we see wti and brent both rallying on that.l and we0 a -- nancy breaking news pelosi has been reelected as the house minority leader. the democrat survived a challenge from ohio democrat tim ryan. pelosi, a democrat from san 2007isco was speaker from --ough 2011 and bested team bested tim ryan in a secret party vote to select the leader. ecb asup, we will talk we heard from the president, mario draghi, early -- earlier. and we have eurozone inflation data. this is bloomberg. ♪ nejra: you are watching the european close. i'm nejra cehic. at criticsi hit back who say the central bank's stifling incentives for reform. speaking in richard -- speaking in madrid, he renewed his call for european governments not to miss this window of opportunity. mr. drawdy: lower interest rates tend to support rather than hinder the implementation of reforms. : lower interest rates tend to support rather than hinder the implementation of reforms. joining us from frankfurt is paul gordon who covers the european central bank. a lot of this was mario d

wti, 47. this after a selloff yesterday left wti below $46 a barrel. put this 5% gain, the optimism around it we were down about 4% yesterday. we'll get out to steve sedgwick in about five, ten minutes. he's spoke ton an to all the ke players. i would say the iranian oil minister was less optimistic than the saudi oil minister. >> but both talking about a deal. >> the german index 0.2%. ftse 100, up 0.2%. banks moving around there. rbi down 2%, 3% after it failed the stress test and feeded nee raise capital. most of those results coming in line with expectations apart from rbs. as you can see, italy outperforming today up 0.7%. asian trade. the mainland china market a bit weak. the chinese yuan is down 1% over the last week or so. so there is talk of possible pboc intervention at some point. shanghai comp down 1% today. >> the ten-year treasury note yield, some selling in treasuries pushing yields higher again. 2.32 is where we are on the ten-year. got that 3.2% growth for the third quarter. how does that bode for the current quarter? looks like yields

wti stays below $47 a barrel.46.93 this morning opinion brent international benchmark hitting below that 49 level, 48.92. gasoline prices that's where we're seeing the action jumping, up almost 12% on a pipeline fire key supply the line united states. as for ten year treasury note yield, higher yields as we begin november. higher yields were the story for october. we'll see what we get in terms of manufacturing in auto sales. sitting below 1.86. stronger dollar, dollar index another key trading partner up 3% in october. it is softening a bit against the euro, 1.0997. dollar a bit weaker against the pound at 1.2248. gold stronger. the trend has been for weak gold prices all month long. a lot of bests fed raising interest rates. how about the election? we got a preview on friday when we saw that headline cross about the fbi looking into hillary clinton's emails. dollar weakened against the euro. if there's some big surprise, if trump gains more momentum watch the dollar. >> definitely. i think the dollar is the stor

we saw 5% of gains for wti last week, 4% for wti yesterday and another 1.4 today.es opec will come together at its meeting next week and cut production helped solidify over the last week or so. >>> treasury note we retreated a little bit back below 2.3% in terms of yield. we have seen the yield just a fraction over the last 24 hours the short end of the curve did rise a little bit further yesterday so a very slight flattening of the curve but still a markedly higher yield. >>> dollar pries yesterday the dollar softdened but saw equities move higher. a break from the traditional post-trump victory rally. today no real movement from the british pound otherwise the $is flat. gold prices have been soft since trump's election victory. they are higher today bbiy 0.6%. >> october existing home sales is due out at 10:00 a.m. eastern time. it's expected to tick up slightly after a more than 3% jump in the move september. a number of companies reporting results today. watch medtronic, campbell soup and hormel foods and then hp and hp enterprise after the closing bell. >> in

that's helped oil prices up 1.6%. 44.7 on wti. but bear in mind, oil had a terrible week last week down 9.5%. >>> now to sports and "sunday night football." two long-time rivals faced off, the denver broncos and oakland raiders. the game was won by the raiders on the ground. the running back scored three touchdowns, oakland beat the broncos 30-20. they take first place in a division with a record of 7-2. congratulations to them. >>> when we come back, this morning's top stories including a global market rally after the fbi says no charges on newly-revealed hillary clinton e-mails. >>> plus, cnbc's chief washington correspondent john harwood is joining us live with the countdown to election day. and what impact this comey news may have. we'll take a look at the final push by both campaigns. stay tuned. you're watching "worldwide exchange" on cnbc. hey, jesse. who are you? i'm vern, the orange money retirement rabbit from voya. orange money represents the money you put away for retirement. over time, your money could multiply. hello

we are down 8% for wti. we are below $45 a barrel as you can see.lightly positive today, a small move offsetting a big decline week to date for oil prices. sarah. >> commerzbank swung to a net loss but beat analyst estimates after the large provisions for an extensive overhaul. they expect to make a profit over the full year and shares down to the tune of 2%. bmw reported third earnings that topped forecast. strong sales in europe and china set off a decline in u.s. sales. slight growth in unit sales. profit shares there down a little more than, down about 1.5%. >> that sector in terms of companies outside the uk fearing brexit, they are the top of the list. >> feeling it hard. >> really feeling it. they have the factories in the uk. >> 20% of sales go to the uk. the fall in the pound and trade barriers is a fear. it's not just one way in terms of the continent is going to try to make it tough. there are people out there that want it to be free trade. >> now they have hope, a glimmer of hope that parliament gets to vote on it. >> a 1% move in the po

