i wanted to also i -- a question about opec, that opec seems dominate a lot of people's minds. you even see people talking about the opec embargo in 1973. there was none. it was owe aipac, the arab producing countries. i find in statistics that people still, the eia lists opec countries and nonopec producers. i wonder, let's starred with the doctor here, how important is opec anymore? i would -- i teach a course at georgetown world power, i teach under grad wait and graduate level, we talk about, was there an opec era? is it still on? did it only last a short time? how would you gauge opec's power? >> opec's power, please for give me for not mentioning this in the talk, the power is greatest

that peopleatistics still list opec countries and non-opec producers. anymore?tant is opec course at the graduate and undergraduate level, and we talk about was there an opec era? is it still on? does it only last a short time? how could you engage opec's power? power, it is greatest when oil prices, ironically, are low. prices at sustain oil a low level for a long period of time, who controls the largest share of the world's cheap oil prices? who has the lowest cost of production? those tend to be producers in the middle east who dominate opec. have been an opec oil embargo, but there have in price increases to compensate u.s.he decline of the dollar following the shock in 1971, the delinking of dollar to gold. unfair to were producing nations, they were giving a nonrenewable resource at such a low price. if you have sustained low middle east will become more important, because it makes no sense to produce anywhere else. tendcally, low oil prices to increase opec's power. high oil prices may benefit opec in the short term. in oiljoys an increase revenue over th

i wanted to also i -- a question about opec, that opec seems dominate a lot of people's minds. you even see people talking about the opec embargo in 1973. there was none. it was owe aipac, the arab producing countries. i find in statistics that people still, the eia lists opec countries and nonopec producers. i wonder, let's starred with the doctor here, how important is opec anymore? i would -- i teach a course at georgetown world power, i teach under grad wait and graduate level, we talk about, was there an opec era? is it still on? did it only last a short time? how would you gauge opec's power? >> opec's power, please for give me for not mentioning this in the talk, the power is greatest when oil prices ironically are low, not high. because when -- if you can sustain oil prices at a low level for a long period of time, guess what, who controls the largest share of the world's cheap oil prices? who has the lowest cost of production? those tends to be producers in the middle east who dominate opec. so the reason why opec -- they might not have been an opec oil embargo but the

india the need for energy of all kinds whether false old or nuclear is already enormous and for no opec isn't scared only electric mobility either its members are certain but even in 20 years' time only one in 4 cars will be electric. financial markets responded chelsea delaney in friend for chelsea given the current heated discussion concerning climate change is this forecast by opec nations just wishful thinking they're certainly still is agreement that we haven't reached peak oil demand that countries especially china india as you said are still going to need oil going forward because there really isn't a substitute for for over for oil use now and things like aviation and shipping but i think they're also if there is an outstanding question of how does this align with that with this global movement we're seeing towards climate change and a lot of a lot of analysts a lot of investors are saying that in these 4 has to not this point really take into account potential government changes in policy like we've seen in germany towards carbon pricing i think the other question as of course

and the world's oil cartel opec says it isn't wired about the rise of alternative energy sources because energy demand is also on the rise. a bit as well and that's a business turning up the hate climate change is already hurting several countries in africa. especially zambia the country is facing its worst drought in years but the lack of rainfall has also affected its capacity to produce electricity by june this year water levels down the world's biggest manmade reservoir with down to a 3rd of what it was last year that forced the zambian government to implement some drastic measures since october zambians have been putting up with 15 hours of rolling blackouts a day to try to conserve whatever energy can be produced for the mining sector and while that could help protect the main source of exports the power cuts are hurting the productivity of workers the majority of zambians work in the informal sector. well to talk about that my colleague is he a chip on the chin beta. is loads of. loads and loads of load shedding rolling blackouts full ordinary energy consumers what else is the gov

opec thinks that might be possible. that's the latest signal the group will probably stick with its output cuts for its meeting in vienna next week. joining us for a little bit more on this, annmarie hordern. opec isreak down what saying, they are basically talking about a year of two parts. the first half of the year, you see a lot of supply coming on. you will see a fairly lumpy oil price during the next year. annmarie: exactly. they say they will be able to offset this with a deficit at the end of 2020. you are seeing a lot of supply outside of opec coming on. -- shale,ray, brazil.guyana, maintainpanies want to want opec toies cut deeper. opec said they would do whatever it takes. i think part of it has to do with the fact that the saudis have always been the ones to corral the group. they are probably getting very frustrated with the level of compliance. iraq is not complying. russia is sort is not complying. for november, it will be the eighth months of 2019. they are copartner in this whole opec+ alliance. guy: in

