rare metals so these are minerals so what's really important is that we do it now just like gas and opec was it was when we started to drill here in the u.s. that we became energy independent this has to happen and trump is the 1st president to really put his foot down now to answer your question with regard to australia absolutely australia and china have a tremendous trading partnership 27 percent of all. trade goes from china so australia to china and so it's huge and china recently has put his foot down and impose an 80 percent tariff on bali they have just expelled 2 australian journalists they are basically pushing the screws and tightening the screws on australia the question is why the reason is because the australians are looking deeply in to and probing the code that 19 or as many call it the will handle the chinese virus they are probing and wanting to know where this came from exactly and they've made some great strides in this arena and that is supported leigh why the chinese government has ramped up these tariffs on the technically bali and also they're saying that the. the

opec and its allies meet to ease output cuts. reports .2s internal -- and private, delicate say they are open to an increase in production. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. ♪ ♪ tom: good morning everyone. francine lacqua and tom keene. --have been covering ebony any number of topics. there is one thing that will not go away, the persistency of the pandemic. we are thrilled to bring you from the university of brighton andcturer in microbiology research fellow sarah pitch. thank you for joining us today. idea of seconde wave-third wave. what is not a wave, this resilience, this persistency of this virus? wave is not really a because it never really went away. it has just come back again in greater numbers. is very resilient because it is very infectious. opportunity for it to be transferred from person to person, the virus will take it. world, people are giving at that opportunity by coming in relatively close contac

a cautious outlook coming from opec+. the virus story front and center. alix: virus cases. leaders -- virus cases surging across europe. leaders weighing options. italian prime minister giuseppe conte is holding a press conference right now, saying they cannot take the same measures as in the first wave of the virus. joining us with more from roane bloomberg's is alessandro. ndro: the milan area has requested a curfew from 11:00 p.m. to 5:00 a.m. to stop the activity, to stop people mingling together and going out for a drink in the evening. this is not enough to stop the spread of the virus. we had almost around 10,000 cases per day daily, below the european average, but still higher than what we have seen just a few weeks ago. we are expecting new numbers for today any minute now. guy: when you look at the economic impact of all of this, the conversation comes back to a double-dip. i've talked to a number of economists today. do you think this is the direction of travel if we are to see tighter restrictions, even if we get the restrictions you are talking about and leader

as much as the bar was set high for opec-plus, we did not get anything at all other than a precarious outlook and a commitment to stay proactive. so the real needs are going to come later on in a few weeks time. here's what else we will be watching for today. course islicymaker of going to be delivering a speech on the u.k. economic outlook. at 1:30 in the afternoon, we get housing starts and building permits data out of the united states. both are supposed to pick up in september as low mortgage rates continue to support demand. new york fed president john williams and making opening and closing remarks at 2:00 p.m. and we get third-quarter earnings from the streaming giant netflix. that is going to happen after the u.s. market close. let's get back to one of our top stories. the former federal reserve chair, janet yellen, is adding her voice to calls for more physical support for unemployed workers. she talked about what it takes to get the u.s. economy back on track. not working with the campaign. but you asked me what i think we need to do to get the economy back on track. i would

and earnings season getting in full swing >>> let's talk about oil, we got the opec meeting where they're expected to discuss the weaken oil demand steve? >>> filmmakers and business leaders from the middle east and africa, are set to discuss sustainable in their region. hosted by siemens energy this event comes less than a month after the company's spin-off from siemens. delighted to welcome to the show christian bruch. christian, always a pleasure speaking with you, sir is is there a sense that a virtual conference on sustainability and sustainable energy has to encompass the realism about the limitations that sustainable energy can give us as a developed economy in the short term as well, i don't think we get a sensible conversation about what's really achievable on sustainable energy, sir. >> thank you very much for having me. yeah, it was interesting, i think it came with a lot of really good questions, lot of good details, exactly around what you were just indicating in terms of what is all the differences that we need, i think the discussion shows that people understand that we'll