oil prices soft again, 1.2% down for wti, 46.1. long way from that $50 a barrel other people saying supporting index was 47, 48 and we're below that. gold prices gained 1.2% yesterday. up again today. about 0.76%, just shy of 1300. >> there's the uncertainty factor. the fed and jobs data on today's agenda, the october adp employment report out at 8:15 eastern. the forecast is for increase of 170,000 in private payrolls and fed wraps up its two day meeting today. the policy statement due at 2:00 p.m. eastern. no janet yellen news conference this month. traders will be parsing that statement. catch complete coverage of the decision and the global market reaction right here on cnbc. >>> earning central, alibaba, time warner and estee lauder reporting earnings. >>> we're knee deep in earnings season and getting some big moves, for instance health care not as hot. yesterday pfizer weighed on the dow biggest loser. >>> three things to watch in facebook's report this afternoon. >> reporter: good morning. definitely one to like for sure. t

there's hope from the bulls, right now with wti above 48, 48.23.nt inching closer towards $50 a barrel. >> the main takeaway, why things like the energy sectors are doing well is that oil last week was up 5%. this week so far up over 4%. clearly the positivity is there relative to ten days ago. >> even with a strong dollar, which usually pressures oil. as for the currency board, it has been a strong period for the u.s. dollar. holding its highs this morning. yesterday we saw the euro briefly dip below 1.06. trading above that level now. a bit of a stronger dollar against the euro. weaker against the yen. the pound probably the biggest mover, down 0.3% against the u.s. dollar. we'll get that key budget out of the uk. as for gold, it's gotten a boost over the last few sessions as the dollar has taken a break. that continues. it's up a buck this morning. >>> the busiest day of the week for the economic data. weekly jobless claims and october durable goods at 8:30 a.m., followed by october new home sales and november consumer sentiment at 10:00. the mi

up another .5% today. 45.1 for wti. the dollar rallied yesterday. all the u. s.ssets rising yesterday. today it's more muted as are the equity markets. tra waiting for that election result. we have only around 10 basis points for the dollar in any one direction. gold prices that rallied on fierce of a trump victory eased back yesterday and today having fallen 2% yesterday. but yesterday they were about 1279. >> that's our watch board election and into tonight. the boss helping hillary clinton make her closing argument to a roaring crowd in philadelphia last night. bill and chelsea clinton along with the obamas joined that rally as we mentioned. earlier in the night donald trump appeared to workers in scranton on the last day of the campaign. both candidates spent a lot of time in the final days leading up to the election. the battleground has 20 votes up for grabs. and we're in chester county pennsylvania. a suburb of philadelphia. good morning. those suburbs are what we're going to be watching, right? >> they have so key. good morning to you, sarah. that's right

we saw wti gain about 5% last week. this comes on the hope that at the end of the month opec will carry through and cut supply. more news of that over the weekend, which is why wti is supported once again to the tune of 1.6%. $46.40 this morning. >>> thank you, wilfred. in retail news walmart will start to offer cyber monday deals two days earlier than normal this year. they are the latest retailer to offer web promotions over the thanksgiving weekend. walmart plans to boost the online inventory for black friday by more than half this year. so joining us now to talk about all of that and much more, retail analyst ike borshow is here with us. thank you for getting up with us, because we know this is a really big week for retail, but we have also just come off two pretty big weeks with the earnings reports. so i guess my question to you coming off of that walmart information, all a lot of the retailers are putting the deals online early. is that pulling sales forward? and what does that tell you about going into this week

than six dollars being taken off the price of wti already. this doesn't just have an impact on oil markets. it also has repercussions for equities as well. u.s. averages at their lows of the session. it has to do with energy stocks. energy shares down by 2%. that's the worst performing group in the s&p 500 now. utilities, financials and telecom services are selling off today. talking about the heightened concern over the outcome of the presidential election. safee are going into more including treasuries. we are seeing yields fall by two basis points on the 10 year as people are buying treasuries. the drop in yields has had a negative effect on the financials which is weighing on equities. the big banks today are pulling back. , jpmorgan and bank of america all down. nejra: jitters over the u.s. election on both sides of the pond. if we have a look at where equities are trading right now you are seeing red across the board. two percent. we are seeing the ftse 100 in the u.k. hitting a one-month low. the pullback in the dollar means we are see

