they claimed responsibility for the attack on the aramco facility. house says this was not the hootie rebels. this was iran. iran denies responsibility, but they say this at the oil facility continues to be an play and it surprises some it was attacked in this way. looking at the oil price, we don't see a great deal of reaction. whether this ramps up possibility of further attacks, we will watch the attacks happening. talking about the trade story and how it is up in this, there was an agreement not to go head-to-head on that sometime ago between president trump and jean-claude juncker and that has almost stuck. trump is focused on china and europe finds itself caught up in both trade tensions and the slow down in chinese growth story. directly andu: indirectly. more indirectly, i feel one of the biggest issues the bond market is smelling is this tennis match between china and the u.s. europe can do damage because domestically, it's quite stable. is relieved because that has a lot do with trade. is weaker.e that's going to have a major impact on the

drawings of hits to saudi aramco oil facilities triggering large explosions. yemen's hoofy rebels have claimed responsibility the attacks come just days after the kingdom said the state owned oil giant's much anticipated stop listing would happen very soon saudi arabia's interior ministry says one attack happened at the iran coast site at uptake in the country's eastern province the company says the processing plant is the largest crude oil stable is the stabilization plant in the world it's estimated it can process up to $7000000.00 barrels of crude oil a day and the other attack was that crisis about 150 kilometers northeast of the fires are said to be contained. well mark my colleague al-jazeera is correspondent of some of them services here with us now he's following the story for us we're getting some more information the who thinks that apparently saying there were 10 drones involved in this and also that they had some help from inside the kingdom what do we read into that and why is it so difficult for saudi arabia to be able to take down these drones w

aramco. you know situation this isn't a good time at all is it absolutely for the last few years what saudi arabia's been trying to do is that it wants to diversify its economy it wants to move away from being reliant on just oil and that's saudi aramco is the crown jewel in the. prince ramadan so man's vision 2030 where he wants to. changed the economy completely and this is happening at a time when the saudi aramco into an international public offering of the i.p.o. has been delayed for a few years now it's only in the last few weeks that we've heard from officials saying that they are going to go back to international markets and trying to get money from and it is also happening at a time where they have been a number of changes at the top of iraq or at the top of the oil ministry so it is obviously not a best time and if you were an investor looking to invest a few $1000000000.00 in iraq all this would probably give you pause and examine the strategic importance of aramco and the politics

recap on headlines now yemen's hoofy rebels of claimed responsibility for drone attacks at 2 saudi aramco all facilities in retaliation the saudi led coalition carried out at least 6 airstrikes targeting if you military position north of the rebel stronghold inside the. reuters news agency is reporting saudi arabia's all production exports have been disrupted. african leaders have gathered in harare to pay tribute to form a zimbabwe president robert mugabe who died last week aged 95 his burial will take place in about a month's time. fights have broken out between pro beijing and anti-government protesters a shopping center in hong kong police made arrests after breaking up clashes between the 2 sides at the calhoun more. a new school year it started in the behind schedule because of the obvious difficulties getting kids to class in a country at war millions of children have been deprived of an education more than 300 schools have been damaged or destroyed since the war began and schools that are still standing the rebels are being accused of indoctrinating children as young as 6 with ple

to saudi aramco as i.p.o. has been in question following attacks on the oil fields in the middle east monarchy rule of u.s. what holdings is on hand to drill into oil prices in the future of the would be record setting i.p.o. we're back to full strength and ready to bring you all 'd the global business news news you need to end the week let's go. major tax cuts for the indian corporations leaves our global report today as a modi administration's finance minister announces an 8 percent cut in the base corporate tax rate the centex stock markets surge and close by more than 5 percent after minister some around the bend are now that $20000000000.00 policy package india's base corporate tax rate was cut 30 percent to $22.00 companies that do not seek tax exemptions will qualify for that base rate while those who do well pay a base rate of 25 percent down to. the previous 35 percent companies that start out between october of this year and march of 2023 will be offered an even lower base rate of 15 percent and whil

everybody in saudi arabia in one way or another is a beneficiary saudi aramco. arabia it needs a strong rand paul and vice versa as well the history of saudi aramco is the history of saudi arabia transforming itself from an isolated tribal society into a global presence. well that was a taste of some of the events documentary on saudi aramco he's joining us live now here in doha good to have you with us it's clear from just that clip the saudi aramco is absolutely the heart of politics in saudi arabia how much damage does this do well rob saudi aramco is not an ordinary company it is a company which runs the country and this is one of the most important countries in the middle east so this is this is going to be a major blow you've seen the frequency and the intensity of the attacks that have been targeting will facilities in the past but what you see here and with the extent of the fire it looks like that they're getting better intelligence they're targeting specific areas of take for instance as you mentioned in your intro is one of the largest facilities abou

