opec asked us to join. we would sit there in the office and be stunned on a regular basis about these things that were going on. there is many more than that but those are a few examples. as we think about policy and diplomacy and where do we take that going forward, how do we build on diplomacy. the first one in order to actually move the ball forward. i have said this previously and i know this sounds horribly silly. having continued to testify in congress, i still get really silly questions about this topic. we actually need to develop awareness, this town is the worst place in the country on this topic. develop awareness that we are the leading power in the world on energy. and it's not china or saudi arabia. someone says oil prices are going wrong, it's the saudi's fault. the u.s. and canada combined have the power. that's just that awareness of where the u.s. fits. i was testifying before enc in this congress and people were saying china is the most powerful in the world in energy. just look at the da

opec would like it higher than that. we are seeing some analysts saying it could be even lower so opec is trying to limit the damage and they need that discipline to hammer that message home. tom: ok, bloomberg's anthony dipaola on these oil markets on some of the key factors playing into them right now. thank you. let's cross over to asia, singapore, avril hong standing by with a look at the markets. a little bit of a divergent picture. looks like china is performing well but soggy across the rest of the region. avril: this is something we saw yesterday as well, that divergence, that mixed bag. asian stocks mostly lower today as traders weigh the risk of tariffs. that's kind of offsetting any. easing of middle east tensions. the stocks that are underperforming other ones in japan, south korea, taiwan for another day. china is outperforming. there is some talk about how the risk from tariffs might heighten the odds of fiscal stimulus in the country. let's flip aboard and take a look at the drags on the region's benchmark

we are looking at the opec decision. you flagged it.t's a surprise move to delay a planned output by a month. that was said to go ahead in december. it's now no longer going to happen. earlier today, i spoke with the opec secretary-general to try to understand some of the factors behind that decision and ultimately what it means for opec tstrategy moving forward. listen in. >> this is not the first time we delayed the increase which is supposed to be phased in gradually. we have always said and we have always been and depp sse demons market. we take decisions whereby we have the ability to propose them, reverse them or change them if necessary. this is just a continuation of our policy of making sure that we're very attentive to the market the way the market behaves. we have a chairman that operates on a regular basis to monitor the market fundamentals and look at all of the varying factors that play at certain times. we have the ministerial meeting coming up december 1st. i think there is a lot. this is nothing unusual that has not bee

talk us through the reaction of what's been missing behind opec was >> this is the second time opec-plus pushed back and delayed the plan dates when they said they would restore about 2.2 million barrels of oil have been signed and it was originally supposed to start happen and now it's been pushed back by another month. they were going to start with 180,000 barrels a day. the backdrop is the falling oil prices. we are down almost 20% now from our high point in early april and we have got a faltering demand situation in china and perhaps more significantly we have big increases in production elsewhere, particularly in the u.s.. the u.s. is pumping 50% more oil than saudi arabia but also from places like canada, brazil and guiana so opec-plus i think have come to the realization that it was just a bad time to be restoring production. >> that's a remarkable statistic , the u.s. is pumping 50% more oil than saudi arabia. talk to us about what you and the team are watching for. >> that is the other factor pushing up oil today. we had that speech over the weekend from a ron's supreme leader,

opec really had to resort — markets. opec really had to resort -- _ markets. to what is a very low— resort —— react to what is a very low demand climate and it did exactly that. they have rolled _ did exactly that. they have rolled it _ did exactly that. they have rolled it over by a man. they say _ rolled it over by a man. they say they're _ rolled it over by a man. they say they're going to postpone the production increases by a month— the production increases by a month but some of us in the markets, _ month but some of us in the markets, we think it might be longer— markets, we think it might be longer than that because oil prices — longer than that because oil prices despite the uptake you have — prices despite the uptake you have seen today are still a close _ have seen today are still a close we _ have seen today are still a close we last saw in 2021. the needle — close we last saw in 2021. the needle has not moved substantially especially because chinese demand continues to edge towards the lower— continues to edge towards the lower end of the spectrum

how do you think opec responds to this?ed the meeting back and they have in several cases deferred the tapering of production cuts that was due to gain begin again back in october. our feeling is when we look at the market next year, we see demand growth of 1 million barrels per day. more than matched by growth in non-opec supplies from places like u.s., brazil, guyana. they need to take a long look and potentially look at the increases in supply further back in 2025. >> okay. so, perhaps a rollover here and maybe a readjustment of when it comes to the supply side and planned output increases moving forward. that will be interesting to watch. of course, you mentioned this before, but one of the things that opec is deliberating ere is the overall policy impact of trump 2.0. what we learned in the last 24 hours is the president-elect does not intend to spare crude oil from the import tariffs from canada and mexico. what impact do you expect that to have on oil markets specifically? >> as you say, it is one of several complica

