larry fink says the u.s. economy is not so bad but he worries about europe.s is bloomberg. ♪ alix: "bloomberg daybreak this is "bloomberg daybreak -- this is "bloomberg daybreak." happy ecb day. european stocks up .4%. european banks down by .4%. we might see another round of cheap bank loans from the ecb later on. euro-dollar. euro-dollar goes nowhere. we did get some not terrible data out of the eurozone today. we do see robust pay gains. 12 10 year yield in germany, basis points is where we sit. have we bottomed? that is the question in the market. with a bit of a relief rally. there are some things going on outside the business world. viviana: no response yet from u.s. officials after a huawei lawsuit against the u.s. government. lawsuit is aimed at a u.s. that prevents government agencies from using equipment from huawei and cte. paul manafort will be sentenced today for tax and bank fraud. manafort is 69 and could get up to 20 years in prison. observers believe a federal judge in virginia will give him less than that. lawyers claim he was unfairly snare

larry fink on black rock and active and passive management.francine: this is "bloomberg surveillance." us -- themosoc fiotakis and corrado passera are with us. we are talking about the hopes you have for banking in the next five to 10 years. it talk about the banking union. are we going to ca banking union -- see a banking union with good rules in europe in our lifetime? corrado: we have to help so and we have to do our best to implement it. we cannot stay in a situation where each country actually is a separate one versus all the others. cac -- capital and equity -- you create a group, but you do not create a real european bank. that is the responsibility of the new parliament and the new commission. the ecb will have to push in that direction. until that time, we will not be able to compete at a global level with u.s. and chinese banks. tom: we picked out -- francine: we picked out a morning must read. what is most remarkable is the political color of the government, talking about italy, spearheading -- to asia. firstre running a italy admin

rosalind: larry fink in an exclusive conversation. >> i would call this a goldilocks moment, not so bad, not so good. rosalind: plus, bill gross reflects on bond trading as he bids farewell to the business. and his successor explains how he is reshaping the fund. >> as opposed to 14% or 15% now. >> the process will be the same. the risk profile will be slightly different. rosalind: it is all straight ahead on "bloomberg best." ♪ rosalind: hello and welcome. i'm rosalind chin. this is "bloomberg best," your weekly review of the most important business news, analysis from bloomberg around the world. let's start off with a look at the top headlines. on monday, reports of progress towards a trade agreement between the u.s. and china had investors feeling optimistic. >> the u.s.-china trade deal could result in lifting all tariffs if china buys more american products and commits to protecting intellectual property rights. what is china willing to buy? >> china has made it clear that they are willing to come to the table. -- they have said they are willing to buy agricultural products. we're

blackrock chief larry fink is a self-professed critic of modern theory saying it is garbage and deficits matter. the u.s. deficit is on course to top $1 trillion and jay powell, larry summers, and paul krugman are all critics. larry fink says it is not a good approach. >> that's garbage. >> you are with jay powell on this one? helpising taxes does not economic growth and more importantly, yes, i am a big believer that deficits do matter. i am a big believer that deficits are going to be driving andrest rates much higher could drive it to an unsustainable level. intelligencea's agency says the north has resumed work on a long-range missile site with operations possibly beginning before the hanoi summit took place. satellite images indicate work at the site took place somewhere between february 16 and march 2. global news 24 hours a day on air and at tictoc on twitter powered by more than 2700 journalists and analysts in more than 120 countries. >> thank you. another major story we're tracking today -- tesla reaching an agreement on more than $500 million in loans from chinese banks to bui

larry fink says the economy is in a goldilocks moment, not too good and not too bad.: he was speaking in zÜrich at the blackrock wealth symposium, kicking off with china. >> china is slowing. it is slowing to 6%. >> that is what they say. >> ok, 5%. actually, the cities are growing nicely. it is the outer region. china has expressed the same two -phase economies where one part is going well and one is slowing down, so they will experience the same, maybe populism and unrest in the future. japan is growing at 1%. southeast asia is growing nicely , supply chains moving from china into the southeast asia region. january orpared to march of 2018, we were much more pessimistic. i am very worried about europe. that does not mean europe will ,e in recession in 2019, but it maybe it is 1% growth, probably closer to zero. in the u.s., we had the sugar high from the tax reforms. we all anticipated the economy would slow down after the sugar high, and that is what is happening. where is the u.s. economy? -- 2.5%, 2.6%, 2.7%. commerce is still good. i would almost call this a gol

