what price level does wti oil hit first? does it go back down to 40 or as dom says, stuck in the mud. we want to know what you think. tweet us, facebook us, give us the results and we'll bring you them later in the show. >>> so now to politics. donald trump appears to be looking at adjusting his deportation plan. meantime, hillary clinton's e-mail scandal not going away. what's been an expensive next chapter. there's another going on, edward. >> reporter: what a 24 hours. donald trump says he will enforce the immigration rules that are already on the books. walking back his promise that he will deport all 11 million illegal immigrants immediately. >> reporter: donald trump looks to revamp immigration plan. part of it won't change. >> we're going to build a wall, folks. we're going to build it. >> reporter: his campaign manager signaled trump will soften. trump now says he would separate illegal immigrants into two categories. the quote, bad ones would be deported immediately and everyone else would go through the process of

wti last week.higher again today on a report suggesting russia is in talks with saudi arabia and others about achieving market stability. we've heard that before. the talk is working lapt last week and this week as we said. just shy of 45 bucks on wti. almost 1%. a quick look at the dollar. it's murted. any trade on that front the euro at -- oil prices, quick look at them. it's higher. but just slightly. 1344. >> i would say on the yen, it's at the 100 mark. many traders think the pain threshold of the ministry of finance, always on the lookout for intervention. that would be a stronger japanese yen. the japanese authorities hate that. it hurt their exporters and stock market. the japanese gdp number is disappointing. the take away is, the economic data hasn't been all that great. retail sales on friday, japan gdp, lending data out of china. yet, the path of least resistance for the market is higher whether that's on the view that the data is good enough. that means we're not in recession. but not g

wti higher by 0.85%. 47.4 for wti.a strong month for oil prices. >>> for a developing story we've been watching this hour. major decision set to drop on apple. european regulators getting ready to rule whether the tech giant should pay billions of dollars in back taxes. joining us from brussels on what we're expecting in 45 minutes time, julia. >> reporter: good morning, sara. as you're expecting, the european commission here expected to rule against apple. deeming that the tax arrangements they have with ireland are illegal. they amount to state aide. if that is the decision, they order ireland to give 1.3 million dollar of unpaid taxes or more. that's not an insignificant amount, but it's dwarfed by the estimated $19 billion estimate that j.p. morgan suggested the apple could be ordered to pay. now, if you compare either of these two amounts and compare that to the amount of cash apple has sitting overseas. over $215 billion. it's nothing. j.p. morgan said the share price won't be affected, but the politics are more

brent wti continue to be big drivers on the equities trading session. otherwise quiet trading session. brent crude lower. we did get a new note from gold man sax calling any recovery fragile. it will analysts say that as i mentioned it will be fragile. warning the disruptions in niger ra, iraq, and libya are easing. they added the recent move higher was not driven by market fundamentals, but expectations of a potential output freeze and the weakening dollar. goldman has kept forecast of 45 to $50 a barrel for brent. >> startup called energy systems is close to a new lithium battery double the energy of current lithium ion batteries. the breakthrough reduces the tendency of such batteries to burst into flames is down to a thin lithium metal foil. the company expects to sell the batteries for smartphones early next year and for electric vehicles in 2018. >> mik peter. great to have you on the show. >> the use is far more broad. can you give us a sense of what it's used for and what your priceout look is too. >> just demand originally driven by glass and c

what you are looking here is the wti price in the year.ee key moving averages that nymex has recorded. that includes your 50 day, 100 day, and 200 day moving average. we have marked this for you. that is your projection channel in red. the last time this happened was in november of last year. and from then on, it slid all the way down to $26 a barrel by the end of january. as you said, we are looking for those signals to see what happens with oversupply. we have news coming out of iran that he decision on a new oil contract. in terms of what the format is going to look like and how that will apply to international oil companies. as they make those deals, that is expected on wednesday. a good push iran forward to their target of about $50 billion per year in investment and infrastructure. so, hopefully more supply down the road. manus: thank you very much. julian chillingworth, the cio of rathbones, joining us now. oil is back in a bear market. it has been difficult to sustain the momentum. there seems to be a shift in thinking on oil at th

wti up 2.5% and approaching $48 a barrel. one of the things that has been driving the gain in oil and other commodities is the decline in the u.s. dollar. it has been losing ground versus the yen. today, is losing versus the pound. down another 4/10 of a percent today. with energy climbing and the dollar falling, we have stocks rising little bit more than they were earlier. nasdaq meeting with a quarter of 8% gain so not much change, but of a quarter of a percent gain, so not much, but a little bit. thermo fishermen make a bid for the company. update on harley davidson big it by the department of justice over and emissions situation. now they are saying highly will pay a $12 million civil penalty, will stop sales of what the doj says are the legal devices the increase air pollution from water cycles. harley davidson will spend $3 million to mitigate air pollution. all of these headlines just crossing from the department of justice. you can see harley is coming back now only down only three quarters of a percent. >> who makes

