saudi arabia is also the story for uber. it picked up its biggest ever investment as the kingdom sovereign wealth fund gets on board, plus with exactly three e.u. referendum, we will look at the direction of travel in the u.k.'s brexit debate. ♪ brent trading in the upper end of $49. opec ministers say that saudi could propose an output ceiling, although any deal will need support. that is highly unlikely. ryan chilcote is on the ground. he has a ready -- already stuck the microphone in the face of the nigerian oil minister. ryan, could we get a surprise deal on production ceilings today? ryan: well, let's see about that. you are looking at the new saudi oil minister. much for joining us live on bloomberg television. i know the meeting is to get underway -- needs to get underway. do you think we can get in a production target agreed to? >> we have not started the meeting so i cannot tell you what the outcome is. what i can tell you is that we in saudi arabia as well as other delegations have spoken to since all see the marke

he was talking up the saudi book and making it clear saudi aramco will keep the spare production capacityhe was saying it is not up to us. there are some issues in the market. shale will not be coming back with oil below $50. he said keeping oil at that price, there is a lot of spare storage, oil in storage, and that will be overhead for the price. he is talking about the fundamentals of the market and trying to give some additional clarity on the saudi position. manus: they sure do have some mighty exports, 12 million barrels. anthony, thank you very much for bringing us the very latest from that opec meeting. let's bring in our guest. he joins us now on the phone from the end. johannes, you are listening to golnar and anthony beside me. give me your take in terms of the great $50 debate. were you surprised you didn't see more negative market reaction to the lack of agreement in this meaning -- meeting? i think the market did not expect any agreement, so there was no negative reaction to it. i think it is reasonable to assume the market has recovered from the low $30 that right now that

they all went to saudi schools.d from the time they were first able to go to school of this intolerant brand of islam. >> kroft: lehman is talking about wahhabism, the ultra- conservative, puritanical form of islam that is rooted here and permeates every facet of society. there is no separation of church and state. after oil, wahhabism is one of the kingdom's biggest exports. saudi clerics, entrusted with islam's holiest shrines, have immense power and billions of dollars to spread the faith. building mosques and religious schools all over the world that have become recruiting grounds for violent extremists. 9/11 commissioner john lehman says all of this comes across in the 28 pages. >> lehman: this is not going to be a smoking gun that is going to cause a huge furor. but it does illustration of the kinds of things that went on that-- that would really help the american people to understand why, what, how, how is it that these people are springing up all over the world to go to jihad? >> roemer: look, the saudis hav

saudi has a lot of catching up to do.e thing, anthony dipaolo there, with the latest on the targets for renewable's. data we ares waiting an attorney for, export numbers. headwind,ing more imports less than feared. and i will have a you trade surplus. stephen engle is here to break them down. stephen: the import number was better than expected. that kind of actually shrank trade surplus, we were expecting a $55 billion surplus. in may.down on exports that is the third month in a row, falling exports after march, i believe. march was up 11.4%. may is the second month in a row of falling. it is kind of a deceptive -- rishaad: it does tell you about what is going on globally. stephen: the world bank that the global forecast growth overnight. there were headwinds in the global market, like in may in the u.s. they were down 12%. there are some headwinds. but the chinese exporters also got a reprieve from the weaker currency over the last year. if you look at the export numbers in the yuan, they were better than expected. in th

jobs for saudi's. they are talking about a transformation of the economy and that means getting more of the citizenry out of government jobs or into jobs in the first place and into those jobs in the private sector. to do that they have to do a lot of the other things they said they would do in the plan, cutting some of the subsidies to get the incentives for people to work, creating other industrial jobs and private sector places getthem to work just to them incentivize to get out of the public sector or to get into work and they need that, they need the jobs to make the economy sustainable in the future. the economy grows as the population grows. they want to have the citizenry contributing to that in a big way. i think at the end of the day, it is jobs and getting saudis in work that will be the success or failure of this plan. part duehow big a energy and commodities play, what are their targets when it comes to all that? guest: energy and commodities will be a big role and obviously oil is what un

tensions between saudi arabia and iran.problem with iraq is that they have a desire to export this theocratic revolution. it is not that the deal with americans is wrong. if you put a constraint on the iranian nuclear program that is a plus not a minus. the problem is what the iranians continue to do with the region is export instability and chaos. .here supporting hezbollah there supporting radicals in yemen. to put hamasng into a position of hostility toward israel. rather than move them into a position where they could be part of the peace process. hostile to our interests. hostile to the interest of rule-based economies all around. this is a problem correctly. in the end i think you will find that the saudi issue with iran is tough to do with sunni versus shia. it has to do with the actual impact of iranian policies dictated by those who ultimately govern iraq. >> you think there is a sign of a change in iran since the deal? tony blair: one of the interesting things is the iranian people are obviously smart and educated

