. >> 72 on wti. that's right and yet a lot of the energy stocks had really kind of held back, chevron and exxon just started to rally more this last month, but we think there's a huge disconnect to where the whole energy sector not just commodity price- sensitive ones. maria: we have the jobs number out a week from today a week from this weekend. the economy has been doing better. almost full employment. you have the federal reserve earlier this week sh, we are signaling that we will see another interest rate iase in june. good move? >> well it's kind of inevitable we watch the fed futures market quite a bit. the june one has been pretty well priced in so what's interesting now is december now the fed futures market point about 50% chance of that happening it would be much lower so that fourth rate hike on the year is the one that could be more material. i'm suspect if they'll really do it but it's so far in advance anything can happen, but one thing i'd really encourage viewers is when we talk about

it is coming back from the load on wti, nevertheless down 2%.reporting something slightly different, that the might not collapse altogether but the president could reimpose some sanctions and is hitting the oil markets. at 2 p.m. eastern, he makes the let's get somed more reaction from kevin cirilli. meeting withy are senators, none of them are on the foreign relation committee though. kevin: president trump, waiting for that announcement from him at 2 p.m. about the decision regarding the deal and as he mentioned, he is meeting with a couple of republican senators on something completely different. the back and forth with trade negotiations would impact agricultural states. speaking of iran, two things, european allies are out in full force from the united kingdom, germany, and france, urging president trump to reconsider suggestingn, also that he will remain in the iran nuclear disarmament deal with or without the united states earlier today. the president has informed the french president that he will in fact withdraw from the iran nuclear di

on stocks. you would see that support over wti, bridging the gap.ver, the back end of the curve towards the end of 2019 is where you see, perhaps, more weakness in wti-brent, given the fact you will see a lot more u.s. crude hitting the market as well in terms of production growth. also, some pressure on wti-brent because of logistical constraints in the u.s. such as midland pricing in the u.s. vonnie: curious as to correlation. what other commodities are you keeping and i on? is a giving you a hint of where the complex is going? on the other side of things, how ach do interest rates and sickening dollar, should itching for an, have to do with oil prices? abhishek: commodities in general are a good asset class this year. if you look at the bloomberg commodity index, it has done well. its highest marks since january. it has more to go given the fact we have seen commodities in the back and. -- back-end. you're getting better return on commodities at this time. we are getting late cycle dynamics. from the past cycles, towards the end of late cycle dyn

pressure on wti crude. down about $.66. down arude, it came little bit.pread is interesting because it shows how much is priced into the market relative to what opec might do. iran, venezuela supplies are both at risk. now higher inventories in the u.s. a lot might change in that spread in the next few days. a stronger dollar isn't helping oil either, at least not oil priced in dollars. oil close to $94 as emerging market trends continue to take the fall. and we are back down to 3.01% on that 10-year yield. let's get more on the markets now. the turkish lira in practical freefall, our next guest says instability.posed turkey is in a central bank job, but maybe not the traditional kind. what happens to the turkish lira and the economy which is so important strategically from a nato point of view? >> absolutely. thank you very much. the key thing about what is happening in turkey is that the country has been ignoring the rising imbalances, not only of trade deficit but a fiscal deficit. the central bank continue to increase money supply dramatically in the

it is a fascinating one. wti crude trading at $57.69. 30 minutes until the end of the session.t is all about trump, taimur hyat --tariffs, and equities. will be forthcoming for mexico, canada, and the eu. germany's dax down by 1.5%. it exports the most steel to the united states. the euro stoxx 50 down by 1.4%. you get a flavor of what is happening. the euro was much higher before the announcement. it has drifted down. 11672, still up for the second consecutive day. bond yields falling across the curve. let's have a look at some of the other stories. loads of politics. according to the broadcaster in -- in that's in spain spain, the socialists have enough votes to oust -- the move in the bond market. yields come down and the spread between germany and spain widens. below the level we reached earlier this week. keep an eye on that. tomorrow to my british consumers feeling more up the about the spending prospect. -- upbeat about the spending prospect. we have this index of confidence increasing by two point. declaring themselves more optimistic about personal finances. that is wh

