the cartel will be meeting in algiers.fter the president said the market will stabilize by the end of the year. anthony, what are the reasons behind opec deciding to talk in september and why the informal meeting as opposed to formal one? they will be in algeria for a meeting of the international energy forum. countries from opec as well as non-opec member states. that is a talking shop anyway. they may as well speak while they are there. as he opec president said yesterday, the countries are always having informal discussions. opec governorador meeting with the new secretary general yesterday. opec also put that out in a statement. the venezuelans have said they have been in discussion as well: with the secretary-general about doing something. there are always these talks going on. it makes sense for them to speak when they gather. the reason behind it has to be the $10 drop we have seen in oil prices in the last few weeks. prices did come back somewhat yesterday. a lot of people are seeing this as opec trying to talk to

vonnie: could the rally keep going to opec's informal meeting in algiers? vonnie: paul manafort resigns from his post. is the trump team staying on message? lisa: markets close in two hours. julie hyman has the latest. julie: stocks still trading lower here. set for the first weekly declines as well in several -- the first down week in three. for the nasdaq, the first down eight. the defensive groups doing the worst today. take a look at the imap for the map of the groups on the move. utilities and telecoms the worst performing groups. like telecoms and utilities are down because bond yields are up. we tend to see an inverse relationship there. but the 10 year end to your yields up by five basis points today. this is a reversal of what we've seen this week. two-year yields up by five basis points today. the market is not accurately estimating the number of interest rate increases this year. seeing a bump up in yields following that. vonnie: what are the individual movers catching your attention? julie: comcast come as we are looking at the ratings from the

a lot of this volatility is around speculation and the formal opec talks next month in algiers. a lot of speculation they may agree to freeze output. we will have to see if that happens. earlier this year, similar talks broke down after i ran did -- iran did not participate in doha and other companies decided not to agree because iran wasn't there. we will see if market conditions are better for some sort of agreement. rishaad: what about volatility of price? will discontinue? many people say it is this range, between 40 and 50. perhaps it goes on. aaron: right, that is one thing a lot of people seem to agree on. we will see more volatility. there was an oil conference in norway. we had bloomberg news spoke with executives from konica phillips and statoil. we will see volatility. there is market volatility, the market is beginning to become more balanced in the second half of this year, but we'll see if that table is is prices at all. there is -- if that stabilizes prices at all. and future supply could increase prices in the long term. but in the short term, volatility is drive

you are looking ahead to algiers.ascinating charts this weekend about the increases in saudi a and from the arabians. thing, the stronger dollar is weighing on the commodities complex. we are focusing in on the production numbers. we have been getting comments from various officials and ceo's over the weekend. little hope of opec cartel reaching an agreement in algiers . iran is trying to get back to its pre-sanctioned level of production. this chart shows you how this is playing out. you can see iran's current output. 3.5 5 million barrels per day. that is the highest level since december 2011. apparently, not high enough. barclays analysts underscore iran is the key in this puzzle and that has been sending mixed signals. the market is likely to discount the outcome of the free stocks because of compliance. compliance will be an issue if a deal is reached. we also had a comment from the united arab emirates oil minister and he is saying there will be stability in the oil markets soon. but did not give more details th

reduction freeze for next week's algiers meeting.rt of the hour. >> a well, stronger dollar weighing in on the commodities in collusion but reality is focusing on the supply side of toelopment in terms of what expect for the upcoming informal talks in algiers. and has to do with iran. when an attorney and you and minister and he thinks stability is on the horizon. outreality is this, check this chart on your bloomberg. the reality check chart. iranian hope action 3.5 5 million barrels they according to bloomberg estimates. the latest data points there. the highest level since the 11:00 a.m. take a look at the top right. -- thert of 2016 comment 16 comment by 5% increase. that will not agree to a free some as they reach the place sanction level of. the barclays playing into this as well as latest research. they said yes, iran is the key in this puzzle. sending mixed signals. see the market discounting the outcome of the stocks in the coming weeks because of compliance issues likely to materialize. even if you do agree on anything, you

speculation that a freeze in oil production will be agreed at the meeting in algiers next month. they said it will be good for the market. >> the surplus is about 800,000 barrels per day. it is going to decrease by next year. so it would have been better before but you know, it is never too late. so they will probably do it this time and it is going to be good for the market. i think it is, you know, all the conditions are such for an agreement. >> what is the thinking here to have past opec ministers and the president again raising the likelihood of a freeze? is sentiment changing here? >> they are saying that it would be more logical and easier for those producers to have a freeze. they are already pumping near record levels, pumping near their maximum. for them it would not be giving up any share of the market. that's what we're really talking about here. the entire opec strategy that started, was finally decided on in 2014 was to get back the market share and push more expensive producers out of the market. by freezing at a high level, the idea is they won't be giving up the

