blackrock says it delivers the best outcomes. dom. >> leslie, there is a lot.olitical side of things. this is not a political story, but there are politics at play with that much money taken out we have an estimate, i think, the last count was 36 gubernatorial races up for grabs in the mid-term elections coming up next week 36 out of 50 what is the likelihood we could see more change in terms of how states invest their money given an election outcome where there could be a lot more red representation, hypothetically, when it comes to this investing? >> you bring up a really, really important point here as much as we like to that i passive versus active investing is not political it is dollars and cents. 2022 shows it is political there could be more backlash where more states could take money out and divest from blackrock. if it is true, if it amounts to be the case that more republicans take control of gubernatorial elections and win, then it would not be surprising to see some of them follow suit with many of their peers divestindi dives divesting from blackr

mike, what's the trade on blackrock? >> yeah, so blackrock of course they earn their revenues as a function of the market level as the market has declined so have their revenues. if you look at next year's estimated earnings, it looks cheap on a trailing basis and certainly cheap relative to the s&p at probably 15, 16 times but it's actually trading nearly 24 times next year's estimated earnings and that's because asset prices have declined and so too have their fees along with it. carter's identified an area of resistance, and i'm looking at selling a call spread. and that's one of the things you want to do is identify an area of resistanc because selling a call spread is something a bet is not going to happen and he's betting it's not going to go higher you want to keep your eye out for things like catalysts because that's when the fundamentals catch up with the technicals and we begin to understand why price action is behaving the way it is once we start hearing the data that supports it. they've already reported earn

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 t goverent could still go in and- drill. a concession off territories.

pointing is now is scott thiel from blackrock. good morning and thank you for joining us in the studio. what is the biggest factor for markets this week? cpi or the midterms? scott: i really think the cpi. the different environment we are in a different regime so the playbook may not apply. i really think the inflation profile, a fed policy response will be mission-critical for markets. any outcome we see in the midterms will be very close to one way or the other meaning a very divided congress which i think will mean more status quo going forward. tom: is that division positive? is it positive for treasuries as well as equities? scott: the additional supply and risk premium and steepening of the curve are things we are working with. government spending in particular is going to be an important part of the landscape going forward regardless of the outcomes. tom: and on cpi, i know at blackrock you see inflation being sticky. should we assume you think the forecast of 7.9%, that we will come in above that? scott: we saw a big up --

be that as it may, blackrock is feeling some of the heat here.rers are pulling money out of blackrock -- liz: and it's his right to say, bye. >> he's not saying bye. my view is what he's doing is getting his word out there. part of his word is this plan, which has been in effect, by the way, for a while. liz: he launched it a year ago, and it's growing. >> it's growing is and he's expanding it. kudos to him. it's a smart move. it's an innovative move, and, you know, here's one thing i will say, liz, and then, you know, and i'll leave it at this, you know, there's not a better risk manager on wall street than him. i don't think people should be alienating this guy right now as we go into very, very treacherous market territory. i mean, he, he's been through 'em all. he's protected his fund, he's done very well. probably got in over his skis a bit on esg, although if you read his writings -- liz: he says it'll take five decades to transition to -- >> is that logical? i don't think we're going all electric in five decades either, but that's not how

the number of blackrock clients interested in signing up as doubled.itted to offering clients that choice and delivering the best outcomes consistent with their preferences. joining us now to talk about both of these stories and so much more -- we have the founder of asset management. it's nice to see you at the table this morning >> it's good to see you guys. >> a lot to unpack let's unpack what blackrock is doing first. you talked about shareholder democracy choice not having one group or another voting on people's behalf. i assume you support this? >> i think this is a tiny step in the right direction i want to recognize that at the outset i think there's a deeper problem here first of all, every day retail investors are simply not equipped to vote their proxies if you own one stock market index fund, that would be thousands of -- >> if you don't -- the s&p 500, you got to vote on 500 companies and sometimes there's ten different votes for each company. >> let alone people who own multiple index funs. this could be tens of thousands of votes they're

