fink >> you still can call me larry. >> call him secretary fink. >> just as long as we call you for dinner. >> that's great. >> that's right. all right. >> larry, i want to thank you. >> sorry, go ahead, joe. >> so he didn't answer would you -- would you if they asked you for your country, larry? i think you would, wouldn't you? >> i am happy where i am i am thrilled -- i'm honored in what we've accomplished at blackrock. >> okay. good answer. >> thank you you trained me, joe. >> i did. all right. good to have you for an extended period, larry. >> thanks, guys. enjoy. stay healthy, please >> bye-bye. >> thanks, you too >>> coming up, what investors need to watch in the day ahead first as we head to break, let's get a check on the markets "squawk box" coming right back >>> let's get you caught up on some of the headlines this morning. freddie mac says the average on a 30-year mortgage has fallen to 2.98%. that's the lowest level in the nearly 50 years that records have been kept to put that in perspective, the average rate on the 30-year was 3.78% at the beginning of the year and that makes

s larry fink the chairman of black rock the world's largest front manager came right out and said climate risk is investment risk. but i don't think there is a choice between plan and profit. it's amazing actually metrics that you're scoring companies on you look at anything or is this really any s.g. thing or is this just good business are you polluting are you wasting resources or wasting resources back to the bottom line or that brings the rate back into big business. screening companies for the s.g. criteria has proven an effective way to anticipate and avoid scandals capable of wiping out share prices through for example in between yesterday mutual funds they had to hold folks who are going for a long time because there were questions around the governance structure of the company. disallowed those e s g. funds to avoid the stock crash that followed reasonable news emissions cheating scandal. with cheating software to make the. green companies are also better prepared to face the growing threat of climate change. act as a reviving the appeal of green investment. sustainable funds are

trying to ward off protesters in other words the people aren't full by this they're not fooled by larry fink of our black rock they're not full by donald trump they're not fooled by don't your bank tell yoder of ox wagon comcast apple or wal-mart 18 to your united health ripping them off blind disenfranchising them stealing their a commie and returning america to a slave economy where everyone is i click farms trying to make jeff zucker but rich so i mean mark zuckerberg and rich people all think they can leave before the guillotines really come out max ok if you go look at america right now there's a book on the new york times best seller look list by stephanie calton saying that deficits don't matter deficit meth i think it's what it's called and it's this whole idea of modern monetary theory that says the u.s. is the reserve currency he can effectively print as much money as who wants in this point without triggering inflation. so anything that anybody wants is a program can be formed right but if the efforts of style got a richer how come america can't make 50 cent masks we spent the las

can you start off and tell us, what did larry fink tell you about his view on the economy?ie: sure, he said looking ahead and considering where we are now with virus impact and recovery, the researching market for small to midsized is this is needs to come back in a meeting away and he said that what we are seeing right now in his words a kind of i've older economy where you have large companies that have been able to bounce back a bit from some of the pain that we saw in march with small and incised companies suffering. caroline: saying that we haven't seen the worst yet with relation to the virus, but this business has benefited from the stimulus provided and also from the retail investors to get in on the act and money to be put to work for fixed income. what were the key people ways, from your perspective? estimates for profit and revenue this quarter. the inflow into the long-term investment products was really driven by the strength of their retail segment and fixed income products. investors a retail get more comfortable in investing in the second order, they came ba

larry fink is on the train as mark and recent.ons of people have been moving that way, saying we need multistage capitalism. just shareholder only is not working. the rich-poor gap is getting wide, it is leaving too many people behind. there is this rise in esg funds . almost every fund wants to be esg these days. i do think it rises to wall street is trying to -- wall street was already moving there. that is not i think the concern for the market, as much as the tax code. sonali: i want to go back for a second because you were talking about the sky high tech valuations. what does that mean in terms of how you are investing? mike: a friend of mine -- i said this yesterday, a friend of mine said in markets like this you want to be on the airplane, but the seat closest to the exit. the reality is i missed this tech move. i got smart enough not to keep fighting it, but i have not been participating. i got a lot of friends that are making a lot more money than i am these days. i have a whole bunch of gold, bitcoin. that is also partic

larry fink is on the train.ing people have been that way and saying we need multi-stakeholder capitalism. just shareholder only is not working. the rich-poor gap is getting too wide it is leaving people behind. there is a rise in esg funds. almost every fund wants to be an esg fund. i think biden will be moving towards wall street. wall street was already moving there. that is not a concern for the market as much as the tax code. reporter: i want to go back for a second because you were talking about the sky high tech valuations. what does that mean in terms of how you are investing? said inend of mine markets like this you want to be on the airplane but in the seat closest to the exit. the reality is i missed this tech move. at least i was smart enough to not keep fighting it, but i have not been participating. i've got a lot of friends that are making more money than i am these days. i have a whole bunch of gold and bitcoin. that is also participating in this liquidity driven bubble. there will be longer term