the saudi's clearly have the financial resources to pursue nuclear weapons. acquiring the necessary human infrastructure to pursue indigenous nuclear program would take many years. richard and i tried to get to the bottom of the widespread belief that pakistan has agreed to help saudi arabia acquire nuclear weapons. hard to pinh is down. if such a saudi pakistani understanding was ever reached it was probably very long ago at the very most senior levels of both countries and it was probably very vague. detail abouttional how it will be implemented or the circumstances of it. in today's circumstances it is very unlikely that pakistan ,ould agree to become iran's i'm sorry saudi arabia is nuclear accomplice. we next looked at the united arab emirates. the uae believes that iran poses a severe threat and like the saudi's they have lost confidence in the reliability of the united states. they are reluctant to put their vital security ties to the united states in jeopardy. investedalso heavily in a very ambitious nuclear energy program. with the construction of fo

what is their objection to saudi arabia?has a very long-standing relationship dating back to the 1950's with iran. they bought one of the first cargoes of oil from the nationalized iranian oil injured -- industry. having said that, japan's oil industry has always been a pretty apolitical business. it is reminiscent of mark rich who you will remember used to my oil from iran and sell it to israel and did very well off the proceeds of that. smaller boyof the oil.is of -- buyers of saudi aramco is the biggest buyer of iranian oil. rishaad: what is the role of iran's sanctions in all of this? guess: it is a little hard to say because to be honest the excavation is not very clear but as far as i am concerned that is a very important backdrop. and russia are in the middle of the market share war in asia at the moment. iran has got a significant handicap. the effective sanctions, even now they have been lifted, has left them with a crippled industry. they need a deal of investment to help out with that and the japanese companies ar

to saudi arabia, it's huge.di arabia bought $1.5 billion of weaponry in total last year, a lot of that u.s. weaponry. needs everybody in the world. great discussion. let's see what he comes on with. coming up, the final countdown to the brexit referendum. waited, talked about get ready for the rio olympic games by switching to xfinity x1. show me gymnastics. x1 lets you search by sport, watch nbc's highlights and catch every live event on your tv with nbc sports live extra. i'm getting ready. are you? x1 will change the way you experience nbcuniversal's coverage of the rio olympic games. call or go online today to switch to x1. manus: the top stories on bloomberg -- sources tell us that national bank of abu dhabi and first gulf bank are exploring a potential merger that could create the middle east's largest lender. with assets of $170 billion, the combination would surpass qnv. comes as the industry battles falling profits because of lower economic growth and a decline in asset quality. the campaign to keep the

how do you look at saudi?ary: if the next 3-6 months, you worry about global events, but longer-term, within the region, people are buying into these plans. we have only had stage two of five stages to come out. there is a good framework to it. there is a lot of logic to it. if that logic plays out inconsistent gdp growth, irrespective of the ups and downs, it will drive valuations higher. manus: nobody is going to get withouthis show responding on the fed. we've got the fed tuesday and wednesday. we are going to talk about inflation expectations. if you're unsure of where to go for the future of interest rates, this is where you want to go. what you think of the emirates nbd? can they get one hike away, two hikes away, and are you join the global bond drop in terms of yield? gary: i think we are going to see a fed committed to wanting to increase interest rates twice. i think the dots are aligned with that view. that will drive bond yields down further. manus: where can we get to in bond yields in the u.s.? m

the clash between the saudis and iran? think the longest and biggest tension is the need for the region to achieve new role-based economies and a religiously tolerant society. these are the two big things at the heart of the struggle in the middle east. i think that is far more important, even though i understand all the implications of the tensions between saudi arabia and iraq. the saudis problem with iraq is their desire to export the anaconda stick -- anaconda stick -- anachronistic revolutionary ideology, so it is not with what the americans had them with iran that is wrong, if you put a constraint on the program, that is a plus and not a minus, the problem is what the iranians continue to do within the region is export instability and chaos. they are supporting in yemen and they will do anything they can to put hostility toward israel rather than lead them into a position when they can be part of the peace process, so when you look at what the iranians are actually doing around the region, it is hostile to her intere