oil and gas industry who hated opec 40 years may now need opec. >> it's the phone of friends you have u.s. shale producers watching opec meetings to see if they get the lieflen from the organization it looks like it's set up they will roll over the agreement a 1.2 million barrel a day production cut, kick did out to june but there is not much appetite to go deeper and give the life boat to shale. >> the reason i say that is because we've been talking about the debt threat, hundreds of billions due $55, $57 a barrel not cutting it does opec have the power to rescue the u.s. oil and gas. >> i think of secretary general he at a talked about the forecast for slowing shale growth shaying the macropicture may not be as bad as expected. all that looks like the setup for is rolling over. but they don't want to give pennsylvania huge life line to shale. i think they're prepared to tread wert, working behind the scenes, the saudi oil minister with a veteran been at all the meetings over three decades in the industry. he is the ultimate behind the scenes diplomat. he will put his footed on the n

also on the show the world's oil cartel opec says it isn't worried by the rise of alternative energy sources because energy demand is also on the rise. and in search of the perfect brew we visit an indonesian village that's become a mecca for coffee tourists. this is the way of business i'm on in berlin welcome and we start with a lose lose situation they united nations says the u.s. china trade war is harming them both a report by the un conference on trade and development suggests that consumers are bearing the brunt of higher terrorists that comes amid fresh figures from washington saying america's trade deficit is actually rising. u.s. president donald trump talks a good talk about reducing america's dependence on foreign products but the latest report from the u.s. commerce department says america's trade deficit is higher now than a year ago on an annualized basis and that demand for foreign products has actually been rising under trump what's more the u.n. conference on trade and development in geneva says both china and the u.s. are losing their trade war. washington's trade

guy: is opec plus sustainable? annmarie: it is sustainable in the sense that -- if russia is able to come on board. that is a big uncertainty because russia does not have the same budgetary constraints i saudi arabia. putin has said they could do $40 to $60 a barrel, where we know saudi arabia needs $80 a barrel for their budget. vonnie: what do we know about what opec might do to combat all of the negative points for opec in this? annmarie: they didn't give any conclusions in the sense of what they would do. this is the overarching report for oil demand to the year 2040. but mobic barkindo was sounding optimistic about 2020. this was quite a different tone that he took last month. he is saying that next year might not be as bad, and i think that was him signaling to the market that we may not get the deeper cuts that everyone is speculating about. it might just be a simple rollover of their production deal they already have on the table. vonnie: annmarie, thank you for that. that is annmarie hordern in london. let

and the world's oil cartel opec forecasts long term demand for oil will continue to rise if a bit slower than earlier thought. this is. and we start with a lose lose situation they united nations says the u.s. china trade war is harming them both a report by the un conference in trade and development suggests that consumers are bearing the brunt of higher terrorists the report comes as washington says america's trade deficit is actually rising. u.s. president donald trump talks a good talk about reducing america's dependence on foreign products but the latest report from the u.s. commerce department says america's trade deficit is higher now than a year ago on an annualized basis and that demand for foreign products has actually been rising under trump what's more the u.n. conference on trade and development in geneva says both china and the u.s. are losing their trade war washington's trade war with china continues to draw fire from other quarters as well. there's a lot of people who have frustrations in the u.s. and europe about chinese policy and i think many of these are warranted in

the other is on opec growth. of thevised up the peak not opec output. they expect a peak of around 2026, towards the end of next decade, led by a peak in non-opec and a peak in u.s. crude production. but both of them substantially upwards. what that tells me, nearly 2 million barrels a day, the tight crude peak they are seeing for the u.s. 6 million barrels from non-opec. that tells me opec will have to be very careful the next five or six years if it wants to maintain prices. it will have to curb production. shery: if you are saying the pie will get smaller for opec, does that mean they have to compete more against each other and they will be more reluctant to actually follow the opec framework? vandana: without a doubt. when we talk about compete with each other, something else you need to keep an ion is what happens -- an eye is what happens to -- there are countries that perhaps for good reasons have been left out. iran, libya and venezuela are not part of it. perhaps for good reasons, they may remain out of it. their peers will start paying attenti

