors are trying to get a good return on their money and do it in a legal and ethical way. >> someone who owns a venture capital firm, are you an esg investor? >> carlisle as one of the best esg programs. we do look at esg standards, but it is not the only thing we look at. if something looks good in esg but it is a bad investment will not do it. >> do you agree with the esg

blackrock quit investing.es are high he or higher than they were right after the pandemic. they went to 30 or $40 a barrel after the zero or minus which was kind of glitch. then, they went to 30, 40, when all of sudden the oil markets didn't come back around, then what they saw was oil and gas prices continuing to go up because governments were in the way with the esg and government was there. you know the public companies weren't participating in new oil and gas drilling activities and capital infusion was just, it just went away. it dried up. we need capital to drill for oil and gas in the united states, and especially the good ol' state of texas. elizabeth: 80%, 80% of the u.s. power grid comes from oil and gas and nuclear. i mean renewables are a fraction of it but you have 350 investment funds, jpmorgan, goldman sachs, are there, they're saying oh, don't invest in fossil fuel companies in texas. so, if we, what happens to the power grid if they succeed? >> yeah, if they succeed, that means that the chance

blackrock singing -- saying you want to be exposed to fewer stocks.ax is benefiting from some upside in the auto sector, 1.4% gains, and the ftse 100 getting 0.6%. the chancellor will be meeting with senior bankers to reassure them about the fiscal plan, the mini budgets that caused a rout in u.k. sessions. technology is up to present and every sector in the green this morning. we continue to assess the implications of the central bank action with inflation and recession risks in focus in the u.k. let's get the bloomberg business flash with laura wright laura: european gas prices are near their lowest in two months. strong flows of energy counter concerns about russian supply. norwegian exports recovered after the weather forecast for early october after the current cold snap are also helping to drive down prices. volkswagen is likely to price the porsche ipo at the top end of an initial range. it is a sign of how much demand there is for the shares dale -- chair sale. the carmaker would be valued at almost $73 billion. porsche shares are to begin tra

neil: the blackrock -- >> chairman and ceo and founder but how do you marry the fact that wall street even cutting staff because look, we have enough people. the deal making isn't there just yet especially after a spectacular 2021 so it's a tough comparison, right? but then you also have silicon valley on a hiring freeze. i was just in california last week, but then you still have a record number of job openings of more than 11.5 million so people are telling me that when you have these high-end jobs, these six figure salaries on wall street and silicon valley disappearing some of these jobs, 11.5 million job openings might not look as strong when you realize that maybe they are more of the lower income type of positions available. neil: timing is everything, right, susan? so it was just a couple weeks ago and louder last week, get back to work, get back back to the office and by the way we're laying off some people and would that add to the frantic nature, oh, i've got to get back >> but also goldman lifted those covid protocols except vaccinations so you still have to be vaccinated

goldman and blackrock warning to ditch stocks. we have yet to price in earnings recession, and continued aggressiveness from the fed. 10-year yields are down five basis points after the biggest move since 2020. now looking at a 20 high in u.s.10- year yields. this comes after a week two year auction yesterday that reinforced the selling. is this the beginning of something breaking? this picture was started by what we saw in the u.k. yesterday, starting with record lows in the pound but morphed into a crisis of confidence in the bond market. this is intra-day moves, but since thursday, these moves are kind of crazy for one-day moves. yesterday 2-year yields rising 100 basis points. on a time horizon, all these yields surging the most on record. as we reflect on the fact that u.k. debt spending has tripled to the highest on record. we will get more from our reporters around the world. we will look at the fallout from the u.k. minibudget. zoe shave ice will give us the latest comments from christine lagarde, and juliette saly will di

brad: blackrock recognizes climate risk is financial risk. why they, like vanguard, like other insurance companies made commitments to achieve net zero in their portfolios. if you do that, we can prevent the loss of trillions of dollars in the coming decades. we have to be serious about it. we are worried people make these net zero commitments, but their actions are not living up to it. people have walked back the action is necessary. we all have to do it. new york city has to do it. that means we have a collective obligation to hit those targets to save lives and protect our portfolios. we are all in it together. we put this letter out to blackrock saying, you are the world's biggest asset manager. that means benchmarking 100 percent of your portfolio means -- phaseout of fossil fuels. we will make sure it happens. alix: thanks for talking with us. let's get back to breaking news. it came out of the u.k. and u.s. moments ago on russian sanctions. u.s. is sanctioning central bank governor, her number two deputy prime minister alexander novak.

