on's bring in jeff currie oil.eport, it is a basic chart, but it is the epicenter of the crude move that we see, global supply versus global demand and a market that is overpriced in deficit in the short period of time. will it's not back or stay there? jeff: near-term we will stay there because of the temporary disruptions that have driven the market into a deficit, but think about what the market has been driven by. three factors, temporary disruptions and a strong increase in demand in both of these will probably be transient. second is that we have seen supplies, even in the united states, iraq, iran, and a third issue is you have a macro backdrop that puts downward pressure on the market to a stronger dollar and a weaker china. when we put that together, near-term, the market could stay in that 45 to 50 range but as we move toward the end of the year, the market will soften again, which is what we have a drifting back down to the lower 40's by the end of the year. it is more of a transient tightness and it is

but whatever we're doing, you're not leaving steph curry. >> jeff: yes. >> mike: irving, way off the mark. thompson, the rebound. here comes curry. 17 three-pointers, a finals record now. to barnes. green and james, jawing at each other, while play continues. iguodala, the pull-up won't go. a double foul will be called. channing frye getting in between, lebron james incensed. green starting to walk away. james has more words. remember, draymond green is one flagrant foul and two technicals away from being suspended. he takes a little swing and misses after objecting to james stepping over him. the conversation continues. the bumping and shoving, and the double foul called by danny crawford. does not result in any free throws. each player picks green, his fourth. and james, his third. let's see if they're going to give out any technicals as well. that's important from golden state's standpoint with green and his technical foul total. james, usually doesn't respond like that. especially if the ball is still in play. this physical play, we talked about it, from the start of the game, it'

betty: that was jeff currie, the global head of commodities research at goldman sachs. the environment for global investment banks getting tougher, leading to cuts from goldman sachs at hsbc. we will have the details, next. ♪ mark: this is bloomberg markets. it is time to get you caught up on the market action around the world. let's start in asia and how the markets traded and initiative the day. you saw that rally that we saw in china, that actually pared back, part of that had to do with chinese factories. chinese factories showing some resiliency as the latest gauges further stabilized. stephen engle reports from hong kong. >> china's official manufacturing pmi health eddie at 50.1, the same reading as april. factories have shown some level of confidence, another gauge of private sector manufacturing in china shows more pessimism. the index came in line with forecasts at 49.2, but is still the eighth consecutive month below 50, indicating bearishness. this shows the recovery in china is tenuous as -- tenuous at best. banks tend to report cash at the end of quarters

but whatever we're doing, you're not leaving steph curry. >> jeff: yes. >> mike: irving, way off the mark. thompson, the rebound. here comes curry. 17 three-pointers, a finals record now. to barnes. green and james, jawing at each other, while play continues. iguodala, the pull-up won't go. a double foul will be called. channing frye getting in between, lebron james incensed. green starting to walk away. james has more words. remember, draymond green is one flagrant foul and two technicals away from being suspended. he takes a little swing and misses after objecting to james stepping over him. the conversation continues. the bumping and shoving, and the double foul called by danny crawford. does not result in any free throws. each player picks up a personal. green, his fourth. and james, his third. let's see if they're going to give out any technicals as well. that's important from golden state's standpoint with green and his technical foul total. james, usually doesn't respond like that. especially if the ball is still in play. this physical play, we talked about it, from the start o

megan: jeff curry joins us on the set. from oil to iron

shery: that was sheelah kolhatka jeff currie. david: the changing definition of insider trading.ehavior once deemed a crime is now effectively legal. shery: consolidation in the cloud computing business accelerates. how the push into retail software will boost a millennial company. .5%.: salesforce down ♪ david: this is "bloomberg markets." more news coming out ahead of that opec meeting in vienna. delegates discussing reinstating the output ceiling to stabilize the oil market and raise prices. a deal could accommodate iran. hsbc cutting a number of investment banking jobs. .irst quarter profit fell 15% stuart gulliver has outlined a three-year plan to cut thousands of jobs. david: a strongest indication yet that the family owning by viacom try to oust -- may try to oust the ceo. a las vegas gambler was arraigned today in a manhattan courtroom on insider trading charges. he has pleaded not guilty and his bond was set at $25 million. the judge also allowing him to keep writing in his personal jet. -- riding in his personal jet. david: davis has pleaded guilty. phil mickelson alleg

jeff currie at goldman sachs. you have a boldness to your call.e or that makes oil breakdown? is it the saudis? .ary: yeah, it is the saudis obviously they are trying to get out of the oil business, and this new crown prince is making that very clear. the reality here is that when you are in a price war, it is the marginal cost of production which will determine the price. it is not the cost of the budget, $96 a barrel for the saudis, the cost of drilling new holes. it is the marginal cost once the holes are drilled and the pipes are laid. less in the persian gulf. i think that is where we are going to go. francine: let me bring you back to my chart of the hour. this is according to baker hughes, how many oil rigs were put back online. it shows that nine oil rigs returned to operation in the u.s. in the last week. it means we should be more concerned that our production rebound -- that of production rebound will indicate recovery, right? gary: i think so. when you look at fractures, these guys are amazingly versatile. a lot of them can make -- whe