wti crude last trade there $47.79, off by 1.5%.de futures $50 hovering around that mark right now off by that same amount on percentage basis. so as we take a look at commodities oil a focus today. it's for the currency side of things dollar strength probably has a little bit to do with that. although we are seeing dollar strength versus euro, $1.129. stronger against yen 100.67. pounds at least a little bit of weakness for the dollar. pound strengthening $1.3104 for pounds. >> tragic event, 51 people killed at an attack in eastern province close to syrian border. at least 22 of the victims were under the age of 14. turkish president erdogan said initial evidence said the attack was orchestrate bid isis. >> of course a very, very tragic event in turkey. keep the global picture here also. nigerian military group claimed a waive of attacks in the dealt said it's ready for cease-fire in talks with government as well. the region has been rocked by violence against oil and gas pipelines reducing opec members output by 700,000 barrels of

wti above $45. they may freeze productions.edge funds have made their spend on the pound before u.k. data, and it is doing the same for bearish bets. this is the futures price in blue and the long positions in white. without getting too much into detail, if we have an oil price that is more robust than it was two weeks ago, are you confident that's a significant move for the global economy or is a non-technical stuff like this? >> it is more than technical stuff like this, but we still have to differentiate where comes from. when we go back to years when oil collapsed, there were two reasons, one because supply was increasing and because demand was shrinking very fast. that was obviously bad for the global economy. speculation now is that supply might be cut, or at least frozen. if that happens we only have one side of this demand/supply imbalance, and a better thing for the global economy would to in driving prices up. is, it is significant but wouldn't go so far as to say that it's a signal that the world economy -- francine:

iron ore, gas, wti trading higher. .e had wti trading up the dollar index is rising. let's get the bloomberg first word news with christine harvey. christine: thanks, guy. john williams says he is for hiking rates and doing it soon. he warned that waiting too long risks high inflation or asset bubbles that would cripple growth. he is viewed as an important thought leader on the fomc. introduces a measure to deal with extreme price swings on its stock market. on monday, the company will roll out a volatility control mechanism for its largest securities. it will restrict its stock moving more than 10% during a five-minute period. the u.k. financial services industry has reportedly given up hope of universal access to the eu and stable market. the city is now seeking a bespoke deal to trade with europe with similar but stronger ties than switzerland. representatives from the industry will present their policies to theresa may next month. u.k. betting companies have abandoned their pursuit of william hill after it rejected --ir 3.1 billion pound did bid. under takeover ru

wti down. 41.41 as we speak. >>> today's top stocks to watch. alibaba expected to post quarterly results. eunice yoon joins us from beijing. >> reporter: we're expecting alibaba to deliver a decedent report card. expected to come in at $1.5 billion. that's on revenue of $4.5 billion. gmv which is the amount of stuff that crosses the sites is expected to grow by 22%. the company has always been using this as a measure to really show the growth of e-commerce players, but it says that it's this measure gmv isn't going to be relevant to them because they're pushing into other pizzabusinesses. cloud computing prex. trying to drive more business from overseas. big acquisition it made in southeast asia. looking to offset the slowdown we're seeing here in china. the big theme of the conference call is likely going to be about transparency. the company had disclosed the fcc was investigating for consolidation practices also looking into the way it reported data for a singles day which is a huge online shopping day in china and the company alibaba has sai

this shows you the price of wti.dded three key lines, three key moving averages. 50 day, 100 day and 200 day. what has happened is it has broken through these three averages which has not happened since november of last year. we have marked it in red. what happened last time in november when it broke through those three lines, it went down to $26 a barrel by end of january. adding to the possibility of additional builds in the oversupply is progress when it comes to the iranian format of their oil contract because on wednesday, the government is expected to give a possible green light on the new format. the iranian government is hoping that will unlock a lot of the investment which is targeting up to $50 billion a year in infrastructure. that could unlock a lot more potential than the current 3.5 million barrels a day. thank you very much, yousef. the reserve bank of australia has cut interest rates to a record low, reducing the cash rate to 1.5%. the move solve it aussie dollar drop. manus: let's get to sydney for o

wti crude above $48. brent back above $50 a barrel. what a roller coast r this has been. just in the beginning of august we were in a bear market, 20% off the highs and now we're back in a bull market, 20% off of those lows in a matter of weeks. a a lot of hopes and optimism fuelled by an upcoming meeting in nigeria. also a lot of positioning here at work. bearish positions piling up. when those get squeezed, the moves get outsized. the third factor i would mention is the dollar which is weak. when you have a weak dollar, prices go higher including oil. >> the oil markets down as you said to just below 40 on wti in early august now back to 48. extraordinarily big moves. clearly highlighting how people still struggling to find out which way oil should be heading. little bit of the talk and it spikes up again. >> the moves have been violent and sharp and when you think about the historical perspective, 50 is low. 2014 we were trading above $100 a barrel. in the beginning of the year, we're 80% off those lows. all over the place. i mentioned the dollar a big part of it. weak

we are a little higher for wti. 43.5.lfred, it turns out investors are taking more risks in bond funds. lipper reports that money poured into the riskiest bonds. at $1.7 billion. this comes after two straight weeks of outflows. stocks are at record levels leading investors to look for better returns in corporate debt. overall sales posted 3.8 billion in outflows. that tells you the story about the rally and the fact people are not on board with it. still seeing outflows in stock funds, but better risk appetite in bond fund. >> absolutely right. lots of assets moving around given the debate. >> still to come on "world wide exchange." an historic night in rio. michael phelps wins a record four straight gold. we'll bring you the olympic highlights, but first here's today's national forecast. from the weather channel jen carfagno. >> good morning. we have more storms today with big rain fall potential. that's going to be the story into the weekend actually. in the southwest shifts more to louisiana and new orleans and areas n

