there has been too much -- the divisions within the opec. opec body. we would like to feel that we are cohesive, we are united. we cannot agree on every issue, but at the end of the day, -- the collective position. ryan: to get that unity, do you need to see a production target? >> not necessarily. doubt that is the major focus right now. i think somehow the market is -- a matter of natural forces. a lot of natural calamities and militancy issues out of nigeria. talking about the rest of the world. beginning to effectively control laws of supply and demand. enhance the price movement is something that the whole body will look at. ryan: what kind of intervention would you like to see? >> my personal view is not to do anything is probably a positive thing. ryan: the other thing you are deciding here, minister, as whether opec is going to get a new secretary-general. nigeria has a candidate. many people think he is the front runner. what he think the odds are that your candidate is going to be appointed secretary-general at this meeting? >> i certainly ho

can opec be opec without a production target?first things first, i went to thank you for organizing this. this is my first interview since the vote. i am really honored. it is a great honor for me and my country, nigeria. -- by government, government, who decided in their own wisdom to put my name forward for this office. i want to use this opportunity, the platform you're giving me, to thank the president, as well .s his minister of state campaign all the through until today. not part of the negotiations on issues of supply management. you can understand why. i do not think it would be appropriate for me to comment on what they decided or did not decide. there will be ample time for that. ryan: is is an acceptable strategy going forward to not use at will to intervene in the market when you are secretary-general? mohammed barkindo: it would not be appropriate for me to comment on decisions of this meeting except for the one that dreck we affected the election of the secretary-general -- that's a -- that directly affected the ele

there are a lot of disruptions outside of opec, also within opec. you also have a lot of new volume coming online within opec. so agreeing to a production target going forward is difficult at the moment, especially given some of the locals go -- vocals coming out of iran recently. scarlet: they did agree on a new secretary-general. how significant is his appointment as long as saudi arabia visits own way and building a lot of the influence indirectly? warren i don't: think the new up will have a significant impact on the market. saudi arabia has clearly stated its use and how they intend on progress in with production in pursuing market share. i don't think that is something they plan to give up in the near future. ,owever, they have highlighted in an extreme event where you do have financial crisis or something along those lines, that they would expect that opec would be able to come together and form some sort of agreement. , output ismeantime likely to remain elevated out of that country. scarlet: and i just want to bring you inside the bloomberg

on the opec front and the ecb.utting aside for one moment, let us have a look at the asian session. the nikkei to do five down by 1.9%. it was down at one point by more than 2%, looking for the biggest drop around a month. and that is amid the wildly expected stimulus package by abe. level, towards that 109 perhaps more again strengthening this morning. a host of factors in here. here, boj,ax news in resident risk, all of that working its way to the japanese currency. and we have about her index in there for you. down two cents, and the page veryovernight, a keyword, often used in that report, 23 times mentioned in just six pages. setting up the jobs report tomorrow and the meeting on the 15th of june. let us to the bloomberg first word news. here is rishaad salamat. trading for a fifth day, opec ministers meet in vienna to discuss policy, and industry data showing it is up, showing saudi arabia is ready to consider a surprise deal with fellow opec members in an attempt to mend divisions. but iran's oil minister sa

opec meetings can bit ugly. ministers storm out of them in discussed. , no ministers complaining that much today coming out of the meeting. what was interesting for me was the hero little bit of a different talent for the new oil minister. when i was speaking with him he talked about things like opec taking back stewardship of the oil market. that means taking back control of the oil market. talking about how it would be appropriate to reinstate the production target sometime in the near future. he wants people to see this abandonment of the quota as an aberration, not a long-term policy. i think he did all right. there were no big problems. even the iranians came out. if anybody was going to complain, it would be them of the venezuelans. i spoke to both of them and had a criticism. mark: what happens when some of the production that has been lost in countries like nigeria comes back online? is opec going to have introduce some sort of freeze or cut later this year? ryan: that's the big question. that is what th

that the in store for opec today?oline: welcome back to "on the move," let's check the markets. it has been a pretty sluggish start. big macro things in the viewpoint. opec meetings, we are flat on the stoxx 600 minus oil and gas. cac both off. and it's taken to some -- dig into some individual movers. money supermarket off by 6% at this point not doing so well. also of the u.k. companies on the downside to a significant extent. e upside, portuguese banks are in favor. up 3.3%, interesting how much the ecb and negative rates are hurting the banks. two key peripheral banks seem to be in the green this morning. much more on a moment, let's get to bloomberg first word news. u.s. economy expanded at a modest pace across sincef the country mid-april. employers continue to add jobs and nudged wages higher. the latest way to put may do little to change the out put outlook of the economy. they use the word moderate 23 times in a summary. p&f for itss in latest rate decision today. have draghiwil will probably little fresh sti