curry on the rebound. >> jeff: love's being played by iguodala. can get on the offensive glass, versus always spacing the floor. >> mike: curry with the soft touchgetting the roll. and it's back to six. 25 for curry. irving on the drive -- bank shot is good! kyrie irving again! iguodala. barnes threw it behind him. barnes dives on it. and it will be a held ball. between tristan thompson and barnes. height advantage to thompson. >> mark: kyrie says to steph curry, allow me to have this dance. uses the size, the strength, the pushoff with the shoulders. seven years ago, my son was playing high school basketball with a loaded playing in a christmas tournament. up at halftime. they got drilled in the second half. called my wife and kid, said, what happened, as i was calling an nba game. they said, this guy named kyrie irving on the other team put on a clinic. i know how you feel, son. >> jeff: he took that off the wrong foot and was still able, and he got hit on the arm, and still able to finish. >> mike: irving, just 24 years old. said it over and ove

curry on the rebound. >> jeff: love's being played by iguodala. can get on the offensive glass, versus always spacing the floor. >> mike: curry with the soft touchgetting the roll. and it's back to six. 25 for curry. irving on the drive -- bank shot is good! kyrie irving again! iguodala. barnes threw it behind him. barnes dives on it. and it will be a held ball. between tristan thompson and barnes. height advantage to thompson. >> mark: kyrie says to steph curry, allow me to have this dance. uses the size, the strength, the pushoff with the shoulders. seven years ago, my son was playing high school basketball with a loaded team, they were playing in a christmas tournament. up at halftime. they got drilled in the second half. called my wife and kid, said, what happened, as i was calling an nba game. they said, this guy named kyrie irving on the other team put on a clinic. i know how you feel, son. >> jeff: he took that off the wrong foot and was still able, and he got hit on the arm, and still able to finish. >> mike: irving, just 24 years old. said

curry is going to get hit with a technical. he throws his mouthpiece after foufling out of the game. >> jeff: it hit a fan, mike. >> mike: steph curry apologizes to the fan, but lost his temper. first time he's fouled out since december 2013. and then gets hit with a technical four with 4:22 remaining. the frustration setting in. curry finishes with 30 points. it has been a roller coaster ride in these finals for curry. and the crowd delighting in his exit. curry's going back to the locker room. i'm not sure if they threw him out, which, you can do on one technical or he's just going out because he's fouled out. trying to get word from the officials. so, irving shoots the one-shot technical. he thought he got all ball. and then got in front of james and that was -- it was that second contact that they called. and you rarely see curry lose it like that. and he was ejected on the one technical. 13-point lead, still a little over four minutes remaining. what a turnaround in these nba finals. >> jeff: and that was a tough sixth foul call. >> mike: that's first ejection of curry's career. j.r. smith! they are celebrating here at qui

curry is going to get hit with a technical. he throws his mouthpiece after foufling out of the game. >> jeff: it hit a fan, mike. >> mike: steph curry apologizes to the fan, but lost his temper. first time he's fouled out since december 2013. and then gets hit with a technical four with 4:22 remaining. the frustration setting in. curry finishes with 30 points. it has been a roller coaster ride in these finals for curry. and the crowd delighting in his exit. curry's going back to the locker room. i'm not sure if they threw him out, which, you can do on one technical or he's just going out because he's fouled out. trying to get word from the officials. so, irving shoots the one-shot technical. he thought he got all ball. and then got in front of james and that was -- it was that second contact that they called. and you rarely see curry lose it like that. and he was ejected on the one technical. 13-point lead, still a little over four minutes remaining. what a turnaround in these nba finals. >> jeff: and that was a tough sixth foul call. >> mike: that's first ejection of curry's career. j.r. smith! they are celebrating here at qui

curry on him. fakes. leans. shot's no good. last touched by golden state. and we'll take a time-out. >> jeff: well, definitely a three-point shot here. way behind the line. in transition. probably got fouled, too, but he is just on a roll. the balance, the handle. and the ability to create just enough separation to get a clean look. brewing company. and our mountain, is brewing the world's most refreshing beer. a beer proud enough to wear our name in big, red scripted letters. that's why we lager, filter and package cold. because we believe every climb deserves a refreshing finish. whatever your mountain, climb on. ♪ ♪ only those who dare drive the world forward. introducing the first-ever cadillac ct6. i'd wash them, and it'd be back before i even got to class. finally, i discovered new tide odor defense. it eliminates the yoga aroma. so i can breathe easy hummmmm. don't just mask odors. eliminate them with new tide odor defense. if it's gotta be clean, it's gotta be tide. >> mike: aerial coverage provided by goodyear. for game-changing performance in your lane, choose goodyear tires. goody

