a lot of people are trying to typify this meeting as tehran versus riyadh. i see it as one situation as to what's going on in baghdad and how they want to grow production. nigeria in a crisis situation. they want to grow. other libyas such as angola. so everybody, including venezuela want more petro dollars. do you get that by higher price or more production with a lower price. very important point to note is under the new policy which started november 2014, opec has grown production by 3 million barrels a day it's only about the top million of that that is seen as overproduction. back to you. >> steve, thank you very much. i think i saw a tweet early this morning of your little fresh faces trying to stay warm. so, do keep warm. keep the team warm. we'll chat soon again. steve out in the cold there in vienna covering opec for us. >>> let's move on and look at what european equity markets are doing. pretty mixed on the open. we saw european equity markets sliding a bit. down by a tenth of a percent or something like that. looking now at ftse 100, xetra dax of

it takes me to go to riyadh for you to be in berlin. he suggested that it is all about getting the cuts in place. they are in place, it takes you much closer, much faster to rebalance. >> if you look at supply and demand today, it is generally in demand. demand is growing in china, europe, and north america. it is about equal. but you have a tremendous level of stocks around the world. it will take a long time to drain them off but if there were substantial cuts from opec, that would signal that the stocks are going to drain. there is not that much of spare capacity in the world right now. in riyadh, the heart of what it takes to control, move, cajole the oil market. reassert itself as the true swing producer? it is all about change. be sure to come back with me. i have manuel just over there. we are going to talk about banks and donald trump. guy: firmly on the agenda. manus cranny is in riyadh. let us move on to the m&a world. reynolds is seeking a higher buying price from british -- bat. they say it is the second largest cigarette ma

. >> i am in riyadh in saudi arabia, it is 7:00 a.m. this is day two, let's talk about the middle east closing. closing .9%. equity markets just a little lower. up by an eighth in dubai. we dropped by 4% yesterday morning, all on the back. that looks as though it has been denied. a 13 day winning streak, that is off the agenda. market, .5%. the currency strengthens at 15.8 against the dollar. those are your closes, angie. i think the day will be important in how we open up because you have that nice oil price up by 6%. all hands on deck. we are going around the opec countries. russians are having conversations with opec. deck, they hands on are set to talk in london. to get a deal for the 30th of this month. but look at the market positioning. the short positions are rising, 2012. they are roaring higher. the net positions have dropped by 23%. the biggest slump since 2012. but the short positions are up 55%. the market is short into the current november. angie: that is interesting because we are seeing it support the markets here across

missed global forum in riyadh, but sports, oil, tech and media to focus on the next generation. even as the pressure of a prolonged period of lower oil prices and delay in private sector companies has taken a major toll on consumer confidence and led many here to question whether the government is on the right track. for "nightly business report," i'm hadley campbell in riyadh, saudi arabia. >>> still ahead, an old economy company that wants to be a leader in cutting-edge technology. ♪ >>> president-elect trump went after the automakers during his campaign and ford in particular for opening plants in mexico. today ford's ceo, mark fields, told fin l phil lebeau, he's a big supporter of free and fair trade and responded to the threat of higher tariffs. >> in terms of 35% tariff, that would affect the entire auto sector. and that would impact not only the auto sector here in the u.s., it will impact the economy in general. so we have to take all those things into consideration. >> mr. field said ford has been in contact with the incoming administration. >>> the scientific commun

we were on the ground in riyadh at the summit and manus cranny spoke to the king of camp villa city and talked about investment in the era of cheap oil. >> this is a fully private project. we are building a project for the future of saudi arabia based on the nonoil economy. we have the capacity of 3 million containers, going to 4.5 million containers becoming the .arge -- the largest port we have almost 120 companies we have attracted, building 130 million square meters. we are today the largest developer in the country in terms of sales, although we are a remote site. so it has been going really well. alls: so those numbers are up. tell me about the complexion of the complete. i know some of the big names. take me up to date. am i looking more at industrial? are we looking at services? where is the ambition now? >> we are focused on pharma, other industries. the goal is to be a manufacturing hub focused on the red sea region. there are 23 countries around the red the that basically are are looking ate logistics -- focusing on logistics of this point. manus: everybody can tap on the min

