that was philipp hildebrand from blackrock.ts 10th week, we look at the economic price of the hong kong protest. --protests. we are live in the region next. this is bloomberg. ♪ francine: president trump has made what seems to be an overture president xi jinping in a series of tweets, saying beijing can quickly and humanely solve the hong kong problem. let's get straight to your yvonne man. she has been -- to your yvonne man. -- to yvonne man. how hard has the market been hit? the hang seng has been down and recession calls are growing for the economy. we are standing in front of the pacific place mall is owned by a group that has been dealing with this protest from all fronts. the retail value of luxury brands are talking about how businesses have been hit by these store closures and the drop in tourists coming into hong kong. well with the as likes of marriott and conrad, bookings may plunge as much as 50% as month according to a hong kong lawmaker who represents the they have beeny dealing with these issues with the pilots t

francine lacqua tackled on thursday in an exclusive interview with blackrock's vice chairman, philipp hildebrandhe yield curve metals -- matters a great deal for banking no matter how you look at it. wealth management can be a way to diversify away from some of the risks of having a flat or inverted curve, but it is difficult. we are not going to see booming banks in an environment where we have the yield curve the way we have it today. francine: i look at it almost weekly, but it just keeps on going up. this is the value of negative yielding bonds, topping $16 trillion. our bonds in a bubble overall? philip: again, there are reasons why the market is seeking safe haven, and bonds is where you go. i wouldn't say this is a bubble. this is a consequence of, on ths one hand, a cyclical slowdown which we are now in the late part of the cycle. risks of recession are increasing. most importantly, it is also a consequence of the governmental policies, particularly the populist policies we've seen in so many countries. the notion that this will not harm the global economy is simply a fallacy that is now