doha, iran was not present. they will be present in algeria. manus: labor pains. jeremy corbyn wins the leadership contest. division however, remains. we are live in liverpool with more on what this means for the brexit process. and currency call. japan's former feivice finance ministers says there is more room for the yen to run. this is ahead of kuroda's speech. welcome to "countdown." i'm manus cranny. anna: welcome to liverpool. i'm anna edwards, live at the labour party conference. hismy corbyn titans hightens grip on power. what does that mean for international investors? that could have an effect on the brakes the negotiations. they could have implications to how interventionist we see the opposition here in the u.k. we will hear from the shadow finance minister later today. ofsays that windthe winds globalization are blowing in a new way. the conversation we will be having this morning is very much influenced by what is happening in algeria and the comments you just brought up about what we can expect in algeria. manus: absolutely. and the prospect, anna,

doha fits intoow all of this.k at short, the white line, and the wci price, the blue line. we're always asking ourselves, what will happen in doha? will they agree on a freeze? chris had a great note -- it doesn't matter. talk is cheap, but it is profitable. the last time they announced talks in doha, what happened was the number of short fell about 67% before we got the talks and they failed. then we saw that the price of crude climbed some 55%. fast-forward to the talks on the 27th. they were announced a while back. since they were announced we have seen the price climb of about 60%, and short fall 57%. there's a bit of a boy who cried wolf element. you can see the shorts climbing at the and, but generally speaking, talking up oil, talking about unity is opec, they have been useful. guy: great stuff, thank you. ryan chilcote, on one aspect of the energy story. let's talk about another. i get in on the morning here, and one-story stood out with quite a chart. this is aussie export on coal, and it is quite a chart

analysts believe the most likely outcome will be nothing, just like we have seen the failed summit in doha back in april. >> since that meeting, some things have changed for saudi arabia to reach that agreement to work together to stabilize that market. saudi arabia is showing other signs to compromise. the kingdom has offered to cut its output if rival iran agrees to freeze production. no decision on oil production will be made in algiers. meanwhile, all the mixed messages suggest that opec and non-opec members are still some way from consensus. let's go out to hadley who is in algiers. what is the risk they are going to leave this meeting empty-handed and we'll be looking at another doha-type disaster? >> reporter: good morning. essentially what we have heard over the last 24 hours from the algerian oil minister is that no one wants to leave the meeting empty-handed. we are here on the sidelines of the international emergency forum set to kickoff later this evening. all the ministers are arriving in nigeria today. they understand that in terms of the shell producers that they have been a

in doha, iran was not present .n will be present in algeria so it is easier to discuss with those around the table than those who are not here. thinking,ng to saudi the meeting is more a confrontation, not a decision. do you agree? >> the ministers can decide during the meeting at any time to transform the informal meeting into an extraordinary meeting that will result in a decision. wants a production cut of one million barrels a day, is that correct? quick yes, the hope of algeria is to reduce reduction by about one million barrels a day to quicker ande market give stability to investors who are also waiting to make decisions. think if there is no they will lose credibility? it's only a discussion forum. it is like the phoenix. opec is always rising from the ashes. opec is not dead yet. reasonable what is a oil price for algeria? algeria is working on diversifying its economy, which means less reliance on oil. the shortle price in term would be an oil price of around $60. angie: the country's credit rating was cut

doha freeze talks.s and decision-makers we have been speaking to firmly believe that this is all about laying the groundwork for the formal meeting later on in the year in vienna. that is when you can get either a supply freeze or a cut. there was always that off-chance, and that is why we have seen tremendous volatility in oil markets. also with the look ahead to the data out of the u.s. for the crude inventories. that is going to be a stark reminder that even if you were to cut and prices to rise a little bit, you have the u.s. producers could easily step into into thatery they -- gap. it is a tricky line that they are going to toe in the days to come. angie: that is it for us on this edition of bloomberg markets middle east. ♪ plenty more to come. bloomberg countdown is next. ♪ manus: it gets personal. clinton and trump doug directly tax,e directly into u.s. economy, race, and more. stocks rally yen tumbles. in the mexican peso tumbles. profitability problems. there isghi says overcapacity in europea

and someone who has said pregnancy is an inconvenience to that women dohas not deserve equal pay and less they do as good a job as men. both candidates claim a victory after the debates and financial markets judged in the case of clinton. citigroup said a trump win could lead to a selloff in equities. areas have been hit by dozens of airstrikes and some residents are calling the attacks the worst yet in a five-year civil war. russia and syria are blamed. a typhoon has been battling taiwan. heavy rain, 100 mile an hour wind, and highways have splashed the island. markets, schools, and businesses were closed. global news 24 hours a day, powered by our 2600 journalists and analysts in more than 120 countries. i am taylor riggs. this is bloomberg. check,t's do one data and i want to go to francine on the banks. deutsche bank plunging, the into 158.s in, 160 i would watch dollar dynamics, yen and peso as well. headlines on credit suisse. francine: we are speaking to the ceo tomorrow at our very him conference and today he is speaking at another conference, and talking about changes of dir