in saudi arabia in one way or another is a beneficiary saudi aramco. arabia it needs a strong rand paul and vice versa as well the history of saudi aramco is the history of saudi arabia transforming itself from an isolated tribal society into a global press. the kingdom of holds about 16 percent of the world's oil reserves it's the largest exporter of petroleum among opec countries and that means its economy relies heavily on oil 90 percent of exports 87 percent of budget revenues and nearly half of g.d.p. all comes from oil. towering over these numbers is the company which gets out refined and exports that oil it pumps one out of every 8 barrels of oil in the world and it's the only company which can produce a barrel of oil for less than $10.00. a ram co says it employs 65000 people but creates direct and indirect. full hundreds of thousands in the kingdom so if it's doing so we'll. let it go. and you can see osama's complete film saudi aramco a story of oil wealth and power on our website at al-jazeera dot com in other world news african leaders have

drones have hit 2 saudi aramco oil facilities triggering large explosions. yemen's who the rebels have claimed responsibility the attacks come just days after the kingdom said the state owned oil giant's much anticipated stock listing would happen very soon saudi arabia's interior ministry says one attack happened at the out on coast site. in the country's eastern province the company says the cake processing plant is the largest crude oil stabilization plant in the world it's estimated it can process up to 7000000 barrels of crude oil a day that attack was at about 150 kilometers northeast of riyadh my colleague al-jazeera is a sum of individual is here with us now i know you're following the story of for us one of the things that strikes me is that these attacks are not new that there have been threats by the who feels that they're going to make. this kind of attack and yet the drones are still getting through what does that tell us about saudi arabia's preparedness for those but robert you see this very interesting evolution of this ragtag militia wish ne

talk to us about what the longer-term outlook is for aramco now.ically looking at aramco for is the expected ipo that was supposed to be happening sometime in november, according to our sources. now the company is saying, this will continue on within 12 months. saudi arabia right now is also dealing with the bigger question, how to retaliate? how to secure its facilities going forward? they are dealing with a president whose very hesitant to go to war. what we know is that the pentagon is preparing a report that would come out within 48 hours to lay the blame and provide evidence to what actually happened there. saudi arabia said it's joining an american coalition that will secure the gulf and shipping routes as well. affirmation ofhe what the world wants. coalition from a policy response. we will keep our eyes on this story. there's only one story for the markets today. the end of the two-day meeting of the fed. 25 basis points is probably anticipated. historically, the fed has delivered easing when the market has expected it. comesve comes -- mov

. $70 after soared to an attack on a saudi aramco facility. president trump vows retaliation if iran was behind it. data misses from china underscore deepening concerns in the world's second-biggest economy as investors prepare for the fed on wednesday. borisg up a brexit deal, johnson prepares a hard-line approach with jean-claude juncker. we are in luxembourg. manus: a warm welcome to "daybreak: europe." we are waking up to 5 million barrels of oil being taken out of the system by saudi aramco. is it a four-week affair? how much of the 20% price rise that we saw at the open is geopolitics and how much of it is supply? good morning. nejra: yes, the biggest sudden disruption ever is what we have been waking up to this weekend. we have certainly been mispricing oil markets up until now. >> we have indeed. let me show you the single biggest daily move. i put it in the library. here we go. this is the kind of size and scope move we have seen on the oil market. we opened up on the biggest move since 1988. since 1990iggest when kuwait and iraq were

amateur videos captured the fire in smoke at saudi aramco unit which was targeted by drones belonging to yemen's hutu rebels with a capacity to process nearly 7000000 barrels a day of big plays a pivotal role in iran because operations and the oil fields in a race which produces a 1000000 barrels a day also came under attack. aramco has not made clear the extent of the damage and its impact on saudi oil production but state media carried a statement from the interior ministry and said the fires were brought under control saudi arabia has been leading a coalition against the hutus in the war in yemen since 2015. the rebels say they want the world to see that they have a list of targets which they can hit in the kingdom of god some. attacks are our right and we warn the saudis that our targets will keep expanding we have the right to strike back in retaliation to the air strikes and the targeting of our civilians for the last 5 years saudi arabia accuses iran of backing the who these a charge denied by the rebels some believe the saudi response to the drone attacks is going to be more o

