BlackRock's Fink says economic woes most challenging in decades
BNN Bloomberg
Rising interest rates, inflation and higher energy prices are posing challenges to investors that they haven’t seen in decades, BlackRock’s Larry Fink said after the company reported second-quarter earnings that missed Wall Street estimates.
“Markets are reflecting investor anxiety as investors evaluate the potential impact of these pressures,” Fink, the firm’s chief executive officer, said during BlackRock’s earnings call Friday.
The results reflected Fink’s comments, showing that clients slowed the stream of money they added to its core investment funds. The choppy macro and economic background in the first half is prompting investors to reconsider the high-flying stocks and funds they’d previously embraced and making it harder for financial firms to keep growth on track.
BlackRock shares rose as much as 2.1 per cent in New York trading.
