brent: you are with dw news, live from berlin. germany's justice minister has fired the country's top prosecutor, and the move comes after a bitter war of words between the two men over a treason investigation into a blog that published classified documents. pakistan has executed a man for murder, despite appeals from human rights agencies. his lawyers say that he was only a child when he was convicted of the crime. another flogging for greek financials this tuesday. ben: the volatility is not good. bankshares lost about a third of their value. officials say they expect the coming days will see trading on down. that may not apply to financials, but there are the first signs that athens main index is turning the corner. >> flashes of green on the second of trading in athens after the closure, things look much better than monday. stock prices dropped again in the morning but trading finished only 1.2% down. trading has not fully return to normal yet. highly speculative actions that says shortselling is prohibited and other bands are

brent is with me, and cory johnson is still here., the stock trended down, down, down all day. now it's getting a nice little bounce in the aftermarket trade. did no one expect this? brent: i think the market is obviously doing its own thing. i think investors continued to be pretty positive about the outlook for salesforce. we've said this multiple times inside the software stream. they are the most innovative company and they have the right pricing model. everyone in the industry, including larry ellison, is chasing salesforce. they are the business model everyone is trying to copy. they are the apple, if you will, of the software industry. the quarter looked very good. the backlog was up 26%. they had good operating margin improvement. cash flow growth was up plus up 44% year-to-year. the service cloud leading the charge had the best growth at 40%. a lot of the metrics continue to exceed what the analysts expect, and we believe that the consistency of the results have kept investors in the stock. they've really continuously delive

brent francine: -- manus: -- francine: brent crude low $45 a barrel as iran says it will expand market drop last week. manus: asian shares have seen their biggest drop since 2011. emerging-market currencies have dropped to the weakest levels on record. commodity prices have fallen to a 16 year low. francine: let's check in on the markets. every major stock market in asia in the red. not much different in europe. over the weekend, it was about the rate cut in china that did not materialize. blanket red. 2%, in bearver market territory. ftse 100 on a 10 day losing streak, the longest since 2003. the stoxx 600, european equity august.k, down 11% for poised for the worst month since october 2008. ridiculouseally lows. you factor the outlook for growth and you see movers in the ftse 100 reflecting that. usually this shows you the three biggest gainers and decliners, no games. off, bhpdown, anglo billiton a worse. when is it time to catch the falling knife? not yet, it would be like catching a falling chainsaw. that is a reflection of where sentiment is. growth outlook factored into the comm

sarah: that -- brent: that's very true. today was the inevitable culmination, according to one analyst -- a merger of social media and a nation without any sensible handgun control. we actually witnessed, if you will, a double murder live on social media, as well as on television. let's talk for just a moment about the evidence, the electronic evidence that this suspect left behind him. yesterday abc news said that they received a 23 page fax, a manifesto, from mr. flanagan outlinin his grievances against the station. saying that he had been the victim of racial dissemination. let's talk a little it more about his own twitter account. we know that that twitter account, under his on-air name, bryce williams, was created just one twitter has since cut it off -- but if you look at the content you can see that this was a man who was methodically, systematically planning a murder and he called himself a powder keg that was about to explode. that explosion we all witnessed today on live television. sarah: it makes you wonder if t

sarah: that -- brent: that's very true. today was the inevitable culmination, according to one analyst -- a merger of social media and a nation without any sensible handgun control. we actually witnessed, if you will, a double murder live on social media, as well as on television. let's talk for just a moment about the evidence, the electronic evidence that this suspect left behind him. yesterday abc news said that they received a 23 page fax, a manifesto, from mr. flanagan outlinin his grievances against the station. saying that he had been the victim of racial dissemination. let's talk a little it more about his own twitter account. we know that that twitter account, under his on-air name, bryce williams, was created just one week ago. if you look at the feed -- twitter has since cut it off -- but if you look at the content you can see that this was a man who was methodically, systematically planning a murder and he called himself a powder keg that was about to explode. that explosion we all witnessed today on live televi

brent crude is in a bear market.has dropped about 28% since its may peak and it is still trading below $50 a barrel. look at gold as well, trading near a five-year low. it is still declining. investors are bearish on credit -- on these precious metals. we have goldman sachs say yesterday that gold may fall below a thousand dollars an ounce. at the moment, we are looking at $1084. analysts surveyed by bloomberg said prices would drop to $984 an ounce before january. that would be the lowest since 2009. gold is on track for a third annual decline. that would be the longest slump since 1998. i just talked to you about copper. that is declining for a fourth day. falling to its lowest level in 13 years. all of these commodities dropping for different reasons, with oil it is about oversupply in the market. with gold, it is about a stronger dollar and the prospect of the fed raising rates. it is about investors -- gold is falling out of favor with the investors. prices dropped all through the greek crisis and the selloff wi