. >> it was interesting because literally in the last week, i report that had blackrock was telling its investors that, hey, we think three more rate hikes, pivot language, and the closest you got to that pivot language was like, maybe, possibly, if. there wasn't any pivot language really in there. it's one of these disconnects. i mean, listen, why is the market doing this, liz? it's like a heroin addict at this point coming off -- liz: probably delusional thinks he'd have talked about that -- >> all we got was good news from the fed in a sense we're going to keep printing money and

that is, blackrock is an american investment company that operates with billions .debt securities. as far as i know, including warrants, they invested in oranta. blackrock is huge. the campaign there are trillions of managements, they have e-e funds that manage securities and there is a ruler, that is, those who invest some assets , they grow, then you sell them or as assets, this is an absolutely normal way of investing and it is very important for the economy when exactly such funds come in, how will it be look so far no one understands no one knows but theoretically theoretically blackrock can create such a fund under their name and where they say we will manage this fund black step everyone in the world trusts and can start carry your money, knowing that the money you brought was a step towards the wrong side, and it does not contain any rank , and further they will already choose projects in ukraine in which they will see prospects and will invest in these projects in order for them to be designed and to increase their value and in the future there, in 5-10-20

>> we, at blackrock, we launched our 2023 outlook.tly this question, it's time to invest in new investment playbook. we need to be more granular. more specific and where you investing -- are investing and make decisions often. it's a complicated world. the era of the everything bull markets was relatively straightforward. one needed to be broadly leveled long and so forth. that was the right playbook. we should be snooty. we are in a different situation, more complicated, nuanced. there should be differentiations. we think the role in particular, longer term developed market government bonds should play in the portfolio, is less obvious moving forward, given we think yields are going to go up, which is to say government bond prices should move down. that's an example of what we think is a structural shift in market economic dynamics. as investors we need to recognize that, and moved to a new approach, which we appreciate is not trivial. it's hard. that is what we're talking about today at blackrock and the launch of our 2023 investmen

blackrock co. chief investment officer for fundamental equities, so much going on, what are you expecting to hear from jay powell later? nigel: i think there is a long way to go. we are seeing around this current time, peaking in inflation, but we believe the path will be slow on the downside through 2023. he will remain hawkish, i'm not sure he will be super impressed by the recent rally in risk assets. it's probably going to be caution for markets we might hear from him later. tom: how would you characterize that rally in risk and equity markets, it's been pretty pronounced, the move into bonds over november. is this a bear market rally in equities? nigel: i think it is. people are looking for the pivot, the turn, they want this all to be over. i'm afraid this is going to last much longer people are expecting. this is a very different kind of environment and we've seen the last 45 plus years. this is a inflationary recession. the central banks are determined to reduce inflation, and that will tak

is chair of the patriotic millionaires committed to making all americans better off prior to blackrock having a long tenure on wall street investing where he invented the securitization technology with the capital markets to consumers in need of credit cfa charter holder member of the cfa institute and a security analyst and on the board for the center for political accountability erica payne founder and president of patriotic millionaires. progressive, how to build a 21st century political movement published in 2008, . . . . first of all i am erica and we couldn't be more thrilled toor e here. thank you to the folks at town hall for hosting us. a downright fantastic organization. a couple of other people we want to thank you for the book, sam, the communications director and he was a fantastic and amazing research and writing partner during this process. diane and the crown the press the publishers of the book. the book exists because of them after we launched the tax the rich campaign with a conference in washington two years ago diane said please turn this into a book for people who

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

blackrock's rick reider. thank you so much. >>> a whole different part of blackrock's business there have been accusations flying that asset managers have pushed investors to shun things like fossil fuel stocks. but when the world's largest offshore drilling company decides on its own to take on a new name and a new mission, maybe there's more to the shift. slumber say, now moan if as slb, is out decarbonize the world's energy. many a fox business exclusive, slb's new energy president is up next to explain how he and the company plan to do it. closing bell 46 minutes away. we've got the dow down about 35 points, so it is joining the s&p, nasdaq, russell, transports, bit soin -- bitcoin, the vix all in the red. "the claman countdown" just getting started. stay tuned, we're coming right back. if you used shipgo this whole thing wouldn't be a thing. yeah, dad! i don't want to deal with this. oh, you brought your luggage to the airport. that's adorable. with shipgo shipping your luggage before you fly you'll neve

