that's wti, could break below $43. lowest level for wti and brent by the way, since may. and the stock's within the space, near and dear to many portfolios exxon, chevron, the ones getting hit, but wti could go below 43 any moment now. >> you got two reasons for this. going to continue. one, rig count steadily going up. supply is picking up. the other thing is demand is starting to go down as refiners enter the shoulder season where they start to take down refineries for maintenance and switch over to the heating oil season. that's happening in august. the market is getting wind of that. >> joe? >> same as last year. easy trade. >> same as every year. >> no. the same as last year in terms of when the opportunity for an easy trade was in the oil space, and that was february ran its course through the end of may. time to ship, shift out of the high beta names. look at the large cap names. i know josh and pete played the xle. i like that strategy and think you could look at higher-end refiners like a psx. jim is right. talking about rising global inventories. global inventor

wti now down to .8

wti in a bear market. 40.77. we will assess all these things, monetary policy, global banking buiter.lem his call, a gdp growth of 2.4%. but first, let's check in on the market. we have a selloff. jonathan: we will break it down. by .5%.e up of dollar-yen with a move up. the bank of japan disappointing the yen. this is bear flattening. the long and stays anchored. in japan, up 10 basis points there. we will be talking about the market a little bit later. but to wrap it up, it is brent and wti. a bear market at the close. a seven day losing streak. down by 1%. we are trading at $40.77. back to the big news that the bank of japan is keeping monetary tools unchanged. lay out we heard today? >> well, you are right. largely unchanged, that is the headline. toolsin monetary policy were unchanged. there was some easing and more purchasing of funds and there was a doubling of the dollar lending program. bush really interesting was the fact that there will be a review the policies that have been taken over the past three

you're looking at wti there. but brent and wti were both down 1%. the lowest for both crude indexes since april 20th this year. now, we've been covering earnings results from major companies in japan. telecom giant softpang reported earnings with net profit for the three months after june rising 19% from a year before. it struck a deal earlier in july, if you remember, to buy arm holdings of the uk for around $30 billion. today we'll have sharp, sony, mazda, japan airlines, panasonic and many others that are lining up to report their earnings. ai. >> ramin, what can you tell us about currency moves? because the yen looked to be pretty volatile overnight. >> exactly. we've seen some shifts there up above 105, below 105. right now 104.66 to 69. it rose to the mid105 range overnight after some media reported the boj is under pressure from the government to expand its monetary stimulus measures but the advance lost a little bit of steam now. some analysts expecting volatile moves. we'll keep track of that. let's also get an idea of asian markets open so

wti closing in on that $40 lechl. before today we were already down. 15% month to date. adding 1.3% of declines. oil prices really on a slide. once again, you'd be surprised that equities have held up so well in the face of the sharp declines this month. >> dollar let's have a look at that quickly. the main story is the yen. we've already touched on other currencies not really moving much today. the dollar index has hit a two week low. gold prices very quick look at that. losing a bit of the recent rally over the last week or so and we're off two tents of one percent today. >>> amazon world's largest retailer reporting fifth straight profit. beating estimates on the top and bottom lines sending shares higher. the company seeing growth in cloud business. here is amazon cfo talking about prime day on the conference call. >> record day for amazon devices. i was was a great day for small businesses and sellers. we saw greet year improvement in their sales and more important live great day for customers. globally they saved over double what they had safety in prime day 2015.

wti down. brent down to 47.73. >> comes off the back of mark carney speaking yesterday suggesting more easing to come. interesting cartoons in the paper today. partly because he suggested more easing, but a speech to calm markets and he seemed to strike a tone of i told you so with this. it's still interesting to see. this is manifesting very much in the uk bond market. the equities are getting a boost off the back of it. >> how destabilizing is the drob in the pound. yes, a weaker currency can be a good thing for the economy and experts as evidenced by some of the big company there is, but this kind of record move unprecedented move, that has got to cause some negative problems. it erodes the purchasing power of the british. could have a real impact. >> the key is the moment markets are still functioning well. no massive sort term fallout. you focus on big inflation in three, six months times. in terms of equity, it's the ones with exposures to minors to the likes of fwoegold and silve right,

we saw wti down around 4% for the week as a whole.are some way from that 50 level we were holding on for most of may and june. we're at 43.94 this morning. up around half a percent. gold prices, two weeks of declines in a row for gold. again, slight declines, though, relative to the gains we saw post brexit. up another half of a percent this morning. 13, 14 the price now. >>> let's get back to the top corporate story. announcing an agreement to buy yoo-hoo. landon dowdy joins us with the details. is it yahoo -- >> i kind of like yahoo. reports say they've agreed it a deal with verizon which emerged as a front-runner in recent weeks. the telecom country will pay $4.8 billion to acquire the core internet business, including the e-mail service, sports and sites. along with advertising and some real estate. the deal is expected to be announced before the u.s. markets open today. they're expected to keep the yahoo brand. it's unlikely marissa meyer will stay on board. she stands to make $50 milli million -- she's already earned $100 millio