we saw wti jumping about 3%.lled higher, but so slightly at the moment just by 5 points. the s&p 500 now called lower just barely in negative territory. let's give you a view of how european equities are trading. solid green arrows for most of the major markets excluding the ftse 100 which is basically flat at this stage. earnings continue to be in focus. seeing rebound in the banking sector as well. the bank of england decision perhaps more the decision it's the inflation we're getting and any additional comments from carney about the path ahead. let give you a look at how the sectors are fairing. we did point out strengths in the bank. we've seem some relief in the italian lenders. boosting that sector which has been hard hit on the year of course. auto now higher by about 1.7%. oil and gas to surprise there on the top higher by 1.6% after that strong rebound in wti we saw overnight although there are still some doubters out there wondering if the gains in oil can hold. >> we've had some comments from the ecb t

wti crowd $39. present crude 42.10 the last trade there up.ine off within the 25 of one%. >> action in stocks and europe. hsbc profit sliding by nearly 30% in the first half. hit by slowing growth in the home markets. results matching expectations the bank announce plans to buyback $2.5 billion in shares. that helped the stock jump. >>> speaking of european banks. socgen again fitting from the sales in see have a europe. still lower trading revenue. >> 25% on share. it's on the basis that we calculate the dividend for at least a significant thing positive thing behind us. second half the environment might remain uncertain as we know, there are some particular areas. as identify said, i think it will be pursued. i'm positive in the quality of our assets. the cost should remain low. all in all i remain positive for the second half. >> and investors are positive today. shares up almost 4%. so some of those european banks getting a boost today. >> let's stick on the banking theme in europe here. ing net quarter profits soared. able to keep margins

our chief energy correspondent wti hasrough what done.g markets, currencies wti is certainly, what doing, it is growing. watch out for dollar-yen. this is bloomberg. tom: sterling weaker this morning. francine the quad in london. i'm tom keene in new york. right now let's get to a bloomberg business flash. nejra: there is a report that mid-america apartment communities are nearing a deal to buy properties for $4 million. demand for rental properties has been booming. real estate is the second tor for m&a. china may list restrictions on cell phones on airplanes. if it is approved they may shop online and chat at 3500 feet. grew less than grew less than forecast. gross domestic product expanded 2/10 of 1%. meanwhile, spending unexpectedly declined. that is the bloomberg business flash. francine? francine: thank you so much. here's what we are looking for for the rest of the week. on thursday. any, look of course for moves. the yen close to 100, or close to 100. we will be watching closely for any guidance on policy decisions. have the minut

early this morning, wti up.5%. brent hovrps above $48 a barrel.ff almost .75%. >> at the tend of a strong month for oil. >>> let's move on to individual stocks to watch today. fortune reports google nest lab maker of smoke detecters and thermostats is undergoing a major restructuring. the development team will become a part of google to provide an internet of things platform. google paid 3.2 billion in 2016. >>> hr block reporting a wider loss. the tax service provider said it had fewer customers in the u.s. and results impacted by foreign currency. down 5%. >>> spending by companies and cyber stayed strong over the first profit. and revenue forecast is below estimates. down over 5%. >>> other stocks to watch today, viva systems reporting better than expected second quarter results. revenue rising 34%. cloud computing company focuses on sex life sciences sector. expecting third quarter results to come in above analyst forecast. >>> astrazeneca will pay to avoid a bribery probe. to state officials in russia and china. however astrazeneca is not adm

wti is on the move higher.hart of the hour looks pretty stunning. >> there is so much attention being given to the informal opec talks that are imminent. saudi arabia signaling that it is willing to support prices. arguably, they are saying it is unrealistic to pin hopes on any move by opec to support prices. that is possibly why you should be looking at this chart. fleets the u.s. rig building once again. 396, up 15. 66 more since june 24. we also put up the line in yellow. that is the reference line for wti. you can see, levels we are at that we have not seen since march. it is indicating that u.s. producers are comfortable in the current price environment. what this could mean is, as they come back online, this could have implications for u.s. oil production, which could added to the overall supply glut. manus: thank you very much. the chief economist and managing director at g+ economics. .ash -- #btv this is the rate count -- the rig count rising. $47.51.ades that lena: from a top-down macroeconomic perspe

wti is flat in morning. we'll see which way it decides to go. energy shares outperformed in the stock market yesterday. brent 45.34. we'll see what happens this morning. as for the 10-year treasury note yield. coming off the better jobs report, just below that this morning. some slight buying of treasuries in the early morning session. the dollar, the big story here is the british pound, as wilfred mentioned, it's at a one-month low. we're back in the 1.20 level. just kicking off the bond purchase program. the easing is having an effect. >> it is'sing. it was more talk from one member of the bank of england of possible further easing. the at the we had today wasn't too bad. july, retail sales showed a bump upwards and one analyst saying beer and bash bar b-- >>> i would point out also the japanese yen is slightly stronger. usually sets the tone. as for gold, moving in the opposite direction of the u.s. dollar. it's off. you can see it holding near recent highs. today's economic and corporate agenda. we will get a read on where main street is whe