speaking of oil, here is wti and brent, just below $47 a barrel at the moment. we have seen oil reversed earlier losses as iraq pledged to cooperate with opec. an agreement that is except will to all, we have been seeing oil rebound on that. re followingcks a the declines you just mentioned. we have the dow, s&p 500, and nasdaq all lower. for the first time in five days. we saw lots of new record highs, &p, anday the dow, s nasdaq often is at record highs. the small-cap index up sharply on this month. today, it is actually lower for since november 3. that is perhaps endangering a 15 day winning streak, the longest since february of 1996. shares of at time, the iconic magazine publisher are higher on a report that the board did reject an $18 per share from edgar brongmfman. another stock trading higher is going on aechnology, path to get the stock to 80 or $90 per share. elliott management is one of the top shareholders in cognizant. we also have southwestern energy trading higher. gas upsidea cheap potential. we're seeing a modest safety modest the selloff in st

wti up about 2% over the past two trading sessions.something you want to keep your eye on in today's trade. ben is going to stay with us all along are. we appreciate your staying with us on this monday. up next, a glass of cold water to cool emotions. that is what the polish leader says is needed in brexit negotiations. we have more from that exclusive interview. ♪ matt: 23 minutes into trading. welcome back into the european open. u.k. prime minister theresa may will today urged businesses to work with the government to ensure the benefits of capitalism are shared were equally. in a speech to the confederation for british industry's annual will underline that the vote for price it the people's call for a fairer economy. nejra: meanwhile, the polish president has expressed concern that inflammatory remarks around brexit will lead to looser cooperation between the european union and the u.k., something which could hurt both sides. andrzej duda spoke to bloomberg in an exclusive interview. we want ties between europe and the u.k. to be k

that came as wti rallied 5% on hopes that opec will deliver its production cut.pec meeting at the end of this month. european -- first, futures just about flat this morning. european trade is slightly soft. just gained a bit of impetus in the last half hour. we are pretty much flat across the board when you balance out italy and spain's gains to germany, france and the uk's losses. asian trade is slightly negative for the markets, apart from the nikkei which is up nicely 1%. the yen is the only real mover against the dollar today. it is softer again by a half percent. that allowed the nikkei to rally 1% today. >>> let's look at the oil market, a number of energy ministers from opec likely to meet in doha at the end of this week to build consensus ahead of the opec meeting in december. ice brent is down 0.7%. gas is slightly higher. if we look at bonds which have been stealing the spotlight. the short end of the curve, the two-year treasury note above 1% for the first time in a year. so the global selloff which let up a bit yesterday, back in focus today. as for t

wti, 47.63. higher by 5.3%. interesting commenting from venezuela, steve asked will the deal mean russia will cut or adhere to the current levels? the venezuelan oil minister said that means a cut. i think that's the outside-view as spencer discussed with us before. what do you think? >> i still stick with what i said before, that we don't expect russian production to decline. they may reduce drilling, which might mean a flattening of growth or a small decline, but not a step change from russia. >> saudi also telling cnbc that they made it clear they would be cutting equally. on iran, the saudi oil minister saying they would be allowed not to cut, iran. they would be allowed to produce at pre-sanction levels. the iranian petroleum minister saying after that we have not finalized a deal, but we're optimistic that we'll reach a deal. it will be down to the 11th hour again. >> it all sounds interesting. the words of the saudi oil minister sound good in theory and in public in terms of everyone cutting equally. he w

wti crude up 2.7% at $44.49.f we take a look at treasuries that has been where the action has been, this reallocation out of bonds in to equities. u.s. ten year treasury yield which over the past week has jumped more than 40 basis points to a ten month high retreating a bit here. still holding on to 2.21% that's the yield on the ten year treasury. the u.s. dollar the appreciation we've seen over the past couple of days on the prospect of trump's potential policies that he'll put forth when he becomes president in january, retreating a bit. the u.s. dollar weaker against the japanese yen and euro still holding on to 107. stronger against the uk pound. as for gold that's been an interesting trade as well. it was down last week, but one today,'s trade we're seeing gold slightly higher perhaps having to do with a weakness in the dollar. >> be interesting to see if equities can continue to hold on the their own gains. we saw bonds pause for dret, 2.3% was the high we saw in the ten year. so not a big reversal but if w

wti moving up a tick, still down on the session.ctually up weak to date but we could break the three-week losing streak. we'll see what happens today. brent there above 46. if we can move on and look at what's going on with yields. this is really amazing. this story here. last time i was with you, i think the 10-year was 1.8. that's before the election. here we are above 2.3 for the ten-year. moving up higher on expectations for trump's potential expansion of fiscal policies. a look at dollar which continues its run against all the other baskets of currency here. the euro is now back above 1.05. the dollar continuing its strength across the board. we'll see what happens if we keep hitting these multi-year highs. if we can look at gold. gold continues its downward slide. down about 1% or so earlier in the session. still sitting right about there now. just above 120$1200. >> i enjoy these highs. >> i can't keep track. high since then. >> sale force.com beat estimateses on subscriptions. and they are expecting higher fourth quarter rev