we are discussing saudi arabia's proposed output ceiling. requireous cap will durant's support in that is highly unlikely. let's walk through this. production ceiling is what opec is always had. the last time they had of it stood at 30 million barrels a day. then at the last meeting in december they got rid of it. now production ceiling as an agreement informally among the members of the group that they will try to not overproduce. as a group now of 13 countries. iran is saying production ceiling sure. we want individual quotas for countries as part of that. there is actually some individual responsibility. i caught up with the oil minister late last night. have a listen. he is saying it is a nonstarter. he wants country quotas this idea for production ceiling it would just be the sort of diplomatic play but it wouldn't have any real effect. iran effectively still very upset that lost a lot of its market share under sanctions. they arabia iran believes took it away. share.ole the market it wants those countries to make room for it and reduce

she later mooed to saudi arabia -- >> so, malik lived in both saudi arabia and pakistan.saudi arabia most lavishly and successfully exported its ideology? pa pakistan. its saudi funded mosque, preach a message and ideology rology, tashfeen malik, the san bernardino killer is a product of radical islam globalized by saudi money and one more visitor to saudi arabia the orlando shooter, omar mateen. he went there twice. up next, a crucial question. when we ask why they hate us? how many are there in the first place? >> 300 million people who are ready to vap bombs on their bodies. >> at most, 100,000 people. >> getting the facts right. when we return. defiance is in our bones. our citracal bones. easily absorbed calcium plus vitamin d. defy bone aging with citracal maximum. our highest level of calcium plus d. wannwith sodastream®er? you turn plain water into sparkling water in seconds. and because it's so delicious, you'll drink 43% more water every day. sodastream®. love your water. >> if you believe everything you heard about islam on certain cable news channels, you woul

now the saudi's want to mend relations with them.ith the iranian oil minister yesterday and he said production target, maybe. what we want is individual quotas. in other words, they would sit down, do the math, and each country would sign up, pledging to keep their production at a certain level. have a listen to what he had to say. >> one of our main ideas is having a country quota. believe that we can reach agreement for this matter. ton: the saudis are set reach this production target. the iranians one individual quotas. is there a copper my's? to discuss it, we have jason checker, the number one forecaster on the bloomberg turnover -- terminal for wti. eric and. we have two is there any room to do a deal? jason: i think there is. both parties have interest behind their positions. from the iranian standpoint, the interest is they want to see their oil production rise. for the rest of the members, they want to see the price of oil rise and they might be willing to leave production relatively unchanged. there are two ways around this

its saudi-funded mosques preach a message much like the saudi idealogy.radicalized by saudi. >>> up next, a crucial question. when we ask why they hate us, how many are there in the first place? >> 300 million people who are ready to strap bombs on their bodies. >> they say at most, 100,000 people. >> getting the facts right, when we return. you don't let anything keep you sidelined. that's why you drink ensure. with 9 grams of protein and 26 vitamins and minerals. for the strength and energy to get back to doing... ...what you love. ensure. always be you. [ boss ] it is a very smart plan. so we're all on board? [ paul ] no. this is a stupid plan. hate drama? go to cars.com. research. price. find. only cars.com helps you get the right car without all the drama. only cars.com helps you get the right car hmmmmm....... [ "dreams" by beck ] hmmmmm... the turbocharged dream machine. the volkswagen golf gti. named one of car and driver's 10best, 10 years in a row. >>> if you believed everything you've heard about islam on certain cable news channels, you'd have

its saudi-funded mosques preach a message much like the saudi ideology of wahhabism.duct of radical islam globalized by saudi money. and one more visitor to saudi arabia, the orlando shooter, omar mateen. he went there twice. >>> up next, a crucial question. when we ask why they hate us, how many are there in the first place? >> 300 million people who are ready to strap bombs on their bodies. >> they say at most, 100,000 people. >> getting the facts right, when we return. it's more than a network and the cloud. it's reliable uptime. and multi-layered security. it's how you stay connected to each other and to your customers. with centurylink you get advanced technology solutions, including an industry leading broadband network, and cloud and hosting services - all with dedicated, responsive support. with centurylink as your trusted technology partner, you're free to focus on growing your business. centurylink. your link to what's next. don't bring that mess around here, evan! whoo! don't do it. don't you dare. i don't think so! [ sighs ] it's okay, big fella. we're gon