wti is higher.t's helped the rally. >> and the retailers we get to hear from more of them including home depot before the bell. that's it for "world wide exchang exchange". "squawk box" coming next. bacteria from ruining your day with 4 simple steps: clean, separate, cook, and chill. the roadchip to food safety starts at foodsafety.gov. p?p?h [ clock titime. ] you only have so much. that's why we want to make sure you won't have to wait on hold. and you won't have to guess when we'll turn up. because after all we should fit into your life. not the other way around. >>> good morning t. dow, s&p and nasdaq all at record highs, but a surging end drag down the nikkei overnight. and u.s. equity futures are falling this morning. europe is weak as well. earnings alert, home depot, those results are imminent. bring you the numbers and reaction from wall street. and olympic highlights from the track, balance beam, plus andrew caught up with justin rose. it's tuesday, august 16, 2016 and "squawk box" beginni

he white line is the wti price short positions for wti.seen an anonymous straw down in crude 57,000.s, down by the biggest we have seen since 2008. part of that, yes, we had a softer dollar but also, this jump here that you have seen since august 11 was because saudi arabia came out and said they would consider some kind of freeze. you had that huge amend to help drive able market in about three weeks. everyone expected oil prices to turn. steep.t turn was let's get to the trade. is alan knuckman. we have a rock exporting more. do the shorts get added back? >> let's remember how quickly we moved. especially the crude oil market. it had a reversal and it stalls here at the $50 point. some of the fundamentals do paying heavy. so the $50 level is important to watch. alix: so the $50 level is important to watch. how quickly might we see short provisions come back if we continue to see a stronger dollar weighing on oil prices. i amat is the factor focusing on. the dollar. the talk this week is going to the rateeat hike -- hike possibility, prob

wti cloegs slightly higher. quickly want to show you asia. europe and asia, particularly asia have been pulled higher by wall street's gains on friday. the nikkei was up 2.5% as the yen fell around half a percent earlier today. seema. >> the so-called fear gauge, the volatility index dropping to the lowest level since last august. but this month is historically known for nasty market surprises. using analytics tool can show our -- what might other can you remember if the vix jumped back. they tend to do well with exchange rate of funds. they profit in times of worry according to -- the gold trust and bnd the total bond fund. you can go to cnbc -- the equity market showing us different stories. equity, the investors are confident in the economy. perhaps a bit more bullish. bonds, though, with record low yields says the investor is risk averse. >> in the u.s., we started to move away from them slightly on friday as we got back to better than expected jobs number. japanese emperor akihito making a rare video address to the public today. hinting

wti adding more than 7% last week. this morning, there's reports of the russian energy minister suggesting that he's consulting with the saudis and other countries to achieve oil market stability. it comes on the back of comments that we got from the saudis last week too. skeptic in me says i'll believe it when i see it. >> h and m as well in focus today after better than expected sales growth. just a quick check on the homebuilders this morning. jpmorgan lowering some price targets. putting a bit of pressure on that sector. japan's growth is stalled april to june annualized gdp grew coming in below expectations. this marks the second quarter of consecutive expansion. a slower pace than the first three months of the year due to weak cap x and -- abe economic policies whether they're able to produce sustainable growth. let's check on that data and the markets. we're in -- >> there are a couple of things that dragged on growth. the external position continues to look very, very sluggish indeed. not seeing the export grow

wti 47.31. brent down a little less.did get industry data from the americmeramerican me troil institute. inventory has risen. we'll get the u.s. data later this week and see if oil maintains early losses. as for ten-year treasury note yield, barely budging. tight ranges for the yield. 155 is where we are. you might have thought we wouse better yields. not much. see if existing home sales moves the bond market at all this morning. >> the dollar is stronger. that's a bit of a reversal. 112 .81. we go below that level we sat yesterday. the dollar is weaker against the japanese yen. bare barely right now continues to be a theme. shameless plug for my yen piece coming out today. the pound continues to recover a bit, 132 .25 against the dollar. as for gold, always watching gold an a big fed week. we have the janet yellen commentary coming out of jackson hole on friday. we'll see about gold. if she suggests strengthen the economy and rate hike. could sell off even further. that's a big if. what would happen to stocks in that sc

we'll see if wti can hang on to gains. it is lower this morning, but it is still firmly above 49. >> as for ten-year treasury note yield. noncommittal after dudly more hawkish comments the fact is the fed is going to wait to see how the data plays out and leave the options open to see if it's going to raise interest rates in september which the market is not pricing in or december which is market is not pricing in as well. as for the u.s. dollar, it's been weaker over the course of the last few weeks. 1.13 is the euro dollar. it is stronger against the japanese yen which is notable because the yen weakness has fueled the japd market and the u.s. market so if that maintains that could add to a better tone of today's session. the pound is stronger this morning on the back of retail sales. 1.3160 or so. >> and the nikkei down early today not because of the yen, but disappointing trade data out of japan. quick look at gold prices as we stand this morning are slightly higher to the tune of a quarter of a percent. 1352 the price

