joining us now is ryan lance, conocophillips ceo. congratulations on the deal.s reported that shell wanted to offload these assets because it was so expensive why now at this price? -- so expensive. why now at this price? ryan: i got a call about midyear saying we would be interested in looking at them. with the position we have developed, certainly we wanted to take a look at it. ultimately, it had the three things for our company. could we see clearly that we could add value to it, we can after the concho transaction and bringing our teams together. we see ways for significant value in the transaction. thirdly, it's got to make our company better. that is what we outlined today in our press release. when you look at our 10 year plan, just about everything we look at in our plan makes us a better company. so we were clearly very interested when it came to the market, and we are really pleased to be able to transact with shell. alix: i appreciate that oil prices are up, but some are saying it is to have a price. maybe you paid a little bit too much. how did you

conocophillips has agreed to acquire shell's permian basin assets.nocophillips an additional daily production of around 200,000 barrels of oil equivalent, making it one of the permian's biggest producers. shell will distribute $7 billion in proceeds to a shareholders. evergrande slid, fueling concerns about broader contagion after s&p global ratings said the developers on the brink of default. they faced interest payments thursday. that is the bloomberg business flash. francine: thank you so much. now, the u.s. house democrats of unveiled legislation to fund the government until year end and suspect the debt limit through 2022. -- suspend the debt limit. republicans have pledged to vote against an increase in borrowing. some people think it is a big deal, some people don't think it is a big deal because it usually gets resolved. is this time more difficult than previous years? >> it is absolutely shaping up that way. i think a lot of folks who covered the 2011 debt ceiling showdown, which led to the first default in u.s. history, are having a little

i missed the conocophillips story.greenwich economic forum, they are in recovery after a difficult pandemic year. over 200 true industry leaders will be here today. the basic theme is what do we do with the zero bound, and how does it rebound back to central banks worldwide, and particularly to jerome powell tomorrow in washington. we start now with mickey levy of berenberg, someone who has always watched inflation dynamics. we are thrilled that dr. levy could start us off strong. i want to talk about the transmission where we have no inflation or less inflation, or sort of inflation, over to one big asset bubble. do you by the idea -- do you buy the idea that all of the minute the elation of the last 12 or 13 years has done nothing move inflation over to the true proxy, which is an asset bubble? dr. levy: not really. let's think this through. financial crisis, post financial crisis qe, they did not generate stronger economic activity. they did loon asset prices, so you didn't -- they did balloon asset prices, so you d

manus: thank you very much, manuel, on a monster deal for conocophillips. the exit polls are projecting canadian prime minister justin trudeau is poised to win a third term in a snap election but will end up short of regaining the parliamentary majority he was desperately seeking. let's get to kate in ottawa. the polls are in and i suppose in canada and trudeau's popularity, despite detractors. he did not get the majority that he wanted. kate: it is unlikely at this point he will get that majority, which is the reason why he requested canadians go to the polls over the last five weeks. this campaign has been focused on his agenda for bigger social spending, especially on national childcare and more robust health policies. but there is something to be said about trudeau's popularity in the country, despite that his party has lost the popular vote according to the latest polls. it is interesting to see how trudeau is still divisive, but he has his lovers and haters. both sides have strong opinions and he still managed to come through. manus: thank you -- tom:

conocophillips, why that one? is kind of a counter culture choice every win else is divesting fossil fuels. these guys are buying land in the permian from royal deutch. number three ranked stock in the xle behind exxon and chevron. both of those stocks created gaps. this one has not. it has better chance sustaining gains made. you have a breakout, 63 pivot. target price of 7dollars. panic price at $70. we can move our target price up to 81 or 82. liz: you guy with the cup an candle patterns, all kinds of things. i never see it. it is like a rorschach. sarge it is trading 13 times forward earnings. i like that. give us a line on bank of america. this is one of your picks. today the 10-year-year-old popping up to 1.5%. we haven't seen that in a while. whats it it mean for bank stocks? >> when yield spreads expand that is food for traditional bankers. bank of america is strong with a good trading decision. trade 13 times earnings, 2% dividend. earnings two weeks, on the 14th of october. you might see the stock rise i

conocophillips. conocophillips is one of the world's biggest energy companies.hey have a contract to drill oil on the tundra in northern alaska. unfortunately, because of climate change, the tundra is melting. so their plan, and this is not a joke, is to build enormous "chillers" to re-freeze the ha traltt so they can drill more. and because we aren't paying attention, they're not even ashamed. quite the contrary, in fact. they seem positively proud of themselves. >> at conoco phillips, we drill oil in the most inhospitable places on earth. from a baking desert to the frozen tundra. and when burning that oil causes the tundra to become unfrozen, we don't give up. we refreeze that tundra using giant chillers. and when burning the oil to power the chillers causes catastrophic hurricanes and flooding? we don't back down. we build a humongous, impenetrable dome over our drills and move inside with all or money. [ laughter ] food runs low, but we don't quit. we turn to cannibalism, feasting on human flesh to keep on drilling until the earth's destroyed and everyone's