this is the main difference between doha and algiers.ran has almost come back to pre-sanction production levels, 3.6 million barrels a day last month. since then, the oil market has deteriorated even more. the algerian oil minister told me the saudi's i ready for any outcome, possibly a freeze, possibly lowering production. he even told me that the opec informal meeting could become an extraordinary formal meeting if consensus. that could be some kind of basis for a decision in vienna in november. guy: that is what i was going to ask you. if we don't get a deal today, when do we get an agreement and will have that brought outline of that deal this week? caroline: obviously, the investors are still bearish that opec will do anything this week in algiers. but if we take it from experience, a lot can happen here in algeria. the last production cut we have 2008from opec in 2004 and fortified it right here in algeria. a big production cut is unlikely this time, but some are hoping it will be some kind of production ceiling, possibly some exem

doha, iran was not present. they will be present in algeria. manus: labor pains.emy corbyn wins the leadership contest. division however, remains. we are live

it is very important from a sentiment perspective, clearly the breakdown in talks in doha in april hasit of distress among oil-producing nations and as result, a lot of effort has been expended in trying to restore that trust and credibility. the mere action of just getting together and showing coordination and unity on energy policy we think can be quite positive in establishing higher equilibrium price. yousef: while all of this is happening, saudi arabia has been pushing on with his reforms to -- it's reforms to diversify away from oil. part of the story is the saudi stock exchange relaxing some of the restrictions for qualified foreign investors. last time around, in december 2015, the interest was muted. we brought this chart that shows the amount of percentage of total, hovering around 1% around that redline. do you expect this latest series of reforms to be enough to really kindle the interest of foreign investors who have so much choice in the emerging market space? >> we think these changes are substantial and we wholeheartedly welcome these changes. the first set of criteria

. >> the crown prince is going to care about that at the end of the day, which leads me to doha in aprilcall from the deputy ground prince -- crown prince to shut down a deal in hours. what is the risk of that happening this time? dan: i think it is quite high. the tension with iran is quite central. saudi arabia does not want to cut production to give more barrels to iran. iran is saying, we want 4 billion -- 4 million barrels per day. the death of animosity is so great that it makes it very difficult for them to come together and compromise. if there was not this animosity, it would certainly be more likely that something could happen. mark: dan yergin there. take a look at where european markets are faring as we had to the close on this monday session. literally, or minister the end of the session. stocks are lower after the biggest increase. the biggest fall since july6. this is bloomberg. ♪ live from london in new york. i am mark art and with vonnie quinn. every single industry group falling. biggest decline for the since july 6. the biggest weekly game last middle of july. a new re

it is however important from a sentiment perspective -- clearly the breakdown of talks in doha has createdamong oil-producing nations and as a result, a lot of effort has been expended in trying to restore the trust and credibility. in your action of just getting together and showing unity on policy could be quite positive in establishing a higher equitable price. yousef: while all of this is happening, saudi arabia has been pushing on with its reforms to diversify away from loyal and part of that story is the saudi's talk exchange relaxing restrictions for foreign investors to qualify. , the interestnd muted. this chart shows the amount of shares of total percentage -- around 1% around redline. do you expect the latest reforms to be enough to really kindle the interest of foreign investors who have so much choice in the emerging markets? guest: we think that these changes are substantial and we welcome these changes. the first set of criteria that came out in 2015 were too at as aive and complex result, that meant that very limited foreign ownership happened in saturday a compared .o the

in doha we agree that non-opec countries are ready to discuss the proposals currently developed by opecembers, so we will wait and monitor the situation, the meeting, and its results. guidance is the most important thing here is we head into the meeting. what else are a hearing from officials? again, there is a lot of concern about the extent of oil that is entering the market. we spoke to the chief of international energy agency, and he made it clear that it would take us to late 2017 at the earliest for the market to rebalance. we heard from the nigerian oil minister, and he says that a freeze is not enough. they have to be aggressive and take oil out of the market to be able to support prices and bring them back to a level that is favorable for opec. the stakes are much higher this time around, and arguably the incentives that come along with it. kong, aver here in hong muted trading to for the postal savings bank of china. stocke been striking the -- tracking the stock all the morning from the gong until now. a non-roller coaster. >> they priced it pretty well, didn't they? 76 -- $4