. , also the latest sign of opec-plus that they ford be restraining supply longer. we heard vladimir putin say that russia is able to put output further if needed. haidi: a thick a look at how we are setting up the asian session. there getting this out from u.s. election. greater volatility and portions playing out here. take a look at nikkei futures. modestly high. we are seeing a pretty negative start to the trading. we do have japanese cpi, singapore cpi do to as well. take a look at sydney, pretty flat. , this despite new zealand annual inflation coming in slowing to 1.4%. potentially setting up for a quicker than expected dissent into negative rates. shery: president trump and joe biden prepared to state -- to face offer a second and final time. it will be in nashville, tennessee in a couple of hours with biden's camp saying that they are preparing for personal attacks. the former campaign managers on the line. great to have you on. we know that usually, there are three presidential debates. we did not get the last one with president trump backing out. how much

saudi arabia have found today that opec and its partners will do what's necessary to balance the oil market. the country's oil minister says nip negativel trends in the bud. bloomberg saw a statement from the online meeting. the draft warned the oil market is in a precarious position with prevailing uncertainties and risks to the downside. president trump says people are tired of listening to infectious disease chief anthony bounty. he told his campaign staff today that there is a bomb every time faucher goes on tv, adding that if he fired dr. fauci, it would be a bigger bomb. the president said that if he had listened to him, there would be as many as 800,000 deaths in the united states right now. fromina, economic recovery the pandemic continued in the third quarter. gdp rose 4.9% from a year ago. that is less than expected but higher than second-quarter numbers.

for libya's economy, a headache for opec-plus. on the euro-dollar. officials are stepping up efforts to contain the virus. boris johnson is expected to announce a new tiered system. italy's government is working on tighter restrictions on social gathering and sports. our reporter joins us. maria, what are the new restrictions we are going to learn about today? weekend,ing into the we talked about how we were going to see new restrictions, and they are coming. today, the prime minister will make the speech. we understand that the government will see that the nation will be divided in different colors. that is the risk of virus and getting that contagion. you would be divided in colors that go from the risk as medium, high, or very high. this is already being done by the french government, and the goal behind it is to allow you to tailor the restrictions. this is not a general or national lockdown. let you aim to do is tackle specific areas and specific problems. the other country in focus today is italy, which until now had done a very good job at kee

we have the supply side on one front with concerns about opec and its allies producing more than hoped for to balance the demand. the demand side of the equation, it looks like last week we saw some positive numbers on the tsa front with airlines, but still so put -- depressed when it comes to pre-covid levels with airlines, cruise lines. we are not going to see demand or traveling that is going to weigh on oil prices. it is difficult to see an environment where oil gets a sustainable goose tire until there is a vaccine or covid-19 is on the back burner and travel can resume. amanda: you mention text, and we are seeing some big moves, down more than 3% today in the s&p 500 in terms of the subgroup. pretty steep decline. are there key levels we are watching in these markets? we are seeing what looks like algorithmic trading going on around certain levels. that has beenel closely watched day is the s&p 500 200-day moving average. we did break below it. it was lodged pretty closely in september. we have since moved higher. today we not only sell to the 50-day moving average but we broke t

opec is facing growing pressure to change course as a surging pandemic threatens once again. is bloomberg's executive editor for energy. thank you for bringing us your insight to "surveillance." what are we looking for? will they have to cut productions to make sure that prices stabilize? >> the question that is coming there is a meeting set for december. and under the current terms of 2 millionthere are oil forof extra january. whether the are -- whether the market can take the actual oil, there is a suspicion that it can't. the -- that is what they are talking about. whether they will hold -- the we expect that that's what putin was talking about over the weekend. francine: could china alone if they continue growing at 4.9% absorb some of the oil consumption? absolutely, they are absorbing the consumption. andre seeing demand for oil crude import hit record highs in recent months as the economy recovers and chinese drivers get back on the road and get back on the roads perhaps more than they were because they are avoiding still public transit. so that's happening. watchtere

saudi arabia vowed opec and its partners will do what is necessary to balance the oil markets. the country's oil minister says the group will quote negative trends in the bud. as uncertainty in the energy market persists. after his comments of bloomberg new site draft statement from the online meeting of ministers. the draft warned the oil market is in a quote precarious position with prevailing uncertainties and risks to the downside. official istinian in critical condition with coronavirus. the is

on the supply side, scott, there's now fears that opec plus will find this to be a really opportune time to cheat on -- i want to be a seller of the november crude oil contract at $39. selling it now would be selling it in the hole i would way for it to come back. target to the down side would be $36 even that's about the september low stop 39.$39.90, so the story he is so horrible that once the trade is working i would be really aggressive when it comes to lowering my stop and my target. >> got you appreciate it, scott, scott nations joining us there >>> final trades are straight ahead. ♪ e helps you redefine what's possible... now. from the hospital shifting to remote patient care in just 48 hours... to the university moving hundreds of apps quickly to the cloud... or the city government going digital to keep critical services running. you are creating the future-- on the fly. and we are helping you do it. vmware. realize what's possible. "a good education takes you many different horizons" and that sticked to my mind. so, when $1 a day came out, i said, "why not"? why not just utili