larry fink is warning of what he calls a bipolar economy. of blackrock predicting an uneven recovery. he says small and medium businesses face a steeper climb. nk tells bloomberg businesses benefit from stimulus and rising markets. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. . am ritika gupta this is bloomberg. alix: let's end on where european stocks have settled. volume was not terrible. light volume with the cac, but for european stocks volume was above average. 2% plus for european stocks. alsotse up 2% and the dax up over 2%. the story has been the outperformance compared to the u.s. equity market, particular when it comes to technology stocks. the question is do we need to see the money flow through from the european recovery fund in order to sustain that outperformance? we will break that down on the other side of the break. this is bloomberg. ♪ alix: live from new york, i am alix steel. this is "the european close" on bloomberg markets. eu

stock bounced big after pnc dumped shares foolishly and i think larry fink is good we are making oneat's it. we're so done it's scary and that, ladies and gentlemen is the conclusion of the lightning round. >> announcer: the lightning round is sponsored by td round is sponsored by td ameritrade ♪ ♪ ♪ ♪ ♪ >>> want to know a major reason why this market keeps turning higher even though covid cases are spiking and unemployment is at ridiculously high levels but we hope it goes down when we see the number tomorrow. let's take a look with caroline. the brilliant technician who runs the website also happens to be my colleague at real money.com. we need her and a charge to get a better sense of what is happening right now. we could have more upside here even though it's in the face of a tough backdrop we spoke to her six weeks ago she laid out bullish targets let's start with the nasdaq because this tech heavy index is able to close on a record high today. though, it's still down roughly 300 points from the price target so maybe there is room to run here when you look at the daily chart, re

. >> thank you for taking my question you talk to larry fink at blackrock in march, april, and may. i was wondering if you could tell us a little about what you talked about and if the topic of the conversation was facilities, how do you handle conflicts of interest during those conversations? >> so blackrock is just our agent. we make the policy decisions in conjunction with our colleagues and they just execute our plans. i actually don't remember exactly what i would have been talking with him about he's the head of a major service provider he generally checks in to find out whether we're okay with the quality of the service that blackrock is providing i don't have daily face-to-face with black roc three phone calls in the course of a few months. it wasn't very many. i think their conflicts are managed extremely carefully in the contracts we have with them. again, i can't recall exactly what those conversations were. it would have been about what he's seeing in the market, generally exchanging information. he's typically trying to make sure we are getting good service from the com

more on that later we hear from black rock and regular manager, too the media loves black rock ceo larry fink because he has opin the world of stock and things. now that they adjusted stake in the company done by a fantastic offering in the low 400s when the deal happened, it's a 552. you don't need to worry about a potential equity deal but you do need to worry about cutting. i wonder if larry will give insight into the fed's bond buying program because black rock is orchestrating it i know this is a small one, probably down your radar screen first to rise. why am i interested? this is a great regional bank and topnotch franchise one of the strongest areas of the country in memphis, tennessee and branchs over the south amazingly well run and yet, the stock sells seven times earnings and a 6% yield it down 40% for the year i get it the economy is a mess and having a terrific covid outbreak but maybe overly punished. bottom line, this is the leap we find out if the real world will intrude on the stock market world and that's what happened in the afternoon today, but tomorrow is the big test if

larry fink of blackrock should know me. the head of franklin templeton should know me.ese major firms that manage capital from all of these pension funds, a lot of it paid in by people of color, they should know african-american entrepreneurs like me and they should be sitting down with us and trying to understand how can we embrace your talent and invest in the community. that's very important. this is an investment, not a charity. cheryl: i love that you are talking about economic inclusion, because that is so important, you know, it's not -- we talked about that with america's veterans, american veterans. it's not a landohandout, it's a up. i was looking at something from brookings institution that kind of stunned me, actually. black americans hold just 2.6% of the nation's wealth but they are 13% of the population. you mentioned a lot of ways that we can change that. but i was surprised to see this is -- this low number really surprised me. what's the problem there? >> you know, the relationship with black america and america is very different than any other america