wti done. -- brent and wti down.of boards coming out, we have apple and twitter after the bell, we've already had a lot, including mcdonald's out with numbers that were disappointing. same-store sales growing by a smaller amount than had been estimated. u.s., a slowdown in sales growth. increase. this is not just about mcdonald's, it is about a bigger slowdown in restaurant sales. recession restaurant in the works. that could be the canary in the coal mine for a broader recession in the bigger economy. of differentber catalysts for this current slowdown come including u.s. politics, terrorism, social unrest, global geopolitics. a downgrade of a number of .ifferent restaurant stocks abigail: first, gilead sciences, shares plunging in the premarket. their worst drop in three months . analyst did speak to an who said he was bracing for a miss. that wins we've seen in the first quarter and second quarter are very likely to expand into the third quarter. look for this one to pressure the biotech sector. starbucks shares p

oil prices, wti yet up a little further. just above 48 this morning. >> we have some breaking deal news. da known is buying white wave for $10 billion to expand presence in united states. danone. >> you have probably seen it at the grocery. will pay 56 bucks a share in cash. that's a 24% premium to closing price over the last 30 days. both stocks reacting quite positively to this report. i will say i covered white wave for a long time, the maker of plant based milk and dairy. this has long been rumored and speculated to be an acquisition target. it's a small company, few billion dollars. it is focused on a high growing sector of consumer products which some of these big companies like da known and campbell soup, kellog, they were all thought to be acquirers. cramer for a long time has been saying this is a prime acquisition target. the only question was going to be who and when and here it is. deknown has a good presence inspect u.s. a lot of people thought coca-cola could be a good target. . they're working on their fair li

>> we had wti prices going slightly above $50 a barrel.his has led to a number of producers increasing their hedge positions, securing income for the future. this is not bringing back drilling rigs. a total of 11 new oil rigs coming in. one gas rig disappearing from the drilling scene. we are seeing a gradual buildup of offerings at the present time. we also see now a number of drills of uncompleted wells becoming known and brought into production. from the production perspective, this is more positive in the united states, which of course will cost them more u.s. oil going into the markets, which then will affect the overall supply and demand balance. angie: where do you see it going in the second half of this year? morten: i think we are going to see, because of the hedged positions, it is going to be a continuation of this development. if you go back one year and we look at what happened in april 2015, just in texas over a period of two weeks, they completed an extra 900 wells. oil prices went up to $55. costs have come down. the pictur

wti lost some ground last week. down today 47.7. part of the reason for the rally last week was oil prices. wasn't just a brexit relief rally. oil prices again today hurting. >>> gold prices, they've enjoyed a decedent run post-brexit. up again today. just over 13%. >>> here in the u.s. it's a tuesday. it may feel like a monday. there's a lot of economic data packed into the shortened trading week. look out for may factory order. which should show how officials think brexit will impact the uk's financial system. the governor mark carney holds a news conference starting around 6 a.m. eastern time. on wednesday we should point out we are getting the june services index and minute from last month's fed meeting. thursday is june adp employment reports and on friday, yes, it's that time once again, the june job report comes your way. >>> let's take a look at some stocks today. microsoft and man sonsanto. new ideas for digital tools. >>> tesla delivered more than 13,000 vehicles in the second quarter. that missed the target of 17,000. tes

wti 45 .14. itis brent 46 .80. as for the 10-year treasury note yield, we are seeing a tick at least a little pit braps to the downside here. maybe just about four basis points: 1 p.54. as for the dollar against major currencies here you take a look at what's happening major all. the euro 1.10. turk ir lira been a focus. 2.977 lira turkish for every one dollar. let check on gold. gold futures are ticking up a little. we have seen weakness as of late, but still gold prices showing strength. >> today's agenda includes some housing data. june housing starts at 8:30 a.m. eastern time. they forecasted to rebound slightly is and building permits which is a good gauge of earning. earning central, gold man sax, johnson johnson all reporting quarterly results before the opening bell. microsoft and united continental out after the close. >> around 88 total s&p 500 companies will report earnings at the end of this week. something to watch for sure. >>> among today's stocks to watch. netflix getting crushed this morning after

wti was we are close to that price right now. they madea point regulators very nervous last year from a credit standpoint, and i think there is plenty of reason to be nervous. plenty of reason to expect more layoffs, defaults, bankruptcy. goingl see more of them forward, and that could affect the credit cycle. shery: jason, of course, affecting oil the price of where the dollar is heading, which today touched a six-week high again. if you go to my terminal, you can see it surpassed the 200-day moving average, and it is an over-bought territory, not anymore, but it is at the bottom -- bottom panel of the terminal. where do you see the dollar going, especially after the imf's renewed predictions? ourschenker: we said in report this past sunday we saw the dollar going higher as a result of the lower imf forecast, but going forward we see the dollar moving lower because we believe credit concerns around oil and gas, subprime auto loan pressures, slowing auto sales from high police fleets -- these will cause slowing in sectors of the