today you have the opec meeting and the nahb housing survey. an mts fda vaccine pelee on thursday, we'll be right back it's either the assurance of a 165-point certification process. or it isn't. it's either testing an array of advanced safety systems. or it isn't. it's either the peace of mind of a standard unlimited mileage warranty. or it isn't. for those who never settle, it's either mercedes-benz certified pre-owned. or it isn't. the mercedes-benz certified pre-owned sales event. now through november 2nd. shop online and build your deal today. ♪ ♪ ♪ ♪ and sweetie can coloryou just be... gentle with the pens. okey. okey. i know. gentle..gentle new projects means new project managers. you need to hire. i need indeed. indeed you do. the moment you sponsor a job on indeed you get a short list of quality candidates from our resume database so you can start hiring right away. claim your seventy five dollar credit, when you post your first job at indeed.com/home. >>> welcome back, everybody. a couple of stocks to watch on this monday morn

oil prices even lower for this session but continued global demand concerns and increased output from opec are two of the other key factors impacting prices the u.s. rig count rose for a third week in row. that's the first time that's happened in two years. despite oil's decline, energy stocks are actually out performing today back to you. >> thank you very much nancy pelosi saying an airline aid package is imminent urging the companies to delay furloughs which could be quite massive >> reporter: that's one area the democrats agree. she says there are five areas, unemployment insurance, stats and local funding, the child tax and earned income tax credits, language on testing and tracing and other appropriations pelosi said she is expecting a response from the white house on those areas and others with more detail and in the meantime she said we continue to work on the text to move quickly to facilitate an agreement. on msnbc earlier today pelosi said she hopes republicans are at an inflection point >> this kind of changes the dynamic because here they see the reality of what we have been s

oil is back below $40 a barrel and a rise in opecs output is also -- a 4% dive. meanwhile, overstock is rising the stock is up 14%. finally draftkings is higher with needham initiating a buy. it's over $62 a share. sue herera now has our cnbc news update >>> here's what's happening this hour a sunrise remembrance ceremony in las vegas on the third anniversary of the deadliest mass shooting in modern u.s. history. a gunman opened fire on a music festival crowd yesterday a judge approval a $800 million pay out from mgn resort and its insurers. >>> france's health minister is warning residence that paris is on the brink of a lockdown as soon as monday that reejten may be forced to close bars and other social interactions. >>> visitors will be able to go inside the washington monument today for the first time in six months guests will be required to wear masks and purchase tickets online for specific time slots. >>> jimmy carter is celebrating his 96th birthday. we hope he has a very happy birthday >>> you are up to date that's the news update this hour kelly, back t

there is pressure on opec members who have not been living up to their promises. oil prices are barely above $40 a barrel, and new curbs from outbreaks are threatening demand. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm kailey leinz. this is bloomberg. ♪ >> we are seeing advanced economies doing better than emerging and developing economies, excluding china. within countries that are uneven, you are seeing low skilled workers and women doing worse in labor markets. we are seeing rising inequality. that is why we described this as a long, uneven, and highly uncertain ascent. jonathan: that was the imf chief economist speaking of an upgrade for 2020 and a downgrade for 2021. the message from the international monetary fund as the meetings commence. from new york this morning, good morning. alongside tom keene and lisa abramowicz, i'm jonathan ferro. a busy one this wednesday morning, with bank earnings coming through quickly. let me get you through the price actio

the price of oil is lower today after opec and allies warned of a precarious outlook for the market. russia's energy minister says demand has been hit again by the coronavirus. add almost 2to million barrels a day to the market starting in january, but now that could be delayed. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ pres. trump: don't forget dr. fauci, what he said is don't close to china. i said no, dr. fauci. your wonderful man. i closed it. i saved thousands of lives. en. harris: he was informed that it was contagious and air bound, and what did he do? he stood at rallies and stood before the american people and didn't tell you what he knew. jonathan: president trump in inzona and kamala harris north carolina. two hours away from the opening bell this tuesday morning. near session highs on the s&p 500. we drift higher. yields drifting higher 0.78% on the 10 year. $1.1811. this from hsbc in the last couple of minutes. "we are technically m