nearly three years as the central bank makes a major policy shift and fresh supply concerns weighing on oil. wtirude is on his longest run in nearly four months after saudi arabia and russia signal an increase in output. have a look at european equities. we are 30 minutes away from the monday session. a quieter day today, a bank holiday here and the united dates we have a memorial day holiday. this is what i want to show you. in the meantime i will give you a flavor. it does come eventually. i will give you a flavor of what's happening. italy's ftse down. portugal is lower. volumes are down on the 100 day average. earlier we were gaining for a second day. the run has come to an end, the eight-week winning run which came to an end on friday, the best since 2014. , it is boosting the italian five-year bond yield thess the curve, look at five-year up by 35 basis points. we had the president asking relli toally -- cocha form a new government. are we approaching a no-confidence vote in spain? are we approaching elections as well? couple of questions we will try to answer. commodities here are your fi

the oil price is entirely irrelevant to the conversation. $70 per barrel is where we trade on wti. we are above that level. is the date we need to watch out for of course because president trump is going to decide by that date want to do about iran, and the bloomberg u.s. dollar index. we had to put that in because it's such a big talking point with the strength in the dollar. today, a little bit of respite for the emerging markets from turkey, to argentina, as we see the dollar flat morning. pretty flat. we will talk about these elements a little bit more as we go to the program. this is a picture on the futures, up quite decisively on the u.s. futures. you are expecting it to go higher at the start of trade. u.s. stocks posted the biggest increased to nearly four weeks. unemployment at an 18 year low. despite that lackluster topline number, that did not seem to distract too much. inconclusive talks over in china is certainly something we are focusing in on. we will talk about the italian political story later. story, very relevant as well. we are marking anniversary in terms of t

just spoke of so you see this big ramp we go up through 80 on brent go up through 70 very strong on wti. and now a 3.3% pullback, good for truckers i saw jbht, unusual activity in this one, landstar, a lot of stocks, j.b. hunt in particular hit a 52-week high that's even though you have seen this big rise out of diesel prices over the last six months. so this could just be manna from heaven for airlines and truckers as well as consumers >> if your manna is volatility, which a lot of traders' manna in fact is, you could be setting up for a very interesting trade here going into the opec meeting next week, right, sarat? right here, we're seeing what the impact is, the thought process of the market. if oil gets put back onto the market because venezuela is coming off, this is what happens. this is what happens to energy stocks what do you do >> to play oil right now, i think the bet is we're going to get more downside here, because we knew oil was going to hit the $80 limit and then you had the president also talking about how oil was going to affect the economy, and you know he looks at h

let's get a check on the oil markets. wti on the decline. is it the dollar move or something else?arrel. -- $68 per barrel. tina joins us. a stronger dollar with geopolitical uncertainty. something else happening behind the scenes pushing the price down? >> you not only need to look at opec, the saudi's came out at the st. petersburg economic forum and said clearly that there will be a supply increase in the second half of the year, depressing brent and wti prices. opec this is a flip-flop, met and would carry on the policy. is this pressure from u.s. president? >> the opec secretary-general was blunt and said they are they sawg to the tweak from president trump in april when he said opec was at it again and he called prices artificially high. he told us today that when they saw that, they knew they had to respond. there has also been loud opposition that we have seen from democrats on the hill. a pressk, they held conference at a gas station to complain about higher gas prices into the summer driving season here -- season. vonnie: $67.80 and change and brent is down as well. a mas

. >> 72 on wti. that's right and yet a lot of the energy stocks had really kind of held back, chevron and exxon just started to rally more this last month, but we think there's a huge disconnect to where the whole energy sector not just commodity price- sensitive ones. maria: we have the jobs number out a week from today a week from this weekend. the economy has been doing better. almost full employment. you have the federal reserve earlier this week say yeah, we are signaling that we will see another interest rate increase in june. good move? >> well it's kind of inevitable we watch the fed futures market quite a bit. the june one has been pretty well priced in so what's interesting now is december now the fed futures market point about 50% chance of that happening it would be much lower so that fourth rate hike on the year is the one that could be more material. i'm suspect if they'll really do it but it's so far in advance anything can happen, but one thing i'd really encourage viewers is when we