opec prepares to hold informal talks in algiers next month.ter says he sees the current share of the market and what he calls a good level. he also said that any decision on output will require the full agreement of all opec members and other major producers. hastunisian parliament approved a new government under prime minister yousuf shape. the capital has more women and younger members, but retains the same ministers of defense and home in foreign affairs. the previous government collapsed last month. tunisia faces soaring unemployment and a slump in tourism after last year's extremist attacks on a beach resort and a museum. saudi arabia's crown prince heads to asia this week, visiting the kingdom's biggest oil buyers in the region. he is in china monday through wednesday, and again next weekend, when he attends the g-20 summit. in between, he is going to japan. the trick is seen as an opportunity to strengthen ties as the kingdom prepares for the public offering of aramco. big changes are underway in china's injury energy industry -- energy

mark: ahead of this possibility in algiers the next month, we have got money managers increasing wagesn rising crude prices by the most since january. this is speculative long positions, which are at the highest since may 2015. that is the white line. features is the blue line. what is telling us right now is that money managers are getting quite excitable. javier: liquidity is low in the summer and that is one factor. there were a lot of negative positions on the oil market, so they're are taking the money and opening their own position. the trend at the moment is rising oil prices. i think saudi arabia was very successful at scaring those bears than they were with massive short positions by convincing them to take the money and stop pushing presses down. the saudi's are in not trying to talk up the prices but prevent that prices were going to drop below $40 a barrel. mark: great to see you. p.m. in london. k gives us anrac exclusive inside look at trump's vision for america. this is bloomberg. ♪ mark: live from london and new york, it is a sunny london. i am mark barton. vonnie: you

cheers. -- in algiers.peculation in the oil markets proceeding that and i think we are seeing something here. anything, the margin is telling us it should be lower. guy:s the saudi are managing the market. >> they are very effective central bankers. guy: haidi when you see a short like that, you only have to get a few words out in the market moves. >> absolutely. guy: because for a while, they weren't able to manage the market. wire they able to do it now? >> the big difference is that the fundamental imbalance in the market is much smaller than it was in 2014-2015. the fundamentals are overwhelmingly bearish, and the commentary is not nearly as negative. guy: ok. you would be short on the market again. >> in the near term i would be. it brings us back to refining margins being weak. that means demand for crude oil is going to be down the next couple months. as we look at the fourth quarter in 2017, i am more bullish, because i think the market is coming to balance at that point. >> people talk about the pr

crisis in 1979, 1980, they didn't send money in, but it was definitely part of the agreement was the algiers accord where money that had been frozen in the u.s. was returned. iran-contra, it wasn't money but it was arms being flown into iran in return for americans held by hezbollah in lebanon being released. there is this historical precedent. then you look at the hikers who were imprisoned in 2009, the iran-iraq border, that also involve cash being paid to the iranians through a proxy to get them out. there is a long history of this. it is cyclical. it is not just a recent event. katty: enough to give cause for suspicion. thanks for coming in. a 19-year-old man has been arrested on suspicion of murder after an american woman was killed and five others were injured in a knife attack in central london last night. the woman has been identified as darlene horton, the wife of a florida state university professor who had just finished teaching a summer session there. police say the incident appears to have been triggered by mental health issues and not by terrorism. june kelly reports. june: und

members are scheduled to meet in algiers next month.ormer bond trader has won a lawsuit against the bank in which he claimed he would unfairly dismissed. he sued after he was sacked last year. he said bosses at the bank made him a skate graham -- a scapegoat. a spokesman from the bank said it is disappointed with the judgment. thailand is voting on a new constitution today. this is the country's first vote in more than two years. backers of the constitution said the referendum is needed to curb the influence of corrupted politicians and move past a decade of political unrest. global news 24 hours a day powered by over 2600 journalists and analysts in more than 120 countries. this is bloomberg. the dollar rose after the u.s. released a strong payrolls report on friday. 255,000 jobs were added in july. economists were expecting 180,000. the consumption side of the u.s. economy is holding up well. >> today's numbers are strong all-around and not only is it a strong employment report, the equity market is treating good news as good news and

with opec's achieved saying a freeze in production is likely when the cartel meets next month in algiersmbers are already pumping flat out. reachedment can now be as members are approaching maximum capacity. 800,000 barrels a day, increased by next year, so it would have been better before, but it is never too late, so they will probably do it this time and it will be good psychologically for the market. all the conditions are set for an agreement. the boj may be reaching limits of its stimulus as the country's biggest bank close to running out of government on's they can sell. -- government bonds they can sell. toughf japan may have a time to find sellers close to their collateral level, many diversifying to limit losses in case interest rates rise. south korea's environment ministry widening an investigation to all foreign car brands. 23 brands will be investigated on suspicion of fabricating emissions test results. the environment ministry has already banned the sale of models. china hitting out at australia, saying the decision to block the sale is protectionist. the move would hurt

