those are the stocks that are going to react to this kind of news when you got brent crude, wti crude7, 8% overnight, look for the heavily indebted names, heavily shorted stocks, travel names, airline stocks as well, those are the ones that, dom, could react violently nobody is suggesting this is a significant permanent turn in this kind of a story, but for today, maybe tomorrow, it's going to be kind of a violent move like we've already seen. >> all right, brian sullivan live for us in houston also to hadley gamble live in kingdom of saudi arabia, thank you both >>> now to this morning's top corporate stories, rahel solomon joins us with those. good morning. >> good morning. uaw has gone on strike at general motors about workers he picket lines this is the first national strike at gm since 2007 after contract talks broke down. those talks are set to resume at 10:00 a.m. eastern on twitter, president trump urging the two sides to get together and make a deal purdue pharma collapsing under the pressure of thousands of lawsuits alleging that the company helped fuel the opioid cry smichs

the cost of brent crude rose by the most on record, after half the kingdom's output was taken out — thatnts for roughly 5% of the world's oil supply. iran has dismissed us allegations that it was behind the strikes and accused washington of being deceitful. our asia business correspondent karishma vaswani is in singapore. as you can see from the screens, the cost of crude oil is up about 10% for light crude and 11.3% for brent crude. there was a surge of oil prices at the onset of asian trade, and one viewpoint pointed out a surge at the onset of trade, but now i think that traders are ingesting the information about when we might see a resumption in that shortage of oil supplies coming in from saudi arabia. remember, asia is particularly exposed to this, given that it particularly exposed to this, given thatitis particularly exposed to this, given that it is one of the key customers of saudi arabian oil. a lot of anxiety in the markets today at a time when major economies in asia are also seeing signs of a slowdown. what does the attack tell us about the vulnerability of oil infrastruct

that is right, we saw brent crude prices jumping global markets.we saw brent crude pricesjumping by almost 20% when they opened and still currently we are seeing the jump still currently we are seeing the jump of10—12%. still currently we are seeing the jump of 10— 12%. a double digitjump that we have really not seen before. the easing of the jump was somewhat because of the us president donald trump moving to ease the jump because of the us president donald trump moving to ease thejump by organising the release of reserves but he also raised concerns with traders by saying that america was, quote, locked and loaded. but i was speaking to a former adviser to the bush administration and he was saying this is significant, that even though saudi arabia says it will try and avoid having oil shortages, these attacks really raised geopolitical tensions and thatis raised geopolitical tensions and that is why traders are really concerned. we are seeing this move on the oil market. this will have an impact on the wider market and the way that investors view

shery: look at brent crude prices, surging above $70 a barrel.e are seeing a surge of 19% at the moment. we have seen brent and wti being pressured in the last week as we continue to see this demand going up, really clear given the ongoing trade war, print has fallen -- rent had fallen last week -- really clear given the ongoing trade war. fallen last week. it is up 19% at the moment. look at brent prices. we have seen huge moves when it came to prices of oil, given the ongoing tensions when it comes to the u.s.-china and macro narratives as well, not to mention these are international energy agency's warning of it -- agencies warning of a surplus of crude. down 16%. crude prices are up 12%. $61 aice of wti above barrel, around the $62 a barrel. when it comes to wti, we could is weing holding of trade see this 7% rally, circuit breaker kicking in. atht now we see wti prices $62 a barrel. big moves. let's bring in our middle eastern executive director. how serious of a blow is this to oil supplies? do we know the extent to that processing facility

brent crude is currently around $66 a barrel.cted facilities at khurais and abqaiq produce around 8% of the world's oil supply. let's talk to our asia business correspondent — karshma vaswani. the fact this attack knocked almost 596 the fact this attack knocked almost 5% of global oil production offline really speaks to the vulnerability of the infrastructure at this incredibly important facility. yes. you have to ask yourself, and certainly many traders are and that's where you saw the price of oil on the asian markets are popping up oil on the asian markets are popping up as much as they did. a lot of people are asking themselves how vulnerable are these key pillars of energy infrastructure for the world? foran energy infrastructure for the world? for an attack like this to knock the market off—line, 5% of the world's energy supplies, with no real idea when we will see that oil production with team, saudi arabia hasn't been clear about that yet. all it has said is it can tap stockpiles to make up the shortage but we don't know

that is a typo. 58.97 andst texas, brent crude is 65.01.rent crude is the one that went up $71 and then reversed a little bit. oil surging. havens climbing. all about heightened geopolitical risk. we need to figure out if this will have longer-term implications after the infrastructure is back to normal. now we understand they are vulnerable. european stops down. we did have china data missing estimates. hong kong equities underperforming and overall we are seeing a tilt to gold. tom: what francine and i want to do is give you a perspective of what we have seen in saudi arabia. we have been doing that for years with our oil coverage. some great guest this morning to drive forward the conversation. here is the mother of all charts. oil, less inflation and less an approximation of our rising incomes over the decades. oil, lessthe double oil shock od it is not the same during other oil shocks. the price of oil nowthe price os inflation adjusted and richness adjusted, down and back to where we were pretty opec in the early 1970's. francine: i l