conocophillips is up 4.9% read the energy sector is on fire. in sympathy with oil investors who are positive about the economy. freeport is up nearly 5%. it is in line with copper. the demand picture have a more constructive you today. thanks are higher too. there is a big rebound rally for everything reopening and reflationary. alix: thank you a lot. setting us up for the fed which is about two hours away. our correspondent is back. set the stage. >> we can show you the issue for jay powell. the latest inflationary numbers -- the pce numbers that the fed follows, the growth numbers are falling. inflation numbers are rising. where they fit in there? do they keep stimulating to fitting growth, or do they cut them back? that is the dilemma for pal company. -- how -- that is the dilemma for jay powell and company. we will certainly ask what the confidence level is that inflation will be transitory. it is faster than they had anticipated. they need upgrade that. they need to decide whether they will hint at a taper coming up later in the year. we a

founder last bust not least, another one that is a mixture, chevron a little bit of the other guys, conocophillips for $9.5 billion i love this situation. it was a for sale. they say they need to cut the carbon emission business 45% before 2030. that's why they have gone up they want to cut carbon? we'll give it to conoco and they win. conoco is pretty well run. i think they can do a better job with the oil rich assets the i wish they would come on our show they almost have a 3% dividend now that oil industry learned discipline, i think prices could stay elevated for a long time. that means the rally of the oil stocks is amazing this year, far from over. and you should welcome any of these into your portfolio. how about we go to stewart in new york ste stewart? >> caller: hey, jim. >> what's going on >> caller: really. in the market and outside of the market >> yeah. >> caller: let's talk oil and gas. which is a hot topic >> i just did. that let's do that >> caller: serious shortages in natural gas around the whoeld world and eqt seems very, very undervalued. you think this baby takes off? >> i li

decline about the xle where we know about half the weight are three stocks, exxon, chevron and conocophillips, but the exxon and chevron, they act horribly down about 14% from those highs. still in a down trend. that's one that does not look appealing to me. it seems like the oih is the beta trade here, but the major integrated don't look good, they don't act well crude oil just broke that down trend. it's been in place from the early july high here and maybe you have some room to run, but if the xle doesn't rally as crude breaks out higher, i think you've got a problem in the major integrated >> guy, we talk about crude oil, but maybe we should be talking about its cousin, natural gas because natural gas has effectively doubled this year. it's back above five bucks it was at two and change earlier in the last couple of years. nat gas, a by-product of oil production we need, the world needs more natural gas. this group of stocks will do well when the companies get paid to drill more wells. where it's oil and nat gas are you looking at natural gas as an addition to this >> yeah, i'm looking at

the deal will give conocophillips a daily additional production level of a thousand barrels of oil equivalentwill distribute $7 billion to shareholders. shery: some stocks we are watching after the u.s. is set to open. air travel to most vaccinated foreigners. we are seeing these stocks coming back from holidays. in japan, qantas airport -- qantas airlines trading. take a look at the broader markets. kiwi stocks are down 9/10 of 1%. we had seen the kiwi dollar also pressured all week. we are seeing sydney futures under pressure. miners had suffered. nikkei futures, a little bit of catch-up given they are coming back from holiday. coming up, we will update you on asia supply chain disruptions with the hong kong importers and exporter association. this is bloomberg. ♪ i really see the tendency. the tendency. shery: welcome to daybreak: asia. haidi: taking a look at the major markets opening in asia. asia looks set to extend the global stock selloff as concerns mount about china property risks and fed tapering. the market contagion testing resolve as traders question how far he will go. macau's

look at conocophillips a winner. down half of 1%. dollar tree? stuart: yeah.ttle more than a dollar because its own costs are rising. dollar tree up 13%. stuart: dollar if i havety tree i like that. target, what are they doing? lauren: they're kicking off the holiday deals on october 10th. early bird catches the worm. a lot of people like to wait for sales. buy your item, if you see in mid-december, that item is cheaper we'll refund you the difference. stuart: apart from if you leave it to the last minute you probably won't get what you want, we have a supply chain real shortage here. lauren: santa claus started shopping in my house, after these warnings we have four gifts already. i have to find out where to hide them. stuart: smart lady. you remember this, it is chaos? remember this? that is chaos. look at that military officials claim that woke issues distracted top leaders from properly dealing with the afghan crisis. we'll talk about that one too, woke issues distracting. a marine officer who went viral for blasting the botched withdrawal, he is now in so

conocophillips will pay for shell's permian basin, the most active oilfield in the done can tri.d of shell's complete withdrawal from on-shore production in texas, the move coming as a shell tries to cut carbon emissions and invest in more renewables. royal dutch, making money here. the stock is up more than 4 and-a-half percent. breaking this morning, maria, apple is reportedly working on technology that could help diagnose depression or cognitive decline. wall street journal reporting the tech giant is working with ucla and biogen to see if sensitive iphone data like facial expressions, sleep patterns, heart rate, how you type on your phone signals mental health issues or things like alzheimer's, dementia, even autism. biogen received approval for a drug to treat mild cognitive impairment. up until now, apple was focused on the apple watch to monitor our health, now they're looking at the phone and there are the stocks in the premarket. really interesting stuff. back to you. maria: it's very interesting to see the continued marriage of healthcare and technology. i love that sto