Transcripts For CNBC Street Signs 20240714

Year increases after reports that budweiser will delay sending it lower. And shares plummet to their lowest level on record after it reveals its in talks with china over a 750 Million Pound rescue plan it comes by so quickly every single month the decision, they say their output agreement does not change the output of an oversupplies market that is according to the International Energy agency. So in its latest report the iea says supply exceeded demand in the first half of 2019 and that rebalancing in the oil market has begun to slow. As ever, lets bring in nei neil atkinson. And just reading the major take away from the report is that essentially oil supply the first half of the year has exceeded demand you say that that number is 900,000 barrels. So despite opecs best efforts we still have the supplydemand mismatch we do thats a mismatch thats actually grown as new data has come in. And through the rest of 2019 well see how the demand issue plays out but as we move into 2020 the outlook is also for considerable oversupply because were getting big growth from the United States and some other countries. So farce the issue of rebalancing is concerned, as we say in the lead article, its still somewhere off. Go back to opec they Just Announced another nine months of production cuts extending into the First Quarter of next year a bit longer than some people anticipated but to your point, as long as u. S. Production continues to shoot upward, the opec essentially are captive to what the u. S. Do on that front well have to wait and see if that does turn out to be accurate but between now and the end of the First Quarter when the agreement expires an off lot can happen on both sides of the balance. Not just on the supply side but on the demand side but certainly taking the snapshot from today here in the middle of july then yes the fundamentals do look challenging to them but we should also bear in mind that for various factors, the actual price of oil today in the market is the mid 60s thats not a difficult situation. Obviously from the point of view of consumers wed not like to see them rise significantly higher but mid 60s at the moment is a comfortable position for them but as you say, the future is challenging. If theyre comfortable, theyre not so concerned from what youre saying about the idea that expanding supply in the u. S. Will impact the ability of opec to support prices in the future. Im not suggesting that theyre comfortable or unconcerned. All im pointing out is that the situation today in terms of the actual price of oil today is perhaps a little more comfortable than might have been expected part of that of course is to some extent reflecting tensions in the middle east gulf. And well see what the data shows us. We have seen alleged harassment by patrol boats in the gulf we heard the white house or at least the future chair of the joint chiefs of staff talk about building a coalition to protect tanker traffic in that part of the world. If things deteriorate significantly what will that mean for traffic in that part of the world and what will that mean for supply . Well, what we have seen so far is that despite the incidents with the tankers in the gulf and the shooting down of the drone recently, relatively normal operations are continuing in the region theres been of course an increase in insurance costs for shippers, not just for oil tankers of course but all the other trade that goes on and at the moment, we are not seeing an impact on physical supplies of oil. Were that to change, of course, because of the importance of the straight to which a very large proportion of the world flows that clearly would have a major impact on supply and inturn a major impact on pricing but were not there yet. We are still seeing relatively normal operations as far as the movement of oil is concerned. Its not being reflected in the price as far as thats concerned. I want to ask you about the demand outlook looking at your report today you do see a pick up in demand in the second half of this year even though you have downgraded your demand estimates for the first half of the year on back of weakness coming from italy, india, saudi arabia and russia what gives you confidence that demand is going to pick up in the second half of this year well, on the assumption that trade tensions dont worsen and there is some kind of resolution we do see the prospect of a more positive Economic Outlook toward the end of the year and also the important factor that we should point out is that in the second half of 2019, if oil prices, current prices were to stay roughly where they are, they would be in the region of 10 or so lower than what we saw last year so that would have some kind of impact thats one of them but if the environment does not deteriorate further in the rest of the year on the economic front then there is better economic performers and better performers for oil demand in the second half of the year and in 2020 the expectations from the major institutions are behind gdp growth next year than 2019. One final question, the word that you used there was of course assumption. Much of our world is predicated on assumptions and yet were seeing lower manufacturing output figures recently but going into next year, do you really have confidence about that increased demand because of this Economic Growth that you just talked about there . For the time being until the facts change then that remains our view but of course we see new data the whole time we see speculation about various changes that can take place to Interest Rates for example so i think, yes, we acknowledge that there are risks to a forecast theres always risks and well wait and see how the rest of 2019 plays out youre right to raise the issue of course but well see what happens. Thank you for your time the head of the oil industry at the iea. All right so lets talk about how markets are appearing this morning you can see the picture behind me is relatively positive and this after another record session yesterday. We had the dow breaking through the psychological level of 27,000 s p closing 1 point below 3,000. Nasdaq high as well as we start and head into the beginning of earnings season there. All eyes will be on the numbers that come out in the next couple of weeks but overall the mood is positive today you can see that the majors in europe are trading with the green. The relative performer up. 4 and then we have the u. K. Index up about. 