this is bloomberg. ♪ manus: i'm manus cranny in riyadh. good morning. angie: i'm angie lau in hong kong. let's get you a check of the business flash headlines. units of one of turkey's biggest holding companies sank after a column in a local newspaper fueled speculation that it will be caught up in the president's nationwide crackdown against his opponents. the article did not name the traders seem to think it was the subject of the story. - amongegypt's currency - the european investors returning to short-term domestic debt, yielding up to 19%. the egyptian pound has tumbled since the surge earlier this month, which could help unleash a windfall for the government if it recaptures the $10 billion that fled the local bond market after 2011 popular uprising. angie: egypt is to invite foreign gold miners to search for the metal for the first time in 2009. the resources authority expects concessions to be issued early next month,, with more detail due out soon. plc operates a gold mine and shares have doubled this year. manus: angie, we have a very special

erik schatzker with sebastian thrun from riyadh. tomorrow, don't miss it, jim chanos on the fed, the election -- he was a big hillary clinton supporter and the pending tesla and solar city merger. that's 4:00 wall street time. the growing wealth divide in silicon valley and what we can learn from the nonprofits looking to fix it. this is bloomberg. ♪ cory: twitter making changes to harassmentdeal with and abuse. it has been a top complainers -- top complaint from users and one of the reasons twitter failed to find a buyer a few months back. now users can filter out certain words and there are tools that even block entire conversations. bigme inequality is a driver of u.s. election results and sadly, quietly, the income gap is extreme and the heart of technology, silicon valley. they have 76,000 millionaires and billionaires and many of them are giving great gobs to charity. at the same time, nearly 30% of silicon valley residents rely on public or private assistance to get by. studyst co-authored a that looks at these issues in si

i thought the great divide between tehran and riyadh, baghdad and riyadh, thawing out some of those issues, i thought a lot of work had been done literally in the last few hours. i thought more questions were being raised from mr. zangeneh and mr. al falih. let's listen in with what the gentlemen had to say, starting off with the saudi oil minister about the prospects of a deal. >> i hope that we will have a deal, but we will not know until the end of the meeting. >> what are the major sticking points to a deal, sir? >> the sticking point has been and continues to be that each and every country will have to agree to the principles that production can strengthen agreement bringing us close or at the 32.5 that was adopted in algiers. it will have to be distributed transparently, equally, a mechanism to monitor to insure full compliance, and then to ensure that non-opec will join in with substantial amount of cut that will add to what opec is offering, the 32.5, it's going to be above 1.2 million. close to 1.4 based on the latest production volumes. hoping for 600,000 from non-opec. that will

emily: billionaire and twitter investor spoke to bloomberg from riyadh this week. he remains optimistic for the future to have site under the c.e.o. >> jack dorsey took over a year ago. he established many initiatives. i think this have to begin sometime. i'm optimistic. mily: still ahead, joe lonsdalejoins us and how a trump presidency may impact track. -- tech. this is bloomberg. ♪ emily: let's turn to the global forum in riyadh and how it might help divert saudi arabia's -- away. what will peter t hinchel bring to president elect donald trump's transition team? >> he is one of the smartest people i know. joe: peter is one of the smartest people i know. what is unique about him is he is able to look at things from a contrary in perspective. the way he maps out the world is not the way people in the media talk about what matters. having peter there will give him a perspective. >> what do you think his priorities will be? joe: i'm not sure what his priorities will be. i think he has a lot of common sense around things that matter for the tech sector. lot of the r

emily: billionaire and twitter investor prince alwaleed spoke to bloomberg from riyadh this week. he weighed in on the state of his various investments. he remains optimistic for the future of the site under the c.e.o. >> jack dorsey, my friend, just took over a year ago. he established many initiatives. related to sports, nfl and otherwise. i think this have to begin sometime. i'm optimistic. we still believe that the best days are to come. emily: still ahead, joe lonsdale joins us and how a trump presidency may impact tech. plus jim chanos chimes in on president elect trump's impact on tech stocks. this is bloomberg. ♪ emily: let's turn to the global forum in riyadh where global coast and tech pioneers are talking about innovation and how it might help diversify saudi arabia's economy away from a reliance on oil. erik schatzker sat down with joe lonsdale, co-founder of palantir technologies. the question, what will peter thiel bring to president elect donald trump's transition team? >> he is one of the smartest people i know. what is unique about him is he is able to look at t