i have charted the wti curve.current curve and the green is what it was a month ago. at the front end of the curve, $54 oil in 2017-2018. what do you do with that information? how does that change how many rigs you are adding and how you are hedging? we are this point, already adding rig activity in preparation for 2017 programming. we will continue to watch and monitor the actual actions that opec takes and the impact on the market. when we look at the type of the returns that we generate in the antarctica basin at $50, you ofe strong 40%-50% rates return. clearly, as the product price moves up, 60 dollars, those returns improved. additional cash flow will ultimately translate to incremental activity. we will wait to see that developing. with regard to hedging, we are pretty open at this point, relative to the backside of 2017 and 2018. we remain constructive on the time frame of 2018 and forward, with regard to supply and demand and the impact on the marketplace. alix: so not a lot of hedging because you want to

and here on monday, the energy markets are calling for lower wti crude trading at $43.hat is in focus? the external factors like the move in the dollar, but also the upcoming opec meeting on november 30th. if we switched to the treasurer market, the ten-year yield is now at 2.238%. this is the first time it's been above 2% since an of this year. and same for bonds across the world. a lot of this in reaction to what a trump administration would mean for the economy and also inflation. the dollar against the japanese yen at 1.07 right now up by 1.2%. as we were saying, the move in gold has really transfixed the attention of investors. right now it is lower by around 2 points or so holding on to 1,222 an ounce. we'll see if that changes. i have popular trade in 2016 on the hope where the expectation that rates will stay lower for longer. still up to about 13% over the past year. >>> i think the thing to continue to watch is the dollar pickup. and as we move forward, the key thing will be whether any spending which is driving the bond yields higher will be inefficient. if i

wti crude now at a 12-year low. >> investors close to throwing in the towel?edge funds have cut their bullish bet to the lowest since 2010. i mean are we close to that , point or not? >> we are starting to see the conditions for a bottom. but we are not there yet. >> what kind of oil price do you need to break even? >> we at 60 can balance the books effectively. >> if you had to put your money on a number -- >> which hopefully we don't. >> the price at the end of the year would be what? >> 48. you can come back and kill me because i'm sure i will be wrong. francine: the energy ministers of saudi arabia and russia agreed to freeze oil production in a meeting. what does it mean? the markets were disappointed. >> the market wanted something that was probably too much to ask for the first meeting of these two countries publicly in a month. >> the meeting of top oil producers ended with failed agreement. no deal. we are seeing crude and brent tumbling this morning. >> what happened in doha and are we ever going to have an agreement between the two countries? who is

wti crude 44.11. off by over a percent now. brent crude futures off by 38 cents. $45.46 the last trade there. if you look at the ten-year note yield, it is a fixed income bond holiday in the u.s. because of veterans day. but those yields, 2.13, almost 2.14%. the right side of the chart tells you everything. the risk has been kind of put back on in the markets. the safety of treasuries has gone away. you see people selling treasury bonds and pushing yields up. as for the dollar, currency markets front and center. you have euros, 1.0871. dollar/yen, 1.0616. a bit of dollar weakness there. the pound, 1.2659. showing some strength there. dollar weakne gold prices have moved off of their highs over the last couple of months. we are lower again by almost a percent. 1.255. copper is one of the hottest trades over the past week or two. >> the chart of the week. >> up another 5.5% so far today. this winning streak has been huge. a lot of this tied to optimism about infrastructure spending, about this idea we'll have economic growth not

wti below flat at 45.2. ten-year note, the biggest talking point yesterday during the troughs of the risk aversion yesterday. we hit 1.7%, there was bond buying but we finished the day above 2%. extraordinary seeing that level of yields rising across the world. t the broader index higher yesterday. and the dollar rally with the yen up, and stronger against the euro and pound. >> joining us is alan ruskin from deutsche bank. good morning. >> good morning. >> we were talking about what it was like last night as results came in. you were on the trading desk. >> i was indeed. it feels like i have been here before. last evening was one of those where you thought you were marching in the direction of consensus, then within a short space of time it felt like we were reading back and going in the opposite direction in terms of sentiment and markets. >> what caused the turnaround and in your world the dollar to rally? there were so many warnings from forecast others that if trump wins, that's a huge dollar risk. >> i

wti crude up by 0.25%. brent crude, gains of 0.4. a build this week which brought crude pricing down. and gas prices, nat gas, 1.32. higher by three quarters of 1%. the dollar play, hovering close to 13-year highs. looks like it's playing out in the oil markets as well. gold pricing, if we can check this on the gold boards, how they're trading this week. gains of 1.230 an ounce. >>> we saw yields pause from r highs. we saw 2.3% on the ten-year treasury note, now down to 2.2%. we saw that continue to play yield catch up rising to the highest level since january yesterday. the dollar boards, we're seeing a bit of a bounce back in terms of seeing a bit of dollar weakness today. yesterday the dollar index hit a why not seen since 2003. today, as you can see, the euro gaining almost a half percent. a bit of profit taking. >>> a busy day for economic data and fed speak. weekly jobless claims out at 8:30 eastern, along with the consumer price index. headline cpi set to rise 0.4%. housing starts at 8:30. the philly fed if the at 10:00. a doz