3 again, some more positive price action there from the Home Builders we talked about that yesterday but i want to draw your attention, you can see the germanindex is the relative underperformer, really treading on water here and thats mainly because of weakness in the auto sector i want to talk about that. Lets talk about it as a whole you can see one name in particular stands out here we are down 1 on the session. We were actually down about 3 just an hour ago and the market opened and guiding investors and in two weeks their third profit warning in a year the market is not taking it so well but in the last hour or so we have recovered. You can see that as a whole, autos in general have bounced in the last hour so the market is not that surprised but this is the picture for this morning. Its one of the reasons why in general its underperforming versus other industries in europe this morning. I also want to draw your attention to another major mover today. You can see the shares are down 37 . So the shares have fallen to the lowest on record after a 750 Million Pound rejection. It will involve an ownership reshuffle of thomas cooks Airline Business with taking a controlling stake and a minority interest in the latter and the proposal also sees a significant part of the equities while existing shareholders would have theirs and that creates existing shareholders will have theirs. This is why were seeing the extreme reaction down 36 huge record lows for thomas cook 65 lower. The growing company will not price its Hong Kong Ipo by friday as previously planned thats according to two reports citing sources we have reached out for comment and well keep you updated on this story but on that news, on those reports yet to be confirmed, stock is trading down 1. 8 and its a reflection of the environment that so many of these ipos are getting pulled. And they have also confirmed the timing of the ipo so perhaps the reflection of the market uncertainty out there. Shares reversed on the early losses this morning after the german colleague issued its second profit warning in almost three weeks. The company says it now expects to post a Second Quarter loss. Provisions are set to rise by a billion euros. Earnings from the Mercedes Benz division will fall what has changed since the Company Issued its most recent profit warning thats very interesting timing there getting the second warning in three weeks from diamler thats never happened before its their assessment when it comes to the issue and the most recent one has changed so theyre really upon them and this will probably bring them a lot of problems going forward. We know from volkswagen how long it took them to tackle that crisis and it seems that diamler is in the midst of it currently. So let me run you through that 1 billion from the air bags but also, that i think is also very interesting is that theyre saying in general they see a very slower ramp up than previously expected. Thats kind of the description of theyre not getting their models to the market and what they are offering to consume it and that is something analysts have been saying for sometime now is that daimler is just very slow with coming up with new models which are attractive to also a very green oriented audience or customer base. In other words theyre electrifying their fleet and bring some electrified models to the markets actually and plus that, they also see in general a growth in the automotive space which is also nothing really new. Looking at where we stand in terms of Economic Growth theyre just not doing so great as they were doing previously and on top of that they have just woken up very late to a change in demand Consumers Want less emissions and then we have this co2 problem. The Second Quarter will be a loss and theyre also saying that it will be significantly below last years which is of course also a disappointment for the stock. But looking at the share price, a lot has been baked in the share price already as the expectations for daimler were revised downward after the second profit warning at the end of the 24th of june already. So that is why we still see that with that, back to you. Indeed, as you mentioned, right now the stock has recovered. Were only trading down abo about. 4 . As a whole the context is still positive but i want to go back to daimler specifically because looking at a note by the auto analyst Evercore Group and they published this a couple of weeks back on the first profit warning and they said theyre an endless array of one time effects. We talked about those, the air bags and mercedes recalled but they said that specifically those raise questions of accountability and protest and also management and i want to pick up on the last point about management a new cfo came to daimler a couple of months ago this is the third profit warning this year and the second in a couple of weeks. What does that tell you about the messaging that theyre putting out to the market here well, they are lowering the expectations for whatever comes next in order to outperform the expectations so thats one perspective and the other one would be actually not very positive for the new management saying well it took them quite sometime to come to grips with their new job having said that, things can also change. It can go down very sharply and abruptly especially because the uncertainty is so high out there. We have seen that with other corporates now as well there can be an enormous profit warning coming out of it because the market is deteriorating so much theres so much depending on exports so theyre just playing on the royal economy on less uncertainty. With that, back to you coming up, new data Shows Chinese trade with the u s. Declined in the first half. What this could mean for talks between President Trump and xi after isre we call it the mother standard of care. 