the opec ministers have been unable to agree on who should get the post as the factions within opec havepushing forward their own candidates. today, they achieved that and chose a new secretary-general. in time toin place get the house in order for the meeting in december. on the policy front, they kick the can down the road. they did not push the architecture necessary back in place to intervene on the market. at least they have a new leader. , ryan spokeer today with the man picked to be the next opec secretary-general, mohammed barkindo. he weighed in on the future of opec and the direction for oil prices. hammed: it will not be appropriate for me to comment on decisions made at this meeting. going forward, we will have ample time to review these issues with you and other colleagues in the media community. ryan: what can you do to bring about unity in opec? we've heard about the acrimonious atmosphere inside the meetings. mohammed: you have to give opec being the only organization i know of that had warsssed the turmoil of between its members and yet survived as an organization. withi

opec is up about .2%. the delegates say oil output ceilings could be reintroduced at the talks at the minister meetings in vienna. there's still a squabble to be ad over who should replace the secretary-general. ryan, is therein agreement on an output cap a real prospect nd should we care about a cap? ryan: i think there's a chance they'll get a cap and we should care about whether they're able to agree on a production target because it would be a sign of unity. i mean, people are writing off opec, saying it's irrelevant. the ministers are aware of that and they know they need to stop bickering and agree on something so a production cap or agreeing on a new secretary-general would help them do that. tom: ryan, is there any idea where the terminal value of oil is? are these guys flying blind in their oil economics where there's just one big political discourse? ryan: i think they are flying a little bit blind. i asked the u.a.e. oil minister about that and he said he didn't know what that price is. the prob

you have to focus on the change of opec. this decision about this new secretary-general for opec will be made by 13 oil ministers nine of home weren't even in those jobs two years ago. the most powerful of them is the oil minister saudi arabia just got appointed one month ago. keep your eye on this contest for the secretary-general post. can opec get its act together? and agree with unanimity on a new secretary-general. agree on how they are going to chart their path forward. that is what you want to keep your eyes on. as the meeting unfolded today. absolutely. let's just thinking their indiana. -- i thank him in vienna. which is listening to our colleague on the ground there in vienna. would you be surprised if the saudi's managed to get a freeze imposed at this meeting? i would not be surprised. that was the intention going in. during the last opec meeting. in delhi. doha. with the new petroleum minister at the helm there would be an interest in bringing opec back together. i would not be very surprised. we're just getting

manus: you touched on non-opec.e have a lovely story talking about not opec production raising 6% this year. is that what is going to rebalance the market, the non-opec? if so, where is the greatest drop going to come from? i saw the index pick up ever so slightly. johannes: yes. the price, first of all, the decline is coming from the u.s. we see the shale production is starting to come in. moree also that some difficult areas in the world where oil is produced fairly expensive, in parts of latin america, china, is losing some of its edge. we have bits and pieces added up everywhere in the world. ist you are referring to very interesting. because oil prices have recovered, you see it rising. that comes as an expectation because some of the shale players find it attractive to extend their activities. that will not immediately lead to an increase but it is telling you that shale is even at $50. s see what it does in terms of bringing back those crackers in the united states. thank you for joining us, johannes, on the

and in the case of opec it is not really clear what opec does anymore. fun to attend and to cover. but essentially opec is producing now at the levels that individual countries want to produce and we've seen some tightening in oil markets because of the supply disruption. so i think opec meetings are less important than they were. >> rich clarida of pimco. let's get to the results of our twitter and facebook question. we asked if ride sharing has become a bit of a bubble after uber's latest round valued the company at close to 70 billion dollars. 70% of you say yes it is. >> and that is pretty decisive. >> pretty decisive. >> just about 20 seconds left. main thing you're watching the meetings coming up. >> absolutely. >> and jobs report. >> and adp employment rate of course comes today. >> been a pleasure will. >> indeed. "squawk box" is coming up next. you get use to pet odors in your car. you think it smells fine, but your passengers smell this. {ding} eliminate odors you've gone nose blind too, for up to 30 days with the febreze car vent clip. wow, it

all hotels sold out in the enough for opec. -- a hotel so doubt it began in vienna for opec.n played. what it means, alessio, i really don't know. [laughter] mario draghi has the same time on. in terms of policy, do you think they will get a grilling if they don't devise projections for inflation? they are way off target. we had a truck that said it could be four or five years before they hike interest rates. that is what they have to communicate. the only way this policy works toyou are really committed go low for long. otherwise, the mechanism is interrupted. jon: president draghi is sitting aside -- mario draghi, speaking now. congrats to: our our staff for the excellent organization of the council. we will report on the outcome of our meeting. based on our regulatory and monetary analysis, we decided to keep the key ecb interest rates unchanged. we continue to expect them to remain at present, or lower levels for an extended period of time and well past the horizon of our net asset purchases. monetary no standard policy measures, we confirm the monthly asset purchases of