had a seven-day game in wtf -- wti.arish news from iraq, possibly increasing its exports and news from nigeria, aba cease-fire. we have not heard from the nigerian government. it is worth remembering the inventory situation we have in the markets. it is adding some weight in the market. little coming back to a bit of reality regarding the fundamental situation. rishaad: it is a supply side dilemma for opec. nigeria and iraq want to increase production. iran as well. iran was this sticking point last time around this deal came around. -- there areeal informal talks a month away. we do not know if iran or russia will be attending. --ot of time and water the need to go under the bridge. they want to reduce as much as they possibly can. rishaad: we are going to discuss the importance of oil when it comes to the gulf. thank you for joining us today. it is hugely important and it is playing out in industries far and wide. when it comes to the gulf. our position, if you compare it to our rating actions at the end of may when w

this is what is happening with wti and three different moving averages.t broke through all three of them. the last time this happened was in november of 2015. you can see what happened after that. it would slide all the way to the lows we saw in january. it is around $26 a barrel. they are adding to the u.s. fleet on the other side of the world. the miggyt is feeding these other charts as well. the biggest etf attracts oil prices what investors have been doing here is they have filed it last week the biggest info since february. that is on the far right. when $26 million. there's plenty to talk about. let's go across to one of the stories that is driving the supply side. oil prices are falling on factors that are related to that. iran is stepping up its presence in the market. they approved a new model for oil contracts. bloomberg energy and commodities soorter said wilkins is here why is around bringing these contracts online? >> the government in iran wants to grow the economy very aggressively. it is the biggest sector of the economy that is way behind

wti down to 41.05. brent down 1.5%.ust below $43 a barrel after a double digit decline in the mornt of july. the dollar is slightly smaller. the supply concerns are weighing on oil as well. the euro, weaker. dollar, stronger. 111.67. fractional gains for the u.s. dollar. stronger against the japanese yen as well. reversing a major move on friday. point out the pound, mike on the back of the uk manufacturing data. yes, we expected it. boy, is brexit starting to hurt. this is the warnings were all about. the uncertainty weighing on the industries in the uk. quickly, i'll show you gold with the stronger u.s. dollar. gold up a bit in the early morning session. $1.60. >>> uber merging the china unit with rival didi. eunice yoon joins us with the details live from beijing. what do we know about how the deal came together and what it looks like. >> reporter: well, sara, both companies have now confirmed that this merger is going to happen. didi issued another statement saying that it will be acquiring all of uber's assets with

in purple, brands, and in blue, wti.e price falls, it does not fall much longer, because rigs come back online. so the producers are not opec, it is the white line. simon: maybe they are heading towards production capacity in the major opec producers. at the thing that stopped a deal in april was the lack of forement between access iran and saudi arabia. what has changed? iran has notk reached the kind of level of output. maybe it is capable of producing the short run, but certainly not its ambition. if you go back to the pre-sanction age in the 1980's, iran and saudi arabia producing almost identical qualities. strategic vision for iran. francine: simon, thank you. simon french with great insights. chief economist at panmure gordon. up next, why the fed was noncommittal about hiking and hike timing last meeting, and convincedcahn is on donald trump's economic policy. ♪ francine: carlsbad missed estimates. the interest taxes and one time millionll to 522 dollars. the company ceo will be on "surveillance" at tenant -- at

wti fell into a bear market yesterday.rg. ♪ ♪ shery: president obama speaking right now in the white house with the singapore prime minister. he just made comments about donald trump, calling him unfit to be president and unprepared to do the job. he says that donald trump does not have a set knowledge on critical issues and says that proves he is unfit to be president. staying with politics, the hamptons in new york is the place where the rich and famous go to get away from it all. in this election year, there is no getting away from the names clinton and trump. henry goldman is just back from the hamptons. what was your assignment? henry: the assignment was to talk to people, but people who are permanent residents there and temporary residence who have homes there, they tend to be wealthy, and the people who serve them, who catch their lobsters and fix their roofs. those people and the temporary people have a different view of the world and a different view of this presidential campaign. shery: what exactly are those vie

i want to point out that we are in a bull market for wti.elow 40 and that climbed to about 48. climb to above 48. i find it fascinating how much the gains in oil has underpinned the market moves so far this year. especially in higher-yielding credit. energy junk bonds have gained more than 28% so far this year. gain sofor almost 40% far this year. that is just shocking. underpinnedcally the gains we've seen in three high-yield bonds this year, out paced the gays -- out ins -- the yield has contracted more for the junk bond index, just demonstrating what is underpinning the drive to work the stock market despite the high valuations. -- thethe drive toward drive toward the stock market despite the high valuations. vonnie: the spread is widening wti.een brent and th lisa: you have to wonder, at what point does this reverse? you have pressure to keep churning out oil. meanwhile, we are going to look ahead at the trump campaign manager killing its new team. could the campaign trail get even uglier? jon: ♪ vonnie: this is "bloomberg markets." time