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I dont know your phone number. Aw well. He doesnt know our phone number you have our fax number, obviously. Todays xfinity service. Simple. Easy. Awesome. Ill pass. Welcome back to the program. Chinese total trade with the United States fell by 9 in the first half of this year. For the month of june, imports fell 7. 3 which is more than expected exports were down 1. 3 on a dollar basis the countrys Customs Authority said the external environment was still context and that chinese trade faces a flurry of challenges we have someone here to explain what the challenges are. Thank you for being with us. I apologize. This is not just of course about china and this is about the u. S. As well what is going on here. What does this mean for policy in beijing do you think . Well, i think when you look a little bit deeper into the numbers while overall trade between the United States and china, what youll find is that imports into china from the United States fell much more than exports did so you could argue that maybe the United States at this stage is actually suffering more from the trade war and here this is important to get follow through they made this commitment and they havent come through. But would you say, just the g20, most recently, in essence its a little bit unbalanced to what youre saying to your point that china buys more agricultural goods but in return they dont have any being applied plus the resumption of u. S. Companies being able to deal on a nonnational security item so would you say if you had to tip the balance, china got more out of the discussions than the u. S. Thats undoubtedly the case. That was very, very happy news to hear you say that. I want to ask you though, the psychology of President Trump and the impact that has on the u. S. Administrations behavior is relevant here, isnt it when it comes to the imposition of tariffs looking back over the last 12 months you have seen them be put in place or be threatened and then be taken away and then be postponed and im just wondering in terms of whats going on in his mind and what that means for investors, what do you expect over the next few months in terms of margins being squeezed i dont think that theyre going to find a resolution very quickly. The trouble with all of this coming back to your point about psychology is that i call it trumpian uncertainty most economies thinking about the trade battle were starting from the point that its in both sides interest to bring it to a resolution but thats not exactly what we have seen. What you say is right in that tariffs have been threatened and delayed but in the end they have been imposed in the end the u. S. Administration did raise tariffs on 200 billion to 25 . That only happened in june this is very new so the impact of all of this is yet to come. So i think it is very difficult because as you say, the starting point, this is in both sides interest to conclude this hasnt really helped in resolving this because it isnt apparently run first and foremost on this is in our national interest. Theres a whole lot of face saving involved and there is of course, as you know, President Trump deems himself to be a master negotiator and he believes this strategy of applying maximum pressure on china is actually going to work. I have some doubts that this is going to work. China has a perception of itself as having historically been very much a country that has faced aggressors i dont want to go as far as calling it a victim mentality but theres a perception that china has other nations coming after them and that makes the discussions very difficult. To your point, investors need to start thinking about this from a structural perspective and not just one time impact looking at the numbers, one thing that stuck out to me is china imports were down 27 from the first half of the year so the psychological damage is done they are importing that from the u. S. How should investors be thinking about this over a more medium term horizon when you think about Investment Opportunities and where you want to be going back to markets, markets are at an all time high now. They seem to be brushing off all of the concerns. How can you play it if you really do have serious concerns about the future of the relationship between the u. S. And china from an Economic Perspective . There is a great disconnect between what equity markets are saying and who bond markets are saying theyre rallying as if everything is fine in the world. They are at a very, very low level. The i think the real damage is going to be a medium term one. The damage from the trade war at this stage i dont believe is really first and foremost to be found in the trade data, some. Its to be found in the Industrial Production numbers but where i think theres the real damage being done is at this level of uncertainty. The uncertainty is not just about that but the uncertainty about the whole structure of Global Supply chains and Global Production has forward because e our potential growth tomorrow is going to be lower. Uncertainty, thats a word that chairman powell used many, many times in the last 48 hours. Thank you very much for taking the time to chat to us globalchief economist thank yo very much. Does facebook need to become a bank they might not like the white houses answer to that question. Stay tuned to find out why no matter what i wore, i worried someone might see my bladder