." >> come on >>> wti declining off the lows of the morning saudi arabia and russia are expected to boostheir output to compensate for the supply shortfall an increase in u.s. production playing a role in lower prices and sources quoting figures we might see in terms of u.s. exports this morning. >> yeah. we're not exporting nearly as much as the west texas intermediate is completely in disarray as a price forum because of how much we're exporting. we shouldn't be using wednesday. but it is true that if you go back and see what caused oil to spike to begin with, it was the saudis and the russians. the saudis and the russians, are the only two places in the world that have enough spare capacity to impact the price. each one of those can produce a million barrels. we do not have any spare capacity those looking to us and say we need to pump more. we can't 11 is our max. >> 11 is our max. >> there's bottle neck and you need trucking. that's why union pacific union pacific is going to say what i said this week. and the stock doesn't buy into any weakness. >> they need to come down. >> you sai

i would expect the high 60's based on wti. $76an arrive at a target of based on breakouts we have seenanalysts talk about how it will be range bound. technically, what is the range? realistic, a's are nice place to consolidate or digest the schemes. the 70's is realistic. david: those of us were not tech me,ions -- technicians like $70 will curtail demand. there is some price elasticity. at what point does the real world kick in? alix: at what point would the iae be correct? david: you know too much. katie: it is tough to judge. when you feel like you have it figured out, it changes. it is a tough game. i prefer to look at momentum, the trend gauges. they are still positive. alix: s&p. talk to me. 200 day. katie: it is a technician's dream. perfect triangle formation, a breakout. breakouts from triangles tend to be high probability, upside following through and that is exciting. especially in something not positioned for that upside. you can arrive at target of 3 0,60. that is one wayespecially in sot positioned for that to, we can e pullbacks of the short-term position the market in p

yield. 2s-10s spread -- i am clipping a close eye on i amnow in its fifth -- keeping a close eye on wtith day of losses. the inflation generating oil prices. italy is causing the pattern across the board. this is the spread between the 10 year btd's and german boones -- bunds. we have not seen anything like it since 2014. it is full on panic. it will be hard to short-circuit now that it has started in earnest. that is according to a couple of traders we have been able to speak to. , where ourto rome bureau chief has been covering every development in this story. italy leaving the euro. how much do we know about these populist parties gaining ground? and we also do not know, if we go to early elections, whether any of their political platforms will be on italy leaving the euro -- is that right? >> that is right. it is a very fluid situation. markets are concerned because in the short term, we have a temporary government, so the populists are not take power. the question is will some people be concerned that they were tricked, and does that mean they will vote even more for the populists

the worst last weekend, on going concerns what opec does on the supply-demand equation that weighs on wti, now below $67. now, one thing to keep in mind is earnings after the bell we have hp, salesfarce, and tomorrow, another look at the health of consumer with a lot of retail names from pbh, owner of tommy hilfiger and dick's sporting goods also reporting tomorrow, plus michael kors. earnings a big part of the story. watching the ongoing political headlines out of italy as well for now, though, dow closing down 391 points. kelly? >> seema, thank you. let's flip uptown to the nasdaq, bertha, a place that did not do poorly today had brighter spots? >> negative, but relative outperformance, particularly when you look at the sort of tech sectors they were down not as much as energy, not as much as the banks. a little bit of a downdraft when it comes to healthcare and biotech here, but overall, not as bad a day among the losers, mercadolibre, more concerns about the trucking stoppage in brazil, how that s thimpact firm. we saw airlines trade lower, maiott trading lower as well take a look at

you very much for that interview from houston with the ceo of occidental we're trading above $71 on wtier 40 neutral 50 break even on cash flow which means they can return cash to shareholders, keep that dividend safe wasn't too long ago we were talking about these dividends at risk >> and the permian is the key and they've sort of, as she said, dwefivested a number of assets in other areas not having those kinds of return metrics. >> no wonder the stock has gone from 64 to 84 in just over a month. amazing. >> yeah. >> nice to hear from them. we went a long time without hearing from occi on tv. >> we'll hear these ceos more. energy has taken a leadership spot in this market. >>> salesforce ceo speaking out this morning about regulating facebook here's what he said on "cbs this morning. >> in some ways say february has become the new cigarettes in our industry that is, it's a technology that is, yeah, it's addictive it may not be that great for you. and it may be something that you mute want might want to go back to maybe this is a time the government has to step in and regulate >> i tho

. >>> coming up, drills down on oil. wti near the $75 level what that means for your money and what you're paying at the pump. >>> and check this out a pair of pesky pelicans crash pepperdine's graduation. >> try saying that five times fast >> i will practice the video is completely viral. you can see why. we'll bring you full details when "worldwide exchange" returns. mr. elliot, what's your wifi password? wifi? wifi's ordinary. basic. do i look basic? nope! which is why i have xfinity xfi. it's super fast and you can control every device in the house. [ child offscreen ] hey! let's basement. and thanks to these xfi pods, the signal reaches down here, too. so sophie, i have an xfi password, and it's "daditude". simple. easy. awesome. xfinity. the future of awesome. >>> oil prices holding firmly above $68 a barrel crude spiked late yesterday after israel said it had proof that iran was lying about its nuclear weapons program. iran denies the claims let's bring in john kilduff. how big a deal is this looming renegotiation, re

