We have gains for the major averages. For the s p 500 and nasdaq, we are looking at another set of alltime highs. It may be a holiday shortened trading session, but the buyers are stepping out, not just today, but on the week. Looking at weekly gain for the three major averages. The first weekly gain in three, so many of them are looking for a pullback. It will be interesting to see if that happens next week or whether or not the possibilities have been he, if you will, as this years rally continues on. At blacks looking friday. Retail stocks popping higher. Macys, kohls, and the gap. Macys of 4 . For 2017, the stats are very strong, suggesting it could be the highest shopping season in three years as a 5 00 p. M. Yesterday, spending was up 17 yearoveryear. We will be updating this, but it does look as though we are off to a very strong start. Shopperss, who lore offering discounts and rebates. Another top market today, oil. Lets look at the pocket of strength. Oil, look at that, nearing 60 per barrel, up 1 . This is on a bloomberg scoop that russia and opec percent to agree on a framework to extend oil cuts, nearly on the oneyear anniversary of the opec cuts from last year, matt, up 20 over that time period, and very quickly, some of the names getting a bid from oil trading higher. Weatherford, whiting, and sandridge. Weatherford are going to sell units from sanford. Looking to do something. Sandridge getting a bid as billionaire investor carl icahn is said to have taken a stake in the shares. All right, abigail, thanks every much. About 90 minutes to the close of trading on the continent in great britain. Lets look at where markets are trading right now. The equity indexes are concerned, first off, we have seen all day, continental indexes gaining in the ftse down. Very little changed on the ftse. 74. 11. When you have lived volume when you have light volume there , we have light falling here in british stocks. The stoxx 600, the broader index of stocks went on change, but we do have the sinking, dax at. 5 . Take a look at currencies. Today has been about the currencies because anytime there is superytime there confusion in berlin, and you will have to have a minority toernor, the euro goes down 1. 17. When you look like there is a path, a grand coalition, or a majority government come easy the bottom of your screen, eurodollar 1. 11 1. 19. The euro is on fire against the pound, and there you see the pound itself right now 1. 33. The pound is doing quite well as may and merkel meet at the meeting in brussels. We have seen pressure on peripherals, but it eases but everything gets cool on the continent. There you see yields up across the board. Investors are selling that, but they are selling it harder in spain and italy. The bond deal hanging around 36 and has been in that range as the gilt at 1. 26. You see spain and italy not that far from british debt. Vonnie . Vonnie matt, thank you. In the u. S. And around the world, it is black friday. Thisers defend on stores thanksgiving weekend and retailers are expressing something that has been in short supply optimism. Mcgee. Us is tom we have been talking about the retail apocalypse quite a lot and many chains that may or may not been think about going out of business or struggling. What are you seeing this season . Tom i think this is going to be a very strong shopping season. For optimism is growth 8 growth yearoveryear. You have a Strong Economy with Rising Consumer optimism and a good job market. This is the ultimate consumerfacing industry. So we are spending to see a strong Holiday Shopping season. Even if you look at the images of the start of today, you see pretty crowded Shopping Centers around the country. Vonnie it is true that consumers are in good shape if you look at this chart. Conditions ofind doable goods, appliances, television, furniture they are doing the best. At the same time, if i get a cheaper fridge on amazon, i will buy from amazon. Tom consumers are always going to do Price Comparison and they will evaluate what they want to buy things. Despite a lot of the conversation around the growth of online, and it has cruelly disrupted the industry, the vast majority of sales in the u. S. Happen in a physical store, and as it relates to the holiday season, it is a part of the american holiday tradition to go shopping. And i expect that to continue this year. There are clearly other big things happening in the industry as it relates to technology, demographic and changing consumer expectations, but the industry is doing a good job to meet those needs. Matt there is a lot of talk over the past year about , or peoplel shopping needing to give you Something Else besides good products at a decent price to get you through the doors. Is that still the trend of the u. S. . Tom i think the spirits of shopping is critical. I think experience can be across a wide spread like if you take apple. That is an experience. You go in touch the technology, etc. We have retail like home goods or tj maxx. That is more like a Treasure