on the supply side, increased out put from opec. that isn't helping the energy story we're seeing play out. the weakness in oil hitting energy stocks on the first day of october which is the worst performing sector today led by big declines it's down as much as 5.6%. i would point out these names are the worst performing names on the s&p 500 as well kelly. >> all right thank you very much. >>> let's turn to this year's spac spectacular continuing today with the health company hims and hers. playboy is saying it will go public again and through a spac. this trend was part of the hot conversation at yesterday's "delivering alpha" conference. >> spas have raised triple the amount they did. some say bubble. others believer that spacs have staying power. apollo global known more for taking companies private recently filed to take a yet to be determined company public through a $750 million spac. co-founder says they aren't going anywhere >> spacs provide a real pocket for pre-ipo into capital that we don't have otherwise we think we also

notably, the doubling of oil prices by opec last year. because the united states remain vulnerable to such external shocks, can inflation in fact we controlled? if so, what measures would you pursue in a second term? >> again, it's important to put the situation into perspective. in 1974 we had a sole oil shock. where in the price of opaque oil raised to an extraordinary degree. we had an even worse oil shock in 1979. in 1974 we had the worst recession, the deepest and most penetrating recession since the second world war. the recession that resulted, this time, pelosi briefest we've had, since the second world war. in addition, we brought down inflation, earlier this year of the first quarter we did have a severe inflation pressure. brought about by the opec price increase. average about 18%, the first quarter of the year. the second quarter, we had dropped it down to about 13%. the most recent figures, the last three months, the law third quarter of the, year inflation rate of 7%. still to high, but it illustrates very vividly, that in

the oil demand will come back to the 100 million barrels per day, and as such, it will give space for opec+ and the other producin countries. , iea that was fatih birol executive director. francisco blanch, bank of america securities head of global commodities research, walk me through the push/pull here. the iea did not seem very confident about global oil demand recovering. on the flipside, you have china still buying a lot. how do you look at it short-term versus the medium-term outlook? francisco: thank you for having me. i think it is pretty clear that the chinese economy is in a lot better position than most other economies around the world. they have done a very good job at controlling the public health problem across the country. ,hey have also stimulated fully and people are back to work. they are back on public transport. they are flying around the country. that is where the growth is occurring. plus, people are still favoring private transportation over public in china, so there is a lot more demand for cars and gasoline. that is also helping. in the rest of the world, we are st

guy: what are we going to hear from opec? mike: they have to show definitive signs of cutting back on supply and sustaining that because demand is continuing to lag. guy: that was less than 40 seconds, but we will take it anyway. we appreciate your time. mcglone,farmer, mike now of bloomberg intelligence. we will get back to details coming out of the u.k. we probably should talk about what is happening with the brexit story as well as we continue to see more talks taking place. are they were going to result in a deal? all of that coming up. the european close is next. this is bloomberg. ♪ ♪ ♪ guy: live from london, i'm guy johnson, with kailey leinz in new york. alix steel has the day off. we are counting you down to the european close here on "bloomberg markets." in the u.k., boris johnson announces a three-step lockdown plan. areas in the north of england will see pubs and restaurants closed. . schools are going to stay open, though. brexit talks continue. the leaders of the u.k., france and germany speaking over the

country reopened one of its major oil fields, which could boost production in the region, something opec plus has been trying to constrain so tail winds or both the demand and supply side of the oil equation and worth noting that energy companies are facing a selloff from these moves as well with the sector now the biggest laggard today. guys >> leslie, thank you leslie picker we're just about a week away from election day. our own brian sullivan is spending the week on a road trip to the counties that are going to decide the winner of the elections. speaking at energy, brian is in eerie, pennsylvania where that industry is super important. >> reporter: energy is one of the biggest industries to pennsylvania, which may be one of the, if not the, most important states trump in rallies today, three in pennsylvania, trying to kick the door wide open on that comment, hitting biden on energy and the economy. listen, pennsylvania is the number two natural gas producer in the united states it is the third net exporter of natural gas. you've got, for example, shell building a $6 billion petro fa

let's show you the s&p sectors energy, another good day for energy as josh was mentioning opec with perhaps positive comments on the space. that's two-thirds of a percent we're back in two. at cdw we get you want happy, productive employees. well we've made our office pet friendly. [ bleat ] [ cooing ] maybe a little too pet friendly. well you know cdw can design a mobility solution with light powerful devices from lenovo to make your people more productive in or out of the office. anyone have any questions before we go? that's great cause i really need to get out of here. snake people are freaking me out. hey sheryl, you have a sec? -nuh, uh. for work place productivity you need lenovo, and it orchestration by cdw. people who get it. ♪ ♪ >>> welcome back, everybody. here is your cnbc news update. the fbi has arrested six people tied to a plot to kidnap michigan governor whitmer. reports say the governor was not in imminent danger >>> the trump campaign says it agrees with the proposal by joe biden's campaign to push an in-person debate to october 22nd this after president donald trump

