well, is already waiting for them inside the aircraft, jorge, valero, and his team are conducting final checks. 10 mechanics have spent several days getting the engines, landing gear, and electronics ready for take off. after 18 months on the ground. they too are optimistic about the future companies that will help us and get the ball on the wall and start to fly again on its lot of your bud, steve friends, 2 years ago because fully there early, the lead smell, a smiling day in the face of the people finally, it's time for the pilots to go on board. the preparations for their flight are much more intensive then for a normal takeoff. ted, a well is not an active airport. there are no air traffic controllers, no electronic control system. the pilots will need to use maps to navigate and are largely left to their own devices in handling the airliner. home kind of focuses on it has no control tower that we can talk to. and we have a so called uni. com frequency which allows all aircraft in the area to communicate with each other and again total. so we'll let them know what we're doing when

valero is also a top performer. do with morgan stanley. they have upgraded valero. they are having its best day since december of 2016. overall, calling refiners going into a golden age, basically saying there is going to be a continuation of demand. >> talk about the refiners, especially at this level. but he he will be wrong, is saying there will be margins of 30%. andlso took his own spread let's look at a chart. our viewers can take a look at this chart. tos is the spread going back 2000. last year, we had the hurricane and we are starting to move that down. it is now above that, but earlier had been low. >> in any case, it appears this or thegest really early violation. 85%.s more than >> time will tell. >> the industry has something for everyone. .ere is an exchange-rate etf has ant bridge ticker that would make president trump proud. caps ands in large highly supportive. energy is industrial and financial. companies.le is text since launching in september, they have tracked the s&p 500, but the cost is not cheap at 55 basis points. fascinating is it doesn't s

buy marathon petroleum and valero. why? explain. >> right now, oil prices are sold in two areas, wti, u.s., and brent. the difference between those two is getting wider because the pressure in the middle east is having oil prices go up in the middle east. here we have an abundance of oil, our prices on wti, the disparity will increase. the reason you want to own refiners, we are allowed to export refined product. the zone, which we can send to europe and south america. that falls to the bottom line of the refiner. as pressure goes on brent to go higher. >> wti stays level. >> the difference will get better and better. wti might go up but you are looking at the delta. these companies are based on the gulf of mexico, right next to ports -- >> they ship that. >> good companies with solid down sheets, cash flow, and growing dividends. >> julie is looking at the risks for refiners. >> many of them have performed very well. valero up double other energy stocks. marathon petroleum has not been quite as well. youou look at the spre

alix: one of the biggest buyers is valero. they have their earnings. where are they able to get it, is there a shortage? >> they bought some canadian crude in the market. people in the market have said they have been running more canadian crude in the gulf coast refineries. they have had plans in place to adjust their supply to deal with sanctions. alix: thank you to david marino. we want to move on to london, where energy aspects cofounder richard allison joins me. the impact isn't on overall prices but spreads. that puts pressure on u.s. refineries. if you look at the mars blend versus the louisiana light sweet crude, the heavy crude in the u.s., you are seeing tightness there, not in the overall price. richard: exactly right. the markets are not too concerned about supply anyway. we have a lot of u.s. production growth despite opec cuts. it is really about the type of crude available. shale, other light, sweet crudes are good for some things, particularly good for gasoline but not good for diesel. not optimal if you are a complex refinery. if they a

in twenty thirteen we got an order to deliver seven high speed valero type trains to do three hundred kilometers an hour between kanya discussion here. in april of this year we got a follow up order for ten more of these trains and they are under construction now what do you think is it it's a ball. it's not only big german corporations that have business ties to turkey so do medium sized companies entrepreneur blend was in there from braman installs business software for instance for parking garage operators he employs one hundred twenty i.t. specialists in braman and istanbul. apart from that we do a lot here in software development and software selection process is. we have various projects with which we ultimately help the company make its processes more efficient and save money. isn't there moved with his family to brain when he was a child he studied economics and worked for consulting companies before setting up his own business. he comes from a humble background his father was a welder in a shipyard his mother was a housewife. and i consider myself a northern german that's how