yet but also nigeria wanting to making for antion interesting conversation at the opec meeting in algiersyousef: the supply side of the equation coming more into focus and putting dramatic pressure on oil prices. a quick check on where they are trading. marketet go of the $50 in the last 24 hours. wti under pressure. let us put this into perspective. let us look at this charge. the nigerian story -- we are waiting to hear from the government and what they feel about the proposal to end hostilities. they have urged caution. we have had these statements afford. this is the scale of nigerian production. 500-8000 barrels are missing from the beginning of the year. thousand barrels are missing from the beginning of the year. --- $45-$50 will remain the summer as thenext fundamental recovery remains fragile. rishaad: breaking news. china telecom out with its results. net income, 11.3 billion. that figure is just a coming through. that is the operating revenue. 176 billion yuan. shy of the $2 billion mark. let us check out the markets. about 20ading for minutes. there is hong kong. a bit of depr

it would -- it will attend informal talks in algiers next month.norcentral bank giving a market a parting gift. trying to boost trading. entities with foreign exchange risk over-the-counter could hedge their exposure. upebook is taking its first to making money from -- its first step to making money from whatsapp. the messenger at this -- an ipo in considering hong kong. the latest details. we're talking about alipay. >> that is the main business. our understanding is that the latest details on the ipo is that the company is leaning toward a listing in hong kong first, as opposed to doing it dual share. that is because the company is running into hurdles in the that the company is leaning toward a listing in hongmainlan. reagan leaders are becoming more cautious on terms of making -- regulators are becoming more cautious. they prohibit any company that -- shareholders more than all stock options have been tested. toy do have stock options incentivize employees. this is an area they'll have to deal with before the listing. they have not ruled out a

rishaad: it does look as though opec may discuss the oil output levels when it comes to the meeting in algiers. what are you hearing? yousef: absolutely. not just what has been going on with the informal or impending talks. but the impact it is having on oil prices. it is resonating across this part of the year, across gulf equities specifically. i put together this gorgeous chart. in yellow.r line then you have your line and purple -- in purple. gulf investors had their first chance to react to that pop in oil prices we saw late thursday into friday. what is interesting to point out the bgc see 200 index is showing the rally, saudi arabia has been underperforming and dubai has been outperforming. thehat kind of difference changes in legislation are going to make in terms of bringing in more foreign capital? up-to-datet's get with the state of play in the markets. by three quarters of 1%. level.hing that 23,000 has been flirting with game lines for much of the morning, but now has gone down. two hours away from the open of the emirates market. second trading day of the week. this is how they c

see discussions on price stabilization in the production freeze at the opec meeting next month in algiers. some of the very volatile stocks -- chesapeake energy, transocean, higher. what is interesting is that even as we have oil prices higher, airlines are getting a little bit of a bounce today. american airlines and delta are some the stocks participating. shery: so who is in participating in the rally? julie: one of the groups that has not been participating recently. we have seen a leadership change. this looks at the next of the s&p 500 a group. 27,-to-date through june that was when we saw the post-brexit vote low in u.s. stocks. in the first six months or almost seven, telecom services and utilities and energy led the game. since that low we have had a switch. after being leaders, the utilities have fallen into the last spot. more of the cyclical groups have led. technology, financials, industrials if you look at what is happening in today's session and for what is moving, again, the dow jones average down more than 1%. group.down within that interesting, the rotation we have seen

it is also putting pressure on what is coming up in algiers. let's get your take on what you think could come of it. >> market has responded positively. in terms of seeing concrete changes with respect to production levels, i remain doubtful we are going to see anything that gets agreed at the meeting. ,f you look at where opec was we haven't really changed in terms of the dynamics between the member states yet. actually. you have a few other countries that have seen production fall even further. nigeria, for instance, would not be in a position to be counted seen any cuts in production. they are trying as hard as they can to raise production. also domestic considerations where the budget depends on oil prices. is there pressure to come to an agreement this time around? there might be an additional incentive. yes, there is no track record. what we are hearing from and examined her -- alexander novak, they are keeping it as an option? >> unfortunately for them, they cannot set the prices. they can talk about wanting some sort of production freez

we have seen oil up 10% since iny would meet informally algiers.will see if those gains can hold or if the fundamentals of the market will eat away at those gains. yousef: what are you watching in terms of production or supply that could be a catalyst that could push the equation either way? all we have seen so far has been increase production. the group as a whole is up one million barrels. mainly saudi arabia and iran. weeketail came out last that confirmed what we knew, that it is near a record for june. we already knew july production was up 10.7 million barrels. what that data showed is the .xports are continuing exports of refined products as well. saudi arabia has a refinery system they want to keep turning over. yousef: it shed light on the fact it was not being affected by domestic demand. happening.what was >> they increase production to keep the exports high and you would expect a lot of extra oil goes into the mastec market. but the product exports were also high in june. that's going to have to keep going through the rest of the year.