a look at crude oil today, wti up a fraction. brent just about the same level. rbob gas down. >> the yield on the two-year treasury note hitting the highest level since april of 2010 yesterday. what is also a big story for the market, even though interest rates have been rising across the board stocks have been able to rise as well. there's been a dramatic shift there. historically rising interest rates bad for the u.s. stock market, means multiples in theory compress, but just a lot of jubilance about what could be happening with the economy. 30-year no really startling. >> look at the dollar as well this morning. there you go. the euro, 1.06. the dollar yen at 1.11. the pound at 1.23 versus the dollar. >> dollar almost close to a record high yesterday. gold at this hour, higher by 70 cents. 1,211. global stocks, show you what's going on there. japan closed for a public holiday. the rest of asia was open. showing you u.s. futures again because we can. s&p would be flat, dow open by four. nasdaq slightly lower. there's europe. european markets are mixed to flat.

we are brent crude w tight i wti index over 7%. just brushing at close to $50 a barrel mark. optimismpressive as has risen of a meeting to limit oil supply has been reached in vienna using underway in good now. that's a level of $50 a barrel is less than half in what we're seeing in june of 2014. let's talk about a further where we go to london and to spencer wells. thank you for joining us from london. to missn mystic -- have it should we be that a deal will be done? spencer: it is quite likely that some form of deal will be done. two months ago, opec very publicly and surprisingly made an announcement they would do a deal, they would cut production barrels a day. they said in september, we will do it in november. the day has arrived and a lot of expectation that something will happen. stephen: is it a big sacrifice for saudi arabia is the expected cut output by that much? certainly they will shoulder the largest part of the burden. like we expect the united arab emirates and co-weight will be part of the deal. yes, saudi arabia, they are showing a wilderness to take the bur

. >> you are saying $55 for wti in the first quarter, second quarter 2017. at what point does that concern you that production comes back on-line and pressures the price lower? i mean, that we're in a sort of vicious cycle of we get the price up, production comes back on-line, prices feel pressure again? >> well, let's go over again. that's really the key of the idea behind the backwardation. if if you take a triple b type u.s. emp, front end at 45, back in at 50, 55. what can they do? they can hedge that 50 to 55. take out the risk and produce. the curve does that. you take away that advantage. that's one. dwo, i agree with you. you will likely see supply, but let's go back. they need to issue equity. what does any good investment banker tell you need? you need to have low volatility in your earnings, and you need to show growth. they cut. that gives it the ability to grow. yes, it will likely put downward pressure on prices, which is why we reduced our end of year target from 60 down to 50. >> do you have any fiscal policy factored into all of this? the in

wti getting a bit of a bounce today, 25.55, up half a percent. >> and currencies now. we go to currencies, where we've seen the dollar under pressure for several sessions in a row now. continues this morning, though just fractional moves against the euro, 109. against the yen, the dollar continues to weaken that safe haven yen goes up and the pound rallies. we do have a bank of england meeting. we'll get a preview for you in just a few moments. gold has been in demand. gold trading at a one-month high. it briefly went above $1,300 an ounce. strength in gold, two factors there. the heightened uncertainty in the u.s. election with the polls tingt by the day, and the weakness in the u.s. dollar, whether that's about the election or maybe the idea that the fed won't raise rates if trump gets victory and there's some sort of market turmoil. there's a lot to have derisking going on and cold has been a beneficiary. it's down thrn 1%. >> it's been broad, there's momentum behind it. all the sectors were down yesterday, seven days in a row for the s&p and nasdaq. but the size is

i mean, cpi is driven at the headline level partially and significantly by movements in wti.-over-year is not goin to be zero or negative anymore. even if oil just stays where it is today. i mean, oil bottomed out in january at about $26 a barrel. let's just make the math easy and say that come january late in january wti rallies a little from here and makes it to 52. that would be 100% year-over-year increase in the price of oil, which to our analysis at double line would correlate to a 3% year-over-year cpi. now, here we were in july with break evens on tips to nominals at, like, 1.5%. there's just no way that you're going to be able to keep those inflation expectations nailed down at 1.5% when you are looking -- staring -- when it's staring you in the face that year-over-year cpi on the headline is 3%. i think this is a really interesting part -- time in the markets for thinking about inflation expectations, what's rationale pricing. so it's going to be really kind of a fun time managing money over the next six months because the times there are changing where. >> so it's

