Make their singhas biggest theye day moves as move toward a brexit deal. President trump says u. S. China trade talks are going very well. They continue in washington today. Plus, reports of an explosion on jeddahian tanker near send oil prices spiking. Matt we are 30 minutes away from the european open. I have got those oil prices on my screen. This is a threeday chart of brent crude. It has been climbing anyway on optimism for a u. S. China trade deal, so it was already up to almost 60 a barrel. Now it has jumped over that at 60. 40 on these reports, first from reuters, then from the oil news agency that i missile has struck an oil tanker and it is leaking oil into the red sea. Lets take a look at futures here. Weer we saw stackocks rally, are seeing futures rise on european indexes as well. On thet on the dax, and continental indexes, gaining when you have a big rally in the pound, then you expect to see a loss in equities, that negative correlation. Is it breaking down . I know you
We just met with china. We are doing very well im meeting with the vice premier at the white house i think it is going really well. Sap shares surge. Coceo tells cnbc mcdermott believes now is time for change at the top other than thinking about handing over the reigns and going through transition in the beginning of the year, he felt now is the appropriate time to come out we had a great strong quarter. Hugo boss cuts its out look for the second time. Puwlicis is also at its lowest since july 2012. A warm welcome to street signs. Lets kick off with a fresh report from the iea. They have reduced their Oil Demand Estimates for 2019 and 2020 to 100,000 barrels to 1 Million Barrels a day and 1. 2 respectively they lowered these to reflect weaker demand. They also noted that demand for opec they see falling in 2020. Also comments on supply there. Nonopec supply led by iran, brazil and norway to rise to 2. 2 million. Interesting that they continue to see a ramp upcoming out of nonopec count
Surveillance. Thee a lot going on in markets. After this attack on an iranian tanker, you can see crude oil gaining 2 . Is at 64. 53. Gaining andrently the pound is at 1. 2 460. We are also getting headlines outlook iea cutting its as the economy eclipses the saudi attack. They are pointing to a little bit of Downside Risk in the worldwide economy, saying that will impact demand. Lets get straight to the bloomberg first word news in new york city. Quote very well. Thats how the first day of trade talks went according to donald trump. Today, he plans to meet beijings top negotiator. These are the first highlevel talks since july. But sides are working to end the 18 month long trade war. Besides appear willing to agree to a partial deal and would leave controversial issues for the future. And two associates of the president s personal lawyer are accused of violating Campaign Finance laws as part of a plan to oust the u. S. Ambassador. This scheme is part of the u. S. House impeachment in
Heavyweights cat cuts earnings outlook. Boeing sticking to the timeline for the return of the 737 max. Softbanks massive wework bailout. The latest deal details and the golden parachute for adam neumann. Mark zuckerberg goes to washington were going tostart with that pair of dow components, boeing erasing earlier losses despite a big earnings miss. Revenues slightly above consensus. Company still sees the 737 max getting back to service in q4. And then there is caterpillar, missing with quarterly results, cutting full year guide, hurt by weaker demand in china the first decline in quarterly profit since 2016. As they had sales down in every region which you just talked about. My travel trust owns it does that mean im an idiot . No it means you have to take pause and say they continue to buy back stock, they said would no longer be episodic cash flow remains really good. I didnt think i could make this much money with this decline in revenues all that said, so what 400 other companies i
Welcome to power lunch, im melissa lee. Were ins ground zero, Texas Instruments falling after its Earnings Report taking down the rest of this group much more on these moves a little later on in the show. Kelly . Mark zuckerberg testifying in front of Congress Today and taking heat on several big issues reporter this has been a tough hearing for Mark Zuckerberg, theres been a lot of anger and exasperation among lawmakers. On Election Security and political speech, red lining and diversity. Facebook changes the rules when 2 convinces itself have you learned that you should not lie. Facebook has been systemically found at the scene of the crime the richest man in the world to come here and hide behind the poorest people in the world and say thats who youre really trying to help youre trying to help those for whom the dollar is not a good currency drug dealers, terrorists, tax evaders. Now, even republicans who have cautioned against the broader back lash against big tech still had some v