Hunt kind of experience, not necessarily digital, but still an experience. Across the spectrum come you see a lot of Different Things happen, and was Shopping Centers, you are seeing a lot more food, entertainment, etc. ,ge, dining halls, and that speak to demographic trends happening. You have an aging baby boomer population better emptynesters and then you have the millennial population. They are looking to go out to eat, be entertained. So Shopping Centers and retailers need to meet the needs of the new demographic. Matt how much is the online experience coming together with the physical experience . I still enjoy going to stores. Cohort with mele oftentimes, and she is looking at her phone the whole time comparing prices and getting reviews. Is that the way it will be from now on . Tom i think so. First of all, i am happy like going to stores. This comparison the physical and digital is here to stay and will only accelerate. The move towards mobile technology is really just going to be an integral part of shopping. To your point, people look at their smartphones, the price compare, take pictures of themselves trying on an outfit and sending it to their friends asking them how they look, etc. . This concept of digital and physical coming together is here to stay, and i really believe in a few years we are not going to be talking about this breaks versus clicks concept. Were going to be talking about retailer and it will be assumed you have an operating presence in both spaces. Makee we are not going to you tell us the winners of the losers because all of your babies are equal, right . What is the big debate among the members of your association . When you have meetings, what is the saying that is most concerning . Tom i think our members would like to ensure that this story that is being told is one that is really accurately displaying what is happening in the marketplace, which is this is an industry that is evolving. It has always evolved. This is an incredibly competitive industry. And retailers have always needed to evolve to meet the needs of consumers. And i think our members are hopeful that people will tell that story in a balanced way. For 44 amazon accounted of retail commerce. Still only 12 of totally holiday of total holiday sales. Our thanks to tom mcgee. Lets check in on the bloomberg first word news with taylor riggs. Taylor muggy, it is the deadliest single attack in egypt in years. Killedt 235 people were when militants armed with guns and explosives storm to a mosque. That is according to egyptian tv. It has happened in the northern sinai peninsula. It has been the side of a number of attacks by Islamic State affiliates. Zimbabwe has its first new president in the most for decades. He was sworn in to replace robert mugabe. Mugabe was forced out of office after 37 years. The new president promises the democratic elections will be held next year. Zimbabwe is in dire straits in the countrys jobless rate is 90 . President trump spoke by phone today to turkeys president erdogan. Erdogan described the call is productive and the president tweeted they would be discussing bringing peace in the middle east. And there is a signal that former trump and National Security advisor Michael Flynn may be in discussions with some kind of special counselor robert mueller. That is according to people may with the investigation. Michael flynns lawyer issued information with trumps legal team. The trump fired Michael Flynn by allegedly global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. Im taylor riggs. This is bloomberg. Vonnie taylor, thank you. Coming up, oil rising to a twoyear high as opec and russia are said to have agreed on a framework to extend supplies too thin supply cut. Futures in focus is next. This is bloomberg. Matt live from the german capital of berlin, im matt miller. Vonnie and from new york, im vonnie quinn. In this is bloomberg markets. Focus,ime for futures in deputy i could hitting a twoyear fresh high following the idea that russia and opec are working on details for supply cut deal. Joining us is scott bauer of trading advantage. Scott, it seemed we were set on a deal making were getting in ninemonth extension. And russia might be throwing a little bit of uncertainty into the mix. Scott sorry, cannot hear you. Vonnie i will try you one more time. We have oil above 58 a barrel with russia potentially throwing some uncertainty into the debate here. If you can hear me, how much further it will go before we get a final deal or no deal next week . Scott, we will come back to you later in the show. Thanks for joining us this post thanksgiving day at least. Matt . Matt no worries. I am here with the Bloomberg Business flash. Lets look at the biggest business stories in the news. France, they said they will quit funding and funding quit funding Tobacco Industry over health concerns. This story is according to people familiar with the matter declined to be identified. They have worked with such clients as British American tobacco and Philip Morris