end of the year for wti, 85, 90.5, 100. >>> still ahead on "worldwide exchange," global currency concerns foreign exchange markets around the world making big moves what you need to watch as we kick o aff new month your brain is an amazing thing. but as you get older, it naturally begins to change, causing a lack of sharpness, or even trouble with recall. thankfully, the breakthrough in prevagen helps your brain and actually improves memory. the secret is an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has been shown to improve short-term memory. prevagen. healthier brain. better life. takes more than just investment advice. from insurance to savings to retirement, it takes someone with experience and knowledge who can help me build a complete plan. brian, my certified financial planner™ professional, is committed to working in my best interest. i call it my "comfortable future plan," and it's all possible with a cfp® professional. find your certified financial planner™ professional

rishaad: some are talking about $100 for wti in the not-too-distant future. what's changed?dynamic in the oil market? how has it evolved? for such aa range long time because she'll was seen as the swing -- because shale was seen as the swing producer, putting a cat on prices. how has this evolved? >> at the end of the day, production picked up. production coming off could stabilize the price to the downside. now we've seen production pick up. when you're holding the tap to the liquidity in terms of that production and supply, then you can control it. when you look at the shale, that will be a continuing game. we will see more production come out of the u.s. the u.s. has repositioned itself , which has been an interesting repositioning as a major global exporter. you see opec and russia versus the u.s. in terms of that, that and -- the dynamics have changed. we've lost a lot of supply. a lot of supply has come out of the market, the market is not reacting. why? the market sees there is enough supply to meet them and -- meet demand. we will have to see what happens in venezuel

wti turned down here, still at 72 bucks wti, brent crude trading at 81.88.p over 82 earlier today we'll keep an eye on the oil market also keeping a close eye on treasuries remember, we get the fed meeting and rate decision and press conference today the benchmark yielding 0 3.087% mike, what is the most important thing you can hear from our federal reserve today? >> i think it's pretty much expected that we'll get the rate rise coming through. the attention will be focused on shifts in terms of the forecasts for 2021 so i think there's going to be a lot of interest on whether we get move on the long-run estimate of the natural rate of unemployment and whether they will forecast that the unemployment rate can continue to go sideways at 3.5% by 2021 that's likely that they do forecast it going sideways over the next few years i think that's where the key uncertainty is in my mind it's likely that the rate keeps falling >> isn't that the ultimate risk? we talk about trade, tariffs, costs may go up. at the same time if that happens the economy could slow so now

we are looking at $80 brent and $70 wti. let's have a look at the gmm function on the bloomberg but those dynamics in context. equity markets in the red in the asian session down 0.4%. --nese markets down by seven 0.7% on the csi. questions around trade hangover markets. hong kong further into bear market territory. the longest streak in four years for the msci asia-pacific. 90 is so far. 90 is so far. on the fx side, the market factoring in three rate hikes from the fed. the focus increasingly on oil prices with regards hurricane florence heading toward north carolina. the strength of that taking surprise. we have seen oil prices heading time. the msci sitting at 1% right now. asian stocks have fallen again with hong kong shares sliding. oil jumps as the hurricane heads for america's east coast. joining us now from singapore, mark cudmore, bloomberg mliv strategist. he has been pouring over the markets the last couple hours. let's start with hong kong and what's been happening in the asian market. when you look at the reaso

you have brent crude up, wti crude at the highest level since july.falls short of the pledged to boost production. many are seeing a return to a $100 oil which we haven't seen since 2014. ,hey have got a long way to run so we are a little bit short of those predictions at the moment. let's take you back to that em story. i have one story in local currency in white and one in dollars in turquoise. the pictures are dropping today but this latest trend is something of an uptick, so they have been weathering the storm on the trade talks despite seeing a little bit of weakness. we also have to talk about the dollar. it is more or less flat today and what's interesting is these next long positions really rallying over the course of the second half of the year but in the last few weeks they have been dropping we hit historic levels. we are seeing them come off and there's better sentiment. >> thank you, sebastian. let's get the first word news with juliette saly in singapore. >> in the u.s., brett kavanaugh's nomination to the supreme court is at risk after