coming up, john beau biden out of blackrock -- jean bouvin out of blackrock.e will catch up with him later. futures down .7%. from new york, this is bloomberg. ritika: with the first word, i am ritika gupta. former president trump has accused the justice department of criminalizing his possession of personal documents. he made the allegation in a court filing making his case for a neutral third party to review documents seized by the fbi. hundreds of highly classified white house records. in alaska the democrat has defeated former governor sarah palin and a special election for the states only seat in the house of representatives. that widens the democrats narrow majority and sets up a rematch with palin in november for a full term. she told us abortion rights was seen as one of the deciding factors. in the u.k., liz truss made a couple of promises in her final pitch to become the new prime minister. she rules out introducing any new taxes or energy ration in this winter. the next prime minister will be announced. hong kong -- public health officials are pushi

take a look at the blackrock desert in northwestern nevada.playa looked like this afternoon. but yesterday afternoon, different scene. whiteout conditions because of a dust storm continued for hours, winds reaching 35 miles per hour at times. saturday night is always when burners gather around the man, which is a huge art installation built out of wood and is then set on fire. thankfully the dust lifted in time for the signature event tonight. a solemn and quiet burning of the temple before folks head home. >>> special softball tournament today in san francisco. one of the games saw that city's police department taking on its fire department. the tournament was organized by the violence prevention program, batters up, guns down. it's a community program that aims to keep kids out of trouble, connect them with their peers and partner children with role models. eight teams around the bay took part. organizers say this is all about fun and unity. >> it's really about community and like coach said, showing the youth that us male adults from all di

i know you recently raised $300 million from the likes of blackrock.ine, the weld sovereign front of indonesia. what are you doing with that cash? caesar: thank you for that. yes, our business has been focused on solving consumer problems around travel, lifestyle and financial services. we really want to strengthen our balance sheet and invest back in strengthening our core business. haslinda: what does that mean? invest in what in particular? caesar: our leadership in travel and financial resources in the region. southeast asia still has a lot of opportunity. and more and more people go online since the pandemic. we are really open to both organic and inorganic opportunity. haslinda: you are open to mergers and acquisitions? anything looking attractive? what would make sense for taveloka right now? caesar: i cannot share details yet but we are currently evaluating our plan to further strengthen our leadership in southeast asia. haslinda: what would be your competitive advantage with the $300 million? caesar: well, i think if you look at our app, custo

yesterday on the "claman countdown" blackrock ceo larry fink expressed a different type of fed, tillbiden administration, the federal government, tightens its pursestrings and stops spending so much, the fed's rate hikes may be futile against inflation. >> we had a huge amount of fiscal stimulus during covid. we can look back and say was it too much? we're seeing very large fiscal stimulus at a time with very high inflation. it just makes the central banks in europe and in the united states much harder task. liz: keep banging away, it's not going to make a dent. get right to the floor show and see if the traders agree with larry fink, scott redler, kenny pulkari. it's hard to play devil's advocate because he's right. too much spending by the government is dousing whatever fire power the fed could possibly have. >> he's absolutely right and i think he got that from my note by the way, just saying. no. but i think he's absolutely right; right. so the feds in this very awkward position because the biden's keep spending like a drunken sailor and the feds now in a position to try and cont