rent crude -- brent crude trading below $50 a barrel. gold recruits some of its losses from earlier. investors very bearish. goldman sachs saying it made below $1000 per ounce. copper heading into a bear market. let's take a look at our commodity currency. climbing from a six year low. after the rba held rates at a record low. back to you. mark: -- jonathan: let's get to the asian market rout. >> thanks john. a very good morning. a look at the shanghai composite. that is what we are doing today. three clock p.m. in hancock -- and how kong. the .7%. that is a 4.5% swing. for any other market, that would be the best day in years. for shanghai, we know how wild things have been. that is the best day in three weeks. 3756. this is despite this new rule in play. making it harder for you to profit from short positions. another thing to mention, you have 18% of this market that has taken a backseat. that is playing a part on why we are not seeing a lot of volume in this market. that's a spike up 1.2%. it looks big in the scale, rba practically u

wti still on the slide and brent falling below $50. u.s. futures indicating a higher open. >> it's all eyes on the screen tonight as the first gop debate kicks off in cleveland while john stewart presents his final daily show. >>> coming up on the show facebook serves another blow to twitter as it launches a video streaming service but don't expect to see the worldwide exchange team on there just yet. we'll explain why later. >> plus investors cut the cable as disney disappoints. we tune in on the details. >> we're live in beijing with the latest after investigators confirm a winged washed up on shore is that of missing jet mh-370. >> disappointing jobs data. the number of new jobs created slowed to 185,000 but at the same time manufacturing index jumping to its highest level in ten years. goldman sachs as well as jp morgan upping their u.s. gdp target for the year. a slew of earnings coming out today and of course that could change the story on wall street. if you take a look at european markets a host of companies reporting earnings in ge

that same day, brent stapelkamp notices something odd. cecil's collar has stopped working. >> i make a mental note to catch that lion the next time i see him because as far as i'm concerned at that point, the battery has died. >> reporter: but it wasn't the only battery that was dead. a couple of days later, stapelkamp hears a rumor that a lion had been killed. he immediately goes to his tracking equipment. >> that's the final point where he started sending. to me that is alarm bells. >> reporter: he calls authorities who are now making their way to a crime scene. that the killers are brought to justice. this is national heritage, which belongs to everyone in the country. that off-limits property was illegal, police say. owner are arrested and charged with poaching. >> they both say they didn't know they were killing cecil. do you believe it? >> i don't believe it. you can do a search for hwange lion and a picture of cecil pops up. if you come here, they knew what they were coming for. >> reporter: and now, data from the collar. data he s

the london benchmark brent crude down 1.6.un into the mix and a lot of questions as to how this will play out in the global markets. maybe good for american drivers. the u.s. has its own oil revolution, shale oil. that is why these middle eastern producers, saudi arabia, russia, all looking to protect their turf. now iran getting into the act. rishaad: thank you very much. having a look at tensions between seoul and north korea. high onnsion is running the divided korean peninsula after the two sides exchanged artillery fire as the north stepped up the mobile invasion of its armed forces. talks started over the weekend where we have yet to hear of any progress. all of this coming after two south korean soldiers were injured by landmines seoul said were recently planted by north korea. the standoff is one of the most serious we have seen in the last few years. south korean military official says north korea has dispatched more than two thirds and doubled its frontline artillery forces. markets are reacting to the tensions, the

brent cannot get below $50 a barrel but it is trying.k from wood mackenzie who joins us from houston. skip, this morning, tom has been looking at the technicals of oil. or the technicals trying to tell us something? skip: i think the technicals are trying to tell us that july was a month of great uncertainty in the oil market. it started with the eu prime deal. -- iran deal. we do not know how much of that iranian crude will hit the market. we sell volatility in the chinese equity markets, greece, whether it was staying out of the euro. the forward curve is saying none of those uncertainties get resolved anytime soon. brendan: tell me about the psychology of this. we have jim caulking here of the principal glover investors pointing out that oil should have dropped, given what we know about the swing barrel. are we looking at another psychological break point in how we look at it? skip: i think what we may be looking at in the near term, in the next x months, when brent is getting down into the lower 50's, what it will do is potentially e