leak underwear. So, i switched. To always discreet boutique. Its shapehugging threads smooth out the back. So it fits better than depend. And no one notices. Always discreet. danny after a long day of hard work. You have to do more work . vo automatically sort your expenses and save over 40 hours a month. danny every day youre nearly fried to a crisp, professionally vo you earned it, were here to make sure you get it. Quickbooks. Backing you. They have businesses to grow customers to care for lives to get home to they use stamps. Com print discounted postage for any letter any package any time right from your computer all the Amazing Services of the post office only cheaper get our special tv offer a 4week trial plus postage and a digital scale go to stamps. Com tv and never go to the post office again welcome back to street signs. These are your headlines. Daimler shares reverse most of their early losses despite another profit warning as the firm says Second Quarter earnings will be, quote, significantly below expectations chinese trade with the u. S. 9 in the first half as it faces a flurry of challenges. Doubts about the biggest listing of the year increase after reports that budweiser will delay the pricing of its Hong Kong Ipo sending stocks lower. And it will plummet after its in talks with china over a 750 Million Pound rescue plan. Lets take a look at how european markets are fairing this morning again were on the heels of new report highs yesterday we had the dow breaking through to 7,000 and s p just shy of 3,000. Fresh highs for the nasdaq and thats translated into positive momentum for asian equities and this morning european equities as well. So we have xetra dax the relative underperformer here and as we mentioned, theyre one of the names dragging down the german index lets switch and talk about it and its the weaker green back and thats had an impact on some of those pairs and well look at them in a little while its that of a little bit of weakness per dollar. We can see all of this yet again pointed to open up in the green. The ppi inflation data coming up this afternoon. Just to bring you updates from daimler and Mercedes Benz, Mercedes Benz sales for the month of june have fallen 3. 7 in europe it was 3. 5 . It was 3. 7 in the asia pacific and unchanged in the United States of course people watching closely. Daimler stock will be looking at the numbers and getting more pessimistic. Some of the new suv models will help matters in the Third Quarter of this year well, Deutsche Bank received its sweeping restructuring program. The bank now has a more balanced risk reward profile after it slashed jobs at its Investment Bank deutsche may win more regulatory support and that will possibly result in lower environments the lender announced the overhaul plans happy to bring in the senior director of Financial Institutions that joins us now thank you for being with us, patrick. As a Rating Agency you look at the present and you tried to help investors figure out the future what do you know about Deutsche Banks present circumstances and what does that say about the banks future direction. Well, you know, Deutsche Bank has been struggling for quite a long time in terms of profitability. They are struggled to improve the profitability but clearly they have been struggling. They have retained strong franchises in a variety of Core Products they want now to focus on and, you know, as you just mentioned, the plan that has just been announced is a sweeping one its one of the largest in the history of the bank and we flagged earlier this year. This week. Its one of the main challenges that we see in terms of the plan and it would be executing. It would be how it will be received by the clients and there will be some attrition theres no doubt about that. But one of the key questions is to which extent the bank will be able to control it clearly execution is one of the key topics here. The plan is whether its physically possible for them to make these changes and then whether they can actually do this with the Current Management Team is the Management Team relevant to this discussion, do you think . Oh, absolutely. I mean, very much the Management Team and we have seen quite significant rotation in terms of management in the past few weeks and theres been very significant changes announced at the end of last week one of the key questions again is execution and execution is not down to single individuals and how the Management Team works as a team and our understanding is that it has been a plan which has been in the making for about six months i understand that is it on an approach which is quite important so gain engagement at all the levels of the bank and not just the top management level. The conception out there that Deutsche Bank are completely overhauling its Investment Bank but actually if you look at what your proposing, the Investment Bank is to be pretty large at the risk of weighted assets. Its still going to be 30 of group. Its a sizable portion of due she ba Deutsche Bank and is expected to do so in the future. How much is underpinned by what they can manage to achieve from a return on Equity Perspective well, they announced some targets which are quite ambitious. And thats why were emphasizing so much and the quality in the place of it. I agree that it would have been made really significant which is logical taking into account the fact that the bank hasnt given up on its global ambitions especially as far as Core Products are concerned, where the banking states are strong and again having said that, the bank has managed to retain a very good franchise in some key products like ficc despite the crisis it has gone through so yes, it would remain significant in terms of business, in terms of revenue contribution but you shouldnt underestimate the fact that the bank is committed to make significant progress in corporate banking, if thats something they have been working on for quite a long time already. Right whats your take on their situation . They said that they do not intend to go for a Capital Increase when they announce the restructuring plans. Is that likely to be true . Well, it remains to be seen im repeating myself but it very much depends on the execution. Especially on the face of it and how costly the measures will be. But, we have clearly said that the new floor which has been announced of 2. 