. >> also were looking at the contract and the first wci, especially on the wti there was a call back here looks to me like it so meetings that moving the oil market. >> i think news is moving around a lot. i still believe this rally in oil. i think the iranians will be able to sell all the oil they can pump out, whether it's to china or their proxies, you can better buy that oil. as far as the five minutes ago, where is the wage inflation #that's what i'm looking for. again we have a fad that said if the economy performs to these benchmarks that we've said, and remember janet yellen said that for the last three years and always had an excuse not to raise rates. i was hoping this that would stick to its word and stick to its parameters. guess we'll find out in june but they just keep kicking the can down the road and i don't think that's good news overall. >> we will look at the potential of the output. you have supply concerns from venezuela which i think is more important than iran. i do think that economic story plays into that contract. >> i think of to make a distinction, and you

on the oil price itself, our managing director at tjm manufacturing services, jim, like, down 1.5% on wti at the moment, down nearly 3% this morning, and rallied to be flat in the middle of president trump's announcement, so what exactly is the factors behind the moves today? >> well, to be fair, that rumor when we were down 3% today, it was on a rumor somebody came out he was going to stay in the iran deal we're only there for a relatively short period of time, but crude is not only down today, but down relatively significantly from the highs they put in yesterday. look at the long term chart, nothing interesting is happening, it touched upon the upper end of the support of the resistance and came off it tough to rally when the dollar rallies, and the dlafr's been one of the biggest stories in the last couple weeks breaking out of the bottoming pattern tough to rally now that's a bigger story than we give it credit for, the strength of the dollar. should we have left the sleeping dog lie? scary when we don't, but longer term, better to get rid of a crummy deal and work from new. >> we ha

a geopolitical bid put in, any type of dovish type commentary can have prices retraced to low 60s on wtizuelan risk is priced intothe market from where you -- what if anything isn't right now >> well, we forecast that their quarter prices should be based on fundamentals 75 to $80 for right now, for the third quarter. we don't have in these balances priced in and part of the balances a reduction in iranian imports, a greater -- we have a 500,000 barrela day decline year on year on venezuelan imports. but it looks like things are more difficult than we expected so we could see more downside to that there is a lot of geopolitical risk that is sort of pulling prices above $80 a barrel, so anything that tightens the balances already further from where they are now will lead to more upside. >> where are the saudis? why aren't they stepping up here to plug the potential gap in the market and the loss crude oil that we'll get as a result of president trump withdrawing from the iran deal? >> right, saudi arabia has shown incredible restraint and discipline in their production and at this moment,

nearly three years as the central bank makes a major policy shift and fresh supply concerns weighing on oil. wtirabia and russia signal an increase in output. have a look at european equities. we are 30 minutes away from the monday session. a quieter day today, a bank holiday here and the united dates we have a memorial day holiday.

italy and spain both in the green. >>> as for the broader macro markets, let's check on oil prices wtide oil prices, 71.34, off by three quarters of a percent ice brent crude futures, that world benchmark gauge, 71.10 cents. let's show you what's happening with the currently side of things that could be driving a bit of the action on the commodity markets. the euro right now, 1.1731. dollar/yen is 109.68 pound is 1.3396. let's stroll down further on the market action, joining us is jeff kilburk jeff, as we talk about the markets developing the way they are, it seems there's reasons for investors and traders to take a pause what's driving things up and down why are things so uncertain in the marketplace now? >> certainly we saw a lot of market action yesterday. there's uncertainty due to the fact of the trade tariffs. yesterday it was like an old alka seltzer commercial, plop plop fitzpatrizz fizz. the fed came in and relieved some digestion problems with the ten-year interest rates moving higher, the fed reversed losses yesterday, and that maybe moved those goalposts one more time. the

eastern time we are giving up 70 bucks a barrel on wti. >>> at the top of the today's news, value actaking a 1$1.2 billion stake in citi group. "wall street journal" behind this story reporting that value act built the position over the past four to five months the activist firm has been supportive of citi's ceo, and based on the report it doesn't appear value act is pushing for major changes. the bank wants to boost the size of citi's buyback program to about $50 billion. >>> takeda pharmaceuticals striking a deal to acquire shire for $62 billion. the dill is t shares of takeda and shire are both moving higher on the news >> big developing story in the media industry, comcast said to be preparing to make an all-cash offer for fox, though it's early stages the offer would disrupt disney's current $52 billion deal to acquire most of fox's assets comcast will make the bid only if the government approves the at&t-time warner deal. we've been talking about the possibility that ifthat deal were to actually happen between at&t and time warner, it would mean the gloves are off, everybody wil