brent crude at $46.70 down 86 cents in today's trade. wti crude is back above $40 which is a key psychological level for traders but in today's trade down by around 1.6% at 41.88. spot gold seeing a little bit of buying today interestingly enough. higher by around $4. keep an eye on the commodity index. in the meantime, currencies not the type of action we saw earlier this week when it was the weaker dollar and stronger euro. there was conversations about what it would mean for tex porters here dealing with the devaluations move but here we're looking at the euro at 113. well below the levels earlier this week at 115 against the u.s. dollar. slightly higher today in u.s. trade. sterling will be interesting to watch once we get the u.k. gdp number expected to come in at 0.7% quarter over quarter. big market show and coming up on worldwide exchange, speaking of retail, hermes is still on trend. stay tune to find out how the signature birkin bag is shrugging off the china slow down. that story coming up. >> oil fails to hold on to gains aft

brent oil breaking below $50 a barrel. that is pretty significant. iran is talking about ramping up its oil production. saudi arabia's pumping a lot so they continue to oversupply. bloomberge my terminal as to what is moving the tech market, and that is apple. below right before 10:30 and continue to go lower. , it's 9%n why we care of the nasdaq. actually, 13% of the nasdaq. scarlet: and he has repercussions throughout all the indices. now look at the stories making headlines at this hour. president obama ending his gas , grading the state more time and options. was unveiled a short time ago at the white house. president obama: we are the first generation to feel the effect of climate change and the last generation that can do something about it. and that's why committed the united states to leading the world on this challenge. because i believe there is such a thing as being too late. to --it's estimated estimated to cost a .5 billion dollars. a new son of the deep trouble in the coal industry. a company being heard by pledging cold prices and the

brent staged a comeback earlier this year after a sharp fall last year, but it started slipping againn may, which is where we see things in august. to get more on markets, i spoke with an oil analyst with energy aspects in london and asked whether the prices close to bottoming out. he says there is still room for falls. we think there is more room on the downside for oil prices. we are still in a situation of oversupply in the global oil market and there are no signs that will change soon. the response has to be on the supply side. until that happens,'s prices will remain subdued. markus: what you mean by a response on the supply side? should respond to these low oil prices? momenthe key goal at the on the supply side is to make high cost action inefficient, or at least unprofitable. highest cost producers in the world are currently based in north america, the u.s. shield producers and the canadian oil producers -- the u.s. shale producers. the oil prices need to remain low enough to dissent defies oi l shale. there are also high cost users in north america that will be suffering at t

both wti and brent traded here in london, brent falling below $50 of errol. -- $45.30 and extending their losses and remaining relatively poor. supporting the prices, so we continue to see those declines. the declines are helping one group, and that is the airlines. we see airline stocks gaining in as we continue to see this selloff in oil prices. elsewhere in commodities, we see copper lower and this is also an extension of decline. china is an important market for copper. stock or back to the get, we see copper and metal producers pull back with aluminum pulling back. commodities reducer -- commodities producers a big weight on the averages. seen aetro china has surge in volatility in shanghai is the government says it is ready to prop up the stock market once again. we have this report from hong kong. reporter: how much money is china pouring into its markets? take a look at petro china shares. they could care less about the -- 11 billionl it in oil reserves. topped 95% of companies trading in the russell 2000 and the. it's another sign how state intervent

brent crude at 17 cents. this after of course posting a 10% surge in yesterday's trade we are seeing a little bit of buying today. continuing to hover around multiyear lows. the european markets trading in negative territory after a big move to the upside yesterday. the cac 40 due to disappointing earnings slightly lower by 10 points. u.k.gdp second estimate at 0.7% quarter over quarter. that was in line with expectations. lower though in today's trade. that is equity market by around one point. the underperformer if you look at european markets. let's get the word from the portfolio manager joining us. hey, how are you doing? >> good morning. >> let's make sense of -- let's help our audience understand how to make sense of all the moves that we're seeing today. oil prices lower after the big surge yesterday. does that suggest that the sell off is not over? >> i would just recommend they be more pragmatic at this juncture. they're resetting expectations on their long-term growth trajectory and there's a massi

this is playing into brent crude. since march 2005.ng to see the slowest growth since 1990, that we'll hit energy, grain, and metals. anna: let's get back to michael o'sullivan. i mentioned earlier on that the central bank governor in in yet is talking about how we should not succumb to pessimism on the global economy. it is easy to be pessimistic when you look at all that caroline has gone through. where our markets running away with this negativity? michael: it is easy to be shocked rather than frightened. colleagues -- it is encouraging to hear him be relatively more optimistic. if we had this conversation last thursday morning, we would be u.s.ng about the strong growth, and the housing market. greece off of the headlines. pmi'srsday, a lot of the were pretty well settled. i think the sense of perspective is in order and that is what we will try to do this morning. take people by surprise is the speed of the selloff. it has a lot to do with for polio insurance. -- portfolio insurance. anna: people are taking options to sell stock.

