so that all of the all in all and then blackrock the large investment wealth management company larry fink c.e.o. and something to tell our viewers about that you know so last year in june july if you recall like blackrock actually said they were going to put some money and put working groups into investigating how block technology could be used for their internal services however they recently came out yesterday saying that they're actually going to be taking a step back and that he thinks that right now they don't think it's reasonable to launch an e.t.f. just yet wesen being that he doesn't think the industry is mature and the chip image enough for this he says that before they launch a big point a.t.f. the us is he really needs to be confident in the industry and they actually need a government to support this and right now they can't do that because they don't understand the industry enough so i think they're taking opposite approaches but whereas fidelity is going all in and they want to shape the future of cryptocurrency to help mold it blackrock is still interested they're just tak

gary cohn and larry fink weigh in on the midterm vote. >> it looks to me that the economic issue didinto the election. ramy: global trade states a hot topic. stays a hot topic. the u.k. trade secretary was at china's import expo and says the outlook is bright despite brexit. >> we have countries lining up to talk to the u.k. ramy: this is bloomberg. ♪ ramy: this is "bloomberg best." let's revisit global reaction to the u.s. midterms. control of the house swung back to the democratic party. a number of important investors were ought the bloomberg for singapore on election night. erik schatzker began his exclusive interview with goldman sachs ceo david solomon by asking what he thought of the results. >> from a market perspective and from an expectations perspective, even in historical context, it is not too unexpected. i am not a big believer this will have a big impact on policy or action or washington or where we are for the next two years. erik: what if the democrats begin never-ending series of investigations with subpoena after subpoena and two things that trump administration an

guy: larry fink from blackrock. talk about whether the you -- where the u.s. economy is right now and where the global economy is in relation to it. you do not have a recession in the united states until, what, 2023 -- so i am wondering -- ed: april, 2023. guy: you are very specific. i put that in my long-term diary. atre do you think, we are 2.25% now, where will the rates be at that point? ed: i have a chance of studying economic factors and coming up with the most likely day for a recession, which let's just say it is years out. that is also because i made with investors constantly. that -- this is not a topic i get a lot of pushback on. people are starting to think it is a ways out. and some of the factors that argue for that, as an example, would be that once the growth in earnings peak, the s&p earnings, speaking around 25% or 30%, the recession is two or three years out after that. and once the average hourly earnings go up, they will hit 4% and then you get a recession. and right now there is 3%. so i think that the economy today is quite good. say the

because larry fink doesn't -- he's going to have 100 million shares if everybody elects cash. in addition to that, that's 6%, that's you know at $120 a share, that's -- what's the term of trade so that's -- he's got an influence. now he'll only about 89, so he's not necessarily going to run for office but basically, he'll have, he has to have a fingerprint in who's elected in the future. >> so i have a question mario. on his news, one of the problems we're all aware of is espn and subs and it seems as if there's been a bit of acceleration in the downtrend in subs recently you've got the marvel and "star wars" franchises that perhaps might be running out of steam. or at the very least, having a tough time beating "black panther" and some of the last few years, releases. so where do you see the upside where do you -- >> i think there's a lot of -- >> first of all we're dealing with 7.5 billion people in the world. the number of iphones, whatever they call those, are growing, there will be about 5 billion of them in three or four years. the notion of selling directly to the consu

>> larry fink laid out that this has become a commodity.wo days ago mastercard had an unbelievable quarter. this is good. the stock was down four. there is a think called the -- it took all the fin techs down. yesterday mastercard was up ten. >> that's the world we live in. you find out about etfs. >> we have to put this in the context where people understand. it is so crazy. i don't think people recognize how ridiculous this has become. i talked to a lot of people on air who are acting as if it is rational. it's not rational. >> it's not new. what is new is the three major central banks around the world with negative liquidity injections starting about now. >> the fed has a lot of people who come on air to justify everything they say. nick aikens is saying it is broad-based weakness. he is not a 28 year old who checks things. he is a ceo of the largest power suitor. i bank on the people who went to harvard business school and are 28. this guy is on the board of the rock and roll hall of fame. i saw him on mad money. i just think that the f

gary cohn and larry fink weigh in on the midterm vote. >> it looks to me that the economic issue didinto the election. ramy: global trade states a hot topic. the u.k. trade secretary was at china's import expo and says the outlook is bright despite brexit. >> we have countries lining up to talk to the u.k. ramy: this is bloomberg. ♪ comcast business built the nation's largest gig-speed network. then went beyond. beyond chasing down network problems. to knowing when and where there's an issue. beyond network complexity. to a zero-touch, one-box world. optimizing performance and budget. beyond having questions. to getting answers. "activecore, how's my network?" "all sites are green." all of which helps you do more than your customers thought possible. comcast business. beyond fast. ramy: this is "bloomberg best." let's revisit global reaction to the u.s. midterms. control of the house salon back to the democratic party. a number -- swung back to the democratic party. erik schatzker begin his exclusive interview with goldman byhs ceo david solomon asking what he thought of the results.