wti pushing. there we go. $46 a barrel. brent, $46 a barrel. and as for gold, sold off a bit in the wake of the record-high stockmarket. a little bit higher. up a buck. it's going to get heavy on earnings this week. >> it's interesting. it didn't happen as much as we thought it would. >> then as it became clear that erdogan was still in control and regaining control potentially a lot less uncertainty. >> you could see there on the boards, dollar turn eric lira, 2.95. of course, that means we've gotten just around half of the losses that we saw turkish lira. >> that was the concern early on friday. >> in deal news, japan softbank, more than $32 million. that's about a 43% premium. this is an all cash deal and it's been approved by both k companies' directors. the combination comes less than a month after the uk's decision to leave the european union, the so-called brexit, which has push. it shows that britain remains attractive for investments even after the brexit vote. we're showing a pound dollar chart right now. if you look at pound yen, of

wti at 45.26. we've seen significant selling of the bond market.ields to pick up. 1.534% on the 10-year note this morning. clearly the move over the last few weeks and months has been one of yield compression. just offsetting that. dollar prices let's have a look at the pound. once again reboupding. had a strong couple of days as the political situation has cleared up a little. theresa may announced her cabinet. the biggest move in the last 24 hours when the bank of england did not cut rates as some had expected. the yen sitting at 106 this morning. gold prices have eased off. >>> now back to this morning's top story. at least 48 kill84 killed afterk drove into crowds in nice. reviewing safe measures. joins us from outside the french embassy in london with an update. karen. >> good morning, wilfred. european are again digesting the news of another violent attack on their citizens again on french soil and the third attack since january last year, here at the french embassy, the first order of business was to lower the flags. we saw that after the pa

still about 47. >> wti down 7% for the month. >> tough month.nergy stocks are the worst performing sector for the s&p this week. technology actually the shining light of the week thanks is part to microsoft. we've seen yields take a bit higher. nothing extreme. they're floot right now. there has been less demand for the safe haven treasury bonds on the stock market rally. 1.57 is your yield. the two dwreer as the better economic data comes in. that's also helping u.s. dollar. ta dollar index at a four-month high. see if they can maintain those levels and see if the stock market can continue to rise despite a stronger dollar which weighs on corporate profitability. the stronger yen could hurt sentiments for global markets. >> let's have a quick look at today's top stocks to watch. first up, american express, a mixed quarter for the company. earnings beat the lev news fell short. a little bit later. intel shares bheen while as you can see down 3%. a big drag slow revenue growth at the bat center business. qualcomm jumping this morning. offering an

wti crude down 1.2%. it's now below $45 a barrel. 44.86.ernational benchmark above the $46 level. >> we've got to focus on that. that's a crazy big move. as you rightly say, we're below 45. somewhere from the $50 stability we thought we were in for quite some time. >> it was rallying but then the steam was taken out of oil's gains. gold also which has been on a roll post brexit and all year long, continues to climb. gold and silver have been standouts recently. the bid for safe-haven assets, the idea of global easing going into another cycle helping out. this week, the focus is turning to earnings. alcoa after the bell, the banks later in the week, that's going to be what we're watching. there's another decline predicted in profit. we'll see. usually they come in on the bottom line. we'll see if we can get out of the earnings recession or get better guidance to show it's coming in the next quarter. >> focus on the banks of england. we did see a blowout jobs number on friday. markets responded positively to that. as if to say we're still not

wti now down to 42.82. so harold ham, not only did you saw wire going to have the trump rally. >> within what time frame? >> i think in the next couple of months. >> 45 is a number that -- 45 to 50 is the number the market likes. >> it does. >> yesterday when oil was slumping, that's when the equity started. it's almost as if we get close to that three handle again and people start worrying. the market was just off oil. that was the key thing to watch. >> you put up a couple weeks of inventory build. couple weeks of rigs coming back online. >> was it supply. >> i thought it was trump so i'm confused. >> reoccurring worries come back. >> we'll see. 42.79 touched the lowest level since april. >> once it gets three handle again it's hard for markets to make headway. >> what is the level which it stops becoming a positive for the consumer. >> remember last time it should have been great at 27. >> all the banks now everybody can refinance their loans, energy companies aren't going to go bankrupt. >> it brings up