have saudi aramco can between 30 and 45 days of saudi production they have reserves across the globe so people weren't really doing the numbers and i think now what would be really important is how fast can call you know get the. processing plant back up and let's martin it not speak clear prosecco processing plants are not like like switches it will take time to get it up so we have information need and then we need to differentiate there is steet current shortfall because of the of the of the attacks and then there is also suddenly analysts realized oh there is a risk premium and geopolitical risk premium that had been all but gone so in that sense we have to see how that will pan out but in the end oil markets still you know up until saturday everybody said oh we're so over supplied and once one steel plant is out to get up and running again we're still basically oversupplied bill reconsider the risk premium for future deals is this something that is just related to this particular incident of the things is something which is going to be taken into account for a longer term. i thi

following to follow from the saudi aramco attacks in the currency market.ing back earlier gains against the u.s. dollar. more ahead with the senior currency strategist. this is bloomberg. ♪ the yen and other commodity linked currencies have reacted to the drone strike in saudi arabia. this is the start of a busy week of decisions in japan and the u.k. and of course from the fed as well. let's go to the senior affect strategist with nav national australia bank. yen. off with the you expect to see this in the environment of geopolitical risk like we saw over the weekend. >> the first reaction for dollar-yen is to show strength is -- and particular for the yen to show strength. you'll control policy, and we saw it going significantly last weekend friday as well. supply -- what and it might mitigate someshing strength. paul: for the paul: yen, when will that become a concern? expecting any comment? we have seen intervention in the past. >> for now the bank of japan, similarly to qe stimulation is limited what it can do. they will wait and from the domestic side

time now for a quick break but stay tuned because when we return saudi aramco i.b.o. has been in question. what will go in the middle east monarchy rule of us holdings is on hand to drill into oil prices in the future of the would be record setting i go and as we go to break here are the market numbers. i don't put. those laws on the. public when it is it's always you know the false soldiers you can sleep. with bullets of them. lots and lots to know something. that if you took issue with. me she saw that you moved down a soft spot will not keep it down at this time i don't. need to promote. any more drivel committed to defeat the contin the police if you felt you could pull the ripples for the way. when lawmakers manufactured incentives to public wealth. when the ruling classes protect themselves. with the financial merry go round be the one percent told. to ignore middle of the room sick. real news group. but if she warned you i did the dishes at the balls more than those jeans nearest beach to see me you blew true she. doesn't know about add them up and when you die

now the head of the public investment fund being appointed as the new chairman of saudi aramco that isajor step forward when it comes to essentially separating church and state. it is very important for potential investors. the other thing we spoke about is the time of questions he has been getting which encourage this i asked him about the conversations we had been having and the type of questions. here is how he responded >> investors will evaluate all of these things, they will look at our financial performance, safety and information when it comes to our carbon intensity, emissions and all of these things, technology it is a company that is global it is the biggest in the world, the most profitable. it has the most values when it comes to all the categories i highlighted. >> the company is ready to go public the big question, is the market ready? it is really a commitment to continue the current policy of the opec plus group and whether that will result in higher oil prices even though the business is opening up more and more, the bigger question will be where is this secondary lis

. >>> welcome back oil jumping today as aramco gears up for its long-awaited ipo. saudi oil minister discussing the massive deal, sitting down with cnbc contributor, halimacroft over the weekend, discussing fears of waning demand. >> with regard to slowing demands, the jury are out. i was just asked a few minutes ago, i think you were here, the question about the iea projections. and i told the respectable reporter that if i were to be concerned with iea projections, i would probably be in prozac all the time >> halima croft is with rbc capital markets and joins us now. great to have you with us. this is a first time a member of the ruling party has been appointed to this position what is the significance in relationship to the aramco ipo >> well, i think it's really important, first, to specify the fact that while prince abdula z abdulaziz, he is a long-standing politician he is the expert in the room in terms of the saudi aramco ipo, i think it's full steam ahead with the ipo i think there had been some question markets about the previous oil minister's commitmen

amateur videos captured the fire and smoke at saudi aramco as uptake unit which was targeted by drones belonging to yemen's hooty rebels with a capacity to process nearly $7000000.00 barrels a day a big plays a pivotal role in iran because operations and the oil fields in her race which produces a 1000000 barrels a day also came under attack. aramco has not made clear the extent of the damage and its impact on saudi oil production but state media carried a statement from the interior ministry and said the fires were brought under control saudi arabia has been leading a coalition against the hutus in the war in yemen since 2015. the rebels say they want the world to see that they have a list of targets which they can hit in the kingdom of god some. attacks are our right and we warned the saudis that our targets will keep expanding we have the right to strike back in retaliation to the air strikes and the targeting of our civilians for the last 5 years saudi arabia accuses iran of backing the who these are charged tonight by the rebels some believe the saudi response to the drone attacks