opec thinks it is possible. the cartel says if it maintains current production levels, the dynamic will even out. that is the latest signal the group will stick with their output cuts at their meeting due to take place in vienna next week. with me is bloomberg's, reordering, aim -- bloomberg's annmarie hordern, a keen watcher of the oil markets. and is it that the opec their friends are saying? annmarie: basically, the demand next year is going to be offset in 2020. many people thought they were going to cut. on top of that, we have two other things to watch out for today. our bloomberg survey, only one in 35 think they would cut. all of these oil companies want to stay the course to march of next year. basically, it really is looking like opec is going to hold the line and rollover these cuts. opec+, thet is others involved as well. so where does that take us into 2020, when we've got concerns about global growth perhaps, or may be bottoming out with the global growth story? talk us through what happens on supp

yes we have all the opec god but is that also. factually fit irately 'd all and. the russian across anything nowadays that our show is now being offered for the just as important for opec any of the men but they're also companies also have. shares floating on the stock market so it's something that can be managed but certainly the investors know that the property is not a few profit maximizing about floating around is this a move towards transparency and accountability for the company for the nation or is that going too far possibly saw but. certainly we know today much more about saudi aramco that we used to so there has been a. degree of openness and transparency but you know whether this will be enough to attract more investors it is not clear the the basic public may think investor public is not. strong enough to pressure around for into sensitive data. and how relevant is that in the world that's trying to move away from hydrocarbons in a world where wealth funds are trying to sell off their stocks well yes we'll find . many.

. >> that is interesting if opec is looking here. i was thinking if opec which has always been a four-letter word in america kind of a negative maybe the only entity that can save the oil and gas markets if prices don't go up, we are going to have waves of entities. i always get calls going into the meetings they are all watching what opec will do. they are looking at the situation saying, you know what, roll over the 1.2. don't go deeper and see how this plays out. there are stories out of the u.s. much you've got norway coming on and guyana coming on the question is, is it enough? are they being too complacent themselves >> arguably, the swing producer won't be saudi, it is iraq we don't really know they are rioting there >> there and in iran do you think that what we are seeing in iraq will affect oil output >> what we are seeing now is major protests closing one of the biggest ports for bringing in supplies for the oil sector they haven't closed fields yet these are massive protests 300 people have been killed. the question is ar

opec meets in december 5. morgan stanley firing or placing in londonour traders and new york over an alleged mismarking of securities, concealing losses of between $100 million and $140 million. morgan stanley is investigating the move. the lender is declining to comment. some ecb officials are pushing back against calls for the central bank to lead the fight against climate change. of rejecting the idea environmental goals in the asset purchase program. he is calling on credit rating agencies to improve their ability to assess climate risk. global news 24 hours per day on air and on twitter powered by more than 2700 journalists and analysts in 27 countries -- 100 27 countries. nejra: thank you so much. coming up, it is black friday and shoppers look to nab the best deals. we will look at what the bargain frenzy means for retailers. when you are traveling to work, tune into bloomberg radio. this is bloomberg. ♪ nejra: this is "bloomberg daybreak: europe." let's check in on the markets in asia. you, a thirdto

we have that vienna opec meeting coming they had talked about saudi arabia and said that the recovery contributed 1.4 million barrels a day. with the production back 0en line that gave a bit of a boost for the out look for the month of october in total oil supply rose 1.5 million barrels a day. we'll discuss that further in about half hour's time >> the u.s. and china are, quote, getting close to a trade deal according to larry kudlow he said that, quote, that mood music is pretty good and that president trump, quote, likes what he sees but cautioned that trump is not ready to sign off on a deal. the u.s. left all tariffs on chinese goods and the u.s. would prefer a step-by-step process to tariff relief. saying beijing wants to strike a deal with the u.s. as soon as possible >> we are open minded. we always want to resolve this problem than later because we believe it is in the interest not only of china but of the united states but also in the world. the trade war between china and united states really created a lot of uncertainties and predictabilities i think the world is watching.