for brent, 70%, $40 to $50 is a realistic near term target. more than half think the commodity will fall between $30 and $50 for wti, and $40 to $60 for brent. that's lower than previously thought. >> refineries have to turn around and make the fall products, gasoline, heating oil, things like that. you're going to see less demand at the refinery level for crude oil. you're going to see supplies start to build again. that will put pressure on prices. i don't think that pressure will be relieved until we see the summer driving season which actually starts in the spring of 2016. >> reporter: when asked what factors will impact crude prices the most, the majority of respondents said supply. behind them, the dollar, and 10% said that technicals will drive crude prices. >> the world produces about 2 1/2 to 3 million barrels a day more than it uses. we need to get that under control for prices to rise. demand isn't going to rise 2 million barrels a day between now and 2016. so the only way to get crude oil prices higher is to reduce the supply. >> r

brent and wti climb back gains after settling at the lowest level in 2009. >> it was a rough session overnight. housing a big part of the story. we're just hearing from one of the luxury home builders reporting q-3 earnings of 36 cents. that's well below the analyst expectations of 49 cents. revenue was to come in around $1.03 billion and revenue coming in line with expectations. we should point out the stock closing lower yesterday following the broader market sell off losing about 4.7% but year to date up about 5.7%. responding to the housing data over the past couple of months but back to the market sell off. the dow seeing a 4,000 point move in one session. we just captured the highs, lows and where the dow closed. at one point in the beginning of trade we saw the dow down by around 1,000 points. some traders sending me pictures just showing traders clued so their screens and cnbc saying what kind of ride are we in for? we saw the dow coming off the lows of the day still closing down in triple digits and this could be a rebound tuesday with the dow indicating a higher move by aro

brent futures as well up almost 3%, trading at $43.86. still above $40.l balance for copper, and the msci emerging markets index as well. brendan: this is "bloomberg surveillance." i am brendan greeley with vonnie quinn. tom keene is out but here in spirit and e-mailing regularly. vonnie: in fact, one of his in thishat he made up particular hour after the news, china cutting interest rates for a fifth time, we want to go to hong kong now to get reaction from david goldman of the reorient group. david, give us your initial thoughts on these moves and the comments as well, commentary. china urgently needs an easing of monetary policy. it has the highest real rates in the world for the past year. demands, it has also pushed up the currency and her their exports, so of course the economy is slowing because of monetary policy errors. a rate cut is a good thing. the trouble with the pboc is that what it has done is been piecemeal and has failed to explain to the markets what its intentions are, so i think the effectiveness rate cuts, as positive as it is, is no

brent off by 3.5%. wti crude off by 3%. so that's what we're seeing when it comes to some of the commodities out there. when it comes to the fx markets and currency rates, you're looking again at a euro collar which has been on the move which is quite substantial. euro, 1.1469. huge move to the up side in the euro in friday's trade. that's following through today as well. the dollar against the yen down by a tad sitting around 120. the bonds as well, just briefly glanced at them, we've seen some safe haven buying into the some of the core markets still happening on to a little bit of green. germany flat lining a bit since we last looked at the bond markets a half an hour ago or so. in italy you're seeing a little bit of selling. periphery bond markets are being sold back just a tad with yields heading higher. a bit of repositions taking place today, seema. >> yeah, absolutely. on friday the dow dropping 520 points. biggest one day decline in four years. it is now officially in correction territory along with a tech heavy na

this is inflation-adjusted brent. we are back into, pre-china. brendan: we are looking at two realizations. we realized fracking was cheaper, but here is the point where reached where it is impossible -- where it is possible that fracking may get even cheaper, that they can cut costs. the dynamic now is not the dynamic it was even six months ago. tom: is this lower for longer? this is four years here. one of our themes this week as we look at commodities and the effect upon your life. as vonnie quinn mentioned, japan is really front and center overnight. , the media focus is on lousy economic growth. where the pros are worried, they are worried about manufactured inflation ready made by abenomics. we begin with a fiction known as japan economics, and we need to bring in willie pesek, in tokyo this morning. to me, it is about this new inflation in japan. is it a good inflation? so far, no, because the yen is down 35% in almost three years. any inflation japan is getting is imported, the bad kind. with oil prices low, japan is still importing infla

brent crude below $45 a barrel. it is making headlines. is it a rout or crisis?emarkable hashtags. mortgage meltdown and a great fall of china. of us know what you think the stories. we will start with a look at commodities area shares, commodities, and the bloomberg commodities index the lowest since 1999. let's head over to sydney. paul allen with what is going on. what is bad for commodities is bad for australia, isn't it? paul: pretty much. it is a commodity currency. we are seeing data being hammered. miners, rio tinto back in positive territory. the hp -- bhp is down a little. a fewe are seeing are savvy investors looking at this as a buying opportunity. the picture for commodities is a great one. a glut and growing glut. the bloomberg commodities index at a 22 year low. this is all thanks to china, the world's largest consumer of grains and metals. no surprise, a slide. copper, for example, supply exceeds demand by 151,000 tons. a glut in oil with iran trying to raise output as well. all bleak for the commodities picture. even gold is down. our guest last