[laughter] neil: he was referring to wti, west texas.ometimes people leverage one or the other, brent would be more effective by what we are looking to do with opec right now. you'll hear they'll be a switch in west texas. oil is still going up. whether you're getting it over there or here quoted in dollars in this side of the world. in the meantime word with senator graham outside counsel will question dr. ford, this ahead of the big hearing that is for senate judiciary committee, you might recall that dr. ford was leery of being questioned by anyone other than the senators themselves, she didn't want to be queried by lawyers outside of those senators. keep in mind senators on the committee are lawyers but this would be general counsel, no indication as to whether that person would be a man or a woman, whether that makes a difference in the scheme of things but the hearing seems to be on, the president still standing by nominee with indications that other women could come forward. it's confusing, it's a mess, we don't know how it would

a secondary impact we will not see a huge impact on global markets as a result therefore brent and wti could decouple you could see the spread widen more over due course because of the downward impact on wti versus the continuous strength in brent >> i'm sure as a commodity investor you will be watching closely. that was the director of research at wisdom tree. just to bring you quick numbers out of italy, we got the revised cpi numbers. the final numbers for august have been marked down. joumanna bercetche >> brilliant so let's check in on how markets are trading. we're trading off the positive tone from wall street. had a good day for the three makers yesterday a bounce back in tech again. apple was one of the names leading the charge up 2.5% after its launch day again, asian equities trading in the green. again, here on the back of the potential discussions going on between the u.s. and china terms of finding detant vis-a-vis the trade, fixed asset growth coming in on the low side versus expectations slightly lower than expected pointing to a somewhat of a slowdown in chinese activi

to come back in line again and not because wti is going to go up, but more so because brent's going to come back down. >> all right. gentlemen, thank you very much. matt, chris and scott. happy friday. >>> let's get back to the big board and see how we're trading at this hour. 26,733. yes, the dow is still higher at another all-time high. pier 1 imports seeing their stock crumble to a record low after giving a weak second quarter forecast. hitting a low of $1.36 after several brokerages cut price targets. taking a look now, shares down 20%, $1.46 each. america's biggest retailer are warning team trump that the grinch could steal christmas if this trade war rages on. we will go to the former commerce official who is here to lay out the walmart effect when we come right back. your insurance rates skyrocket after a scratch so small you could fix it with a pen. how about using that pen to sign up for new insurance instead? for drivers with accident forgiveness, liberty mutual won't raise their rates because of their first accident. ♪ liberty. liberty. liberty. liberty. ♪ a business owne

abovetending gains, wti $71 a barrel and brent above $79 a barrel.erns of market tightness. debbie yesterday showing crude inventory the lowest since 2015. the drop has been prompted by the u.s. rise in exports. american exports are in white while the crude stockpile is dropping in the blue. there's more tightness and concerns in the market as the sanctions start to hot what's happening in the oil market. that is surging prices since the ins of august, as much as 9% the oil price but opec and its allies will be meeting in algiers and investors will be waiting for any sort of strategy or signals they get to supply and demand. moving on, i want to look at what is happening in the cannabis world. this is the most read story on the terminal this morning. see one stock start racking -- skyrocketing more than 1000% since the company went public this summer, leaving some of the crypto companies in the dust. 50% yesterdayet as the ceo said it may be one of the few companies that's part of the industry that could be worth 100 billion dollars. on tuesday jumpe

, wti, broke above that $71.51 level that you have mentioned right here on futures now in the past.el should investors watch now? >> it's interesting. the same high about four weeks ago and about a month and a half ago. that established the trend channel. i think that it's going to go above it, but i want to see it trade above $71.85 first now, the way it has responded today and reject thad high has given me a little bit of a pause. if it trades below $69.50 and settles there, i think all bets are off. i still think it's going to consolidate and go higher where. >> consolidate and go higher thanks very much, guys coming up on the full show we're going to be joined by invesco's christina hooper she'll say why a strong september could usher in a correction plus, wells fargo's michael shoe milwaukee iron the bond market that's at the top of the hour. exclusively futures now.cnbc.com "the halftime report" is back in stwoines oh, and there's the closing bell. (sighs) i hate missing out missing out after hours. not anymore, td ameritrade lets you trade select securities 24 hours a day, fi

brent and wti higher today. are -- you love a higher french old, is that an arbitrage moment? goldman sachs told you at the end of july that it was the moment to step back into emerging markets. were you brave enough because what we have done is we have seen the biggest drop and selloff in a.m. since the 2008 crisis. but we have is the bloomberg barclays emergency market, total return is you're seeing a slight drop in yields, rise in returns. total return index, 28 basis points. you also saw a big flow of money coming back in. jpmorgan dollar and etf, themarket and biggest weekly inflow of any etf, you saw that last week area the question is do you want to step into emerging markets? the fed is in play, you're saying some of the runs are already done in emerging markets. the chart tells the truth, they sliced and diced on yields, the question is are you brave enough to step in. we saw some weakness come through in the session and trade tensions are playing into the session but also u.s. politics, the deputy attorney general progress and sign will leave his post. president trum

