we'll have a live report from steve sedgwick.il prices dipped after the announcement of a nine-month extension. 51.54, but back to flat. quite quickly the markets realizing this is what was expected. yesterday oil fell 0.2%, breaking a five-day winning streak. for the week as a whole, up 2%, which highlights owe pick is delivopec is delivering. >> the shanghai comp closing up 1.4%. a better vibe overnight from the eamericamerging markets after t federal reserve indicated patience yesterday. green in asia. as for the early indications in europe. early trading there, less of a buoyant picture. you are seeing some gains in france. the ftse 100 up 0.1%. >> ten-year treasury note. not a huge move off the back of the fed minutes. yields slipped a bit. about 2.3 before the minutes. 2.25 at the moment. the dollar did slip again. not too significantly. the index lost about a third of a percent. 0.3% yesterday. it had been flat before the minutes came out. that slippage was the sort of belief that with the tapering confirmed that likely ha

you heard steve sedgwick's report right now. i think it gels with what you're expecting, which is oil prices that steady out between about $50 and $60 a barrel? >> yep, exactly right. we agreed exactly with what steve said and the opec minister here at tore advertise. we think this was a very constructive thing that opec did. basically they have now set us up for an environment where we're going to have global oil inventories back at the five-year average level. we haven't been there at the five-year average level for a couple of years. so that sets up oil prices to rise from here and we think that's a good time for investors to be looking at energy stocks because of oil prices' recent weakness. >> what role, rob, do u.s. producers play in all of this? i can -- they play a greater and greater role in supply, the world supply picture, these days. i imagine they're licking their chops every time the price goes up because opec's cutting production. >> yeah, very good point. so the u.s. producers and their role is really critical in

our very own steve sedgwick will be entering the room. he will be putting questions -- there you go. that's steve there. he'll put questions to the ministers. >> carolyn, llet me pick it up . we'll get straight to the saudi oil minister. where is he? where is the saudi oil minister? he's at the top. let's have a look. sir -- >> pardon me. >> how are you sir? >> are you happy with the way things are going? do we have consensus in the room? the nine months, sir? do you have any comment for the world on the way oil prices are going to react to the announcement? that is the saudi oil minister taking the first question in arabic. we'll see what we can get in at the moment. a lot of focus on compliance, a lot of focus on how long the deal will be, whether there is a need for deeper cuts as well. >> how long do the cuts need to be? is nine months going to do it? >> we considered yesterday all options from six months to phone mon nine months, to deepening the cut potentially, changes in demand beyond what is the best case. also supply from nonmemb

steve sedgwick is in vienna. good morning to you. >> good morning. this is really interesting. opec group has a successful strategy on its hand, believe it or not, despite the fact that oil prices net-net have not moved much over the six-month period. the problem is it's not manifesting itself in inventories in nations. it is changing inventories in the producing nations. while they have cut production, they have also kept on exporting. in order to see the global inventories come down, what we need to see is a continuation of it. it's all very well doing it the first quarters of the year, these are peak demand areas. it's interesting to see if they can have the discipline to have a six or nine-month extension or whether they will see deeper cuts. a lot of things opec can't control at the moment, including they can't control the fact that in japan, germany, the u.s., three of the biggest users, you've seen declining growth and demand. they can't control the fact that the shale production has been way above expectations. they expected it to be stuck around 8.6 million barrels a d

steve sedgwick is here with more. good news if you have that stock. >> yes. absolutely.had a very good run. they did fall in after hours yesterday. that's on concern the people are holding off buying their iphones because they think the 8 is coming, the tenth anniversary phone and it's going to be jam-packed with new gadgets as well. that's what tim cook is saying. all of these rumors, that is potentially delaying purchases. people expected 51 million units to be sold plus, at least 52 million, they sold 50.76. keep an eye on beef prices trading highs we haven't seen since march, up 25% because of the devastating blizzard in the midwest which unfortunately has potentially killed thousands of animals and driven p back to you. >> thanks. >>> just ahead the donald trump civil war plaque that commemorates a battle that never happened. plus, the trial over topless photos taken of kate middleton as the royal couple seeks millions in damages. you help ensure that children in the u.s. and around the world are safe, healthy and educated. this red nose day, swing by walgreens and

i'm steve sedgwick. these are your headlines. a macron relief rally is short-lived. we got rumors buying ahead, of course, and now selling the fact. this has sent bank shares into the red. >>> the euro also gives up gains against the dollar despite an initial wave across the eu that boosts the new currency to six-month highs. >>> and a battle live ahead, though, as macron needs now to build a position for his parliament from scratch. t could fall short of an outright majority in the lower house. >>> and akzo rejecting an offer from ppg, as the bid could lose. >>> let's have a look at the u.s. futures first off. and we're not seeing a very kwivnsing picture here. the nasdaq up slightly, the s&p 500 rally, 4% on friday to a french record high of 2,393 points, it was up for the week, the third consecutive weekly rise. we've seen a lot of activity in the tech sector and oil prices bouncing back. and that helped the markets to fresh record highs. the dow jones. it seems like profit taking here and not too much of a redepose of the french elections. we're seeing a similar

also want to thank steve sedgwick, of course who hopefully got more out of this opec meeting than just pastries and the wienerschnitzel. thank you very much, steve. >>> what i want to show you is the ftse 100 in the uk, currently up by 0.2%. there you go. 7,533. easily taking out the 7,500 level once again. and it's hit that fresh high this morning on the back of the poll showing that there's a further tightening in the election polls in favor of labor. conservatives lead is only 5 points. that's obviously putting a lot of pressure on the currency. e-mail the show, streetsignseurope@cnbc.com. you can find us on twitter, cnbc and tweet me at @carolincnbc. >>> the tranquillity of the low ke location belies the uncertainty of the location of the meeting of the g-7 7. we head out to this beautiful spot after the break. cdw implemented dell poweredge servers with intel xeon processors to allow people to work from anywhere, so lucky me. so nobody wants coffee?! hey, can i get a couple copies? enhanced mobility by dell. i.t. orchestration by cdw. the future isn't silver suits anit's right now