jp morgan close to winning the lead role in the aramco-ipo.he details from our reporter who broke the story. >>> you have to hear it it's the volfefe index. it's the new way to track the effects of trump's tweets on the market volfefe, you can't make it up, you're watching "worldwide exchange" on cnbc. ♪ >>> you can hate yourself for loving somebody wu we appreciate you loving "worldwide exchange." thanks for joining us this morning. good morning it's 5:28 here is how your money and investments look right now could we get new record highs this week? we have work to do if we want to do that. markets 2 to 3% from their record highs, depending on which index you want to pick futures are up only 50 points but they are up. a little ways to go but still the momentum certainly has shifted. more on the stock market as well with the great jeff and sven coming up in a few minutes the bond market stocks have come down but yields still very low historically the ten-year yield 1.59%. overseas in asia, continued protested in hong kong, the chinese market ri

they have targets of bringing aramco -- an ipo for aramco.any hint facilities are not as secure as we thought were just that material amounts of supply come off in a short amount of time, that is a concern. higher oil prices do benefit the financials for aramco. optically, they will look better. that does not nearly outweighed the impact of concerns over security and reliability of supply. shery: thank you so much for joining us with the latest on oil. looking ahead to wednesday, the federal reserve expected to cut interest rates by another 25 basis points to support the slowing economy. ,oining us is laura rosner macro policy perspectives. have you started considering what this oil supply shock could do to the federal reserve and their consideration given that it could affect inflationary pressures? laura: it is a good question. i have not reacted to it in our own inflation forecast. it is just another shock, and other increase in global policy uncertainty trade it is not going to help -- global policy uncertainty. it is not going to help in

saudi aramco faces weeks or months without the rest of the oil output. president trump says iran is behind the strikes that i looking at a military response. could reinforce the result to cut rates again. wework postpones andipo after valuations soft pushes for delay. ♪ >> good morning, everyone. good afternoon if you are watching from asia. i'm francine lacqua in london. these are your markets with a little bit of uncertainty because of a drone attack in saudi arabia over the weekend. trying to figure out the implications for the middle east and geopolitical tensions. this is what we are seeing in european stocks. crude oil off the highs we saw the last couple of days where it surged from $17. press conference from boris johnson yesterday, a little bit of weakness when it comes to pound. watch out for the supreme court hearing. we are expecting it couple of days but it starts today on the thingsy of some of the parliament but also the government are trying to do with brexit. economic nobelhe prize winner coming up at 11 a.m. london time. let's get the f

>> i think after the aramco ipo was delayed last time around a year ago, while aramco focused on thesition, there was some skepticism about whether the aramco ipo, because of the size and the complications of doing it, would ever really happen. i think moves like this, putting the head of the fund as chairman areramco, which the saudis saying this is being done to try to improve -- to separate the ministry from the operations of aramco. this shows the sort of commitment that t saudi arabia has two pushing through this ipo and suggests -- has to pushing through this ipo and suggests we are more likely than not to see that happen within the next 12 to 18 months, i would think. matt: when you take away somebody with as much gravitas as al-falih from this job, it makes me wonder if i should expect changes in saudi oil policy altogether. >> yeah. i think a lot of people are going to be asking that question. clearly, in the lead up to this ipo, the price of oil is going to play a key part in the sort of valuation that aramco can achieve. oil policy will be keenly watched now. al-falih rema

think about this though from aramco's perspective all of this is tied together u.k. doesn't look that good. new york has its issues. suddenly you're running out. we just listed the top stock markets in the world you're running out of big important places to list your stock for what may be the biggest ipo in history. >> big in japan. >> you are big in japan as well. how does this ultimately play out for aramco they go public -- >> what does it mean for saudi's broader diversity play >> beijing 2030. >> the public investment fund, their goal is to create the largest sovereign wealth fund in the world. they're looking to have 2 trillion assets by 2030. >> to go. >> is this an overstatement to go from a country that is oil based effectively to a country that is -- >> investment based. >> investment based with an oil banking. >> they're essentially trying to do abu dhabi on steroids. >> why couldn't i come up with that line. you said it. that was -- you buried the lead. really interesting stuff >> thank you very much on deck, british prime minister boris johnson welcoming

the word is they are the lead dog in the ipo for aramco. word is they will work alongside goldman sachs, j.p. morgan, and others. alix: huge win for bank of america. coming up, the ecb's anticipated rate cut. why markets are watching what the central bank will say about tiering. bank -- matt.s. brill, invesco head of investment grade credit, is next. this is bloomberg. ♪ ♪ alix: this is "bloomberg daybreak." happy busy wednesday morning. s&p futures up by just about one point, but the turn beneath the surface is what -- but the churn beneath the surface is whatever one will be paying attention to. we see the move out of momentum and into value, as small caps also rally. i did want to point out european banks, able to squeak out a rally before the ecb will probably announce a rate cut. what it means for banks and how tiering will play into that. it is a mixed dollar story and a mixed bond story. in the u.s., yields higher by about two basis points. the curve is flattening, but stays steeper. yieldsman ten-year bund moving lower by about one