and as we head to break, a big mover for me of the week, midland wti spread the lowest in four yearsfter a pipeline carrying permian oil to oklahoma shut down on tuesday. this is "commodities edge." ♪ ♪ and thism alix steel is "commodities edge." time now for the data dig. first up, oil inventory numbers bullish on the surface, bearish underneath. the stocks drew for a second week, but they actually grew in pad 2 and pad 3. this week, california approved a measure mandating that all electricity come from alternative energy by 2045. here is the current power mix. the state gets 44% power from renewables and large hydro deals. the mandate could mean the end for natural gas plants, where the state currently gets a third of its electricity. the solution, batteries. a 100% target would require 36.3 million megawatt hours of energy storage. and as global warming melts the ice across the arctic, shipping routes open up. tankers can travel across the bering sea between alaska and russia for the first time without icebreakers after the region lost half of its ice two weeks in february. this i

crude exports soaring after the wti brent spread blew out to about $10 two weeks ago. saw a lot of oil coming out of cushing, out of the gulf coast and being exported. let's dig into the permian, because there are some problems. oil production is higher, but decline rates are an issue. this is legacy well monthly production declines, pretty steep ever since january of 2017. that means permian companies have to drill even harder just to stay in play. trade war, what trade war? it is not in the copper price. prices rose over $6000 a ton this week. premiums in china -- the white line -- the highest we have seen since 2015. inventories have also fallen -- that is the orange line. will that even get tighter as china ramps up any stimulus to combat any trade battle? let's dig even deeper into the destruction left by hurricane florence. the flooding across the carolinas should get worse before it gets better. taylor riggs was on the ground in north carolina and experienced the power outages and the coal ash. taylor: we were down there and there was flooding. duke energy said

. >> wti crude trading close to $70 a barrel continuing to rise in the pattern we've seen over the past 12 hours or so. a similar picture on the international benchmark for oil brent crude is trading close to of the spheres what hurricane florence might do for supplies. on the stock markets, european markets trading up this lunchtime, but shares in rolls-royce are down after iberia flight had to make an emergency landing at logan airport, which has been with the rolls-royce built engine for investors reacted to the news. today's business headlines for you, the head of the imf christine lagarde says the u.s. china trade war as the potential to shop emerging-market like argentina. in interview with the financial times, she says while the imf doesn't currently see a risk of contagion from the sell affecting emerging markets, the situation could change rapidly. shares in the freshly brewed brand irma's are up more than 2% in paris after they reported a nearly 1/5 jump in net profits in the first half of the year. the brand is best known for so scarves special silk scarves and handbags. the

wti at the best level in more than 3.5 years following the opec meeting.nterest-rate sensitive, real estate investment trusts, customer staples doing less well. we are moments away from the close. let's get market -- to our market reporters. julie: one of the more interesting deals of the day is sirius xm agreeing to acquire pandora media. they had scratcher and both stocks trading lower fears -- a head scratcher and both stops -- stocks trading lower. pandora is more mobile, internet, and sirius xm says that is why it may get position, to expand in that area but investors are not certain what the strategy is to make this happen. and -- it is a 3.5 -- an all stock deal that represented 12% premium for pandora shareholders and sirius xm owns 50% already of pandora. pandora shares higher earlier and now lower and sirius xm losing 10%. investors not fans of this deal. care, when you look at the small companies, biotech companies come investors typically have to wait for years holding these stocks before they get a pop but when they do it is a proper. -- whopp

wti jumping up more than 1%. wti above 72. you see brent above $82 per barrel.heard from the u.s. government that there are not plans to actually cap the strategic petroleum fund. this is one issue that could put a downward effect. euro a little weaker. 11695. there could be a delay to italy presenting its budget plans. let's check in on what's trending across the bloomberg universe. spacex has signed it second japanese client. this time the payload will be -- they have signed up for launches in 2020 and 2021 saying they share the vision of enabling humans live in space. french president emmanuel macron says he would welcome britain back if voters decided to stay in the eu but it's not up to him to decide. our most read stories on the , the fed terminal hikes rates and signals more to come. it will continue the conversation about banks. dennis is headed there now. ♪ this isood morning, bloomberg daybreak: europe and these are today's top stories. on and upwards. the federal reserve raises rates. president trump slams the move. >> they just raised interest rates

we are looking at wti. the third weekly gain.h brent, there are questions whether it could go to $100. $82 is where we are. the iran sanctions continue to be the driver for brent. concernss., there are how that would affect supply. the dollar higher after a weakness of gold at a six week low. wills ceo says the bank remain disciplined, despite the departure of its former head. he weight in on fed policy and the pressures faced by president trump. >> we expect another hike for december, another three hikes for 2018. i think the fed is executing their plans, and the economy is sustaining this policy. i think we will continue to see hikes in the future. >> what do you make of trump's comments having a punch at jay powell? an influence to a ifunterproductive outcome -- any fed or central bank feels contrary to the pressure. in that since, monetary policy should be a matter of the central bank. >> in june, you said you would not be surprised by a 15% correction. how close are we to the investor turning on this market at the moment? se