opec president was making some noise about talks in algiers, even though couple of delegates from opec say that these will not involve a renewing of production talks. we still seeing will move higher. that's helping stocks in the energy industry. -- exxon, schlumberger, and apple in that story. new features for the next iteration of the iphone. on the downside,, balancing the gains in energy, drug stocks are falling back. wrestlers with falling after negative drug results. allegan reporting sales that missed analyst estimates. .ealth care on the downside vonnie: this julie hyman of the markets desk. mark richt and has more from the newsroom. clinton'sing hillary policy as more of the same, donald trump thought to portray himself as the presidential candidate who is focused on the future. his speech was interrupted by protesters, and he focused on job creation and tax reform. donald trump: we will limit the carried interest adduction, a well-known deduction. and other special interest loopholes that have been so good for wall street investors, and for people like me, but unfair for amer

opec has called an informal meeting in out years next month -- algiers next month.n shrinking the cost of operations. the outperformance is ringing alarm bells, investors worried shares climbed too far too fast. china,r price numbers in many signs of this overhang disappearing. juliette: bang in line with what the market was looking for. the lowest rate we have seen since january. food prices rising quite significantly. inre was some flooding southern china, that is likely to have boosted inflation prices. thealization following start of the year. ppi has narrowed in july. this is a deflationary territory, but the best rate we have seen. you have to look back to january. the survey looking for -2%. deflationary pressures easing somewhat. see a littleng to bit more stabilization and normalization coming back through. reflecting firmer commodity prices. a very good rate coming through for ppi for july. looking at that cpi number, very much what the market was looking for. cpi came in at 1.4%, also above estimates. estimate was 1.2%. we have seen the big jump coming th

it looks like opec and other oil producers will meet in algiers next month. it we get an output freeze? chakib: i think it is more likely this time, because the markets are rebalancing. we will probably reach complete equilibrium in 2017. it has some ups and downs because of pregnant -- because of brexit and the strong dollar. because a lot of these activities now. but probably, this is the time because most of the big countries, like russia and iraq and iran and saudi arabia are level, --p reduction production level. so because they have also gained on the market share, any more gains means more pains for all of these countries. that means the valuation and budget problems and so forth. devaluation and budget problems and so forth. someis time, there may be agreement on a freeze, not limiting production. the meetings they have had between saudi arabia and russia thesome of the talks of influence ministers point in that direction. it is an action needed by all. francine: is getting a deal now better or worse than if they had managed something in april? chakib

opec members are meeting in algiers . that is your bloomberg business flash.e: we have a little bit more on oil. when you look at oil, it had fallen quite a lot yesterday on the back of this informal meeting of opec. it brings us back to where we were september and october of last year with a were meeting and the market jumped the gun and assumed they were going to do something. tom: you have stability right now. i think it is a radically changed discussion. as always with oil, i am baffled by where we go. the consensus is clearly here, right now. ofo not hear a lot conviction banded higher than $50 a barrel but i do not see a lot of conviction banded beneath. ,here are believes -- beliefs they are adamant oil goes lower. citigroup goes the other way. i am bewildered. francine: i agree with that. i covered opec many years and it is a supply demand issue, but you could have huge disruptions like we saw in venezuela and nigeria that come almost completely out of the blue. indian bonds have been rallying after the governor said central banks will conduct more ope

looking ahead to algiers. hi hats -- high hopes ahead of the opec. a mere 11% over the month.t-performing asset out of the four. i am feeling nostalgic. vonnie: i have to give it to mark today. that was a wonderful presentation. always surprising winners at the end of every month. i had almost forgotten it was the last day of august. we will do it all over again. coming up, a live report from brazil as we wait for the results of the final vote on the future of president dilma rousseff. this is "bloomberg." ♪ live from london and new york, i vonnie quinn. mark: this is the bloomberg close on bloomberg markets on bloomberg television. vonnie: let's turn to a developing story, live pictures or you will be -- there you go. brazil, the senate getting ready to take its final vote on the fate of president dilma rousseff . the result expected to come at any moment. latest?the >> they have not started voting yet. they're discussing if they should split the vote into one that was strip rousseff of her political rights for eight years and one for to lose her term. they are still -- there

dollar rising on top of the opec meeting in algiers and what it will bring. phenomenal. steve george saying they have turned their spoon. thanks, julie. televisionbloomberg -- >> this is the start of the next for him. we went to a long bear cycle here. we are back $20 right now, i think there is much more fuel in the tank for silver. i don't think there is a reason to not believe that. >> what will the catalyst be? >> 50% to 60% of the , with silver, gold, and steroid. silver is up this year, out running gold there. it is with investor demand. we will see the people looking to keep haven security that going. i would like to bring up the chart to show silver over the past five years. you were talking about that bear market coming in after 2010. we have seen a bit of a recovery with the argument about that being moving higher. as you mentioned, it is an industrial metal as well as a precious metal. with concerns over global growth , are youking hold hedging against that in any way by for example considering buying put? >> it is unmatched in our metal production

meet inp planning to algiers. what are they saying here?to supply-demand balance they were predicting four months ago. fluctuating, but the market is on track to rebalance. opec is forecasting upcoming weakness, and that is no surprise given that we are moving into slowing seasonal demand. the risk of the market is the elevated inventories of crude and stockpiles around the globe. an unexpecteded increase in crude stockpiles. the one benefit is gasoline did fall and u.s. output did decline. could puttockpiles pressure on prices. rishaad: iran is trying to get to pre-sanction levels. libya trying to get back on its feet, and let's not forget iraq. market share is something we see quite often, saudi arabian oil production is up, even iran. the rebalancing scenario, the market is in a better situation than the first quarter of this year, where we had disparity ,etween supply and demand outpacing demand by one million barrels a day. there is a little bit of a fall -- rishaad: there is a ceiling as well when shale comes in? >> not only shale, bu