5 is still commiserate with the bbb rating that we have from the bank, but that assumes, again, that if it reaches that level, it will not be for a very long time. So we really expect them to bounce back from that level soon and in the past, the way the bank has tackled it was always based on significant share ratings and injections we believe this time its different in terms of if you dont rely on significant injections its a signal that youre probably a bit more commented to implemented the restructu restructuring. Now Boris Johnson promised to stand up for british diplomats he stepped down after the leak of a confidential memo in which he criticized the Trump Administration members of the conservative party have inturn criticized johnson for a failure to support him publicly johnson now says that diplomat careers should not be used as quote, political footballs the former mayor of london told conservative Party Members at a leadership election event that strong ties between the u. K. And the u. S. Remain crucial. There are reasons, though the thinking is the single most important strategic fact of the 20th century i think people in this audience tonight would expect the Prime Minister of the United Kingdom and want to have a close working relationship with whoever is in the white house. Now at the same event, jeremy hunt said he is glad that the chief negotiator will not be the new president of the European Commission he said he was optimistic and the prospect for a new brexit deal under her leadership. I think theres a possibility for a really positive relationship with her and thats what i would seek to do as a Prime Minister i dont think this is going to be easy. But i dont think its impossible either. And i have said before that there is a deal to be done there. If we get the tone right in the way that we deal with them because they are in many ways, they have misunderstood us as much as we misunderstood them. So i think if we get this right we can find a way through it. Back on the other side of the atlantic, President Trump has slammed cryptocurrencies in a series of tweets and insisted they are based on thin air he says Facebooks Libra will have little standing and said they should be subject to financial regulations if it wants to, quote, become a bank President Trump joining in this chorus of criticism of facebooks new cryptocurrency called libra it seemed to stem from the fact that its unregulated and facebook is trying to become its own Financial Institution this isnt the first time that we heard of this concern yesterday in fed chairman powells testimony this was raised by lawmakers as well and fed chairman powell responded with concern about the cryptocurrency, take a listen. It moves quickly into the question these things become, is the block chain going to be so private that it becomes a vehicle for somehow evading Money Laundering rules and that kind of thing. Theres a balance to be struck there. In addition, the very potential scale of this. And it means it can be systemically important i think the company has acknowledged that. That means, i would echo what you quoted and that means this should be subject to the highest level. The highest eck peckations in terms of privacy. This product needs to be rock solid before launches and essentially theres so many questions and concerns about who is going to regulate libra that people from all ends are weighing in now. So libra is the new kid on the block but bitcoin has been around quite a few years so when we hear the reaction and we hear what regulations and congressman are saying about libra, what distinction are they drawing that they have already looked at over several years. Its a really important point and facebook made this very clear last month it said this is a stable coin so what it means is its backed by a basket of currencies like the dollar and other currencies and what that would essentially mean in practice is that its less volatile in pricing than Something Like bitcoin the central of bitcoin is that its not backed and doesnt have the backing of a central bank. So theres a lot of questions between those two. Certainly facebook is trying to push this idea that its a more mainstream product and it would work with regulators in order to make it something more accessible while many out there say bitcoin is the real hardcore version of a crypto currency we would want to adopt. Many have signed on to work with libra so its not just going to go away. Well definitely have more discussions. Thanks for joining us today to talk about President Trumps tweets about cryptocurrency overnight. Serena williams smashes her way to another wimbledon final highlights coming up next. Heres another cleaning tip from mr. Clean. Cleaning tough bathroom and kitchen messes with sprays and wipes can be a struggle. Theres an easier way. Try mr. Clean magic eraser. Just wet, squeeze and erase tough messes like bathtub soap scum and cakedon grease from oven doors. Now mr. Clean magic eraser comes in disposable sheets. Theyre perfect for icky messes on stovetops in microwaves and all over the house. For an amazing clean, try mr. Clean magic eraser, and now, new mr. Clean magic eraser sheets. Welcome back to the show some wimbledon updates williams easily won 61, 62 halep won in straight sets saturdays match will see williams go for her record equalitying 24th grand slam titles playing in her first wimbledon final and then for then todays matches include key match ups in the