reinforcement and foundation because if footing [inaudible] we need to put the rebar in it to pick up the [inaudible] it is important because we don't want the crane to tip over so how they tie back into the the concrete structure is basically [inaudible] they need to route that to a steel structure that is routing and bolting. >> thank you. >> the next piece of document is the crane site safety plan submittal form and crane safety compliance agreement. it is a-this is actually a document, a [inaudible] that say that they need to submit all the document that we talked about and they also agree to the following items. this agreement has to be signed by the tower crane contractor and signed by our engineer also. the tower crane safety contractor agreed to comply with all the applicable requirements from cal osha and from the manufacturer and in addition to that they will provide a safety [inaudible] on the job site installing-increasing the site and dismantling of the crane. that safety [inaudible] should be from the crane manufacturer [inaudible] or representative of a license crane ce

reinforcement and foundation because if footing [inaudible] we need to put the rebar in it to pick up the [inaudible] it is important because we don't want the crane to tip over so how they tie back into the the concrete structure is basically [inaudible] they need to route that to a steel structure that is routing and bolting. >> thank you. >> the next piece of document is the crane site safety plan submittal form and crane safety compliance agreement. it is a-this is actually a document, a [inaudible] that say that they need to submit all the document that we talked about and they also agree to the following items. this agreement has to be signed by the tower crane contractor and signed by our engineer also. the tower crane safety contractor agreed to comply with all the applicable requirements from cal osha and from the manufacturer and in addition to that they will provide a safety [inaudible] on the job site installing-increasing the site and dismantling of the crane. that safety [inaudible] should be from the crane manufacturer [inaudible] or representative of a license crane ce

rebar claims have fallen off a cliff due to that. can china control it?o far come when you look at the class in prices, it has been rather orderly. created a massive collapse. i think it goes back to the fundamentals story i started with. there's just not longer term, and why do i say not longer-term? unlike oil, where you could argue their air -- there are supply restrictions come in metal or steel, we are dealing with massive surplus capacity. producers will respond to the higher prices and create more supply. we saw last week the inventories in china began to increase, which spells much lower prices and a much weaker environment going forward. stories you talked about, the weak dollar, fed- driven oil rally, and the credit -- the central bank credit stimulus-led rally in china with metals. what does that say about the long-term commodity complex? does that mean ultimately none of this is sustainable? jeff: with oil and energy you could argue it is more sustainable and metals. in metals we take a very bearish longer-term view. think about with oil, it h

alix: the same with rebar -- iron ore as well. it was pretty ugly. alix: the same with rebar.arlier in the year, right before the february selloff, we had apple's market cap go below google. alix: that was pretty much for the first time in that it resolved itself. what we are seeing something very similar right now. apple's market cap is something below google. you can really see what has happened there. there you go. apple's market cap is that white line and google is the blue line. it has been another week illustrating how much pain apple continues to be in an sort of can't get out of its funk. joe: it keeps leading lower. i want to talk a little bit about the economic data we got with the initial jobless claims that came in a much worse than expected. it was low. 290 4000, and that was the highest since 2014. you can see that red line that goes back. there was still reason to think that there was a lot of new aims came from new york state, and there was thought that maybe something hinky was happening there. i just want to grab one other chart really quickly. i want to look

alix: watch the rebar users. scarlet: the u.s.lowdown in hiring, is this normal and what does it mean for the feds? we'll discuss next. ♪ [ soft music ] e.t. phone home. when you find something you love, you can never get enough of it. change the way you experience tv with xfinity x1. shoah, ha ha.ew artist. show me top male artist. my whole belieber fan group. it's not a competition, but if it was i won. xfinity x1 lets you access the greatest library of billboard music awards moments, simply by using your voice. the billboard music awards, live sunday may 22nd, 8/5 pacific, only on abc. >> let's get to first word news. the public and party chairman supports donald trump as the nominee but that means he is breaking with house speaker paul ryan who says he is not ready to back tromp. he disagrees with ideals like banning muslims entering the u.s. all right and the house leadership will meet with donald trump thursday morning. and jeb bush will not back donald trump. said heer candidate will not vote for truck or hillary clinton th