which is trying to boost the price of crude you may think the 2 are not incompatible but they are opec wants to cut production around counties to sell more oil to pay diffident let's pick through some of the issues of race with professor coma luciana from the graduate institute of international development studies in geneva where he runs the executive master program in oil and gas leadership well there's a lot of issues to pick through here 1st of all who's to blame for so badly getting this wrong well it's always difficult to estimate the reaction of america so far on this. initially was announced by the crown prince for us it. has not been that he did. 'd but it's a. bit of a really shall we say wild over estimate then compared to what the market's willing to pay the gaps quite big yes they've got a bit. more say there in the international. experience lead. evaluation as always been see that excessive. it is certain to be said it does being very ruthless on the part of the ground for is to announce . at the very beginning without any. analysis of the market. what you think the nation

opec russia -- opec plus russia, the share of opec plus russia in global oil production was about 2030, around will come -- 35% or so. big downside which will limit the ability of those countries to manage the oil markets and give shape to the global oil prices. francine: it looks like opec plus is not interested in cutting production deeper next year. what will that mean for the market? is there a danger of another glut? here. three factors one is on the production side, gained significant amount of oil from the united states, from ,orway, canada, brazil, guyana a significant amount of oil coming. second, the global economy is not doing well and the econ -- demand would be rather weak. it is important what opec plus russia does. price riskect any for consumers. when we look at this year, prices will be around $50, despite opec and other countries wanting to push the price up. unprecedented will of the geopolitical developments. to 0.3 four venezuela and others. tom: thank you so much. wall streetews, " journal" article on google. they report google will link with citigroup and a small

owns: could you create your asia opec equivalent on the demand side? feel, in a free networking kind of in order to block something is not good. it should be free market. what it is today. yes, certain expectations. whatever network we have to do. to a: ok, so you are open bit of networking but nothing on a formal basis. the iran waivers, has there been any progress on that? have you spoken with the americans on the waivers> ? >> everybody has their own strategy on a specific issue. will you push the americans for -- are you pushing the americans for waivers at the moment? >> let's put it this way. there are certain things, we have to have bold negotiations. that is for that and what -- the balance of things. manus: mr. modi has been on tour. japan, the uaea, recently. he is drawing up inward investment into india and oil and gas. modi spelledster out his strategy of energy infrastructure. india is spending $100 billion worth of investment in energy infrastructure. new facilities. expect more investment from outside countries, prime , energy captains o

opec meets in vienna on december 5. is placing on leave at least for traders in london and new york. we have learned that is over at alleged mismarking of securities. it concealed losses of $140 million. morgan stanley is investigating the move but declined to comment. shares are searching after licensing this grocery system. it is expanding the e-commerce company to a new market and will develop a fulfillment network to serve japanese consumers. it will have a sales capacity of around $9 billion. global news -- global news, 24 hours a day on air, on tictoc, and on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. anna? anna: let's focus on the german political story. they are expected to continue ignoring calls for greater fiscal stimulus with lawmakers looking set to confirm the balanced-budget. the shakeup could endanger the future of the ruling coalition. two pairs of candidates faced off in an election that could determine the fate of the joining us to discus

discovered more barrels and opec's outlook is not that great. you have got a couple of things we should keep an eye on. gold, treasuries most important markets indicators. the worst week in three years last week. slightly better this morning. are thet positions highest since june this year. a little bit of a shift. people are worried about the rhetoric from donald trump. -- we have had the weakest -- shorts piling into the bonds but is it the right moment to do it? nejra: we have had five weeks of gains. we look at refraction -- reflection with weakness. the biggest losses in hong kong, the hang seng down 2%, the biggest drop since august. we have hit record after record

opec is lowering forecast for demand and what it calls signs of stress. india has decide the not to join the asian trade pact and is due to be signed next year xerox and fujifilm will sell stake for $2.3 billion futures pointing to what should be a solid open for stocks you'll see the dow, nasdaq and s&p hit other record highs again. joining us now, wedge partner strategist good morning, nate let's talk about record highs. you heard tom lee say he thinks the bull run continues >> i do agree. we have a few things happening over the next few weeks. the fed cut for the third time also, we have a potential phase one trade deal which will mostly focus on egg purchases and dialogue from china not so much manipulating we are starting to see sick calls turning the corner you have banks out performing rates and utilities. that's all bullish for the market how important is the idea we are seeing the interest rate, i use the term loosely, normalize more the difference in the yields between 10-year notes and two-year notes, we are back up to a 22-point basis spread i

