not as steep as the $6 million drop thaton barrel was reported last night, but it looks like most ofwdown is happening in oklahoma, there it is about 1.8 million barrels. a smaller than estimated increase in gasoline inventories of 400 44,000, and an unexpected raise -- rise, in distillate inventories a 69,000 barrels, a -- 1.3n of one million barrels was estimated there. it is possible we could see a leg down in oil. for a look at the bloomberg our oil charge. you can see the take by take more precisely. we are seeing oil up on the day substantially, up by 1.25%, but a bit of a leg down in reaction to these numbers. we will see how it shakes out as we look at some of the other vagaries of the report as we head toward 11:00 a.m.. we tend to see some bouncing around here, but the headline number, a drawdown of 1.8 x million barrels -- 1.8 6 million barrels. much smaller than the drawdown reported last night. mark: let's check in with bloomberg first word news. taylor riggs has more. taylor: 11 on prime minister has put his resignation on hold. in lebanon for an independence day celebr

jeanna: absolutely, and this is -- thaton that this he favors negative interest rate policy, because qe that much, that is really important. feds the first mainstream person who is in favor of negative interest rates in such an explicit from over way. we heard in san francisco that it is a tool in the toolbox for last resort, but this is a guy who advocates using negative rates instead of qe, and that is an important decision. hrk: and he adds academic eft to the board, particularly with yellen leaving. and the board looks sparse. there are more positions to fill. jeanna: absolutely. openll fill one of 4 vacancies and he is really well respected as monetary economist. his textbooks and writings are taught in college classrooms. at the same time, we have these three open spots and the positions could be full of academic economists. certainly at this moment, it looks like he is going to be an important intellectual leader on the fed. vonnie: thank you for the context. one of our wonderful federal reserve reporters. as for 17 winds to a close, we will look at this year's movers and shak

s thaton days that is windy and they can drift to the east quickly. this area in here is critical. right now the kids sail, they have this nice area to sail up-wind. the problem when you reduce the up-wind distance, they end up being able to have a smaller area to reach back and forth in. you can't put as many boats there. for set sail learn, we were able to accommodate every fourth grader, to do that, we run multiple classes at the same time so there are multiple boats there. we'll stick with our current model moving forward which cannot accommodate all fourth graders. >> is it correct for me to assume, since it sounds like you've had several different versions discussed between the sailing center and enterprises, that this is the best configuration at this number of slips? or is there a different configuration if we were to -- is there a different configuration that would improve your sailing center operations while maintaining the same number of slips? is that possible? >> if you reduce the size of the slips, it is. then you reduce the size of the footprint. if it was accommodat

charlie: and if you can in some way, be part of the direction and the smartest possible , of thaton ofhose resources, and that is a very good thing. michael: i totally agree. we have this dysfunctional relationship with our own government in the society. it is regarded as this hostile other force, this deep state and all that. i find it bizarre because, i mean, i think of our government fails, our society fails. charlie: let me talk about this book, "the undoing project." i love the story and the friendship or romance that existed between the two of them, one now dead. you came to this because after writing "moneyball," you had mentioned the work they had done. michael: correct. this is the oddest book i have ever written in this way because it has a 13 year history. in normally, i am in and out very quickly. "moneyball" was a story about the way this baseball team figured out the market for baseball players is screwed up, and baseball players were not being valued. when the book came out, richard thaler and his writing partner wrote a nice review, but it was a very damming review that

it does qo back to the -- does go back to the fact that maybe there was an a sense thaton or the personalization of decision government,e u.s. at least in his first year in office, offered an opportunity. maybe more calmer might or decision making have cautioned otherwise. but i think that is the key made.culation that was >> all right. the next question is from andrew graves, department of energy. addressed to both of you. of do you see the pace economic reforms unfolding? specifically, in terms of the reduction in subsidies for the gas and electricity prices and so on. >> well, i think so far, some of the initial measures have been down or even put off. benefit, if he's serious about going through with measuresthe painful that inevitably will have to be vision 2030, is if he can show with his actions over that he'swo weeks serious about this, paus becausi years,ver the past two over the first sign of a public has, to, the government some extent, changed course. think the trade-offs involved in transitioning the a moreconomy to sustainable long-term economic just with not reduction in subsidies

they took a stake in an , thatonics retailer department stores, and now along with two other retailersropean, one of the french hypermarket retailers, also another run by a taiwanese billionaire. a 77%ree will combine , which operates 419 hypermarket surround china under the rt brand, so this is another way of jack ma reaching got last mile, going from his aobao toase with tile off-line. alibaba in february because we art heard that the sun group was working on a partnership with some online companies, but alibaba put out a statement saying we are not interested in sun art. this is interesting. it is part of his online to off-line strategy that we have seen from jack ma. >> he is trying to create an entire ecosystem for the shopper. he has alley they -- alibaba, taobao, and team all. last move to a move into fulfillment and retail centers. he has been looking at retailers and see some value in this company. in theck is up 26%, up premarket after being suspended for a week. it was last traded on november 10 and is resuming today. it is an interesting move because they will stay listed i

thaton the back of volcanic eruption in bali.asia-pacific looking like this. the kospi.n 1.3%.i 300 down falling in china. here is your split on the shanghai composite. 4%.os let me give you a snapshot of how this breaks down across movers up, down, and unchanged. there we go. up 400., very much under pressure there. here we go. samsung electronics, your rate of change at the bottom, 1528. there is the stock price below its 50 day moving average for the first time since summer. the other thing i want to point out, morgan stanley cutting the stock to equal weight price target. is 2.6 six, soel implied return still positive. bear with me while i change this chart to the price target on the spread between the two. this is your pool. given a moment. 3.4 million is the samsung price target across 31 analysts. can see this widening spread between the two, so perhaps there might be speculation that we might just get another around of downgrades, bringing back expectations given the fact we have flatlined over the past four weeks, so som

thatone while the expect this november 30 opec meeting will result in 2019, it is important that occurs this event because it already priced in that opec would maintain those cuts. there is a risk to oil now and .he risk to wti that is partly because the u.s. in millionroduction barrel next year. 80% of demand. you buying now? kate: they break even a $30 oil. that is how we have focused for a long time and we look for creative ways to get into that. we do not focus on 90% majority operating assets. we look at situations where other people's trash is our treasure. alix: wow. such a pleasure to have you on the show, kate richard. if you want to know more, join me tomorrow at 9:00 p.m. eastern for an hour-long special. what its impact will be on the world. it is for oil nerds and nonoil nerds here do not worry. 9:00 p.m. eastern, this is bloomberg. ♪ jonathan: in an exclusive interview with bloomberg news editor-in-chief john, the president discussed his outlook for argentina he expects inflation to slow to 15% by the end of 2018. he was also asked about salary increase negotiations for un

barthold, in addition to the saying thaton people up and down the income spectrum will get a tax refund and the washington post saying that people up and down the income spectrum will get a tax refund and your computation of the same thing, when you computed the fact that all these people are going to get refunds, did you take into account that the state and local income tax deduction would be repealed? >> yes, mr. rice. >> you did? wait, even after the state and local deductions being repealed, people of every income quintile were going to get a tax refund? >> let me ever size again, we were reporting average effects. we accounted for every provision .n the underlying legislation >> did you exclude people from connecticut when you came up our that computation? >> sample is based on a national youle and i could not tell how many people from connecticut were represented because the ideas to reflect -- >> will the gentleman yield? >> so, even after state and local, i just need to reemphasize very clearly. >> once we repealed state and taxes, people across the country, and every income or