brent crude down .7%. basically, there was a headline earlier on suggesting that maybe we are going to get a partial peace deal in yemen. that sent prices lower and we closed the gap between the spike higher that we saw off that the saudi attacks to where we are now. vonnie: in the u.s., prompting a lot of movement in the equity markets overall we have pushed higher the s&p up .2%. there are plenty of individual stocks on the move, including wells fargo as the best performer in the s&p onward that it will have a new ceo. that ceo has a lot of banking experience. a couple of little quirks. generally, people are happy with him as that wells fargo ceo. micron is down, disappointed and a big way when it came to its earnings and growth forecast. some analysts are being easier on micron saying this is the lowest point it will see, the bottom. also, expectations were too high. citi is saying expectations were too high. ,uy: the stocks are fluctuating investors may be looking past the political drama in washington

the cost of brent crude rose by the most on record, after half the kingdom's output was taken out — thatworld's oil supply. iran has dismissed us allegations that it was behind the strikes and accused washington of being deceitful. our asia business correspondent karishma vaswani is in singapore. what is happening at the moment with the price of oil? has it come down since that initial spike when trading began? yes, it has. now the price of oil, light crude is trading about 9% higher, that is lower from the earlier surge that we saw in the first few minutes of asian trade, whereas brent crude is about 10% higher, but still above the key $60 level that many analysts and traders ta ke level that many analysts and traders take is an indication for oil demand. i think what we are seeing with the fact that we have seen a slight tempering in the initial surge of prices, is that people are now having a better understanding, figuring outjust now having a better understanding, figuring out just how now having a better understanding, figuring outjust how long supplies will take to get back onto th

the cost of brent crude rose by the most on record, after half the kingdom's output was taken out — thatnts for roughly 5% of the world's oil supply. iran has dismissed us allegations that it was behind the strikes and accused washington of being deceitful. our asia business correspondent karishma vaswani is in singapore. what the attack says about the vulnerability —— what are oil prices doing in asia right now? they have come off some of those big is that we saw in the early minutes of asian trade, when traders out here reactive, as many had expected them to, by pushing up the price of crude oil by some 19% in the onset of asian trade. they have come off those prices now. we are seeing them stabilise at about a 10% bump in the price of oil. that is pretty significant and i think underlines the fact that people here are very nervous about how saudi arabia is going to resume oil production. some 5% of the world's oil supplies had been knocked off—line because of this attack. certainly it is unclear when that'll come back into play, even though saudi arabia has said it can tap in to its s

highs still up for brent crude this lunchtime and thomas cook down. will we see a rescue deal?e announcement asking you to "please turn off your mobile phone as the performance is about to start". but now the bbc philharmonic orchestra is encouraging its audiences to do the opposite. tim muffett went along to find out more. a classical concert where phone use isn't frowned upon... but welcomed... omg. we have whole generations of people now who expect, for example, to watch the telly while having their phone on, who have their phone on during conversations. and we want to embrace that. so, at this prom's concert at london's royal albert hall, the audience hasn't been told to switch their phones off. far from it. we are encouraging people to have their phones on during the concert, on silent. and we're providing tweet—length programme notes throughout the performance, to guide people through the music in real—time. it might say, you know, tell you a little bit about the conductor or it might say listen out for a beautiful clarinet solo just coming up. so it talks you through the

brent crude had been up to $71 overnight.of barrels taking out of the oil market is bigger than gulf war i or if you go back to 1979, the iranian revolution when iran was still a big supplier to the west, it's bigger than that, too, and also if you look at the map, the facility that was attacked was the obvious one to attack, something like 46 different pipelines run into it. it's the key staging post and they call it a stabilisation post for the whole of the saudi oil industry so it's an obvious one to attack and it is heavily guarded. lots of western workers here live in gated compounds. it is an obvious target for somebody who would want to go after saudi arabia and its oil production, so there will be questions asked as to how well protected is it and how well protected can it be in the future, given a lot of these pipelines just run across the desert and are very, very difficult to protect at all? now it's time for a look at the weather with simon. the rain is moving southwards and we got sunny spells forming. we will se

all the happenings around oil and saudi arabia crude prices have eased. brent posted its best day on record after an attack removed half of the kingdom's daily output president trump said it looked like iran was behind the strike. u.s. intelligences indicate the attack originated from iran. officials say iranian weapons were used in the attack. they have denied involvement in the incident looking at oil stocks. we have seen oil majors and prices pulling back slightly >> bringing you comments we got just now out of the energy sector he said we are confident markets are well supplied. remember, one of the original nam tweets refer to the possibility of the u.s. being able to tap those reserves with you saying now that he is confident the market is oversupplied, so perhaps they might need to go and the u.s. is taking a wait and see approach pretty flexible. might not happen we'll continue to monitor the situation on oil markets very closely in the days ahead. those are comments we are just getting now. >> very important in terms of the supply moving forward given

brent crude jumped 20% to over $71 a barrel. we are seeeeing them up at aroud 8%.tit could be e weeks before gll oisusupply is s back on track. itit plans to restore a third of its supupply. >> crude prices as markets react to a weekend attack. analysts warned the full impact of the incident around which 5% of global oil production went up .n smoke >> it is going to take a few dadays or weeks to see the numbers. >> in a series of tweets, trump authorized the release of the national reserves to meet t glol demand while saudi arabia announced it would tap into its supplies until production was restored. despite these assurarances, economist predict the incidence would have an impact on the global economy. >> 49,9,000 is the number of workrkers general motors s works walked off the job after the contract expired over the weekend. they are at odds over health care and job security. it will bring u.s. production to a halt. we are good workers. minimum wage is going up to $15 and that is where we capped off that. the price off living is going u. this strike is necessary.