he's an opec insider. he's been the deputy minister for many years, but also mom at been some on'-- it also mom and been so long -- but also mohammad bin salman's half-brother. he will be putting a lot of pressure, we think, on countries like iraq, the uae, and even russia to make production quotas. romaine: the idea that they've accommodated this cheating for a while, this isn't really something unknown. that accommodation has sort of kept this lock together. if they take a harder tone, could you see some members may be pull out? will: i'm not sure we will see that, but there are risks, absolutely. if you take too hard a line, people will just keep cheating and you've achieved very little. that i do think it is interesting that saudi production is back near 10.3 million barrels a day this month, which is around the quota level. some of that reflux the fact that after the incidents in september where the crude processing plant was attacked and they have used stockpiles of perhapsthey are showing that saudi

russia -- all of this is happening at the opec time. these are things where they are competing against each other. we are supposed to see some sort of cohesion, some agreement, but they are playing their own angles. i think this points more toward a view there will not be any near-term cut and they will keep things status quo. and continue to bleed oil into the market. longer-term -- there are two ways to look at it. saudi arabia will have to continue to cut and support valuation for saudi aramco, and the other is this leaves a lot of control with iran and russia to say sally's, you have to do this, and we have the power because now you are subject to this ipo. mark: exactly. saudi aramcoime, and saudi arabia are looking to diversify away from oil. the thing is, they have a lot of oil, so you cannot diversify too far. that is why the deal was so important. ringing more refiners on. that is because they are trying to go down the curve and collect the margin so they are not as beholden to russia and iran. there is a bigger issue of foot a

amber: how crucial is opec's next decision with respect to oil production, do you think, to the success of the initial launch of the saudi aramco? >> opec and the saudi's will be particularly aware of not doing anything that will cause prices to drop significantly. now, there is concern there is growing production, not just in the u.s., but in the north sea, guyana, brazil. while no one has expressed additional cuts, there may not be additional cuts, there certainly is not going to be any pullback of the supply cuts. vonnie: we have been waiting for this to happen for so long. when it happens, given how is happening, does it change anything about geopolitics, oil pricing? >> on this has done is show that there is a reluctance to invest at a high price in oil companies. it was a relatively expensive offering, dividend yield is lower than exxon, other similar competitors. at a price people will invest, but not as high as we all thought it was, or as saudi arabia thought it would be. amber: thank you for those insights, david. iscking with energy, there an ongoing tug-of-war between u.s. r

opec meets in vienna. global news, 24 hours a day on air, on tictoc, and on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. nejra? nejra: thank you so much. following the signing of the hong kong bill, there's one big question left for investors. how will china get back? the foreign ministry issued a threat of retaliation but has been vague on details. set thed -- could course of trade talks and risks causing further delays to the phase one deal. let's bring in my guest for the hour, the head of fx strategy at abpand founder and ceo of invest. a down day inequities. we maybe don't want to read too much into low volumes. how optimistic are you about a phase one deal? there.t of optimism it so difficult with any deal. i was just on the road in north america and they almost did not want to talk about it. so much comes down to one individual, donald trump. we all agree if we would see lighthizer or navarro resign, it would be a huge risk because they a

a lot of people talking about the opec meeting coming at the beginning of december. some even saying opec fed institute further cuts in production to keep prices rising. >> i am taking a look at income oriented investors. if you are one of those, you are predicting growth or high paying dividends. that is a question that citigroup global strategists tried to answer this week. if you take a look at this chart, they are recommending dividend momentum strategy, saying that in the last three years, it was all about stocks looking at high dividend growth rather than dividend yield terminal charts. return comparing a 51% relative to a 28% return in and decks that tracked higher than yielding in shares. citigroup saying go with the dividend momentum strategy. scarlet: thank you so much for setting that up. still with us his chief investment officer for deutsche bank wealth management in the americas and across asset reporter. mike was talking about energy stocks and how they are catching a bid for the second half they are still the worst performers. we saw oil prices pickin