when you're looking at the two different types of oils, you have brent oil which is your world price and then wti which is your u.s. price. and wti has been down much, much more than brent, and that's because we know we have this shale revolution going on. these guys are making the product. the products are actually doing much better than oil is. so the spreads are enormous. the one thing i would say you're going to start tote goi get int seasonal maintenance period. also the end of the driving season in the u.s. you may see some names in decline. i'm not saying short but take off at least a third as these things go higher. >> do these things trade seasonally for exactly that reason. >> i think historically maybe that's the case. i don't think that's the case now because of the move in the brent wti spread that beaks was just talking about. look at the report, look at the earnings report tesoro just had. it was crazy strong. valuationwise they're cheap. i think these stocks despite the tape can still go higher. >> macau acasinos, mgm, las vegas sands. gaming revenue came in 6% lower

my kids grew up in this town, a nice suburb, and i stayed here for 15 years on brent.y rent is $1200 per month. it is a nice three bedroom, nice yard. now, i'm seriously considering permanently relocating to florida. host: how much did you get the place in florida for? caller: i was even looking to buy in florida. connecticut is "ct," so i was searching to stay in connecticut, but the address had "hoct." as in court and address and i realized it was in connecticut. by the time i was done, i into getting it for 36,000 $500 -- $36,500. with the fee, the closing cost was little short of $37,000. host: we want to continue to hear from you about the housing market in your community. again, the numbers are on the screen. pick the line that best represents you. for homeowners, (202) 748-8000. for renters, (202) 748-8001. if you receive some type of subsidized housing, (202) 745-8002. all others can call (202) 748-8003. it is tomorrow that the obama administration will unveil what is known as the clean power plan. this is the obama mr. shin's efforts to reduce carbon pollution

to point out a great chart that came to us from credit squeeze talking about the forward prices of brentt would be worth in three years. about $63 a barrel, and that is $14 above the current spot price , meaning commodities have not yet hit their bottom. credit squeeze says they do not start to rise until one third of the production has been underwater, because cash costs go down, too. you can afford to keep running production at these levels. is it all fundamental or is there fast money in the market being shaken out and that is why we are seeing brent go under $50 a barrel. some say yes. oil was seen as the anti-currency, all commodities really, and as that is starting to unwind you are getting this shakeout. the way that commodities are shaping up, you should be looking at a global recession, so there is a lot of money moving that is not fundamental. matt: i look forward to hearing about it. you will also be joining me in about 10 minutes. i will give you a quick news summary while she chills. do you have the correct time? in north korea, the state is getting its own time zone one wee

brent is really pacing declines. this is more of an international benchmark. why?ranast in part because has vowed to boost production once sanctions are lifted. we also saw a slowdown in chinese manufacturing. economy is chinese reflected in the brent. matt: absolutely. oil is falling to a six-month low. it has been a rough couple of weeks for crude. atk: that is a quick look the markets. let's look at what is making news. former ubs group and citigroup trader tom hayes is the first person to stand trial for manipulating libor and was found guilty. after a week of deliberations, jurors found he conspired with gain libor to benefit his own positions. each count carries as much as 10 years in prison. erikmatt: wow./ big news. partnerre is agreeing to a deal with an italian company that breaks up a merger plan partnerre had reached with another company. exor is looking to diversify outside of manufacturing. for our those fiat and riata mobiles. a new sign of the deep trouble in the coal industry. isha natural resources filing for bankruptcy. the coal slump is the indu

brent crude also down 1.25%. gold futures are up .3%. betty: brent below 50 all week. a check on bond markets, you can see after the jobs report this morning which kind of undershot estimates still strong enough though for estimatesfor investors to believe that the fed will raise rates. the two-year is higher but on the longer and we see the yield coming down. in the currency market, it is again a story for the dollar. a four-month high. after that jobs report, the dollar shot up. a pretty big spike, but since it is come down. now trading just a bit lower. still hovering at this four-month high. let's get a look at our top stories. signs of more progress in the u.s. labor market could keep the fed on the road to raising interest rate. employers added 215,000 jobs in july, the unemployment rate holding at 5.3%. >> they are almost mentally committed to moving before year-end. whether it is 25 or 50 basis point, probably 25 -- i hope -- 50 would scare the market. 25 in september -- not a unanimous opinion but a majority opinion at the moment. betty: july's gain followed a