they will be joining the algiers talks with opec. it will be a production freeze. that is not yet set in stone. take a look at that. they got government inventory data. feet versus aic 15 billion cubic feet. row. now up for days in a >> at the markets desk, let's get a check of first word news. >> the senate was temporarily suspended after lawmakers began shouting at each other during deliberations about whether to permanently refuse -- remove him from office. [yelling] mark: accused of using some of the money she had all she was in office, illegally shifting money between. her opponents are attempting what she calls a coup. a car bomber detonated a vehicle. the bombers target remains unclear. a hillary clinton leads donald trump by 10 points in a new national poll. the university survey as clinton at 51% 41%. and university poll on voters in michigan also find her ahead, leading trump 44% to 37%. michigan has 16 electoral votes. the arizona coyotes are breaking new ground. they have hired what is believed to be the first full-time female coach. she worked part-tim

let me ask you about the prospects for this informal meeting on the schedule in algiers.t is the likelihood of that happening in having been through this several times, what's the likelihood we will have something come out of it? low andhe likelihood is the market is moving toward that end of the spectrum. you have saudi arabia, iraq, iran, everyone vying for market share, looking to increase out put. everyone believes they are going to come to an agreement reason output. closer toh iran is their target, the rhetoric so far has been nothing but increasing out put. vonnie: what the consensus around where the fair price of oil should we in the next six months? the energy agency has and is looking for a balance point. looking for a balance shift in the fourth quarter, others thing it could push into the second half 2017. think the supply side is still headed up word with u.s. production softening and opec continuing to ramp up. , colombia, venezuela, those are the wildcard, drying from a non-opec aspect. david: i'm curious the degree to which market participants see, what a

the cartel is scheduled to meet in algiers last month.he talks collapsed when saudi arabia insisted that i ran joined the pact. yousef: august is typically the hottest month for the indian rupee. taxndra modi's sales victory may have come at the right time. goldman sachs is saying the rupee is one of its top picks for emerging market rates. foreign flows into indian assets have been accelerated. stocks in dubai and qatar led the gains in both equities. tracking emerging-market increases as brent crude recovered. let's get analysis with the vice president for commerzbank in dubai. thank you for stopping by on the program. i brought back the chart i wanted to bring up earlier. the 50-day moving average the 100-day average. how much further can the rally go? >> everyone is wondering about that, but clearly what is happening is the risk-on attitude continues. high risk are coming back into favor. i expected this positive momentum in terms of emerging-market assets to continue for the next couple weeks until we have another major distracted ev

crude jumped on thursday, of a possibles freeze when opec meets in algiers next month. emerging markets stocks and currencies have fallen on will that janet yellen adopt a hawkish tone when she speaks on friday at jackson hole. an index of emerging markets shares is down the most in three weeks. hong kong shares fell the most in three weeks on property and banks. turkish bonds advanced for the first time in five days after the central bank cut arming costs -- cut borrowing costs. turkish markets rebounded after last year's -- last month's failed coup, and the promise of higher+++ investors back into the nation's assets. it is 12: 30 in hong kong. i'm angie lau. yousef: i'm yousef give the disease. -- i'm yousef. >> good to see you, angie and yusuf. let's talk about some of the earnings. we will focus on the mining sector. we will get numbers from glencore. the switzerland-based company has been in the midst of a big turnaround plan for dealing with the company upon's -- the company's woes. first to roll out a rescue strategy that included scrapping the dividends, dispos

deviation from that level, at least until we go to that meeting of the international energy forum in algiersd of september. ,> i want to point to a chart 2833. it shows fluctuation in price and not even the last year, down 47%, of 95%, down 23%. these are phenomenal moves for oil. clearly, there is momentum happening. past $50 for a while until this meeting? have been the traders riding the momentum for sure. if you look at the longer-term picture of the market and you do that chart for a longer-term picture, you go all the way back to 2014. current prices remain quite low. the beginning of 2014, the market was between $120. despite the big rally over the last four weeks, we are still around $50 a barrel. probably the market, the momentum of the market is clearly diminishing. at the moment we approach the will fade.he mentum the market is taking some profits as we speak. you.vier blas, thank still ahead, the pound drops on breaking news theresa may might trigger brexit by april of next year. we will speak to the story -- journalist who broke the story, next. this is bloomberg. ♪ yorkve from