its saudi-funded mosques preach a message much like the saudi idealogy.r, is radicalized by saudi arabia. another one from saudi arabia, omar mateen. he went there twice. >>> up next, a crucial question. when we ask why they hate us, how many are there in the first place? >> 300 million people who are ready to strap bombs on their bodies. >> they say at most, 100,000 people. >> getting the facts right, when we return. i'm terrible at golf. he is. but i'd like to keep being terrible at golf for as long as i can. new patented ensure enlive has hmb plus 20 grams of protein to help rebuild muscle. for the strength and energy to do what you love. new ensure enlive. always be you. all the other guys are talking about these days is how good their coverage is. but only one network is giving you more than just great coverage. t-mobile! only t-mobile's lets you stream video and music - for free! not only that, but we doubled our lte coverage in the last year. that's right! our coverage now stacks up with anybody. including verizon and at&t. so now you can get rid o

its saudi-funded mosques preach a message much like the saudi message.adicalized islam globalized by islam. and one more radicalized islam? omar mateen. he went there twice. >>> up next, a crucial question. when we ask why they hate us, how many are there in the first place? >> 300 million people who are ready to strap bombs on their bodies. >> they say at most, 100,000 people. >> getting the facts right, when we return. put some distance between you and temptation with... ...meta appetite control. clinically proven to help reduce hunger between meals. new, from metamucil, the #1 doctor recommended brand. we're here with bud light party super delegate michael pena to talk about diversity. america is a nation of immigrants. we're a schmorgasbord of cultures. a korean taco of togetherness. an everything bagel of unity, each one of us a different seed. that was beautiful, amy. i thought it was also nice, yeah. yeah. we're a poutine of harmony. a gumbo of coexistance. we're a never ending, bottomless, all inclusive, super... buffet of... i can't do any more

cashgetting a massive infusion from saudi arabia.t is next. ♪ ♪ betty: you are watching "bloomberg markets." i am betty liu. mark: this is bloomberg television. just got a big vote of confidence from saudi arabia. billion inting $3.5 the startup and will get a seat on uber's board. it will help the company find it's costly global expansions. for more, let's bring in marie mawad. this is a huge cash infusion for uber. how are they going to use the money to expand? it does seem like a massive amount, three point $5 billion, the biggest single investment coming into uber, bringing their cash pile to $11 billion. they are going to need operably at least to that to realize their plans for international extension. it is the world leader in car hailing applications. haveround the globe, they strong competitors emerging in countries like china and india and across europe as well as the u.s.. uber is going to need the money. they need the money for to get intorposes, consumer heads around the globe and expand into new cities from china to und

clear in many ways that the saudi's are concerned with current u.s. leadership. they are acting more independently, more assertively, especially this generational change. the defense minister took a must role,ssertive regional especially in the campaign in a yemen. in our research, richard and i heard many regional countries concerned that the saudis may be overreacting and may be stimulating instability and even blowback to their own interests by doing this. it's a very delicate balance the u.s. has to pursue, and is trying to pursue in the obama administration. on one hand, showing our support for the security interests of our partners, including saudi arabia. providinger hand, not too much support for actions that the u.s. believes may be going a bit too far. i think the u.s. knows, and certainly president obama has stated, that it will be important in the long run to achieve a balance in the region between iran and its supporters and the sunni arabs that are concerned about iranian behavior. establish this balance with a strong u.s. credible military presence

the saudi-led campaign inside yemen began on march 26, 2015. the houthis, a group within yemen, had captured the capital in september of 2014, and the saudi-led campaign, of which the united states is a member, is intended to push the houthis out of the capital. the war has been absolutely devastateing, from both a humanitarian perspective and a u.s. national security perspective, and i have offered an amendment that i'm not going to call up right now but i may later in the proceedings with senator paul that would place some very reasonable conditions on the u.s. participation in this coalition and in particular on the u.s. transfer of munitions to saudi arabia in order to continue this campaign. so what is the status of this civil war inside yemen today? well, first of all, as i mentioned, it's been an absolute humanitarian disaster. you have 3,000 civilians that have died. you have over 6,000 total that are dead. and you have 80% of yemen's population that right now is wholly dependent on international humanitarian relief because they don't h

in saudi, you have not seen too much. over the year, we will see more and more coming through. you can also see that reflected in the consolidated data. april, we are back to +2. going forward, we will come down. manus: i like it, and did they call on hermes. what do we have in store for you? how do you like to travel? the lives of the rich and famous maybe changing the middle east at least when it comes to their travel plans. when i talking about? join me. ♪ welcome back, you are watching bloomberg markets middle east. list take a look at events making the trading week. is the chinese economy stabilizing? is there more cause for concern yet could the imf issued their verdict when he released their apart on the world's number two economy on tuesday over the weekend, the second in charge said that the country should take urgent steps to tackle its rising corporate jet. china will find out on wednesday if it's shares are to be included in the msci emerging markets index. as has been considered since 2013 and a decision has