. -- and doha. lukewarm give a greeting.d -- ngs rates there is a report that one of the investors is billionaire george soros. makingrry will start cell phones. vonnie: another episode of our new six-part series "big problems, they thinkers." global climate change, nuclear war, financial events, here's warren buffett from tonight's episode. warren: i don't think also living in standard of living are synonymous. i get to eat what i want to ee. i get to live where want to live. i get to drive the car want to drive and all of that. it uses up some money but, if i spent 10 times as much or a hundred times as much on it, i would not be a happier or send nor what i live a better life. innie: be sure to tune tonight at 8:00 p.m. eastern only on bloomberg. bloombergack to markets most influential summit. headng with the [indiscernible] let's listen in. >> if you look at the number of deals, it is only down 7%. and the headlines come much more from the higher than $10 million deal. activity itself is pretty robust and more than i wo

blue bell is recalling two the company is pulling pints of half gallons of chocolate chip, cookie doha -- cookie dough. they had to pull products off shelves in 2015 after a listeria outbreak killed three people in the united states. this time it appears to be a problem with the supplier. >>russell: house lawmakers grilled the c.e.o. of makes the epi pen. >> after mylan takes out punches, you'll fly back to the mansions in their private jets and laugh all the way to the bank while our constituents suffer, file for bankruptcy and watch their children get sicker or die. >>russell: c.e.o. says that customers and they plan to sell a generic version for half the cost. the price has gone from $57 in 2007 to $600 today. she said the company doesn't keep that $600 as revenue claiming they spend much of it on research and improving the product. bresch and her family are no strangers to capitol hill. her family is a senator from west virginia. her mother was president of the national association of state boards of education. and here's after her daughter became c.e.o. at mylan. schools were requ

going into doha in iranians are very clear. we shouldn't have had any expectation of a deal.hetoric has been better. i would argue the economic circumstances are tougher now than they were in april. >> looking at a price. stays in the range of 40 to 50. still higher on the week. what is priced in at this point? >> i think no one, if you look at analyst service, people expect nothing to get done. it is out of consensus to say you expect even a freeze at this point. if we get a freeze next week, or a constructive framework, we're going to talk about it some more, that will provide support to oil. >> support to oil where in. >> a freeze, up a couple of dollars. if we get some constructive statement, maybe -- >> that's a natural trading range for oil. >> the question is going forth, going to november 30th opec meeting, do you change sentiment in this market right now? sentiment is we're oversupplied and opec has no pulse. i think if we get something out of them, we'll move higher. >> what is the -- where are we in the u.s. energy sector and how are the companies doing? we're seei

by facebook messenger. [ speaking a foreign language ] >> reporter: but that is not an option for dohaof her family. turkey only opens the border for medical emergencies. she says she feels lost, her life in pieces. that is where mohammad, her savior, comes in again. he has built a playground for children and created a sanctuary for stray cats. [ speaking a foreign language ] it's where we hear her laugh. where in syria's battlefield, a child's gleeful cries are stolen moments. carol, her younger sister yasmin has recovered. all things considered, fairly well. the family moved out of their neighborhood in aleppo and are living in another apartment where they basically only have threadbare mattresses. the kids all have that constant sense of fear that overshadows them and of course, there is the psychological toll of everything that they have been through. >> arwa damon, thanks so much. we'll be right back. my eyelove is finding a ♪"all yodifferent angle.plays my eyelove is season 1, episode 1. my eyelove is making a story come alive. eyelove is all the things we love to do with our eye

not again, not another big disappointment with the doha meeting ending with angry faces. there's no world on whether the awe saudis will push iran on this point. iran economically doesn't want to do anything in terms of a cap so far. and the big question is whether they can be convinced to move on this. for aussie arabia, saudi arabia, it is a question on whether the shale oil producers in the united states will adapt to price shocks over the last several months. the question is, will anything get accomplished? a lot of controversy over whether or not we'll see the russians even come into the table, even pushing the saudis here. there are a lot of back channel conversations happening at the moment. as we heard from the russian energy minister, he said this is not critical for russia at this point. so it will be about the conversations taking place over the next few days, guys. >> hadley, what difference does it make in your confidence that any deal will come out of this, that this is not a traditional scheduled opec meeting, there are others there, sort of the impromptu n