benchmark wti futures slipped to a three-month low on concerns about a global oil glut. major oil firms in the u.s. led the sell-off on wall street. so we'll keep track of related commodity link shares here in japan. nintendo always in the news. it's still in focus. yesterday the shares tumbled to 17% after the label said the pokemon go, the revenues and the earnings for that may have a limited effect on nintendo's earnings, but let's not forget that nintendo shares are still up around 60% since the launch of pokemon go. and that has really taken the world by storm, hasn't it? >> it sure has, ramin. i want to talk about currencies. i see that the yen has strengthened, look like it's being bought as investors have so many uncertainties to deal with. give us an update. >> exactly. as you know, investors in times of uncertainty all rush to the japanese yen. 105.30 right now dollar/yen. and analysts think more of what the boj may do on friday when they wrap up their meeting. some speculate they may set more aggressive pleasures but others think they may refrain from doing an

now down more than 4% for both wti and crude. wti is below 45 there and brent just above 46. something to keep an eye on. we are looking at the pressure into the close. >> 45 something of a pivot now for wti at this point. >>> a stealth military takeover may be underway in venezuela. michelle caruso-cabrera has more. michelle? >> in the number two position in the government, by the country's current leader, the move raising questions about whether or not the military slowly but surely trying to take over control of the south american country. defense minister general vladimir lopez has been elevated to above the mostly civilian cabinet. according to a new decree the military will be in charge of the distribution of food and medicine and as of last night they've taken over all the port in the country. reuters reports he went on television yesterday and said he did not like having the military intervene in nonmilitary affairs but that there is a need for discipline and order. his words as a result of the chaos driven by shortages. the economic kiss os forcing out international

wti a little softer throughout the day. we are now positive.y, will we get a record high on the s&p 500? we are counting it down to the market open. ♪ david: we are just under 30 minutes away from the opening bell in new york city. this is bloomberg . i'm here with jonathan ferro and alix steel. chief fixed income strategist will be joining us. later we will be speaking with the author of "a random walk down wall street." jonathan: what a morning. i want to get to the team. here in the united states is matt miller to break down what's happening in usa the markets. abigail doolittle at the nasdaq and mark barton in the city of london. let's begin in new york city with matt miller. the potential for a record high. matt: using the chart you tweeted this morning we could see the s&p at a record high. it could be the first time in 261 days we hit a record high and the ten-year record low. that is never happened before. take a look at the stocks we're watching this morning. alcoa kicks off earnings season. this is the longest stretch of quarterly

vonnie: commodity markets close in new york, wti trading below $42 a barrel. u.s.piles unexpectedly climbed last week. oil is now approaching the 20% drop from early june. could this market be a tipping point for oil? we will rebound. the question is timing. there are a lot of noisy factors at work. the data was terrible in terms of imports. that led to a tanking of oil, but i think it is temporary. david: joining us now from the dnc is louis finkel. i listened to president obama speak last night. i assume you did as well. a long speech, retrospective speech. there might have been one line about energy. are you disappointed about the degree to which the democratic party has been talking about energy at the dnc this week? he talked about it twice, once in the context of climate and the second in the opening minute or so when he talked about how we have reduced our imports of foreign oil, which almost assumes the president was taking credit for that when in reality, it was built on the innovations of american oil and on companies producing federal lands. by thee of t

wti is currently at $48 a barrel. what does this mean for the economy?higher oil prices will definitely be positive for the gcc economy. expecting should be oil prices not to keep rising for the next few weeks but maybe for the next few quarters. the supply and demand dynamics will be supportive for oil prices. it will help improve sentiment. but despite the increase in oil prices, i don't think it will increase enough to put the gcc into surplus. i think budget deficits will continue to be around 2017. that means the reform drive we're seeing in places like saudi arabia should continue. it would be a slight relief and would improve sentiment at this time. in gcc would be better off 2017 then in 2016. but we are not going back to the era of free money. with huge deficits and current-account deficits. you said: thank you. come, mercer mayer has no plans to go off-line after marissa mayer has no plans to go off-line after yahoo! is acquired by verizon. ♪ yusef: welcome back. has told yahoo! employees and she is not going anywhere. she may step down as ceo.

vonnie: there was a time we were very focused on the spread between brent and wti.it is very small. a dollar and change. what does that mean to us these days? right now, we have been market on both sides of the atlantic. when you have a problem on one side, you have the spread line. vonnie: pretty much telling us it is the same story on both sides. gold continues to go ever higher. mark shenk, bloomberg news oil reporter. let's check in on the first word news at this hour. tennessee senator bob corker is taking himself out of consideration to be donald trump's running mate. he informed trump of the decision yesterday. he said the vice presidency is a highly political job and that is not who he is. ofl ryan wants the director to deny hillary clinton informationassified during the presidential election. the department of justice is launching a civil rights investigation into the fatal shooting of a black man by two police officers in baton rouge. the shooting was captured on video. terling was outside a convenience store. he had allegedly threaten someone with a gun.