one of the biggest risks obviously the saudi aramco ipo.and a high-risk light as result of this. global demand could be impacted if we start to see sustained or more volatile oil prices paid the winners are going to be oil producers. across the world which are outside of saudi, particular outside of the straight of his, which -- the strait of hormuz which could be at risk. brazil, guyana, australia could be winners from geopolitical event here. paul: let's talk about demand which has been weak in this glowing global growth. -- slowing global growth. you have to put in perspective we have seen revisions down in demand over the last three months to six month. but we are talking about hundreds of thousands of barrels per day in terms of scope. we have a supply outage on the order of magnitude larger at 5 million barrels per day it will take get revisions in demand before you can offset the supply disruption. and still supply disruptions of a geopolitical nature have a much more influential impact on oil prices in the near term then demand chan

gas prices they're going to go up as well the other angle is this, aramco the ipo, bankers for aramcoing in abu dhabi over the weekend these attacks occurred if you're a banker trying to sell the world the aramco ipo and you've got the world's biggest oil facility that is the biggest part of this company's business being attacked by whomever did it, that suggests a vulnerability, so maybe there's some concern that that reduces the attractiveness of the ipo if and when it does happen. also, you have to take a look at the china trade war. why is that? china is the biggest importer, dom, of saudi oil. we don't import that much. we imported 2.2 million barrels a day 20 barrels a day. basically one ship's worth that's about it. china, they import about 1.5 plus million barrels a day they're now going to have to pay more for that, so there's so many different angles to this hit on the world's biggest oil producers. and we're really not going to know the answers to the questions you asked until sort of maybe today trickles through and tomorrow as well one thing we do know it is major hit to

at cnbc global headquarters and here is your five at 5 aramco attacked.a shutting down half of its oil production after a series of strikes at two of the largest oil processing facilities in the world. >>> and locked and loaded. president trump says the u.s. is prepared to respond to those attacks once the true culprit is revealed >>> oil, yes, is surging on those attacks. brent crude seeing its biggest intraday rise on record. then u.s. equity futures pulling back as the major averages remain just a poin

management is a -- for saudi aramco.ou know, immediately after doing the assessment overnight, we put our workforce. we have subject matter experts, engineers, professionals, operators, craftsmen. each train had a full team working to restore it. the manager of operations was given full authority to execute with all resources required for him 24/7. >> when will it be back at full capacity? >> abqaiq will be at full capacity by the end of september. >> you were able to meet your shipments to international customers? >> we are able to meet our shipments to international customers. when the supply was interrupted, we used our storage facility. anna: that was the ceo of saudi aramco speaking to our middle east energy markets reporter after the company's press conference in connection with those attacks over the weekend. s, ishiggins, cio at coutt still with us. i suppose one of the lessons of this, the market, investors are learning a lot from what has happened here. there's a danger we add a risk premium because we realize

add a new chair of aramco.gy ministry and aramco was seen as a key step before listing the company publicly. what will the process be like for this whole ipo process when it hits one global stock exchange? it has been a complex process so far. it has suffered a few delays and there has been speculation around it that it may not even happen. now that it is finally happening, i think even after the day, i wouldn‘t be surprised that it is still evolving. based on the latest reliable reports, it seems like they may be looking at a domestic data on the exchange was up it will help them test the waters a little bit and then go for an international listing. and international listing. and international listing, you have the likes of london and hong kong with the brexit and the process. —— protest. looks like it could be tokyo. new york was another big one. the bill that keeps coming up, they don‘t take a very good view of cartel as asian and they got enveloped in that. ———— cartelisation to stop it looks like it could

yes saudi aramco is no ordinary company it's the engine of saudi arabia's economy and a source of power for its rulers it's also the crown jewel of the saudi crown prince's ambitious plan to diversify the economy but with seemingly expanding strike capabilities from the war in yemen this would give investors a moment to pause some of the job it is their. correspondent a rebel is under joins us now live from washington d.c. gabriel some strong reaction from the white house and the state department now pointing the finger at talk us through the dynamics of all this. yeah you really saw the washington reaction to this come in 2 different forms really one form you saw president donald trump who did not speak publicly about it at all but calling up the crown prince of saudi arabia the white house confirming there was this conversation saying that the president trump offered his full support to saudi arabia and there's right to self-defense and also saying that this was attack was a a threat to the global economy so he saw trump signaling support for saudi arabia but then you also saw this re