running us now is laura cooper, senior investment strategist at blackrock. one of the trades that has felt strong the past month is that the peak is over. you have the dollar off of its highs, stocks off of their lows, you want to trade that? laura: it is probably premature to make this trade at this point. we did have the cpi and ppi print in the u.s. come off, suggesting the peak inflation narrative will play out but again this is a fed that is determined, potentially over tightening to curtail those price pressures. we think that will result in a policy reduced -- policy induced recession. dani: when you look at a terminal rate, it is only about four basis points above that post cpi release despite the fact we have had a few fed officials saying we have a ways to go. how misguided is the market in pricing that terminal rate? we need to pump up those bets at the moment? laura: i do not think that is the case. that is the most surprising thing that has come out of the price action on the back of the last two cpi prince in the fact that the terminal rate has

gargi chaudhuri of blackrock. a live shot of president biden in egypt.ten to what he's saying. pres. biden: it is an honor to participate in the summit. i would like to thank our host for bringing us together at this pivotal moment. thank you, mr. president. [applause] let me start by acknowledging that this day is a day of commemoration in united states. it is veterans day. america's veterans and their families, survivors and caregivers are the spine and soul of the united states. on this special day, every day, i honor all those who sacrificed our nation like my son. i want to thank one proud american veteran. a lifelong public servant and dear friend and literally one of the most decorated men to fight, special envoy for climate john kerry. [applause] your commitment, your passion, your expertise has been critical. absolutely critical to delivering incredible progress on climate issues in the past two years. i thank you for being my friend. incredible progress in the past two years. i think you for being my friend. here in egypt, the great pyramids an

i will have this conversation with jeffrey a rosenberg blackrock financial management ofblackrock financial will talk to marty walsh of the labor department. tom: futures up 30, the vix comes in 24.9. lisa: the fed funds rate is now pricing in a peak of 5.25" percent in june of next year. that is feigning a little bit. i am looking at some of the details here. the unemployment rate getting close attention but the wage picture is confusing. what can you glean from the composition of jobs that are getting added or cut and how that might affect the wage dynamic more? dr. kroszner: one of the issues you have to be careful about is called composition effect. what areas are seeing job increases more than others? are they highways or low-wage? i have not had a chance to dig into the details of the report but that's what you have to look out. the fed will be heartened that we are not seeing a significant acceleration in wage growth it still around 4.7% where it had been. it is hoping that will not rise in hoping it may come down a bit as they bring inflation down. tom: i am watching mike look at th

well >> so, we can look at this wall over here and show some of the investors in ftx, softbank, blackrock, paradigm, among others how will it hit them if this company implodes >> it's not good it's going to hit them hard. it's going to also, like i said, set the space back i don't see, you know, a lot of those funds investing in a firm like an ftx in the future. it's a big hit for centralized players, but i don't think crypto is going away i think it's obviously a dark moment in time but -- it will take a couple months of silence, maybe a couple years of silence and building, but at the end of that, there will be maybe an opportunity for defi and nfts, but this is going to hit the reputation -- the reputational hit that crypto will take as a result of this cannot be understated. >> it goes to the real heart of the legitimacy, not maybe of crypto but some cryptos behind it silence of the shams traffi frank, thank you >> thanks. >>> we will hear from one crypto startup whose customers include ftx and binance. >>> first the draft king slayer, california voting against a bill to legalize onli

thomas taw, blackrock. let's get the vonnie quinn.ed states are expected to meet in coming weeks to talk about resuming inspections of atomic weapons sites. a small step towards reviving arms control talks suspended since moscow invaded ukraine. president biden warned putin that use of a nuclear weapon would be an incredibly serious mistake. the u.k. and eu are close to a major breakthrough in their month-long dispute over post-brexit trading in northern ireland. the eu is big on testing the live trade database, tracking goods moving from mainland britain. if satisfied, it could pave the way for a deal on customs tracks in the irish sea. stoked tensions. china expanded a key finance support program for private firms including real estate companies. there move promises to help developers boost liquidity. the national association of investors widened the program to $35 billion in debt sales. the additional aid comes after the pboc called for more support. cryptocurrencies tumble amid doubts of takeover -- binance's takeover of ftx. the

