a ballistic missile filed -- fired over riyadh. the political tensions in the middle east are responsible for the oil price going up. wti trader three cents a barrel. let's get to our reporter. what a day to be at the ief in new delhi as we have these geopolitical tensions. brent arising overnight and continuing this morning. i am now joined by iea executive director. thank you for joining me. let's start with that geopolitical tension. even though we have had the u.s. surprise inventory yesterday for federal data, 10 million barrels u.s. has over pass. geopolitical tensions are moving the market. what you make of this? >> this is usual. linked torkets are geopolitical tensions, especially if they are in the middle east. the heart of the global oil exports. this is something to be expected. it it willnues, continue to impact the oil markets in the oil markets. >> how high do you think it can reach? buth: i cannot forecast, this would be a reason to push prices up. year onlys like last had a strike on syria, we saw prices jump immed

we also stand -- understand that riyadh has not some kind of counterattack. that is nothing new, but it comes within the context of syria. put it in context for me. >> it's not the first time we've seen something like this. in november when the minister resigned abruptly one afternoon, is difficult not to wonder whether it's a coincidence or not. some say it's not a coincidence, but it could be more opportunistic by the rebels who have stepped up their attacks since november. we see more missiles, one even targeting the royal palace during a cabinet meeting in december. yesterday they said whether theiles was aimed at defense ministry headquarters. you see them developing more technology and you wonder about the extent of outside assistance they're getting. three years into the conflict where they are still able to launch ballistic missiles and drones, according to them and the saudi authorities yesterday. >> in terms of the escalation of geopolitical risk, president trump under more pressure this time around that last year to take more risks in terms of any

saudi arabia says it intercepted a ballistic missile over riyadh and shot down two drones in another part of the country. showinge latest attack improved military capabilities more than three years into the conflict. the coalition fighting the goodies in yemen -- the who the houthismen -- and yemen. i mark crumpton. this is bloomberg. scarlet: coming up. julia: paul ryan's retirement. what his exit means for the gop. julia: this is bloomberg markets. willet: paul ryan says he not seek reelection. that raises questions about the future of the republican majority. at thejoined by larry university of virginia. great to speak with you. how fractured are we going to see the republican party? >> it is pretty fraction. -- factionalized. departure is an expected shock. you are shocked because of the day on which it is announced but it was expected. i don't know anybody who believed he would be serving in the next congress. most thought he would retire after the election. there are pluses and minuses. it is a signal that ryan himself does not expect the republicans to obtain a majority. but w

some of that has been a little bit of follow-through from the missile attacks from yemen into riyadh the week before. tension in syria. associationink $5 with middle eastern dynamics. geopolitical risk in oil extends to venezuela with a collapse in supply there, increasing the compliances of the opec production. that i think is fully factored in. all thise bring in sanction business on the metal in aluminum is probably a function of the premium that the sanctions have put onto the price of aluminum. fundamentally we think it should be around $2100, so we are good $400 above that is that will probably persist until we get more clarity and see how the untilion unfolds in buyers can find substitutes across the aluminum chain. rishaad: thank you so much, mark. he's the global commodities strategist there. still ahead, cash crunch gain in india. how it is hitting the country's scandal ridden banks. chinese investors are jumping into u.s. startups. we take a look at which sector they are targeting now. this is bloomberg. ♪ ♪ haidi: this is bloomberg markets: asia. i am haidi lun in syd

a fiat -- theater opening and riyadh, "black panther." ban on theaters five months ago to open up the country. big blue in the red with ibm down more than 7% two years following disappointing earnings but beat estimates. full-year guidance came up short come a warning site that cloud growth is class -- casting a shadow over its turnaround. these reports are phenomenal. start?up to the wrong it is supposed to be one of the leaders in the cloud. it is far behind. >> one of the growth rates i was surprised about, currency about 14% and last year averaged 24%. ? does microsoft is growing faster. -- microsoft is growing faster. center andyour data you can use the public cloud. the numbers showing the hybrid cloud strategy is not as strong as we would of thought. vonnie: you have to be all in. you cannot suddenly do a u-turn after doing hybrid cloud and change strategy with the cloud. did they picked the wrong strategy? >> the strategy is right because they already have a love contracts in full data centers. -- a lot of contracts in full data c

saudi arabia says it intercepted a ballistic missile over riyadh and shutdown two drones. it is the latest attack showing improved military capabilities three years into the conflict. president trump has signed a new law aimed at curbing sex trafficking. the law passed congress overwhelmingly. it weakens a legal's seal for online -- thousands filled a stadium today for a memorial service for winnie mandela, who died april 2 at the age of 81. the ruling african national congress for which mandela had a working relationship over the years is holding memorial events across north africa, including today's ceremony and an official funeral scheduled for saturday. it is just after 5:30 p.m. here in new york. paul allen now has a look at the markets. paul: all the major u.s. indexes ended up lower after some tension in the middle east with president trump warning that missiles are coming in syria. also the news that paul ryan will not be running for reelection. all the major indexes down. it is setting us up for a few declines in the asia-pacific when we get going. we will look at