of bp.ley is the ceo more from riyadh coming. yousef: that is erik schatzker joining us. we want to take you back to what is happening in merck. goals to 4.6 its billion euros. it is raising its full-year profit forecast. a quick recap. their quarter net sales which missed estimates. and thested was a beat net sales came in at 14.9 billion euros. overall, an interesting set of numbers. merck is more bullish on the numbers ahead. anna: we get inflation data out of france later this morning. and the u.k., 9:30 a.m. london time. we also have gdp from germany and italy culminating with numbers from the eurozone as a whole at 10:00 this morning. bank of england governor mark carney is scheduled to be quizzed by parliament treasury. yousef: a banker for the masses. theresa may tells an audience in the city of london that there to globalization and capitalism can work for everyone. anna: the goldman connection. will donald trump's finance chairman hold the top role at u.s. treasury. yousef: not exactly flying high. on theirt planning projects. stay tuned for that and much more.

that's going to help her business selling chakis in riyadh, this is where you have to draw the line, build the wall. this is the wall that is necessary to separate trump -- >> what if that's already done. >> -- kids from the presidency. >> it's not already done, that's the problem. we've never had a situation like this and we need to build a wall. >> gentlemen, we have to leave it there. >> okay. >> thank you, jeffrey. >> thank you men in boxes. >> president obama weighing in on the trump presidency, plus the future of his own party. this is going to be a big deal going forward. we're going to bring in a democratic congressman at the center of the re-design of the democratic party. what will that look like? on my long-term control medicine. i talked to my doctor and found a missing piece in my asthma treatment with breo. once-daily breo prevents asthma symptoms. breo is for adults with asthma not well controlled on a long-term asthma control medicine, like an inhaled corticosteroid. breo won't replace a rescue inhaler for sudden breathing problems. breo opens up airways to help impro

bought something in riyadh and he thinks that's a stupid decision. does he not call up some knucklehead and say, why'd you make that decision? how does he stay out of something that's a public enterprise? >> he wants his son-in-law to be his top adviser in his security briefings, who's married to ivanka, who will be controlling a company that's not even separated by a blind trust. this is untenable. and it's not just, you know, he said, everybody knew i had properties. i'm not sure everyone knew that he had almost $1 billion in loans from deutsche bank in germany and the bank of china, a state bank, which may violate the constitution. >> do you think it's possible for him to disaggregate, to disassociate himself from these? is it possible? because if it isn't, why are we arguing? >> the wall street journal has said that the only possible course forward for him is to sell off his assets and take the funds and put those in a blind trust. >> do you think somebody would buy everything he's got? >> yeah. >> let me go to "the new york times," another versi

the birds erik schatzker interview his royal highness from riyadh. as independent person, i do not like to interfere with u.s. politics at all. i have had a good relationship with both administrations, whether republican or democrat. our: his take on how markets will react under a trump presidency, prince al-waleed said markets will be in wait and see mode. >> if you look at the start market as being an indicator, as euphoric about what's happening, you have seen how the market is going up. than --p shot up more since he took over. i think once president-elect and thepresident policies become clear, sometime that's january and june, when we will have to begin judging where we are heading. mark: saudi prince al-waleed bin erik schatzker. take a look at where european markets are heading looks like stocks will finish lower today. they been in a 20 point range since july. investors digesting, wondering what the donald trump presidency means for stocks, bonds. look at the currency market today, the dollar's ascent continues. pound the best-performing cur

riyadh, wek i was in work -- we were talking to the economy minister there. i wanted to know, what extra are they going to do with fdi for egypt? changed your perspective? will the rest of the world looked toward fdi in a more favorable light? >> there is some substance to this reform program. -- i contrast with saudi arabia is doing with turkey, south africa. i'm impressed by what the saudis are trying to do, also how much has changed in the past few months. the situation seemed unthinkable , salaries being the most big example. i can see things of substance beginning to emerge. you are talking about a root and branch change of the entire domestic economy, trying to move the economy away from the oil sector. that has been the prime driver of growth in the last 40 years. >> help me understand my time perspective. it doesn't happen like that. it is like american infrastructure spending. 2030 does not happen overnight. this is a long-term plan. >> markets have a much more aggressive presumption on it, don't they? >> looking at the past few months, i am impresse