on daylight savings time for two years after the 1973 opec oil embargo, because more daylight less energy used. if not even congress is the father of time. >> the amount of daylight doesn't change, unfortunately i haven't found a way yet to move some daylight from the summer to the winter which would be very nice. >> that means 2020 isn't going to be any shorter. no matter what the clock says or congress says, everybody can agree, this pandemic can't be over soon enough. >> bret: no kidding, thanks. one day closer to that. this sunday, martha maccallum and i will host an election special, the final days, hard to believe it's coming to an end. as we go to martha's show, i want to show you live rochester, minnesota, air force one -- president trump speaking to the overflow crowd. there are 250 people there on the ground and there are others outside that area and he's going to talk to them or at least drive-by. that's it for this special report, fair, balance, still unafraid. "the story" hosted by martha and a bunch of live events and her show starts right now, i'll see you on sunday. >> mar

bleaker ryan lands mentioned this as a reason for the concho deal >> we recognize it will go up and down opec, what do they do, what do the russians do? what does the u.s. convention do that's all prices. what we created is something that can operate through the cycles and embrace the volatility that we know will happen in this business. it's completely unpredictable. >> here to drill down on this deal and who might be next is paul sankey. it's good to see you the last time we talked we were debating on how negative oil prices could go. the environment is better in that regard. what does today's deal tell you? how significant is that? >> well, i think some of the clients are disappointed that we have the best players, one of the best certainly top five players in the permian, independent concho selling for a mild premium levels that are obviously very depressed both in terms of the oil market, but also share prices. so, you know, i wouldn't say that anyone is thrilled this is happening, but i think the responsible people in the room believe that consolidation is the right move ultimately thes

we look around and there is pride in america and memory like in the '70s to wait in long lines and opec to decide how much oil and gas would be or focus on the soviet union, russia and now america has control of it. we burned this clean thing called natural gas. i just think it is brilliant and overdue for him to roll in montages of what he's talking about instead of the people saying, that is the president of the united states and i like him and that's why i'm here appear they look up and say, wait a second he said he was going to n fracking and actually did say he was going to say these things about oil and gas. he did say this was going to get done xyz peer that breaks up the whole thing president trump ad-libbing through it. i will say one thing, i talked to people on the campaign and dana, you can appreciate this, he's happy. the reason he's doing this he wants to win i caught it but a lot of time to look at the president not that i blame him but he looks ticked off. it looks that he is ticked off. i watched him on stage and you see him going in and out game on. i'm in control of m

i attended opec meetings for 12 years and i met minister and i am me and all the oil ministers my i love to see on the fracking the head but auriemma i knew it wasn't just fracking in the united states for the deadly confrontation between the gulf monarchies or ran down. between the gulf states and russia where the majority fracture of the unity of all big states in the last c.d.o. is he said he only look at the deficit has overtaken libya and syria and the geopolitical terrain has shifted africa and north africa and the mediterranean for an oil is a key factor here i'm a little bit you see what i hear. the geo political terrain is shifting and in this new cold war. new countries are becoming a battleground for competing interests. the citizens of those countries are being left to fend for themselves millions of people will continue to find themselves displaced forced to flee for their survival. huddled. around. remember how many no. way they're going anywhere i. mean i know you don't know that's him going to get us in the middle of the. safeway and. safeway. but. yes. i see if those are

opec cut its forecast for global oil demand in 2021 from the same estimate last month. inventory data is expected later on this afternoon and then again tomorrow morning from the american petroleum institute both reports delayed by a day because of the columbus day holiday on monday. tyler, i'll send things back over to you. >> thank you very much >>> treasury secretary mnuchin saying speaker pelosi will not make a deal on a standalone airline rescue bill. airlines, remarkably, remain in the green, but with no relief coming the companies have digging deep into cash reserves to get by. it's estimated that airlines will burn through $77 billion in cash during the second half of 2020 let's spring in cfra airline analyst. the cash burn is really staggering delta reported a loss of -- i think it's like $13 million a day or something like that >> tyler, thanks for having me on today yeah, in this past quarter the overall adjusted pretax loss for delta was $2.7 billion so still unprecedented, revenue downfalls here >> how do these companies in the face of reduced passenger and