. >> if you had to pick one thing on why we're back to $80 or brent or wherever on wti, it's not necessarilyrse. >> you're correct. venezuela is the main issue. if you look back in the last six months when venezuela's oil production began to slide significantly, oil prices are up about $20 per barrel global inventories are down about 5% so this has been the main wild card that has really put turmoil into the oil market. the next step is actually sunday with the venezuela presidential election so the question will be what will be the u.s. reaction? do we cut off the ability for u.s. refiners to import venezuelan oil and that could be the next leg up in the oil market. >> so less saudi -- you don't ascribe that much. that'll be the next part >> exactly and the opec meeting on june 22nd at that point what we think is going to happen is that opec will continue their deal which runs through the end of the year however, there is a little wiggle room for them to raise production and get to their quota limits by a couple hundred thousand barrels a day but it won't be that significant. so all signs a

the fact that oil is above $70 even on a wti basis is an argument against that.ou could argue that would lead to chinese ppi turning back up because they are sensitive to commodity prices. does the opposite of inflation become globalized? lisa: another way of looking at this is china's growth cooling? they are trying to make it cool by reducing leverage and how does that factor into the global growth and global inflation picture? that is one big question underlying the market moves. alix: what do you expect cpi today? cameron: i have got no edge. i think the consensus of 2.5% on headline and 2.2% on core is probably, it seems reasonable. maybe there is a little downside risk encore, given the hotels -- hotels sideen the of ppi was weak. that is a contributor to core cpi last month. against that, there is a revision to how they are calculating physician services costs that should bump things up. awould go personally with .17%, .15% on monthly core, which put you where the consensus is. alix: we are where we are. lisa abramowicz and cameron crise, thank you both. m

on. now, wti prices did fall and they managed the hold right around the 50-day moving average, that averageas intermediate, the lowest today, just to give you an idea of where the range is, we are near the lows >>> so, during our stock draft, the stevens tech traders gtsot a lot of grief for being conservative and passing on bitcoin. >> bitcoin, to me, is the one that stands out. i thought go number one although when i saw the stevens guys and gals were number one, i knew they wouldn't go that route because they had professors in their ear saying, this is how stocks work and blah, blah, blah but bitcoin is fascinating >> oh, yeah, those kids were so dumb, right? because look, in the months since then, bitcoin is down nearly 20% the worst performing of the 24 choices they had in the draft. so they are looking pretty smart right now. let's bring in the stevens tech traders. danielle, lauren, peyton, and madison along with tim seymour, who is neck and neck with mr. wonderful to refresh our memory here we go stevens, you picked facebook, disney, sage, and tim, you picked amgen, drop box, and ch

look at oil prices the story has been rising oil prices on tightening global supply we're lower today. $71 for wtiwer by 0.4% ice brent crude at 77.89 >> time for this wednesday morning's top trending stories we'll kick it off with a royal wedding update tmz is reporting that meghan markle's dad is scheduled to undergo heart surgery today. that's why he's skipping the big festivities. earlier this week reports surfaced that mr. markle was pulling out of the wedding after allegedly staging a series of photos of him preparing for that big wedding day. markle had planned to walk his daughter down the aisle but no word yet on who might do so in his place. i will see this from a personal standpoint my wife is all about this royal wedding. she's building up, building up to this whole weekend festivities. >> a lot of drama ahead of saturday. >>> major storms battering the northeast last night bringing high winds and torrential downpours. check out the scene from new york city's grand central terminal thousands of commuters were stranded as a ferocious storm moved through during rush hour the storm forcin