in his classmates participated in the contest in one best design, which is now being built at this valero facilities. so that either door they go through this tube here is 12 made as long as they hype. we use it to try a different hyperlink models in low pressure and as a perfume that we can obtain different pressure levels with an electric at home with. and then we also have solar panels on top and out here with these panels, we generate the energy that's needed to keep the pressure low to lay rolison. other companies are trying to create a mode of transportation ideal for distances between 41500 kilometers. one, be sanitized team are developing the model in spain, but other countries could profit much more to see of, of without pre advanced infrastructure. the thing is that you need to have a molar gate, the technical specifications. i strongly believe that europe is good march. now you see others where the infrastructure is done. it plays yet. and you see dubai. you see india where infrastructure, good be good, but is anti great. i believe the regions and yoga piece is going to take pl

we have m&a action on the day aired out valero --. at valera is -- avilera is up. signify health is up. there is a report that cvs health could buy this provider of technology and services. ann romney it out, emerson electric of 1.1%. will pool paying three point bill -- 3 billion. guy: that will have a meaningful input. let's go back to the question of the day -- how hot is too hot? are we in a recession or are we not in a session? bruce richard, chairman and ceo of marathon asset management is joining us now. he is plugged into what is happening. great to catch up. is this too hot or are we in a recession or not? how are you thinking about the macro? if we get a recession, what kind will it be? bruce: nice to see you. recession is the big question. you look at the first quarter and second quarter and look at negative growth which is about inventory buildup, 8000 jobs created. but the focus we have right now in the markets is the yield curve. we have not seen it inverted, this inverted since 1980. you go back to the 2008 recession, 2001 recession where they yield

julie: let's start with energy and talk about valero. credit squeeze downgrading valero. say the stock has factored in the earnings weakness for the quarter. one factor is the difference between crude oil and the refine products. there's a structural concern in diesel cracks that might continue for some time. the main reason to sell refiner holdings is not necessarily the seasonal trade, but the likelihood of recession and valero shares are pulling back. bm oh capital is upgrading that on commodity prices and valuation. they will benefit from improving oil and gas rises and the shares are up 5%. other restaurant stocks to look we see positive catalysts for the company's sustained sales momentum at burger king and those shares are higher. one analyst at credit suisse looking at an attractive valuation seeing potential sale-leaseback and finally, brinker, that view increased with analysts there saying the third quarter was help by higher-priced sizzling steak and the reward loyalty program. sizzling steaks, i don't know where that rates. i am a filet mignon girl. judge me.

what have these companies been doing, valero and major u.s. refiners, to hedge? >> as you have said, they have been taking less and less venezuelan crude. to a certain extent, they have no choice. venezuelan production is dropping. there are other alternatives, canada or mexico. they produce heavier crude that could work for these refineries. they have been moving. venezuela, still a big supplier for them. they have also been lobbying in washington to say, sanctions may not be the best answer. venezuela would still be able to sell is crude and other parts of the world. and you would have this lock on us here in the u.s.. they are cautioning the trump administration to be cautious. oliver: up next, why president trump is looking unprepared to deal with the special counsel. this is "bloomberg businessweek." ♪ ♪ oliver: welcome back to "bloomberg businessweek.". i am oliver renick. you can also give us on sirius fm and in boston. -- catch us on sirius fm and in boston. and in london and in asia on the bloomberg radio plus app. in the politics section, as preside

in twenty thirteen we got an order to deliver seven high speed valero type trains to do three hundred kilometers an hour between. this keesha here. in april of this year we got a follow up order for ten more of these trains that by the end they're under construction now what do you think it's it it's about. it's not only big german corporations that have business ties to turkey so do medium sized companies entrepreneur blend was in there from braman installs business software for instance for parking garage operators he employs one hundred twenty i.t. specialists in braman and istanbul. apart from that we do a lot here in software development and software selection process is. we have various projects with which we ultimately help the company make its processes more efficient and save money. among his customers are high tech companies across germany they include braman based space company oh-h. b. which builds satellites it's just opened up an office in on korea. to lead was in there sees the economic crisis in turkey as a good opportunity for investment. you can invest and cyclically

refiners like valero and p 66 effectively price subsidy on crude oil until november of last year, when the oil embargo was lifted. that's why you have seen this convergence between prices. were to invest, i would most likely look at one of the independent producers, one of the shale producers. one of the more bearish signs that came out of here in the last few days was the leading independent and u.s. pioneer .ational -- national resources it was indicated that if prices moved above $20 a barrel for 2017, there may be more fields on stream and they may start to hedge more of their forward price risk. the only thing i feel confident in saying is that there is going to be volatility. rishaad: thanks, john. john driscoll. coming up, saudi aramco is said to be working with some major banks. a bond sale. all the details to come. ♪ manus: welcome back. qatar raised $9 billion in a bond issue from the middle east. matthew martin is here to talk us through the offer. probably one of the biggest sovereign issues of late in the region. absolutely. it is a huge issue. $9 billion will go a long