they scramble now and question question abilities when prices go u easily $807 for wti, the u.s. marker is in the cards. beyondthat, i think the saudi ys will respond to brez to put more oil on the market and be f moward leaning about it. but there is increasing talk about 95, 100, the only savior there for motorists it's almost approaching conventional wisdom we could go that high. so probablyha won't en. >> along the lines in the saudi regime you are watching the crownrince carefully right now aren't you. >> i think that's being somewhat overlooked. he has been very aggressive in terms of trying to do various things, bring the saudi oil company, thepa aramco c public, much to the diay and chagrin of leaders in the kingdom. he has been jaili quite a number of the old guard that haven't been released. you've heale about not releases. a lot haven't. he has been getting significa pushback. she shelved the audio y ipo. >>at is hardly a rebuke from the king. e have 30 seconds left. the president took a hard line on iran. any chance that he and rouhani will talk in what will that do p

likeve not seen something this for three years now for wti. of questions remaining on how much more crude production can be ramped up in the u.s. given these traffic bottlenecks right now. of course we continue to see u.s. oil rig counts rising to the most in five weeks. weekly crude production as well. still hovering near records for the u.s., around 11 million barrels a day. this could stay for some time. hsbc saying it could last a while. look, you cannot rule out $100 for brent. david: this one might get stuck. thank you so much. let's get more on oil. herepec secretary general talking about what the impact owe theve actually cartel for current demand. >> as a consequence of this downturn, we have seen the inrpest construction investments across the supply chain for two consecutive years of more than 25% each. in thelative terms, region of over $1 trillion u.s. impact, not only in our ability as an industry to meet current demand, which at the moment is robust, despite some of the headwinds. but in the medium to long term. demand itself is

we have 90% of our oil locked into wti-type pricing.ware basin for our oil, 98% of the vti in the previous quarter. we have it locked in through the whole year because we have transportation on the longhorn pipeline to the gulf coast, and wti.-basin swaps off we anticipated this coming. , soeceived the 98% of wti absolutely. is it an issue for the industry? it is. not for devon. >> thank you for joining me. the interview will be in my commodities show tomorrow. tom: we thank you so much. we turn to technology. david kirk actor joins us quickly on the phone. inre is a festivity washington with technology today. are these the arrogant guys of silicon valley showing up on capitol hill? >> by that measure, it is a sober time. the biggest single message that jack dorsey and sheryl sandberg will be aiming to convey today will be contrition. in my opinion, humility is a word that ought to be used, but i don't think that is a word sheryl sandberg has much experience with. jack dorsey will probably show a little bit of fat, but they have to say,

the price of wti is steady, and brent was reaching a four-year high because of the sanctions, so a surpriseplies in the u.s. will put traders back on their feet, looking at wti canup brent and rise as they deal with the supply-demand ratio here. yvonne: we hear that india may cut imports of iranian oil to zero. how big of a loss is that for tehran? >> bloomberg reported this morning that india. in november importing oil from iran. india is huge. they are a big higher of iranian oil, taking up 25% of exports of iranian oil, so a big loss for japan. this follows in the footsteps of japan and south korea causing or stopping imports of iranian oil. the trump administration wants all imports to rise. if that happens, the price of oil could continue to go up and we could hit $100 because saudi arabia and russia cap possibly make up all of the lost exports from iran by themselves. asiaad: our bloomberg energy reported there. thank you for that. let's talk about bp. imminent u.s. sanctions on the iranian oil industry are likely to bring about more volatility for the black stuff. bob dudley spoke ex

the could potentially cap upside with wti set for the first drop in four sessions.after a report showed a surprise increase in stockpiles. that would be the first such rises since early august. oil prices are still trading around 2014 highs. storing -- pouring cold water on top of hundred dollar oil, saying another supply catalyst beyond iran would be needed to see a meaningful upside and production from other opec producers and russia could see losses offset. they see a return is stabilization of oil prices between $70 to $80. they said the u.s. would ensure the oil market -- that could put more downward pressure on prices as well. haidi: a nine-month high for japanese equities after a seven day rally. are we in for a breather or could we build on that? sophie: we do have trading at highs we saw since last february. you can find this chart on the gtv library. investors are focusing more on the prospects for earnings growth. japanese shares could finally be playing catch-up to increase turning rejections, those are the turquoise lines. they have been steadily declin

wti and oil futures, about $70 for a bit and now we have dropped over the last couple days.the emerging-market issues or is this more a domestic supply and demand issue? rise in theecent last month, really about iranian sanctions, also iea demand forecast and good inventory reports. now we are going back to normalcy of it based on the fact that demand is good but not great. slowdown,ried about a global slowdown, even though consensus thinks we will see a compromise out of china and the u.s., that is just a guess. that said, the odds of a slowdown are good. oil is starting to sell in that range. romaine: we saw the api numbers last night showing a building inventories, we will get the data shortly here. how would you trade that knowing what we know from the api numbers last night? larry: i would be on the short side, i have been on the short side of oil for a time this year. it has been painful. fundamentals are such that oil will see low 60's by the end of the year and one report doesn't make a trade for me. i look at a series. romaine: good stuff. thank you, larry. live fro