they want so much to be a part of opec because they need a high price level. they put out the budget for next year and they are predicting it to be 11% lower year on year. suddenly it becomes an issue do you need to value this to get money in right now? nejra: i will go further and say when i read your piece, 10 reasons not to invest in this aramco ipo, it is a savage takedown. good contrary and views. give me your back talk about the valuation. people cited a range -- where do you see it? >> we don't do company valuation but the variation is huge. nejra: compared to other oil companies. >> if you do comparable numbers, it is less than $1 trillion but banks have put in more than $2 trillion. it is much more of an equivalent to a bond if you are looking at 3.5% return on a bond. that is where a lot of the range is over $1 trillion. it is hard to come up with any value statement and say this is how much it is worth and how much should be the interest. it is difficult. but is called a credibility gap for bankers and in terms of valuation. 3.7%, enough of the yiel

the biggest producers in opec plus are pushing for deeper cuts. they are likely to stick to their current output targets. the group is anticipating a supply glut in the first half of next year and prices are already lower than most members need to balance their budgets. opec is set to meet in vienna in the first week of december. global news on air and on twitter. this is bloomberg. nejra: thank you. coming up, entrenched uncertainty. the bank of england is likely to cut growth and inflation eczema and's -- estimates. will any mpc members break ranks? when you are traveling to work, tune into bloomberg radio on your mobile device or on digital radio and the london area. this is bloomberg. ♪ nejra: we are 42 minutes away from the start of cash equity trading in europe. this is "bloomberg daybreak: europe." commerzbank has downgraded its full year outlook. the chief executive grapples with rock-bottom interest rates and competition. matt miller joins us with more from frankfurt. great to see you, you will be speaking to the cfo later. what are you

they are not caring that burden on behalf of opec and its allies. if they take that step, that's a sign that the oil prices may suffer and one way they could fight against the compliance is by boosting their own output. thank you. i want to get a quick check on the latest business flash is testing am clothing rental service, for now it's only available in sweden, shoppers can rent garments were $37 a week. similar services have been launched, the fashion industry has been criticized for waste and pollution. traded --nley has out ousted foreign-exchange traders for losses of $140 million. the traders are accused of mismarking securities to secure those losses. morgan stanley is not commenting. and if there is a star wars fan on your home it -- holiday gift -- gift list, the sales for you. souther visas holding an option dedicated to star wars -- holding an is auction dedicated to star wars. stickers,s posters, and action figures from the original trilogy. estimated prices go as high as $78,000. romaine: let's get a quick check on the markets, we are

global oil demand is around 2030, saying opec considers further production cuts. il and,u look at peak out 2030, couldn't come sooner than 2030, or could it be postponed of the world changes in terms of growth? >> it could go either way. if the government takes much stronger clean, efficient technologies, push them much stronger, we may well see that the peak can happen earlier, but at the same time, if the government were to go in the other direction, we may' see peak comes later. nejra: money managers out with holdings in the third quarter, revealing the latest trends among hedge funds after a dramatic prima market. >> we have facebook and netflix that some of the most popular trade. harvard management making facebook their single biggest equity trade, but we have microsoft here, the second quarter in a row, unloved, despite a more than 40% gain in the period. with that said, that does not mean all tech companies are doing well. in the second quarter, remember, uber was the most second love trade. in the third quarter, there was a decline. druckenmiler'sstan fir

saudi arabia has traditionally taken the biggest share of opec output cuts, and that means this burden is resting on the shoulders of saudi aramco. that is not a comfortable position to be in if you are a minority shareholder. francine: the world energy outlook was released today. global oil demand is around -- set to plateau around 2030, saying opec considers further production cuts. when you look at peak oil, and 2030, could it come sooner than 2030, or could it be postponed if the world changes in terms of growth? faith: it could go either way. if the government takes much stronger clean, efficient technologies, push them much stronger, we may well see that the peak can happen earlier, but at the same time, if the government were to go in the other direction, we may see peak comes later. nejra: money managers out with their latest holdings in the third quarter, revealing the latest trends among hedge funds after a dramatic prima market. sophie: we have facebook and netflix as some of the most popular trades. harvard management making facebook their single biggest equity trade, but w