crude showing little reaction to yesterday's opec meeting.ning us now is a marina 7 -- amrita sen. what is the idea of the production quota being reinstated -- a little bit of a red herring? opec can enjoy the fruits of his labor, the rategy thafirst implement it to hold the market share back in 2014. the strategy is working, you are seeing non-opec supplies declined sharply. the ceiling that was briefly talked about is more symbolic, especially after the dough hard r debacle. doha they are trying to establish that opec is still relevant. withins less animosity the group, and in that regard, it was a successful meeting. top for the found a moment, it seems that is at the ceiling at present. can they go much higher in the short-term? the very near term, probably not. you still have maintenance. you have the french strike on going, you need refineries about to come back. but going into quarter three, and all of these unplanned outages, nigeria in particular looks bad at the moment. we expect prices to go up towards $55, but that's in q3. betty:

rishaad: that is dictated by a certain player in opec? the shots and opec.s the largest amount of spare capacity and the largest production, so saudi dictates what the strategy is, and the others tend to follow. rishaad: people work keen to see what the new oil minister had to say. did he say anything controversial or out of the ordinary? >> not really. he is certainly looking to build bridges within opec. we saw sentiment and prove a little bit with iran. fundamentally, his stance is that market forces are really ng to dictate what happens with oil going forward. it's a big difference from february, isn't it? we saw them beginning to panic when oil was heading to $22 a barrel. more calm and considered, supply and demand coming into equilibrium. are seeing a significant rebalancing in the market. with opec, the feeling is a lot better than it was in february. oil prices have lifted from $27 to over $50. there is clear evidence the strategy is working. i cap is irrelevant if it does not filter down to member countries. athaad: right, with oil these levels, wh

just like opec, it too did not make a policy change. though the head of the ecb expressed caution when discussing the eurozone's economic recovery, he also addressed one of the biggest risks to that region's economy. >> ecb has a view whereby the uk should remain in the european union because the european union will benefit from its permanence and we believe that uk too would benefit from staying in the europe the ecb is ready to work on contingencies. >> mario draghi left the door open to fresh stimulus if inflation remains below target. >>> positive news on the job market. two new reports suggest the labor market remains on solid footing. as hampton pearson reports, attention now turns to the biggest economic release of the week, may's monthly employment report. >> reporter: one day before the government releases the may employment report, more signs of a strengthening job market. first-time unemployment claims fell by 1,000 last week to 2,067. and a closely watched survey of private-sector jobs predicts an increase of 173,000 in may.

they don't really need opec. opec clearly needs them.ithout them, there is no kingmaker in the room. joe: thank you very much for joining us. why iron oreng up, is at risk. we have the chart that explains the rise and fall, next. ♪ scarlet: i am scarlet fu. "what'd you miss?" iron ore is at risk of losing all its gains this year. this is iron ore traded in china, peaking in late april, then the plunge began. for may, the worst monthly loss in five years. today, it extended its declines. one analyst in china says demand is weak and supply is increasing. we talked about this so many times. what a rapid turnaround. seem like yesterday we were talking about all this money piling into's speculative future investments in china. i'm looking at a chart to get us ready for tomorrow's nonfarm payrolls report. it goes back 20 years, the unemployment rate in the blue line and the conference board's labor differential index. you can see these two numbers have tracked each other well for a long time. this goes back 20 years. if we zoom into the last y

maybe happy talk, but of course, in doha which is not a opec meeting, but semi-opec meeting the conflictas between saudi arabia and iran. and saudi arabia basically saying that we won't do anything unless iran also agrees to do something, so you felt that there might be some tension there. and coming out of the meeting afterwards the iranian oil minister who hardly ever talks at all came up to our camera, and when i asked him, basically, the mood of the meeting and did you have conflict, and this is what he told us. >> we had a very good meeting today, and i believe that in this time it was a very good unity between opec members and i didn't receive any resistance between the opec-member countries the do something against each other or to destabilize the market. >> so you are getting a loft the happy talk, and i will say un y unity, and we are all came together, and well, they did not make a deal, but one thing they were able to do which doesn't sound like a big deal, but they have not been able to do for the last couple of years which is to name a new opec s secretary-general which is g

opec leaders meeting in vienna.s coming off a four-month winning streak, as you'll be aware, its first since 2011. for more on the second half of the year and where opec goes from here, we're joined by michael cohen, head of research at barclays and joining us is the special envoy for international energy affairs at the u.s. state department. amos, did you have any doubt here that the iranians and the saudis would do a deal? >> i don't think we were surprise surprised, anybody should have been surprised about the results about the meeting in vienna or in doha last month. the fundamentals of the market are driving the price and there's no real need for an intervention at a governmental level. we understand why some are seeking a more interventionist approach. but i think anybody who thought that a country like iran after years of sanctions would come out of those sanctions and immediately gree to some kind of production freeze or ceiling was not reading the situation correctly. i don't think this will have a great im