look, we've got wti up 3.6%, it was below 42 earlier today. bring up some russian assets because, of course, russia's economy shrank the least. that is putting it on the cusp of exiting the longest recession in two decades. wrubel gaining today up 3/10 of a percent as well. the european close is minutes away and this is bloomberg. ♪ hey how's it going, hotcakes? hotcakes. this place has hotcakes. so why aren't they selling like hotcakes? with comcast business internet and wifi pro, they could be. just add a customized message to your wifi pro splash page and you'll reach your customers where their eyes are already - on their devices. order up. it's more than just wifi, it can help grow your business. you don't see that every day. introducing wifi pro, wifi that helps grow your business. comcast business. built for business. >> live from london and new york you are watching the european close. i am nejra cehic with vonnie quinn. stocks finishing up in europe, let's take you through all of the action. the stoxx 600 show you how the trading has g

the commodity markets are looking reasonably buoyant, but the real story is what is happening with wti crude and brent crude. let me roll a chart in and show you what is happening. this is the oil rally over the last couple days, and as you can see, it's a decent one. now up 4.74%. that is a contributing factor into the equity market story, but it is interesting to see what is happening with the saudis, again talking the market up, talking about moves of stabilization. we will see whether or not that rally carries on. we are seeing energy out sick -- caroline: we are seeing energy significantly outperforming in asia. look where it hit in the united states. this is the chart of the week, the first time since 1999 we had record highs not only on the s&p 500, not only on the nasdaq, but also on the dow jones in just real average. a beautiful -- industrial average. a beautiful chart, showing us the extremely times in which we live. since 1999 have we seen this kind of bubble, going back to the.com era. us search for yield drives to riskier assets that are the equity markets. guy: does ever

wti and brent have advanced 20% from an early august low. speculation grows that producers my bk to freezeout but. a former deutsche bank risk officer has rejected an $8 million reward from the securities and exchange commission. that is according to an opinion piece he wrote in the financial times. it is disappointing that the top executives retire with multimillion dollar businesses. whistle on the bank, overvaluing a derivative portfolio. well, hong kong exchanges and clearing. it has introduced a measure to help deal with extreme pice rice lifts in the stock market. willechanism they introduce will restrict the stock removing more than 10% during a five minute period. two u.k. betting companies have abandoned the pursuit of the country's biggest book maker, william hill. they cannot make a wholesale bid for at least six months until somebody else does. and german chancellor angela merkel says she is back lifting russian sanctions if conditions are filled. she said that unfortunately, seenshough, she is not the implementation yet. this ca

we've seen a 20% move in wti prices in the last two weeks alone. a little lag effect before that catches up at the pump. meantime the dollar index has been a large part of this trade, trading just over 94. it's relatively flat and calm today. so that may not move things around too much but that's been one of the reasons that we've seen support. of course once the contract does roll over, traders are going to be looking for wti to hit that $50 mark. we'll be watching as well. back to you. >> jackie, thank you very much. we'll get stop trading with jim after a break and today at noon on the halftime, core vec's keith meister a lot on the agenda including his battle with williams. we're back in a minute. watson, let's review the electronic medical record of the next patient.. no problem. it's a pretty huge file. done. sorry for the wait. that was quick. as part of our research, i also compared lab results with notes about prior treatments, then cross referenced it with thousands of medical journals. and i get the benefit of much more data, and a lot m

wti down 3%. brent caring that through. rishaad: thank you.e a look at the new zealand dollar, up by more than 1% after the reserve bank cut the cash rate to a fresh record low. let's get to sydney, paul allen there. getting the opposite result they were aiming for here. paul: yes. to plan, did it? part of a statement mentioned the exchange rate. has beenexchange rate adding pressure to export and import competing sectors. that is the one of the reasons why the rba cut the rate, but achieved the exact opposite. this is what the central bank governor had to say. surprises meally too much in these global financial markets about reactions. either in terms of swap rates or exchange rates. out that thered are things be on the reserve bank's control, and even mention the boj cutting rates to and the yenlds, remains strong regardless. he was asked if the reserve bank would consider intervention to get the new zealand dollar weaker, and not surprisingly, he did not want to comment on that. rishaad: right. the rate cut, does he have a plan b? moore pla

we think wti will be lagging by a dollar or two.rel by the -- by the end of the year and end of the first half respectively. >> do you not worry that the federal reserve could get in the way of that bullish forecast and your demand story? because if the fed does start raising interest rates as soon as september or december as they've been hinting, that's been sending the dollar up made a sharp move in the last two sessions, maybe sharp is extreme but exaggeration, but if the dollar starts going own a fed move that pressures commodities like oil and we're seeing it today? >> absolutely. i think that's one of the key risks to our views for the next 6 to 12 months but i would say the fed has been extremely cautious already if the past few years. they've been very reluctant to allow for a stronger rally because they've seen the impact on u.s. exports. the u.s. presidential debate has been centered around the industrial sector and all the job losses that the strong dollar has inflicted across the heartland of the u.s. i don't think the f

six out of 10 groups finishing lower, financials and energy laggards, wti declines 3%.oe: consumer staples and telecom leading the way, classic defensive sectors. matt: some individual stocks moving down. bank stocks taking a hit. pretty decent losses for heavily weighted stocks. right aid rose the most this year, up 6%. point 25% after earnings yesterday, initially down, then coming back today. up, at 13%, massive move least four analysts have upgraded yelp. some interesting things in the government bond market, particularly u.k., new lows on the 10 year yield, but action as the boe has trouble with its reverse auctions, not enough bids. better, but all time lows in 10 year yields. i want to go into the bloomberg to talk about mongolia. bondis a mongolian euro that matures in 2022. that is higher rates on a government bond. they said we are running out of money, major crisis. i think investors have forgotten that interest rates can go up and there is sovereign risk. matt: other governments would just print more money, right? joe: the problem is they can't euros print -