we will be waiting for larry fink's comments.he accounting scandal shining the light on poor corporate governance. esgill discuss the g in with edmund shing. this is bloomberg. ♪ anna: welcome back to the european market open this friday morning. still 15 minutes to go until the start of cash equity trading. known asmeant to be the year of investing but the coronavirus has remained the focal point of market attention. esg investing has continued to grow as investors look for ways to insulate themselves from shock. on the environmental front, the record amount of green loans were issued from the beginning of the year. shows the light on this social aspects of investing. mistakesard shows the that can be made. edmund shing from bnp paribas is with us. you have created a basket. tell us why you have created this and what it is you are trying to tap into here. edmund: as you said berry's a single-a, esg -- as you said, esg has beenally, huge in the last 12 months and that is a structural shift that shows no signs of slowing. has been

senior wall street executives guys like jim chanos who runs a big hung fund, famous short seller, larry finkackrock, the largest money management firm, they are all part of the biden inner circle so to speak so he talks to wall street guys all the time, and be that as it may, there's two types of wall street here, there's the guy at the top of the companies and they need the people who deal with small investors, the brokerage finds people that invest money who turn to wall street for investment advice and from what i understand and i've been talking to financial advisors now for the past couple of days, there has been a sharp increase in investor calls and worry quite frankly, about what a biden presidency would bring to the markets to their portfolios, given the fact that he still remains leading in the polls, again, we're early the election is far from over, but small investors, people that watch our show, the backbone of the investing public, they do look at polls and they are see ing donald trump behind, they're seeing joe biden ahead, and they're getting worried. i should point out that

it kind of points to what larry fink told the guys on "squawk box" this morning about the recovery being lot more muted, they believe, than consensus might suggest. here is what larry said. >> blackrock has never believed we're going to have a v-shaped economy. we believe this is going to be a slower more persistent rebound, but we do believe there is a rebound but it's just going to take longer. >> kind of fits with a lot of the commentary this week, jim. >> yeah, but larry was very thoughtful as i wish we could all have a transcript of the things he said i found larry the most imperative thing was he said a lot of money was taken out with this market it means that a dip is going to be met by new money which is kind of extraordinary. people pulled out money in that last week of march david, remember, i think people came on our air in the last week of march and they were somewhat negative >> yes, i do remember that bill ackman, mr. chanos. yeah, that was not great timing. >> no. >> you had -- yeah, there was a lot of -- >> a lot of rich people. >> a lot of negativity in terms of the mark

a lot of people say larry fink, head of blackrock. seems moderate. handle as lot of work for federal reserve in its portfolio. roger altman, names bounced around, tony james of blackstone, another long time wall street denizen who has been working with democrats. but also what you hear is, is it possible that elizabeth warren, that he might, biden might look to, appease the progressive left to make elizabeth warren his treasury secretary? if that happens, you will see volatility squared in the markets. on top of people pricing into the biden tax increases. a lot of presupposition. a lot of people worried about wall street about the impact of the biden administration. point out m firms, man democrats. they profess not liking donald trump. people that work on wall street, particularly the wealth advisors, they care about money. they're seeing that under joe biden the money of their clients could be going to the federal government pretty quick and they're worried about that. neil, back to you. neil: yeah. they should be. that is a real concern here, esp

straight ahead tomorrow, don't miss a big interview right here on "squawk box" with blackrock ceo larry finkt back. it's easy to get lost in the economic uncertainty. the volatility. the ambiguity. this moment calls for more. and northern trust delivers more. with specialized expertise. proven strategies rooted in data and analytics... and insights borne from over 130 years of successfully navigating economic turbulence. giving you new clarity. inspiring confidence. and helping you uncover new paths forward. northern trust. wealth management. >>> welcome back, everybody. let's get to cnbc headquarters, jim cramer joins us right now. jim, we did have more of the earnings that came out today, more of the bank earnings, morgan stanley and bank of america. better than expected results, not huge activity in the stock maybe because we've seen this show before with the other bank earnings we've seen this week. >> there's way too much on we, some of these quarters are spectacular given the fact that we just went through one of the great stress tests in history and these all dame came through with fl

the shareholder capitalism attack is actually a byproduct of this whole social justice movement, larry fink remember, maria, the business roundtable last year saying corporations should no longer exist for benefit of shareholders. that's what he's getting at. it's dangerous. it's economically ignorant and god, do i miss milton freedman. maria: i tell you one thing. the absolute hypocrisy of some of these global money managers who are telling me i want to have this esg, bs, and not invest in sin stocks, i don't want to invest in oil companies, don't want to invest in tobacco companies because they're sins yet they're perfectly fine managing the money of the ccp. it's so hypocrite call -- hipocritical. they're telling us not to invest in oil of companies. really? let me look at the broader markets here. we're on the doorstep of the second quarter earnings season next week. features are slumping amid the coronavirus worries. one stock that is seeing major gains, tesla. katie, walk us through this. the stock soaring 25% in the last week on tesla, katie. you're looking at the charts. what do the