chris wheeler. will they do a deal in doha?mpact on oil prices if output fails to materialize. stay with us. ♪ francine: we are right on "the pulse." oil in stocks back in sync. the relationship between stocks and crude continues to strengthen. this is our chart. wsee the correlation between the msci and wti; it has climbed to the highest level since 2013. in the yellow is the msci world index. you can see the correlation is very strong for 120 days from 2011 through 2013. this is the price of oil back in 2011, which has calmed down. you can see that the correlation is again back. this signifies when we need to look out for oil, because it impacts global stocks much more than the last 12 months. in the short-term, oil has extended declines amid speculation over the likely outcome of the meeting by major suppliers. for more, ryan chilcote is here. we have had some conflicting news over the iranian oil ministry. ryan: we heard from the iranian oil industry that they haven't made up their mind. we heard they might be sending a rep

francine: thank you so much, chris wheeler and david stubbs. talking more about european banks. if you look at the underperformers, the global banking index, clearly it's deutsche bank and credit suisse, two new ceos of the helm. ♪ francine: this is "surveillance." we're talking banks. this coming, european banks. we are expecting the goldman sachs earnings and about two and a half hours. chris wheeler and david stubbs are both still with us. chris, i made you a chart. i wanted to see what credit suisse's performance was like compared to deutsche. it kind of tracks them, because it also has deutsche and credit squeeze in it. deutsche bank and credit s uisse are the worst performers. is this because the ceos have come in at the wrong time? if you look at global interest rate of the way the world is going? for is a problem with the strategy. >> there are two different stories here. one had to come in when there was a problem when they let the previous ceo go, and basically he has gone back to basics and saying i have to shake the business. improv

caroline: i was just speaking to chris wheeler and he was saying it is interesting that equities is beingway from. it is relatively capital light compared to fixed income areas in the trading volume being on the downside is pulling people out of the equities business. competition is just too hot. it is an interesting take because nomura has been looking to scale internationally. they bought lehman brothers in europe back in 2008. now to have to scale that back as it led to losses. a.b. comes as no surprise. -- maybe it comes as no surprise. march 2010 was the last time we saw a full-time profit in the business of nomura. they have seen competition hit them in the chief executive did say i am abandoning my goals outside of japan. this is scaling back internationally. manus: caroline, thank you very much. agbo-bloua from socgen is still with me. brexit, i finally found a guest who wants to talk to me about sterling volatility. in toe going to be locked this program for long time. what does it mean? how do i traded? i traded by the euro stoxx 50. kokou: when you look at brexit, u.k. assets a

some of the commodity producers and how they are linked to the banks -- i had chris wheeler, one of theopean experts on banking stocks, saying let's just focus on the good news. is there anything that could surprise on the upside coming from bank earnings? their tradebly in revenues and banking revenues, a lot of people do not expect much out of that, and that has always been a wild card for them. if they could put up a big surprise in that area, it could be good for them. bring up the negative rate chart of the morning. this is the one thing with the markets really moving. the german two-year just will not give it up. i would suggest mario draghi has been off the map. i believe he is an important central banker. fit in the euro challenges with that confidence we neeto invest. james: it going to be hard to do because with the negative rates we have in europe, this is a whole new ballgame with negative rates. if you go back to -- i know you will like this -- if you go back to sydney homes interest rates, there is no negative interest rates in that book at all. that is a new phenomenon wi

chris, because it is in the forecast for tomorrow. seven day coming up. >> er. >> i yesterday in southwest philadelphia, we now know police raided the wrong home. police say suspect entered home on wheelert, pistol whipping two people, the suspect got away. well, police raided a different home, on elmwood avenue, moment later, that's because the real time crime center said they saw the suspect go into the elmwood location, we will continue to update you as we get more information about the story throughout the day. >> family of delaware teen who died after being beaten at her high school has a warning to the public. there is a bogus go funds me page raising money in memory of amy francis joyner. they say they're not the ones raising money, and anyone with a internet page otherwise, fake. >> they need to stop that. they need to get arrested, too, why are you all doing this? i think it is sick. >> the family released this statement, we are seeing many sick people out in the world who want to gain money or social fame off of my family's lost with amy. we want not to fall to the scams going around the internet. the 16 year old died after a fight in wilmington last thursday, and as far as th