going forward, the pipeline project we expect next year, which would alleviate bottlenecks and allow wtiompete with brent on the global marketplace. vonnie: neither needs to be nervous as they were fantastic presentations, particularly interested in the oil stuff as we have not talked about it a lot today. i will give it to jenna. guy? guy: i would not disagree with you. vonnie.ack up vonnie: wise move, guy johnson, just getting. -- kidding. guy: find the fantastic charts on gtv go. this is bloomberg. ♪ vonnie: breaking news on duke energy, shares following as the company -- falling as a compass is a game has been breached and it would kill an implant along hurricane florence. breached because of hurricane florence and local tv saying they will be more evacuations in north carolina. like that will be a story we tracked throughout the day. the portugal economy minister says brexit would be the desirable solution. he spoke to bloomberg earlier and said it is worth noting that that was before prime and mr. theresa may said the eu and u.k. are at an impasse. negative, hard brexit is worse th

this is wti crude. thank you, abigail.ment bank ceo has been appointed as a new ceo. we are joined by our senior writer. why would you do that when it is clearly not known? >> there are several possibilities. one that is going on is his job at ubs was to restructure. companyically made the blow up the crisis. he went into cleanup. then what is the next move? at ubs, investment banking is so much smaller. they have focused on wealth management. if you are not the ceo of ubs and another bank comes along, why not? >> that is a good point. he has a relationship with that bank because he is been a member of the family for more than 20 years. he was part of the deal that made the bank so much bigger in latin america. >> that is a great point. the family is still very crucial. it is still run by the family. chairwomanr is the and she calls the shots. it's not like the ceo is so incredibly independent. share.ily controls a big she will continue to really run the important parts of the bank but maybe they want to do more and invest

-- wti and brent? >> it is being driven by the emerging in the u.s.y, talk about the infrastructure. there is an ongoing issue. in the short-term we have had other things like raising costs, availability of workers. it has produced in the shorter term. longer-term it is going to be the dynamic around how shale grows exponentially. broader commodities index has been confounding. looking at copper, we had seven straight weeks of money managers .utting their long positions we saw a rebound last week, 5%. the bloomberg commodities index had its best week since april. that is despite the trade war. this cannot last. >> it has confounded a lot of skeptics. i have been talking about positive fundamentals for a while in both metals. seems to be investor sentiment betraying. slowly starting to turn around. the declines in stockpiles, itper in particular, i think is starting to weigh on the relatively bearish outlook. the trade conflict, the concerns around the impact it is having on external driven demand out of china is starting to debate -- to abate. the pol

wti crossing $73 per barrel. how -- close to $10? >> i think that is due to the iran sanctions.l have decent production here. about 1.5 weeks ago, we had research that said in north dakota, producing 1.7 2 million summer,per day in the the equivalent of venezuela. as long as you have those forces sanctioned on one hand and production on the other, that will keep sales wide. finishing the dollar on a strong note, does that continue into october? >> if we continue to get good numbers, growth numbers showing good numbers, and the bad numbers don't come out bad, and by that i need inflation, those numbers are coming in rather benign. and bad isod is good not so bad, that portends a stronger dollar. and we have to be careful that the fed not get out over their skis. they like the u.s. economy because it is strong, but we don't have a ton of inflation. i think that adds up to the dollar slowly but surely emerging higher. we have the employment report next friday already. the 10 year yield is back down to 3.04%. what happens next week to yields? scott: ultimately, i think we will see t

checking in on wti because we have new york crude set for the first drop in four days, i'll buy .5% after.s. industry report showed us price increase in stockpiles ahead of official government data due on wednesday. this would be the first increase since early august in that could loosen after the big jump at the start of the week who take any year to date you on brett, trading around 2014 highs even know it is back below 80 two as the market considers the impact of the iran sanctions and opec stand on the matter. highlight what one analyst had to say when it comes to donald trump's the yuan assembly. saying it could have a meaningful impact on the bull market is u.s. output would not only increase but could be sold at a competitive price which would then lower prices. goldman sachs also throwing cold water on the talk of $100 oil, saying it would need to see a meaningful break to the upside and production from other opec suppliers and russia could offset iran losses. staying stabilized two-year in. so much for you that. let's look at how all this plays out here in asia. had this presumab