. >> let's look at wti and brent on the move higher supply concerns surrounding the situation in venezuela which keeps going from bad to worse. the concerns also around the u.s., strong comments from secretary mike pompeo overnight. brent is getting close to that $80 level again, higher by 0.7% on the session you are still looking at brint high brent higher by 2% >>> our next guest says his fund is investing in stocks based on the u.n.'s sustainable development goals. he likes names like visa, abbott and united health. joining us now is dan rority from alliance bernstein. thank you for joining us today i know you're investing across several sectors, but given we were looking at the uptick in oil prices, highs not seen since 2014, is this providing greater incentives for pushing to renewables now are you seeing that? >> we're absolutely seeing accelerated investments into renewables there have been more new dollars into developing renewable technologies than fossil fuel technologies so absolutely a trend we've seen over the last few years, and one that we would expect to continue for the ne

let's move on to oil prices. this is wti over the last five days. we have seen oil lose momentum. fell on the day, but it is holding above $71 a barrel. over the past five days, we have seen the third straight week of gains. the way, is the longest stretch since 2011. the market is increasingly balanced after opec cuts. you can to the production sort all is venezuela, which we will discuss later. and rising shell output. let's conclude with a quick five-day glance with nicole nickle posting positive. positioning matters here. are trend strategies that are positioned for higher prices. keep that in mind. those are today's market minutes. let's get more on today's market's action with john. jonathan golub from credit suisse securities llc. into this.iled with caterpillar, the numbers are good but we had to backtrack a little and manage people's expectation. what happened? wise there different reception to what these companies are saying -- why is there different reception to what these companies have thing? jonathan: the results have been really strong. in well over 11% which is dou

the other issue is absolutely key, between brands and wti, that is a divergent story. what is going on exposed to a reshuffle. pressure oil policy, wti suffering because not just of how it holds up but how much supply will come through the rising rig count, up another 15. matt: very interesting. i was looking at the spread earlier and wondering what was going on. brent is up .5%, nymex down 1.5%. the spread got even wider. let me ask you about the aramco ipo. don't the saudis want to get the brand price up around $80 in hold it there? isn't that the goal? they don'th, i mean, have a firm goal for the price of oil as it relates to the saudi aramco ipo. the market, the higher the oil price, the much bigger a difference it makes in the valuation, and every $10 -- you're looking at a range from $1.2 trillion to $1.5 trillion. but that number, they need a higher oil price than the current level. so clearly they have a vested interest in fleecing the short-term to make sure that oil stays at these levels, although the saudi energy minister has expected some concerns about what that might do

wti, west texas intermediate and as you take a look at this, a lot of contraction and supply going onay not be producing very soon, 3.8 million-barrels into the marketplace every day, opec constraining production is too, so that's been big pressure on prices. cheryl: brent prices will affect europe, this isn't how we opened at all, the ftse is barely in the green. pressure in europe. dax down. gerri: mix. cheryl: coming up, finally some justice as the fcc hits robo caller with massive million dollar fine, you go justice department. not too late on getting on mother's day deal, mother's day is this weekend. you're watching fbn:am. ♪ ♪ you said you're not like me, ♪ ♪ never drop to your knees, ♪ ♪ look into the sky for a momentary high, ♪ ♪ you never even tried till it's time to say goodbye, bye ♪ ♪ everybody fights for a little bit of light, i believe. ♪ geico motorcycle, great rates for great rides. >> those hostages came out with respect. we didn't pay for them. we are going set the table. we are going to make a great deal for the world. cheryl: three americans freed from north korea

ones that own crude futures. the uso against the -- that's the wti crude futures, etn also one that owns brent crude that's the bnos is a year to date look. ixc is global energy stocks. it's essentially all the largest world oil companies and the xle is for the u.s. s&p 500 energy sector you see the actual crude futures in oil have way outperformed the stocks year to date. that's largely because you've had -- it's much more about a geopolitical trade i heard bob talking about the near-term prices are better than the longer dated ones. that tends to help those who own futures. if you look at a two-year look, it's a little closer still brent crude being the major outperformer but the stocks keeping up better all these different ways to play the lesson to me is that further rise in oil prices might not be dollar for dollar to the benefit of the stocks. because you're talking about potentially unsustainably high prices, demand issues and geopolitical premium is not captured as much long term the earnings streams of these companies, guys. >> interesting so you think this may be as sweet a spot as it gets? >> you still

oil is trading slightly higher on the news but wti remains below $71 a barrel.ancisco from bank of america and he gave us his call for oil. toit is going to be close $75 average, the high point to be over $90 and we could be as high as $100. we realize there is a big gap. we are not even assuming there is a large amount of iranian oil that leaves the market. david: still with us is vasileios gkionakis. give us your take on where we are with oil. do you agree with what francisco said? vasileios: it is a tricky one. i am getting slightly concerned with development in oil. initially we had the rising price that was a combination from some geopolitical disruptions. was thetain extent it strongest global demand speaking up and pushing the price higher. now we are moving into a territory where the supply disruption is likely to start dominating to the point where we are seeing normalization and growth rates. that if we start gravitating above 85 dollars and , myas francisco mentioned main worry is this will start ,queezing real incomes especially in oil importing coun