brent crude has jumped 10% to over $66 a barrel.mco is the world's biggest oil producer and one of the world's most profitable businesses. around 5.7 million barrels a day have been cut by the attacks, that's roughly half of saudi arabia's oil production. oil prices have eased back slightly after us president donald trump authorised the release of us reserves. aramco‘s affected facilities at khurais and abqaiq produce around 8% of the world's oil supply. bob mcnally served in the bush administration as its senior energy advisor. he's now president of the rapidan energy group in washington. he thinks there are genuine reasons to be concerned about the impact of the attack: (tx vt next as long as the us and saudi arabia on one side and iran on the other remain in this conflict, we will build on a risk premium. it is getting very serious. this is not simplya getting very serious. this is not simply a tanker here or a pipeline that, abqaiq is the crown jewel of the saudi government but also of the global oil industry. so this has really

brent crude jumps by the most on record as half is affected.urrency ‘s, cruising or crunched? let's begin with the global energy markets because the price of rent crude has jumped by markets because the price of rent crude hasjumped by the most on record after drones attacked key facilities in saudi arabia over the weekend. the double digitjump that weekend. the double digitjump that we have not seen before. the attacks on the areas have taken out more than half of the world's supply. us president donald trump moved to ease thejump in president donald trump moved to ease the jump in prices president donald trump moved to ease thejump in prices by authorising thejump in prices by authorising the release of oil reserves. but raised concerns with traders by saying america was, "locked and loaded" and ready to respond by the ——to the attacks. earlier we spoke about just how big ——to the attacks. earlier we spoke aboutjust how big this movie is. this is extremely significant. if you look at what has been happening over the last few months, i think t

downd brent crude are 1.5%. they held onto m much of the gas we saw in trading mononday.n the european markets, we are not seeing huge movemement. oil companies are seeining shars rise. case, there are fears oversupply, which would be an issue for them. >> turning to t the elections in israel, , you aree lookiking ate role o on the economy in ththe debatete. >> it has been g growing at a steady pace, but so has inequality. the unemployment rate remains low, but many are struggling to make ends meet. >> hailed d as the economic miracle of the middle east, much of israel's population is waiting to reap the benefits of 15 years of steady growth. part-timen works as a cleaner and receives state pension, but struggles to make ends meet and relies on this sosoup kitcheno geget a mealal. >> everyrything is e expensive. i cannnnot buy anything. euros.d meat costs nine how can i afford that? >> israel's economy has been fueled by innovation in the tech sector, which contributes around 8.4% of jobs and 50% of gdp. the country boasted an unemployment rate of 3.7%, the lowest in the

brent crude has come in nicely. we had a 63 handle on brent a moment ago. 173 on the close.udience. global wall street uses fedex dynamics. it is a real litmus paper worth the monitor of the pulse of a realcs in america -- ometer ofper or therm the pulse of logistics in america. francine: it has been real disruptive in the u.k. if we had a company like that it would be difficult to pinpoint and it would go to the animal spirits of that country. investors trying to figure out what the fed will say later today when it concludes its policy meeting. officials expected to cut interest rates will stub also, to move further overnight lending markets. in that environment you can see dollar strengthening. i'm also looking at yen for havens. 108: 22, tom. 108.22, tom. tom: one chart really explains last 48 hours. this is the spike up in one measurement of the so-called repo rate. all you need to know is we are up three standard deviations edging towards four. down to the 10 year crisis that we have had. we spiked up for a wide set of reasons. with that we bring you one of our leading

that caused brent crude futures to jump more than 19% at the open today. that is the biggest jump in history. almost $72 a barrel. take a look at west texas intermediate, this is light sweet crude which we use in the united states, different from brent crude which is the global standard. but our oil prices are up as well to $62.16 a barrel. president trump says that he is authorizing the release of oil from the strategic petroleum reserve to keep the markets, quote, well supplied if needed. >> both the u.s. and saudi arabia believe iran is behind the attacks. president trump chaired a national security meeting on 24 very topic earlier today. the president says the u.s. is, quote, locked and loaded for potential response. joining us now, ali and also beth ann. what evidence does the united states and saudi arabia have to link iran to these attacks? >> well, none at all frankly. the u.s. released satellite image as overnight that they say contain evidence showing that the attacks came from either iraq or iran. that in itself isn't exactly precise. if you are