-- opec-plus decision to delay.g arrangement for the ministry to keep them from meeting, but in the past, when opec has delayed a meeting, it has tended to be because they are trying to find a consensus, trying to get everyone on board with whatever the agreement as before the meeting happens. that way they can avoid a potential for a last-minute hiccup on the day of the meeting or the worst case scenario, which is where the meeting would end without a deal. so we are still trying our best to report out the details of what we are looking at. the current expectation is that they are not in a position to increase production as planned in january, and they may need to delay that increased by several months at least. and this delay perhaps would suggest that whatever they are looking at, and we know that they have been, guessing the possibility of a delay, that they don't quite have everybody on board for that yet. tom: ok, that is interesting. so they may not even have the ability to increase output even if they come t

about one million barrels a day in 2025, despite production cuts from the oil producers�* cartel, opec independent energy analyst, cornelia meyer. opec is very strategic in its decision to pump more or less according to how it wants the market to shape up. what's led to this forecasted oversupply? if what has happened is that 0pec always is mandated to keep markets adequately supplied, that means you have to put barrels, all they need, and off when they need. 0pec currently has said that it would reverse some of the voluntary cuts of eight nations which would amount to 2.4 million barrels a day and uae is allowed to put another 200,000 million barrels another 200,000 million barrels a day. they are postponed that for the second time, it is supposed to come in injanuary. a gradual release, a programme to release over a year. now we will see how ministers react when they meet and have a full 0pec ministerial meeting on the 1st of december. in the meantime you are right, they have a different outlook than 0pec, 0pec plus sees about 1.8 million barrels of growth this year, and they look di

this is also the first report by opec—plus following the us elections.—elect donald trump has previously said about his energy policy. —— energy analyst saul kavonic so is what this will mean for the market. that "drill, baby, drill" approach is quite premature to think that is really going to impact supply. the reality is trump doesn't actually have many levers to pull to increase oil supply in the united states, deregulating the sector, opening up federal lands, removing some of the emissions requirements and so on is actually not what is holding back supply in the united states. we have seen in the last several years is the rocks have evolved, the big major oil and gas companies moving to these basins and it is about capital discipline, returns to shareholders and so actually, the oil supply growth out of the united states is not likely to materially increase as a result of second trump administration. we could see some side effect could send oil prices higher for other reasons. the trump administration is also talking about replenishing the strategic

opec act -- asked us to join. i mean, literally, we would sit there in the office and be stunned on a regular basis about various things that was going on. obviously there is many more than that, but those are a few examples. if you think about policy and diplomacy and, where do we take that going forward, how do we take this power going forward, how do we build on diplomacy, the first one in order to move the ball forward -- once again, i kind of said this previously, and i know this sounds silly, but having continued to testify in congress i still get really silly questions about this topic -- we actually need to develop awareness, in particular -- this town is the worst place in the country on this topic -- develop awareness that we are the leading power in the world in energy. and it is not china and it is not saudi arabia. someone says oil prices are going wrong, it is the saudi's fall. the u.s. and canada combined have the power. first of all, just that awareness of where the u.s. fits. people were saying ch

we will see a war with opec. edward: will prices come down quickly once he takes office?slow time for oil prices in the winter oil prices drop regardless who is president but over time we could get back to $50 a barrel which is historically where they have been and where they should be. edward: opec plus have got to be looking at this going they are trying to counter the moves we are doing ahead of time. >> part of it is russia for example, russia selling all their oil and gas even though we have embargoes, they are using intermediaries because a lot are not embargoing are european countries purchase them from them so russia is making a fortune off of oil and gas, they don't want to see their profit margins drop so they will try to find work arounds. edward: it could impact national security going forward. appreciate it, thanks for coming in. i want to take you live to new york city where they are preparing for tomorrow's thanksgiving day parade, the parade will feature 34 of these floats from tom turkey to sesame street to the famous santa's sway to wound up the parade,

