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BLACKROCK BULLETIN

No 2008 redux, but recession coming

The market gyrations of the past week are not rooted in a banking crisis, in our view, but rather are evidence of financial cracks resulting from the fastest interest rate hike campaigns since the early 1980s. Markets have woken up to the damage caused by that approach – a recession foretold – and are starting to price it in.
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Larry Fink: I really believe the transformation of leadership, the transformation of businesses is about more and more leaders in their focusing on things about their stakeholders. They're connecting with their employees deeper and broader, they’re connecting with the client broader and they're certainly trying to be more connected to their society. So much of that is in this letter it is about moving forward on better disclosure, more complete disclosure, especially in that zero climate change. And investing is something that is a powerful economic result. As we move towards a more sustainable world it's going to create great jobs, is going to create a you know a great environment, and so we should not be afraid of it we should all be embracing it and finding ways that we could you know be a part of that and I think this is one of the big messages in the 2021 letter.

Larry Fink on our sustainable future

Larry Fink, BlackRock’s Chairman and CEO, discusses how the energy transition, including the widespread adoption of net zero, will fundamentally reshape the global economy.

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*Source: BlackRock, People & Money, 2020

1WRI (May 2020), Water: mapping, measuring and mitigating global water challenges.
2During stressed markets, iShares UCITS fixed income ETFs traded an average of US $17.5B (21 Feb –20 Mar 2020), more than twice the 2019 weekly average of $7.8B. All amounts in $USD.

This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as of November 2020 and are subject to change without notice. Reliance upon information in this material is at the sole discretion of the reader. Investing involves risks.

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