in asian trading hours, wti futures is bouncing back a bit after falling nearly 5% overnight. iran and iraq, two of the three biggest opec producers are reported to be resisting pressure to reduce output. let's take a look at stocks in tokyo. the nikkei average is moving without clear direction, trading up by .2%. 18,341. oil r-related shares are showing a mixed picture so far. let's turn to currency levels. the dollar is showing no clear direction. after going above the 113 yen level overnight, it's now hovering at the 112 ian level. earlier many traders bought the dollar on the strong revised gdp. showing the u.s. economy growing at the fastest pace in more than two years. in the asia pacific region, seoul's kospi is trading higher, but australia is trading lower. china markets will open in just under half an hour. >>> japan's largest business group is planning to renew its call for members to hike wages next year. the japan business federation will be making the proposal for the fourth straight year. it's contained in a draft policy the group will use for annual wage negoti

atn on the wti, we roll over $47.87.bit of lightness when it comes to crude but commodities have had a monster rally in the past few weeks and are set for the biggest three-day advance since may. copper is up 21% in the past month. nickel up 14%. , ill with us is bob michele keep asking this same question -- we say it is all about donald trump and his infrastructure plan but the rally started before the election. what is happening? bob: we can't give him credit for everything, he hasn't taken office yet. have to look at the commodity complex, having seen a lot of reduction cuts. we know about that in oil. we know a lot of shale production was shattered. a lot of mines have been shuttered as well. what we started to see in the middle of this year is that china has stabilized again and they started another infrastructure spend. net consuming and consuming a lot of commodities. consuming copper before it took off in the past couple of weeks. trump has added fuel to the fire, it is now everyone is looking at a bigger unknown

decline of almost 10% again for wti, just too much oil, not enough demand.eld exploration this week down 9.4% just like wti is and hess down 7.6%. those among the big laggers this week. >> it's been weighing on the market y. am on the floor here with peter costa to ask why has it weighed a little bit more. >> the election? >> the moves in oil prices. today you would have thought we get towards keep falling and keeps going down, horrible inventory this week. if anything the reaction has been a little more -- >> like i said a few months ago there will be a disconnect. i think you are seeing that more and more. i think people's focus is on something else right now. you would think that they try to remember how important that sector is, but i think people are a little more looking at other things, looking on tuesday for potential fed -- >> is it rational? it sold off and maybe we are going to do it again today. what do you make of that? >> what that does is you can go by that if trump wins the market will sell off. people are lightening up positions now. you loo

the wti crude futures went below $47 a barrel, hitting a one-month low. this is as many investors bet that major oil producers may not agree on a cap in production. that's a big focus for commodity markets. later in the day the bank of japan will wrap up its policy meeting and the federal reserve on wednesday. but many do not expect any policy changes so analysts say we're unlikely to see any major moves before that. >> ramin, looks like we've seen some stability come back to the dollar. after that drop that we saw last friday, following the latest fbi probe into hillary clinton's e-mails, tell us what's going on with currencies this morning. >> exactly. we did see a little bit of volatility there as you touched on there. the u.s. -- in fact, it moved back to around 105 yen levels. later lost a bit of steam again and it's trading right now at 104.71-76. as you can see. still the main u.s. jobs data on friday will be the highlight of the week, so many analysts don't expect too much of a move before that data comes out. taking a quick look at indexes across

the white line is the wti crude.lations the between the russian ruble and what is happening in crude. no surprise there is a high correlation. lena: it is remarkable the markets have come full circle. the two currencies leading the idiosyncratic risk story which is the british pound and the russian ruble, in the last year have now become, have now emerged as the top of the pack. that tends to show how political risk has changed the markets understanding of global fundamentals in the past month, and when you look at currencies, it is difficult to delineate between fiscal fundamentals -- yousef: we have to stop. thank you very much for joining us. anna: up next, the bank of england stress test. this is bloomberg. ♪ minister tells's us he is optimistic deals can be done at today's opec meeting. iran's oil minister says he too is helpful. under stress. hasannual bank of england released imminently and there's concern that not all of the biggest ranks will clear the bar. -- banks will clear the bar. trumps team. the presi

brent crude and wti are lower, but not by very much. after russian comments to the effect that there might be a deal. look at yields. we will take a look at some yields at the moment. 30-year seeing some buying tod ay. let's begin with the dollar index. below that now, within 10 basis points of that high. yen, continuing to weaken today. 109.27. mexican peso, we will see what happens after tomorrow's rate m ove. let's look at bonds as well, the two year in the u.s., staying at 1%. oil unchanged right now. let's bring in courtney donohoe. courtney: a new survey shows that british voters who want what some experts are calling an impossible deal on brexit rate a largeg to a poll, majority of british voters want access to the european union and single markets and limits on the free movement of labor. that's a combination that eu leaders have immediately said is not available. the uk's umbrella labor organization has joined those philip hammond to boost funding on infrastructure. the trades union congress says can't just quote, waltz into br