steve sedgwick joins us live from vienna with more on the opec decision and the market reaction. steve, take it away. >> so, i was listening to you earlier, you're right t had that extra down tick. i think throughout the day oil traders thought there has to be a surprise here. they will give us more, add in a couple other non-opec players or put a cap on the libyans or nigerians. they didn't do that or deepen the cuts. i think that's where it came from. i'm not sure the market was being realistic. when the oil price fell aggressively at the start of may, they came out with the first rumors that we would get a nine-month extension. the problem for opec is they had already given their ammo earlier in the month when we had the rally off the recent lows. but will they cut more if the price goes down? i spoke to the saudis and the russians after the meeting, both say, no we won't worry about the short-term price moves. again, i spoke to alexander novak, the leader of the russian oil ministry, the minister there, i said if we carry on falling and things change, will you cut production?

steve sedgwick is there at the meeting and he joins us this morning. hey, steve. >> hi, guys.own because unprecedented scenes here. we have the opec members and non-opec members here. i'm going to push in and just show you the gentleman standing up is the secretary general of opec and the gentleman on the right is the all important oil minister, and the gentleman in the glasses, alexander novak, the russian oil minister. the people in this room between them control half the world's of global oil. so actually the cooperation going on here between opec and non-opec. they have gone for what's achievable rather than a slam dunk than the markets might have thought, which is of course a deeper cuts than we saw in november of last year. what we have got here from the 1st of july unless we're told otherwise, we have a rollover of the 1 offensive 8 million barrels a day. this will go forward until the end of the first quarter of 2018. i spoke to mr. al falih earlier on. he said, look, i think the markets will rebalance between six months, but we have to go for nine months to be safe as

want to thank steve sedgwick. >>> let's have a look at the fx markets.eing the dollar pulling back from the 6 1/2 month lows s we've seen in previous days. the euro/dollar is back below 1.112. the aussie dollar down just a touch. this is a reaction to the downgrade of the chinese credit rating given that the aussie dollar is often seen asproxy for the chinese economy. >> let's see what the u.s. futures are doing. s&p 500 up by 3 points. dow jones gaining 8 points, and the nasdaq 10 points. major averages saw their fourth straight day of gains yesterday. once again the trading range was narrow, maybe investors seemingly regaining some trust in the trump trade. let's see how long that lasts. >>> european equity markets, this is the picture. fairly uneven. ftse 100 a bit higher by 0.2%. xetra dax is off by 25 points. cac 40 is off by 0.1. >>> some of the biggest stories today on the corporate front. m&s annual profit tell 10% while quarterly clothing after postin the first revenue increase in sales in two years. shares up by 1.3%. >>> kingfisher shares hit

of extensions of the production cuts. 6-9 months is what people are buzzing about according to steve sedgwick are not there. the oil is going up. equity markets like the idea they are holding on to this 45-55 range. beyond that, yeah, overseas growth numbers, ecb hints and the fed. we are at 2400. >> we have been walking a tight rope practically. it has been approached so many times over three months, that either it is going to breakthrough and finally cause a rush of buying or it will repel it again and act as a ceiling for a while. that seems to be the market is trading very mechanically right now for better or worse. >> one group to keep an eye on later in the day is financials in terms of the fed. they are dependant on coming mark the questions to get them moving. ten-year yield, below 230. the yield is tipping a little bit higher. when we come back, amazon is hitting another all-time high today. its 20th record high of 2017. we'll talk bazos and the new new york city bookstore coming this week. we will also talk to an early netflix investor and current board member with the stock and its

steve sedgwick joins us now. good morning. >> good morning, joe.ome people in the market are selling down today because they expected a little bit more from opec as well. this nine-month extension, which has been in the price for a couple of days now looks the best of it in terms of trying to get bull market story back on track again. the deal is 1.8 million barrels off the table for another nine months from 1st of july to the end of the first quarter which is the low period of demand any way in 2018. with the possibility some members are saying rolling it further -- for a further period if that is deemed social security necessary. i spoke to the saudi oil minister. let's listen in. >> we found out that nine months with the same level of production that our member countries have been producing at is a very safe and almost certain option to do the trick. >> so there are some ministers out there who are concerned it won't do the truck. one analyst today believes 2019 could be when we see the real rebalancing of the market. one of the x factors here,

steve is a bail bondsman with whom delaney has done business in the past. >> $50,000 for a criminal threat. >> the man whose life delaney allegedly threatened is the man who has him incarcerated, sedgwick county sheriff jeff easter. >> for saying let's remove the sheriff from office, that's a criminal threat. >> how's it going? >> it's going. >> but that's not all delaney was alleged to have said. his problems began a day earlier when delaney obtained a court document he wrongfully believed could prevent his girlfriend from seeing her young children until she completed a drug program. >> i got time to make a phone call? >> then delaney, who is not their biological father, brought the form to the children's school in hopes of picking them up. that's when things began to unravel. >> i wasn't disrespectful with you. i didn't raise my voice to you. i can state my opinion. >> his brother recorded the encounter delaney had with the pair of sheriff's deputies in front of the school. >> this gentleman here has a problem with my past criminal history. >> they were summoned by school administrators. >> badge or no badge, he still has to show us common respect. >> i give you much respect until i