. >> morris pearl, the former managing director of blackrock is chair of the patrioticas millionaires and a group of high net worth americans committing to making all americans better off. prior to blackrock, pearl had a long tenure on wall street where he investorred some of the -- where he invented some of the securization technology connecting america's capital markets to consumers in need of credit. he is a csa charter holder, member of the cfa institute, new york society of security analysts and on the board of verified voting and the center for political accountability. erica payne is founder and president of the patriotic millionaires. she is the author of the practical progressive, how to build a 21st century political movement published in 2008 along with p make markets, be marketsa crisis analyst of financial regulation and the u.s. banking system, which she coauthored with dr. rob johnson. ... >> when this pandemic gets over with, we will come out and see you. a couple of other people we want to thank about this book, the communications director of the patriotic millionaire

. >> let's talk about entry points here because we heard from blackrock earlier, this is in a bloombergews interview. carolyn weinberg saying we are at the beginning of a rotation as investors come back into credit with the rapid move in front and rates, the curve repriced credit to attractive levels, particularly as we approach the end of the fed hiking cycle. in your view, is this the entry point? where is it? >> it is starting to look like some of the entry points that have happened over the last couple months i agree we are reaching the and of the fed tightening cycle. i think where you will have risks on growth and risks on inflation next year if it does not continue to come down then the fed because could be externally short but it is interesting entry levels and as long as the growth picture is holding up relatively well and again the spreads should remain relatively contained and we can add to those credit names. >> i want to come back to you because in your outlook today, it caught my eye you are talking about the ideal recipe for sustainable credits rally and it is friday, i a

. >> because remember, behind -- behind ftx, we have blackrock, you know we have softbank >> they alle decisions to invest in some of the companies we were just talking about as well >> it's not just tom and giselle. >> were they investors in buy now, pay later that hasn't gone well either were they investors in many chinese companies that have gone down 95% yes, they were >> okay. can i just say that now that i have been upbraided by david, that nvidia, they're not using the graphic cards anymore, and yet, the stock -- remember, ethereum went off that and yet, nvidia's down 6 >> you're saying nvidia's going down because of the idea -- >> as collateral damage. >> -- there will be less mining. >> they were cut out they were the ethereum miner in the stock. nvidia reports, i'm not looking for a blowout quarter, and the stock is high, but the collateral damage is extending to companies that aren't collaterally damaged go into the thing that you were doing to me. buy now, pay later, that was a good rant. i thought that you would take on the big companies that were invested but you didn't

i don't want you to get in trouble with blackrock.ina, what is that look like for you? wei: one take away from the party congress earlier in the quarter is that the focus is going from growth to social coherence, prosperity, national security. what that means over the longer term is that we should expect a lower trend growth for china and in terms of the transmission mechanism from macro to micro will become less efficient. that warrants a higher risk premium for incorporating china. technically we are neutral but strategically we are underweight china government bonds because of the yield attractiveness becoming left. jonathan: i want to promote some of the research of blackrock. outside of wall street, it's available on the website. it's a great read. i always enjoy it. not everyone can access it. tom: i hear about it all the time. out of the walls of wall street. they have to make a living and blackrock is making those brains accessible. jonathan: they can afford to. lisa: it's a compliment. i do think it's interesting how the knee

that is the call from blackrock. they go on to say we need to see stocks fall more, or more easing inflation to turn positive on equities. the bottom line, they are not there yet over at blackrock. lisa: morgan stanley is not there yet you -- is not there yet either. they are talking about yield is king. government bonds and corporate bonds but not necessarily equity. there are some pockets that could do really well in the equity market and others could potentially do very badly. jon: there are some pockets in the equity market that could do very well, lisa abramowicz, that just happened. can you run through which equity markets could do really well? lisa: it would be ridiculous to say nothing is going to go well next year. if we get towards some sort of equilibrium in the equity market where you have a turn in leadership, if people continue to think tech could lose value, where is? leadership going to come from? ? it is going to come from other areas. some of the consumer discretionary, i understand the story come s

many of these companies are household names, pfizer, blackrock and more.o what does this mean for the future of business in america? it used to be the best of the best in the world because of our workework -- our work ethic. here is the king of the corporate turn-around. david sochel, he's author of the great book "america in perspective." your reaction to this being built into credit agreement. did you know this was going on? >> i heard of it. it's part of the virtue signaling reported progress. i think it's dying and withering on the vine. the reality is this whole woke nonsense is antithetical to our constitution. freedom of speech is the most important freedom we have. when you have cancel culture and wokeism, you are destroying the country, you are not helping it. but i think people are getting their mind around this and seeing it for what it is. youened discrimination by not discriminating. not a pay-to-play. you get a lower interest rate if you have a number of certain categories of people. brian: if you are not green, the idea your employees will l