going to saudi arabia? it is legal to go to saudi arabia. >> it does seem silly, but i don't know if it is silly. you go to saudi arabia and combine that with the we deserve 9/11 and you can't come back in. >> isn't that freedom of speech? >> you go to saudi arabia and think we deserve 9/11, you are out. >> i don't think what you are saying makes any sense and i am angry about the intro still. so if someone goes to saudi arabia and they say something you don't like they lose their freedom? you want to make that an amendment to the constitution? >> you simplify it a little bit. >> you can always look back and say he did this thing and this thing. there are a lot of people who are suspicious and weird. the majority of them don't end up shooting a bunch of people. we can't problems -- prosecute future crimes. >> i want to make it a lot harder. why don't you start with my theory and go from there. can't we make it harder for people who hate this country to take action. otherwise they are sitting there. we can t

including with saudi arabia.ut the saudis are reluctant to foreclose legally all of its fuel cycle options. not really because, you know, they are determined to have enrichment or reprocessing. when richard and i were in reiad and spoke to senior officials, they told us that they have no current plans for enrichment or they reprocessing. they didn't want to foreclose the option altogether in part because perhaps sometime in the distant future they would see a need to do that. but largely for political they reasons. they didn't want to see themselves foregoing an option they believe was available to them under the non proliferation so treaty. so so far there's been a stalemate there. in our report. and take a look at one of the recommendations, we say the u.s. with its civil and nuclear cooperation partners should try to get the strongest possible constraints on indigenous enrichment and reprocessing. but when that is not possible for a variety of reasons, including political reasons, the u.s. can afford to set ba

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 not sure up what is going on with the balance sheets with japan in

bust saudis aren't much better. turks at least until this president came in and tried to work with us and tried to work with the west. the turks have never acknowledged the genocide. kennedy: why are they still classifying these 28 pages? they released the report in late 2002. it's 2016. >> there is something in there they don't want people to see. the words saudi arabia. those from the words they don't want you to see. they are a treasures ally. they are smart about getting themselves in our business when we are doing things the middle east. they make themselves invaluable to us and they exert pressure. for them to look back. that's why we do it. kennedy: i don't buy that they are going to divest themselves in american securities. they would take their own economy. i think they are blustery. smith, what do you think? >> maybe you are right about that. i do disagree that it's morally reprehensible that we work with these people. the only thing i would disagree with you on is i think they are far worse than iran by t

saudi there have been indications they possibly could back a ceiling. you don't know that as of yet. and iran are not keen on backing a ceiling right now. now do tune in later on today because on a programming note we've got decision time coming up. 1330 and some more. justin joins us here. good morning. what do you think about the potential of them hiking growth and inflation forecasts? >> we think certainly it will look pretty positive today. but the challenge will be on mr. draghi not o appear too hawkish when he's delivering these forecasts. of course that will feed into inflation expectations which are already pretty low. >> so how is he going to balance it? for ages all they did was pretty much cut inflation targets at every single quarterly meeting. >> i think it is just a question of making sure that this is being played down in terms of policy. that it will remain a kmintive for quite some time. what we're not expecting yet is any indication what will happen after march 17. i think that decision will be taken later in the year. >> do you think

is not the only way that the saudi government is counting on raising funds.n-oil revenue is often expected to come from a new taxes oned tax, sin sweepings and tobacco, and fees imposed on the private sector. while the government says income taxes are out of the question, it is also planning on public sector cuts as well as slashing water and electricity subsidies. saudi arabia's turn away from oil revenue has been exploded by the sudden drop in global crude , which produced a $100 billion deficit last year. markus: from the saudi economy to the euro zone economy, it picked up pace faster than previously estimated in the first order. growth was revised higher in the fourth quarter of 2015. that is from the initial growth, of .5% according to the european union statistics agency. the economy grew by .2% during the same period. the eurozone economy got off to a good start in 2016 but they say rising oil prices and a strengthening euro complicateds the outlook. we will bring you up-to-date with the stock market and in the united states, the dow and the s&p 500 a

of the next, saudi arabia hails uber.investment fund hands the company's largest investment to date. ♪ it was forecast to rain, but it is a gorgeous day here in berlin, the capital of germany. maybe the capital of europe, if you don't count brussels. let's get to the bloomberg business flash. the proposed takeover of the london stock exchange may result in hundreds of jobs cut. a filing said they expect to lose 700 positions. shareholders will vote on the deal next month. share toill pay $74 a buy back to billion dollars of its own stock. total ofwill raise a $8.9 billion as it lowers the stake in the e-commerce company to 28% as the telecom giant is ombarking on an asset plan t shore up its finances. finances. its cutting: goldman sachs hundreds of jobs, adjusting to a slowdown in activity. for more, we're joined now today get to this. hsbc, why isf them goldman doing this? ingoldman is a top of bank the landscape, we're talking about a bank that is -- has consistently shown great performance of keeping its share of the