turkish economy and valero recover sooner or later and then very fast meant payoff. of course and there is another reason why the waterside villa's a so popular especially with bias from the middle east. many arabs are familiar with the galus from turkish t.v. dramas but they went on television over time in the arab countries because people are crazy about them. sometimes my clients call me and say i want to buy from my favorite series is. the viewing is over for today the two realtors intend to continue bargaining. so it's likely that this mansion and its spectacular view of the bosphorus will soon change hands. now if you've been wondering why your business partners or clients in germany are not available today here's a possible explanation. it's the call of the season germans especially of the island that's saying that have to be patient with the fact that serious. possibly. it's time. to take one step further. and face the costs of. the time to such thing i know and fund for the troops. it's hard to overcome downturns once cut the world. it's time for. a new wus

valero listed in the u.s. anywhere at $35 billion. there was a noble -- another spinoff of a refiner. slice rushed to get a of the saudi oil industry, but that has not been a happy investment. francine: thank you so much. as priceshe bets go tend to follow? have we called a bottom on oil? elliott: it looks like hedge funds have been pretty spot on when it comes to their bullish bets on oil prices. that has contributed to the slide we have seen seemingly inexorably toward $30 a barrel. it ended january 5, and bullish bets were down by a quarter. the top line is in yellow, shows you wti, and the bottom line shoes you bullish bets on oil. you can see pretty much where the bets go, there is a little bit of a lag and then oil prices follow. you can see that precipitous decline in bullish bets on oil prices, and oil prices have followed suit. hedge funds seem to have got this one pretty much spot on. francine: thank you so much, the middle east editor elliot gotkine. over the weekend it said it fully supports any action against shiite major

. -- valero and hollyfrontier. mark: investors choosing to invest on the macro, whether u.s. data, euro zone inflation data, and chinese take -- chinese pmi data. best friend for two weeks. -- trend for two weeks. a big corporate story, shares earlier down 15%, the biggest drop on record. for the french biggest retailer. it warned a second half of the year will be as tough as the first was gives the new chief executive a bigger challenge to turn around the company. the outlook prompted for analysts to reduce recommendations. -- four analysts to reduce recommendations. a drop in earnings was a bit of a surprise because they previously said second-quarter sales beat estimates. volumes in food failing to offset the effects of a price war and the operating margin in france, which accounts for nearly half of sales. it fell 70 basis points, down 14%. inflation in the eurozone taking up speed, more than economists predicted, underlying cost pressures, failing to accelerate. ,he headline is consumer prices up 1.5% in august from 1.3% in july, ahead of estimates. the biggest -- best r

turkish economy and valero recover sooner or later and then very fast meant to pay off. of course and there is another reason why the waterside villa's a so popular especially with buyers from the middle east. many arabs are familiar with the journalists from turkish t.v. dramas but they've been on television over time in the arab countries because people are crazy about them. sometimes my clients call me and say i want to buy from my favorite series. the viewing is over for today the two realtors intend to continue bargaining. so it's likely that this mansion and its spectacular view of the bosphorus will soon change hands. bigger isn't always better especially when it comes to commuting take little. homespun arrive hailing service the two and a half year old company has ten thousand drivers operating in nairobi and over a million uses on its platform starting to be a hit in other african countries too. the kenyan right having apps little might be competing with global players like hoover and tax if i can get but it's only valued at around seventy two million dollars on

alix: heavy crude comes to the valero onners like the coast process heavy crude. in the u.s., we have light crude. they need that oil. if we see oil sanctions, asset freezes or something like that, that hurts u.s. companies like valero. they are making that case. definitely one to watch over the weekend. david: it will cripple venezuela. i didn't realize there were some screws we could turn in terms of venezuela. alix: 90% of the revenue. there is no other private sector to prop them up. there is no other private sector that can prop them up. , the path ofs least resistance is a rally. future still holding up at 21 points. european stocks still up by .7%. ubs planning bonus cuts of as much as 20%. let's see what happens with bank stocks in europe as that headline trickles out. the euro holding onto gains, cable losing a little bit of steam. the curve steepening ever so slightly in the u.s.. no big move happening in the bond market as of yet. by .1%. talk about muted. let's find out about what is going on outside the business world with first word news. the fbi arr