again, don't let your eyes glaze over over rebar, would you go into china?a has gone through a big process of industrialization. and building up their infrastructure. still got a long way to go, but they've done a lot. so it means that the peak in steel demand and aluminum demand is pretty much over. it will still grow, but it will not be peaking at the degree in which it was in the past. liz: are you shorting any emerging market right now? >> no. because the emerging markets the last few years have generally underperformed in the u.s. so now we believe -- liz: would you avoid? is there a nation in southeast asia that you would avoid or anything like that? >> probably avoid venezuela, that's pretty much the case of the stage. but their time will come. liz: great to see you. mark mobius. ashley, back to you. ashley: impressive. all right. while brazil struggles with the zika epidemic, also could be heading toward south florida this summer. but one company says it could prevent that with the genetically modified mosquito. fox business bill joins us live from f

chinese rebar hit a seven-year low., don't let your eyes glaze over, but rebar is a big industrial material, teddy. help me here. [laughter] it's a big industrial material, and it looks like not a lot of demand right now for that. they're not building buildings? what's going on there? >> liz, i mean, i don't know what's going on in china, only what i read in the paper. but i think what really is helping the market here is that the fed clearly is on hold -- liz: yes. >> interest rates are going nowhere. i mean, what we really need to try to figure out -- and maybe we're not going to find out about it til it's after the fact -- is what's going to move the market to new high ground. we are clearly right on the doorstep, and the markets just continue to act better. the lines of least resistance continue to be up, not down. liz: this is the biggest single-session advance in two months for the dow. teddy, ira, thank you so much for joining us. and teddy -- [laughter] all i know is what i read in the papers. [laughter] >> yeah

and this is steel rebar absolutely soaring.entioned the shanghai stock exchange because last summer it felt like this. amanda: what was interesting to me is that it was a lesson for the chinese traders because there were a lot of investors in the market saying that the government will intervene in a very severe way. they've basically shut it down. jonathan: it is gone from a cow and the property markets to eggs apparently. matt miller, fantastic story, thank you. david: you only wonder about whether it can affect the economy when people think if they have wealth and they don't anymore that it will slow down the chinese economy. that is when you have to care about it. charles: how productive are you the next morning at work? [laughter] david: that's a good point. those are the three stories that matter to markets now. charles will be remaining with us as we go over to vonnie quinn for first word news. vonnie: a new poll shows that hillary clinton and donald trump are in tight races in three swing states. according to the quinnip

the rebar, which is a reinforced steal was down 6%. iron ore is down 6%.hrowing questions on how strong the chinese recovery might be. the bottom line is it's been a long day. all the big aluminum copper iron ore, keep an eye on that. >> kelly will have the earnings for you from solarcity. that will be a big one to watch. up 3%. birch global down 2 and a third percent. >> we'll see if that trend continues. a minor gain for the nasdaq. stay tuned for the earnings. milacron ringing the bell along with nasdaq. stay tuned for the second hour of "closing bell." see you tomorrow, kelly. >> thank you. welcome to "closing bell." it was the only index in the red actually. it looks like the s&p was able toed a a point and a half and the first part was a stronger performer. although its gains moderated. it add a third of a percent. 47.50 is the level there. we'll have more on these markets in just a moment. consumer protection financial bureau richard cordray will join us. it's received a lot of press. as mentioned on the press, we have cnbc's commentator mike santol

steel rebar futures are knocking it out of the park, out -- up 38%. eggs are up 27% in china.o. bake prices in the united states of america are down 27%. volatility, to put it in context, it has the lowest in almost a year. eggs, rishaad. back to you. rishaad: yes, absolutely. we don't talk about eggs while realizing there is a market for them. that doesn't for this edition of "bloomberg markets: middle east." we will take a look at more detail of what is going on with the equities session when it gets underway in middle east. and you are going to be involved in "countdown" coming up in three or four minutes from now. also toyou are looking body das as well? -- adidas as well? manus: adidas is coming up. we will break down the socgen numbers all in just under a couple of minutes time. a lot happening next. that' and the ceo of france's second-largest bank said it was not an easy quarter. economy and the oil price on china, that environment is very special. i think our government is pretty strong. nominationd trump's is all but certain after his competitor exit the race, follow