that was his main roll at blackrock to push esg.nclear if this will mean policy changes, but it's definitely happening, people take the fall all the time when the economy turns bad and it's probably going to happen after the midterms. if i was to bet, i'd say in the new year but, you know, anything's possible right after the midterms. again, janet yellen is the one that really people are saying is leaving. liz: pieces of the chess board continue to move. charlie, thank you very much. or at least they look like they're about to move. exactly 51 minutes ago hurricane ian made landfall in southwestern florida. so the eye of the storm hit cayo costa and they're looking for shelter in what is a brilliant market as of late. next today, today was really good. let's hear from nfg cio john murrey who's managing $10 billion in assets under management. okay, it is a very difficult market on one day we're imploding. the next we see a very strong move, the likes of what we're seeing on the screen right now, a 2% move for the dow up 617. tell me

look at blackrock.s a no-coiner, as i called hem, and then about two or three weeks ago they make huge announcement that they're partnering with coinbase and they're going to support bitcoin, possibly if other currencies one of the biggest risk management products, that's a huge turn. we're abe $10 trillion of assets there. you've got other enterprises also getting into the blockchain space. so to tie the first question with, i think if you just look at prices, it doesn't tell the real story. underneath adoption is happening and real worlds assets and enterprises are either using blockchain or coming to the blockchain. cheryl: well, the biggest concern, obviously, is theft, cyber theft. i mean, are we better now on this? i know that nothing is ever secure. i mean, credit cards still get stolen and hacked every day, but do you think we're one step closer to having more secure cryptocurrency? >> that's such a great question because these currencies in the chains themselves have actually been very secure.

companies like blackrock and vanguard and they want to change that how do you feel about that >> to some exetent, that's why w created vote an ex products, the big three managers control about 22% of all votes in all public companies. and so maybe that's too big. and vote is an option with transparency so we work with all of these companies and tell you how we voted. it's just an alternative to be active, even if you're passive or indexed >> jennifer gransio, thank you very much for joining us brian, i know this is very much in your wheelhouse and the esg community is a little bit up in arms about accusations that they're boycotting anything, as you can see, they're simply trying to engage people and in many cases, they're actually fairly large shareholders themselves >> they've got to fix it, though, bob i talked to an oil and gas ceo who said i can plant 100 more trees at our suburban headquarters i mean, that's -- >> maybe -- that's a pretty low standard there, brian. >> and do nothing else i don't know how serious he was being, but he seemed serious great stuff. important interview,

joining me to discuss is the head of systemic solutions for the americas for the dws group blackrocks not boycotting oil, are they you run several large esg funds right now. they say we're not boycotting oil. most of your funds have some oil exposure how do you respond to texas and familiar and what do you say are you boycotting oil funds >> esg does not mean we boycott companies. they still have over 4% in energy exposure because it's industry group neutral, no, we do not boycott energy companies. >> i'm looking at one of your funds, ussg, it says here, it tobacco, gambling, weapons, but you have positions -- you own marathon oil isn't the point of esg to say profits matter, but it isn't the only thing that matters and that you state what your -- what your principles are here clearly. >> we're still investors our investors are still investors. we still make money for our investors. but money is not the only thing that matters so we implement and employ certain esg screens that have proven to be effective. >> we're going to have a lot more on this whole esg pushback on etf edge at 1:

tom: gloom or optimism, we speak to jeffrey rosenberg of blackrock. join us each job day. we need to recalibrate into next year. we need more data, but this seems to be one xi of relief. equities up. how does the bond market have a sigh of relief? >> it is a sigh of relief, you have a lot of expectations following the jackson hole presentation, the speeches both by powell and -- who were hawkish with regards to central banks, definitively stating they were focused on inflation. the -- instead of going -- the fed going into today was skewed on the downside if it was a stronger report, that would have only solidified expectations for the 75 basis points in september. if it was a significantly equal report, the market might have looked through that as opposed to what we have seen in the last couple payroll reports, particularly over the summer rally. if it had been a bark -- market that, we but good news, bad news, it may no longer be the case that bad news in economic slowdowns is going to push the fed off its tightening cycle because they have been cle