the question is, how will he manage the opec relationship?tuff. let's turn to politics. a better roi on playing out in palm beach, as the infighting over trump's treasury picked continues. kyle bass calling scott bessent eminently more qualified than howard lutnick. elon musk responding, bessent is business as usual whereas lutnick will enact change. joining us now is kyle bass. welcome to the program. let's start with your message, this agreement with elon musk. making the point that bessent it is business as usual. why is he wrong? kyle: i'm not sure if he had ever and spoken to bessent before he made the comment. it's important to understand who scott bessent is. scott was the chief investment officer for an organization for a long time. for some people that may sound like a negative if you are talking partisan politics, but it's important to note, global central bankers around the world have respect for bessent and his views. scott looks at the world with a 4d chess understanding. he understands politics, people, exactly what investment a

he said opec will continue to stay reactive and responsive to the market.of the response, frank, you flagged it earlier. oil prices spiked about 3% off the back of this. >> dan, you asked about the geo economics, but what about the geo politics? we are in the final countdown to the election. what are they saying ahead of the vote? >> reporter: absolutely, frank. this is a really hot topic on the ground at the conference because we're not just talking about the oil market outlook, but we're talking about the energy transition as well. and, of course, that voet te ine united states is going to be absolutely critical for energy and climate policy going forward. with the both candidates, trump and harris, offering different perspectives on the way forward here. i also spoke with the to totalenergy ceo. he said it's reasonable to expect the united states energy dominance to continue under either candidate. we are seeing production at a record high and that's unlikely to change. he did offer somewhat of a warning here. he also said we should expect more volatilit

opec sources have told me this is about timing and nothing more.nalysts have also been telling us through the course of the day there is no disagreement with member countries at least for now because the group is more focused on managing market fund fundment als and the uncertainties with the political developments in the middle east and tariffs, of course and trump 2.0. with all of that in mind, we are seeing oil move down. we have more on this over at cnbc.com. do not miss our first reporting there. >>> coming up on the program, nova holdings ing a fish genetics company. we will speak with the senior partner on the other side of this. stay with us. hey, can you speak french? who, me? i know a few words. if you're struggling to speak a new language, you should try babbel, a learning platform designed by over 200 language experts. it's like having your own personal language coach. babbel offers live classes with expert teachers for real world conversation practice. it's totally flexible so you can learn at your own pace and with the right practice

we've got opec cutting oil demand. and furious, this is the fourth month of cuts they've gotten. 2024 consumption is down 80% since july and again, they are referring to the slow down. annmarie: and the price has already been taking a hit but a lot of that has to do with trump trade and the fact that we are seeing absolute strength in the u.s. dollar index hitting a year high today. on deck this week we have cpi coming in tomorrow as well as we are going to be hearing from governor chris waller today. that is where we are when it comes to the state of play for equity markets and across asset. coming up jim karen of morgan stanley at the equity rally pauses. terry haynes of pangea policy as trump solidifies his border and security picks and bob diamond of atlas merchant capital on the outlook for financials during a second trump term. we begin this hour with stocks on hold as investors are weighing the impact of potential trump policy. jim karen of morgan stanley saying there are many concerns that trump 2.0 might lead

our countries, we have the potential to offset the supply that our western allies are receiving from opec, russia and other nations. the potential to be a global energy superpower is very, very real today. >> thank you, lisa. john, we paint a great picture. celebrating success in the indigenous resource base, but there are still challenges. can you maybe talk about some of those challenges and what policy tools we are looking to overcome them. maybe just frame out why, where indigenous people fit into the regular process and what may be some of the bottlenecks are and what are some solutions to those bottlenecks. >> absolutely. it is really fascinating right now, you know, being an indigenous person and being involved in this development over the last several years. also being a student of it as well. it is fascinating to see the evolution. sometimes disheartening, sometimes discouraging. being indigenous, watching environments or watching industry and regulation kind of go through that evolution. my observation, 25, 20, 25 years ago when i started in the industry, you know, there were so