they were members doing the wti and still probably one of the few that is lasting that was created under fdr so chicago has quite a lot to boast about. >> host: wanted to ask about adam green's book, selling the race. what is this about? >> guest: he looks at the economy during that time period what worked and what didn't work. he. >> a lot of time in his book explaining the rise of the black press. people like john h. johnson, people like the "chicago defender", the -- so he does a lot of things during the migration period and during world war i and world war ii. it's a really fantastic work, you know? one of the books that people really like is kings though. a lot of people knew especially the older people. >> host: what is this book about? >> guest: policy. today's lottery, yesterday's lottery. >> host: the policy was actually lottery? >> guest: yeah it was. in those days it was the numbers real. i can remember my anti-takumi numbers and saying go down the street and put in 5 cents on this and 5 cents on that and someone also turn the wheel and give the numbers out later. later on the

the white line is wti.it has recovered from january lows, but trending down again since june, putting pressure on upstream companies. falling gasoline prices, the can see thatu falling gasoline prices are risk squeezing refiners. 45% drop ina second-quarter earnings, producing and refining division suffered. valero net income dropped. see ae are starting to lot more of these charts pointing out the underlying factors that are not so supportive. >> all that margin pressure. we've been talking about strength in existing and new home sales, very strong, but take a look at the price, a disappointment. the actual increase in the price u.s. cities rose less than expected for may, 5.2% -- 5.5% was expected. forome ways, this is good buyers and sellers, and what we are seeing is the pace of sales is keeping up. the big question remains whether inventories will be drawn down. you would expect drawdown and inventories to keep prices robust, but we are seeing some softening. hugely important. joe: let's turn back to t

argument has been bolstered this week with wti prices. for the real companies themselves? >>l it show up in their profits? analysts say it's a wait and see story, more in line with the bear case. the big drop in crude volumes over the last couple of years has forced and in -- an industry retrenchment. there was another quarter of week volume. eggs -- executives were not exactly optimistic there would be a big recovery. it's a wait and see story for the rail side. amanda: scarlet: thank you. in the u.s., the debate over increases will intensify during the meeting of the federal reserve and policymakers with better news on the economy. is the fomc closer to making their next move? we spoke with mark cabana yesterday. a rate hike is back on the table? think they will necessarily signal anything this week. we think they will likely adjust some of the language to acknowledge some of the improvement certainly on the labor side and just the continued positive second-quarter growth. we think the fed will make note of this but what we think is mor

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wti on the- downside. when dollar three cents of a loss. is bloomberg. ♪ >> from bloomberg's world cutters -- world hecklers in new york -- world headquarters in new york. red todayties in the being dragged by oil, now at the lowest level in more than two. you see the past two days, a loss of more than 3.5%. u.s. producers drilling for the fourth week, adding to that supply. we are also see natural gas reversing the gains we saw last week, especially on friday when it surged more than 3% on scorching weather across the eastern united states, helping boost air conditioner use. we are seeing natural gas give back those gains. take a look at gasoline prices, which have also been hit by markets over surprise. we are seeing that gasoline has fallen since june. only one day since june 11 when prices actually rose. beginning of june, we are prices fall more than 7%. ofecord seasonal levels storage tracking down prices. look at gold as well. declined for the third time in four sessions. we had the fed meeting tomorrow and growing speculation that t

wti, looking below, a drop of 4/10 of 1%. that is affecting the russian ruble.impervious for a while, but it is weakening by 1%. then we have the spread narrowing, 80 basis points. i wanted to point out the china yuan. we saw strengthening after the g-20, perhaps taking note of the warning on currencies. looking at the broader u.s. market indices, the dow down 4/10 of a point. the nasdaq is barely moving, down 1/10 of 1%. we have more from the nasdaq with abigail doolittle. the index opened slightly lower and is trading moderately higher for the morning. it is slightly lower. the most recent downturn is at some of the mega cat names including also that, google, and apple trading lower. is gileadt drag sciences, on pace for the worst drop since the end of april. basically, in three months, this is after gilead sciences missed estimates in sales for its hepatitis c drugs significantly. they also offered a below forecast sales of you for the full year. there he should activity suggesting that we are looking at a negative trend. a one-year chart that we see that 50

wti crude the last trade there 45.50 up by about.35. up as for what's happening across the board with the collar overall f. you can take a look at the currency check, euro stronger versus the u.s. dollar right now. 110.71. that's the last strad there. just plengsed the dollar yen trade. 100.59 yen per u.s. dollar so again some dollar weakness yen strength there. pound sterling, 1.30 what it will cost you to buy one pound. and gold check here because gold has been a focus for this trade since the demand took off. 1357.90. >> now back to the developing sorry overnight. let's get you up to speed. 11 police officers have been shot. five killed thursday night. what is believed to be two snipers who opened fire during a demonstration in downtown dallas. authorities say the gunman fired from an evaluated position on the police in an ambush style attack. this is the deadliest attack on law enforcement since 9/11. confirming the shooting suspect is dead and two suspicious devices have been found. three people are reported to be in custody right