saudi arabia is not on that list. we don't have any trade sanctions against the saudi's.ut that is actually, i think a side issue. under the existing law, we believe there is a legal basis to sue them. that has been thrown into question, and that is why we have sought congress to fix any ambiguities in the law and in the court's recent interpretation of it so we have a crystal-clear path to telling the saudi's, you don't get immunity for this. you have to come into a courtroom and answers the legislation. it just allows us to bring them into a courtroom to finish investigation, and maybe have a trial against them. host: when andrew maloney says jasta, heat is referring to the -- go ahead brian. caller: i'm in support of the lawsuit of terrorism and the families that lost a loved one's. we goingering, are after the families and loved ones of the pentagon? -- or are they must military collateral damage? guest: we represent everybody who is joined a lawsuit. there is a pending class part of it. even families who haven't hired lawyers to join, we have sought to protect their

and saudi arabia should allow the building of a temple for christian church?there have been talking about saudi arabia for a long, long time. >> i ask you a question sir. i don't have time to mess around here. do people like you have a responsibility to say stop oppressing women, gays, lesbians, christians and jews? >> we're doing our responsibility in maximum way. i want you to join us this fight, fight radicalism and fighting islama phobia, and injustice. yes, of course. >> they persecute these people. we're talking against all of them all of the time. >> do you condemn it? >> of course i condemn saudi arabia. >> and united arab emirates, and algeria? >> i condemn those supporting terrorism in iraq, in afghanistan, in beirut, everywhere. of course i condemn that. sean, my question from you, are you on the same page? could you? >> let me ask pastor a question. pastor. you see the persecution of women is so common place in the arab world. no tolerance for christians or judaism. why is there so little in terms of discussion? why do people like hillary clinton a

manus: saudi stocks -- you just said to me, saudi is outpaced. -- has outpaced the msci emerging markets this quarter. call me a skeptic. >> if you look at the data, it says, of the 172 members on the index, 80% have average ratings. a potential60% show upside. we cannot tell you to go in and buy, but there is an opportunity here. if you look at the market closely, you may find bargains. manus: i ran wcrs. it's one of the functions. we are able to look at the performance year-to-date. aboutlenged emirates this. we have run the data, which is what your piece is about, versus the performance. cali old-fashioned. -- call me old-fashioned. you have media down 70% year on year. it is still a big call between the two. >> because there is a lot of change happening, you have to watch out for the cues. if you look at the division closely enough, you'll see some were mentioned and some were not. it doesn't mean others that were not mentioned won't benefit. people are waiting for the cues. they want to see where the money will flow in. don't forget, it is ramadan right now, so working hours have be

>> jackie nailed it, it's a question of the saudis.ing 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. in terms of refining, the demand is great. typically what we would be looking for is good demand is good refining margins. given the really remarkable strength of de

the saudi's are prepared to meet all or most of the critical requirements, u.s. requirements, for civil-nuclear agreement. incentives concluded with the united states. the saudi's have an ambitious nuclear energy plan. they want to add 16 big power reactors. they would like to get started as soon as they can. but the u.s. has at least for to time being been adhering the so-called gold standard. richard alluded to it before. was reached inrd the u.s. emma roddy -- u.s.- nuclear deal where the uae agreed to forgo nuclear processing permanently. not just enrichment of u.s. origin terrell, but throughout the country. it realized that if a pursuit enrichment reprocessing, this could stimulate others in the region to follow suit. we thought it was very responsible approach. so the u.s. administration has been trying to emulate that positive outcome, including with saudi arabia. but the saudi's are reluctant to foreclose legally all of its fuel cycle options. really because, you know, they are determined to have enrichment reprocessing. when richard and i were in we spo

sam, saudi leading the slump on sunday. would we go from here?rday was very down day across the middle east. we were playing catch-up everywhere else. in the end, while saudi had the biggest day drop, he was to buy that finished the lowest. recouped some we of the losses throughout the day so i do not think we are going to see a similar scale of decline today. i think as we look at asia and the rest of the world, we are talking about another red day but on a much lower scale. rishaad: in other news, a major bond sale possibly in saudi arabia? guest: we have been waiting for this one. saudi arabia has made it clear that they intend to tap the dollar bond market, their first international sale letter. we have been waiting for quite the bank to report appointments. we got those yesterdays lucidly. , and hsbccitigroup were appointed as global coordinators. wayissue could be as little away still, a lot of work to do. we are in the tail end of the holy month of ramadan and we are heading into summer. we still waiting, but they are pushing ahead. rishaa

