he is not alone, black rock larry fink says he is advising people to buy. on theg of buying addict, gene munster says apple shares are about to pop. apples why he expects shares to go up 50% by the end of summer. for more on today's activity, going to the markets desk.

scarlet: if he is right, it won't be pretty, if you ask like rocks larry fink. lackrock's xi jinping. --larry fink. >> i really respect the chinese leadership. they have this 10-year plan that is pretty audacious. from ano transfer export driven manufacturing economy to a domestic service economy. it took most countries 50 years and a few recessions, so we can toect perfection, but transform their economy to a domestic economy with domestic ,onsumption, a strong currency lower energy prices, their companies are going to benefit dramatically by lower commodity devalue,o if they which is some narrative, in my mind the repercussions are far me theycause it tells are going back to this export-driven economy and walking away -- >> how do they stop the erosion in foreign exchange reserves? >> the united states has had current account deficits for a long time. let's not get too carried away about what the implications are. but you said it, they may have to do some type of capital controls if you become so unsettled. what i have learned is that all that selling of their

of course next on squawk box, black rock chief larry fink. stay tuned for that.all of us here on worldwide exchange, a very good morning to you. oil plunging. it's been trading below $30. down by like 4% and the futures in the u.s. down almost 300. so a steep decline indicated after one day of respite yesterday. great for us though. not the sell off but the largest money manager and chairman and ceo and founder of black rock larry fink is with us for the entire hour and a look at where that company is investing more than $4.5 trillion. plus dow component intel under pressure and earnings beat not enough to reassure investors about the company's pivot away from the struggling pc business and it's margins. it's friday, january 15th, and squawk box begins right now. >> live from new york where business never sleeps, this is squawk box. >> good morning, everyone. welcome to squawk box here on krr nbc. i'm becky quick with joe concernconcerand andrew. a global market sell off once again. shanghai stocks entering bear market territory. it is a decline of another 3.5% i

lack rock ceo larry fink sees a buying opportunity. he says markets are poised to gain over the next year. alix: welcome back to bloomberg markets. i am alex neil. time for a look at the biggest business stories in the news. -- i am alix steel. atrth-quarter profit american express dropped. this has been largely due to berkshire hathaway. his stake is down about $1 billion today. missingelectric fourth-quarter revenue sales. plunging in the oil and renewable energy unit. just a milk is in the process of reshaping the company focusing on industrial manufacturing and analytics. offwhile, he is selling finance and consumer finance operations. at least six angst targeted into libor breaking are in settlement talks with the country's regulator. that is according to people familiar. a settlement would mean nearly all global investigations into rate rigging are nearing an end. that is your bloomberg business flash. now taking a look at company movers. free stocks really missing out on the rally. this is because of earnings. --first, starboard

meanwhile, the world's biggest asset manager, black rock, larry fink's comments earlier today, down 5.5%. more than a mixed picture there. there are assets under management unchanged from the sim time last year. pnc financial, if you want to call it a relative winner in today's trade. it's not down by as much, but still one of the big regional banking players there as well. just to put this all in context, the move down in financials today as a sector overall, now makes financials the second worst performing sector in the s&p 500 on a year-to-date basis. back over to you. >> thank you so much. yet, new york fed president bill dudley is sticking to his 2016 forecast. steve liesman, who has come to the table to have a conversation with us. what's going on? >> there was an opportunity. >> surprising, right? you were surprise snd. >> there was an opportunity for bill dudley to calm things down a little bit, and he did not take it. i wonder if there's a message in that, which is maybe the fed is making a point of not trying to put some sort of floor under what's happening here and saying, you

larry fink is the chairman and ceo of black rock. black rock's fourth quarter earnings coming out moments ago. why don't we start with the news and go through the numbers. thank you for coming in today. >> hi becky and guys. >> for the fourth quarter black rock earned $4.75 a share. the street was looking for $4.80. revenue came in better hahn expected. $2.86 billion. you raised your dividend and it looks like just for the quarter, the long-term net inflows were $54 billion for black rock so let's take a look at all of the numbers. first of all people will say why were the earnings per share below expectations. >> so first as you said revenues were higher. flows were higher. $152 billion. let's talk about the environment. our assets are unchanged for the year so between fx and the decline in the equity markets last year we were down $150 billion. so we kept flat but we grew. we grew in revenues so one time earnings we identify that so -- >> let's go back to that fun flows number. $152 billion for the year which is hard to get your he

we will be back live at davos with black rock ceo larry fink. betty: it is 10:00 a.m.1:00 p.m. in hong kong. welcome to bloomberg markets. ♪ betty: from bloomberg world headquarters in new york, i'm betty liu. we are 30 minutes into the trading session right now and we are lower but we have been fluctuating in the first half hour. the s&p indexes trying to rebound from its lowest close in 21 months. european stocks are rallying after mario draghi says the ucb -- so the ecb may reconsider its monetary stance and could add more stimulus in march. we will hear from our discussion with christine lagarde. we will be talking with ukraine president petro poroshenko who met with vice president joe biden. we will be talking with the bank of america chairman and ceo ryan moynahan days after the