blackrock says this risk has not been fully priced by equities.bring in the president of energy international. we continue to hear from your -- european countries trying to intervene in the energy markets and lessen the impact of this. what sort of measures can we expect? >> we expect a similar package. a package we have seen from the u.k. government. the issue with all of the subsidies and aid packages. on one side, it helps with the energy and for people with their bills and the economy. on the other side, the question is the supply. are these subsidies encouraging consumers to maintain their consumption? where would that supply come from? shery: we have seen those restrictions on russian supplies. we continue to see a need for russian energy. i do wonder, what are the long-term implications, this invasion by russia have on the oil industry and the competitiveness of russian oil? >> this is a good question. i thank you for asking you about long-term. -- for asking about the long-term. there are anticipation -- there is anticipation. russia may l

jonathan: i don't see how that could hurt, wei li, global chief of blackrock.than .1% on the s&p 500. the biggest one-day move lower going back to june 2020 on the s&p 500. we talked a lot about the two-year, and could we reach 380? tom: this is critical. jonathan: that is why we are seeing this equity market well over. tom: we saw sterling go down. weaker sterling is something where we are not there yet. every day, every year, every week, surveillances buried with hundreds of books, and we go, yeah, yeah, yeah. and it is not oil but it is javier blas with an incredible splash on the trading of oil worldwide. the theme of this trip on hydrocarbons, is no one willing to pay the cost? the social cost of where europe, america, asia are? when did we start paying the cost? javier: we are beginning to start to pay now. is this is in europe have paid it already because they don't have price gaps that households have in many european countries. businesses to medium enterprises have been responsible with high electricity and gas prices. we have seen a lot of companies r

blackrock is among those saying fixed income will be back with two here. -- with a bang here.at the terminal chart. in the 60-40 four folio, we are starting to see that strategy on course for a third quarterly gain as the stocks start to recruit some of your losses from june lows. >> annabelle droulers with morning calls. our next guest is not completely discounting the 100 basis point hike at the fomc tomorrow. let's bring in marvin loh -- marvin loh. we understand 75 basis points is a consensus at this point but it has become hard to discount anything at this point. marvin: absolutely. never say never. generally, the case for 75 is quite strong given the fed not wanting to bring the markets down. 70 five is still base case. i think we need to think through a 50 versus 100 basis point also. 50 seems off the table. really think through what each one of these scenarios means. shery: what would that mean for the markets? every fed day, we have seen a rally and then the fading subsequently because people start to dig into what the fed has said and then they realized it's more haw

the 10 year yield in five basis points although a lot of strategists -- blackrock telling jonathan ferros points will be the move in september. over all risk on picture where we are not seeing risk on in this terminal chart picked up by one of our producers, this is the largest drawdown ever for an aggregate bomb index. you can see this as a measure of price. you can see down 20.4%. i did not know. it is surprising that bonds could fall that much. especially overtaking the financial crisis period. as for movers to the upside, we do have earnings and focus. brand loyalty, inflation not putting the shoppers on hold for lululemon athletica where. broadcom also up 4.3%. it will probably stands out the most, chipmakers under so much pressure. going back to another point alex was making about strong data overall, this is the u.s. economic surprising decks. we have had this solid jobs report. participation rate higher saying it brings up the on employment rate. all these job status you can see is really helping out the city economic surprise index. alyx: thank you so much. u.s. employers added

you will get the same type of issue with systemic risk because everybody is holding mutual funds, blackrock50 trillion in debt has been printed in the last three or four years. this is like at low interest rates. that's where the u.s. systemic risk could kick in. these funds managers bought that debt very low. they bought derivatives on top of that. here is the thing, it unwinds? what does that mean? it's kinds of what happened in 2008. am i guaranteeing we'll have a lean-in moment. i can't tell you that. but the fed is worried. but if they are worried you maybe need to start thinking maybe powell backing off and maybe in january saying i'm backing off and let's see what happens. again, there is a lot riding on this. the markets don't believe that happened. the markets may be trading off because they don't believe he has gotten the message yet. liz: u.s. bank management sign yoarm strategist rob howard. right now, you heard charlie gasparino. tell me how you position and prepare for something like that. even if it doesn't come to pass, you want to be ready. >> the challenge is it coming at