the us secretary of state blames the wrong for the attacks on aramco despite claims of responsibility by yemen's hoofy rebels. thanks hello and welcome to our jazeera live from doha i'm martin denis also coming up in the program to new zealand's head to the polls on sunday in the country's 2nd presidential election since the 20 levon arab spring. herself to 6 days in the mediterranean sea dozens of african migrants stepped forth on dry land initially. thanks. but 1st the u.s. secretary of state might pompei who has accused iran of direct involvement in saturday's drone attacks on some of saudi arabia's most important oil facilities this is what he tweeted tehran is behind almost 100 attacks on saudi arabia while rouhani and zarif pretend to engage in diplomacy amid all the calls for deescalation iran has now launched an unprecedented attack on the world's energy supply there is no evidence the attacks came from yemen but the rebels say they are behind those attacks on the world's largest petroleum processing facility in a kayak as well as on an oil field in could ice and that's force

yes saudi aramco is no ordinary company if the engine of saudi arabia's economy and a source of power for its rulers it's also the crown jewel of the saudi crown prince's and bishop's plan to diversify the economy but with seemingly expanding strike capability as from the war in yemen this would give investors a moment to pause some of it job it out is there more now from washington there that correspondent gabriel elizondo. the reaction from washington to this attack really took on 2 forms we never heard publicly from president donald trump on this on saturday but the white house confirming that he did speak to the crown prince of saudi arabia and really just trump was offering his full support to saudi arabia and the crown prince of saudi arabia self defense trump saying that the u.s. would support saudi arabia and also saying that this is attack was a threat to the global economy but then you saw a very strong statement again from mike pompei oh the secretary of state later on saturday if there be a twitter in this statement just really pointing the finger at iran directly so a dif

and it is likely that iran was behind the saudi aramco attacks. to the roller coaster trade headlines. trade groups from china and the u.s. have held constructive talks upgrading to the chinese industry of commerce. markets were stu on friday tooped on friday when president trump says he was looking for a complete trade deal on friday. nejra: and at the request of the u.s., there was discussion or a cancellation of a trip to the heartland. joining us now is carl tenenbaum, the chief economist at northern trust. how are you reading these mixed signals? pessimism and then optimism. carl: the base level -- they are not escalating things. things are at an even keel. better they are talking then raising new tariffs. the issues are many and buried. the chinese are insisting on a comprehensive deal which is a sticking point. the sanctions against the telik made -- telecommunications maker is what is making china uncomfortable. some of the tariff issues may seem simple by comparison. matt: how long do you think it will take before we find a solution to th

ceo of saudi aramco getting bum rushed by reporters. dan murphy was in that scrum what did he have to say, dan >> reporter: we have some developing news from the world energy congress here the ceo telling me moments ago that this company is now ready to go public as soon as the chief share holder, the saudi government is ready. weighing in on this appetite he said interest is skyrocketing listen in. >> do you have a preference for the location at the moment >> as always, as i say, share holder will decide we are ready to list whatever they decide. >> any thoughts on a time frame? >> as highlight his royal highness, i leave it at that >> reporter: so brian, these things are always a bit rough and tumble not so much clarity on where that secondary listing will take place with new york, london, hong kong and tokyo in play. also asked how much money aramco is likely to raise no answers there he stopped short of giving us information on who has been appointed to advise on this ipo. i asked exactly what is happening with governance. this is a

yes saudi aramco is no ordinary company it's the engine of saudi arabia's economy and a source of power for its rulers it's also the crown jewel of the saudi crown prince's embellishes plan to diversify the economy but with seemingly expanding strike capability as from the war in yemen this would give investors a moment to pause some of it job it out as their cable as under has more from washington d.c. . we have not heard directly from president donald trump on saturday or about these attacks on the saudi arabia oil infrastructure but of course the white house did put out a statement confirming that trump did speak to the saudi crown prince and that trump offered the u.s. as full support to saudi arabia and saudi arabia self defense saying that this is an attack on the global economy but the real strong statement here in the most clear statement i think really does come from the secretary of state might pompei o tweeted late saturday that he blamed iran specifically for this attack saying it was an unprecedented attack on the world's energy supply there is no evidence the attacks came

timeline for saudi aramco to reach full output again could be weeks or months away. president trump talks down a military response. ab inbev is said to be looking for a valuation half what it originally sought rate asian unit as we worked delays its ipo until at least october. the case against boris johnson's brexit plan. the u.k. prime minister's suspension of parliament comes under scrutiny in the supreme court starting today. good morning, everybody. less than a half-hour until the start of the european equity trading day. this is the picture on european futures. we just came down a little bit in the expectations for the start of the trading day as far as the london and the german markets are concerned. the french market looking more resilient. weakness coming through in the asian session. geopolitical tension, of course, in the aftermath of the weekend. let's have a look at the gmm and show you where we are. down 1.7% on chinese markets. hong kong markets also leading the fall. this is where the weaknesses is coming through. some numbers be expectations from sing

