Bloomberg surveillance. This is what the markets are looking at. The focus is firmly on the vaccine trial data out of moderna yesterday. The focus is of course on the fact that we could have a vaccine quicker than expected simply because it is the second trial data that is better than what analysts and watchers were thinking. This global stock rally powered by hopes that the vaccines will bolster Economic Growth was paused, partly because investors are weighing the spread of the virus. I think investors are also looking at valuations. And also, there is a bit of profit taking getting underway. Inla jumped more than 10 after hours trading after the announcement that it will join the s p 500 index on december 12. In other asset classes, treasuries drifting with the dollar. Lets get straight to the bloomberg first word news. Heres leighann gerrans. Good morning. The Trump Campaign is withdrawing a key part of its lawsuit against the Election Results in pennsylvania. It is abandoning deman
And throwing a little excitement into the game. Bonds are higher. That supports the bigger decline we had for the s p 500 earlier. At this point again we are seeing for bonds, the decline in yields probably more outsized than the pullback we have for stocks. Perhaps there is some volatility, but not today. One place there was movement was in Prescription Drug sales. Amazon has decided they will come to that business. Higher on then news they are opening an Online Pharmacy where they will sell drugs on a digital basis. Discounts to prime members. On this you have the likes of sourcelgreens, amyris from anything involved in the drugstore supply chain down in a is way as the commerce giant getting into the business. This has been thought it would happen for a while, but now that it is here come easy the big selling pressure in the health care chains. Amazon off the highs but in a hohum day is up. 7 . David thanks to Abigail Doolittle for that report on the markets. The ceos of facebook an
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