brent is below $45. west texas is under $40 in new york.demand and the global glut are to blame. the drilling race has increased for the seventh time in eight weeks. marathon talks are continuing between north and south korea amid rising tension on the divided peninsula. as the two sides meet, seoul said kim jong-un stepped up the mobilization of his forces. the won has hit a four-year low. stocks in seoul are retreating for a sixth straight day. let's get the latest on what we're calling carnage in the market. david ingles is standing by. it is quite that. we are seeing a sort of carnage or damage. all of these micro-investments, the earnings get thrown out the window. we are seeing declines just about across the board. indiscriminate in some cases. volumes are quite heavy. we are likely to see europe and the u.s. open up with sharp losses. there is a little bit of rotation back into the bond markets. is at around 2% this year. let's bring it back to asia. closing in on about $1 trillion of market cap that disappeared this morning. do not

brent and wti crude both down steeply today.l you who's make being the big calls and how they are staying ahead of oil's decline. that and much more when "power" comes back on cnbc. it took serena williams years to master the two handed backhand. but only one shot to master the chase mobile app. technology designed for you. so you can easily master the way you bank. nobody's hurt,but there will you totstill be pain.new car. it comes when your insurance company says they'll only pay three-quarters of what it takes to replace it. what are you supposed to do, drive three-quarters of a car? now if you had a liberty mutual new car replacement, you'd get your whole car back. i guess they don't want you driving around on three wheels. smart. new car replacement is just one of the features that come standard with a base liberty mutual policy. and for drivers with accident forgivness,rates won't go up due to your first accident. learn more by calling switch to liberty mutual and you can save up to $423. for a free quote today,call libert

we will begin with brent. timex crude up by 2%. brent up by more than one third of three percent.game losing streak. there was record chinese imports. certainly encouraging the bowls bulls for now but over the long haul it has been ugly. showing you what is laying on in copper. there was torrential rains in chile which has disrupted mining production. raising the oversupply of metal might come down just a little bit. we are talking about a rebound off of the six year low so put that into perspective. platinum headed to the biggest gain in more than three months. this may encourage more demand from carmakers and jewelers and gold inching higher as well. with the most part looking at broad gains across the commodities complex today. thisng at top stories at hour. the last 72 hours have been busy one. rescued mores has than 14 migrants. they are trying to make their way to several greek islands through the turkish coast. authorities say the pace of the new arrivals is increasing. a victory for argentina and the long battle over default that. court has upheld the bit to limit the numb

matt: i cannot believe that brent crude fell below $50. that is the first time since 2009.here are two stories and oil -- matt: this is nymex. just to make it clear. you know this, but nymex is priced five dollars, four dollars less than brett crude. it is a different deal, but nymex has been below $50 often for a long time. have both been getting crushed. short-term is hard because iran is talking up their ability to ramp up, a million barrels in a month when sanctions are lifted. that is completely optimistic from who i have been talking to, but that is waiting on the market. you have refinery margins, which less that they may run crude. also boston producers are raising output because they are desperately trying to make as much money as they can to cover loans in october. that is the short term picture which is why traders are so bearish. matt: short-term, supply rises -- long-term, 4 million barrels a day from projects have been delayed and 2016 prices are undervalued and they should be higher because we are going to see supply cut in, and you see the north sea and asia

brent crude would get as low 80s sunday for danville's the news is what creek and move over east bayngs will be keeping so '70s for your highs and then daytime highs for the south bay regions scattered clouds and the atmosphere in the same conditions tomorrow not too much of it and took a lot of sunshine at least until the end the week and that's when things start a warm-up and high pressure in place here 70 forecasted for wednesday 87 thursday closer to 90 degrees the party will feel more to heat up for inland valley cities 73 for east bay shoreline solana sunshine coming around wednesday called the latest poll friday. and whether the role of those low clouds and last. >> pam: 40 wildlife officials say oversight has appeared in the state. one the great walls has traveled and the the county in california oregon border. the picture of this will capture july he see the wolf is a large dark colored and biologists found tracks they say are too large to be from coyote or dog if it is a great will it is the first sighting since 2011,. before that a wolf has not been spotted in california f

brent 50.3. it's up 1.3%. gold as well because we've seen a reaction to a soggy gold market quite sometime now. although today that is now just selling off again. 111 -- 1,117. it's off 0.7%. let's check in on markets in asia. >> wilf, there are two dynamics going on here giving rise to this relief rally in the stock markets. as you can see across asia right now, the first thing is external u.s. markets, late session recovery on wall street. that helped. the dollar has backed off again. september lift off seems to be off the table for now at least. it looks as though it's going to be a december story. that's what the markets think in the here and now. a lot of people trying to get a handle on whether this is regime change or short-term in nature so the scope and the duration, whether it's to get down to 10% for the devaluations. >> you referenced cold water on the idea. the markets taking that statement at face value and coming to the conclusion that perhaps we're not in the early throws of a currency war. let

