Max Nisen is a Bloomberg Gadfly columnist covering biotech, pharma and health care. He previously wrote about management and corporate strategy for Quartz and Business Insider.

Good morning! This is Fly Charts, the daily charts-only newsletter from Gadfly; sign up here. From a Mario Draghi warning to the limits of margin expansion, here are four charts that tell you what you need to know in business today.

Slipping Up
Banks have been spending heavily on bond trading; the next few months will determine if it's time to rethink that.
Source: Company filings
A second quarter earnings blip shouldn't derail investor confidence in Blackstone.
Source: Company filings
*Data as at Q2, 2017. Other firms are yet to report
A Shot Across the Bond Market's Bows
Bond investors are taking Mario Draghi's warnings about rising borrowing costs seriously.
Source: Bloomberg
Intraday times are displayed in Eastern Standard Time
When Margins Are Central
Margin expansion won't sustain Unilever forever -- the company needs to find or buy some growth.
Source: Bloomberg, company statement

And don't miss Elaine He on the sources of London's housing price problem: "Homes in England cost eight times workers’ wages; 13 times in London; and 30 times in the capital's poshest neighborhood, according to the Office for National Statistics. Years of low interest rates have fueled a boom, but ultimately, the problem comes down to supply and demand. For decades, the dwelling stock available hasn't kept up with population growth."

This column does not necessarily reflect the opinion of Bloomberg LP and its owners.

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Max Nisen in New York at

To contact the editor responsible for this story:
Mark Gongloff at