in the government to saudi aramco is no ordinary company it's the engine of saudi arabia's economy anda source of power for its rulers it's also the crown jewel of the saudi crown prince's ambitious plan to diversify the economy but with seemingly expanding strike capability as from the war in yemen this would give investors a moment to pause some of the job it out as their economist. says an attack will bring a lot of hard questions about the around coast stocking listing. the su would have been trying for a very long time to try to say they can issue about i.p.o.'s they've been talking about different market different exchange talk your hong kong. japan the united states but in the end have this actually idea was was was issued and it's listed on the market and trade in the market today would a so a big a drop on the prize a lot of people are going to be afraid of investing their money in a place where there is and stability and war any time now this this this resources can be at the act and actually what happened have and are mine the ability of this who would be to actually issue t

amateur videos captured the fire and smoke at saudi aramco was a take unit it was targeted by drones belonging to yemen's hooty rebels with a capacity to process nearly 7000000 barrels a day a big plays a pivotal role in iran because operations and in the oil fields in her race which produces a 1000000 barrels a day also came under attack saudi arabia has been leading a coalition against the who is in the war in yemen since 2015. the rebels say they want the world to see that they have a list of targets which they can hit in the kingdom of god some. attacks are our right and we warned the saudis that our targets will keep expanding we have the right to strike back in retaliation to the air strikes and the targeting of our civilians for the last 5 years saudi arabia accuses iran of backing the who these a charge denied by the rebels some believe the saudi response to the drone attacks is going to be more of what's been happening during the war in yemen this would probably help them project their what they've been doing in yemen as something legitimate especially given the internationa

saudi aramco is optimistic about rapid recovery.te energy supplier faces weeks or months before the majority of output is restored to the world's largest processing plants. meanwhile, as saudi arabia says an initial investigation shows weapon used were iranian. give me a sense of the mood in riyadh. what is the likely response from the saudi's today? >> there is an aura of trepidation over riyadh as the rest of the country -- the conversations i have had make it clear much of the public in is trying to raise awareness on that front. the setback on the attack largely means there is quite a bit more pressure on the saudi government to come out with a firm response. the first step toward that we got overnight was a statement from the foreign ministry. this may be more important than chasing the oil price down a rabbit hole. take allom is going to measures to ensure safety and is capable offirm defending its land and it is going to respond strongly to this aggression. the first part of that is going to be bringing in investigators to fi

claims iran for the drone attacks on saudi aramco despite claims of responsibility by yemen's truthy rebels. efforts to rehire him hundreds of people displaced after hurricane dorian hit the bahamas. and after 6 days at sea dozens of african migrants leave their. yes q ship to safety and actually. now u.s. secretary of state mike pompei o is accusing iran of direct involvement in saturday's drone attacks on some of saudi arabia's most important oil facilities he tweeted to saying tehran is behind nearly 100 attacks on saudi arabia while rouhani and zarif pretend to engage in diplomacy and made all the calls for deescalation iran has now launched an unprecedented attack on the world's energy supply there is no evidence the attacks came from yemen but who think rebels say they are behind the attacks on 2 saudi plants including the world's largest petroleum processing facility and add cake and an oil field in a court case and that's forced riyadh to temporarily scale back oil production by around 50 percent earlier u.s. president donald trump spoke to saudi crown prince mohammed bin sou

saudi officials considering delaying the aramco ipo.ut the morning. apple/disney drama about to become direct competitors in the streaming sector what does it mean for their relationship, respective business models, shareholders. the mickey mouse face on my plwah,ape tc all of those things and more when "squawk" returns >>> welcome back to "squawk box. take a look at futures let's tell you where things stand. we're an hour away and the dow would open down 91 points. nasdaq off about 50 points s&p 500 off 10 points. all of this as folks are trying to really estimate the damage from the attacks on the saudi oil fields news flash, we should say from the wall street journal in the past couple of minutes that the aramco ipo may be delayed, or at least that's under consideration. probably is no surprise given what's happened. they think they can get 1/3 p their supply back online this week but who knows how long it's going to take to get the rest of it. >> you said news flash, and that was actually a news flash. you know how people use it, th