we may see opec agree on overall output targets.re certainly unlikely to see anything like individual country closers come but rebuilding has to start somewhere. one thing the lack of unity has prevented opec from doing is choosing a new secretary-general. we have a front runner, a new jerian -- a nigerian candidate. is he going to be the new secretary-general come tomorrow? julian: it certainly looks that way. the seems to be a grand swell of support behind him. other candidates are not gathering support. it's one way the organization can show unity. they cannot afford for another meeting to go by without is secretary-general. a secretary-general. we will see you in the next 24 hours. and ryan chilcote in austria. 600 down for the second consecutive day. the european closes 10 minutes away. ♪ mark: live from an overcast london and new york, i'm mark barton. betty: and i'm betty liu. this is the european close on "bloomberg markets." mark: we are seven minutes away. for equity investors committees to be dipping into the corporate bo

that's no longer the case. >> if we buy your theory that opec is over, how does the end of opec look? what does it look like? the lost control of oil prices years ago when they realized being this producer you get penalized. you're in the penalty box for most of the time. so, therefore, it's over. what happened today is that regardless of where prices are, opec is forced to sell as much oil as possible because oil in the ground has no value for them. so those countries that need the cash, pump and pump and pump, whether it's venezuela, algeria, they need the snn. >> they need the money. they'll not have enough money to support their capital spending if you will in the fields in order for them to maintain production let alone increase production. so, therefore, you have normal decline rate between 5% and 10%. >> right. >> and basically it's a treadmill. you can run as fast as can you but you're not going anywhere. >> all right. thank you very much. good to have you in the house again. >> thank you. >> thanks, mike. >> and mike, thank you as well. >> we want to alert tout markets and wh

reporter: is opec's ability to shape oil markets over question mark that is the question market opec'sbilityis to shape oil markets over? that is the question market analysts are asking. producers have upped their output. one energy minister says the cartel is alive and well. >> throughout its life, it has been a dynamic, living organ, responding to changes. the world has changed. the market has changed. so many things are -- have changed and it is changing and it will change. reporter: opec is weighed down by deep divisions, which affect its ability to wield greater control over the price of oil. last month, members of the organization and other mary -- major oil producers failed to agree to a coordinated output freeze. the court -- the focus is on saudi arabia and iran, engaged in proxy conflicts in syria and yemen. >> the rest of the ministers are all new. can they work together? can they curb the supply? can they feed the supply glut -- fade the supply glut? can they address the issues of demand and supply? can we have stability moving forward? i think that's very much in play with

opec is alive. opec will be a very important signal of the economy, of the world.ark: let's bring in bloomberg's managing editor, will kennedy. if he hear it enough, that opec is alive, do we believe it? has problems.l one thing is clear from yesterday's meeting, it was far less -- there was a sense of the renewed harmony. that reflects two things. the new minister and more importantly it is amazing what a price value will do for their mood. we believe the strategy is working to take shale out of the markets. in thehat happens later year, though, when some of the production that has been taken out of the market comes back online? will: that is a good question. a lot of the production is canadian. caused by disruption in the niger delta. if they see his strength of demand. consumers have responded to lower oil prices. they are buying bigger cars. we are seeing strong demand in the u.s. and china. that will cause optimism that people still want to buy their oil. mark: let's look at a lovely chart, the bloomberg dollar spot index versus the price of crude oil. it is v

opec will discuss production on thursday. saudi arabia must sell as much as $15 billion of debt this year. it joins the rush into bonds. >> and stability on china's factory floor. it is remaining positive for a third consecutive month. a.m. and 5:00 a.m. in london. i'm manus cranny. rishaad: welcome to "bloomberg markets: middle east." let's get straight to the headline across the bloomberg terminal. i lot was already flagged in the market. japan, you're part of the world, has decided to delay its sales halfike by two and a years. of course, no real reaction on the dollar-yen. it will be a question of whether abe goes for this fiscal stimulus. what do you think about this? rishaad: we had the finance minister go against the grain and break away and say he was in support of this delay as well. you remember the damage it did when we had the sales tax hike last time. people are really lobbying abe, suggesting it would just not be right for the economy. but people will be closely looking at this perhaps negatively because it is n

leak significant non-opec members involved.: we saw the dollar plunging after that jobs data. how is the movement in the dollar -- where do they see the dollar going forward? gyrations and correlations could be all over the place, but over the term, i think a strong dollar will ultimately continue to wear on coittee prices. that commodity prices. more secular strengthen the dollar based on the fact that the shale phenomenon in the u.s. is enabling the u.s. to grow with less account deficits. the fact that we are importing ass oil is really making difference in the availability of u.s. dollars outside u.s. which can serve as an ultimate headwind for all commodities going forward. shery: how is the behavior changing now? bruno: a great time to ask that question. we got data that u.s. producers added nine oil rigs to the fields. we spend time between 45 and 50 and boom, nine rigs appear in the field again. producers were making serious ground in becoming profitable at $50, particularly the volumetrically significant producers. the