the battle between shale and opec plus, maybe opec blinked a little bit. we will wait and see. that is the impact on the oil price right now -- brent crude soft to the touch. this is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn. i'm guy from london, johnson. this is bloomberg markets. let's go to chicago, time for futures in focus. holly lifted joining us now from the cma. a huge move in the bond market over the next few days. is this a buying opportunity or is there more to come? holly: i think there is more to come. we have seen a dramatic selloff in a few days, this is the first in war we are getting a brief for p -- first in four we are getting a brief review -- brief reprieve. 1.86u start moving beyond in the 10 year yield, you could have something more dramatic. there is an interesting technical pattern at play right now, but if you are member the mantra we used to have, where the fed raises rates three times, you get a? rec you get a recession? i think it -- you get a recession? i think the reverse is true, cut three times and reverse a recession. guy: 10

we have opec's, and the pricing of the ipo. guest: and we will also have the madrid,vate meeting in where they may or may not have a government. and on top of that, you have brexit going on. but for oil and energy, it will be an important time. manus: how important is it that opec must really governor rises in terms of the cuts they are doing? do they need more cuts? guest: the view going into it is that they need the countries are above the levels getting back down to their levels. that will. fortify it. going into the ipo, they would like to have a price that is showing promise. the cuts of have 1.2 million barrels a day, and supply gets better, what does that do to the valuation? $1.5 trillion on this ipo. dan: this wide range, i think right now we are and that -- we are in not period of eliciting as people are making assessments. that is the recognized that was saudi aramco comes out and lists, it will be a unique asset . there will be nothing like saudi aramco in the world. manus: what does it do to the oil market? we go f

opec saying the big reason the flood of u.s. shale oil supplies leading them to cut production even further. and today, president donald voters to g kentucky re-elect the governor. governors races in mississippi and louisiana are seen as pests of the president's popularity. so are races in virginia for that state's legislature. global news 24 hures day on air and on tiktok on twitter in more than 120 countries. i'm viviana hurtado. this is bloomberg. alix? alix: thank you. so frances, how do you look at the election? when do you start get worried? like how do you view it from an economics point of view? frances: a couple of things. big bharkse got us into the recession scare? it was first trade conflict. two, a drop-off in fiscal spending after a sizable fiscal push and three, tighter monetary policy. any time i'm looking at these structural factors, i want to know how can an election outcome change one of those three things? we have sector considerations that we need to be mon timplingt that's going to be more important. but wh

tuck and this is another trend towards the short forms opec named baby and dog names are increasingly. trend reflected in the names given to domestic animals and. that's because there's a tendency to humanize pets and give normal human names and then children's names are increasingly cute typical animal names are being given to children over the years who are meeting in the middle. so could also be more. i wonder how do you sorry. it's also on the rise as a 2nd 9 parents often use the 2nd name to make a statement in this case. view of the world gemini the name is a new phenomenon 1st started appearing on person in the $990.00 s. though it has a much longer tradition. or for short it came to us from the latin but. from greek this happens a lot of greek from persia it's actually a persian name with a beautiful meaning pearl. is a name whose time has come i think he'll be a skinny end of a maternity wards around germany name experts warn against naming children to famous role models such names they say could soon be as fashion as grettir's ponytail how dare you sorry of course it's defin

we know opec wants to price above $60 per barrel. by feeling is that the public will react with a price of $60 per barrel. that was total ceo patrick pouyanne speaking with manus cranny. set to disney plus launch tuesday. the big questions, about consumers. this is bloomberg. ♪ caroline: let's get you a quick check on the latest business flash headlines. bloomberg has learned that xerox is willing to give hp four weeks. the cash and stock portfolio was worth about $27 billion for news broke of a potential deal. china's government is confident that they will -- that brazil will choose huawei for a contract, which could jair bolsonaro on a collision course with the united states. the u.s. has warned allies that it would make it easier for beijing to spy. ceo jamie dimon has called income inequality a huge problem. incomes havess been kind of flat. not particularly good in america. the cbs: dimon was on news program 60 minutes and downplayed the probability of a recession. it is interesting, the presenter of that show tried to push hi