seeing wti crude up for a change. up only a quarter of a percent. it is off. gold quickly let's just show you the gold trade: weaker u.s. dollars give gold a busy of a boost. 1.1% in the action. >> today's corporation story, facebook and revenues driven by strong add sales growth. ceo mark zuckerberg on the conference call talking about what's next for the company. >> ten years ago, most of what we shared online was text. now it's photos and soon most of it will be video. we see a world that is video first with video as a heart of all or acts and services. over the past six months, we've been particularly focused on live video. >> joining us now on the cnbc news line, it really was a stunning report. so many numbers to digest. we've got global media. i'm looking at the numbers. they really are staggering. 1.7 billion people use facebook monthly. 1.1 billion use it every single day. what number stood out to you. >> i think good morning sara. i think it's the combination of the scale of users, 1.7 billion was an acceleration from prior quarters. that's a 15% yea

wti rallying above $40 a barrel. of course we always watch oil as a cautionary sign because it was a pull on stocks just a few months ago, just a few weeks ago. as for gold which has been strong, we're going to talk to a gold company ceo in just a few moments. look at that climb on what has been a rally, but behind it a lot of risk eversion. a lot of concerns and a lot of doubts. >> absolutely right. gold is a great indicator of that as well. today's agenda is light on economic earnings data. there's just one reporter note may wholesale trade. a foursome of fed officials are speaking throughout the day. speaking of the fed, cleveland fed president spoke overnight. she says maintaining stability in financial markets should not be an explicit goal for the fed. the central bank should use interest rates to head off a crisis only if more presites and better suited tools fail. >>> meanwhile, former chairman borrow nanky is in japan. bernanke. >> a lot can happen in 24 hours. david cameron is currently holding his final ca

wti still below. brent up half a percent just below $47 a barrel. it's wednesday.e'll get the government stockpile data. if we see that, that would be a ninth week in a row. as for the bond market action, yielding taken a bit higher there. nothing extreme. into the 150 region. demand for stocks, that's been the theme. the dollar has also been stronger interestingly. the dxy at a four month high. the euro coming offer a bit. the dollar stronger against the yen as well. 106. that takes us to level pre-brexit result. the british pound still hovering in the lows. that's the one that has not recovered from brexit. 1.3176. i would quickly show you kwoeld which is coming off on to stock market rally. and gold prices 1326. down little less than half a percent. >> people selling bonds to buy equities while earnings are coming in better than expected. that's a reason to be positive and believe this rally can continue going. the issue is the equity really has only been driven by those factors for a week or so. the whole rest of the year it's been central bank driven. the rece

when looking atw g aing at wti. best quarter since 2009. similar story there with a slight change on a monthly basis. not so with gold. a jump of around, what, 10% almost now since the beginning of the month. on the session just a little bit higher, but a safe haven trade heading into brexit and after that referendum vote as well and silver linked closely sometimes to gold having buy in large performed. up 20% on this session. >>> australia heads to the polls tomorrow to vote on the next prime minster. the leadership described as being too close to call. urging voters to favor stakt after the country has seen five leadership changes in five years. that's a lot. meanwhile his key rival has emphasized his focus on social wealth and policies like health care. >>> and as we head to the break, here's a quick recap of the eventful last ten years for those in the top job. >> i will be prime minster for all australia. >> it's with the greatest humility, resolve and enthusiasm that i sought the endorsement of my colleagues. >> in 2007 the australian

we are seeing gains in wti and brent. with the bank of england, all eyes will be on the sterling trade. as you can see sterling higher by about.5%. calling for expect tagtss that the bank of england will in fact cut. it is the first meeting, keep in mind, since the referendum vote. we are seeing cutting rates to a new historic low. that comes according to a reuters pull. it is a fairly slight majority when you look at that call. it would be the first rate cut in seven years as the central banks seeks so cushion a fallout from the brexit vote. let's go to jeff outside the bank. awaiting that decision. the consensus is calling for a cut, but when you look at the moves in sterling here, you have seen other voices saying mark carney maybe waiting for additional data. what's you take? >> reporter: it's a bit of a ka none drum, but fortunately it's not one i have to figure out the answer to. i have david page with me. they're just pointing out in the studio the challenge here. the market is expecting a 25 basis point cut, but s

coming back a bit today, wti back above 40 dollars a barrel. same with crude oil, 46.63. gold rebounded from a two-week low and saw some strength yesterday, giving some of that back today. today's stock to watch and likely the big market mover of the morning and of the day. j.p. morgan, the bank reporting second quarter numbers. forecast to earn 1.42 a share. both figures would be down from a year ago and all the focus is going to be on the outlook for interest rates which has moved sharply against the banks favor. of course what's happening with brexit and the plans for j.p. morgan. capital results. got a green light from the regulators lately with the stress test and how the banks perform because they have been the lagered all year long. caught a bit of a bid. we'll see that sharp reaction. i know you'd normally be wat watching the banks if you were here, but you're full on uk politics today's. >> absolutely right. the banks is an interesting point i think as you rightly say. they've raild a bit into earnings. people being reminded they did actually make money and q 1 a