the third question is will opec survive as a cartel. many are saying that their inability to strike a deal over the last few years means that the cartel has been dramatically weakened. we'll see tomorrow if they can answer because what happens will impact the price of oil and it will impact the price you pay at the gas pump. >>> in a cnbc survey more than 0% of those polled say there's a view low chance of a production freeze at tomorrow's opec meeting but the analysts and traders and major energy funds who were surveyed say that no action from opec could have an adverse effect on the market. >>> the gulf coast region home to the oil rigs are getting ready for hurricane season. it kicks off today. forecasters say it will be slightly more active than normal. the risk to coastal real estate is already high and according to a new report rising. diana olick explains why. >> reporter: the sun is out now but storms will be brewing over the next few months and nearly 7 million homes are standing in harm's way. the numbers are rising because bu

matt: necklace, what does opec do aside from -- nicholas, what does opec do aside from supporting theietnamese hotel industry? even if they agreed to put surprise guest to suppress production limit, no one would've stuck to them. what is the point? truthas: there is some when you look at that. the key is to look at the broader equilibrium enough. the broader surprised relative to demand -- broader supply relative to demand. global gdp growth. we look at that, it is woven. gdp growth will be in and around 3%. at that level, that keeps oil at about the 50 level. matt: exactly. , forget abouttegy opec, saudi arabia alone has driven down production in the u.s. shale field. that has reduced supply. it is not about growth in demand that is holding oil at $50. it is about reduction in supply. nicholas: that initially that lack of supply. not looking back, when you look who is, the key will be that marginal buyer going forward? that marginal buyer is largely absent. caroline: what about the price in terms of $60, $70? will that be enough to bring the glut back? shield doesn't take that much t

let's get your quick thoughts on opec.ng to make a cut, or freeze, when oil was half of where it is now, why would they do that now? >> jackie nailed it, it's a question of the saudis. the saudis are looking internally at their own issues in terms of energy policy and finance. we had the amazing revelation that the saudis were burning $30 billion a month as a government last year. so they're clearly under pressure to try and get prices higher if they can. but as jackie said, the issue is, they don't really want to agree with iran. it will be interesting meeting. we've got the saudi minister to hear from. and what the iranians are going to say. we have to expect there's no change. if there's no change, it's hard to be bullish. >> let's assume no change. >> right. >> you say stick with the refiners. why? >> i just say that basically recently we've seen when it's widely expected, the actual news is taken bearishly. it seems like people are kind of selling the rumor, selling the news almost in oil for the past couple of years.

we are live to vienna when opec ministers gather.ells bloomberg patience is a virtue when it comes to crude. >> we will need to give the market sometime, and the market will correct itself. from the beginning of the year until now, it has been correcting upward, and i think all of those are good signs. manus: we are live in paris at the annual oecd forum. we will speak to the organization's secretary-general at 7:00 a.m. u.k. time. its first. it's on bloomberg. welcome to "countdown." i am manus cranny. anna: i'm an edwards ib london. trading when we start off for this wednesday session in around an hour time, this is the picture. you can see the immediate region, and it looks like it will be sluggish, flat, fairly mixed. whole, flatcks as a at the start of the trading day. i know we are going to talk about some of these risk assets. to see thesting moves we have seen in the last 45 minutes around the japanese currency, shinzo abe telling lawmakers he is going to delay the increase in the sales tax. it's interesting some of the voice

he's been making the rounds at the opec meeting. i think it's going to be a pretty mundane meeting. >> so a lot of low expectations, i think it's fair to say coming into this meeting here in vienna. but question for you in terms of what's happening in the gulf states. it's $50 now, but they need much more than that. talk to me a little bit about the expectations saudi arain na has. >> well, i think the important thing about how the saudis look at the oil market is they are -- and i think rightfully so -- concerned about the next boom in prices to come as the bust we're in now. they are concerned that the price drop we've seen and the negative impact it's had to investors, not only shale but elsewhere, is sort of sowing the seeds. so as they look forward, i don't see i don't think they see a problem with whether crude will be $80 at their ipo. i think they're more concerned about it causing macroeconomic problems. back in the sort of boom/bust cycle, they were very concerned about that. >> talk to me about where the americans are at