bid as well, up 1.5% as we continue to watch what happens and detail news on what is happening with opec. ftse down. the pound goes up, ftse goes down. there are also factors in terms of individual stocks. the cac 40 absolutely flat. emmanuel macron will speak tonight and we will hear more about curfews in france. watch for price action around that tomorrow. let's take a look at individual names and europe we have been watching throughout the day. l'oreal. new ceo at that stock is up 1%. i think l'oreal is out with numbers on friday. we will talk with the current ceo. just eat, the company up a strong 6%. we have seen upgrades to that stock. barron's development, no percentage change, but the stock having a reasonably positive day. this is a u.k. house builder trading strongly of late. i would caution you to read between the lines on the statement today. current trading quite strong, but there are elements within that trading statement today worth reading, and talking mainly about the demand starting to fade out of the u.k. housing market. a strong element, one of the few strong elements

the idea of having some common front against opec can't happen but it can't happen in the united states either. that's another reason why jimmy carter is humorous and thinking he can be an engineer and outside of politics create this jerry rick goldberg energy structure that's going to completely recombine all the ways energy is produced and distributive throughout the united states. it's a complete pipedream. this is the beginning of a beautiful friendship, as you know. so i'm asking the questions, right. ? >> you're getting them from the box. >> i'm going to articulate the questions. you and me probably get some of the questions about trump we probably get a little bit, this is interesting. interesting. interesting. let's go global. thomas wants to know, richard, what you think about the independence movements in europe like catalonia and ukraine? how they mesh with Ãbmaybe even america is a sense of exceptionalism of somehow we don't have this kind of stuff at crp and think it's a nation thing. >> i talk in the book about how we are exceptional in any way i think it's for our fragil

reduced supply from opec players. switching out the board to focus on the rba as markets priced in freezing from the australian central bank. jumping in on that bandwagon, shifting from its call on no easing given the rba seems to be more comfortable with lower yields at a softer aussie dollar. expecting a strong hit of the rba for a rate cut in november. haidi: markets got a jolt two weeks ago when westpac's chief economist predicted the rba woodcut rates. he has pushed back that prediction to november 3 on account of the government's fiscal budget due out later on, and what we are doing super tuesday in australia. joining us to discuss these major events, westech chief economist bill evans is with us. you said this would be a budget unlike any other. to what extent do you feel optimistic there will be necessary reforms within this budget? know there will be plenty of stimulus to demand. what they do on the reform side and supply-side is quite uncertain. we have already heard they will the guidelines for banks which

congress failed to pass stimulus and opec out put increased as libya iran pumps more crude and that puts downward pressure prices. exxonmobil is say warning after more than expected loss. with refining margins and weak sales volumes. the oil giant posts at end of the month f it post as for a loss, the third straight quart they're hasn't happened in 36 years. it gives you idea how much of a struggle it has been. exxon shares are down 52% so far this year. it is the same story for all the other oil majors. occidental down 76%. royal dutch down 66% or there about. you can see occidental down 76%. bp is up 55%. chevron down 41%. it has been a rough year. oil companies have the resources to survive. but we should point out bankruptcies smaller oil and gas producers are up 6%. with the most recorded in texas. it is tough. cheryl: it is tough. ashley, thank you, sir. >> sure. cheryl:imf u.s. dollars share of foreign exchanges declined from 61.3% from 612.8% in the prior quarter. 60% in 2014. how do you play the declining dollar? adam phillips. thanks to the federal reserve and cheap money, this

dignity i years of corruption mismanagement and economic sanctions have decimated the oil industry this opec's nation main source of income the government is finding it difficult to provide gas water and fuel to its people because infrastructure is crumbling across the country a months long coronavirus lockdown is complicating the economic situation even further for many it's too late for protests they're seeing a future across the border and even the worsening conditions in neighboring colombia have forced many venezuelan migrants back to their homeland others like the edis coleman atis are determined to try their luck in minnesota i don't believe in the union whoever's living in venezuela doesn't live off a salary they live off the people send them from abroad that's a reality for venezuelans my children know that when we have to use a bathroom we go to the bushes and we sleep on the floor if we're out on the highway we always try to be a checkpoint to be a little protected by the police and guards the united nations says that over 5000000 people have left the country in the past 4 years peo