allthon petroleum, valero, reporting strong second quarters. we arekative strength, looking at the chip sector. look at the philadelphia semiconductor index, aided by blowout quarters by anz and xilinx. qualcomm decided to terminate , they$44 billion bid follow from the trade war as they simply could not get the approval from china. shery: although there might be a sigh of relief when it comes to trade tensions with europe, shares of european carmakers surged after president trump backed off on his tariffs for imported cars. and john klug younger agreed -- jean-claude yunker agreed to put off a trade were. both sides will work towards having zero trade barriers. we have senator cardin. seen president trump get some concessions from the europeans. you have been more skeptical of his negotiating tactic. would you say he has been more effective to some extent? senator cardin: it was the president that created the problem with our traditional starting first with using section 232, a national security waiver to impose tariffs against our friends com

valero yesterday was seeing they are not seeing any demand destruction. we do have a labor shortage issue, quality shortage issue and you have an availability issue for shale. anna: one analyst was asked whether there was a change in the russia-you and that would have a big impact on oil prices but we are not at these levels. would you say that? >> yes, val said that yesterdayero on their call that russia crude oil has not come out of the market and the heavy fuel oil is coming back into the market. what's so staggering about the $110 brent price is we haven't lost that much russian oil at all. with libya coming back strongly in that environment and i ran smuggling, that's why we have a supply crisis. it's incredible to be at 100 $10 with all these barrels in the market. alix: particularly as we talk about recession. i wanted to ask you about the 370 billion dollars in clean energy spending. do you think that oil majors like it? it seems like they got some stuff in this that might make their life easier? >> apparently, it will get fought tooth and mail by

valero and phillips 66 have already lower their lights -- rates. an industry expert points out you do not just turn down -- turn off a switch to shut down these refineries. it is complicated. so they are waiting until they need to shut down to do that, so capacity continues to come down. it's interesting as we see the g20 nations meet, we know some additional oil producers may roll in with production cuts. and also for the first time, a u.s. president, president trump, is being pushed to push for higher oil prices more in line with saudi arabia because this will mean stability for oil markets. youi: all right su, thank so much for that with the latest on oil going into the opec-plus meeting. plenty more to come. this is bloomberg. ♪ global cases of the coronavirus infection have topped 1.5 million just one week after passing the one million mark. new york, the u.k., and belgium reported the deadliest day so far. cases are rising again and governments continue to hammer out support programs. the world health organization continues to caution again

if the dollar loses steam and emerging-market currencies rebound in recent lows, valero -- the lira could fall soon if not, it will remain among the weakest market currencies. about elliott you management confirming its significant stake in this deal. this was a story we broke a number of days ago when we spoke to people familiar with the matter. that's a look at the european markets. vonnie: another fascinating activism story in europe. in the u.s., the 10 year yield is back to 2.90 6% as we see risk off primarily after the white house letter to the north korean leader. we already saw the tenure breach the 3% mark in the session overnight on fears about trade talks and tariffs again. was only a few hours ago and there was a concern there could be a 25% tariff in addition to other tariffs on cars coming out of china. ae dollar index is down little bit again on the north korean news. we still have the massive spread, it dollars or so between nymex crude and brent crude reflecting the continued uncertainty before the opec decision on what they will do. you mentioned some of these assets inc

shares, asks, mining well as valero, marathon. get down to our top stories at this hour. the u.s. economy grew faster in the second quarter than previously estimated. the gross domestic roddick rose -- product rose at 3.7%. they were saying last month it was 2.3%. ever biggest gains in consumer and business spending and a record increase in inventories. that may be a sign that strong growth will be a challenge to sustain. they have to sell all those inventories out. there is a sign of momentum in the housing market. the report says it rose in the last seven months. one half of 1%. mortgage rates still expensive by historical standards, around 4%. consistent drop growth also helping the real estate market. matt: first-time jobless claims fell to a three-week low. since march, the estate below 300,000 and that is a level that economist always talk about consistent within improving labor market which we know we have. the president of greece has appointed the head of the supreme court to lead a caretaker government as the country moves one step closer to an earlier election that had b