in saudi arainia, women cannot drive. women cannot leave the house without a man's permission, go to school or go to work. you have a morality police, you need four male eyewitnesses to prove rape for a woman. she has never criticized these countries. she has taken their money and they seem to have bought her silence. and only now that she is caught, does she reverse course only today. what do you make of that? >> well, i think what you are seeing is the breakdown of a system which has been around for 40 or 50 years. and for 50 or 50 years, the saudis were so rich and their gulf state allies were so rich that they could basically give money to universities, give money to companies, gif money to lobbyists, give money to foundations like the clinton foundation, and they bought a benign willingness to pretend that they were good people. and the objective fact is that the saudi government is in the early stages of an enormous crisis. i think that -- go ahead. >> she took money from countries that are abusive to the very const

bush holding hands with these saudis and i think -- >> excuse me. juan, juan, excuse me if i'm not interested in eight years ago. >> implicated in 9/11. >> that's right. release the documents. >> who was hiding these documents? republican. how is this -- >> obama didn't release them. open them up. i want to see what the saudis did. >> you checkmated me. >> i'm glad you admitted it. >> it is about the united states doing business with these countries whose practices and culture at odds with our own. >> hillary clinton taken money from countries that abuse and persecute women, gays, lesbians, christians and jews. she sold out. >> united states government doesn't? >> cannot be the champion of people's rights and take that money and sell out. >> and the united states government which stands for freedom -- >> i have to go. >> democratic rights and individual protection, we should go ahead and do it? >>> coming up, muslims and religious leaders need to do to more to combat the rise of radical islam in america. two guests will be here to weigh in and much

the clash between the saudis and iran? longest and biggest tension is the need for the region to achieve new role-based economies and a religiously tolerant society. these are the two big things at the heart of the struggle in the middle east. i think that is far more important, even though i understand all the implications of the tensions between saudi arabia and iraq. the saudis problem with iraq is their desire to export the stickda stick -- anaconda anachronistic revolutionary ideology, so it is not with what the americans had them with iran that is wrong, if you put a constraint on the program, that is a plus and not a minus, the problem is what the iranians continue to do within the region is export instability and chaos. they are supporting in yemen and they will do anything they can to put hostility toward israel rather than lead them into a position when they can be part of the peace process, so when you look at what the iranians are actually doing around the region, it is hostile to her interest and hostile to re

it's no secret the saudis and others are rooting for mrs. clinton. a lot of anxiety about what donald trump would mean. i think the obama administration is pretty much a very lame duck thpt. >> julia, back to you guys been. >> so the bottom line is, of course, it's a nonmeeting. >> certainly i think that in terms of breaking news, probably not going to see much coming out of here, but at the same time, it's like everything else when yoosh dealing with saudi arabia and the other gulf states. it's all about the long game, isn't it? >> for that reason in particular, very important. i like the idea of not wanting the volatility, even if that means oil at low prices. great point there. thanks, hadley. this is the first time the japanese telco has sold alibaba shares since it first invested in the commerce company in 2000. softbank shares are trading up on the news while alibaba shares fell in extended u.s. trade. >>> toyota is in lait stage discussions with google to buy two robot development conditi s conditions. a $1 billion budget from the toyota resur

a church in saudi arabia. you cannot build a temple if you're jewish. she claims to be the advocate, the champion of all of their rights. how do you explain the taking of money in this particular case? >> very simply. for the left today, not the democrat party of the 1960s of jfk but for the democrat party today, reality is optional. it has been kidnapped by the olinski-ites. for them it is just cause. you say whatever you like as long as you can maintain power. it's not about truth, sean, anymore. it's about staying in power and getting the millions. you've just proven it. >> all right. let me ask you, you're an e pert on military matters. you've examined the clinton/obama foreign policy. in libya, in syria, pulling out of iraq early, gains such as fallujah and tikrit, releasing gitmo detainees, giving money to the former muslim brotherhood head muhammad morsi and $150 billion to iran. exam that from a national security standpoint. how profound are these mistakes? >> they're catastrophic, sean. they are literally catastrophic. in every case. think abou

