i am yousef gamal el-din. angie: i am angie lau.gross used his monthly address to criticize central bankers. managers capital fund should thinks the fed hike this month and expects action if friday's job figures are promising. >> let's raise interest rates by 25 basis points. six months, let's do it again. realize that capitalism can do well withn't do negative interest rates. yousef: let's stick with the actions of the central bank and bring in the head of investment strategy for abu dhabi commercial bank. you heard the latest comments from bill gross. do you agree? does the fed need to move faster and more aggressively? >> i am not so sure. we have seen in the past that the fed hiked rates. the dollar went up and created problems in china. i am not so sure the situation in china is not good. i am not so sure the pickup in the u.s. is not sustained. rates have to go up, but they will have to go up through a combination with fiscal policy. we are seeing indications of that. the political economy has to work out. you can call it heli

i am yousef gamal el-din. angie: i am angie lau.uick check of the headlines. caterpillar has reported a 45th straight month of falling machine scales as they scale back global growth. however, asia is a rare bright spot. the company saw a 17% growth last quarter. let america leading with 45% in august. asia was the only region to buck the trend, sales rose for the first time since november of 2012. south africa may lose its investment-grade credit rating, that according to diamond producer debeers. the ceo says there is serious danger of a cut and of the government must reassure investors that it is committed to stability. south africa has double strugglo contain public debt. the fight between president zuma and the finance minister for control of the treasury and state owned companies has raised concern. turkey has announced a range of new measures designed to reduce borrowing and consumer spending. the prime minister says the government will increase the maximum maturity on credit card installments to 12, from nine, and allow cred

yousef: and i'm yousef gamal el-din in algiers.'s return to the bloomberg markets influential summit in hong kong. we have one of the greatest investors in asia, who remains a contrary into the core when it comes to china -- contrarian to the core when it comes to china. yes, we're talking about a man who is called the goldfinger just because of his investment skills. yes, we're talking about a man who is called thethank you o us today. you are very optimistic about the china market. despite all of these skepticism's about where the market is headed. is that because there's just not a full understanding of how chinese markets operate? i have been say working in this market since 1980. i am pretty used to the back that it is a rough sea out there, but one with a lot of fish inside. right now where are we? with the general assumption that china's economy progressed forward can be described in the shape of an l. is, the horizontal part of the l is very are now, the stable part, the stable growth. for the next foreseeable future, we wi

i'm yousef gamal el-din in dubai.pec may be delaying a special committee meeting ahead of the crucial supply talks in out area later this month. sources say the meeting has been indefinitely postponed and the cartel wants to focus on ceiling -- sealing an output agreement. anthony, how are the prospects changing for any sort of deal to come out of the algeria meeting? anthony: the signals are really conflicting, so it's really hard to make any definite prognostication about what's going to happen there. we see some people coming out and saying there needs to be a deal. we hear different discussions coming out about what kind of deal could be reached. but we also had some of the opec secretary-general making some comments over the weekend, in that the meeting would be for discussion, not for decision. earlier this month, we had the saudi arabian oil minister saying that he didn't think there was need for a freeze right now. so, these would -- these kind of commons would tend to point against a freeze or any kind of sup

let's get to a man on the ground, yousef gamal el-din. sense about what is happening on the floor. iran given any signal on a deal? -- iran giving any signal on a deal? yuko we are waiting for more delegates -- yousef: we waiting for more delegates to arrive. remarkable,t of saudi arabia grappling with a bunch of deficit, trying to limit the extent that it is burning through its four currency reserves. eventually issuing bonds and cover that shortfall and trying to rein in oil supplies to support prices. then you have iran, they are kind to get back to the precinct since level of production. -- they are trying to get back sanction level of production. this,ical point in all of how massively the supply has changed. the latest you are looking at, libya, russia adding over 800,000 barrels a day in additional supply. that is a part from what we have out there. the key question is going to be whether they reach some sort of understanding that might lead to eight freeze decision here or in the year in vienna. whether they have to cut back? the o

yousef gamal el-din joins us now.lot of ifs whether this deal will make a fundamental difference in the market leading up to the official november meeting. lay it out for us. situationll, the might be set with the background. gorgeous clear skies -- could this be a new beginning for opec? this is more than just raining in the oversupply. this is about aligning them as a force in the supply market. they knew that people had stopped listening and they wanted to make a point. but the challenges are far from over. they need to figure out how they will distribute the production cuts. they're targeting a range of 32.5 million barrels per day up to 33 million barrels a day. just shortmping now of 33.7 million barrels a day. it is still unlikely to make a major difference, but what analysts are telling us is that we need to see what they say about the timeline. how long will the freeze last. and these is going to extend to non-opec? will they bring russia back on the table? to try to support the oil market? ,arclays has come

yousef gamal el-din joins us. the latest batch of cuts, not enough to balance the budget? ef: manus, from the very beginning it was clear that the report plans that were set in motion earlier in the year were going to be bold, audacious, and this latest information we are getting from our sources basically underscores and emphasizes they're going to push forward with intent. $69 billion covering thousand products under consideration, and up to a third of that may cancel.they are considering slashing ministry budgets as well, and at the moment as it stands, saudi arabia still in the double-digit budget deficit area. and it is trying to climb out of the loophole, you are looking at 16% in 2015 budget deficit. that has narrowed a little bit to about 13.6%. you do want to balance the budget by the end of the decade. so, the forecast has dropped to about 7.7%. you see the move in terms of slashing subsidies on fuel, utilities. and they are trying to improve the overall balance of course of the government budget, but in the short-term term though they are going to have to move to