fiscal policy and opec production cuts. we are beginning to deal with these problems because it is backing away. these markets rebalance and you make the case for sustainable reflation. what is going on is a good thing. trade war exacerbates it but it is not the core root. the core root is the structural problems. francine: when will the problems be fixed? jeff: is going to take a decade. the old economy has physical assets that can be used as collateral. the new economy does not have debt, emissions, and capacity overhang. the problems sit in the 35% of global economy. it is going to take time. we are sitting on cost support for many markets. -- assk reward is rebalancing takes place is sufficient. tom: absolutely brilliant. are we a microeconomic cost support of amazon? real world.g in the in the world of all the sexy stocks, is there an underlying microeconomics? chris: we look stock buy stock in microeconomics at each one, and once we haven't talked about today is what is happening with late stage venture. you are seein

the main driver of opec supply growth remains tight. also there is brazil, norway, contribute.ikely to they are under pressure from these outside supplies, and that is shrinking opec's hold on the market. matt: what does this mean for the production deal and the group's upcoming meeting? annmarie: there is a lot of talk about cutting deeper than their current quote up. the group will do whatever it toes to remain that balance market. when you look at this report, it looks like potentially the strategy is backfiring by making room for u.s. shale. this is something investors and analysts have said could happen. the former saudi oil minister has warned that you keep cutting , you will have a vicious cycle and make more room for u.s. shale and other supplies around the world. anna: thank you so much with the latest on the oil markets. let's get an update on first word news. morning, let's start in the u.k. were the election campaign is heating up with prime minister boris johnson and opposition leader jeremy corbyn trading barbs. the house

production increases the opec slar of the market will increase i'll hand it back to you >> coming up later, cnbc's talkg thinwi peter praet coming up at 10:40 cet. robinhood believes now is the time to do money. without the commission fees and account minimums. so, you can start investing today, wherever you are even hanging with your dog. ooh, like her. she's probably investing right now... taking charge of her money, making it happen. she's - not going to be happy about that pillow. it's time to do money, so what are you waiting for. download now and get your first stock on us. robinhood. >> welcome back. these are your headlines president trump threatens to escalate the trade war with china. he says an agreement is close but provides few details about negotiations banks head to the red after trump's attack on the fed. he calls on the central bank to introduce negative rates >> give me some of that money. i want some of that money. our federal reserve doesn't let us do it >> hitting back at trump's criticism and praises the work of central banks in years. >> the central banks are r

opec can do.d what every day more than 130 people die of opioid-related drug overdoses, every single day. how the academic can be curbed -- the epidemic can be curbed. us.ey leinz is here with we are halfway into the trading day. you have the dow turning into positive territory, a couple basis points unit you could call it flat. and dow lower. lighter volume today. 20 percent lower than the average as it the veterans day holiday in the u.s. it is an interesting picture for equities today. climbing off lows of the session. t-mobile, the news crossed moments ago report from dow jones that we works is in talks to get the t-mobile ceo john legere for their ceo. investors do not like the news of him leaving, stocks dropping sharply. some down still by 1.7%. it is a dow jones report that we work is in talks with john legere. boeing up 4% on reports the 737 max 8 may resume deliveries as soon as next month, before the faa necessarily approves the plane to fly but they will be delivered so that when they do get approval they can hit the air. stocks sharply higher. the stock is 6.2%. vonnie:

greeks hope that with china's help the old port of parathas can be returned to its former glory the opec group of oil exporting countries says rising demand for energy especially in developing countries means global demand for oil will continue to increase of it will cost a 12 percent rise in oil demand by 2040 but i think share of that will fall over the next 5 years as output of u.s. shale and other rival sources expands rising climate activism and widening use of alternative fuels putting the strength of long term oil demand under more scrutiny . stocks around the world have made gains signs the united states and china may be inching closer to a trade deal japan's nikkei hit a one year high and shares in shanghai hong kong and seoul rose following a financial times report washington is mulling a plan to roll back levies of $112000000000.00 worth of chinese imports european stocks including germany's dax were also up on the news. let's bring in our financial market correspondent the lady. we see the dow up a record high asian equities half a year high the dax is also getting close to a