Emergency meeting today in brussels. Minister,s new oil pumps alfalih, keeps the under pressure. It looks like we will be a positive performance with equities on the front foot. Let me take you to the bloomberg to show you what is going on. Their value is pointing to a dax that will open up. The cac is up, half of 1 . The ftse 100 is up. 6 . Overall, it will open up. 8 . A different story in asia, wasnt it, caroline . Caroline the shanghai composite went down 2. 3 . We are on our worst two day streak since february. Of course, much talk over the weekend that we are still on track for two rate hikes tihs year. Bill gross has said, look, believe the fed. The pound is flat ahead of camerons speech. Oil is at 45. 93. We are focusing in on what is happening with the oil prices, but we have to factor in that news out of saudi arabia. Should we see more voicing that we should not the production cuts . Guy we will find out. Caroline lets get out to david inglis, live for bloomberg first world
Decision. And seth marion is here over worries about characterizing volatility. Jon lets get a check on the markets for you. Futures positive, dow futures up 41 points. Over in europe, after the gest weekly drop since euro weakness, switching of the board, eurodollar was on a fiveday losing streak. 1. 1389. In there at and then nymex crude, up two full percentage points. It is seen as a tussle between the news over the weekend, the new oil minister in saudi arabia, and what is happening in canada with the wildfires spreading over there. I want to go live to the city of london and get the latest with bloombergs will kennedy. Lets talk about the immediate the spread of the wildfire, the reality that one Million Pounds of oil a day, production, has come off. How shortterm is this . That is a very good question. At the moment, it is a Million Barrels. Even if the fires calm down, which it looks like they are doing, it will be at least a week before they get back online. Many thousands of w
A warm welcome to countdown. Im anna edwards in london. Anus im manus cranny and by i suppose there is only one thing from rock my region to your chart. Anna lets talk about whats happening with the oil price. How this has rallied since february, wti oil rallying more than 70 from the almost 13year low reached in february, rallying now, really based around the canadian fires, the fires raging and although to alberta. There are other factors at play. We have seen a big shakeup at the top of the saudi Oil Administration. Is something that anyone involved in the Oil Industry Needs to be aware of as well. Manus it does indeed. That whole conviction trade about what happens with ali willimi, how much hardball they actually play at the next opec meeting . This is what we will touch on throughout the show, which is that change in power, that change in tone. Will there be a change in tone . Will they push you ran ira to get on boardn . Board . To get on anna you can see the couple of stories w
Acres and continues to rage. The cooler temperatures and light rain have officials feeling more optimistic they may get a handle on the devastation in the oil stands region. More than 80,000 people have been evacuated in Fort Mcmurray. Officials say theres no timeline to return residents to the city. Its a pretty horrible devastation thats taken place there. Homes have been lost. But again, people evacuated and are out of the way. Oil prices are reacting as the wildfire has knocked out a Million Barrels as a result of the fire. Bp and oil firms warn they cannot deliver on certain contracts. Wti is up over a dollar gaining 2. 25 . And more big news over the weekend. Saudi arabia replacing longtime oil minister ali alnaimi with Khalid Alfalih, chairman of aramco. They are planning a threeway listing in london, hong kong and new york. The company is valued at more than 2 trillion. John kilduff is here with us. We have gotten so used to this guy, i thought it was an aappointment for life.
Changes are taking applauplace. Well go there live in a few minutes. The ceo of the lending club is out and the stock is falling very hard in the premarket. We will give you the latest. And donald trump saying the rich will probably pay more taxes if hes president. Will support shift now that hes backing earlier proposals to reduce taxes on all americans . Futures are off the highs of the morning following a down week for the markets, one which saw the nasdaq dip briefly into correction territory. Growth in the mix, a bigger than expected drop in chinese imports and exports last month. Overnight, shanghai fell by almost 2. 8 . Imports down 10. 9 , was a bad miss. Then we had these ongoing concerns about them pulling back on some accommodations. Yeah. Look, china and oil both negative today. This china situation looks like there wasnt a lot of speculation, obviously, buying these commodities. Now, i still believe that the domestic markets better than people think, but was it a blip up .