rishaad: that is the aramco ceo. let's look at the business flash headlines.ours after delaying a share sale, it announced a small number of job cuts in new york city, fewer than 10 staff. we co. postpone that initial public offering. aboutwas also criticism its corporate governance. david: fedexcup delivered overnight. slumping in late trade after cutting its profit forecast for 2020 in the face of a global slowdown. adjusted earnings and made will be $11 to $13 a pop. said fedex is badly affected by trade tensions and uncertainty about policy. heading into the japanese lunch break. we have this at the moment. the stocks on the way down. the country's second biggest dealmaker scaling back its capital investment budget, reflecting deteriorating profits. declining.ce sunday rebuffing proposals from daniel loeb, sending ♪ its ♪ share price down. at comcast, we didn't build the nation's largest gig-speed network just to make businesses run faster. we built it to help them go beyond. because beyond risk... welcome to the neighborhood, guys. there is reward. ♪ ♪ be

saudi arabia says there is evidence iran was behind the aramco strike. president trump orders new sanctions. partslan to sell vehicle to help its turnaround and get back on track. it is also still looking for a new ceo. shery: let's check the markets. u.s. futures unchanged at the moment. u.s. stocks struggled throughout the session. s&p 500 slumping after the fed rate decision. markets taking it is a hawkish cut. in fact it did recover towards the end but it finished basically unchanged. we also had energy stocks dragging on the index. crude falling for the last two sessions after that 15% gain we saw monday. at the moment unchanged, below $60 a barrel. financials gaining ground today. we had yields plunging after the fed intervened and the repo markets injecting cash to soothe the money markets. that was paired back a little bit after the fed rate decision. 10-year-old -- 10 year yield finishing around 1.80. paul: some breaking news on the bloomberg terminal. the hong kong monetary authority is cutting its base rate to 2.25%. pretty much as expected af

have saudi aramco can between 30 and 45 days of saudi production they have reserves across the globeso people weren't really doing the numbers and i think now what will be really important is how fast can call you know get the. cake processing plant back up and let's mind that let's be clear prosecco processing plants are not like like switches it will take time to get it up so we have information need and then we need to differentiate their eastley current shortfall because of the of the of the attacks and then there is also suddenly analysts realised oh there is a risk premium and geopolitical risk premium that had been all but gold and so in that sense we have to see how that will pan out but in the end all markets still you know up until saturday everybody said oh we're so over supplied and once one steel plant is out the get up and running again we're still basically oversupplied bill reconsider the risk premium for future deals is this something that is just related to this particular incident of their things is something which is going to be taken into account for a longer ter

aramco began to inform the banks about the roles.h banks declined to comment aramco is looking event to delays to the possible ipo despite concerns over the impact of attacks hadley filed this report from the company's damaged oil field. >> reporter: nearly a week after the worst terror attack, saudi aramco has ever seen, an assessment of the damage multiple strikes taking out half of saudi's production with 5.7 million barrels per day offline in a matter of minutes now as you can see behind me, significant damage to one of four stabilizers, this is just one of four locations that were under attack around 3:40 a.m. in the morning over the weekend aramco telling us they were able to put these fires out within three to four hours of the attacks but that didn't stop at least 1.2 million barrels per day from being knocked out of the production this is just one of two massive facilities now under repair. with the government hoping to get back to full production as soon as possible crews working around the clock to get the company back on

. >> talking about at least taking the company public at aramco this is a big blow to them are thereks there about whether or not the aramco ipo will be significantly impacted because of this particular terror attack? >> reporter: no doubt those conversations are happening. at the end of the day, saudi aramco, this country, the separation of church and state is it possible making sure that 5% of the aramco deal would be free of government intervention and operate like a proper company. that has been the conversation since it was announced this is all part of his vision 2030 the fact that they are so vulnerable to terror attacks is a problem for the saudis, no doubt. one will be which they are continually discussed at these meetings >> thank you for that. >>> saudi arabia and a disruption in the world's energy supply not the only risk factors. we are also bracing for the next federal reserve policy decision. the trade war and impact on global growth. all of those things in play. joining me now, chief investment strategist john, we've noticed at least a little bit of perhaps stability

you know is going to further exacerbate the political risk that gets priced into saudi aramco i think a way to think about it is for every dollar per barrel that oil goes up on sunday night from a u.s. perspective monday morning. that should translate into multi-day dollar per barrel discount in the valuation for saudi aramco relative to what it might have been a couple weeks ago prior to this kind of further physical and geopolitical risk getting priced in and i think there's been a little bit of misunderstanding about what a ram co could or should be worth there is this idea that i mean it's almost like being talked about like a we work or something like that where it gets valued at this kind of extreme high valuation while does produce a lot of barrels of oil oil companies predominantly today are trading as a multiple of the da that they generate you know their earnings before interest taxes depreciation and amortization so you know if you look at what aramco actually earns net of taxes and loyalties and so on and then and you know we don't have the exact financials out but if you