people a year ago, june of last year, brent was $100 and people were bullish on energy. whatever and people are bearish. counter cyclical stocks. that is usually a good set up to get long. oil services companies say the number of rigs is up to its highest level since may the owner of. zulily.uying less than what shares sold for inn zulily went public november 2013. ibm is introducing to mainframe computers that use linux. to helpones expected the company saw software and services. republican presidential candidate donald trump is taking a break from the court of public opinion to literally go to court. trump reported for jury duty in manhattan. the republican front-runner said he would take a break to answer the summons and do his duty as an american citizen. that is a look at the top stories. amazon founder and ceo jeff bezos is refuting a "new york article that describes the grueling hours at amazon offices that burnout workers. "the times" detail instances where workers would cry after meetings. employees suffering from things like cancer, miscarriages and personal is

iran said opec production may climb to a record and nymex ande is down 4/10 of 1% brent crude is down 6/10 of 1%. a gauge of manufacturing, the fed bank of new york state slumped at the fastest pace since the reception -- the recession. oil is down over 5% in that time3 e. betty: checking on the bond markets, this is across the yield curve today. the two yield is lower and the 10 year is trading at 2.15%. the fed will continue to raise interest rates this year. commodities are looking sour after china d valued its currency and the currency markets, watch the dollar which had been treating at a tor-month high continuing get the safe haven status amid the concerns about the global economy and particularly in china with the increasing worries that the rate of growth there is much less than 7%. let's take a look at the top stories -- the federal reserve bank of dallas has named robert kaplan is a new president and ceo. he is a harvard business school professor will soon post on december 8 and will replace richard fisher who was president from 2005-2016. he will not be voting on policy unt

brent trading below $45 a barrel for the first time since the crisis. to what extent are commodities dragging down equities? krishna: china was the biggest story for commodities. the fact that china is slowing down quite substantially bodes pretty poorly for commodities. having said that, i think commodities at some point are going to show some amount of success, whether that is today or tomorrow or years time. it seems like commodities are definitely buy cheap at this point. olivia: sentiment doesn't appear to be moving in the markets. the dow only off for 50 points. at the opening, it was off more than 1000 points. what would it take to turn the tide of sentiments? some point, a gets exhausted, but from an economic , policy standpoint action can certainly change things around. if china comes out with something that is very determined and broad-based -- olivia: what would that look like? they have done so much money at this. krishna: it would bring policy initiatives on the monetary front. reserve ratios quite substantially or injecting more liquidity

this year they're in the neighborhood of $90 to $100 brent.ltimately saudi arabia sees an equitable level somewhere in that $90 to $100 brent level, they can sustain the imbalances in place presently for a few more years, but you've seen a fairly dramatic imbalance. they're at least 20% out of budget balance as we look through this year. >> you had these companies that need the cash. is that going to change? >> that thesis i could characterize as an oil market myth almost. we just rolled off to a much lower level of activity. we came into the year over 1300 rigs in operation. we were at 1100 by february. we've just reached these levels in the last few months. the carryover effects of that tempo of execution required three to six months before you really start to see the supply implications. we believe what you will observe is you will start to see some supply erosion lay into the system both in the u.s. and globally, but it's a second half of '15 event, not now. >> they almost feel the need to produce more to make the same money from lower oil

brent crude down for a straight week.ith oil prices back below $50 a barrel, saudi arabia is doing something it hasn't done in years, selling long-term bonds. elliott gotkine is in the studio. today's auction could raise up to $5.3 billion is this just the start. elliott: $5.3 billion is a piddling amount for an economy the size of saudi arabia. it has cash reserves. $5.3 billion isn't going to go a long way. it isn't going to go much towards plugging the 20% budget deficit that saudi arabia could have this year. it is a sign of the process. $25 may rates more than billion by the year end. declining,il prices back below $50 a barrel as of last week. saudi arabia is involved in wars in yemen and syria and iraq as well. it is trying to help diverse of by the economy and at the same time maintain these lavish benefits for saudi citizens. all of that takes money. what these bond sale will do is arabia, whichudi has been depleted by declining oil prices. jonathan: is it more than just about cash? elliott: it is. saudi arabia o