haidi: blackrock has postponed the launch of the bond etf indefinitely.definite -- indefinite sources saying tensions were one of the reasons for the move including the risk of political backlash at the risk of american capital flowing to the chinese government. much more to come on daybreak: asia. this is bloomberg. ♪ >> and some total of the actions my administration is taking to push the united states on track to achieve our paris agreement goal of reducing emissions 50 to 52% below 25 levels by 2005 by 2030. haidi: president biden speaking at the cop 27 summit in egypt. saudi arabia has defended its decision to lower oil production and says its relationship with u.s. is strong enough to survive the fallout to shery: the kingdom's foreign minister spoke with bloomberg's on the sidelines of the cop 27 talks in egypt. >> your relationship with the goes back more than eight decades. we have seen becoming and passing. we have had our ups and downs. we always move towards stronger relations with the u.s. it is natural you have disagreements from time to tim

still with us is the global chief investment officer at blackrock. you have a topline view. york fed gauge of underlying inflation has turned lower. we are looking to the cpi prints. are we starting to see a peak in inflation? what is your view in terms of this potential moment in terms of price rises and inflation. are we starting to see a pivot? wei li: it is possible we are seeing peak inflation. it is also how long will it take for inflation to come down that will impact market sentiment as well. at this juncture from a year on year comparable perspective, things are coming down but we care about sequential. last month sequential course cpi surprised to the upside and we continue to see labor shortage. participation rate is no improvement on the year and we continue to see the service goods rotation continue to put pressure on the service side of the economy. all of that -- we continue to expect consistent core inflation as the service-goods rotation starts to slowly play out. even as headline inflation comes down we expect that to happen somewhat slowly and that does no

. ♪ shery: blackrock has postponed the launch of its china bond etf.k of political backlash. shery: there is a report that he is bidding for an english premier league club. the current owner is willing to sell for 4 million pounds or $4.7 billion. haidi: the new black panther movie tops the american box office. it beat estimates. women over the age of 25 account for about a third of the revenue. it is a big boost for disney. shery: i am so excited. i cannot wait to watch that. haidi: it is a very busy week. these are the stocks we are watching. rio tinto in focus. these gains proved to be quite fragile. shery: they missed estimates. coming up in the next hour, china has unveiled its most sweeping rescue package. we will have more on that shortly. haidi: a scholarship program to give young female participants the possibility to learn the ins and outs of politics. shery: going back to what you said on this very busy week we have ahead, it is exciting. we are both here in singapore. we have the new economy forum coming up. it is really a lot to talk about

manus: you have decided to join the blackrock chorus in terms of the credit bus, where am i sufficientlypensated to get on board the credit bus? stephanie: fixed income investors are not well compensated by taking on additional investment tricks. corporate's have a earnings multiple of 5%, above the earnings of the s&p. that is a vulnerability for equities. on top, you don't get a pickup towards emerging markets. if we look at investment-grade emerging market spreads, usually they were trading with a pickup to investment-grade corporates, but right now this pickup really has disappeared. right now, investors should stay focused on u.s. and euro investment-grade. tom: if you were to push out into high-yield, where would you be looking within this environment? stephanie: energy really offers rising stars. as we have recessionary pressures, we favor defensive sectors with stable cash flows, but also health care companies. we are underweight cyclicals. energy had historically been a very cyclical, high beta sector. but today, energy is really offering stable cash flows, cash rich companies,

blackrock is one of the ones who are a bit more wary but actually looking at a different are so uncertainether beijing will retaliate to some of the u.s. measures around semiconductors and the other factor they are looking at is this growing importance on ideology we are seeing in china as well. breaking with what has been a consensus over the past few weeks. take a look at the terminal chart, you see the rally in the hong kong listed chinese stocks and they are looking for their best month -- best months. . around 20%. . haidi: profitability is in doubt for many retail chains, grad shares of the global retail outlook, next. this is bloomberg. ♪ shery: i have been so busy because of the black friday sales. shop so much, i shopped until i dropped online and off-line. the fact that there were people like me, it seems like we had heavy discounts, the traffic was modest. we are talking about in-store traffic taking up 3% compared to 2021. e-commerce spending is up 2%. we are looking forward to cyber monday as well. ! generate around $11 billion in revenue for some of those stores. i was prett