firms like blackrock, state street, vanguard, all voted in favor of the scope 3 proposal.ed as those vehicles to advance agendas and they were not organizing shareholder value in the end even though they're disguised in that language that's my perspective. i think any company, chevron included, is going to be better off rather than unquestioningly accepting the claims of shareholders at one end of its spectrum one of the things that's interesting is even the group that proposed this scope three measure, for example, of chevron was a dutch-free product it was just about advancing climate change, and the irony is even block rock oonld and state street questioned their own judgments in 2022 when they said they didn't vote in favorite of the proposal last year at the end of the day, a lot of the firms are vacillating. there's no clarity of debate about whether or not these are in the best interest of the company and the shareholders. >> vivek, it's a pretty big leap of faith, but that's the default position of even, even gary gentzler in the scc. i know you've seen the red wri

we've got goldman sachs and blackrock turning bearish on equities this morning.leaves us to the question of the day, when do you get out of cash? $30 billion worth of money coming into cash last week in three days. when do you get out of it? cameron, your call. >> i think holding cash at much higher interest rates today is becoming more attractive to investors, that is why we have seen likely more pronounced selling within equities. the question of when you get back in likely gets us back to this question of, when we start to see this earnings revision down cycle. we still see earnings estimates remain airy high. it is hard to step into this market when we see estimates for 2023 looking at 8% growth next year. given the grip tightening for the fed, the risk of recession, it is likely we still are in the midst of an earnings revision down cycle, which means having more dismissive and is in portfolios over the short term makes sense. guy: a lot of people are holding cash because they do not know what is going on. what is your degree of certainty right now as to wha

to go to the mat for cause the esg issue is a important heads of brokerage firms like the head of blackrocket manager, making decisions, for the million of investors who may not want to vote their shares that way but they are in charge. >> that is right, our state treasure is very concerned about what is being done pour from tennessee investments a number of states feel the same way weaponizing against political desires in any case anathema to america, koun everybody has a vote at the end of the day, that is what matters. >> ag we will watch your work thanks very much for being here this jonathan skrett.i. in tennessee peter back with us a boom not seen since 2019 creating morgan with a look at brand-new book on god family and country coming up you are watching "mornings with maria" live on fox business. . . maria: welcome back, travel makes comeback in post-pandemic world, america cow casino stocks stoorg china starts first time in years, chairman of omni hotels resorts, thanks so much for being with us your company has a specialty in terms of group travel, trips of you ian experiencing a

and i'm glad you mentioned blackrock.o runs blackrock has become the esg police and and he's not goo invest in companies that don't go along with that. what about the hypocrisy of the fact that he's all-in on china and the chinese communist party, investing in he these chinese companies that do not even add a adhere to u.s. standards in terms of auditing rules and yet fossil fuel companies, no good. chinese communist companies. good. these are the companies that ultimately will turn around and try to attack america potentially because the ccp wants china to be the number one super power, overtaking the united states. >> yeah. maria, there's two ways to look at this. one is, hey, these liberals, these ultra liberals are so rich they can afford these ideas. we can't but they can. they think they know what's best so they put that on us. the other way to look at it, also true, is they're so loaded that they could take -- they think they can take down this country and they know better doing that so they saddle up and appease d

coming up, rick rieder, blackrock's chief investment officer showing bloomberg tv at 6:30 p.m.k time. this is bloomberg. keeping you up-to-date with news from around the world, here is the first word. in the u.k. it is the end of one era and the beginning of another. two days after queen elizabeth died following more than seven decades, her son charles will be formally play came king. he is 73 years old, the oldest to succeed to the throne in british history. the u.k. has begun a 10 day mourning period. queen elizabeth's death has prompted the bank of england to delay its next interest rate decision to september 22. the original date fell in the middle of a national mourning period for the grade. this will give lawmakers more time to continue key inflation and jobs data. the european union energy makers caught on the executive arm to get natural gas prices under control but fell short of calling for a reduction in demand. >> the targets at peak hours. this is to propose a smart way forward and by reducing consumption and the most expensive hours. ritika: without much detail com