chevron and valero. -- you had chevron and valero good are you ready to buy back into energy names or is there more downside? >> we look for early adapters of trends. it is not a bad time to start layering into energy. with $60 a barrel on wti, it makes sense to consider the fact that if you look at a parking lot, it is not a parking lot of teslas, but rather, it is mostly gasoline-burning automobiles. we work on gasoline, natural gas -- >> yeah, but you were just saying you see long-term declining demand. right declining demand now is being felt as the global economy comes back, as europe comes back online, as china turns its domestic demand into a real driver, especially when you look at the emerging markets, they are inefficient burghers of energy. -- burghers of energy. when those economies come back, reflecting the growth in europe and increasing expansion in the u.s., energy prices should come back. i don't know if they will come back to triple digit overnight, but we expect that layering into energy is not a bad call. >> that will fuel the s&p 22311 by the end of 2015. we have

this would affect shares of renewable energy, even valero according to some analysts. would you retroactively extend the one dollar per gallon credit for 2018 and 2019 but also looking to extend that into 2020 and then it drops by $.20 a gallon for every year between 2021 and 2023. analysts at piper jaffray and roth are saying that is more ambitious than they thought. very good news for some of those companies. notably, it does not include solar. it does look like right now it could extend some of the wind credit. a lot of debate still going on. vonnie: i want to break a headline. rick gatesign aide sentenced to 45 days in jail. we have a decision in the rick gates case. he was the star u.s. witness against paul manafort and roger stone. prosecutors had asked for him to only be given probation but he got 45 days in jail. we do have an answer on the rick gates sentencing. 45 days in jail. back to taylor riggs in san francisco. wind energy is included in these tax credits, solar energy not so much. why is that? taylor: i want to take a look at some of the companies we kn

the polis index was in -- -- the euro is benefiting and because of the euro, other currencies like valero are benefiting. we will be talking about this in a little bit. mark? mark: right. a big week for central bankers as they head to jackson hole tomorrow for the annual economic symposium, hosted by the kansas city fed. mario draghi will be there before he flies across the atlantic. he spoke in germany, repeating the old playbook is out the window when it comes to monetary policy. >> policy actions undertaken in the last 10 years, monetary policy and regulations, supervision have made the world more resilient. but we should continue preparing for new challenges. us to break down the cap forward for mario draghi and the ecb, and a look ahead to jackson hole is a pemco portfolio manager. -- pimco portfolio manager. thank you for joining us. let's talk about mario draghi. he did not talk about the euro or the impending ecb meeting which takes place at the beginning of next month. it leads us nicely to his speech on friday in jackson hole, wyoming. nuggets mightwhat he giveaway on friday abo

the company sold three plants last year to valero and shut down one. it strategy is to transform itself into a protein producer. think of it as food for cows and chickens. it is the fourth-largest feeder in the u.s.. the company can process 11 million tons of corn, 3 million tons of livestock feed and 275 million pounds of industrial corn. after an operating loss from q want to q3 of last year of its ethanol business, it hopes for better revenue, a boost to margins and quick return to capital. will it work? the company recently missed revenue estimates for the fourth quarter and todd said the industry could have burned through about $1 billion in cash last year. i asked how much he would need to spend to diversify into that protein. somewhere between $350 million and 500 million dollars to retrofit our platform and we are coming up with a plan to do that. we have one that will come online in the fourth quarter of this year. once we see that and see that it is working, we will move quickly to retrofit our platform. we have to get the money for it, but w

has hit a valero refinery in a texas city. we have live pictures in texas. that theyas tweeted are aware about the explosion and the local fire department is en route to assist with putting out the fire. we do not have more information at this point, but bolero is one of the u.s.'s largest refiners and we'll see if there's any implications for supplies. we will keep you posted on developments from that situation. that team day, and let's look at one of the top stories at the moment. trade tensions hanging over the imf meetings in washington. however, the lender's president says the global economy is showing solid momentum. may notwhile take spots severely damage growth, they are affecting confidence. we have more from washington. what has them would been like at the spring meetings this year? >> it is very upbeat here. all of the officials we have spoken to are pointing to a robust economy, shaking off the portrayed tensions. you heard a similar message today, and concern is that there will start to be a trip effect when it co

valero and citgo said to be on the verge of restarting refineries in corpus christi. the secondmakes landfall as expected, the nation's largest oil refinery could be hit. the loss of refineries in that region would leave only facilities in louisiana supplying fuel to new york and other demand centers. president trump is promising that taxes will get emergency disaster aid quickly. he said there will be "very rapid reaction from congress." still there are signs that there may be a political fight over the money. a top texas conservative, financial services committee chairman, says he wants to cut spending to pay for the response to harvey. global news powered by more than 27 or journalists and analysts in more than 120 countries, i am courtney donohoe. this is bloomberg. big: let's get to another story moving markets -- north korea firing a missile over japan. president donald trump says all options are on the table. stephen engle files this report from tokyo. stephen: shinzo abe twice converging meetings of his security council following what he called the unprecedent