brent crude up about 1%. here's how futures are ahead of the open. of a mixed fixture -- picture. euro stoxx 50 lower, and keck futures lower in france, down nearly 2/10 of a percent. it's now gone just 8:00 in the city of london. let's look at how the markets are opening monday morning. ftse 100 opening up flat, but a bit of an eke to the greenside. we see in foreign exchange the british pound and they are at the labour party conference. we have the euro stock 60 opening to the downside and spain's ibex opening to the downside. in europe, mario draghi speaking this week, not just about trade. we have pmi for france in 15 minutes, germany at 8:30, and eurozone at 9:00. we are seeing a bit of red across markets. germany opening up three per -- 3/10 of a percent lower. quickly scanning the grid, i see financials in the red, as well as industrials. interested to see how gas does. ended the week having the best week in more than a year as brent crude rallied from 7% last week. geopolitical risk, questions about when the kingdom will produce the last outp

brent crude there, we arejust and the dough too.s high as it was, down a little bit. gold is an interesting one as well, because that is with the money is going. that is what investors are going. that is a refuge. they are taking out dollars, they're putting it into gold. if you're worried about the petrol prices, the answer is, we have been asked lots of questions about this, that are not to fight we have seen at the moment as a temporary blip, it will not feed through, even if it was for some time. all sorts of other factors, as we always say, when it comes to the price of a litre on the four cuts, not least of all tax. if you're concerned about the cost of filling up a car, don't get to bodyjust the cost of filling up a car, don't get to body just yet. the cost of filling up a car, don't get to bodyjust yet. don't rushed out just yet. we get to bodyjust yet. don't rushed outjust yet. we will pay the scrap this time tomorrow! i know. i will be back. an update on one of the main story this afternoon. two max george has won a this a

at the opening of the asian markets overnight, brent crude initially rose by nearly 20%.ald trump stopped short of directly accusing iran, but suggested possible military action once the perpetrator was known, saying the us was "locked and loaded". iran denies any involvement in the attacks. our business correspondent dominic o'connell is with me now. before we talk about the markets, what is the latest that saudi arabia is saying on the actual fire in the facilities? they have said that they haven't actually named iran as the perpetrator but they talk about the houthi rebels from yemen. in terms of restoring production, they say they will get about a third backed by the end of the day which is much quicker than what people were talking about but we don't know yet about the restoration of full production. so half of saudi arabia's oil production has been disrupted. it appears most analysts think it will be a couple of weeks oi’ think it will be a couple of weeks or maybe a bit longer before it is com pletely or maybe a bit longer before it is completely restored which is

the benchmark brent crude initially rose almost 20% but prices fell back after president trump tweeted that he had authorised the release of strategic us oil reserves if needed. clashes between police and protesters in hong kong have ended after a night in which several people were seriously injured. violence had earlier broken out between pro—democracy and pro—china demonstrators in north point. in the central district, police fired water cannon and tear gas to disperse the crowd the former british prime minister david cameron has accused his successor borisjohnson of only supporting brexit to further his political career. in the latest extracts from his memoirs to be published in the times newspaper, he said mrjohnson did not actually believe in brexit. now on bbc news it's dateline london. hello, welcome to dateline london. this week, the rocky trump—bolton relationship is over, but where does that leave american foreign policy? and the british prime minister who called the brexit referendum in 2016 breaks his silence on the current crisis. with friends like this, who needs enemies?

vonnie: what do you anticipate the spread between brent and crude will do? stuart: very difficult. een the u.s. contracts and brent, we've already seen a very strange couple of years. about 25of my career, years covering oil now, the u.s. contract always trades at a premium to brent, and that has really reversed in the last couple of years. that is about shale. there is no sense that is going to go away anytime soon, so i am not expecting a big reversal over the next few months, but it is something to keep an eye on. with iran potentially coming back into play in the oil market, that is going to have a big impact on brent in terms of competing grades. vonnie: bloomberg's stuart wallace from london, thank you for joining us today. once again, brent crude trading at $59.94, down 1.5%. $54.81, once again. off the lows of the session universal investments is best known for its black swan approach on hedging market downturns. erik schatzker sat down with mark spitznagel, the universal founder and cio, to ask if it is still possible for bonds to offset the risk of an equity slide. harder

brent crude down .7%.ere was a headline earlier on suggesting that maybe we are going to get a partial peace deal in yemen. that sent prices lower and we closed the gap between the spike higher that we saw off that the saudi attacks to where we are now. vonnie: in the u.s

oil turning with brent crude under 65. angst on friday. 15.35.al and not up to recent record straight -- record strength. it is expressed most interestingly in a strong swiss franc. the pros look at europe -- euro-swiss he, it is called. francine: looking at european stocks, they are down we had disciplining data that seems to be overshadowing easing concerns about relations between america and china, but on america and china, something we need to take two seconds on is that there was a prime visit by a chinese delegation that was canceled by the u.s. people are trying to figure out what that means for trade talks. the euro is sliding, and i'm 1.2436.at the pound, tom: over the weekend, there was no other topper for global wall street, which was to be smarter in the arcane complication of trust agreements. the shortest trust, busy aliens of dollars overnight. we are thrilled to -- but zillions of dollars overnight. citigroup, theof -- joining with brown university on the politics of the moment, talking with wendy schiller about it as well. villa