it is interesting whether they should be doing it, countries it should be doing it, and larry fink talkedut it, where he addressed the issue with erik schatzker. >> in germany, we will be focusing on making sure that our cities, our auto bonds are prepared for the electrification of cars. that could be a great fiscal spending. that could be really transformative for the cities. >> have you talked to german leadership about this? >> i have spoken to many people in germany about it, i will not say who i have spoken to. emma: he did not reveal who he was talking to in the german leadership about this, but fiscal stimulus, this could be a good way to provide that in germany. but the desert is it will build the charging networks for the electric vehicles. david: it is not just germany. when i was at the auto show in detroit this last january, i spoke with david dingle, a congress person from michigan, and she said she believes in the infrastructure because she thinks we need it for electric charging stations. she said, would we get the infrastructure package, she said some of it should go for

smoke.ll going up in blackrock ceo larry fink says modern monetary theory is garbage. high profile people disagree with him. amazon.com has stopped buying products of wholesalers. a study suggests china's gdp growth was inflated for nine years, but by how much? new york is considering taxing nonresident owners of non-luxury apartments. it is all on the terminal. could the widening muttering laundering scandal be a problem? it is estimated the amount of dirty cash inside the eu looking for loopholes to get in. cases heunder says the has so far is a fraction of this amount. he spoke to bloomberg's guy johnson. >> i am going to the process, and for me, and activist, you never look at the endpoint because you get frustrated. the best thing is to look at what i have accomplished this day, this week, this month. guy: you cannot see yourself saying, we know what happened, we will shut it down? you and your team have the information and a great deal of skill in the route these moneys have taken? >> we have the most effective money laundering investigators in europe. windows we

larry fink there. he dick fuld of lehman brothers. gary cohn was there.hey formed, and paul volcker, they formed a sort of basis of his wall street support. they gave him seed money to go out and raise gazillions from outside. neil: he raised a lot on his own and won iowa that year. he was off to the races. >> but my point is back then the sort of modus operandi get wall street locked down. go out. now -- >> even something that other democrats attack you on if you get a lot of wall street money. saw that with hillary clinton. wall street is evil and they kill your grandma or whatever else they're trying to say about businesses that actually do well but it actually can kill you. >> they actually do kill your grandma. neil: he is way outside the box candidate, entrepeneur, andrew yang. he calls himself the asian could tank i don't know. he had a big crowd in san francisco. 3,000 wanted to hear what he had to say. some refer to him as dark horse, surprise candidate here. this is his last visit here. take a look. do you worry good intentions are going to mean

larry fink at blackrock, blackstone, blackrock that we should describe what we are doing. we are opening four new branches, that is 4000 people directly. another 8000 people indirectly. we go in with all of j.p. morgan. we open a branch, philanthropy and education for people who need financial education, charity, we do the whole thing. it wasn't just the 25,000 jobs amazon was going to do, it's probably 100,000 job supporting it and they would've gone from low skill to high skill to consultants and lawyers to restaurants and barbers and construction workers and that is the shame. that's what they lost and the whole ecosystem that creates jobs and furthers interest. cities and states act that way, they're going to be long-term losers. i was in new york city in 1974 and we had a financial crisis and crime in all of these terrible things. 10 fortune 50 companies left the city in a five-year period. jcpenney went to texas, american airlines left, it was amazing. companies were just leaving and cities and states can foster an attractive environment and help you guys to the othe

tom: is laurence fink going to speak to a happy larry kudlow today? lots of room on the external periphery, the domestic economy is in sound condition. it will be this year. you are getting labor inflation and will be getting price inflation. tom: i don't care what side of kudlow debate will ?eyond -- be on he will say supply-side will fix mmt. stay with us. it is jobs day. this is bloomberg. ♪ alix: jobs day -- brace for impact. after january's blockbuster numbers, we await the february numbers. a study says the economy is 12% smaller than estimated. norway shuns oil. the sovereign wealth fund will sell upstream oil equities to hedge against risk. david: welcome to "bloomberg daybreak." it is jobs day. it is also international women's day. we've been taking a look at some of the numbers. behind,e still a ways but they are catching up. alix: david is our token male on the program today. this is a great report from bank of america. there's a quality -- equality for women, it could be a $28 trillion