. >> bruce, blackrock's larry fink says a full-fledged u.s./chan trade war could happen if things don't change within the next few weeks. how much weight are you giving the concerns over trade war? >> i'm not giving that too much weight i think that's a short-term problem. i think it's a negotiating situation on the part of the president. i think long-term if we can get a tariff agreement, which i think we will, that would be very bullish for the markets >> all right thank you very much. >>> well, as bob mentioned, the dow lost all of its big gains earlier in the day but jumped suddenly after president trump's tweet about china. the president tweeting, just had a long and very good conversation with president xi jinping of china we talked about many subjects with a heavy emphasis on trade those discussions are moving along nicely with meetings being scheduled at the g20 in argentina. some still remain concerned, though blackrock ceo larry fink spoke about his fears with our andrew ross sorkin in new york today. >> if the path remains the same

joe kernen andrew will join us in the 8:00 hour to talk about his guest rock lineup, including larry finkmary barra, investor peter thiel. joining us for the hour is ian shepherdson. great to have you here >> thanks for having me. >> ready to walk >> ready to go >> he volunteered. >> we will start with the october selloff. the dow gaining 241 points yesterday but finishing the month down by 5.1% the s&p was down by 6.9% the nasdaq had the roughest month. it was down by 9.2% at the end of the month u.s. equity futures at this hour for the first trading day of november, dow futures indicated up by 110 points s&p futures up by 11 nasdaq up by 27. we do we head from here? october is gone, does that mean the market volatility is let's look at overnight in asia. you will see at the close the nikkei was down by 1%. hang seng closed up by 1.75% then the shanghai composite was up by a tenth of a percent in europe where some of the equities markets are open, they're all open and ready for trading. dax up by 0.9% ftse is flat the cac up by 0.4% markets in italy and spain higher look at treasury yiel

it's clear larry fink is very -- he has business dealings all around the world.e would like everything around the world -- peter thiel is different. >> you also heard a string of other guys >> you can't use the word globalist or nationalist anymore. >> we know larry, when he comes in i think it was funny he was so dour that was before the tweet. >> he was first up in the morning, so yes. >> i would have said the same thing yesterday morning at that time >> i know. >> how about canada? friday it was like -- remember with the nafta 2.0 on friday, eh, it will be a bilateral deal by sunday they're hugging. it's bizarre the way things can happen >> yeah. >> it's posturing. the thing with trump -- we heard someone say earlier, he's not going to go the entire way with the tariffs, but he's capable of it so he does make you think he will at this point shouldn't we be thinking he's bluffing but you don't want to do that because at any moment he might >> it's a new way of doing busine business, that's for sure. >> we need some new words. i'm so worried about dog whistle. >

spoker, david rubenstein cohn and larry fink in singapore. >> it appears the house will go to the democratsormer boss, what will he say about this? >> which one? [laughter] >> all right, how about donald trump? take full donald will credit for the pickup of seats in the senate. it looks like this and it could somewhere in that area, to mainstream incumbent democrats losing, at a minimum. donald trump will point out he campaigned in those states hard. he will say it is a complete ratification of his policies, and his policies are working. >> if you were there, would you advise him to say that? is,ell, my personal opinion look, you have an election that results, the senate going in one direction, a house going in another direction , and the makeup of the house is getting more diverse, many more women. women voters came out and voted, and they voted for women, which is a good thing. the suburban population voted. i think you have more of a mixed ,essage in their, but -- there but it does look that the economic issue played into the election, and the fact the u.s. economy is strong did play int

report that sensed there was a deal in the offing there's a lot of skepticism from people like larry finka lot of confusing signals being sent i think one part of the administration would like to get back to the table with china and try to work through these issues others seem to be more focused on continuing the trade war in order to build u.s. leverage and perhaps decouple the two economies. and the president's going to have to make his decision on which path he wants to follow. i think the most optimistic outcome for the upcoming meeting between the two presidents would be an agreement to go back to the negotiating table and to try and work through these issues. however, they would need some guidance from both presidents on which issues they're working on, what they're going to do with the impending tariff increases and perhaps further tariff imposition >> speak to china specifically in terms of how much pain they can take in the short-term relative to whatever you think their long-term strategy is given they have a 2030 plan, a 2040 plan. these are long-term thinkers but they also hav

. >> you know, you've heard larry fink is at the high end of the ethics category f.it's good enough for his firm, probably it's good enough for me. i'd like to see the stock start to go up. i think the emotion here is just too much to get in the way of at this point and the other thing, maria -- maria: lost $120 billion in market value as the stock slid last week, that's incredible. real quick, layer you. >> you're going to start seeing margin calls. maria: we'll be watching. thank you for joining, larry. great insights from you. retail in focus today, target, lowe's, kohl's, barnes & noble all out, we have the latest numbers, giving you a sense of where the consumer is going into the holidays. plus this, grounded, wind gusts may keep the macy's thanksgiving day balloons from flying this year. we've got it all coming up after this. ♪ life changes. ♪ you wake up, ain't nothing the same. ♪ and life changes. ♪ you can't stop it, just dropke on a train. ♪ never know what's going to happen. for my self, its for my future. annuities can provide protected income for life. l

. >> ready to go >> larry fink thinks he's an expert >> it's the best game. >> you don't even know whatt it. >> yet i was still playing >> you were okay >> no, i wasn't. i kept trying to do -- what was it kept the old maid? >> keep the queen of hearts. >> i kept getting held with the old maid. >> you don't want the queen of spades. >> i'm mixing etaphors >>> when we come back, gm halting production at american plants coming up at the other some of the break, we'll talk to senator rob portman on what the closures mean for the ste u are watching "squawk box" here on cnbc our new, hot, fresh breakfast will get you the readiest. holiday inn express. book now for at least 20% off during our annual sale. but prevagen helps your brain with an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has been shown to improve short-term memory. prevagen. healthier brain. better life. this is moving day with the best in-home wifi experience and millions of wifi hotspots to help you stay connected. and this is moving day with reliable service appointments in a two-hour window