look at oil because we saw a third week in advance when it came to wti which is unchanged in early trading. brentolding at 78 -- holding a $78. hurricane florence now downgraded to a tropical depression, not to mention sophie, looking stormy in asia when it comes to the weather. sophie: we are going to be taking stock of the weather passesyphoon mangkhut through the philippines, hong kong and china. can see we had floating in low-lying areas and buildings with windows blown out. the wind speeds broke the record we saw in 1952 and 1999. t8was t10 on sunday but now and t3 in hong kong which means trading will resume. we are still taking precautions in hong kong. schools will be shut, and flights from the airport will resume. casinos, concede us -- will reopen after shutting down operations for the first time in the history of the island. looking elsewhere, we do have folks in malaysia and japan enjoying a long weekend. we don't have futures up now. we have a mixed session. looking at the rest of the markets, little on the data docket. checkingaidi, will be reactions to china's home prices. t

new york crude, wti, .25% higher.vonne: we have a chart that shows history repeating itself. 2008ps not, but back to and 2009, basically when you see u.s. breakevens rise with oil, this starts to hit growth and inflation expectations. we tracked it back to 10 years ago when brent hit $147 in july of that year. that was a turning point for breakevens to break down, even when oil lingered at all-time highs for another two weeks or so. let's bring that question to standard chartered's david mann still with us in singapore. see growing calls for $100 a barrel for crude, could we see oil prices hit growth at some point? i think given the moves we have seen, it is an issue even for the next year but we need to look at it in the context of the last several years. we are well below where we were two or three years ago in sense of the oil price but we are averaging more than 25% versus the average of last year. it does matter. that counts as something we are sensitive about, but if this follows through further, it will have mo

up 2% nearly for wti >> we gave you the hurricane story.ave you heard him do his -- you know how these great british actors can all speak american when they try? >> they speak american better than you can >> i'm not an actor. i speak the truth. >> i know you do i don't want you to get a hernia, i know you can say hurricane, right you can say it, right? you won't hurt yourself. >> one of the great british plains hurricane. >> do you have hurricanes? >> no we have hurricanes we don't just rains >> this is big stuff happening this week. automakers today will report their monthly sales umbers we will also get manufacturing data in washington the senate judiciary committee will begin confirmation hearings for brett kavanaugh. the ginsburg standard, that's something you can read about in the "wall street journal." they're quoting her during her confirmation hearing, no hints, no forecasts, no previews she said in 1993 saying a supreme court to be completely unbiased once you're seated, you can't be expected to lay out all your cards beforehand wh

at the same time include -- in blue, we can see wti crude rising in tandem.e did speak to the russian energy minister, alexander novak. while we are wondering if opec will step in, we did ask if russia would step in. it seems they do have the ability to step in, with 300,000 barrels, sometime next year. the question is whether they will decide or not to do that. take a listen. >> we have not yet made decisions on production growth. we have just spoken about the capacity that will be spared. we will be discussing these decisions and steps we plan to take. and 23rd of2nd october we meet with the jjmc. ramy: that is a meeting happening in algiers this september 23. haidi: where is opec seeing the demand pressure points around the world? ramy: can i just some this up and say everywhere? say,m this up and everywhere? of course hitting growth. let's bring up the full screen we had regarding opec and its latest monthly meeting. trade tensions, monetary tightening. some em nations, we know what is happening in turkey, venezuela. this contributes to the growth trend.

wti at 72.33 saudi arabia has been iunder pressure from pump to halt the recent climb in oil prices >hour and a half, watched most of it yesterday, the press conference president trump making headlines at the news conference covering a lot of topics, including quite a few in the business world. including the trade war. here's how he characterized the nafta negotiations with canada >> canada has treated us very badly. they treated our farmers in wisconsin and new york state and a lot of other states badly. dairy products, 300% how do you sell a dairy product at 300%? you don't. it's basically a barrier it's 300%, you don't send it in so you can't compete canada has a long way to go. we're not getting along at all with their negotiators we think their negotiation verse taken advantage of our country for a long time. >> the president also weighed in on the trade war with china. >> with china, as you know, we put out an announcement today, they would like to see me lose an election because they never have been challenged like this but i want to open up china to our farmers and to our indu

wti around 72.se highs since july that's because july is the peak of the season. the support we're seeing now, continued iran sanctions uncertainty, notice that the spread between brent and wti widened. just about $10 it shows the premium being paid for brent crude. that's in tighter supply at the moment stock market strength today positive for oil demand as well, guys. >> jackie, thank you jackie deangelis >>> google turning 20 and celebrating with a signature doodle the tech theme behemoth went public two years later in 2004 since then the stock soared more than 2000% google has more than one billion users but these days google finds itself under pressure from all sides. regulators, politicians and their enemployees. what can investors expect? let's bring in the senior research analyst at raymond james. good to have you with us. >> some might look at the first 20 years of google now it's going to be harder in terms of regulation. is that the correct assessment and what does that mean in terms of h