the cost of brent crude rose by the most on record, after half the kingdom's output was taken out — thats for roughly 5% of the world's oil supply. iran has dismissed us allegations that it was behind the strikes and accused washington of being deceitful. with me is bob mcnally, president of rapidan energy group in washington. he served in the bush administration as its top energy advisor. hejoins me now. thank you so much forjoining us. firstly, the us says that this was an unprecedented attack and indeed there has been a very significant market movement. how significant is this, in your view? well, it is justified. crude oil now in asia is trading 10% or more. that is justified. the folks who attacked the facilities but really the abqaiq plant, knew what they were doing. that is by far the most important facility in the global oil market and removing that supply is a very bullish development. it is a threat to the stability of the saudi kingdom and a direct challenge to the united states and our allies. the price premium we are seeing todayis the price premium we are seeing today is we

slowdown in the global economy, which led to a sharp drop in the cost of oil, with a barrel of brent cruden the controversial criminal case against a former british soldier accused of murder during the bloody sunday shootings in londonderry in 1972. 13 people died after soldiers from the parachute regiment opened fire on a civil rights demonstration in the bogside area. the former paratrooper, known as soldier f, is facing two charges of murder and five charges of attempted murder. from derry, our ireland correspondent emma vardy reports. a moment of reflection in the bogside, a place forever synonymous with one of the darkest days of the troubles. for the families of victims, the possibility a british soldier could face prosecution had once seemed extremely remote. today, they retraced part of the civil rights march on their way to witness the start of this divisive case. in 1972, the day had begun peacefully. but after rioting broke out, the parachute regiment opened fire. soldier f, now in his late 60s, is facing charges for the murders ofjames wray and william mckinney, four charges of

the benchmark brent crude initially rose almost 20% but prices fell back after president trump tweeted that he had authorised the release of strategic us oil reserves if needed. clashes between police and protesters in hong kong have ended after a night in which several people were seriously injured. violence had earlier broken out between pro—democracy and pro—china demonstrators in north point. in the central district, police fired water cannon and tear gas to disperse the crowd former british prime minister david cameron has accused his successor borisjohnson of only supporting brexit to further his political career. in the latest extracts from his memoirs to be published in the times newspaper, he said mrjohnson did not actually believe in brexit. now on bbc news, a look back at this month's short, but eventful, parliamentary session in a special edition of the week in parliament. hello, and welcome to a special programme looking at the dramatic last days of an extraordinary session of parliament. coming up, mps force a change in the law aiming to stop a no—deal brexit. what unites

brent crude felt, 7%, although prices studied on claims that u.s.entified locations in iran where the attack was launched. iran's supreme leader has ruled out talks with the u.s. at any level. from talks back on track wednesday with working level officials heading from beijing to washington to prepare the ground for next week's negotiation. the u.s. side has discussed a limited agreement that would delay or rollback some tariffs, and larry kudlow says there is a certain optimism in the wind. the two sides last met in shanghai in july. japanese exports fell for my ninth month in august as trade conflicts compound the global slowdown. the value of shipments fell 8.2% from a year ago, although better than the 10% decline. that leaves a deficit of $1.2 billion. japanxports makes particular volatile ahead of next month sales tax increase. global news 24 hours a day on air and on tictoc on twitter powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. david: thank you so much. coming up ♪ u.s. lawmakers are movin

the cost of brent crude surged by nearly 20% to more than $70 a barrel before easing back. possible retaliation, saying the us is locked and loaded. officials in washington have already suggested iran is ultimately responsible for the attacks. there is a lot of talk about how the us could potentially escalate the whole situation. and again, i would discount that. and the reason i would discount that is because much of the us policy now revolves entirely around the re—election campaign of donald trump, and the last thing he wants is a mega hard conflict in the middle east. that doesn't get him re—elected. so could a soaring oil price mean you and i have to pay more to fillup ourcars? that depends on how long the disruption lasts. but for now, there seems little cause for concern. there's definitely no need to rush off and fill up. at the moment, the price is coming down. so really, this is really only a concern if there is a sustained oil price rise over the coming weeks. at the moment, there's really no cause for concern at all. nevertheless, if there is long—term disruptio

brent crude, fears about what is going on in germany and how that could terminate -- how that could permeate the rest of europe. saudi oil production, a bit of optimism that it could get -- stillperhaps spooking investors. , sinking further into negative territory. we did see the bank of japan not do anything today in terms of their bond buying program. int has put some things stasis, if you will. as a result, we are not seeing very much action apart from a move to the downside. it seems like those positive yields are longshot when it comes to german bund. guest joins us from singapore this morning. let's start with germany. the data we got overnight, it seems like it is spreading to the services sector. how close is germany from a recession? seeing a very sharp slowdown and i think the real problem is that the european central bank negative deposit rate are not stimulating growth. they were intended to stimulate growth and instead, they appear to be holding the economy back by putting a massive tax on the european banking system, much of which is being paid by derman banks. -- by german ban

if you look at what prices do today, you are seeing .8 on brent crude are we looking at that level networks there more? -- that level now or is there more? 9 in aou're up 8, almost single day. you went limit up at the open. that strange thing, the american etf is up. there is a significant market reaction, and this is day one, before we really know what is going on. caroline: how painful was this for the positioning in the market, because it was inherently bearish? jan: there was some significant wrong footing that whomever did this did. andpositioning was bearish that proved to be the wrong position going into the weekend. joe: let's say they can get the production or facility fixed in some reasonable amount of time. are we going to be looking at a permanent premium in the price. jan: that is a very good question. the shortest answer would be yes, how. if you are a big importer, you probably one more inventory on hand. a whole piece of capacity just went down, big time down. your capacity in the future is therefore most likely going to you bargained for. romaine: what about the risk of so