and saudi arabia, saudi arabia is one of the countries if you look at, top five exporters to energy,audi arabia is the second after canada. for the u.s., saudi arabia is seen as a relatively stable ally in the persian gulf in that part of the world. so to what extent do you as an advocate have to understand this crossover, if you like? >> we can understand the crossover and at the same time advocate that the obama administration and whomever our next president is, uses the lever knowledge that we have with those countries to effect change on human rights, specifically with not just the lgbt community, but women, religious minorities. deirdre: human rights. >> exactly, we have an opportunity there. deirdre: let me ask you, i know that's the reason you support donald trump, you feel he's a stronger candidate for human rights. >> right, i've said in the past. just to be clear, log cabin republicans has not endorsed a presidential candidate. if members in the lgbt community elevate national security in this election psychal, they're going to be taking a second look at donald trump and li

saudi arabia was threatened by missiles along the boarder aimed at saudi arabia and there were crossoarder incidents taking place and they were clearly moving in a way that threatened saudi arabia and they together with other countries in the region and ourselves felt it was important by the way they were supported by the missiles didn't come from nowhere, they came from iran, and so there was a reason for a coalition to respond to that. now, they would like to have progress at the peace talks and these talks need to produce something. nobody is seeking to extend a quote proxy war and i don't think the iranins are. i think they would like to see a resolution in which they have a role to play within government and they've come together and there is a new government that is shaped out of these talks and you can hope for peace. regrettaby in the last days it has turned more the other way and the conflict appears to be in some cases resuming and i hope in the next days that we can get it back on track so that there could be progress at these talks. >> is the move on cluster bombs an ackn

>> they have been talking about saudi arabia a long, long time.don't have a lot of time to mess around here. should these countries, do people like you have a responsibility to speak out and say stop opressing women, christians, gays and jews? >> i want you also to join us in this fight, also fight radicalism and fighting islam injustice, hate and hypocrisy, yes, all of this, of course. >> they have persecuted these people -- >> we are talking about that all of the time. >> and do you condemn it? >> kuwait and the uae and qatar and algeria? >> all that are supporting terrorism in zea and afghanistan and baghdad and everywhere of course. >> my question -- >> my question from you, are you -- >> i ask the questions and you get to answer them. pastor, you see the persecution of women. it is -- it is so common place in the arab world, gays, lesbians, common place. no tolerance for christians or why do the politicians accept millions of dollars but never talk about them. they are shackled by political correctness. if this was a fundamentalist christian

date ally in the region is saudi arabia.e talked about the poison in the filling is failing.- that they are trying to bring economic reform to saudi arabia. do you see a change that might [indiscernible] think that it has been one of the most significant changes that has come about in the past years. i think the program of economic change and social change would be of fundamental importance to the future health of the region. john: do you think it can be pushed through? he is a younger man. tony: he is young. the saudi system has been discussed many years. it has gone from being the one that is moving fast, but it is a young population. young people and saudi understanding the change. he is really driving that change . the vision that they set out is , modern, sensible forward-looking visions but the country. implementing it will be hard, but i think he has the executive capacity to do it. by the way, it is an absolutely vital, strategic interest for the west. john: what about the saudi-iran relationship? it is very cross wi

the big question, but saudi arabia's oil minister find common ground with iran. nicole: let's check out oil prices. west texas 49.17 at 16 cents. lauren: u.s. stock market futures ahead of the opening bell. a muted session in the end, but today dow futures done 20 points and s&p futures down three. nicole: the yen continues for the third day, moving higher on the delay of the sales tax increase 29 teen and stock mix right now. shanghai composite index up half a percent. the nikkei down 2.3%. lauren: in sports, the penguin beat the sharks taken a two games to none lead and that's the french open. both williams sisters played yesterday. one of them won, one of them lost. all of that coming up in sports. nicole: is 5:01 a.m. welcome to "fbn:am," your first look at today's markets, the latest breaking news and what to expect that they had. lauren: a stunning turn of events picked the state department admitted unintentionally deleted several minutes of video footage from a 2013 press briefing very top spokeswoman need to embellish misleading the press over the iran nu

there is distrust between saudi arabia and iran.hwill 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 want to agree to a production freeze. they are returning to the market after sanctions were lifted and are trying to get their oil production back to where it was prior to sanction several years betweenthere is a gap saudi arabia and iran, and we will have see if they can reach a compromise. for that.hanks a lot let's have a look at some other stories. rosalind: it looks like a slow down at goldman sachs. jobs have been cut in the investment banking division. workerslosses affecting in hong kong, london, and new york, said to come on top of it annual cull of employ