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wti also up -- just about flat right now, but $72 a barrel right now.ishaad: with have a look at what the cartels have been trying to do. little support for those sanctions on iran. they also sidestepped the president's demand for cheaper oil. those sanctions on iranian oil are due in november. it is notntaining going to happen. the united states is not capable of bringing our oil exports to zero. this is an empty promise and it is a threat that is empty of credibility. perhaps we will sustain certain pressures, but certainly the united states will not reach its objective. bp,ne: we also heard from saying the price momentum in crude may not last, with the market not factoring in the impact of the trade war. people have been seeing the brunt of the impact. the markets are choosing not to demandn that potential being much weaker than we thought in 2019. rishaad: let's get the outlook for oil. economistned by chief erik. thank you for joining us. how would you characterize what is going on in the oil market currently? >> it is a market characterized by a l

so we saw oil take a big leg up on that and wti above $70 a barrel now. vonnie: more on the tensions and trade disputes between the u.s. and china. we are joined by michael mckee. in the last one he four hours, the u.s. -- 24 hours, the u.s. came out with 10% tariffs and china has now retaliated. where are we? mike: in a case of truth and their. the - d- dar. e. the president said of the chinese retaliated, he would impose additional sanctions. 200 billion going into effect next week. and the chinese retaliated and been opposed tariffs on another $60 billion in u.s. goods, now at $110 billion on the chinese side. we only exporter $130 billion to them last year. the exports are up this year a little bit, so maybe a little bit of room, but if the president goes ahead with another retaliation, we will have to wait and see with the chinese would do. the chinese calling their tariffs today forced response to the u.s. unilateralism and a trade protectionism, according to that statement they put out a short time ago, and say if the u.s. insists on increasing the

wti wastart of the year a little over $50 a barrel. that has been trading in the $60 to $70 range. that is an indication it has little sticking power. what you have seen with what the u.s. has done in terms of sanctions and venezuela production collapsing is to outliers that the market was not pricing in at the start of the year and it is reacting now. scarlet: tina davis, thank you much. brent is just below $80 a barrel at 79, 23 -- 79.23. that is it for me and romaine bostick will be stepping into talk about tilray. this is bloomberg. ♪ caroline: live from bloomberg world headquarters in new york. let's check in on how the u.s. stocks closed. of the day on 6/10 of a percent on the dow jones and the s&p 500 held higher. joe: the question is "what'd you miss?" caroline: tilray's wild session. 94% of the stock gain is gone in minutes. despite selloff in treasuries, the 10 year yield is about 3%, but it is -- but is it being met with a shrug? republican senators reject call for an investigation into brett kavanaugh. we speak to jump jones -- doug jones ahead. shares continuing to dro

vonnie: in the u.s., wti took a big jump higher with inventories. ,fter inventories, 2.3% higher approachinger the major drawdown more than 5 million barrels, a 4 million barrel drawdown the week before. spread,ook at the 210 22 basis points which tells you the two-year yield is moving up and staying there. i wanted to mention discovery communications has flown under the radar. it is the best performer on the s&p 500, gathering steam on reports of china negotiations starting again. currencies andhe other asset classes. the australian dollar, much stronger today. the canadian dollar as well with oil currencies having a good day. russia having a better day. bonds are higher, yields are lower in russia. julie: in a bloomberg scale, the ecb forecasting lower euro area growth because of trade tensions according to familiars -- people familiar. ofe is karsten schroeder amplitude capital. he is joining us from london. we have this outlook potentially from the ecb. based on some of the risk from trade. at the same time the ecb is cutting back on stimulus. the is the delicacy of european economy? >>

before the crisis >> thank you for joining us on "street signs" today >>> another complex to watch, wtirading higher after two gulf of mexico oil rigs were evacuated in anticipation of storm gordon it's due to make landfall later tonight. >>> india has allowed state refiners to import iranian oil using iranian tankers, that's in a bid to circumvent u.s. sanctions after india's biggest shipping company halted its own trips to iran. we will ask our guest about the iranian tankers. they will be busy over the next few months, won't they >> they will be. it's not just india, china has done the same. so iran's national company is effectively providing the insurance for india and china. last time under the obama era, when there were sanctions, iran ended up storing a lot of oil in their own tankers, about 30 million barrels, now today india and china import a lot more crude compared to back then. if iran is effectively tying up its own tankers supplying crude to india and china they won't have many available to float so they might have to cut back production earlier than we expected >> you are