so the reinstatement of the opec quota comes down to iran. if they agree to a quota, it is back in play. did that help the gold market? heck no. gold is still under pressure. this market can't get a break, dave. down again on polled. down six weeks in a row. we'll probably not see any relief until the fed meeting this is what gold traders are waiting for. ahead of last fed meeting they were expected to raise rates, gold went straight down. it didn't recover until after that meeting. we'll see if it happens again. a lot of traders say it could. david: phil, the gold is more directly related to the dollar that is the moving factor in gold. with regard to the owe peek meeting, they haven't gotten together yet. we're hearing about great compromises by iran and they always pull the plug at the last minute. >> they do. saudi arabia has to save face because at the doha meetings they did a lot of diplomatic damage because all the opec members and non-opec members went to doha under assumption the deal was already done. at the last minute the saudi pr

that will be a really interesting question for stub i think opec -- question, but i think opec the balance better. will kennedy joining us therefore energy and commodities. is a littlewith longer. south africa faces the prospect of being cut to junk today. downgrade replace the credit worthiness below investment grade for the first time in 16 years. for more, let's get to johannesburg now. good to have you in the program, set things up for us for today, what is the expectation of market around this reassessment of the credit rating and south in south africa? a global ratings will give us decision later today on the credit rating. creditors are expecting that they won't necessarily downgrade today, but that reproof may be short-lived. hey could downgrade in december. if they do, that was certainly we can the country's currency as well as the bond market. what we are seeing is them saying the expected that a possible downgrade could set the economy up for recession. this without a terminal effect on the state owned companies is dead is guaranteed by the government. one saying he thinks the c

what's the main focus for that opec meeting?importance about the oil price is its impact on the inflation picture. the federal reserve has said for some time that crude oil prices being low is not your long-term thing. and i think that as long as you can keep interest -- if you keep crude oil prices at a stable level, around $50, that would help the economy overall because then you'll start to see the inflation picture normalize. >> allen, thank you very much for joining us this morning. >> my pleasure. thank you for having me. >>> let's get to the results of our twitter and facebook question. we asked you if tech can keep up its momentum after being the strongest secretary isser in may. and 359% of you say yes. 31% responding no. so on the avenue momentum behind that question. >> yeah. and that's a decisive decision there, i guess, by the people we polled on twitter. >> and the nasdaq, of course, the strongest of the three main unsies during may. we have about a minute or so left. what's keeping you watching ahead today? >> i'm

in the markets, all eyes on opec. meeting behind closed doors.i arabia's oil minister find common ground with iran. nicole: oil prices trading up a third of 1%. nicole: u.s. stock market futures added the opening bell. dow futures right now down 20. s&p futures on three. nasdaq down six. lauren: began searching on information in the there will be delayed. the nikkei average down to .3%. in china ,-com,-com ma the shanghai composite at 0.4%. penguins beat the sharks in overtime, taking a two games to none lead in the series and that the friendship in. both williams sisters played yesterday. we'll have the highlights coming up. lauren: it is thursday, june 2nd. book a to "fbn:am." thank you for joining us. they will have today's markets can the latest breaking news and what to expect that they had. lauren: a stunning turn of events. the state department admitting an official intentionally deleted several minutes of footage from the 2013th press briefing great-aunt spokeswomen seem to acknowledge misleading the press over the iran nuclear deal. >> i

opec dissents on the in a. crude dissents under $50. is saudi arabia's oil minister calling the shots? a warm welcome to the program. let's have a look on what is happening at the futures. we are not getting an incredibly strong picture from the futures this morning, i have to say. we've got euro stocks up just a fraction at the start of the are p and trading day. the ftse 100, perhaps it's a little bit on the back foot. of getting a great deal momentum perhaps coming through from the asian session. we still have some big agenda items on the radar with the ecb meeting and the jobs report, plenty still to digest. matt: take a look at the nikkei, down 1.6%. take a look at the yen strength that we are seeing, 109.95, how many yen you get for your u.s. dollar. the aussie dollar on the other strength,owing some not the kind of strength we saw earlier in the session. we saw an hour ago a 1% gain against the greenback. 0.5%. only see it up losses in brent, the global benchmark, accelerating. barrel for brent. let's get to the bloomberg first w

wti drops for a fourth day ahead of the opec meeting.not an expectation of an agreement to limit production so we are seeing oil lower and copper dropping largely on the china data. opec the doha meeting, delegates descend on vienna with little expectation of an agreement. crude heads lower. ♪ mark: more breaking news on the oecd report. cutting its economic forecast this year for the u.k. economy because of the upcoming referendum. it is warning the u.k. -- if the u.k. votes to leave the eu the economy will be hit. we had george osborne say a brexit is a price not worth paying and david cameron has said that the oecd is right to mourn on the brexit and the consequences. the oecd was criticized in april thending out and saying possibility of a brexit would damage the u.k.. gathering in vienna ahead of a policy meeting tomorrow. agreement onee an freezing oil output at the meeting. ryan chilcote is at the meeting. you caught up with the oil minister of the uae. where does he stand? ryan: i do not think he is very happy with $50 oil but i

