billion. sam walsh has told the annual general meeting that he expects the price relative fizzle out. top miners and corporate's plunged under pressure from weak demand and a global glut. rio tinto will see up to sales of 70 million tons of iron ore over the next five years. a global glut falling in the second half of the year. top producers in doha hot may agree to limit output. .e have a look they were talking about a market drowning an oversupply. the primary reason they have changed their estimate is focusing solely on u.s. shale. u.s. shale is starting to decline. weeks,past 11 of 12 we've seen that inching lower, and production is down. rishaad: how serious of a falloff is this? that is thea level lowest since october 2014. it is a gradual decline. the problem with the market is it still has that large stock file situation in the u.s. we have production coming off, declinesso have to see for prices to move any higher. rishaad: the oil price seemingly range bound, coming down a bit at the moment. >> it is. two drivers have been sentiment and fundamentals. we just spoke about the u.s.
the automotive industry both falling today. and sydney under pressure as said after ceo sam walsh the run-up in the iron ore price is overdone. it could in fact fizzle out. looking at currency, the china data gives us a boost to the all aussie dollar. levels we have not seen since june of last year. and we see good movements coming through an emerging market currencies as well. the korean currency is stronger by about half of 1%. but a little bit of pullback in terms of equities, after a pretty solid week so far. : anna thank you very much. have a good weekend when you finally get there. of china shows the world's second-largest economy stabilized in the first quarter. gdpathered pace in march, is 6.7% in the first three months of the year that is in line with expectations. industrial outputs, investment in retail sales -- all picked up last month for beating the forecast. we are joined by our beijing bureau chief, nick wadhams. good to see you. have the concerns about growth from the past several months, are they really abated? what can we glean from the latest data? nick: well, i th
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