brent at $43.62. this after oil settled down by 5.5% yesterday. the lowest level since february of 2009 but some of the buyers coming in at this point, wti crude, still below 40 but at $39.14 up about 90 period cents in today's trade. let's keep a close eye on the oil commodity index. let's take a look at the oil players here. up by 4.3%. bp also rebounding here. this as the natural resource players also outperforming in today's trade. >> the atlanta fed president is saying it's likely the central bank will start raising rates sometime this year. in prepared remarks on monday he didn't go into detail on what might be a change from his previous view but he says that market turmoil, the stronger dollar and the drop in oil are complicated factors in predicting the pace of growth. >> barclay's capital is pushing out the call from the first rate hike from september to march. the u.s. economy is solid justifying a rate move but they're unlikely to begin hiking in this environment for fear it could further destabilize markets. instead they believe they'l

i want to show you what brent and crude prices are up to this morning. brent prices are flat but wti crude is currently changing hands at 4250 off by a third of 1%. we did see prices edging higher on the back of the better than expected u.s. data. for the week, wti is still on pace for the 8th straight weekly loss, guys. >> thank you for that. now the u.s. federal reserve will release the minutes from the latest policy meeting at 19:00 cet. investors will be watching for clues on whether the recent market turmoil could delay a rate hike. they'll also be in focus with analysts expecting no growth once the oil is tripped out. the fed watch data puts a 25 basis point hike in september at 59%. >> double line capital's jeff gundlach said it would be a bad idea to raise rates next month. if the fed does move it opens the lid of a pandora's box an tightening cycle. worries over china's growth outlook should be a big concern. last year he correctly predicted u.s. bond yields would fall because inflation was nonkp nonexistant. thank you for joining us. let's talk

brent 49.5. wti, 43.4. let's get back to the managing director at b.k. asset management and talk about the oil price. boris, we did see a little bit of a recovery earlier in the week and on monday that helped u.s. stocks but once again, of course, stocks in the red much more so reacting to china. do you think we have started to see a bottom once again in the oil price or is this something that's going to go on for the rest of the year? >> it's really hard to say. a huge part of the oil price is contingent on the dollar price. you see it stopping out a little bit here, basically plateauing as the oil prices begins to bottom. it's probably likely going to continue. at this point i think oil is trading far less on the fundamentals of the oil market and much more on the dollar and crude. >> beijing's move to devalue it's currency makes imports of commodities including crude more expensive. if beijing continues to use currency as a way to jump start growth what does that mean for oil prices going forward? >> good question. you're going to have some decline in

although brent crude is trading at a six year low. we got the latest iea report signaling prices could move lower in the near term. the xetra dax being impacted by that second move by the chinese central bank. that's having a ripple effect across various sectors. specifically autos and luxury stocks. one of the biggest losers today down 2.3% although we should point out the french markets also feeling the brunt of the selling. cac 40 down 2.6%. >> let's have a quick look at the euro stocks 50 year to summarize continental european performance down 2.5% and then bonds, of course we have seen unreserved risk off sentiment over the last couple of days and yields compress off the back of that so the ten year note in the u.s. and the other big safe haven there, the german ten year bund at 0.61. let's have a quick look at forex rates because it's not just the chinese yuan the dollar has been strengthening against. it's strengthened quite significantly against a number of currencies. let's have a little look at the yen. yesterday we saw the

brent crude off 46.60. these are the lowest levels since 2009. >> got to keep a look at that $40 handle on wti crude. in the meantime, we want to bring you flashes. reporting it's first half net profit plunging 61% on weak casino revenues. this is one of the operators with high exposure to macau and the chinese consumer. first half net profit down 61% and that's due to a slump in casino revenues. >> back to economic policy. downward pressure across the board and steve is breaking down the details. >> a controversial and confusing set of minutes from the july fed meeting where the markets saw them as dovish but economists and a lot of fed observers seeing them as neutral and even slightly hawkish. peter from the lindsey group says fomc minutes, get me an advil. he thought they leaned dovish. what the fed actually said was most on the fomc judge the conditio for a hike as not having been achieved yet but hold on because the conditions were approaching they said and some said they either had been met or would

he sees brent as $71 a barrel by the end of the year. how? if you look at global projection it stays steady despite the drop in oil prices. emily: there are many there are many factors. 8-9-year lows. so i admit my target looks ambitious. the thinking behind it is production is rolling already. we know it is higher than we thought it was going to be. the question is going to be how fast, how far? number two, demand is growing. very underplayed. you talked about housing starts. they are way up. nothe emerging market, great but not bad either. the consumer in china is specially. europe is not a headwind. the first time in five years. drop is big shoe to that we need to see the client rates kick in. if you know that it is a 4% per annum we need to add for million barrels outside america and opec to stand still. that is not going to happen at these prices. -- this great chart we are looking at shows oil barrel markets last a long time. the blue areas are long. so far this has been short. thewill this not be like other oil barrel markets that last