up to the failure in doha and what's happening in algeria, was it -- we had to do something here?ink so, and also one of the things is that we detected a shift in the tone, particularly from saudi arabia. i think the freeze doesn't cut it anymore. they will have to reduce production if this rebalancing is to accelerate. keeping it at record levels will keep the market oversupplied. guy: will they stick to this, even when they figure out who will take the hit? >> i didn't think so. saudi wants a higher price. the devil will be in the detail, said as they emerge, i do expect prices to emerge -- until then prices will be lower and that is the precise reason why they will want to make it work because they want oil prices to go into it. guy: great to get your take. thank you for joining us. chief oil market analyst at energy aspects. up next, will ireland be a big winner for brexit? we are live in dublin, speaking to the deputy head of the irish bank. that conversation is coming up. brexit dominating what is happening with the irish economy. a quick look at the markets; the energy sect

you look at what we are hearing from the saudi camp, there seems a change sense doha.nce talkey might be able to about a freeze and when we look at how much the saudi economy has been affected, they had announcement that they will not tens of thousands of civil servants in bonuses for the first time in the kingdom. they are looking at a fiscal deficit of 13.5% next year. they need to find a way to get prices higher. we willing to believe that the saudi's have capitulated on a story they have begun to tell themselves? i don't think we are ready to call it capitulation but we have to be aware to a change of tone. it may be that they don't reach a deal and the gap between the different produces are insurmountable. what happens when libyan or nigerian oil comes back? there is a very bearish tone in the market. ieae chief says he looks at the numbers and he does not see the market balancing until the end of 2017. goldman sachs is reducing its forecast as well. i think there is a sense that something has to give. david: how does the potential bill -- deal go against the aram

all very reminiscent of that road to doha.ut bayer, back on the agenda, ready to make monsanto'tempt to woo boards. anna: the german company increasing. nejra joins with the details. nejra: are they going to be forced? $129 a share offer according to those familiar, comes after bayer made an unsolicited offer back in may of $122, raising it to $125 in july, and last week it can back with a third offer of $137 a share. the latest is 20% above monsanto's closing price on tuesday. it is below what some analysts were saying was needed to actually clinch the deal between 130-135. but if it is successful, this would lead to the biggest deal this year, and the largest ever by a german company. we're talking about $56.5 billion at this offer level. manus: what exactly happens next? i mean, this comes down to what? valuation? breakoff agreements? what is driving this? bernstein released a report, they always knew this was going to be a higher bid. bayer yeah, i mean what is also considering is raising that break the two around $3 billi

it has grown since the doha meeting, since they decided to let everybody pump as much as they wantedte 2014. we will see more discussions ahead of the opec gathering. the international energy forum is convening that some 90% of global producers are represented here. of course, we will keep you posted throughout the day. anna: yousef, thank you very much. that was yousef gamal el-din on the phone. don't miss our interview with the executive director. today, at 8:30 a.m. london time, on "countdown." mike amey is still with us. what are your expectations coming out of algeria. >> we would be surprised if any kind of deal is struck in algie algeria. the discussions are clearly being done. whether a deal could be done, we are pretty skeptical. there could be some disappointment there. on the flip side of that, the other interesting thing about what is going on is the a saud's no longer seem to be willing to talk down the oil price. they seem to be coming down to the view that some kind of support is possibly down the road, but at this point, we are skeptical. so, are they just promising t

and anyone in their life feel constrained to have to get permission to be what you want to be and doha i said that being a black woman filmmaker and feeling i was knocking on closed doors and nobody was answering. i said i'm going to stop knocking and build my own thing. i'm so thrilled that quote is there! who knows what they could have used. i really believe that. >> our full interview with ava duvernay airs later this month on "cbs this morning." that's why we wanted to talk to her originally about her projects she is doing now. august 28th, anyone this until august 28th this year was the first time colin kaepernick held a news conference why he is not going to stand for the national anthem. now she says every year she looks at august 28th to see what will happen and i will too. >> build your own as she said in that quote. we should say 40,000 objects now have a home inside this museum and many of them came from american families. >> these are just a few of the precio precious heirlooms donated to the museu t the making. i'm jericka duncan. coming up on "cbs this morning," i'll show

quite -- were more aligned now than they were back in april, when this group of producers last met in dohast because iran is that much further along in its refrigeref reach a pre-sanctions level. at this point, it's not about what they were going to agree or not agree to in this meeting. this meeting always intended to be consultative in nature. at this point, it's not really about what they say, it's more about what they do. the producers at this point still have some further room to run, especially ran in terms of reaching its pre-sanctions level. and the issue is that, you know, as we come into the end of the year, we expect that the overall oil market balance is going to tightening. and we think that's what you need to pay attention to, rather than what they say, just because they've got such a poor track record with any of these decisions. >> and john what do you think? are we moving towards some sort of balance in the next several months? >> i think hadley was getting buffeted by the hot air coming out of the meeting. i think this is all a complete farce. i think the agreement is goi