well, i mean i think energy is still a little bit of a hurt by way of the fact that even though opece floor than trying to raise prices i think at this level so i feel still think a bit of a headwind to the energy sector at large, butible financials quite well cooled last couple weeks looks like in a good spot relative to capital expenditures in this space dedicated to improving presumptive artificial intelligence,ee like utilities the fact acting not just for her in own defense but also spend required to generate energy to support data careers being built out still sectors look attractive as enumerates to brodzer allocation decision i think long equities because not just because of the seasonality, but i think fundamental sports remain in place for corporate attorneys general continue to do reasonable well support higher stock prices once past absurdity around this week's election. >> a lot of questions this week that is for sure great to see you. thank you so much. >> thanks, mark luschini joining us brendan carr here to talk about kamala harris's appearance on "snl" over the weeke

is it enough for opec to sign off on another delay. reports suggest they may push back on january's output. we are seeing oil prices pretty stable at this point, but perhaps not where the countries would like. what happens out of the opec meeting remains to be seen, and it seems to be this could have a serious impact on deliberations frank. >> thank you very much. now to the trump transition and a developing story. the president-elect naming long time advisor kevin hasset to lead the national economic council and jamieson greer. greer will be on the front line and a possible 25% tariff on all goods from mexico and canada and 10% tariff on chinese imports. wall street is getting a lot of economic data ahead of the holiday. jobless games, gdp and the inflation report. daily trading volume averaged 7.2 billion a share, but the average before thanksgiving was 6 billion. robert, good morning and good to see you. >> great to see you again. >> robert, we are expecting lower volume and volatility. surprised at all that we are not seeing more a

we had angola leave opec plus and there was no comment.s very disappointed in the result last year. there is pressure to be more united this year. the outlook now is tough. the majority of analysts see an oversupply coming next year. then we see compliance has been weak in the group led by russia and other countries. they need to get everyone lined up. romaine: that is what i'm curious about. you have to look at this meeting through the lens of what could happen in the u.s. next year. you have administration basically promised to increase output. i'm not sure how to achieve that but that is what they promised. if you factor that into your forecast, how much wiggle room to the saudi's and opec+ have to actually increase production at this stage? nadia: in our view we don't think they need to increase production, especially when you look towards the month of april. we see a big oversupply coming in the second quarter. things to look that bad in the first quarter because we have come from a situation where we have drawn inventories this year.

trade ares are monitoring opec plus which delayed the policy meeting until thursday.d to start in january. >>> canada is suing google over anti-competitive practices in the online advertising business. in a statement, google says the marketcompetitive. this as australia passed a social media ban for children under the age of 16. the toughest big regulation on tech. the law forces meta and tiktok and others to p minors are logging on or face a fine. spokespersons from snap and meta will ply with the law rjs . >>> shares of hybe shares wiping up 7% of the value as k-pop superstars newjeans pulled the plug on the partnership with the company. k-pop has a big effect. the girl group has been in dispute with hybe since the manager was sidelined in april. they threatened to walk unless he was reinstated which they are now making good on. the cultural phenomenon with an impact on the stock market. >>> still ahead on the show, the one word every investor needs to know and black friday is kicking off with the retailers betting big on the shoppers moving in. our courtney reagan

else is going to make plenty of money selling oil to saudi arabia, you know -- other countries, in opec. >> cheryl cheryl: crews are about job creation under president trump under biden in particular they restricted exports oflimit of ng over to europe, so, if that production gets back on line, grows, in pennsylvania for instance, other states how many thousands of jobs do you think we could see created under president trump? >> to a well cheryl i think under maga energy plan you can see tens of thousands if not hundreds of thousands of jobs, industries, my idea is that we burn more cool for electricity coal is clean resource we have abundance, we can take all national gas, port it to places like, asia, europe where they will pay six times more than u.s. utilities, this is ridiculous that we are burning so much gas, at home we should be sending that a tremendous appetite abroad we should send it where we can make money, burn coal at home, and you know maga going to take off. >> we should point out talking about these jobs high-paying jobs as well in energy space. >> absolutely. you obam