continuing its rebound as we hear noise out of opec that it will at least hold informal talks in algiersen if there is no real discussion of a production freeze. you can see some of the oil stocks seeing gains today. that is the biggest performing group in the s&p 500. we do have some deals. matches from holding a greeting to a by by -- a buy from steinhop in south africa. largest room at $64 in cash. this will expand steinhoff's ho lding. everbank agreeing to buy tiaa. everbank the biggest lender in florida. been rising recently. and whistler, the ski resort in british columbia, canada, is ail for aboutby v $1.05 billion. those shares surging. are you a skier? vonnie: i am not. julie: but it is a big deal in the ski world. vonnie: it is. and there is a fascinating ski story behind that. thank you julie hyman at the markets desk let's check in on first word news. courtney donohoe has more. courtney: thank you. donald trump wants to draw a sharp contrast between his economic policies and hillary clinton's. in a speech in detroit, he will propose a temporary moratorium on new financial reg

talks next month will stop members plan to discuss the market that the international energy form at algierslans to revive the proposal that failed in april. metals precious regaining it today. investors are optimistic that global banks will keep interest rates low. low barling costs are a boon to gold. silver and palladium also rising today. copper resumed its decline on speculation chinese demand will weaken. prices fell in july to the lowest since august of 2015. shery: donald trump's economic advisory council boasts a number of billionaires. among them, fracking king harold hamm, ceo of continental resources. bloomberg businessweek profile him. david gura asked about the story. -- guest: he grew up dirt poor, started his own business at the age of 20, out on his own as a land man. , he's the 76th richest man in america, worth tens of billions of dollars, depending on what the price of oil is. he is as self-made as they come and is as responsible as anyone for the shale revolution. david: we saw oil enter a air market once again. what did he say about the low prices that affected his busi

they're going to hold informal talks in algiers next month. a couple delegates familiar with the plans here say there are no plans to run new the failed push for production freeze. nonetheless we are seeing this bounds in oil prices today. this is a missed what has been a very negative environment for oil. we had entered a bear market and are still -- there's still a lot of hessma has in his mouth pessimism out there. the price of oil that has been declining and reentering the bear market. short positions have increased to a record. much optimism that this low bit of a bounce that we are seen in oil prices is going to continue. the feedthrough of this, it is what we're seeing in stocks today. energy stocks are the best performing group. we are seeing that lead the gains. health care is pulling back the most down three quarters of 1%. what does it equal overall for equities? let's take a look at the major averages to find out we do not have a lot of movement today into theinutes session, we had stocks bouncing th between gains and losses. frida

yousef: the upcoming opec talks in algiers, where you stand on this conversation? they going to get it right the second time around when they meet? guest: i don't know about getting it right. i think that opec is not ask -- not as cohesive as it used to be. only cointreau opec members -- only for opec members are in the top 10 oil producers. you have mexico, brazil. we also have canada. i think it is very unlikely that they would go to opec. right now, we see saudi arabia, iraq surprisingly came around and said they support control. what we are hearing is all energy ministers saying they should have control as long as it does not affect production. i think it is likely they can reach an agreement to halt production. if they did, you have the u.s., the second-largest producer in the world, wrap up production if the price of oil hits above $52. yousef: staying with commodities, we are seeing a lot of pressure in the pressure he -- pressure in the precious metal space on the back of increased rate hike expectations. how would you place that? guest: i think gold is sta

prices and having informal discussions with other opec members on the sidelines of a conference in algiersext month. this is bloomberg. ♪ shery: this is bloomberg markets. you can't tell how hot it is just by looking at it. it is sweltering and humid out there. julie: let's check the headlines on first word news. mark crumpton has more from the newsroom. it -- draco rican zika numbersheir bringing the total to 10,690. the newest is just six were released after the u.s. surgeon general visited and said he expects a quarter to be infected by the years and. donald trump is apparently giving up on new jersey. wouldsaying his campaign be competitive there, the campaign has vacated its headquarters in the state and has not paid staffers since early june. filings by the federal election commission shows the campaign last made a rent payment in may for the edison, new jersey property. airstrikes in opposition areas of aleppo province struck a market, hospital, and a village. 18 were killed and -- including children and to hospital staffers. government troops have sealed off the main route into ale

saudi energy minister, there could be talks on how to stabilize oil as next month's opec meeting in algiers. there had been conflicting reports whether some action will be taken on production. that seems to be giving a boost to oil prices by extension to stocks as well. >> thank you so much for that. let's get to andrew cosgrove. he is going us to talk about more about oil prices. we are seeing this up tick today. there is still a massive overhanging stocks out there. how far is that going to keep lids on prices? >> thanks for having me. i think most likely will keep a cap on prices over the next few quarters. outside of any supply shock that we see. the focus earlier in the year was crude oil stocks. they were coming down a little bit. now the focus shifted to gasoline. we're starting to see refiner, cut runs because margins dropped below the point where it makes sense for them. they pumped a record amounts of gasoline in regards to the strong demand that we have. we seeing demand drop off. that's what people are paying attention to now. >> andrew, i want to mention also the fact that we a