let's take a look at brent crude. we saw its biggest spike ever. above a barrel. ineaded for the best more than three years. similar action in wti. oil devastating strike on facilities in saudi arabia. impact.also having an you can see in a sea of red we have two sectors and green. 2.4%, more than 3% at the highs of this session. mood everywhere havens.ustrated by the u.s.s falling on the ten-year. vonnie: thank you. we have another breaking headlines. elliott is said to be building a cnh industrial. shares of cnh are up more than 10%. tina, bring us up-to-date on the latest. as of now we have a fresh glimpse on who might be responsible for this. >> there is a lot of finger-pointing going on towards iran. the saudi's say they believe this is iranian backed or supported. mike pompeo has come out and said clearly he blames iran. we are waiting for saudi aramco to give us some indication on how long this damage will impact output. it is a huge immediate some why reduction for global oil. why are the saudi's not saying anything at this point? >> what we have got so fa

we do have brent crude up sharply.tof that coming is interesting, the bond market and equity markets, you are not getting an outside move. let's take a look at where european echo markets are probably. -- are broadly. 1% down on the day. in terms of where we are seeing money move today, oil stocks are picking up the pace. -- moneyney markets moving into markets. that's been the story over the last few days of the week. oil and gas standing out. a big extra kick it, up by 3%. see, sectors, as you can by no means are they on the same magnitude. defensive bias. the bond proxies are again picking up. a little bit of movement as we see bond prices improving. household goods, chemicals, big input story from it'sil and gas sector area really the oil market that is driving things. individual single stocks that to,worth paying attention we are watching a massive move on the upside in the london market. the bigger integrated oil stocks are doing well today. there is a flipside to this, if you are a company that has a major input

if you look at the price of brent crude, it is down by i9%. has been relief on the cost of living. and then if you strip out volatile market —— volatile things like food and fuel, you can get the core inflation figure, which is well below target which means there is very little pressure on the bank of england to raise interest rates to contain the cost of living. on the markets now, traders are betting that the next move in interest rates will be down and nothing at all is likely to happen to interest rates in the meantime, according to them, for the next year. 0k, andy, thank you. a nursery worker who abused toddlers in her care at a nursery in plymouth and was jailed in 2009 has been released from prison. the parole board ruled earlier this month that vanessa george no longer posed a significant risk to the public. she has been banned from entering two counties, devon and cornwall, and is under strict licence conditions. the first hearing has taken place in a controversial criminal case against a former british soldier over the events of blo

the benchmark brent crude initially rose almost 20% but prices fell back after president trump tweeted that he had authorised the release of strategic us oil reserves if needed. clashes between police and protesters in hong kong have ended after a night in which several people were seriously injured. violence had earlier broken out between pro—democracy and pro—china demonstrators in north point. in the central district, police fired water cannon and tear gas to disperse the crowd. the former british prime minister david cameron has accused his successor borisjohnson of only supporting brexit to further his political career. in the latest extracts from his memoirs to be published in the times newspaper, he said mrjohnson did not actually believe in brexit. now on bbc news it's hardtalk, with stephen sackur. welcome to hardtalk, i'm stephen sackur. brexit is stress—testing britain's political and constitutional conventions to the very limit. with prime minister borisjohnson apparently intent on ignoring the will of parliament and exiting the eu at the end of october, the eye of the brex

we continue to see wti and brent crude prices coming down.e output they lost. remember, the nikkei has been rallying for the past 10 sessions, the longest winning streak since 2007. the cost unchanged is your level. stocks are down 2/10 of 1%. traded talks get back on track from wednesday. chinese officials preparing the ground for next week's negotiations. white house economic aid larry kudlow says there is a certain optimism. we spoke exclusively to the executive vice chairman blackstone about his expectations for a deal. a time worry we are in of deep globalization. post-world war ii, we had 70 years of an economic engine for the whole world, particularly asia and to some degree, extremely up. -- australia. that is in danger of changing. it is not just trade, it is populism and it is everywhere. you see it in every country. i do worry about that. the president's approach -- he has one -- he has raised some questions, but his approach of going it alone is questionable. however, i am hopeful we will get some improvement in the trade with chi

take a look at brent crude. the consolidation of yesterday's huge gains, as it is thought saudi production will come online faster than expected. haven bonds stronger-than-expected around the time of the u.s. fed funds. take a look at the movers on the day. the leaders in the laggards. american airlines up 4.3%. airlines rebounding today from yesterday's selloff. crude oil is lower. cne higher after being initiated with an outperform at citi. corning cut their outlook, and j.p. morgan and other banks falling. vonnie: thank you for that. much appreciated. remember the function gtv on the bloomberg. you can browse all of the charts featured on bloomberg tv. also, catch up on key analysis and even save your favorites for future reference. that's gtv on your bloomberg. this is bloomberg. ♪ ♪ live from london, i'm guy johnson. vonnie: from new york, i'm vonnie quinn. this is the european close on "bloomberg markets." let's check in on the first word news. here's ritika gupta. ritika: president trump says th