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we've got opec meeting in a month. we'll see if they do. they're supposed to raise production.na has been a disaster. you could make a real case for $50 oil, and if you made that case, you wonder what that would mean for these companies and more. >> if opec is raising production, isn't that a bullish shine? ultimately i believe, based upon how they've been able to have consensus and control, and saudi has the swing capacity, they bear the brunt, and this is a market share gain, they're trying to protect market share against the u.s. i think if they're raising production, they won't do it at the expense of oil price if there's not anything behind it. >> their break-even prices are lower than this. if it does go lower, it's not necessarily a bad thing. they had to become more efficient back in 2020 and they're in a much better position. both companies are coming into earnings, both beating expectations, chevron is trading below historical averages, and exxon is trading above historical averages. don't forget with the tension in the middle east, there's a chance energy priceless g

what is opec-plus willing to take? it is hard to say.he year before, saudi arabia and other producers were reacting at $90 oil and $80 oil. we are now in the $70. there are important producers that are probably itching to use their spare capacity. uae and maybe even russia over time as it is developing its production capacity. dani: it's oil output under opec-plus, it is a saudi that had a difficult time exerting that leadership. we saw in the first trump administration come he was able to come in with sharp elbows and get them to do things that he wanted. as he possessed that ability now when they are still struggling to maintain the block? eric: on the saudi side, it in a sense seems like part of the group's agreement to unwind cuts. the agreement is probably in part hinging on the fact that these producers need to comply more. iraq, kazakhstan, russia. the some extent, they have. other than that, these producers are itching to bring things back. if prices keep moving lower, demand is weak, it may be tough for them to continue to hold

if the economy's going to grow, you would expect oil demand to go up but that's not what opec plus isaying. >> no, exactly, maria. there's obviously bullish price action since the trump election and we understand that because he's so pro-growth and will deal with our adversaries, he does consider china economically as our partner but they're also an adversary, they're i think our biggest threat. you've got two things going on. you have china which is really in sort of this economic malaise where they have to stimulate. they just got retail sales and consumption up to an eight month high but they printed a lot to do that and we know that income is not staying up with actual retail production so we expect if they don't continue, that's going to look bad again. we look at germany and the volkswagen, they have never shuttered a plant in 87 years of history and they're looking at shutting one out of three plants in germany because manufacturing is in a crisis mode in germany. you've got global demand weakening which is forecasted in oil, 68 something a barrel. if we see that come down to 6

the market weighing the opec plus meeting with some geopolitical tensions in the middle east. let's get to some midday movers. abigail doolittle joins. abigail: investors not liking a slowdown in personal computers. you can see the shares of dell technologies down 12.3%. they put up a quarter where they beat earnings but sales missed by about one -- by about 1%. also sliding on a year-over-year basis by about 1%. the weighing on the shares of hp as well, that recovery expected in personal computers. the cfo of dell saying it is stretching into next year. dell having its worst day since may 31. one stock that is soaring, urban outfitters. this is of most since 2023. up the most since 2020. he put up a big beat for earnings and sales. same-store sales up 1.5% versus the estimate of 1.3%. there is probably a big bear short squeeze here though. let's take a look at the shares of symbotic. you can see a massive plunge. the automation technology company cut their outlook to an -- due to an accounting error. something that clearly investors don't like. finally we have an ipo to take

handle opec?s trying to get opec to put more barrels on the market until we had that crash in 2020. and then essentially became the de facto president of opec getting the biggest production cut done in order to say u.s. shale. so the question is what does opec production look like next year? how does trump manage his relationship with opec. does he essentially say, look, opec, stick with the plan, put those barrels on the market. how does opec react? >> still a lot of returns to get to. but assuming the narrative continues, we'll be looking for the sbe ninternational reactionr in the week. y y ymt. >>> let's bring in walter isaacson along with aieamon javers. >> good to be with you, carl. >> your thoughts as you've been watching the returns tonight. >> i think this is a pretty h historic shift. you have more than 30 years consensus of washington to davos about free trade and lower tariffs and also free movements of people in capital. a lot of people got left behind. this is a global phenomenon of

year, with the slowdown in the global economy, president trump may inherit some tailwinds here with opec go up in 2025. >> so i got to ask you before i let you go about tariffs gas prices have been on the decline and you're predicting that they could fall below $3 a gallon as thanksgiving nears. but trump wants to implement these tariffs on foreign goods, something that you say should have could have a real impact on gas prices. tell us how well, it certainly could. >> now historically, tariffs have been a net negative to commodity producing countries. and right now the u.s. the world's largest oil producer, natural gas producer, that could backfire. tariffs act as a tax on consumers. it could slow the economy down and throw it into a recession. and that could eventually cause oil prices to plummet so new tariffs could be taxing enough on the u.s. economy to cause even more of a slowdown than we've already seen. and it certainly risks a global catastrophe. if we see those tariffs enacted. >> all right, patrick, thank you so much for coming on and thank you all for joining me i'm pamela b