would be -- i think we're behind on that, and the second big thing is just stepping forward i think blackrockion has done that, and in the middle of next year, you will see a lot more institutionalized as sets. >> and gary continues to talk about it, and it's typical of technological innovations, and there's not a framework that gets after payment stable coins, and we need appropriate regulation is how he ended his comments >> yeah, he's 100% right, and the more regulation the better, and to joe's question, more people will be open to it. and farley said no way you will get post mid-term election -- it's probably not going to happen until the middle of next year >> thank you don't be jealous of my shoes, and we will have you back probably if you change anthony scaramucci joining us at the conference in which he is the host ♪ ♪ ♪ ♪ ♪ ♪ the pursuit is on. the pursuit of outperformance at pgim. with deep expertise to outthink across multiple asset classes, actively managing investments in the world's public and private markets. outscale, with the resources to serve 1,500 clients in 52 countries.

warnings from goldman sachs and blackrock to stay out of stocks for the time being. goldman citing rising bopped yields as a negative for -- bond yields as a negative for stocks. this afternoon the 10-year yield traded as high as 3.99%. we do have it right now just slightly off that to 3.97%, but these things are marching higher and higher. just a few hours ago minneapolis fed president neel kashkari said the fed rate tightening is appropriate but he's not seeing the three 75 point basis moves dent inflation and now we're tipping recession to 40%. let's take a look when i say more to come, look at fed funds futures. this is where the market bet on whether and by how much the fed will raise rates. right now there's a 100% probability of at least 50 basis points. you can see when you just tease out the 75 basis point chance, 62%, so once again prepare yourselves. so how do you invest around what could be either inflation or recession or both? we look at the dow leaders, take a look, we have sales force up three quarters of a percent followed by home depot, apple, chevr

larry fink, the chairman and ceo of blackrock. we're joined by larry fink, charlie gasparino and me live by phone. great to have you. charlie. >> hey, larry. >> hi, charlie. hi liz. >> let's start right off the bat, given the fact we have significant inflation and it looks like now the 75 basis point rate hike is probably baked in, is isn't what they're doing in dc with all the spending, one after another, the latest trillion dollars to fight inflation, isn't it -- isn't it reckless? they're making powell's job that much more difficult. >> i think you just said everything i was going to say, charlie. unquestionably, we're seeing governments in europe, in the uk and then in the unit we're seeing very large fiscal symmelus at a time we have -- stimulus at a time with very high inflation and makes the central banks in europe and the united states much harder tax. we have rising inflation, and it's not necessarily energy. let's be clear, before the russian invasion, energy was around $70 a barrel. where is it now? $88? >> yep. >> got

maria: so do you think a guy like larry fink who runs blackrock understands that when he says doublening chinese stocks to all of his investors he has trillions in aum under asset management. do you think he understands that he's recommending investing in the very companies that may very well turn around and get hostile on american and they are stealing intellectual property? >> of course he understands. larry fink can't be smart and stupid in the same conversation. he's smart, period. he understands and he's made an incredible multigenerational wealth for himself and his family, you know, making these investments and he's not going the back off that policy until, maybe it's too late and who saw this coming except all of us. maria: yeah. i know for sure your kids and my kids will definitely not have the same upbringing and opportunities that we h had a world where communist china is the world superpower. >> they would not have freedom, they would not have freedom of speech and freedom of thought. a lot of liberals are taking the freedom of thought away. that's just doing the leg work