a week later, wti is up 60% of the time depending on how steep the cut is.probably what you can expect if there is a deal. if there is not, more red. back to you, tyler. >> jackie, thank you very much. >>> big jump in home prices in the latest report. diana olick has that story. diana? >> tyler, home price gains are gaining. and by one measure just hit a new record. the much watched s&p case-shiller national home price index surpassed the last peak, in 2006, at the height of the housing boom. low supply and high demand are fueling competition. which in turn fuels prices. home prices in september jumped 5.5% annually, that's bigger than the 5.1% gain in august, and that is a national record. we all note real estate is local, so let's dig into it. the 20 largest markets were up 5.1%, which was unchanged from august. top gainers continue to be seattle, portland and denver, which are all taking the runoff from people moving out of san francisco. all and all, seven cities reached new peaks adding to those three are boston, charlotte, dallas, and san francisco. ma

jon: wti crude up 2.5%. that does it for bloomberg daybreak.vonnie quinn. mark: i mark barton, what the bloomberg markets -- welcome to bloomberg markets. vonnie: we are going to take you from washington to tokyo and cover stories out of london, wall street and berlin. federal reserve vice chair stanley fischer says the economy has moved back to the vicinity of the central bank's targets on unemployment and inflation. we'll get a market strategist's take. mark: paul: prime minister theresa may hence the government will seek a transitional brexit deal when negotiations with the eu begin to avoid the "cliff edge that businesses fear. vonnie: incoming senate minority leader chuck schumer says he has donald trumpstop from repealing the dodd frank act. hammering home that these rules were put in place to limit wall street.

wti up $3.68. brent..61 for we are getting a quick look at more currencies. go to yields. .32 on the 10 year that spread is continuing to widen. we took a look at crude. we can get straight to our next board. actually let's get the first word news. we go out to the newsroom. courtney: british prime minister theresa may is offering an olive branch to business. in a speech, may says she will not force copies to appoint workers or union representatives to corporate boards. she also urged executive to not miss the opportunity presented by brexit. >> this gives us a once in a generation chance to shape a new future for our nation. the chance to build a stronger, fairer country. that is the kind of change people voted for. not just to leave the european union, but to change the way our country works and the people for whom it works forever. courtney: may spoke at the confederation of british industry's annual conference. syria has refused a proposal for truth in the battled city of aleppo. a human rights group estimates close to 200 civilians have been killed in a

huge moves, but we are coming ever closer to those meetings in vienna at brent crude just under $49, wtider 48. when it comes to treasuries, we are seeing quite a lot of selling today. the 10 year is up 8 basis points, which is quite a big move, this reversing a little bit yesterday's buying of treasuries. moving to the currencies for the most part, 101.65 on the dollar index. yen., major move for the just touching on $1200. look at this, the yuan continues to weaken. we will hit 7 shortly. vix -- we take less and less notice as vix is a fear gauge. the 10 year yield is up to 240 now, another 9 basis points higher. 1.86%. let's check in now on the bloomberg first word news. courtney donohoe has more from our newsroom. courtney: jurors deliberated less than two hours before guilty. a man say his home was full of nazi literature and memorabilia. the president of and is praising u.s. president-elect donald trump for his comments about democracy. he spoke to bloomberg in an exclusive interview. >> he said a very important thing, that there's no need to spread american values across the whole

either way, crude oil futures, wti down below $44 a barrel. getting a headline, the saudi's did not threaten to raise output and a vienna meeting according to the opec secretary-general. over and back, oil back up again, regaining some of its losses. it is now above $44 a barrel in that two minutes. mark: the saudi conservation to the meeting was also constructive but it shows you the attention within the oil market at the big opec meeting later this month. talk about brexit, a rough week for theresa may after having lost a key court case about her ability to trigger article 50. another tory lawmaker has resigned over the handling of brexit. .oining us is simon kennedy i just want to show you the front of a couple of the newspapers today. this is the daily express. we must get out of the e.u., an enemy of the people, the front page of the daily mail. emotions are running high after yesterday's court case ruling. simon: they are. result of yesterday's court hearing, we are pushing back against what they perceive is an attempt to stop brexit. ma

you should wti, abigail. if we look at brent crude, we are above $48. oil reversing losses. vonnie: thank you for all of that. let's get now to bloomberg's first word news. president-elect donald trump is seriously considering retired general david petraeus for secretary of state according to a senior official with the says trump iso planning to meet with the former cia director today in trump tower. the celebrated four-star general cloudovernment under a after sharing classified documents during an extramarital affair. areonsin elected officials expected to meet today to discuss a possible timeline for a recount of presidential votes. recounts are possible in pennsylvania and michigan. afterward thate hillary clinton leads the national popular vote by more than 2 million votes. the electoralon vote. thousands are lining up for the start of weeklong services in havana, cuba. ory paying homage to cuba workers that state businesses. the government has not said whether castro's ashes would be on display at the monument. in south africa, at least three members of the country's c