i don't have a good way to visualize this, but brent crude, the spread between brent crude traded nown 2020 a year from now is one of the most heavily traded hedge fund contracts. if you were in that contract and if you were levered up to that contract, you are getting i think the correct term is blown out of the water today because it's not just the equity side, guys, that is seeing a second derivative impact. it is all these hedge funds that bet on the spread between here or brent which is absolutely getting crushed. a lot of angles. the reason i'm here is tonight i'm actually going to be sitting on stage with former president and first lady laura bush in a wide ranging interview it's not going to be televised we'll do that, but of course i'm going to ask the former president about this, what should be the property response. i'll have that tomorrow but i look forward to your rick perry interview. there's a lot to say here with secretary perry. >> yeah. absolutely, brian. going back to this idea of hedging, the flip side of that is if you see prices higher, it also allows the oil pro

we can see brent crude for the fourth day, up some 6.7% in that time.heard from saudi arabia's new energy minister signaling there would be no change to opec policies of production cuts. let's take a quick look at some movers for you. , risingt netflix again by some 2.7%, getting a bit of a boost from bank of america. the analyst sees significant react seller a in the third quarter. insignificant acceleration the third quarter. amgen falling some 3.2% on disappointing data out of its latest lung cancer drug trial. a number of analysts say that will allow smaller mid-cap bitetitor mirati to gain a of a benefit, as it is looking at similar treatments. vonnie: thank you. we are back now with ed hyman, evercore isi chairman. we are embarking on another earnings season shortly. what is your estimate for the next earnings season? ed: i think earnings will be up 3% to 5%. the earnings quarter has been ok. quarterabout the fourth , the first quarter of next year, but at this point we have enough data for the third quarter that i think gdp is probably 2%, and ea

. -- ritika: brent crude fell almost 7%, the prices steadied on claims the u.s. has identified locations in iran where the attack was launched. >> brothers and sisters, with the grace of god almighty and the abilities of saudi aramco and excellence, incredibly in work ethic and the excellence of its workers and productive work environment that was made possible by the government, in the last two days, it was containment of the damages and the recovery of more than 50% of production that was disrupted as a result of this terrorist attack. betweenthe trade spat japan and south korea is moveing -- ritika: the mirrors a similar action from tokyo meaning exports of some strategic products will receive greater scrutiny than shipments to other destinations. japan cut korea from its trusted white nations list and also plans to terminate the sharing of intelligence. exit polls in israel show the election is too close to call gavelenjamin netanyahu's on a snap vote failing. he had gone to the people in hopes of strengthening his control, but initial results show him connec

brent crude down 1.7%. investors not liking saudi arabia putting out the thought that their supply will truly be back online. another place we are seeing movement off of that supreme court decision, the british pound the dollar gaining 0.4%. it is really the month of september that stands out, up more than 2.5%, on pace for its best monthly performance since january. said we couldly see the pound going higher. that is certainly true in the month of september. we have apple trading higher on that overweight that vonnie was talking about with jeffries, bullish about the prospects on 5g. walmart hitting another all-time high, up 1.2%. wynn resorts up 1.2%. wynnan is bullish -- resorts up 2.1%. coleman is bullish and has set a higher price target. this is a really interesting chart in the bloomberg. we had consumer confidence data coming out today. this goes back to 2009. in white is the present situation sentiment. in blue, future expectations. consumer confidence and future expectations put in an all-time hig

tom: given all that, brent crude trading $62 a barrel, what is the outlook for prices? crazy. just less than two weeks ago, we were talking about the biggest increase in oil prices in history and now we're almost back down to where we began. almost as if this attack never happened. it's a much more bearish outlook than it was the last two weeks. saudi production is coming back online. people are putting the geopolitical risks that a product to the back burner -- that it brought up to the back burner. and that's having a bearish outlook on prices as we go to the rest of the year. rishaad: thanks, dan. be ready for battle of the charts, coming up next. just to clarify in israeli report suggested the drones came from iranian territory and had been cinching -- sanctioned by the supreme leader. saudi arabia changing one of the fundamental rules, the dropping of the dress code for foreign women. the dramatic move is part of the kingdom's attempt to boost tourism as it tries to diversify the economy away from fossil fuels. that rule will now change. foreign women will be instr

brent crude also catching a bid, up by 1.5%. maybe the saudis need to go to their neighbors to get some of the crew they need. romaine: thanks, guy. let's take a look at what is going on in the u.s.. -- s&p 500 upound around 0.4%. take a look at what is happening in the rates market. 1.74% year yield on the 10 year. that steepening we started to get off of the fed meeting yesterday on the twos and tens continues. still seeing some flattening and other areas of the curve right now, but you are getting some good news here. , holding aboveed the $1500 an ounce level for the second day in a row. thank stocks over in europe are leading the charge -- bank stocks over in europe are leading the charge, not quite leading the charge here. rising,bank index seeing a lot of strength despite the expectations with regard to fed rates here. a lot of folks saying things won't turn out as bad. maybe a little bit of flight back into financials. central bank is absently front and central, so waiting to see the impact of the fed's second straight r