given the losses we are seeing in wti and brent, wti holding barrel, extending declines after the biggesthree weeks. dragged down by possible increases in shipments from iraq and nigeria. this is how the crude price is shaping up. i just want to show you treasury volatility because of course, a lot of anticipation ahead of janet yellen's speech in jackson hole on august 26. treasury 10 year notes are moving in their tightest monthly trading range since 2006. this of course is the bank of america merrill lynch move index and you can see that dropping down. i have tracked it over the past year and we are seeing the 10 year treasury yield move slightly higher at the range has been very tight, with the futures pricing showing the odds of a rate increase a little better than equal. francine: former punch president -- former french president nicolas sarkozy says he will run to reclaim his title. he is trailing his republican rival in popularity. for more, caroline joins us from paris. how surprise he is it that sarkozy wants to run for president? caroline: everyone was expecting a comeback of s

where we are on wti right now, down 1% on the brent price.e have a chart that was that into context, a big move looking at the blue line, that is the wti price. is the upside, three weeks ago we were in a bear market on oil. a bull market returned on thursday, speculation mounting at that point as to whether opec would take action to boost prices. the focus on the attention is the data out of the u.s. over the last 24 hours or so, u.s. data showing oils of prices increasing, inventory the highest in 30 years as we come to that driving season. keeping oil very much in the center and the overnight trading session in asia. with that in mind, let us bring up the risk radar. as we said in the headlines, retreat in the asian trading session. we have the biggest drop in threemarket stocks weeks but really the focus of the market around the united states, putting the dollar index in there, relevant to the dollar and into emerging markets, just how hawkish will janet yellen be at jackson hole, wyoming?we saw mixed manufacturing slowing. we have the ko

javier, we are moving a little bit lower, wti.bout the dynamics that have led to this bull market and also, is this the best we are going to get for the foreseeable future? at least for a few weeks. off latet really fell july. there was an intervention is saudi arabia saying it will open to come if needed, take actions when opec members meet at the end of september in out years. .t is a very vague statement so far what we have seen is opec and saudi arabia, talking a potential freeze. what we see in reality, every country is trying to increase its production as much as they can. for the highs for the month in june since we have records started more than 50 years ago. at some point a disconnect is going to the market. i want to bring up this chart. it is showing wti, the bull run here, but on the other hand, what we're saying is it is all at the surge, none of the drama. you have the oil in etf, volatility index actually coming down. does this mean that you think we will see less volatility in the coming weeks? >> i think we will s

yousef: i've pulled up a chart you have put together, which basically shows wti, brent.hose are your lines in blue and purple, and the white line is production.ll give us a sense of why now. what has push of them to try to resolve the issue at this point? march, they were anomalies because of damage to the pipeline, but from march onwards, you can see a steady decline in oil exports. that is from the disruption to that northern pipeline of the 150,000 barrels a day of kirkuk crude not going to the impetus seems to be the appointment of a new oil minister in baghdad. he said, maybe we can find an agreement with the kurds. here we are a week later, and they seem to have made some progress. also, we need to look at the long-term. oil prices have been relatively low the past two years. iraq is running short on cash. it's fighting a tough fight against islamic state militants, and so are the kurds. maybe the pieces are in place for an agreement. rish: what does this tell us about the dispute with the kurds? where are we with that? sam: it's not fully resolved yet. we haven't

we mentioned wti, oil, is in a bear market. it has fallen 20% since the peak in june and it is down about 4% today so that is a big drag on the energy shares, which led different interest three -- led a different industry groups to market the ones that are notable are health care and technology. , 3.3%nergy is something were really driving the s&p down. oliver: the market has been so tightly traded that we have this long-term range where we have been bound and now you have the short-term range but oil was the story today because this is 2 markets, stocks and oil, that for a while they have been moving independently of one another. stocks are touching new highs and oil in the bear market has been falling the past couple months. when you see the s&p struggle to stay in the green, it starts to call into question a little bit stresspost-traumatic from a market participants were oil drags the market down so fast. that is very interesting. more specifically when you were looking at the sectors, oil is the big loser there. interesting

wti crude continuing to climb. producers will revised discussions to stabilize the markets.or more on what is fueling this inly, let's bring bloomberg's chief energy correspondent. sentiment.acting will these words from opec members and nonmembers actually impact supply? javier: i do not take it will have impact on supply. the latest news minutes ago reporting that russia does not think that there will be a freeze agreement when the two sides meet in algiers later in september. at the moment, we are hearing a lot of rhetoric similar to what we are hearing with another moment of weakness in the prices. it seems that opec has taken some cues from the central bank. while it is trying to monitor expectations and talk up the price of oil, we have seen success with wti at $45 a not aboutt it is borrowers an actual supply. vonnie: saudi arabia is really the chair. they impact the market more than any other. will that continue? javier: the comments from saudi arabia are the critical ones. it will make the market take it more seriously than in the past when other countries in the pas