i would like to salute alejandro valero hawaii. people are searching the far right and the fact that we have to stop them middle, silverman, maddox, easy in this decisive moment. all of them you villainous father, future of our new leondard. what good grandmother, nothing can be as at wise. well, this friends and also that my, i would like to give my hand all of those one to work for francis leon. ready to invent something new. and i'm glad you in order to federal read, convict janice and a different sensibilities of it. who in order to build a do together a common action unless you're in the service of our nation, followed handling. yes, it's hard to a little comfort, theos, to all our fellow citizen is i left all school that will ever chose abstention or an atheist trembling for it because they are the angry because of persisting inequalities and are rooted insecurities of their everyday life. on the difficulty to live and dignity, even if you are a current order or more what? because if they dont feel represent at our listen to

valero. finally called -- it is only worth 35 billion dollars. experience -- the decline in oil prices have made that not so happy investments for many. guy: elliott, great stuff. thank you very much indeed. next, the bank of england in focus as it decides on rates at this moment. we will talk about central banks up next. i want to show you is happening with european stocks. european equities are on the forefront this morning. the ftse 100 is up by .2%. the dax, a real leg up this morning. off --strutting shrugging off what happened in asia. we will reap be back in a moment. ♪ guy: welcome back. you are watching "on the move." what is happening with volkswagen. he is going to be talking to the regulators out there. its stock is on a tear this morning. up by nearly 5%. 4.7%. launching on some of these backs of some of these automakers. completely ignoring what happened overnight out in asia. the asian chinese market -- the chinese market that pummeled. details need to know about later today. president dennis lockhart gives his view on the u.s. e

that includes majors like exxon, higher by 3%, but also services companies like schlumberger, valero. it is really the e&p's outperforming. some rx is up by about nine rx -- cimarex is up by about 9% today. these are leading the s&p. vonnie: kailey leinz, thank you for that. it is time for your latest bloomberg business flash, a look at some of the biggest business stories in the news right now. boeing will offer voluntary buyouts to its entire staff. it is a bid to adapt to coronavirus crisis that could depress the aircraft market for years. in a note to employees, boeing's ceo david calhoun says it is important the company start adjusting to its new reality. southwest will become the second u.s. airline to apply for federal aid. in a filing today, southwest says it is looking for possible grants that could boost liquidity and provide job security for its employees. merrick and airlines is already said -- american airlines has already said it will have to up billion in aid. jamie dimon back to work today after heart surgery. , he is, like so many working remotely today. he underwent

look at the biggest movers in that sector, exxonmobil and marathon down the better part of 3%, and valero and conocophillips down by about 1.5%. vonnie: thank you for that. remember the function gtv on the bloomberg allows you to browse all of the charts featured on bloomberg tv. analysiswith key and savior have her it's for future reference -- and save your favorites for future reference. this is bloomberg. ♪ ♪ vonnie: live from new york, i'm vonnie quinn. guy: from london, i'm guy johnson. this is the european close on "bloomberg markets." let's check in on the bloomberg first word news. here's courtney donohoe. courtney: there may be a pitch in negotiations for an interim trade deal between the u.s. and china. donald trump says the u.s. hasn't agreed to a rollback on tariffs with china. in fact, he said he hadn't agreed to anything. president trump won't impose tariffs on european cars next week as threatened, according to european commission president jump on juncker. -- president jean-claude juncker. eu has threatened to impose its own tariffs on american goods if president

eog resources rising after outperforming in the first quarter and valero energy gaining an upgrade from jpmorgan. i also mentioned tech doing much better. microsoft and apple leading the way. apple was the biggest laggard on the s&p 500 yesterday. it is now the second-best performer on the s&p 500. also let's look at chips because they were struggling yesterday. this was the philadelphia semiconductor index up 2.2%. also advanced micro devices rising close to 3%. let's take a look at bitcoin. not something we've talked about for a while, rising for the 12th straight day. this is year to date, up 113% since the beginning of the year, trading above 8000. doing pretty well. that 12 day winning streak the longest since 2017. david: what a difference a day makes. thank you so much for all of that green. sticking with the trade war, is tit with chinar about economics or security? that is coming up and this is bloomberg. ♪ david: this is balance of power on bloomberg television. we turn to mark crumpton for bloomberg first word news. mark: at least four people are dead after midair collision