black rock's chairman and ceo larry fink in davos speaking of the volatility is staying somewhat bullishthis is what he told cnbc earlier today in davos. >> first of all, state invested in equities. first of all, citi invested in equities. be there in equities. these are just market corrections. you know, as warren buffett says, it's a long, long race, and i think too many people are panicking over these correction that is are necessary, and the reality is over a long cycle you're going to do fine. >> you're not going to remove the fears of 2008 any time soon. as big, dramatic, and scary as it was and as much money as people ended up losing there, so there is a tendency when the you know what is hitting the fan to try to wrap your arm around the nearest crisis and that being 2008. what about larry fink's point here that what's happening is good and over the long-term you should be invested in stocks. stephanie. >> i think you should be. you have to have a diversified portfolio, right? there are going to be times when certain symptoms stocks get hit really hard, and other times when they

meanwhile, black rock chairman and ceo this morning, larry fink, telling ""squawk box"" that markets could see another 10% decline leading to broad negative economic effects nationwide. here's what he said. >> i actually believe you're going to start seeing more layoffs in the middle part of the first quarter. definitely the second quarter. if we don't see some swift rebound. as i said, i think we are going to have probably more pain before we have that lift. i do believe by the sect half of the year, the market is going to be higher. >> market is currently touching the lows of the session, down 400 again. touching that point before bouncing back just a couple of points. here at post nine now, ubs director of floor operations art cashin. we broke through 16,000. that was the level you said earlier this week. we had to watch. how do we get there so quickly? >> well, we got there quickly because of oil. the large part. in fact, it's quite disappointing. often when you have a purge opening, the selling exhausts itself in the first 45 minutes or so. that's not happening here because crud

larry fink, black rock, was sitting on this very set and said the market could go down another 10 plus%. >> but you're not going to call that bottom. you have to start the nibble on the way down but getting money to work at lower prices and particularly if you're a 401(k) investor you'll be buying more shares in the upcoming months as the prices come lower. take advantage of the lower prices. don't be afraid of them. >> would you put money to work here or would you wait? jim paulson. >> that's all right. >> these '08 comparisons are getting scary. >> i'm going to say -- i feel pretty good now, michelle. that pocketbook. no i would be buying but we'll probably break 1800 and scare everyone that we're in a recession and convince everyone that we're in a bear market but i don't think that we are. i think that's the critical question. if you don't believe we're going to have recession we're getting close to a buy down here. we'll be at 16 times earnings if we trade down to 1800. that's a very sustainable, moldable, even if core inflation and wages go up to 10%. even if the treasury has to

when we come back, the ceo of the world's largest money manager, the one and only larry fink of like rock. david: welcome back. here we are with erik schatzker. erik: it has been a big week. arry think will be with us in minute, but we want to bring you up to speed. matt miller has that in new york. matt: thank you. first off, looking that big gains in crude oil. take a look at west texas on the nymex, up 5%. day is the second big of gains for nymex crude. say they, i would not results, but they have been so uncorrelated that i can. futures up across the board. it helps that we have big gains in asia, europe, because the world is expecting central banks, other than our own, to inject more stimulus. s&p 500 futures of 27 points and dow jones up 200. if we get a triple digit gain in markets today, it will be the soak 77% of all the trading days this year have seen triple digit gains so far. very interesting. david points out a lot of volatility that is not the percentage figure for last term. let's go over to vonnie quinn. travel plansu have today, you will probably change them. threatening

larry fink. he runs the largest asset manager in the world, black rock, say stocks could even go down another 10%s from here. certainly sobering words on a day where the dow has already gone down by more than 500 points. >> people are just trying to get to the weekend at this point. we will continue to watch this. it is monday being a holiday for wall street. cnbc's scott wapner, thank you. appreciate your time. want to show you live pictures from the campaign trail, sioux city, iowa, where we expect bill clinton to take that stage there. he's holding an event for his wife, hillary clinton. this comes as the now democratic front-runner and bernie sanders are locked in a super-tight race in the hawkeye state. last night on the rachel maddow show, the future secretary of state went after bernie sanders, hitting him on health care. >> now, the only clue that i can find because he hasn't laid out a plan is to go back and look at the bills that he's introduced nine different times, and it's a bit concerning to me, because it would basically end all the kinds of health care we know, medicare, medicaid,

rock. those results come out at about 5:45 a.m. eastern. so toward tend of worldwide exchange we'll break those numbers and then for immediate reaction stay tuned for squawk box u.s. larry fink is guest host for the first hour from 6:00 a.m. eastern. so lots further indicators from the financial companies today and that's going to be very important for sentiment here in the u.s. retail sales are something to focus on today. it's pretty strong. they're suffering and the online guys are doing well. if this retail sales number is very strong might that help the likes of amazon and carolin i wish you all the best for your upcoming maternity leave. >> i'll be back and i'll be sending plenty of pictures. and i'll tune in in the mornings or middle of the night for that matter. >> people have been writing in and saying is there a baby on board? >> there. >> it's funny though because if you look on screen you can't always see it. from the side definitely, you know. >> kwa hii can't hide it anymor >> let's have a quick look at u.s. futures. another down start to the u.s. trading session. the dow jones off by 252 points. the s&p 500 off by 27 and the nasdaq could fall by 80 points afte