yousef gamal el-din joins us now the chart of the hour. take us into the nigeria conversation.d earlier on this week from the oil minister ther about incidence was in the niger delta. yousef: they crunched a few numbers, trotting up different scenarios. the impact on a return of some of the supply outages in algeria would have on the market. i have mapped this out on a chart you can put up on your bloomberg as well. just to get an idea of some of the correlation in the past between nigerian oil output specifically, and of course the oil price, and this case brent, your orange line there. , in augustmething that is bloomberg data. and we can also see that red line, that is your locate scenario. which the group identifies, then you have the green-yellowish line which is your best case or hiking scenario, at 1.8 7 million barrels. the interesting part about all this is that you are looking at the swing of 400,000 barrels a day. and that is with the time months.of about 6-9 there are four active supply disruptions in nigeria the moment, and as you said the nigerian president was op

great work on the ground, yousef gamal el-din in algiers.utting us as the guest host, allen higgins, chief investment officer. alan, i know you like the chart. what we are is looking at. the decision not to cut by the saudis way back in 2014, is the policy or the journey tough for crude? it has not worked. are they are about to capitulate, not that they would frame it in those terms? alan: look at the stabilization this year. supply,ear but there is the demand from oil in china, but also globally a commodity that has decent demand. very hard to get oil right, as we know. many people know it hasn't option analogy, they want to get a present in levels before they discuss any freezes. so, be skeptical, understand there is enough cut back in the states and other places, and there is an underlying demand to support oil. and the price, any deal gives you an option. on the upside, we do own a bit of oil related stocks. moment? players at the alan: some people play euro, going along with the noisy kroner. that is the way we play it. anna: some big l

i'm yousef gamal el-din in algiers. angie: m angie lau in hong kong. quick check of the latest business flash headlines for you. --uble airbag maker caught a takata surged. terms of not been disclosed, but the nikkei reports and expected price of around $70 million is expected for that. urban makes interior pieces. its customers include nissan and delta airlines. yousef: bloomberg has been told admit to -- will bribing officials in africa. and african subsidiary of america's largest listed hedge fund could enter a guilty plea as early as thursday to finalize a deferred prosecution deal with the justice department. --ie: bloomberg is told that is in separate settlement talks with the justice department over the toxic mortgage funds that crisis.he financial they want to wrap up the cases before the new administration takes over. yousef: let us get back to tony reagan, an independent oil and gas consulting. let us get back to the numbers that have been suggested. barrels -- 757,000 barrels cut. is that enough oil to kick out of the market given the resili

i'm yousef gamal el-din and sunny dubai. -- i'mand i'm out t angie lau, in blooming hong kong right now will brief the media after euro area policymakers talk monetary policy. let's take a look at their decision in frankfurt right now. caroline, one action, if any, are the markets expecting? reporter: there is certainly action expected this year. the question is if today will be the day that mario draghi pulls the trigger, because let's face it, european growth not looking pretty, a 19 month low. you've got brexit issues, italian banking issues. all these worries are certainly making most economists expect a downgrading of the growth projection for 2017, but will be see also an expansion of quantitative easing and bond buying marching past 2017? with a majority expect that as soon as today. also, and expansion of what bonds that can buy. 80 billion euros a month is proving a struggle for the ucb, because they have self-imposed rules. they can't by the -- by below the rate. notably, they could make a few changes to the bond buying. could they perhaps by moore of each individual bond, mor

alix: thank you so much, yousef gamal el-din joining us.let's get an update on what is making headlines outside of the business world. emma? deal on capitol hill could end the standoff over that stopgap funding bill. house speaker paul ryan and minority leader nancy pelosi agreed on a measure to pay for the contaminated water crisis in flint, michigan. democrats have been blocking the bill because there was no money for flint. senate republicans cannot confirm the dispute has been resolved. the senate is expected to override president obama's veto of a bill that would allow saudi arabia to beast dude for involvement in the 9/11 attacks. the president argued it could open up the u.s. to lawsuits around the world. in seven years, congress has not overridden one of president obama's veto is. local leaders will attend the funeral of the old israeli president today. inwon the nobel peace prize 1993 for his historic peace accords with palestinians. president obama will attend the services and so will bill and hillary clinton and the uk's prince c

yousef -- yousef gamal el-din joins us now.is not that often we talk about the big story in the corporate world. you look at what is driving the markets, the fed into boj, this south african rand story is being driven by beer. by the anheuser busch firm starting to buy currency to pay local shareholders for $104 billion to purchase sabmiller. take a look at this chart which shows you the extent and the scale of the appreciation of the south african rand, up beyond 1.7%, even after 2% and plenty of upside. up 9.26% on the month side. we do have the south african central-bank decision coming up. the rand has outperformed the emerging market currency index which was up .1% along that same timeframe. this deal will produce the world's largest beer maker if it all goes through and according to plan. still some upside there for the rand. anna: other policies can't reach. yousef, thank you very much. let's stick with the africa theme. bob dimon says u.s. equities has withdrawn support for a potential acquisition of the barclays africa

that was yousef gamal el-din on the phone. don't miss our interview with the executive director., at 8:30 a.m. london time, on "countdown." mike amey is still with us. what are your expectations coming out of algeria. >> we would be surprised if any kind of deal is struck in algie algeria. the discussions are clearly being done. whether a deal could be done, we are pretty skeptical. there could be some disappointment there. on the flip side of that, the other interesting thing about what is going on is the a saud's no longer seem to be willing to talk down the oil price. they seem to be coming down to the view that some kind of support is possibly down the road, but at this point, we are skeptical. so, are they just promising things they know they can safely promise? >> we think largely, yes. they are thrown things on the table they don't think the other parties will be able to agree to anyway. but at least, relative to where we were 12 months ago, that is a start. you have to start somewhere. the other interesting thing, you can see this on your charts. you see this relentless r