jeff: one of the big things, the honesty of the player. because you have to be honest with the doctors about if you're symptom-free. >> mark: let's not kid ourselves. great competitor, i coached steph curry, he went through the same thing. and there was a side, you know, he had to pass every test along the line. if you want to be on the court, there's a side of you that says, i want to play. you're playing for all the marbles. >> mike: well, reserves getting some action in game three of the finals. mo williams. dahntay jones fouls barbosa with 3:21 remaining. they're in the penalty. it really is incredible how the perception and narrative can change from one game to the next. after being beaten so soundly in game two. everybody starts talking,he cavs are just not good enough. can they possibly make this a series? with one victory, you completely turn that around, and gain so much confidence heading into game four. >> mark: i remember as a player, you get mad at the announcers saying things. we told the truth in games one and two. the warriors took the games away. they made adjustments, and took it back in game three. but the truth was told. >> mike: williams misfires. rush with the rebou

jeff: one of the big things, the honesty of the player. because you have to be honest with the doctors about if you're symptom-free. >> mark: let's not kid ourselves. great competitor, i coached steph curry, he went through the same thing. and there was a side, you know, he had to pass every test along the line. if you want to be on the court, there's a side of you that says, i want to play. you're playing for all the marbles. >> mike: well, reserves getting some action in game three of the finals. mo williams. dahntay jones fouls barbosa with 3:21 remaining. they're in the penalty. it really is incredible how the perception and narrative can change from one game to the next. after being beaten so soundly in game two. everybody starts talking, the cavs are just not good enough. can they possibly make this a series? with one victory, you completely turn that around, and gain so much confidence heading into game four. >> mark: i remember as a player, you get mad at the announcers saying things. we told the truth in games one and two. the warriors took the games away. they made adjustments, and took it back in game three. but the truth was told. >> mike: williams misfires. rush with the reb

curries falls ridiculous. we will have a show at 9 pm on sunday, following the game. the giants are doing it to death, jeff the distance in tampa, allowing only four hits and one run. the giants are now 42-26, running away with the national league west. crawford and put on -- puts it on and takes up a double. came back and delivered to more including a home run tonight. 5-1, giants. a's and angels. the equivalent of the giants and dodgers. they did have 24,000 in attendance. that's not bad for the a's. oakland has lost three in a row coming in and chris davis a solo shot deep into the night and it's 2-1, a's early. a sacrifice fly and a young staff, we've had meetings, we go over this. i said, we do not need sacrifice fly's. they completely defied my orders. billy burns wins the game for the a's, a walkoff single, a sacrifice fly tied the game at 2 and burns one it. when they win, it makes you feel good. tomorrow's a big deal, i predict they're gonna get big money for lynn succumb -- lynn succumb. i bet a guy 30,000 dollars. the other guy took the under. the u.s. open leaders are johnson and landry.>> are

. >> joining us is the man who made it, jeffrey curry, global head of commodities at new york stock exchange with us. jeff, welcome back. so clearly it's become this safe haven play. how much more is left in this gain right now do you think? >> well, we think about gold, there's a saying in the market that being long gold is same thing as being short politicians. i think there's a lot of truth to that statement in the current environment given the uncertainty following brexit. however, we would argue that the upside is limited an ena key reason is the market is incredibly long and also seen a sharp decline in interest rates, particularly u.s. treasuries which ugh zest that we have probably topping out here and we saw the market trade up to 1316 and come back down and why we raised the forecast to 1300. which is a little bit below the market and substantially higher than we thought we were before and would view gold as a good hedge for the type of political uncertainty we expect to see. >> what about oil now? carried out with risk assets. where does the price of oil go now? >> well, with oil it is being im

curry the county's naming facilitiesal is hosting the public hearing. a it starts at 7:00 tonight iss that being held at the rms building. >> the ceo of amazon jeff bezosce transportation company has successfully launched theaunche rocket for the first time. for t investors are making to makeoak space tourism safe and more affordable. >> ♪ >> 5:24 is our time right now. n we are at 71 degrees andnd summer is officially here and it's going to feel like it, i right, mike.e. >> perfection.>> p i feel the energy in theel atmosphere today just t because it's sum at last.t l i felt like it's been summern sm for weeks now but it doesn't officially start until 6:35 6 this evening. hey, we get a full moon outl there right now, sunrise inn about, oh, 20 minutes or so. so. and, you're of sun today.ofun today >>> just like this weekend, a wd lot of sunshine coming your way this afternoon. it will be another hot onenotheo with temperature getting into the 90's but they're not there t yet as holly mentionedon 71 degrees rider now here ineren d.c., 70 annapolis, 65 att baltimore, westminster 68, leonardtown 64 degrees at this6s hour. how about a pool planner for pla