a lot of analyst ♪s saying it could be good for malaysia and foreign investment and you have blackrocking malaysia is looking a scalable alternative to china. >> great work this week on the election and all of the market. the e.u. has paused its efforts to approve an energy package over deep division capping the cost of gas. let's get to our reporter now. one of the main sticking points. is it east-west in terms of eastern europe to western europe? what is the blockage? >> indeed there is a force in there for the energy package which is so much needed for countries in the european union in the current energy crisis and the main sticking point is the cap. what happened is this week, the european commission proposed this price cut level. something that the nations have been asking me to do more months and months and came it over 275 euros per hour. they didn't like the e it and went as far as to call it a joke and mochrie and something that is not -- mockery they talked through it and decided to take a pause to postpone it through mid decision when they will have another emergency meetin

article over the weekend how banks were retrenching from china quietly and also seeing how much blackrock is closing. we are talking to peggy collins for a discussion what we heard from chris waller. tonight, the fed president john williams having a discussion at the near economic club. this evening, the bloomberg new economy forum picking -- kicking off in singapore. harry kissinger and catherine tai the first speakers. jonathan: mike wolf talking about the volatile path after testing something like three k in the first quarter. can you walk us through where you see the earning risk in the corporate economy for america and where you expect it to land? lori: i think the ultimate low in october because three to six more you get the final earnings is where it typically bottoms and challenge periods. we are at 2.08. we have moderate inflation bake in and it doesn't help margins. margins are more a function of wages and productivity and pricing. we really have a ratcheting down of earnings and flattish to down and we saw last year on the s&p 500. i think -- honestly i don't think we have a go

blackrock chief executive larry fink said most crypto companies will probably fold in the wake of ftx's collapse. this, as now we see sam bankman-fried has taken to the virtual stage, appearing at the event as we speak. sonali basak is here with some headlines coming from that event. sam bankman-fried saying to his knowledge, ftx is solvent, and overall that he made a lot of mistakes as the ceo of ftx. sonali: you have him answering a question about a letter from a gentleman who lost his life savings. then he asked sam bankman-fried to answer to that letter. that is when he said ftx u.s. to his knowledge was softened and they could -- was solvent and they could withdraw today if they allowed for it. we know he had an interview with axios where he talked about getting those licenses around the world very quickly. the issues that have resulted from those international licenses that have been accumulated so quickly. he started off with some of the things he said before. he is deeply sorry. he wished he had done things differently, but it was only a month ago when he was excited about the p

larry fink from blackrock. another example is resources. the economy needs lithium and other rare metals. in some of these resources, we have the biggest deposits in europe. this is a colossal opportunity, plus transport capability. machine building capacity, a culture of labor and access to the labor markets of the world. this is the basis of the growth that everyone needs. the third, the agricultural sector, the world knows that without ukrainian agricultural export the challenge of food supplies cannot be resolved. and we just made the decision on extending our grain supply 120 days, but we want to have unlimited duration of --, plus we have initiated the ukraine grain program so that together with partners we can give as much of support to the poorest countries as we can. but bringing back peace to ukraine means that we will not just be able to stabilize the market in response to the crisis, but to safeguard food stability and prevention of any further crisis. i have just given three examples, there are much more of them. peace in ukrai

blackrock and tiger global and softbank over $200 million in ftx that investment is worth nothing.ers are writing off the loss. things are moving fast here. seema. >> we will see if another buyer comes in thank you. >>> still on deck, your money morning's biggest movers including one dating app not feeling the love from investors following the earnings story we have that coming up >> announcer: today's big number $15.17 billion that's how much u.s. commercial gaming revenue reached in the third quarter of the year. according to the american gaming association. that's a new record. roughly half of the commercial n gaming jurisdiction set records in that quarter during that period or whatever this is. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. we believe that your investments should work harder for the future you imagine. and that's where our strategic investing approach can help. t. rowe price. invest with confidence. ♪♪ ♪♪ ♪♪ be ready for any market with a liquid etf. get in and out with dia. at adp, w