mixed messages from opec, keep crude prices in check. secretary general abadry says he's keeping an eye on the price moves. >> very pleased with the market today of course. it is close to $50 so we are happy. i hope that the market will balance itself. >> patience is a virtue for the ecb. seen keeping rates on hold but raising growth and inflation forecasts and a rare sign of positivity. and uber fills up the tank with a cash injection from saudi arabia's public investment fund t most money its ever raised from a single investor. >> rory mcilroy joking about the irony as donald trump loses a big golf tournament to mexico. after the pga ends a fifty year relationship with his during course in miami. >>> hi everybody. well here in europe we're flat as the pancake. the implied being a little lower there. called off by a couple of points. we've had a pretty weak session in asia overnight. some large losses by the nikkei. hit by a very strong yen. again here in europe that is not feeding through. we're seeing mixed markets. the ftsi mib and f

not opec. this is the consortium out of paris.on among other things, the european economy and that means led by the german machine. matthias machnig has had a political and industrial career in germany and he joins us. he is a deputy economy minister. what is your number one to do list at the oecd meetings? what does germany want to get out of these meetings to sustain economic growth? matthias: the most important question is how can we stimulate more investments? that is the most important thing. germany is on a growth path for a couple of years but the most important thing is our investment folder is too low. average and that is also true for a couple of countries in europe, so we have to look at what we can do to stimulate investments in the next years. there are a couple of fields that are very important and decisive. digitization, energy, and other thing. the second thing is, we will have a big debate on digitization. use thewe have to do to push of digitization for restructuring our economy to leverage productivity? wealso h

opec will meet later today in vienna.prising news developments is saudi arabia seems willing to consider several different proposals. the biggest one would be a production target. opec scratched production targets in december, but this seems like saudi arabia is willing to make amends and get the group on the same page and make them relevant again. they have a new oil minister coming into the group, so maybe they are trying to get some unity with the potential proposal. we will have to see if everyone is on the same page at the meeting later today. there is distrust between saudi arabia and iran. withwill not play ball what ever saudi arabia comes up with, according to some people. >> right, that is the big question. you saw that earlier this year, members, and non-opec saudi arabia, russia, meeting in oha, and there was a potential deal to freeze production. a lot of countries fighting for that, especially smaller countries. that has hurt countries like libya and venezuela as well. iran scuttled that deal. they did not w

these opec meetings are nonsense.nteresting, though, they are very satisfied oil is up here at 50. let's look at what happened in the last couple months. a massive wildfire in canada, we had pipelines bombed in nigeria. when those things start coming back online, i think these opec ministers might get more concerned because i think you could see lower oil. obviously we haven't seen that turn yet and oil only turned today after. >> still can't do anything. >> right. >> to his point, that's the reason why oil ticked up. right now it's in the face because that becomes a head wind with the oil price moving higher. service names, they lagged and if you look at the xle, the only reason that space was bought, a was under owned and b yields. you have chevron, exxonmobil so people were looking for yield. >> would you buy anything in the space? >> it's interesting you mention the xle. they make up 40 pertz % of it. oil continues to go up. if you think oils got more to go. look at the xop. that's a coiled spring basing for some

and non-opec members.ng this is rishaad kong again. i want to ask you about the theit in the vote to leave european union. a lot of talk in african countries about this having a negative impact. how bad you think the nigerian economy will be affected by this given everton is the largest foreign investor in your country? >> of course, we are watching these events carefully. the rest of the world, africa, and nigeria, or watching the prince it issues. it is going to take 2-3-4 years before the actual bigs will take place. we are going to keep watching cap it in terms of the immediate path other than the financial we didn't see any major impasses. what you're not seeing a lot of increase in consumption of oil. the relationship will likely remain stable for the time being. -- i do not see any major impact other than the financial market. rishaad: the state of the nigerian economy has hit the press around the world for the wrong reasons. how would you characterize where you are right now? i cannot hear you prop

beenight, oil prices have retreating this wednesday as opec oil ministers arrived in vienna for a key meeting. there are reports that saudi arabia and other gulf countries may press for coordinated action among opec members to support oil prices. but the question is whether iran will sign up as it has been resisting attempts to make it join a production freeze. forprices have recovered brent crude at the start of the year but is not enough to satisfy opec's 30 member countries. let's listen to angola's representative at the vienna talks. wait because it is not enough to satisfy angola. markus: essentially, oil prices are not good enough where they are sitting at the moment, according to angola, and according to a lot of other opec oil ministers. we will see what happens on thursday. owing to be another interesting factor to watch. laura: absolutely. all eyes on the oil market. markus karlsson with the business. we are taking a short break on "france 24." 06/01/16 06/01/16 [captioning made possible by democracy now!] amy: from nenew york, thisis is dedemocracy y now! >> thus far, 2016