liz: that was blackrock chairman and ceo larry fink telling the "claman countdown" exclusively on tuesdayhere's fossil fuel trades that make sense to him because he believes the transition to alternative energy is still decades away. five decades. that is not soon enough for treasury secretary janet yellen who vowed to wean america from fossil fuels today while touting the biden administration billions of dollars of investment for green energy and ev adoption. she toured ford's ev acceptabilitier in dearborn, michigan, a few hours ago and ford is assembling the hyper-popular all electric f-150 lightning truck. grady trimble was there as yellen toured the plant and made her firm prediction. >> reporter: hey, liz, the treasury secretary spent the bulk of her speech promoting president biden's economic agenda with the inflation reduction act and chips law and semiconductor law and the backdrop of the speech is significant and you mentioned it's where ford makes its electric f-150 lightning. yellen spoke about the president's climate goals and the administration's push to get more americans b

blackrock is advising investors to sean most stocks.bal news 24 hours a day, on air and bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am lisa mateo. this is bloomberg. ♪ >> we expect to raise interest rates further over the next several meetings to deal with demand and guard against the risk of a persistent shift and explain should -- inflation expectations. i cannot bring the price of gas down. i wish i could. maybe you could reform electricity and it would help more. this is not for me to do. jonathan: a strong suggestion from christine lagarde, ecb president. the equity market, a bounce back off the lows of the year, the s&p 500 positive one full percentage point. the second part of jp morgan's follow-up, i promise. preconditions for the market bottom have fallen into place, increasing -- increasingly cheap and falling into distress. interesting how the tone of some of these notes from the big bowls have change it -- big bulls have changed. tom: they are waiting for october 14 w

. >> neil: this push back against some like blackrock was getting this pressure from a number of statesying wait a minute. this woke investment strategy where you wanted to deemphasize fossil fuels, that's going too far. you agree with that? >> in some cases, some things have gone too far. generally esg is a good thing. shouldn't be the only thing you worry about. if you're investing for private investors and you're good enough to be in that book, you made a lot of money. very few people are obsessed with spending their money to make great art selections and build great houses. they care about society and most of them are great philanthropists. >> neil: but they like beating the other guy. >> when you go to any game, you want to win. they want to win in investing. it's not unusual. when they win, they make a lot of money. when they do, they tend to give it back. they're the greatest philanthropists that we have. >> neil: elizabeth warren doesn't see them the same way. >> that's true. >> neil: do you? >> i would side with the investor. >> neil: when she goes after guys like that and by e

. >> i see blackrock deal with coinbase, you know people are coming to buy. >> i think the market is caught up with the fed. but now the incoming data will >>> lyft downgraded to neutral today over skepticism to deliver topline growth in line with competitors. cites rising insurance costs beyond q3 as a risk factor stocks trading around $13 a share. a long way frits ipo at 78 requester. they do move their target from $16 to $50, so quite a revision. >> yes, indeed we will turn to cyber security hacks on uber putting focus on the sector in recent weeks and part of a recent trend out with a report showing a 50% surge in threat campaigns year over year. let's bring in crowdstrike co-founder and ceo for a closer look george, great to have you. i want to talk a little bit about crowdstrike's business first, though. you got this security platform that allows customers to manage kind of point solutions for security, even do a try before you buy sort of motion that lets you upsell how do you see customers be behaving differently in an economic slowdown if at all. >> great to be here. one of

texas saying knock it off wall street, blackrock, 10 financial firms, 350 investment funds they're tryingget the entire nation to boycott u.s. coil and gas. u.s. oil and gas pays for public health, it pays for teachers, it pays for roads and bridges, it pays for infrastructure via a lot of taxes. billions and billions of dollars of taxes coming into state coffers. wall streeters who were green, you know, fanatics don't believe in that, don't see that. >> i don't get it t pays for conservation and a lot of environmental causes too and what boggles my mind is things like the keystone xl pipeline being canceled and prohibiting onshore and offshore oil and gas extraction is not going to stop consumption of these resources. it will merely shift transportation to inefficient polluting transportation t will shift production to more inefficient environmentally polluting countries like iran and venezuela this is not a loss for american producers and consumers but it's a loss for the environment. it really doesn't make any sense whatsoever. elizabeth: congressman zeldin, nick loris, thanks for join