countrys that had a case in their countries are dealing with it in a proper way u.s. president trump takes the fight to davos steven mnuchin shares that he will go ahead with tariffs our motto is to identify multilevel solutions we prefer to work with the solutions i think europe has to be as such together. certainty is better for the markets saying he is optimistic for the trade talks. christine lagarde is posed to post the first review in years and talking about the fine line between monetary and fiscal policy politicians were in charge of central banks or a world where it sometimes has to shut up even when difficult, i d rather choose the latter. coming up shortly on street signs, we ll be spoeaking to th ceo of volkswagen as he speaks of a radical shake up of the carmaker welcome to everyone on our continued coverage u.s. treasury secretary mnuchin has warned european countries against arbitrary taxes. he addressed italy and the uk s plans to forge ahead w
francine lacqua will be with us from the world economic forum. if you look at g10 currencies, the aussie, the best performer is pulling back on bets on interest rate cuts. a signal from the bank of canada on easing. central banks even as we have ripples across the market because of concerns around the coronavirus. speaking of the impact, in the asian session we saw weakness, stocks resuming their decline with chinese stocks bearing the brunt. u.s. futures have been more contained, they were lower in the asian session. touch 1.70. will we get there on coronavirus risks? oil is extending declines from a slowdown. brent at 62.45. we will hear from thomas jordan from davos later this hour. let s get the bloomberg first word news from new york. the spread of the coronavirus, china is locking down a city of 11 million people. officials halting travel from wuhan. today the world health organization is expected to decide to declare a public health emergency. in the u.k., a step c
Lacqua we speak with the vicechairman of blackrock, the worlds biggest money manager. After the financial crisis, what have we learned . We have too much leverage in the system without any doubt. When you have too much leverage, bad things happen. Things tend to be amplified. Thats the key thing. Thisve also learned that notion of letting the market be totally free, that wasnt a good idea. What stands out is banks needed much more capital than they had at the time. We had capital levels that were excessively low. In some cases, these banks were leveraged nearly 100 times. That, to me, has always been the key takeaway. Ways, i wish we had focused more on the capital all of theless on other things that have made it into the regulatory reform. A concern now of regulating the financial crisis, and we may miss the next one . We might, there shouldnt be any illusions. Financial crises should not disappear from the pages of future history books. We have to be realistic. I dont think we are ov
Vicechairman of blackrock, the worlds biggest money manager. It handles more than 5 trillion in assets. After the financial crisis, what have we learned . Philipp we have too much leverage in the system without any doubt. When you have too much leverage, bad things happen. Not only do they happen, but when they happen, things tend to be amplified. Thats the key thing. We have also learned that this notion of letting the market be totally free, that wasnt a good idea. What stands out is banks needed much more capital than they had at the time. We had capital levels that were excessively low. In some cases, these banks were leveraged nearly 100 times. That, to me, has always been the key takeaway. In some ways, i wish we had focused more on the capital issue, and less on all of the other things that have made it into the regulatory reform. Francine is there a concern now of regulating the financial crisis, and we may miss the next one . We might, there shouldnt be any illusions. Financia
Of blackrock, the worlds biggest money manager. It handles more than 5 trillion in assets. After the financial crisis, what have we learned . Philipp we have too much leverage in the system without any doubt. When you have too much leverage, bad things happen. Not only do they happen, but when they happen, things tend to be amplified. Thats the key thing. We have also learned that this notion of letting the market be totally free, that wasnt a good idea. What stands out is banks needed much more capital than they had at the time. We had capital levels that were excessively low. In some cases, these banks were leveraged nearly 100 times. That, to me, has always been the key takeaway. In some ways, i wish we had focused more on the capital issue, and less on all of the other things that have made it into the regulatory reform. Francine is there a concern now of regulating the financial crisis, and we may miss the next one . We might, there shouldnt be any illusions. Financial crises shou