blackrock wary of chinese stocks. bloomberg survey says china will grow by 4.9% next year -- really? as we debate when they can exit zero covid. dani: we also have equities, bearing some of the bronze. we were just talking to ella, who said she expected the reaction to be worse than it currently is. you are looking at the csi 300 down by one and a third percent, the biggest drop in about a month. it was down nearly 3% at 1% -- at one point. the s&p 500 futures trade being dominated. i will say before -- i said it before and i will say it again, there will be a lot of data this week so we will see how long time it dominates the narrative, especially with u.s. equities. manus: i'm wondering what markets need to see that the china situation is under control. this comes back to covert controls spreading across china. some in shanghai are calling for xi jinping to step down. let's get to allen in shanghai. protests i am understanding is not the issue, it is the scale and speed and how pervasive they are becoming. how bad w

i think the other thing reallying from is when you think about blackrock sequoia, ontario, put 100 million dollars into this! think all those in ontario going to suffer this loss, so you sit there what were people thinking how come they didn't know what was o going on give money okay this guy is, 28 years old. bernie madoff. >> how many years tell me share 12% return every year, you got to question these things. agreed they did question westerne madoff so he was so entrench. fraudsters bn we bliefbl a long time until they are not futures indicating decline start of trade big day retail earnings, retail sales out 20 minutes' time, president and chief officer is here to give take ahead of the opening bell after the break you are watching "mornings with maria" live on fox business. . at fidelity, your dedicated advisor will help you create a comprehensive wealth plan for your full financial picture. with the right balance of risk and reward. so you can enjoy more of...this. this is the planning effect. ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm la

an institutional digital asset stage, where the big players like bank of america and phi dealt, blackrock, goldman sachs, and jpmorgans will enter this space, and we're all going to grow up and the world will benefit from that. >> just a few minutes ago we heard from coinbase's ceo brian armstrong. >> dodds this as a possibility of being salvaged? >> from where i'm sitting, it seems unlikely i don't think why investors would put money in, given the allegations, so it's surprising they're still pursuing that line, but without being inside the firm, i couldn't say exactly what is going on there. >> ample strong talking about ftx in particular. joining us is peter smith. blockchain.com ranked fifth on this list this year. where do you think it's going? >> it's going to result in two trends, one a trend toward regulated institutions, so on-shore players like ourselves and coinbase secondly, you'll see people shift towards storing their crypto on their own private keys we have about 85 million signups that are doing that today. i think that trend will accelerate the ultimate reality and the co

. >> it was interesting because literally in the last week, i report that had blackrock was telling itsinvestors that, hey, we think three more rate hikes, pivot language, and the closest you got to that pivot language was like, maybe, possibly, if. there wasn't any pivot language really in there. it's one of these disconnects. i mean, listen, why is the market doing this, liz? it's like a heroin addict at this point coming off -- liz: probably delusional thinks he'd have talked about that -- >> all we got was good news from the fed in a sense we're going to keep printing money and giving you stimulus checks from the federal government, and everything is going to be hunky dory, amc going to 1,000 and trading as high as 70 last year. meme stocks we know through the roof, bed bath and beyond, and the fed looks at all this stuff and says, well, there's something wrong here when a company that doesn't have earnings is going through the roof. they've created something bad. it's not just that liz: and the administrations, both trump and biden floated a ton of liquidity. >> yes, that's true, b

puttshack raised $150 million by blackrock were founded by the brothers who sold top golf to $2 billion ago. the firm behind bounce and flight club raised an additional 30 million dollars in funding. harry kane invested in toca social in january hoping that it pays some of the bills when he gets around to retiring. the company aims to add as many as 50 sites in the background -- in the u.k. and expand locally. >> i hope that this will grow and there will be choices made along the way that improvement and then by the time i am retired it will be a really fantastic play and i can enjoy playing football for fun instead of efficiently. >> he cannot save us out -- the shopping mall on its own but landlords hope that these sorts of spots can give them a new lease of life. guy: a nice piece. let us help that harry came has a good night. england versus united states, it will be a big day. this is bloomberg. ♪ guy: a couple of more hours of u.s. trading with the action and thus far, ed ludlow. ed: the s&p 500 is basically flat with energy being an outperformer as a sector. tech we have seen weak