live from riyadh, saudi arabia. this is bloomberg. ♪ david: good morning, this i bloomberg daybreak. i'm jonathan ferro. in the markets, here are your headlines. a seven-day winning streak on the dow. futures are weaker. the fx markets, dollar index has not seen the level since 2003, captured by the dollar-yen story. the week at the end against the dollar since june. david: here is what you need to know at this hour. donald trump's efforts to assemble his cabinet may be held on by a power struggle inside the transition team. some say a push by jared kushner to rid the team of those loyal to chris christie is hobbling the decision process. 13-year dollar hits a high and bonds are falling as the market prices and a 94% chance of a rate hike next month, the highest level this year. oil is falling this morning with rising crude inventories over negotiations and a potential opec agreement. u.s. iea outlook predicts output will grow more than previously expected. bill gross is commenting in his november investment outlo

riyadh said to abandon the deal unless opec members agree unanimously to reduce production. opec is a consolidated organization. all decisions need to be unanimous, so we would like to agree on something that is obtainable and benefits everyone, and also everyone needs to be participating. when ask me how, who, and before we meet. hey hong kong court has backed the expulsion of two local lawmakers who insulted china while taking their oath. it prompted an intervention by beijing's top legislative body, saying no one can hold public office who advocates independence for hong kong. north korea faces a sharp cut in: exports under a security council resolution aimed at punishing the regime for september's nuclear tests. the resolution would deny pyongyang $700 million a year in hard currency. has the crucial backing of china and is set for a vote on wednesday. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. haidi: this is "bloomberg markets: asia". i am haidi lun. rishaad: i am rishaad salamat. going a

. >>> whether it's riyadh or the current in london everyone scratching their heads wondering what this new order looks like when you talk about the rise of populism and pull back on free trade and global san diee san d. angela merkel says we need to strength globalization. before we go just a picture of how european markets are frapgd we're seeing green arrows. bit mixed with the italian market lag. that's it for today's show. our colleagues stateside will take care of you throughout most of the afternoon. see you tomorrow. bye for now. >> zboorng. stocks jump, bond yields soar and dollar trades near 13 year highs. >> taking flight. warren buffett makes a big bet on u.s. airlines. the details behind the surprise move coming up. >> plus earning central a new read on housing, the economy and american consumer as home depot rolls out its quarterly results. it's tuesday, november 15th. "worldwide exchange" begins right now. >>> a very good morning. welcome to "worldwide exchange" on cnbc.

good to see you, hadley gamble joining us live out of riyadh. >>> now nato warned donald trump going it alone is not an option for the united states or europe. in an op-ed the secretary general of nato said that the west faces its greatest security challenges in the generation and it's not the time to question the value of the partnership between europe and the u.s. >>> now, the russian deputy foreign minister has said that moscow knows little about donald trump's plans but there is an intention to swiftly begin work to restore u.s./russia relations. speaking less than an hour ago, he went on to talk about trump's foreign policy and said campaign promises and real policies are different things. >>> now meanwhile u.s. and russian leaders have never had such similar positions on global politics as donald trump and vladimir putin. that's according to the speaker of russia's parliament. speaking to russia's mtv channel, the duma speaker added although they share views, it was too hard to tell what kind of president donald trump will be. >>> charles hecker is the global research director

respond to the , theirsm of riyadh criticism of the uae and the middle east? christopher: criticizing the long-standing relations with riyadh and the gulf states -- they have very good reason to. the united states essentially has been dealing with some of the most repressive and misogynistic states in the world, which does not sit well with the u.s.'s suppose it ideals. but this relationship, the pragmatists, until recently in the oil-era dynamic, has been essential for the supremacy of the united states. selling oil in petrodollars, selling as proxy to the americas . a oil4, when we have prices beginning to sink and the centrality of countries like saudi arabia, u.s. policies declining, this was a relationship that any u.s. president was more or less stuck with. foreign-policy worldwide really change under a donald trump and brexit? robert: one thing he has rejected with the middle east is the whole thing with russia. that could because all for the evolution of -- at the moment, the u.s. -- at the moment, the west has no policy with syria. other than bringing