we're going to see a rally in wti, rally in the gasoline prices.ot that great, but i think above the $50 level. we're going to get to 52.5 to 55, and the market is going to appreciate we're in an oversupplied market, and with that we're coming off. and the issues we're having over in europe, they're going to start to mount again. those two things are going to take down crude oil. short-term we see a little rise here, high gas-driving season, after that, down we go. cheryl: end of the summer, plan the trip for august. alan, dan, john, have a great 4th of july weekend. >> thank you, you, too. >> look at the dow 30, a mixed board right now. home depot leading the way, dupont at the bottom. the first trading day of july. >>> all right, coming up next, it is the first major setback for driverless cars, the first fatality using tesla's auto pilot feature. we'll look at the implications of the accident and the investigation coming up next on "countdown." many people clean their dentures with toothpaste or plain water. and even though their dentures look c

still ahead, wti down 5% now.is bloomberg. ♪ ♪ ♪ from bloomberg world "bloomberg markets headquarters in new york, this is "bloomberg markets." i am vonnie quinn. julie: i am julie hyman. commodity markets are closing, and it doesn't look like a pretty close, especially for energy. shery has details. we are seeing oil taking a sharp u-turn after a government report early this morning showed crude stockpiles declined less than expected, so crude down 4.7%, trading around $45 a barrel. and you can see the sharp plunge around 10:00, when we had the data showing crude stockpiles declined only 2.2 million barrels, instead of the expected 2.5 million barrels, so we are at seeing the cracks spread, the lowest in two months. that means refineries are seeing less profit. profit margins for refineries are at one of the lowest levels in about two months now. you can see, down 62% for the year. we are seeing the abundance of gasoline in the u.s., seeing the d falling through the year. we have u.s. natural gas as well, another

wti below $44 a barrel. we're not seeing the large moves we had seen earlier in the year, but still slightly under pressure again. and brent, the other way, flat, 46 .21. as for the action in the currency markets, the dollar has been higher over the last week and over the past few weeks. it's around a four-month high if you look at the dollar index. it's higher against the japanese yen this morning. global investors seem to like that. the euro is stronger against the dollar. the british pound losing a bit of steam here. just hovering over these levels in the low 1.30s. didn't do a whole lot in terms of signaling any change in action. he kind of took the wait and see mode that other global central bankers are taking lately. >> quite a bit of stability in british pound after the brexit real bottom. >> stability at low levels. >> correct. we've been hoving between 1.30 and 1.33 for the most part. >> we're going to talk about how that weaker british pound is going to impact u.s. companies. brand fnew record toda

wti. brent international benchmark is down almost 2%. as for the action in u.s. dollar and rest of currencies, the british pound has been stronger has the british political uncertainty has come to a quicker resolution than thought. the welcome of mrs. theresa may. 1.3249. stronger pound recovery. keep an eye on the japanese yen strengthing a bit. we have had amazing weakness so perhaps just a reversal of that trade. the euro giving back some, 1.10. gold has been strong throughout the year through the this equity rally and held its gains as well. it's up about.5% today. historic day as theresa may prepares to become prime minster. what should we expect in the coming hours and have you seen the moving trucks yet outside of 10 downs? >> the moving trucks have already been and gone i think as we understand all of his personal belongings have already left. let's pause the markets before we get to the scene here. most importantly uk assets really treading water as you said the ftse 100 not really moving significantly today nor is the pound today, but as you rightly poi

the dollar index and then the two big commodities, can be affected, wti price of oil which collapseds month was down 20% at one time. down 16% here. gold had a pretty good month, up 2.4%. >> how about today? historic high. intraday. >> boy. flirting with a you will-time high for the s&p right now. >> with -- >> right on it. >> intraday on it. we made it all-time. lousy gdp. lousy oil again today. lousy exxon and chevron numbers. you know, in spite of that, still at a new high. i think that's rather remarkable. >> resilient i think is the word. >> whatever you want to call it. remarkable. >> thanks, bob. dow down 14 points but the s&p looks -- boy, very close. it's a squeaker. we'll let kelly decide if it's an all-time high. doesn't look like it will be. ciner is ringing the bell. long island iced tea corporation at the nasdaq. have a good week, kelly. >>> long island ice tea corporation? welcome to "the closing bell," everybody. i'm kelly evans. finishing the day, the week and the monthment the dow with a drop of 26 points today and the s&p up 3 to 2173. nasdaq up 7 to 5162. strong m