opec says it would delay a planned output hike set to take effect next month. wti picked up by just over 3%. finally, take a look at gold prices as well. they have been setting new highs. this morning, you can see year to date up about 30%. the trade is 2,751 now. >>> let's bring in bob diamond, somebody who probably had a pretty good view of the entire financial crisis and what was happening back then, had a pretty good seat, maybe too good of a seat. >> it was a seat. >> let's start with macro and the fed. the markets are at highs, and the economy, friday, i don't know what that was but having percolating pretty well in terms of gdp and everything else, we are talking about cutting after we worked so hard to get off the schneid at zero and get back up, and the backdrop to all of that is 37 trillion total debt. >> yeah. >> and running up a rdeficit where we don't need to do it, what is happening, $2 trillion. are we on the -- >> i think particularly around the debt levels, and i have been talking about this for a while as i am invited to come on, but the cloud

and after the moves we saw yesterday we are lower on cease-fire expectations and have opec-plus and that decision is coming up with bitcoin currently up 1%. let's get to the details. donald trump saying he will impose an additional tariff and canada citing a clampdown on migrants and illegal drugs. let's bring in our chief north asia correspondent with the details with a focus on what's happening in the implications for china. what is the rationale? >> donald trump two months before he takes office for his second term on january 20 is again ratcheting up the rhetoric as far as the threat of tariffs not in relation to that campaign threat of 60% tariffs across the board on all chinese imports to the u.s. but in addition based on other campaign promises to seal the border and crackdown on illicit trade across borders, including fentanyl, and he has firmly blamed china for at least helping facilitate that with a precursor potentially coming from china and then being processed in mexico and being brought across the border so in addition to putting an additional tariff to all chinese imports

. >> let me tell you one thing, the opec put out a place suggesting india will be the biggest driver,es as much as china which puts the india minister in a strategic position and you heard him saying we will go with the cheapest price, we don't care so very interesting commentary. tom: yeah, that is a -- that is a remarkable pivot hence the importance of speaking to him. joumanna on the ground with key interviews, thank you. european and u.s. intelligence officials believe russia is placing incendiary devices on cargo planes. a parcel that caught fire was flaunted by russia. spain's deadly storms cause chaos. it comes as there is damage. king philippe they warned residents about misinformation and false claims after he and pedro sanchez were pelted by mind. stay with us, this is bloomberg. tom: drawing attention to a chart that shows correlation breaking down between u.s. yields and odds of donald trum'' s victory. you seen the yields up as expectation has built that trump could win and that has changed, we are now neck and neck and the odds have come down, the betting odds have adjus

. >> what about opec and the potential role they play in this. arabia would like to see prices higher than this too. if they kick in and say we are not going to production as much, what are the odds and impact on the market if they do? >> i think what we have seen from opec over the last few months is whenever prices sort of drop to the low 70s, in brent terms, a touch below current price levels, they tend to extend productions. defending 70 as a floor on the brand. however over the summer when brand was around 80 or low 80s they were saying to the market we're happy to bring barrels back to the market. this supports our view in a base case both should be range bound with 70 sort of the floor and 85 to 80 as the ceiling. >> what's so different than when we were talking about oil prices spiking above $100 and beyond. >> what's changed? is it the technology that we have for these things? is it our ability to find and get some of the oil and gas out of the ground? is it the global dynamics? what's changed? >> it's really the success of u.s. shale. i

crude oil so they're starting to show the stimulus measures are taken as gaining track shuns, finally opec'she middle east and we're back to 2.50 ranges on crude oil. once you get the uncertainty out of the election away, the chinese stimulus is starting to take shape, the u.s. and eurozone start to cut rates, that's where you get the mid 70 crude. strait up play the oil futures energy-related stocks? how exactly do you do that >> yeah, if you look at exxon, they're one of the majors this year that's where we have no more than 10% allocation in any one name no more than 50% allocated to cash, but the trade we believe is buys the january microcrude contract, keeps you in the game until mid december we like the microcrude we're recommending to buy the january at $66 with a stop at 63 we're targeting $75, so essentially the risk is $300 the reward is $900 >> there's the play. phil streible, have a nice weekend. >> you too >>> tyler, with you theed crude trade, people like to use the leveraged, because they provide some octane, but it lets you define risk. so in this sit situation you say, i'm g