oil production and exports are resuming in opec member libya following the easing of a blockade by militant forces the blockade which began in january libyan output from over 1000000 barrels per day to around 100001st tankers alleve was already carrying 600000 barrels and headed for italy. well global pandemic may be a good movie plot but it's a terrible reality for the movies the world's 2nd largest cinema operator center world says it's temporarily closing more than 700 theaters in the u.k. and the u.s. senate world says the delay in major film releases the newest james bond movie has made the industry a viable. not for the 1st time had double 07 been expected to come to the rescue this time an industry thrown into crisis no time to die itself fell victim to the virus it's pretty serious delaying its released until next spring. on the loss of a crowd puller like bond has made the movie theater industry on a viable according to bosses and it comes after a miserable year doubtful sinew world lose $1600000000.00 the quiz if you you. we will. march big. close. will be like also the stock was

if all the farmers got together and, you know, would say, well, you know what, this year, just like opec, we're not going to expand. but if everybody goes, well, you know, i have to double what i did last year to make the same amount of money this year, they're ultimately driving the market into the ground and that is ultimately putting people out of business. we've got this main line coming in here. lemonis: overproduction and falling prices aren't the only challenges facing alex and miranda. coming up, everybody and their brother is looking to buy a pot farm in humboldt, and she wants to help. what prompted you to actually become the pot girl? that's another one. ♪ ♪i can't wait♪ ♪ i... just... ♪baby, i can't wait♪ ♪i can't wait♪ hey, what are you doing? ♪i can't wait♪ ♪i can't wait♪ ♪ ♪say it one more time ♪baby, i- i- i- can't wait♪ something under the porch?d! yup! ugh. even when i don't know how she got the stains, i know tide hygienic clean can get them out. it gets between fibers to remove visible and invisible dirt. if it's got to be clean, it's g

oil production and export are resuming an opec member libya following the easing of a blockade by militant forces the blockade which began in january libyan output from over 1000000 barrels per day to around 100000 the 1st tanker to leave was already carrying 600000 barrels and headed for italy. well global pandemic may be a good movie plot but it's a terrible reality for the movies the world's 2nd largest cinema operator center world says it's temporarily closing more than 700 theaters in the u.k. and the u.s. center world says the delay in major film releases the newest james bond movie has made the industry and viable. not for the 1st time had double 07 been expected to come to the rescue this time an industry thrown into crisis no time to die itself fell victim to the virus it's pretty serious delaying its released until next spring. the loss of a crowd puller like bond has made the movie theater industry on a viable according to bosses and it comes after a miserable year doubtful sinew world lose $1600000000.00 quick if you are you. we will. march. when we. will be like also the shop

opec's going to have to react. if that happens, oil should find some ground here, make no mistake about it. i can't believe we didn't talk about the jcpenney cyber sale. that's coming up tomorrow. nobody's mentioning it, i don't know. [laughter] you know, we've talked about apple and amazon, jcpenney in the cyberspace, who knows what's going to happen tomorrow. liz: yeah. well, yeah. and people will be home, and they've gotten a lot better at using their credit card online. good to see you guys, our floor show traders, giving you their road map. we're really appreciative that you're here. speaking of roads and maps, do all business roads lead to amazon? with the closing bell ringing in 52 minutes and the dow up 309 points, when we're talking about all business roads, we're actually including the business of agriculture in that question. on this national farmers' day, up next a sizzling hot family-own farm whose products are flying off amazon's warehouse shelves within hours of arriving on those shelves. who is this

trump also encourage everyone to stay safe now it comes after one of his close advisers tested positive opec's traveled with trump to the presidential debate on tuesday and the campaign rally on wednesday now a piece of our fears is a professor of political science at cypress college he joins us on skype from los angeles now we've already had the asian markets reaction to all of this but we're so close to an election peter there must be an effect what do you think that will be in the immediate future. in the media future a lot of uncertainty and about 7 percent of voters have told the polls or the polling people that they're not decided yet it's to do supported by your trunk that 7 percent could be affected by this or maybe even more than that some of trump's own supporters because we don't really know exactly what severity the owner says yet he's been tested positive we don't know how it could be either your previous guest the very eminent medical field you said that you know we want to another some of your idols and ball what's shaping the president as you know the biggest thing conditions a

opec mentioning the worst is over. also a buy. 1% at 1950. let's get to the first word news with karina mitchell. start with fed officials telling the trump administration more fiscal aid is needed to's of -- facilitate the economic recovery, saying without it, the rebound will be weaker. with stimulus talks stalled, robert kaplan told bloomberg it is not the time for more qe. he said the fed is unlikely to increase large-scale asset purchases, as it would not help the real economy. >> right now, i would be hesitant to see us doing more in that area, because i don't see the benefits. i see how it would further add fuel to the financial markets, i am more skeptical how much it will help the real economy. trump'spresident seemingly remarkable recovery from the coronavirus continues, with his doctor saying he can return to public engagement saturday. he was admitted to hospital last friday and left the walter reed medical center monday. his doctor said he is responding well to treatment after undergoing a full course of therapy. china has joined