i got it right, 2.85 and you can see wti hanging on. >> down hard down hard this week.e -- yesterday oil spiked and oil stocks went up far more than what led the s&p and that was probably a mistake >> let's get to our road map this morning and it does start with trade war fears with negotiations under way and the trump administration considered producing steel and aluminum tariffs on the eu and possibly canada and mexico, as well this thing called nafta and that takes care of nafta. >> uber is on track for an ipo in 2019. carl will speak exclusively with the company's ceo. take a look at gm shares this morning. they are up dramatically and we will show you why. softbank is investing more than $2 billion in the automaker's self-driving vehicles and we'll get to talk about the soft bank vision fund. don't talk about enough. >> they have a real vision because it's 19.6% of the gm cruise business. >> overshadowed and that's where bonds are trading. >> and we will spend some time on that, but first let's start with the markets overall the stocks are trying to continue an upw

battle with the trade data coming out later this hour. ,> checking on the set up>> amid speculation about whether it, thatump will tweak is wti'smoney managers already curbed their enthusiasm, as you can see on the terminal here. tolish bets on crude falling the lowest level since early january, and wages shrinking for a second week. perhaps not as they could be proven right in the longer run if tensions do subside and a focus moves back to the abundant american supplies. so far, the markets priced in a 60% chance that it won't be extended. oil stocks rise in asia as well as wall street and blackrock sees a stronger case for investing in energy equities over crude itself. it's positive on e&p firms as well as midstream companies. yvonne: oilyvonne: and china trade. this aussie budget of course. saw some leaks leading up to this announcement later on today. andie: we have retail sales aussie stocks have reason for aheadsessions out of nine of the data, and we have household spending following on year in march. we are keeping an eye on to akeda. it's to make a firm offer according to u.k. regulations. sophie kamaruddin checking t

the move etfitb on pace for the best day since march 26th, a lot of names moving higher. wtiown 1.3%. they were down about 3% before president trump's speech there, the defense names, a lot of them up 1.5%, 2%, and. >>> speaking to reporters at the white house, iran decision puts sanctions back in place that existed at the time of the deal immediately. no new deals permits, sanctions effective immediately, and saying it would be a mistake, people would be mistaken to assume this decision is a precursor to u.s. boots on the grounds in iran. >> and yet, and yet, bringing back john, there are things from the treasury, even though the sanctions are reimposed immediately, indicating certain transactions would be allowed to continue for 180 days, unless i'm misreading this. >> what i saw as well. >> unless i'm misreading it, referencing to petroleum transactions have also some set period of 90 to 100 days effectins may not be as immedia as tomorrow. >> there's two ways of slicing or dicing this my opinion, it could get nasty from here. buckle up. i really had thought that president

on oil-wise. a spread between brent crude and wti widening, over 10 bucks at the moment. really, at the moment, something which is causing quite a bit of consternation and difficulty for the major oil importers in this part of the world. let's have a look at what is going on in the region. >> asian stocks are mixed with korea and japan leading the drop , the nikkei sliding as the yen is getting a lift, although coming off of a session high, back above 109. when it comes to aussie assets, 200 -- asx 200 gaining about a third of 1%. when you take a look at the breakdown across the region, we do have one of the bright spots in the region being health care, along with consumer staples. industrial materials dragging the most in the region. when it comes to gains, i want to highlight alibaba health, which has become the best-performing stock on the regional benchmark this month. health making the most of this money to raise $1.4 billion in a share sale. haidi: thank you so much for that. let's get you to first word news. paul: the white house says president trump will meet japa

>> we've got to ask you about oil prices under pressure this morning on this plan by russia and the saudis to increase output. the wti in the states is down more than 1.5%. what is going on? >> look, there's a number of different takes to be number one, potentially raising output of course will be negative for all prices. if you look at the reasoning behind it, the fact that we've seen a drop-off in output from the likes of venezuela. massive of people over there and everything happening in terms of the iran sanctions. until that, they're going to go over and above iran and venezuela. i don't think this is the beginning of a parish. for oil. >> thank you very much. appreciate it. >> right over to maria bartiromo over to you. maria: good morning, ladies. thank you so much for joining us. i am maria bartiromo. tuesday: may 29:36 a.m. on the east coast. global markets on edge. the dow jones industrial average down 160 points right out of the gate this morning. political uncertainty out of italy weighing on investors by raising the questions about the future of the european union. pointing to a selloff in the nasdaq down