things changed gold up silver up copper down a fraction fractional moves commodities oil, moving on opecowering global demand outlook for 2024, 20 too, the price of oil 6850 that is up about two-thirds of 1% joining me fundstrat global advisories managing director mark newton great to see you a also a pleasure thanks so much for being here, i want to get your take what this -- looks like you are a technician trend is your friend i know that, i want your take on what this market move means to you for the rest of the year, heading into 2025, because i know you do have some worries, tell us about it. >> thanks, maria. look. we have seen best election year over 40 years so a substantial gain for s&p, dollar nasdaq all-time highs certainly very positive. investors thrilled with sense of a bits friendly regime to come i think more tax friendly pro deregulation, you know my worries are more about the short term along positioning, the sentiment too optimistic s&p up 5% over last week since election, so s&p 6,000, that is a little bit of a worry for me technology just not really participating as

fossil fuels and demand for oil and fossil fuels continues to rise, at least according to the iea and opecasts. so, addressing the demand side is critical here and there is not much of a conversation either. that means the emissions are likely to stay until something drastically changes. that's unlikely to happen any time soon. >> and, therefore, i wonder if some of the climate targets that areas such as the eu have in place will ultimately be achieved. we will wait. we will monitor what is happening out of cop29. i want to take you to the markets as we approach the end of the show. we are witnessing a different narrative among european investors. we have all of the major bourses trade in the green. the dax up 1.2% at this stage despite the market uncertainty. u.s. futures suggest it could be a positive start to the trading session on wall street after what was a very ro ssistngeson last week. now, that is it for today's show. i'm silvia amaro. stay with cnbc. "worldwide exchange" is coming up next. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't kn

opec has cut global demand forecasts again. here's how the big energy names are reacting.t of them are lower. we have eog resources up but conoco phillips, exon and valero are down. singer nicole sherif sherzingers attacked for wanting a hat that said make jesus first again. >> want as hat about jesus. i would think that would be the unifying thing. stuart: resident theologian jonathan morris taking that on later in the show. a texas sackmary lob owner opened her ziti -- texas sackmasalonowner opened her busg covid and now she's going to the texas state legislature and that salon owner is next. ♪ meet the traveling trio. the thrill seeker. the soul searcher. and - ahoy! it's the explorer! each helping to protect their money with chase. woah, a lost card isn't keeping this thrill seeker down. lost her card, not the vibe. the soul searcher, is finding his identity, and helping to protect it. hey! oh yeah, the explorer! she's looking to dive deeper... all while chase looks out for her. because these friends have chase. alerts that help check. tools that help protect. one bank

over the last couple of years, one of the things that has really stood out is the discipline that opecxercised. they have pulled back production as early as last week. they talked about keeping the voluntary production cuts in place. i think there's a sentiment around presidethe world that op is going to keep prices in a reasonable range. one of the things to keep in mind and i'm not an expert on middle east politics, but saudi has a vision out there for 2030 to keep oil prices healthy to service the in-country demands to evolve the economy. we're confident we will see prices hovering to the 70 to 80 range. we've hung there despite the demands and challenges over the past couple months. >> you don't see drilling increasing dramatically, but under the president's agenda, we will see drilling increase. doesn't that make supply increase and prices go down long term? >> it is an interesting paradox. the perception for trade is to the extent he is successful with the better relations than the current administration or offshore production. i've been doing it for 30 years. it's not good for s

opec cutting their forecast on softer demand out of china. let's go to the politics of germany.ke a public address today setting out his case for another term as german chancellor. let's bring in bloomberg's oli ver crook in berlin. what are we expecting to hear later today? >> a day of reckoning for the german chancellor who just coming after a week -- a week after he fired his finance minister, now goes to parliament to do a 30 minute speech where he will lay out his plans and why things, first of all, to address the political crisis but also have a platform to talk about what he would like to do. that will be followed by a two hour debate which will be intensely fiery truly speaks to some of the political and economic issues in germany. what he will focus on is likely make some of the same refrains he has made over the last few months and has disagreements with the finance minister, saying basic of germany is now hamstrung by these very stringent borrowing limits. this is something he wants to do away with, the debt break, sing he wants to bring the economy back to life with