a top conductor, valero, a gag, if has been fired from his post as chief conductor of the munich philharmonic. the fighting to criticize his longtime alive vladimir putin, across europe and the united states and russian artists with ties to the kremlin, had been put on notice. speak out against to president putin or be prepared to be cancelled o one of the world's most visionary conductors, and a long time ally of russian president vladimir putin. for years concert houses in the west looked past conductor, valerie garr gibbs close ties to rushes. authoritarian leader, but after putin ordered the invasion of ukraine, many are finding that impossible, and are demanding the conductor distance himself from putin. new york's carnegie hall cancelled garr gives appearance. so has lascola opera house in milan. in germany, munich, mayor gave dare give an ultimatum, denounced putins war against ukraine and against munich sister city, kiev, or lose his job as chief conductor of the munich philharmonic. dare give didn't respond. on tuesday, the mayor fired him one of the world's top opera, singers on a t

the lips, valero, and marathon oil down about 1.5% to 2.2%. speaking of oil, the oil price today is retreating after its biggest gain in one week. it is down by nearly 3% at $41.33 a barrel. there is speculation that increase opec output will extend that global supply surplus we have been talking about for weeks, months really. iraq, the second-biggest member of opec, said a production boost was important to meet the needs of its population while angola will import -- export the most crude in four years this october. oil has tumbled more than 30% since this year's peak close back in june. that is all the time i have right now. i hand it over to you, matt. matt: thank you. over in shanghai composite, it was more than 2.2% and the nikkei dropped and the hang k fell by about 1.2%. dashboardory out of the big story is currency. there has been little relief for confession -- investors in asia as southeast assets remain under pressure. southeast asian currencies saw another volatile date. in thailand, it held steady after falling to the lowest level

the best performing was valero which is still down. joe: i'm pretty impressed, the overall market did not sell all. you would think on a date before dumping everything in sight, we wouldodities, expect to see a major liquidation, but less than 1% down on the major indices, that is pretty impressive orman. alix: energy shaved about 20% off the index. but whatlot of damage, i thought was fascinating, look at the currency market. the energy spillover was not just in stocks, it was also in other asset classes. the canadian dollar dropping to the lowest level in 11 years. the colombian peso plunging to a record also. commodity currency is just having a rough time. the norwegian currency fell below parity against the swedish currency for the first time. alix: oil is the story of the day. let's dive into the bloomberg terminal to look at why. versus the oil price over the last figures. something i struggle with, we should not be following this much. there is no trigger. the white line is the nymex short oil contract, right around her record h

are still ind you them, you have valero, a patchy. state oil. bp. let me ask you about valero. refining going to remain the best place to be in the interim? been a goodg has place to be. frankly, i wish we had more in the second or are -- in the sector. we hold many of the large integraters. erik: good to see you. tim guinness, chief investment officer of guinness atkinson asset management. the age-old debate. our bankers being paid too much? deutsche bank's co-ceo says they are. turning investors are to roble advising. betterment ceo of will be with us. and we have the latest on turkey's downing of a russian and why vladimir putin says there will be "serious consequences." ♪ erik: welcome back. this is "bloomberg markets." to europe where european stocks are declining amid concerns over global growth. >> it is a classic white. across europe. only greece trading higher. 18 out of 19 industry groups falling on the stoxx 600. it is only oil being dragged up then increase look at decline is, particularly on the ftse 100. the travel, the laser -- the leisure companies suffering.

valero energy one of the beneficiaries. i want to bring your attention to a couple of interesting downgrades that happened this morning. the first one is on facebook enough about. it was a duel down ash facebook and alphabet -- facebook and alphabet. it was a duel downgrade saying there's too much optimism out there. the analysts really just saying you have to peel back the layer's and say that the surge some of these companies have seen in that ad space was transitory, and that is not known to persist. tom: thank you for saying transitory. does it also have to do with the new apple software blocking of digital ads? romaine: it could be. analysts did not mention that, but we did to that big rollout, and if you have an iphone, you have already seen those alerts. interesting to see how advertisers deal with that. tom: thank you so much. "the close" this afternoon as well. let's go to ben emmons, medley global advisors come on the big macro picture. i want to go back to jon after that. lots of good things to talk about here. w