see the kind of impact that the opec or the possibility of a freeze at the informal opec talks in algiers has had on the market. rish: yeah. we are going to check on the state of play in the markets. take a look at what is going on in hong kong. japan and hong kong, closing out the morning, down one third of 1%. just two hours away from the open for the markets and the .mirates for delhi anddown dubai. let's check in on the first word headlines from around the world.here is shery ahn . shery ahn: china wonka saw a 10% jump in profits. net income rose to about $800 million, 5% lower than what analysts were estimating. the company's management has been under pressure since bond on became the developer's biggest shareholder. lower costs and higher margins have helped afford askew metals become the best performer. for your profit jumped ninefold. the market outlook for 2017 is positive based on demand from china thanks to its infrastructure plan. pfizer is said to be nearing a deal to buy u.s. biotech company medivation for $14 billion. sources say an agreement could be announced as early as

and moderators from "the new york times" among others of their oddball a when urbane of the 2012 algiers award. next editing for numerous publications the washington postbox "newsweek" and the new yorker on line and others including the book of jezebel and works as a columnist for a veneer times book review. finally a writer appearing in the year career and in "new york times" pdf rolling stone and then puerto rico in puerto rico and random house please welcome our speakers. [applause] >> i just want to thank everybody for being here and the call this the book launch but it came out a few weeks ago. we pushed back the party because i had a baby but laugh this is one of my first public appearances by instilled in mom bowed i had anxiety last night so we do have one. >> congratulations. >> i will be moderating the discussion on why her and give us some context. >> 2012 august instead of looking for a book idea instead of doing the same thing from the new york times it is hard to find a book subject but in particular but i thought it was a fascinating story and i thought why don't i make at

what is happening with the upcoming talks in algiers among we havebers and as discussed, we are gettingback about where we are. we have comments from the iranian oil minister saying they would not agree to a freeze unless they reached pre-sanction production levels. let us look at what that might shape out to be with this chart right here. you what is happening with the iranian oil production at 3.5 5 million barrels per day last month. that is your line in yellow. that spike is a 26.8% spike so far this year. we got comments from other members as well. including the ceo. he says if this is the rhetoric coming from iran, it dims the prospect of any agreement. we also got comments from theysts at barclays and said iran is the key in this puzzle. i has been sending mixed signals. the reality is that the market will discount the outcome of the freeze talks. because of compliance issues, more than anything else. even if you have an agreement, getting everyone to be in line with those expectations will be a different story. guy: great stuff. thank you very much indeed. on the markets. to sho

. -- in algiers. manus: thank you. all will become clearer next month. joining us from to buy. still with us is andrew perry from hermes investment management. treade.s much a dollar are we cap debt $50? >> i think it feels that way. economic activity isn't strong to list off -- to lift us above that level -- we have to draw from the system to tighten the market, and we still have the conflictopec internal i want us to keep that supply and not allow flexes -- allow prices to run too fast. showsk with the oil price is how much this year's trend in the equity market or commodities market has really been driven by the reserves of everything that was bad last year that has been doing this year. i think that was because of the pessimism back in january with that reversal in fortune, now going to another level in the summer months. i think it will require some sort of positive economic sentiment. andrew, you see oil range bounties, the correlation of continual breakdown. >> i think the stock market was beginning to feel it run into stand. this summer is always

about ahead of the informal gathering of the opec members in september in algiers. we spoke about that yesterday and how the markets are positioning. one analyst said people keep running from one side of the boat to another which is a nice way to some things up. we have had a volatile asian session so far. -- s: anna: it is down at about 37 or so. manus: all ahead of the jobs numbers. let us get the bloomberg first word news. facing ais set to be potential tax bill running into the billions of euros. with an eu ruling as early as today. the commission is expected to say that ireland provided illegal aid for a sweetheart deal in terms of creating jobs. apple said it had nothing to add to previous statements. anyand has vowed to fight adverse data. stability may be coming to an end. the relative markets are pointing to depreciation. monthly increase since january. have alsocators -- climbed indicating rising expectations for a decline. german foreign policy spokesperson and ally of angela merkel says the u.k. will have to pay into the eu budget if it wants the single

all of this is ahead of when opec is supposed to informally meet in algiers. so far unlikely they are going to come to a tangible agreement, but let's see what happens. guy: thank you very much. joining us out of dubai. glencore's output fell in the second quarter after the closure theome mindes, company saying they are waiting for a better price environment. let's get that share price. year-to-date, gaining some of the losses it made. an impressive performance in the entire space if you got a net the right time. but we do see some big falls generating gains. metal mining analyst joins us now; good morning. walk us through where glencore is. we will get results of a couple weeks, with financials and what is happening with the trading business. from the fundamental point of view, what are we learning about what's going on in the mining sector? >> no question. glencore has certainly turned the corner. they were really struggling at the end of last year with balance sheet issues, and those issues were shared by a lot of their peers. what has happened over the fir

have more comments from the likes of sex bank and citigroup about the upcoming informal meeting in algiers, and they don't think that anything is going to come of it in terms of an actual production freeze. guy: thank you very much. yousef gamal el-din. ben, do you get any sense from the oil market? any hints that we will see upward prices? even then, the inflationary impact a few years down the road won't be that great. >> i think that's right. i think the shift won't make much difference to inflation. when you combine that with the shift in cable, then maybe that does start to drive inflation. maybe we throw it into that in the last piece of data. but certainly moving to $60 won't be big. guy: maybe we are getting something. we will talk about that later. that ritchie will stay with us. coming up, we've got to talk about sterling. most forecasters see more room to fall, the one billionaire says the pound's decline has been overdone. then we will be watching admiral's ceo, a fascinating conversation. take a look at where they are anticipating shares to go. the markets got this one wrong.