lauren: opec+ delayed increase and putting oil on the market by another month and that's good for prices of oil and oil is up and energy names are higher too. stuart: got it, thank you, lauren. kamala harris become the new comment candidate. she wouldn't even say how she voted on the measure of crime in california. >> ballot is on my way to california and i'm not even going to talk about the vote on that and it's the sunday before the election. stuart: we'll bring you a full report from the store in los angeles that was just looted over the weekend. trump maintains a very narrow lead in the national polls and he's got small leads in five out of seven battleground states. is that what gop pollster mitchell brown sees. mitchell is next. ♪ an alternative to pills, voltaren is a clinically proven arthritis pain relief gel, which penetrates deep to target the source of pain with nonsteroidal anti-inflammatory medicine directly at the source. voltaren, the joy of movement. thanks to avalara, we can calculate sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales

oliver wendell holmes whose famous concept of the marketplace of ideas, the theory that a free and opecto prevail simply on their merits, but that theory has been increasingly tested in the era where information is filtered through algorithms to prioritize profit or perhaps nefarious messages over truth and arguably, the first amendment falls short because it was never intended to protect those who can't afford the megaphone. there's no such thing as a false idea which went on to influence later cases and supports a maximalist approach to free speech meaning the more speech the better presumes a level playing field, one in which all ideas compete equally and in reality the struggle for free speech in america has fundamentally been a fight for access. george washington law professor marianne franks wrote, quote, when the drafters of the constitution set out the rights of we the people, meant people like themselves, white, male and christian. throughout our history it has in practice, subordinated the women and minorities to the white, wealthy men, social hierarchies which she calls radic

this morning on the idea that opec is not going to be increasing supply any time soon. wti is up 3% this morning to $71.53 a barrel. well, here we go. it is election eve today. we hope you go out and vote, but we appreciate your being with us today, and we will see you back here tomorrow morning. >> vote. >> right now, it's time for "squawk on the street." ♪ >>> good monday morning, welcome to "squawk on the street," i'm carl quintanilla with jim cramer, david faber at post nine of the new york stock exchange. coming off a couple weeks lower on the s&p heading into an historically eventful week with an election, a fed meeting, plenty of travel and media earnings, yields are lower across the board. ten-year, 4.28%. our road map begins with the big week ahead for investors as we go into the final hours of the 2024 presidential campaign, and the potential for another fed rate cut this week. >>> plus, gen a.i. momentum. nvidia set to replace intel as one of the 30 blue chip stocks in the dow this week. >>> and a setback for the future of the nuclear power datacenter. federa

up better than $1 as opec plus agreed to push back the december production hike by one month.vive supply and you've got the price of crude at 71, 56, up 3% this morning, ted. is this an indicator that inflation is going to have a second spike at some point? >> well, i think it would. you know, one of the things you look at, the goods part of inflation has come down, maria but if you look at services, they stayed high all along. and people are just not getting that move down in inflation that i think people think you're going to try get back and if you look at the terminal rate of interest right now in the marketplace, anyway, it's 100 basis points higher than what they thought it would be so obviously they're factoring in inflation right now. maria: mike, jump in here. >> yeah, ted, it seems like the futures have 1100% chance of a rate -- 100% chance of a rate cut coming up this week and mid-80s later this year. if inflation is still elevated and we're in the 2 and-a-half to 3 and-a-half percent range, would it still make sense for the fed to go ahead and get the front end dow

road of opening up oil and natural gas industry here in the united states, so we are not relying on opecto you, stu. stuart: thanks, edward. former trump energy secretary dan brouillette is with me this monday morning. we're already producing over 13 million barrels of oil a day. that's' more than ever before. if trump takes the shackles off, how much oil could we produce? >> well, stuart, or it's great to be with you. i think we could produce a lot more than we are today. the exact number's hard to know because we have to figure out how much reserves we have. but, stuart, importantly, it's not just how much we produce, it's how costly that production is. and what's happened over the last 4-5 years is that we've made the production here in america more expensive than it needs to be. so i think what we can expect from chris wright, from doug burr i gum, from lee zeldinen, financial choices to be cabinet secretaries, is a deregulatory effort which will reduce the cost of that production here in the united states, and and that'll inure to the benefit of consumers here as well as around the