Putting pressure on oil markets as well. And marie hoarder me for more. Walk us Annmarie Hordern joins me for more. Walk us through the veracity of the selloff, and does it last . Annmarie the next 24 hours is going to be quite bumpy for this may contract. Basically, it is Financial Derivatives meeting the physical oil market and what we are seeing on the storage side. If you are not out of this position financially and you are a futures trader, you have to accept the physical oil. The problem is, theres really nowhere else to put it. Look at cushing. That storage is quickly filling up, and that is the main hub in the United States, where you have pipelines to canada, the midlands, or the gulf. The may contract now trading at , which3, plus contango means if you look at the june contract, trading at about 23 a barrel, it is about a nine dollar differential, the most on record. If you look down the table of what you see for june, july, august, the prices are certainly higher on the futu
We bring you todays market moving news from around the world. Our bloomberg voices are on the ground with this mornings top stories. We want to begin with china. The government has agreed to cut import tariffs on a wide range. F goods joining us is stephen engle. Break down what we know about the tariffs, why now, etc. Stephen this comes fresh after a trade one agreement a phase one trade agreement. A gesture, yes, to show its lowering trade barriers, but it also wants to spur domestic spending for those 859 products he mentioned, from smartphone parts to food, in particular, frozen pork. All of these products will enjoy lower tariffs, and it comes as china hosts a critical trilateral summit this week that has already kicked off in beijing between china and japan. South korea will also take part. Trade, territorial disputes, military maneuverings, of course, exacerbated by north thoses posturing, and all historical animosities still persist. So those talks should be welcome. Been korea
Guy johnson in london. Lets get the first word news. China is on a mission to create an Aircraft Carriersized investment bank. They are opening up 45 trillion financial industry would also wants to beef up its own players to go toe to tell giants. At the moment chinas brokers dont have much of an international presence. Adding together the 131 brokers have about as many assets as Goldman Sachs by itself. Germany expects the nord stream 2 two gas pipeline to be delayed but it should be completed in the second half of next year. Costs are rising after sanctions u. S. Sanctions on the project. Of japan and south korea are holding their first formal meeting in 15 months amid a longstanding historical dispute that hit trade in the region. It also had a trilateral meeting between the three. Theyve reached International Cooperation on dealing with north korea. 2019 has been a good year for the superrich. Almostrichest man added 17 billion to his wealth this year. Over 11 billion. , bernard,nn
Official and we are on record high watch today. The s p seven points above an alltime closing high and the nasdaq trading in record territory as well today. Joining us for the hour is stephanie link from atiaa company. The market moved higher in the morning and weve sat there all day, upward bias because u. S. China trade headlines we have three reasons the deals that you mentioned early on, theyre positive for shareholder Value Creation but more positive in my mind because the ceos are showing they have confidence and they have visibility in spite of the trade tensions which to me is a very powerful statement thats one of the reasons for sure one area thats not getting a lot of attention, the german Business Confidence ticked up month over month its not back to july levels, i get it, but theyre making progress, right . And then of course the china talking about ip theft and being more friendly, more positive gesture. Who knows how thats going to turn out but those are the three reason
It we want greece to return to its ability to grow in her cover stability. Greece has suffered a lot. The urban policies that have been very hard. The solution wrought lies in greece. Brendan the Prime Minister has blocked at cutting wages and tensions. In china, the government is taking his that to jumpstart the economy. They are increasing the amount of money banks must set aside. They lowered the reserved requirement by 1 . European Foreign Ministers are meeting about a crisis that many say they helped create. A fishing boat carried 950 refugees cap dies cap says in the mediterranean. It was renzi who wants to follow up. Our priority is Human Dignity as well as National Security to stop the trafficking of human beings. The new slave drivers cannot think this is a secondary problem area. Brendan libya has been used as an embarkation. The European Union has made it difficult for people to emigrate legally. Comcast and time warner are trying to save their merger. The two companies will