blackrock, morgan stanley, goldman and j.p. among the leaders. so can the banks and brokers keep it going? tim, you think so. >> i do. it's interesting if you look at banks on the charts they are the first to get through the 200 day. if you look from the june low, i think they have outperformed the s&p something like 17% so at a time when there was more stress in the markets you had a period where actually banks i think ironically, because we were so concerned about credit concerns, i think that the numbers that we got in this quarter, third quarter numbers, reinforced the fact we got a fresh look in terms of core businesses and even without the mortgage strength and investment banking strength, a money center bank in this environment is minting money. >> julie >> yeah, no, i think from a fundamental perspective you are seeing really positive attributes outside of mortgage mortgage i think is becoming pretty challenging and i think if you look at like you look at the ac's october results in terms of, you know, charge ops, he everything is creepin

now, it was just yesterday that we had rick reither who is the fixed -- rick reider over at blackrock making some very strong comments echoing that. i want you to hear how energized he is about investment that teddy's been talking about as well. >> cash is, i mean, you can -- you get beautiful yield. i mean, the 2-year treasury you get almost 2-- 4.5%. even if the fed, let's say we're wrong and the fed's got to be the more aggressive, if they're going to be more aggressive, other financial assets are going to have a really tough time, and you're not going to lose any price return. if in investment grade, these companies, their free cash flow generation is good, they deleveredded their balance sheets, it is basically risk-free. but this is nirvana, having so much fun. you can now, all of a sudden, buy 5, 6, 7%. think about what most people's return target, if i can hit 7 using equities as well, if you can get there with a 6 in fixed income, you've hit your -- without taking any risk. liz: there you go, teddy. cash is king. and what he means is there's so many opportunities in fixed inc

forget about the tom bradys and the steph currys i get that we've got sequoia, we've got blackrock, we'velobal and softbank. these are some of the biggest and most sophisticated investors in the world, not crypto, but everything in the world, and they missed it. >> yep, that's a great point the thing is sam bankman-freed, fried, he went out and raised more money from big investors. yeah, i think it raised a lot of question so much invested in one individual in an industry that should have been so decentralized. for a while it was ftx and binance who were the two biggest players. now we're down to one, binance >> any contagion risks in your mind, coinbase, others >> i think -- i don't know about coinbase specifically, but i think what we've seen in the past with some of these crypto implosions is there's a lot of entanglement between different player, investors. there's a lot of common investors. this is what's really interesting about it a lot of this started when binance sort of announced they were going to unload their ftt i think there will be a contagion, but it's hard to predict skpa

you've got a blackrock director on that board.ve significant interest in china and that's, again, why can this threat is so insidious because over these decades, and you saw john siming passed away this morning. there is a concerted effort on behalf of the communist party to buy our loyalty and this was a pattern over years and decades. these guys weren't reformers. they were using this opening up to the world for their own interest, for their personal interest, and so you need leadership. you need leadership in the white house and the administration, you need people in corporate america to stand up. you need proxy voting firms. i think this is a key that no one ever talks about. if you are looking to vote, iss is directing the vote of many, many companies. i mean, you're not seeing people do their own diligence. ythey'reletting iss do it for t. where is the governance of the boards. maria: real quick. any thoughts on the trial of jimmy lai. a great op-ed talking about jimmy lai's journey, friends of jack keane and now he's probab

the ftx company had raise some money from the biggest names in venture capital from softbank and blackrock and showed that list a minute ago. investors i talked to expect their equity to be wipedout in this deal. $32 billion valuation now. they are writing it off as a loss melissa, back for you. >> kate, they have a consolation of companies that they have invested in, and i'm wondering what happens to those companies, particularly if they wery will lying on ftx in some way for regular capital injections which means that they wouldn't have capital to operate on an ongoing basis. >> they had done a ton of acquisitions and sam bankman fried ironically, the one bailing out a lot of companies, voyager comes to mind, deals not officially signed and they likely now will not go through both of those companies had been going through bankruptcy so that's one side of it. the company also has ftx ventures and they may need to go and tap the secondary markets and look for liquidity there so that's something the d.c. investors in silicon valley are worried about. they need to look to sell their stakes,

[closing bell rings] we have got blackrock's rick reader tomorrow.w. he is making all kinds of moves in the markets. that will do it for "the claman countdown." "kudlow" is next. ♪. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. so, donald trump is scheduled to speak tonight 9:00 p.m. eastern. his staff is calling it a campaign even with announcement. most folks tnk