brent crude futures up about half a percent $64.68 there's a sense of stability being brought back toketplace right now after the wild spends over the last couple of weeks we have seen due to that big terrorist attack on the two saudi oil refinerierefineris it's towards the end of this month where saudi arabia is expected to have all of their capacity back. 75% of that is back online that's according to saudi officials. now the question is whether there's a risk premium and elevated price brought to to hee overall market back over to you >>> big night for streaming at last night's emmys sadly not many people were watching ratings a record low of under 7 million viewers. down from more than 10 million just one year ago. that's 30% lower than last year. hbo walked away with 34 awards game tloecof thrones a big winn. that's not helping netflix shares today the streaming giant lagging behind its big competitors turning negative for the year. leets talk about the growing competition with tom rogers. it would be easy, tom, to leap too the conclusion that the traditional broadcast networks o

doesn't mean saudi won't go down that route, but brent crude, as you've indicated, we'll markets are lower. we are down by 0.8%. a reversal when it comes up to the market from a sector point of view. we are just waiting for the fomc. we are barely budging. euro-dollar just a little lower. will today be dollar positive or negative? saying, it iswere federal reserve decision today. the committee is expected to cut rates 25 points. carl riccadonna is with us now. will be first question to the fed chair today be about repo markets? carl: i think there's a good chance of that. i don't think we should look for anything on the repo facility or what they are doing to try to contain the situation in the official meeting statement, but i do think at the start of the press conference, jay powell will probably comment on this, and this is obviously going to be a big focus in the q&a as well. while it is not likely to be in the meeting statement, i would keep one eye on the new york fed website to see if the open markets desk actually issues some kind of statement concurrently with the fed statem

brent crude trading at $62.15. it has had about.ook at the sectors in the s&p that are trading higher. primarily onvices the lse potential deal. the hong kong board is looking to buy the lse. travel and chemicals, although sectors higher. most every sector is higher. just small declines for the auto parts sector and also oil and gas. we are talking about shaving off some of the previous sessions gains. let's get to the united states and see where we are trading here. some positive sentiment today. we are trading a little bit off the highs. the s&p 500, 2990. the dollar index continues to strengthen. , memory chip demand coming back sometime soon and the back ofx up on those memory chipmakers. we can see we have going up to point -- boeing up 2.8%. bloomberg speaking at the conference in laguna beach, california and ingesting some positivity into the return of the boeing 737 max 8. more than 600 flights have taken place with the max new software and all is going well and that front. he says they're all open questions with the faa but

crude --ities, brent, brent crude and wti both up. look if the equity market. stoxx 600 oil and gas markets have had their best rally in more than a week. up nearly 7% on the week. after the devastating attack against aramco facilities. this morning come oil is back in focus. these are the stocks to look at. this as markets are still on edge with the geopolitical risk and questions lingering about how quickly the kingdom can restore that lost output. thank you so much. let us get the bloomberg first word news from annabelle droulers in hong kong. annabelle: hello. foras cook has filed administration leaving tens of thousands of tourists stranded. the 178-year-old travel company failed to raise additional mound ofnd is under a debt. many vacations have been canceled and they are now working to bring home holiday makers. forcing a large repatriation. president trump says he has no primeo meet the iranian minister leaving the door open of activity.bility iran has denied responsibility for the strike though it has refused to rule out the possibility of conflict. no

brent crude down about 0.6%. wti down 1%, down for a second day in a row, but on the week, as supply has been disrupted, we do have oil trading higher. on the day, we also have bonds trading higher. when you put stocks fluctuating right around even with oil down, another risk asset, and haven bonds higher into the fed, a bit of a risk off tone. we are all talking about the fed meeting later today. let's take a look at the 10 year yield in the terminal because it has been pretty interesting recently. a huge move lower for yields this year. the big rally and bonds, and not aslong ago, that big back-up bonds sold off the most since 1962. that put the 10 year yield above the 50 day moving average. right now below that 50 day moving average,'s adjusting we could see the 10 year trade in this range for weeks, maybe even months, based on past trading history. vonnie: thank you for that. i do want to point out, the function gtv on the bloomberg allows you to browse all of the recent charts featured on bloomberg tv.

brent crude down 1.4%, down for a fifth day. gold, the haven assets, also down 1.2%, so you can make the case risk on. really neutral risk appetite on this monday, the last quarter of the day. we had those headlines not so long ago about the wework ipo, that the co-ceos delayed the ipo. this is the renaissance ipo etf. last tuesday, then ceo adam neumann had withdrawn as ceo. and noww the big drop, lower, down 5.7% over all of this news around wework. we will be following this very closely. the quarter is coming to a close. big moves here as well. take a look at this chart in the bloomberg. the dow and the s&p 500 in white and yellow, they are up on the quarter. the tech heavy nasdaq in blue down, the first down quarter since the very volatile fourth quarter of last year. that is true for the russell 2000 in pink, along with the dow transports in orange. mixed signals here, especially when you put it together with the big rally for bonds in the third quarter around the world. we may have a chart of the 10 year yield on the quart