. >> yes, this is out of opec. estimating for supply and demand unchanged in its monthly market report, but opec predicting global oil markets will be more balanced in the second half of the year as demand rises. this report is interesting because it comes ahead of that all-important iea report. >> yes, opec is giving us a final preview of how the year is looking, and they are seeing a more balanced market. it is moderately bullish, i would say. opec is seeing a balanced market toward the end of the year, but the key will be tomorrow when the international agency releases a first estimate, and that's probably when we will see non-opec supply potentially next year having a big impact. >> i would assume the history of opec guesstimates is a little shady. are markets clearing? >> no, the markets are not clearing. i would say opec has actually a good track record. usually, they are very concerned -- usually they are very conservative. they usually take a very conservative view of demand. usually, they forecast on thing

but there is another angle to the opec meeting which is, just how powerful does opec remain?still producing about 9 million barrels a day, russia about 12 million barrels a day. europe continues to pump, so how much power does opec really have? if they come out of this with no decision or agreement or some sort of animosity, it's going to be a lot less. we briefly got word with a nigerian oil minister before he ran into the meeting, and he says opec does realize they are not necessarily the oil power they used to be. >> our feeling is that we have to balance this with also the fact that opec has begun to realize its capacity to be main producer is very limited. >> you really have two big story lines, guys, a, oil prices which they all seem to care about, and b, does opec really have any power? >> that is a good question. brian is in vienna. we'll be checking with him throughout the day about this opec meeting people have been watching and waiting for. in the meantime, our guest this morning is jack welch. he's executive chairman of the jack welch institute, and jack, before w

megan: opec ministers are gathering in vienna. in a bit of a relationship repair mode given in april what we saw? what do we expect to come out of this? ryan: it is pretty clear, we talked to a couple dozen analysts can only one thought opec would take any action. the expectation is that they are going to leave it to the market and stick to the strategy from late last year whereby they sit on the sidelines and remove their production ceiling. relationship building is what we can expect and the reason is that a lot of the opec countries think you should be a freeze on production. they went to doha thinking they should get that and they feel the saudis ran away with the show, even though everyone in doha had come to view a freeze. interesting that on the one level we are not expecting any big news in terms of immediate opec policy here, but we are expecting to make some headway in terms of the x essential problems facing opec. megan: does everybody agree with the take on the oil market? ryan: no. the gulf countries are effectively s

to start with opec.ou could argue the rebound we , exceptn oil prices today oil is down a bit, but an 80% rebound since the lows in february means that the saudi strategy they have been championing, letting the market take care of itself is working. does opec still need to intervene in the markets to boost prices? all of theest: andon we took in january february, we talked with the russians and the president of opec and the minister of qatar and myself and we were able to february and there was a .roposal to freeze -- thehomme meetings most important oil producers in -- [indiscernible] what happened, like the kuwaiti and the problem, they have taken out of the market more than 3 million barrels. that is a decision that comes to opec, to continue monitoring the and during the summer, predictable and the offer will be in the news by to summer so what is going happen by the end of the summer? price to datethe compared to last year, there's a deepening of more than $12 a barrel. we want to recover the price

in a rare sign of unity, opec members agreed on who should be the next secretary-general.et's talk about ecb and oil now with our correspondent in new york. so, if we look at the oil price after the meeting, it actually went up again, then dropped, and bounced. what's going on there? >> well, to opec meetings, it seems that traders are used to these outcomes, rumors about some sort of agreement that don't materialize afterwards. in some way, the news at the end of the meeting was not a big surprise. that's why they put more emphasis on inventories, which were around 1.4 million barrels last year -- last week. also, some traders said the prices were partly pressured by the dollar's recovery following comments by mario draghi that pushed the euro down. >> we see a divergence between monetary policy in the u.s. and europe. so what are analysts saying there, about the lack of extra stimulus in the eurozone? >> well, experts have believed the current economic picture for the eurozone has given the ecb some breathing space, as the measures announced last march get implemented. t

back in april ministers from opec countries and five non-opec nations discussed f freezing prproduction altogethther. they failed to reach a deal. crude oil prices have been recovering since a wildfire ravaged an oil-producing area in canada. the price of ice brent crude oil briefly topped $50 a barrel. analysts expect the meeting to not reach an agreement on production control. they said that could cause prices to tumble again. >>> checking the markets, stock prices in tokyo stuck on a stronger yen and at its lowest levels in more than a week. we go to the tokyo stock exchange. phoebe? >> reporter: the prime minister shinzo abe was concerned about the delay of the hike. let's say investors wanted a clearer signal from abe. he talked about the order but didn't give any details. it is the biggest loss in a month, ending at 16,562 and the topics at 1,331. the united states dollar is lower in two weeks. the yen drags down exporters. the u.s. and european market sales are lower at 3%. tdk at 6 percent. honda lower at 4%, nissan 2 percent, toyota 1.49%. it will be interesting to see what com