back into backwardation with the market undersupplied on a modest recovery in demand and subdued non-opec supply. this comes after morgan stanley lifted their target call for brent into the second half of 2021 by five dollars a barrel to $50 a barrel. anna: thanks very much. juliette saly with your morning calls. let's get back to strategy. kevin, i wanted to start with your thoughts on china right now. it is golden week and we see the chinese population in under nine months or so of being stuck inside seems to be back on the move. levels forjewels -- golden week are less than last year with 25 million people traveling domestic -- domestically. how do you invest around recovery in china? >> china has been among our core investments within our global equity funds. what is happening is quite remarkable. managingry has been very well, the pandemic. it was the first to be affected but the first two get out of it as well. very strong recovery. a quitebined with modest fiscal option, quite modest monetary options, it is on a strong path to recovery. first exports, now toward services. the way w

we recognize it will go up and it will go down and opec, what did they do, what did the russians do and what did the u.s. conventional do that's all the pricing but what we've created here is something that can operate through the cycles and embrace the kind of volatility we know will happen in this business and it's completely unpredictable. but we know if we're investing in low cost and supply, we have a value proposition that can be double-digit returns to the shareholders and that's something to all value investors in the business and that's what we're bound and determined to demonstrate to the investor so they can come back to investing in a vehicle that can give them those kinds of returns in the empty space. >> now, you're talking, as well, about $5 million in annual savings by 2022. we talked a lot about mr. leech. will you fully integrate the concho resources and businesses into your own and are there going to be layoffs in places like midland >> well, there will be synergy that we have to capture and we laid out $500 million a year there will be some gma reductions across the

that puts more pressure on the demand picture, and a massive headache for opec-plus as they go into the next meeting to decide whether they will release more barrels of oil. libya is coming onto production, so it is a precarious situation. anything with lockdowns is a fresh backward step for the demand picture. jonathan: we will catch up with the oil majors later on the program. final word now from jeffrey sacks, head of emea investment strategy, citibank. let's talk about the next three months and the next 18. draw a distinction in trading to the back of 2020 and investing in the next year and a half? jeffrey: in the next three months we need to be cautious. fine tuning our entry points into positions, and generating coupons through the volatility. think forward to next year, we think it will be a better year for european equities and the euro. we need to position for that and in cyclical areas that will benefit from the global cyclical upturn supported by ongoing central bank and government support. we need to move into undervalued areas. europe has over 55% of market cap and underval

ourselves from the domination of the big oil companies that have the ability to manipulate the price, from opec when they want to raise the price, and in the long term, we have to give new incentives for the development of domestic resources like deep gas in the western gulf, like stripper wells for oil, but also renewable sources of energy. and domestic sources that are cleaner and better. and i'm proposing a plan that will give tax credits and tax incentives for the rapid development of new kinds of cars and trucks and buses and factories and boilers and furnaces that don't have as much pollution, that don't burn as much energy, and that help us get out on the cutting edge of the new technologies that will create millions of new jobs, because when we sell these new products here, we'll then be able to sell them overseas, and there is a ravenous demand for them overseas. another big difference is governor bush is proposing to open up some of our most precious environmental treasures like the wildlife refuge for the big oil companies to go in and start producing oil there. i think that is the w

on daylight saving time for two years after the 1973 opec oil embargo. but there are limits to what congress can do. >> the amount of daylight doesn't change. unfortunately, i haven't found a way yet to move some daylight from the summer to the winter which would be very nice. >> reporter: time flies. the congress decides exactly how fleeting it is. neil? neil: is in any chance of going anywhere though? what are you hearing? i mean, there are limits, right? >> reporter: that's right. and congress out right now. you know, there's been a push on both sides of the aisle to try to do this. you know, even in australia there is a political party devoted to daylight saving time. you know, we don't have that here, but this is something that has gotten a little bit of traction here in the united states especially after the president weighed in last year. neil: but i guess only time will tell. [laughter] >> reporter: you know, neil, that the clocks are wrong? [laughter] you know, neil, the clocks were wong in the soviet union for 61 years in 1930? josef stalin mov