you will need somebody to go talk to people in cairo and beirut and riyadh and all across the middle east and sort of back away from some of the really hot ugly talk that has come from elsewhere. you know, it's a team effort. it's not just one by one. certainly i think governor huckabee's comments really point to something i have also heard which is that there are a lot of people who feel loyalty is supposed to count for something and the rudy giulianis of the world who went out when the campaign was at its lowest and defended that videotape from the bus and everything else, are supposed to be rewarded, not necessarily somebody like mitt romney. >> that's true. maybe that's what that's all about, right? from not only mike huckabee but -- i'm sorry, mike huckabee but -- >> chris christie? one of the secrets of trump, too, he likes humiliating people who have already debased themselves to him. >> sorry. >> go ahead. >> i think president-elect trump likes people who are loyal but it's unclear that he is loyal to them. during this campaign we saw many shake-ups where people would come in

know the clinton folks or the folks she would be bringing in would be people she was working with from riyadh, and how that would impact relations with iran, syria and the broader regions. and questions going forward for the relationship with israel, prime minister benjamin netanyahu weighing in sounding thrilled that he would have another friend in the white house once again. and the other big question going forward, whether or not these arab countries will feel like they have a partner in washington going forward. over the last eight years there's been questions surrounding that relationship with president obama after what happened in 2011 with hosni mubarak, a lot of disappointment in the region. a lot of questions but no panicking yet. >> thank you very much. hadley joining us live out of dubai. while you were talking, some flashes hitting our wire from the european commission president in berlin, he says we need clarity from mr. trump on trade and climate change. juncker saying they do not expect a trade deal in the mnex two years. the euro/dollar around 108. brian klass is a fellow in c

i think he is much too partisan, but he had been in riyadh. he knew the intelligence community. george h.w. bush knew it. he had been ambassador to china. and i could go on and on. porter goss, all these directors. and what worries me is the cia's very partisan right now and if you take the congressman, and put him -- he's been very straightforward on benghazi, that was a failure of the clinton administration, and breaking with iran, undoing this agreement. so he is a partisan choice. i had hoped trump would go into this and pick a professional or somebody that was fairly neutral. so i think as a choice, he's actually worse than flynn, because he has less experience as a former professional. >> let's be clear, you would rather not see a politician, period, running the cia? >> i would get somebody out of the ranks or a four-star general. >> stick around. a lot more to discuss. next, he wasn't donald trump's biggest fan. mitt romney, who, as you know, has a weakness for chocolate milk. the question now is, is he ready for a sip of kool-aid? we'll talk about the possibility of him

off to fremont street >>darya: the police pursuit turned into a deadly crash and ended on welcome in riyadh and we're liable the scene >>will tran: the reopened about maybe 15 minutes to go both directions to reopen the shut down for seven to eight hours after a high-speed pursuits the 19 year-old man was taken to the hospital >>stanley roberts: at that question would brutally attacked by an unknown assailant as she was shot several times and head and face by a blunt object to that door is a continuing to look for that attack their >>mark: he is expected to be nominated to leave the school system in washington d.c. >>mark: for running a brothel near high school he went on the political rent canceled a concert and now he is in hospital >>darya: happening now mr. west is in the hospital in los angeles they say he is unraveling we of scene is played out at a concert with solomon san jose go on a political rent and then last week he played two songs were on about something now yes today in the afternoon today said he needed to be committed apparently was arresting also other sources next to a f

we have tilted too far in the direction of bahrain in my view, we need to values between riyadh and uncle. ankara.n't, -- and if we don't, then our regional neighbors will continue to find ways of balancing against iran's outsized role in iraq. if the iraqi political class has not learned that lesson, there will be very little room for hope or optimism, it seems to me. iran's role in iraq will always be destructive. iran will always want a weak iraq. it doesn't matter who governs in iraq. if hamanahi's son became the prime minister of iraq it will be in iran's interest for iraq to be weak. i'm not saying we want the chaos on their border that we have had tensed 2014. the last point i'll make -- and i have gone over my time, i apologize -- is that the pmus and militias have to be disbanded after the military operation is over. that is much, much easier said than done. i am told -- we'll see if this happens, that after mosul is liberated from isil to expect a fatwa from the grand ayatollah al sistani thanking the rank and file of the pmus and telling them they need to go home. as mr. pregen

