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No signs of global recession in next 12 months: BlackRock's Fink

Stock MarketsApr 20, 2019 04:40AM ET
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© Reuters. Larry Fink, Chief Executive Officer of BlackRock, stands at the Bloomberg Global Business forum in New York

BERLIN (Reuters) - There are no signs that the global economy is sliding toward a recession in the next 12 months, BlackRock (NYSE:BLK) Inc's Chief Executive Larry Fink said in remarks published on Saturday.

In an interview with German business daily Handelsblatt, Fink warned, however, that the global economy was in the late stage of a long growth cycle, suggesting that downturn was becoming more likely.

"I see no signs of a global recession in the coming 12 months," said Fink, who leads the world's largest asset manager.

"The central banks have loosened their policy above all because of the weak fourth quarter of 2018. We will go through a phase in which things are not great but also not bad."

He added: "But we are naturally in a late phase of the economic growth cycle."

The International Monetary Fund cut its global economic growth forecasts for 2019 this month and said growth could slow further due to unresolved trade disputes and the risk of Britain leaving the European Union without a deal.

The global lender said some major economies, including China and Germany, might need to take short-term actions to prop up growth and that a severe downturn could require coordinated stimulus measures.

German Finance Minister Olaf Scholz has ruled out taking on new debt to stimulate growth in Europe's biggest economy, saying tax cuts, higher investments and a solid labor market will continue to provide growth impetus.

No signs of global recession in next 12 months: BlackRock's Fink
 

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Hank Williams
Hank Williams Apr 20, 2019 1:20PM ET
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Windfall Profit Tax the tech industry.
Hank Williams
Hank Williams Apr 20, 2019 1:18PM ET
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So is this how the super rich are throwing the middle class and small business some bread crumbs, getting average oil prices down so they can act smart and claim there is no inflation. Put oil prices at $120/bbl and I bet you see the Fed raise rates. And what happened to the Windfall Profits Tax for companies that made just too much profit? And Wall Street Banks should be able to be included in NOPEC since they had a lot to do with running up spot oil prices over the last four or five decades. That has always been a major way the wealthy have pulled money from the middle class and yawned about it.
Tomek Mi
Tomek Mi Apr 20, 2019 8:40AM ET
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So if the professional liar says so, then it is time to short:)
Ji Go
Ji Go Apr 20, 2019 8:40AM ET
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Truly reads like someone trying to prevent a run on the bank. “A recession isn’t coming, but we’re definitely just about done with this expansion cycle.” What other possible word is there to describe the period that comes after expansion?? He has the most apropos last name of all time.
Erwin Jedwab
Erwin Jedwab Apr 20, 2019 8:03AM ET
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if true, time to buy in october around 23rd
Russ Green
Russ Green Apr 20, 2019 7:37AM ET
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The definition of valuation today in this market is the price people are willing to pay but not true value. One day, probably soon, this house of cards is going to come crashing down and its not going to be pretty
Ji Go
Ji Go Apr 20, 2019 7:37AM ET
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Truer words. We the Regular People need to start taking some froth off the table so we have capital deploy when faces start getting ripped off. I like hedging, so I’ve been selling a little and buying some inverse ETF plays while they’re so cheap and getting cheaper. Whatever your flavor now is the time to start playing defense. And, as always, never a bad time to buy bullion!!
Deepak Mehta
Deepak Mehta Apr 20, 2019 7:20AM ET
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Great smarter than imf Nd economists or a liar
Marius Cirsta
Marius Cirsta Apr 20, 2019 7:20AM ET
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He has his own interests.
 
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