rebar prices in china. these are basically steel prices in china. since 2004.st level you have to go back to august of 2014 -- excuse me -- to see that kind of rally. the reason why, joe, this ferocious rally in some orton is that according to a chinese newspaper 46 chinese blast furnaces restarted in march. you have a rally, furnaces weaker, more supply, prices. you are seeing an intricate reaction in china to this kind of steel rally. but that's not necessarily a good thing. joe: looking at the chinese pmi data, one of the key strength is real estate. of course, they were into reinforcing cement. the one area of the chinese economy holding up nicely and one particular commodity that should do well. good point. i like it. joining us today is all of her redneck. nnick. -- oliver re what you'reink that seeing right now is a lot of traders and investors not buying and literally not buying stocks as the market has been going up. if you look at a few measures -- we've got a good chart. alix: check it out, break it down. tager: it's on the hash 1132. loo

trading volumes across the three biggest exchanges, shanghai, rebar, oil or, the blue line is trackingtrading volumes are less than half of what they were at the peak on april 22. back to similar level to a year ago. he might of money changing hands on a daily basis has shrunk to $114 billion. the interesting thing, this follows what we talked about yesterday, while prices have come off their peak, the so haven't completely collapse. the open interest, that was the second line of the chart to remain relatively unchanged. it was about traders holding positions for a few hours then cashing out of the end of the day. guy: the regulators have learned their lesson. nejra: they have been calling for an end to this speculation. this is marking a bit of a return to normality. the appetite was weighed after the wave their transaction fees. there were concerns that they could be similar to what happened in the stock market. guy: thank you very much, great chart. joining us with the chart of the hour. let's talk about what is happening in turkey. we will see a press conference which could be fasc

global dax is up 10,000, and the global economy is heal iing and india is up 500 basis points, and rebar is up, and what yellen said, and the fed is prepaired to go, and again, in june or july. if they go in june, they will take a chance on the brexit. if they don't, and wait for july, they will have an extra free pass of brexit, and extra month of data here, and so sit thing at the highs, and churning into the seventh inning stretch, and ready to take off. >> and 40 points away from the all-time intraday high on the s&p 500. 40 points. >> well, i don't believe that the market has what it takes to push through it, scott. the two things hold iing it bac are that you don't have the growth in profits to propel it forward and as we have been talking about, the fed is out there. and the chances of the june hike have gone about from 12% two weeks ago to 40%, and that is is a huge jump, i have frankly never seen this group of governors and feds telegraphing the possibility of a june hike, and the probability, and the certainty of it. >> and that is a good thing, assuming they follow through? >>

alix: my favorite indicator for commodities is rebar prices. it is steel prices in china. if you take a look at the bloomberg, you can see the huge run-up it had and the selloff that we have seen. about how dramatic any industrial selloff can be. scarlet: another warning signal might just be apple. endave seen it into her -- ure weak spells. what did we learn about the resiliency of the broader market with a broader tech sector when apple is not participating? matt: it's going to be interesting going forward. what we're seeing right now is positive, and even though people incrediblye is widely held, as people are starting to move out of that, to the take the money and put it in cash? they are moving in and other areas. some of the other old textile -- tech stocks are week. the market has been holding up pretty well. my concern over the markets -- we have had this unbelievable run. we had this sideways move now, a little quick breather. i mentioned my concerns that we could go in the low. major problem. this company has a tremendous amount of cash, a great company and could

it has since been filled, but you can still find pieces of debris like this mangled rebar.'s a memorial cross. reminders of the tragedy that happened here. [ explosion ] >> reporter: when the massive explosion ripped through this texas fertilizer plant in 2013 -- >> you okay? >> i can't hear. >> cover your ears. >> reporter: it leveled part of the small town of west. >> there's been an explosion. there are firefighters down at this time. hu reporter: the blast destroyed dsndre of buildings including schools, a nursing home, and an apartment complex. 12 of them first responders who had rushed to the scene. >> we've never stopped investigating this fire. >> reporter: wednesday after more than three years and more than $2 million investigation, federal authorities revealed the fire that sparked the explosion was deliberately set in a seed room at the facility. >> the fire has been ruled as incendiary. this means this fire was a criminal act. >> reporter: during their investigation, authorities said they rebuilt part of the plant in their lab, conducted more than 400 interviews