oil right now, wti crude at $48.68.he meantime, we have some very important people with the call. the trump rally. >> every time you say it, i just like to get you to say it. would you say it again? >> the trump rally. >> coming from you -- isn't it good, wilbur? coming from him. so good. president-elect donald trump announcing more cabinet picks for treasury secretary. steven mnuchin and for secretary of commerce our old friend wilbur ross. he's snot old. he's our friend for a long time i meant. they join us now. i don't think the appointments are actually official yet, but can you gentlemen confirm this has happened? >> we can, indeed. we're thrilled to be here and we're thrilled to work for the president-elect and honored to have these positions. >> congratulations. >> let's start with this. it's a two prong question. number one, because we talk about it all the time. what is the potential gdp growth for this u.s. economy, number one? what do you guys see it as that we can average? >> it's seasonally adjusted this qu

brent trading with a 46 handle at wti with a 45 handle. thean canadian dollar weaker and the yen is weaker. trading close to 113. -- theed about the ubs market has this dollar straight move wrong but it is dollar strength that is weakening the yen. rates, the curve we have been noticing has not changed but it is interesting to year whiche the 10 is trading with the yield of 2.33%, a lot of the trading has been within the five basis points of 2.30% and 2.35%. the 30 year yield if i can find it is actually not moving too much today but right below 3%. the 30 year has risen. let's look at currencies. the dollar index continues to strengthen. not so much today but in general. i wanted is a currency to point out, trading above 65 now as we wait the outcome of those opec talks and then crude in new york is 45.37. let's go to the news. columbiaigators in trying to determine why a aarter jet crashed into hillside, six of 81 people survive. it was flying a soccer team to a match in the city of medellin. the group reported an electrical failure and

wti trading just under 45 trading just under $46 a barrel and a lot of action in currencies where ther is selling off against the euro, the yen, and the pound, but it is gaining strength which are getting hit a lot harder, especially the mexican pay sow which is down almost 10% right now. >> what will trump presidency mean for the economy? we posed that question. he joins us from london. a very good morn dwroug. before we get to that specific question door you think the market moves we've seen so far this morning are justified, in particular i mean by that quite a significant rally from the lows. we're now down only a couple of percent in the premarket equities. >> hello, wilford. i felt what we saw last night was more justified than what we're seeing this morning. of course, we don't know what a trump presidency really will mean, but if you go on what he said in the campaign and over the years on per rif real politics, the two key things donald trump believes in, i think, are both very negative for risks and for the markets as we've heard in terms of the market movement and they are

wti 6%. >> people find gasoline prices higher this thanksgiving than last thanksgiving so we are starting to lap. we have exclusive interview with united airlines ceo oscar munoz. that carrier unveiled some new fares. he will react to warren buffett's surprising new stake in his company. >> pricing is becoming more nuanced than before. facebook is taking aim at the fake news feeds on the site which some people blame for donald trump's presidential victory. we will talk about whether that can back fire and hurt facebook's business because it involved advertising. are we saying fake news on facebook is why donald trump won? it's a bit rich. >> let's start with runup in crude prices very impressive. >> as you mentioned almost 6% move in crude oil just today. about 2 1/2 dollars and settled at $45.81. we are still in the sweet spot range just around $45 a barrel. yesterday we hit technical lows. you definitely have buy in the dip here. what fuelled this rally? more optimism about opec. this move certainly notable because we saw dollar index over 100 today. that usually pressures crude. i want

wti down to 47.63. it's off by 0.7%. brent 48.58. gasoline under pressure as well.he dollar has been the story. running up yesterday in european trade to a 14-year high. the euro is firmly below 106. 105.95. it's getting stronger, so that dollar strength is taking a pause this morning. but that is certainly the theme as the fed hike in december is a near certainty. economic data looks solid and you have this enthusiasm about the domestic economy under president-elect trump. dollar yen still above 1.13. the pound strengthens starts 1.25. gold should be getting a bit of relief after the dollar strength hurt gold. >> so dollar, bond yields taking a pause from the recent run up. >> and equities are strong this morning. >>> just one piece of economic data, the advanced report on the october trade deficit out at 8:30 a.m. >>> it's one of the most important weekends of the year for retailers. according to a survey by deloitte more than three quarters of american consumers plan to do some sort of shopping between thanksgiving and cybermonday. courtney reagan is live from th

wti is off 1%. 45.70 gasoline prices down a tenth of a parade. the safe haven gold trade which spiked on the election results is off of session highs. still trading stronger. it's a weaker dollar against some of them. the emerging markets' are taking it on the chin. there's gold up 2% right now. >> when you look at the euro pooen people trarksd that coming off gains of monday and tuesday. will that happen with u.s. secretaries when they open? they're down 2% or so in the futures market. might it pick up? >> from toronto, david rosenberg, chief strategist, thank you for calling in. >> pleasure. >> why do you think the market has recovered this fashion this fast, or do you think it signals potentially some optimism? >> i think certainly the more tempered statement out of donald trump may have helped him. i think the markets overshot. i think at one point we were down over 600 points. i think, look, part of the issue here, sara, the markets very quickly in 48 hours have almost fully priced in a hillary clinton victory. the markets were ripe in case