you see wti now continuing to outpace brent. we are trying to make up this shortage in the iranian production and supply. vonnie: what have you been watching in particular this morning? treasury yields are really on the move this week. do we get beyond 3% for the tenure? brexit it looks like it is headed in that direction again. the two-year is the real story. we are seeing basically 11 year highs. we see the short end of the curve continue to push higher given the fact that the expectations are going to continue to move and we saw a very strong unemployment report last week. gold is fluctuating a lot these days. we are below $1200 now. risk off? you might have thought so. >> it's not the default kind of risk off assets it has been in the past. the dollare to see strengthened. the trajectory of the united states economy continues to outperform the rest of the globe the dollar coordination is part of the reason -- the dollar has been perceived as a place to put your money for strength. vonnie: thank you. that is our futures in fo

the markets not responding negatively brent crude, wti, they are up.ially hitting a four-year high brent crude prices nearing a four-year high as well the president, president trump has petitioned, pushed, prodded, poked opec to try to put more oil on to the market here. we'll see if that ultimately reacts let's find out what's coming up on "squawk box." andrew ross sorkin is here with a preview. >> hey, how are you? >> how are you >> we have a big show ahead. we have a couple people you have to know about today. there's a lot going on we are chit-chatting while you were chit-chatting mick mulvaney will be with us. we have our guest host, maggie a number of ceos the ceo of hershey on deck the ceo of docusign and a lot more there will be an overhang of all the news we're not -- not business news, but other news going on today i don't know what that is. >> what's going on >> i don't know. a lot of business news >> a lot of news out there >> i don't know what that's about. >> andrew ross sorkin, thank you. >>> happy birthday, google the company formerly k

we have wti higher, unlike brent it's higher than when president trump got on stage and said, cut therice. it was around -- i marked it, 71.94 when he got on stage and now at 72.26, we are watching that, more kristina will interrupt us if she has anything else, she's right there at the united nations. the president has been known to criticize not just iran and the oil markets and opec but also the federal reserve. he does not want to see them hike rates. too bad, the fed has initially and officially started 2-day meeting an less than 24 hours away from federal reserve announcing decision on whether to raise rates, right now 100% probability. that's what the fed funds future pits are showing, the guys who bet on this for a rate hike tomorrow. looking ahead to december, that's climbing too. 80% chance of another rate hike that would make 4 for the year. what will the traders be listening for tomorrow if we think already, guys, that there's going to be a rate hike, you're going to be listening to the statement from the chief jay powell, let me hear from you right now what you think and j

>> no, i don't i think it will come close we could see a wti price of $80 to $85, but you will need an of some sort for that to happen i think the supplies are sufficient we just need to get through the end of the year basically. once we turn the corner into january, the market will assess things they will see supplies are sufficient, maybe tight, but sufficient to get through the seasonal downturn in demand into the second part of the first quarter and the second quarter of next year >> maybe that's some good news on a rainy friday. parts of alaska, california and hawaii they're like we're already paying $4, what are you talking about? >> yep >> thank you very much higher oil prices are beginning to impact what you pay at the pump the national average for a gallon of regular is 2.88 f you're out west and up late, you're paying more than that already. >>> up next, it's decision day in d.c. on the story that capti captive -- captivated america. >>> and elon musk sued by the s.e.c. the latest details coming up oue numbers to examine investment opportunities firsthand. like a biotech firm

wti traded crude, probably what we care about in the united states is up 2% to 72.30 a barrel more oninute. >>> get this, the world's biggest company, saudi aramco, says it is moving forward with its plans to go public yesterday we sat down with the oil giant ceo naaser and he told us that recent reports that aramco is scrapping its ipo is, quote, absolutely incorrect. he talked about iran we asked him what impact sanctions will havus. >> we have already said to all of our customers that we are ready to supply additional barrels and to make sure that the market is balanced they have a maximum capacity of 2 million barrels a day. we have almost 1.5 million barrels of capacity today that is available if required to offset any short fall. >> i know that your energy minister is representing opec which has a meeting this weekend, but you are obviously the player, the national oil company of saudi arabia. do you have the ability to get to 12 relatively quickly if the world needed it, if prices were to spike as our president has referenced opec needs to bring crisis down. do you have that ca

so the market this morning supporting that brent and wti price.0.9% or 1% roughly on both of those trades let's push on and talk about what we're seeing across the banks. ecb reportedly picked three candidates to run the eurozone's banking supervisor according to several media reports t has short-listed islands deputy assistant bank governor, sharon denmary and andrea enria and robert ophele >> numura has bought a stake in julius bar the ceo of julius bar said the deal was a major milestone in the japanese strategy. perhaps we can pop up a chart of how the european banks have fared of late. we have seen a pullback since the start of 2018. you say there is a link to improvement in the european pmis why do you think now is the opportunity to get back into those banking exposures? >> that's an excellent question. what we learned this year and what is showing up in the data, the main determinative of a european bank's performance is change in growth momentum. at the start of the year it was rolling over sharply immediately banked underperformed by 20%