s&p 500 is up by 4 points, wti crude worth watching, down almost 2%, at lows back to early may, simen our road map for the next 60 minutes on cnbc. with day three of the republican national convention, carl will join us live. governor mike pence a clear focus in cleveland. >> roger ailes may be nearing the end of his tenure at fox news as questions continue to grow over sexual harassment claims against him. the latest for you straight ahead. >> morgan stanley reporting an earnings beat. the shares up moderately this morning, david will sit down for an exclusive interview with the chairman and ceo of morgan stanley, james gorman. coming up at about 10:45 eastern. >> in the meantime day three of the republican national convention under way in ohio. attention squarely on governor mike pence as trump's vp running mate. carl is there and joins us live from cleveland. another busy day, carl. >> another one, simon. you're right. the nomination of donald trump is officially on the books and with that closure the challenge for the convention now is to establish the unity within the party that

i know that you were saying you're focused elsewhere, but listen, to see wti back in the $41 a barrel mark, that means 40 or maybe below 40 could be next and the dollar isn't even stronger today, so what is going on with crude? >> again, i don't want to sound like i'm preaching here, but oil never should have been over $100 a barrel. the last time oil was over $100 a barrel was the day jpmorgan left being in the oil market. they were actually owned refineries and had contracts for delivery. oil does not trade on the fundamentals of supply and demand of the commodity itself. it trades on currency values. it trades on money flows and those speculators that want to get in and out of the marketplace because it's a place where you can have huge moves and improvement on your investment as opposed to being in equities. so you can't look at it the way most people think you are looking at it, that it's supply/demand. we have huge builds and curbing. the oil tanker business is going to be back in play because people are going to be forced to take the oil that's on top of the earth and put it in

low as $42 on as wti crude. year yield is coming up at other basis point. note is now yielding 76 basis points. let's go around the world and check in with our bloomberg team of all of our top stories. alix: apple and michael moore is deutsche bank. 40.4 million iphones sold. to >>ght investors have rewrite their expectations on apple? after several quarters of turbulence and issues with supply and demand, we are starting to see the iphone supply and demand can into balance. up well for the next iphone cycle which will start late in the next quarter. alix: what does that do to the margins? the average selling prices come down so how much more does apple have to sell to make up for the loss in margins? >> nation continued -- they to sell moreue product. new products are always lower margins but over time, that gives you a broader market opportunity. on whatymore it hints they will do with the huge or test of cap -- warchest of cash? most of it is stuck offshore. they will buy back stock and pay off dividends. they will keep making small deals and focus on in

and that has put some pressure on the price of wti crude. to you. >>> courtney, thank you very much. as crude oil continues this four-day losing streak, should we start to accept that maybe $40 to $45 oil is the new long-term normal. let's bring in kent morris, executive chairman of energy capital research group and john kildoff at again capital. starting with you, kent, month and a half ago we were above $50. everybody said the 40s are behind us. we're going to start to see more production come offline, demand will increase. that has not happened. what do you see as having going on in the oil market to drop us ten bucks in 45 days? >> well, brian, we have a balance that's coming, but it's a far more sluggish than people had anticipated. we have an incredible amount of extractable demand reserve surplus. and that's been driving this market even more than the crude oil that's in the market itself. it's the presumption of the traders rather than the actual oil that's driving this down. we're going to see a leveling off here. i don't think we'r

we should note the wti dropped and the s&p 500 down by eight points.he biggest losers on the dow this hour, include a lot of the oil names, chevron and exxon and also take a look at verizon an united health. some winners at this hour. western digital raised its guidance last night and micron technology. let get to dom chu for a market flash. >> shares of wendy's todaying a mid-afternoon briefing. in a previously disclosed peeves information they say that hackers did penetrate their systems back in january. previously disclosed back then, but now they are indicating what the hackers stole. it could be credit card information, card holder names, debit card numbers, expiration dates and verification values among other pieces of data. that says the company could have affected a malware attack that affected 1,025 of its franchise res trnts in the united states so certainly wendy's a stock to watch. >> we will. thanks, dom. wolf of wall street type party at a rented mansion in the hamptons reportedly left the house in shambles and now robert frank has new ne

i'm looking for august wti, we're going to see a lot lower. if we can keep above the 4470. may be heading up to the 50 range. we break that, we may see the high 30s before year end. i want to say prayers to everyone suffering with their losses. liz: stephen -- thank you, allen. stephen, you served in the army. you must be very pained by all this. >> as a marine and soldier both. liz: what do you think of all this? it's horrifying. >> heart breaking that a servicemen would turn on his country this way. i understand the frustration with some of the things that we've seen but you would think that a member of the military would have discipline to try to carry on, to bring it to maybe a dialogue, tell somebody he's having a problem, i wish he would have spoken to somebody. i'm sure somebody would have talked him out of this. i think as a community, we need to rebuild the fabric of what made us great. we have issues here. liz: to say the very, very least. thank you, stephen, larry, alan. we appreciate it. >>> i'd like to get to this, with the financials showing real leadership at