finals while nadal will take on roger federer. Amazing match. Im very excited about 3 00 p. M. Im going to get less excited. England did reach its first cricket World Cup Final in 27 years with a decisive 8 wicket, i think we can call it a thrashing of australia it reduced the defending champion to 223 all out and then an equally impressive batting display saw england reach the total with the loss of only two wickets. England will now face new zealand in sundays final just a couple of miles from where were sitting. Thats a great 48 hours in sports coming up formula one agreed to hold british grand prix until 2024. Adam is at silverstone with a special guest. Here i am at the home of the british grand prix and youre right, the british grand prix has be has been secured at silverstone until 2024 its been here for a huge amount of years i am very pleased to say that im joined by mclarens zach brown that has given us very privileged time ahead of what is a huge race weekend for you. Mclaren having most of the right thing. Its still a long way to go we had a good winter all the men and women at mclaren have done a good job and were just about at the halfway mark sitting 4th in the championship which i think is about as much as we could hope for at this point but still a lot of racing to go so we need to make sure that we continue to stay strong. We already discussed that best of the rest tag when you have the big three teams out in front. How proud are you of what your team are doing bearing in mind that you know what youre up against. Given where we have been the last few years, im very proud of the great work everyone on the team is doing. We have won 20 championships so 4th is not where we want to be longterm but its certainly progress when youre on this road to recovery, youre not going to go where you were last year 6th in the championship overnight. Its going to be about incremental games and keep their head down and keep their head focused. Its the driver lineup that you have Landon Norris they have been working together well and seem to have a very good relationship. How pleased are you with whether they Work Together they get along well and most importantly theyre very fast. Our partners enjoy them and theyre media friendly so theyre the complete package if you like and you know, were head down, were very focused. The silly season is starting now. Some drivers are going to move around and theres some teams that one strong driver and one thats weaker and we want to let everyone know that were focused and we have our plan our drivers are off limits so just happy to get that out of the way. The very reason why were here at silverstone, the home of the british grand prix and thats going to be its home until 2024 what was your reaction to that and how pleased are you that thats now settled and put to bed . Its great news the british grand prix with the italian grand prix and monaco, thats some of the most historical venues important to formula one. I think silverstone is huge with the fans hundreds of thousands of people and i was confident that it was going to come together these things when they come up for renewal theres always a bit of a negotiation but its a great announcement and exactly where we need to be racing in england. Next season, though, is going to be a new grand prix, a returning grand prix in the netherlands as well. The calendar is very congested how do you see the calendar maybe expanding, keeping it at the 20 or so races that you have at the moment. What works for you you know, first of all, well make anything work at the end of the day. I like where we are now. 21 grand prixs its a lot of travel and wear and tear on the team and also keeping that exclusivity our work has which is so great that being said, if 22nd race was in a really good market, new york, miami, you know, its hard not to grow the sport and find new fans so i think the demand for more grand prixs is there. We just need to find the right balance between exclusivity and travel logistics and we can tighten up how we move around the world and if we do that, that might allow for another grand prix or two without stressing the system because we do lots of air miles. Thank you very much thank you for joining us you have a very busy race weekend because its practice one and two today and a very exciting race weekend in prospect of course louis hamilton going for a record six british grand prix win back to you. Excellent thank you for bringing us that interview and its getting a little bit lower in trading earlier but the stock has since recovered. Thats the one stock in europe overall its better for trading today. Lets take a quick look at u. S. Futures and yesterday the president tweeted about the dow breaking through 27,000. Looks like well stay above that today. The dow is seen opening up about 80 points higher s p about 8 points higher. Firmly through 3,000 now so lots more records and that is it for todays show have a great weekend. Worldwide exchange is coming up in a few moments time. clients voice remember that degree you got in taxation . danny of course you dont because you didnt your job isnt understanding tax code. Its understanding why that. Will get him a body like that. Move . That. Your job isnt doing hard work. Here. Its making her do hard work. And getting paid for it. vo snap and sort your expenses to save over 4,600 at tax time. danny jody. Its time to get yours vo quickbooks. Backing you. 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Our top story back to the gulf where Tropical Storm barry is bearing down on the bayou. Were live next. Refiners in the gulf slash production more than 53 of the regions output is now off line as barry barrels closer to the coast and a record setting week on wall street about to get sweeter because futures pointing toward records this morning after the dow closed above 27,000 for the first time ever. Bashing bitcoin, President Trump