ande is a mile of rebar concrete and gearshift and hydraulic, there is steel.hat will be made right here in the united states of america. the maintenance of the windmill, states,re in the united the grid right here that needs upgrading and the batteries made in the united states. if you look at a place like germany, it has about 370,000 removal jobs right now. they are projected to have about 500,000 in 2020 and they are projected to have 700,000 renewable jobs in 2030. hillary clinton is saying i have a plan, a real plan in my clean energy program, to make sure the united states is ahead of germany, head of china where 2/3 of the solar panels are made. we will make them in the united states and we will make them in regions that used to have steel, used to have coal. we will drive these new industries, this new manufacturing, into the regions that need it the most. she has real plans to do that and that's why she one ohio. host: up next we have richard calling in from massachusetts on our independent line. ryan, do you know the speaker of the house? the speaker

ande is a mile of rebar concrete and gearshift and hydraulic, there is steel. that will be made right here in the united states of america. the maintenance of the windmill, states,re in the united the grid right here that needs upgrading and the batteries made in the united states. if you look at a place like germany, it has about 370,000 removal jobs right now. they are projected to have about 500,000 in 2020 and they are projected to have 700,000 renewable jobs in 2030. hillary clinton is saying i have a plan, a real plan in my clean energy program, to make sure the united states is ahead of germany, head of china where 2/3 of the solar panels are made. we will make them in the united states and we will make them in regions that used to have steel, used to have coal. we will drive these new industries, this new manufacturing, into the regions that need it the most. she has real plans to do that and that's why she one ohio. host: up next we have richard calling in from massachusetts on our independent line. ryan, do you know the speaker of the house? the speak

continue to rebar, concrete, it will be all about concrete. hopefully early gene we'll have a last deck pour and early august is our last train box led under beale. thereat is what we are looking at the last concrete pours early august and will keep you updated, western zone mep going on every concrete. fire proofing will be going in soon. the bottom left is bearings for seismic design that goes into the bus ramp has a two part system. spherical bearings is the one part and will add the second part when we are done. regards to safety, we did have one reportable in the last month, it was particular iron worker that had a injury it his neck and required meds but no lost time and returned back to work immediately and that was our only incident in the last month. that put us as 4 for the year this point. we are 2.2 million craft dollars with 104 thousand added last month alone. i'll turn it back to ron for the rest the construction update. >> thank you, dennis. moving on to budget. the estimate to complete hasn't changed since last mupth. we are d

are a fish that is a big reason -- that is a big reason for why you saw the uptake in iron ore and rebarve got to be a little bit cautious about whether the long-term supply demand fundamentals are supportive of that. you arenergy side, seeing better news in terms of the supply reaction starting to show up, but for the fixed income market the issue is not really whether we are at a bottom but that the past market expectations that prices would always be high and increasing, that has fundamentally been broken. we have to deal with in the fixed income markets the aftermath. we are talking about reducing supply and that meets reducing capacity, and you have real credit issues when you reduce capacity. david: something i do not understand, on the demand side we are all worried about china. why isn't india stepping in to take some of this? india is growing at a very robust rate and importing a lot of oil and commodities. why aren't they taking up the slack? jeffrey: theories about the ability to unleash the potential of the indian come -- economy and consumer. we have seen successive disappoi

ande is a mile of rebar concrete and gearshift and hydraulic, there is steel. that will be made right here in the united states of america. the maintenance of the windmill, states,re in the united the grid right here that needs upgrading and the batteries made in the united states. if you look at a place like germany, it has about 370,000 removal jobs right now. they are projected to have about 500,000 in 2020 and they are projected to have 700,000 renewable jobs in 2030. hillary clinton is saying i have a plan, a real plan in my clean energy program, to make sure the united states is ahead of germany, head of china where 2/3 of the solar panels are made. we will make them in the united states and we will make them in regions that used to have steel, used to have coal. we will drive these new industries, this new manufacturing, into the regions that need it the most. she has real plans to do that and that's why she one ohio. host: up next we have richard calling in from massachusetts on our independent line. ryan, do you know the speaker of the house? the speak