amc is opening a theater in riyadh. the first film will be blockbuster "black panther." the ban was lifted five months ago, part of the crown prince's plan to open up the country. coming up, disrupting the disruptor. for year, discovery's ceo was upending the table to the landscape. this is bloomberg. ♪ appealed acomm has $1.2 billion fine imposed by the european union for loyalty payments to apple. significantered amount of money and rebates if apple only used the company's computer chips. chinese investors poured $1.4 billion into private u.s. biotech firms in the first quarter. that's about 40% of the more than $3.5 billion raised. this, as china looks to become a global leader in new medicine. it's unclear whether the trade risk -- rift between the two countries could slow the investments. arch was a rough month for discovery communications. viewership across their spectrum of channels fell by 10%. that includes a 20% drop for their namesake network as well as the oprah winfrey network. how is discovery adapting to the shifting media landscape? bloomberg's david we

amazon is adding several jobs in riyadh, saudi arabia. this signifies it jeff bezos' desire to grow in the country. the crown trends met with amazon's c.e.o. in seattle last week. the 32-year-old heir apparent to the throne had planned to discuss a project for the minister of industry for amazon to build a data center in the country. this will be the first in the middle east for the world's largest cloud provider. saudi arabia's 30-year ban on movie theaters is coming to an end. is looking for a grand opening night in the kingdom. it was granted the first cinema license in saudi arabia and plans to open 100 locations there. they say theaters will not be initially segregated by gender, but some showtimes may be. the first movie to be screened in saudi arabia, marvel's black panther. coming up, the e.u. is rolling out new data privacy laws just as facebook tries to repair its trust with government officials. we will talk about the next steps. bloomberg tech's live streaming on twitter. check us out 5:00 p.m. new york, 2:00 p.m. san francisc

the marble experience will open in riyadh. news, 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. matt: thanks very much. to ones debt ratings cut level above junk by moody's investors service yesterday. that is after the u.k. bank separated its investment banking activities from retail operations to comply with new rules. stephan morse joins us now. still with us, iain stealey at jpmorgan asset management. talk first about what's going on at barclays, and then kind of get into the broader european banking picture, because morgan stanley also had an interesting note out yesterday, and deutsche bank has its issues here. what is the story with the company, specifically barclays actions? >> the overall credit rating has been downgraded one notch to one above junk, which means that moody's has seen some problems in the future with earnings in addition to some structuring issues around the bank separating its trading activities from its retail bankers required by u.k.

saudi arabia says it intercepted a ballistic missile over riyadh. related attacks -- niu many rebels show -- yeme rebels show improved tactics. testimonychin's before the appropriations committee comes as president trump looks to renegotiate the nuclear core in tehran. >> if we do reimpose the sanctions, not only will there be primary sanctions, but secondary sanctions, and i believe they will continue to have a very strong impact on the economy in neuron. -- iran. sebastian: powered by more than 2700 journalists and analysts in 120 countries, this is bloomberg. matt: thanks very much for that. let's talk russia. stocks open higher today. we had the rts bouncing back a little bit from big losses at the beginning of the week. this is the one-day chart. down 11.5% on monday. that's the benchmark russian index, and here, you see the ruble gaining a little bit of strength. it shows dollar weakening against the ruble, though as we showed you, the ruble had weakened so much on monday and tuesday that we have not seen such a drop in at least a year. not on

. $6 billion in reserves already to put a supportive floor on that riyadh. nowthese band-aid solutions or is this a potential turning point to start following the fed? >> i do not think they need to follow the fed. , they look across asia have learned partly from the asian crisis a decade ago that they need to have a good buffer of reserves. indonesia has built up reserves and now is the time to use it. but i think they are taking an eclectic approach. not just reserves, if they need to allow the currency to weaken a bit, they will allow that. protection all measures as well and they could potentially raise rates. i think they have a combination of tolls to use, but the key thing is the fundamentals. if you look at asia balance of payments, they are stronger than they were in 1997, even in indonesia, malaysia, india. they are nowhere near as big as they used to be. the big thing to watch in asia is domestic credit. domestic debt levels are very high and if we see foreign investors start to move out and market liquidity evaporate, we could see a widening of c

that is what riyadh is looking forward. we heard them speaking in time magazine that the saudi prince saying, prices looking to go higher this year, likely to go up higher next year. we will strike the right timing when it comes to initial public offering of their crown jewel, saudi aramco. they are looking for the price do support their policy agenda for vision 2030, on top of the ipo of saudi aramco. those two stories are playing into the market this morning. today we had u.s. data coming out about stockpiles building in the united states. we had a reading that it was expected higher. depending what we get today, we could see movement on the downtrend of oil. right now it is $70 a barrel for brent. the saudis will be happy when they arrive in new delhi this morning. haidi: the indian oil minister weighed in on the prices as well? annmarie: yes. the minister is looking the complete opposite of what the saudis want. he is the head of india's energy ministry. india is the third-largest consumer. not only are they a consumer,

this is following talks in riyadh with saudi officials. towe did everything possible make sure the experts would be able to get to douma sooner rather than later. we can see this is very important and that there is an .ffective investigation mark: the foreign minister of saudi arabia said the kingdom is in talks with the trump administration about sending forces into syria. been underal has discussion since the obama administration. the indian prime minister and swedish prime minister met today for talks on trade, growth, global security, and climate. the countries announced a new innovation partnership worth $6 million. >> i am convinced this will be beneficial for both our countries. for job creation and for the climate. , the fiver lunch nordic prime ministers will be meeting for the first india-nordic summit. right-wing radio host, alex jones, is being sued. jones claims of the sandy hook shooting did not happen. the lawsuits claim the insistence that the shooting was stage led to death threats to families. saysawyer for el chapo his c