we spoke about how opec members are starting to muscle up ahead of the informal talks in algiers.he latest culprit on this chart is iraq. they are increasing their exports by 5%. we are talking in the vicinity of 150,000 barrels per day after they came to an agreement as to how to export oil from three oilfields. these three oilfields, they go through the kurdish controlled area, so the new oil minister was able to get some traction and come to a consensus. what we've drawn up to you is where iraq stands in terms of oil production. 3.46 milliong barrels per day last month. the supplyloud in side of this equation is news out of nigeria that the militants appeared to commit to a cease-fire, or at least committing not to attack in multinational oil company or the facilities of these companies, to try to support talks with the government. bearing in mind that a lot of the supply disruption has come from nigeria in the last year or so, we will see what kind of traction comes off the back of that. anna: thank you. yousef gamal el-din joining us from dubai. the ceo of the italian oil fir

the cartel will meet in algiers next month. saudi arabia insisted iran joined the pact.s a pre-sanction level. chinese ships entered waters that japan claims. ministry summoned the chinese ambassador for the second time in three days. earlier, officials claimed 230 chinese fishing boats and six coast guard vessels were in the area. thailand votes to approve a new constitution that critics say hands of military-backed government too much power and restricts civil rights. ae election commission says draft has been supported by 62% of voters. the leaders said the results keeps thailand on course for return to full democracy. the african national congress has had its worst election results since 1994. othervoters turned to parties, angry over a stalled economy, jobs, and a scandal surrounding president zuma. centerancial johannesburg and the industrial hub port elizabeth have been lost. next, the view of regional economist about the boj's next move, including the 2% inflation target and whether it may be delayed. this is bloomberg. ♪ ♪ a quick look at what we are watching an

vonnie: could the rally keep going to opec's informal meeting in algiers? resigns from his post. is the trump team staying on message? lisa: markets close in two hours. julie hyman has the latest. julie: stocks still trading lower here.

today on this talk out of saudi arabia and russia about pipe stabilization at the opec meeting in algiers next month. this is having an effect on oil stocks. chevron, conoco phillips, and others are some of the larger ones on the rise. we are looking at the latest association of homebuilders, this index came out. you can see it is remaining relatively high at 68. and we have seen a range that has been in this year among sentiment of homebuilders. it has been high, but has not gained much momentum. if you look at how they are behaving in reaction, there were gains. toll brothers, kb home's, and other stocks reporting well. and part of the housing market has been the mortgage rates. here is the 30 year mortgage rate. in july, it was a three year low. it bounced a little bit, but still very low. that is one of the things underpinning the market. it is cheap to borrow money. matt: thanks very much. scarlet: time to refinance your mortgage? matt: maybe i should. rates keep coming down. [speaking simultaneously] not time for me yet, because i don't want to do all that paperwork. but let's check

francine: we fully understood saudi arabia up a position ahead of that opec meeting in algiers in septemberd where iran is -- where iraq is, after yesterday. they support freezing. where is saudi? edward: let's get back to where we know iran or iraq is. the word from both countries last week was that they were going to be increasing production. today's conversation out of iraq is very different than it was two weeks ago. iraq is notare that going to do very much, and why would they? they see the markets coming back into balance with higher prices ahead. tom: the signal in your either-or world is the price of oil. what price does riyadh or abu dhabi needs to provide stability to the regimes, their governments, and their people? is not 100, is it? edward: it is not, and there are interesting ways to look at their budget. tom: what is your number? edward: my number is below 70. tom: so they are really in reach of a stasis that will allow them fiscal comfort. award: military spending is big chunk of that number. a lot of that may be looked at as discretionary. is the oned, what thing we misunde

will be some kind of discussions on oil price stabilization's among opec members when they meet in algiers next month. oil continues to rise on that speculation. we see how that is playing out among oil stocks. finally, some latebreaking news from the justice department over the acquisition of anthem and cigna --, that deal i should say. the justice department is willing to hear settlement offers from the companies. a little bit of optimism on that front. cigna and anthem shares both rising. matt: jewels thank you for this. and historic day. oliver: all kinds of history being made. let's check in with first word news with mark crumpton. mark: donald trump thinks some of the news media does not get him. the republican presidential nominee repeatedly called president obama the founder of islamic state. in a post on twitter today, he called out cnn for reporting the story so seriously. sarcasm?"t get former penn state a football coach jerry sandusky is back in court, saying he has proof he was wrongfully convicted. sandusky testified for an hour in a pennsylvania courthouse. the 72-year-old w