wti made it all the way back up to 46.11. brent at 48.69. a lot of anticipation and optimism from the bulls that we might see some sort of production feez or move from the major producers at an opec meeting later in algeria. as for gold, it has been strong on the back of the weaker dollar. has helped gold climb back towards the highs. 1348 is where we sit right now. >> here's on today's agenda. weekly mortgage applications. 7:00 a.m. also watch the eia. 10:30. before the bell we hear from w lows, target. jcpenny holding analyst meeting today. courtney reagan will sit down with the company exclusively at 2:30 eastern time. one year after he took the helm. >> has engineered quite a turn around, at least in the stock. >>> let's stay focused on the consumer. landon dowdy joins us with three things to watch. >> the streets looking for target to report second quarter earnings of 1.12 a share on revenue of $16 billion. beyond the numbers three key things to watch. first online sales. digital sales rose in the first quarter. slower rate than the yea

that pressure has stepped up on wti as we've seen the futures weaken.looks like it's down by 2.6%. and still well above that $40 level it was flirting with two weeks ago that concerned the markets so much. we'll continue to keep our eye on this but in the meantime it's time for the executive edge. >>> the national park's service is celebrating its 100th anniversary. the first was yellowstone and since then more and more have been added. this is a video i took earlier this year. this is an olympic national park. those are the hummingbirds we're feeding right on the lake. these are deer and also got time, joe to go to the cuyahogo valley national park in ohio. and that's one of the water falls up there, just south of cleveland. just this gorgeous area they've preserved. very narrow but it is gorgeous. we want to see national park pictures you've taken this year. bill nye is hosting a centennial event and will join us at 7:30 to talk about our national parks and what it means as a part of america. >> i didn't realize we're showing pictures from lobose? >>

over one wti up by full percentage point. the curve on friday after the payroll report. debate -- thee fed rate hike debate continues. broad asset class moves, i want to get across to alix. alix: unbelievable. we keep hitting those. walmartal stock movers, is buying jet.com for $3 million -- for $3 billion per this would be the largest buy ever of an e-commerce company. it is really all about the founder of jet.com and grew sales by over $1 billion. walmart getting that talent as part of the deal. ground stopelta -- has been lifted, limited departures are allowed. at 2:30 a.m., there was a power outage, all computers went down, and all airlines have been grounded. delta is guaranteeing a waiver on flight changes. alibaba confirming it is not taking a stake in netflix. netflix up over 6% each of the last two weeks. with disappointment, little lower premarket. we want to head over to abigail looking at another deal today. abigail: the m&a monday streak extends to the nasdaq for a name not typically associated with the nasdaq, m

basic resources again we saw that wti weakness overnight. a little bit back on the rebound there, but still now we're looking at crude prices negative once again. we'll give you a shot there of the individual one by one. you have the ftse off by eight tenths of one percent. the main french market however dipping lower by 1.4% and the ftse mib the main italian market there off in the red and the banks there once again the real negative spot. this is the picture of commodities, as i said. dipping below that $40 a barrel level. similar story with brent crude, but holding just around $42. this was a big drag on the dow yesterday which should have its sixth negative session. spot gold which continues to push higher. now by about half of a percent and silver higher as well. gold was the commodities picture overnight as well posting a consecutive winning streak there. back to the banks however in europe continue to really dominate commerce bank among the losers this morning. shares hitting are record le off almost 9% after the germany bank warned i

wti still sitting above $47 a barrel. down almost half a percent this morning. brent is down a 1%. nat gas at multiweek high yesterday. giving a little back in mornings. about a percent. >> as for the u.s. dollar ahead of janet yellen and jackson hole, we've seen a softer dollar across the board. starting with the euro in the middle there. 1.1286 stronger again. the pound stronger after better consumer conferred data continues to point to strength post-brexit vote in somewhat of a surprise for the uk. dollar weaker against the japanese yen. that's stronger yen of course focus all week long remain above the technically important 100 level. as for gold which is important to watch, ahead of yellen: there has been selling of gold this week. minors have gotten hit. >> you think you would be catching a bit this morning. >> and here we are on the back of the stronger dollar. to the tune of .30%. >> 1328 last trade for gold. >>> moving on, janet yellen could command the bulk and i say that -- of course it will. the bulk of the market's attention today. few other items of note on the agenda

hovering around the $47 level per barrel on wti. they're now up 1.3%.ame kind of decline for brent. it's just below $50 a barrel. 49.27. gas prices under pressure as well. action in bonds. finally on friday after what was tight range-bound trading, pretty much all week long and yellen talked about a strengthening case for hikes. and then fischer on stanley fischer the vice chairman on cnbc talked about explicitly september on the table and two rate hikes. we're looking at the highest levels since back in june. >> interesting note to see that the 30-year moved in the opposite direction. certainly the reaction on friday was one of expecting rates to go up earlier than expected. it's also clear that over the course of the whole yield curve, yields are anchored across because of low yields around the rest of the world. even when yield go up on the short end, it's likely to see if flattened as opposed to shift up. yields elsewhere in the world are unbelievably low. >> set to be that way for a long time. nobody is expecting robust economic growth. there is a