we have tilted too far in the direction of bahrain in my view, we need to values between riyadh and ankara and if we don't then the -- our regional neighbors will continue to find ways of balancing against iran's outsized role in iraq. if the iraqi political class has not learned that lesson there will be very little room for hope or optimism, it seems to me. iran's role in iraq will always be destructive. iran will always want a weak iraq. it doesn't matter who governs s in iraq. if hamanahi's son became the prime minister of iraq it will be in iran's interest for iraq to be weak. i'm not saying we want the chaos they had in 2014. the last point i'll make -- and i have gone over my time, i apologize -- is that the pmus and militias have to be disbanded after the military operation is over and that is much, much easier said than done. i am told -- we'll see if this happens, that after mosul is liberated from isil to expect a fatwa from the grand ayatollah al sistani thanking the rank and file of the pmus and telling them they need to go home. as mr. prejean said, the leadership of the pmus

over the next hour and coming out of los angeles, washington, berlin and riyadh, here is what we're watching. january us capitol bill gross does not see a trump bull market going and warning investors to proceed with caution. gross joins us in just moments. gains and losses today as demand improves and an opec meeting looms. will opec get a deal done this month. we are joined by andrew, the noted short seller saying there is evidence of fraud. markets close in about two hours. abigail doolittle joins us with the latest. again, feels a little pausey. abigail: i like that, julie. i will quote you on that. we have the dow and the s&p 500 trading slightly lower and the dow higher. on pace to break a seven-day winning streak, the longest since july. that is being helped by tech and it comes down to the financials. when we go into the bloomberg and look at an s&p 500 i-mat, a look at the sector performance on the day, first of all, we see lots of ready. that helps to explain why the s&p 500 is down modestly, the world performing sector is the financials down more than 1%, 1.4% at this point. the b

there has been a conference in riyadh and they said on the one shouldlobal demand return by the end of the year, but we actually saw oil take a leg lower end off about two thirds of 1% and level of $47 a barrel, 46 point $54. natural gas according to the ceo of saudi aramco, they plan to nexte gas output over the decade, so he sought the sharp downturn in natural gas, off by .bout 4% to 91 at the moment with an and gas -- 2.91 at the moment. we have been watching weatherford. they initially fell after an analyst at wolf research said they might need to raise equity and cash -- raise cash by selling equity and the company said they were within their debt covenant. analysts are concerned about the ge baker hughes deal and implication for weatherford, so a lot of concerns. ishares down 16% on heavy volume. the green line on the bottom is the average fogging at the various times during the day. currently, we see about almost 90 million shares trading. the average at this time of day is typically about 13 point 5 million, so heavy volume and the red line extrapolates volume by the end of th

jewish and rural vermont which in terms of being a minority is a bit like being a gay nightclub owner in riyadh. it's a small minority as you can get. the other way for democrats to get beyond this is due with elizabeth warren doesn't pretend to be 1302nd charity so you get the first woman of color when in fact she's the widest way since frosty the snowman felony that. people laugh at this insanity but democrats are doubling down. stuart: i forget to tell the audience you are a comedian. we love it. give us your comments please. jill stein opening not the recount effort in three states and hillary clinton joining in. >> obviously it's crypto critical. you must get whiplash defending the democrats and the media because 20 minutes ago trump was delegitimizing the entire democratic process in the united states by hinting there could even be any funny business going on. now their son and dangerous than this. you risk signaling to the people by making it all about lawsuits or ration hacking or whatever. you risk telling the people that there is no way they can peacefully express a preference for a c

riyadh as well. costs of then oil saudi's soften their stance on iran. gopro costs -- cuts 50% of its workforce and is shutting down the entertainment division to reduce costs. we into the challenges for that company. the sky bridge founder tells us why --is the perfect pick for treasury secretary. we are halfway into the trading day in the u.s. julie hyman has been watching all the moves in oil every other aspect. -- and every other aspect. julie: despite the increase we have been seeing in oil prices today, the dow did touch an intraday record. they are flagging a little bit in the gains we have been seeing, particularly the s&p which has been held act to some extent by technology, as you can see by the nasdaq and interest-rate sensitive stocks. as for oil, today's movement on wti and brent is the biggest one-day gain since february. here is the three-year chart of crude oil prices. we are well below the levels where we were three years ago. --we have seen here, this is energy selects spider etf. handily outperformed oil. interesting here we have seen