still with me is the vice chair of blackrock, philipp hildebrand mr. ebrand, when you look at the geopolitical tensions that we've had since the beginning of the year, how telling wasn't that markets spiked her there were concerns that died down again. is this the concern of central bank policies? are two forces. this tremendous easing of monetary policy and the flaring up of geopolitical risks and trade engines. we have seen some of this moving into the background. some certainly, the trade deal between the u.s. and china is positive news. brexit is a big weight on markets. these are positive developments, but is early days. the underlying longer-term question is how this strategic competition between the u.s. and china, beyond trade -- trade is one part of it but he goes beyond trade -- how that will evolve. francine: so still trying to figure out what kind of capitalist society china will become. how does the market trade that? philipp: what has become pretty clear is that unlike what is the hypothesis in 2000 when china entered wto, that this would

guy: blackrock vice chairman philipp hildebrand speaking with bloombergs francine lacqua in davos.nce sector throughout the week. look at the great names we have lined up. last week was about u.s. bank reporting, this week is it is about bloomberg talking to the biggest bosses of some of the u.s. biggest banks. they are all coming out of the world economic forum over the next couple of days. this is bloomberg. ♪ guy: live from london, welcome to bloomberg markets. time for a bloomberg business flash, a look at the biggest business stories in the news right now. cook sayso tim everybody knows what is going to be going on next in terms of the tax story. let me bring you what is happening with that. need to get more details. -- timfind that story cook is saying everybody knows corporate tax systems need to be overhauled and he is hoping the debate can take place at a global level. he is speaking in dublin. apple is appealing of $40.4 billion back taxes from the european commission. let's turn to what is happening with airbus. the company is offering airlines derivativeit's new trading