what's happening with wti and brent crude prices however we are seeing so far this morning wti prices just about flat on the session. $7.42. ice brent crude futures at $77.37 we'll have more on the markets later on in the show >>> in political news, president trump is expected to lay out his plan to bring down drug prices senior white house officials say the proposal will require medicare part d plans to begin passing along the drug discounts they received to patients. but breaking from a campaign promise, the president will not call for medicare to negotiate lower drug prices with big pharma the president will lay out his drug plan this afternoon >>> the "washington post" says it has obtained documents from an anonymous source that shows at&t paid president trump's lawyer, michael cohen, $600,000 for advice on its merger with time warner. it's unclear what insights if any cohen provided at&t declined to comment on the documents but it did not challenge the authenticity at&t shares unchanged now. it speaks more broadly to the idea that there's so many moving part parts to this whole story. the companies

you want to catch that on a day when wti is above $70 a barrel for the first time since 2014.jra: i am nejra cehic in london with tom keene in new york. starbucks are teaming up a multimillion dollar deal. intlÉ will pay $7.2 billion cash for the rights to sell starbucks. shares are higher in premarket trading. ising us now from geneva bloomberg's news editor thomas. this is not about nestlÉ getting assets -- this is about marketing licenses. is right.at nestlÉ will pay about $7 billion to get the license to basically sell coffee, packaged coffee products outside of starbucks chains in various outlets, such as supermarkets and food service. nejra: is this a big m&a test for nestlÉ? a lot of deals in the passive not gone all that well. well, it is the third biggest acquisition for nestlÉ and the biggest for the new ceo, mark schneider, who has been leading the company since january of last year. it is $7 billion, have a look at the average valuation for similar food deals, it is about 20% higher than that, so some analysts are saying it is an expensive that come up on the other

a lot of eyes will be on the oil market this morning. what we saw overnight was wti that rebounded from earlier and the announcement was confirmed by president trump. it did close tuesday slightly lower, but held above $70 a barrel. that is after he climbed above that level on monday for the first time since 2014. what we are seeing in the broader context is russia, opec both cutting production. iran, opec's third-largest producer. 2 million barrels a day in asia and europe. any loss to those cargo, we will see that squeeze on supply exacerbated. people will be looking at crude prices in early trading this morning. elsewhere in commodities, we did not see any -- gold with little change. that probably reflects the fact it was widely anticipated. we did see some of the base metals decline. metal traders will need to wrestle with yet another set of sentience. they are already chewing over the measures that president trump imposed last month. measures that really have caused chaos across alumina markets -- aluminum markets. betty: turning to emerging markets in asia, som

on the show. >> of course. >> caller: i own wti at very low levels as you may know the stock has had an amazing over the last two years. >> yeah. >> caller: i mean this company has so many global events to consider, such as iran, venezuela and other countries who put a lid on their oil output and all of a sudden opec came out recently and said that they are going to ramp up production to compensate for these countries. and then you have vacation season coming. >> right. >> caller: with high demand for gas and so on and so on. so, jim, i'm conflicted as to whether should sell and take a profit. >> what's your basis, shaw what did you pay for it? here's what i would advise shaw, i did not get to speak to him directly, what he should do is take his basis out and then he is playing with the house money. why do i say that? this stock is up 133%. i can't tell him not to take anything off the table that would be reckless and irresponsible for me even if i like the situation including better oil companies including eog. today's chart master has a proven track record. when he says buy and sell, we take

on the bloomberg terminal. you can see at throughout the program. wtiate as sustaining levels last seen 3.5 years ago. both are up almost 20% this year. the data is why prices could rise even higher, despite the slight fall we saw today. ramy has this chart we need to know. sanctions on venezuela are clearly giving support to oil prices. ramy: that is right. if you take a look at my first bloomberg terminal chart, you can see where we are right now. 1.55 5 million barrels is the venezuela inom this past month for april. looking back one year, that would be right here. that is almost 2 million barrels. we are seeing a cut of about 500,000 barrels. barclays is expecting this to fall even further than the next few months with those u.s. sanctions starting to take a little bit of a bigger bite. 1.5 million is where we are now. they are expecting us to hit maybe one million or so. adding to this is the words from the iaea executive director on bloomberg television. he was telling us that he is talking to other governments, other countries to try to find more