international. Germanys germany is in talks to combine oil and gas business is with an Energy Company controlled by a russian billionaire. According to people familiar with the matter, the combination of the units could be valued at more than 12 billion and bsf may hold more than two thirds of the business. And dish have agreed to end a blackout that would have left millions of satellite tv subscribers without the mostwatched network in the u. S. In terms that the terms of the deal were not discussed disclosed. Cbs and their local stations from eight cities were pulled from dishs Services Late monday. Bloombergs your business flash. Vonnie . Vonnie futures in focus, joining us is scott bauer of trading advantage. And scott, we were just mentioning the idea that we thought we had a deal with nonopec countries and now russia might be injecting some certainty switching the price higher. Scott yeah, absolutely. That is first and foremost on the docket and everyone is expected this meeting next week. The opec need meeting just opec meeting next week and everyone is expecting the deal to extend beyond march. Now, russias involvement in this, that said, that is pushing the price higher here, but if anything, the risk to this deal not happening exactly to the downside. The market is pricing in this extension happening probably until the end of 2018, but if something spunky comes about that we have seen in the past, there is some Downside Risk to oil. Vonnie we have record long positions at the moment in wti. And what price point do they start closing out . Scott you know, that is really interesting because right now, there has been a big draw down especially because of what is going on in south dakota with the keystone pipeline, but there has been a big drawdown. The producers are pumping more now because of these prices that we are seeing. You know, i think everybody is talking about a 60 number being the number that the producers want to be at, opec wants to be at, but again, i think the risk is actually to the downside here. We have seen such momentum in oil over the last month or so. I would be very, very cautious coming out of the news next week with opec meeting. Vonnie if russia says it wants to include language that would allow every body revisit the agreement, with that the enough uncertainty to send markets into a little bit of turmoil . Scott i really do. I think that is the case. I dont see a big downside move here, but i would not be surprised to see the 10 cut of wti here getting back down to the low 50s. I think 60 is going to be the massive, massive resistance. It is only a couple of dollars here. I would not be surprised to see 52, 52 52, 53. Vonnie we have seen a third week of dollar declines. Where do you in the dollar goes in the next few weeks . Scott the dollar continues a slide here. There is pressure on it, but you know what . We are bidding the end of the year and getting towards, you know, all of this Economic News coming out of First Quarter next year, the big opec meeting next week. I think we will see things, down, but i think that i think we will see things calm down. Vonnie all right. Scott bauer of trading advantage. Thank you this postthanksgiving friday. That was futures in focus. Still ahead, south africa bracing for a potential credit downgrade. What it could mean for the nations economy. That is next. This is bloomberg. Matt this is bloomberg markets. Im matt miller in the german capital of berlin. Vonnie and in new york city, im vonnie quinn. Time for etf friday. This is abigail doolittle. Abigail dominated by goal, Commodity Exchange for guess increasing demand. Etf analyst. Mike, thank you for taking the time. Gold is flat on the year as we head into the years end. You are talking it as a possible player against the wall of worry . Can you explain . Mike that is very clear. Gold is up on the year and stuck in a very narrow range, waiting right inout, but it is the wall for you can see the flows being positive. I think the reflective of money coming out of equity market, people looking for diversification, maybe not money coming out of it, but people looking for diversification, so they are in that wall of worry. Higher, it is go showing up in etfs. Abigail what about the flows overall for broader commoditybased etfs . What did the flows look like this year . Mike the first thing you have to say is gold. Precious metals and 30 , and the rest energy, the flows of them positive, but energy is widely traded in etfs. Ofot of leverage, a lot shorts, so people trade them a lot and energy flows have been out as the market is at the upper end of the range. There have been decent flows in broad commodities and international gas. It is interesting you bring of energy because you have had a tremendous called on oil a few months ago when oil, wti was close to 45. Now it is close to up you 60. If we hop into the bloomberg intake a look at the chart and make the case of its moving range. Now closer to the higher end of that range. What do you think is next . And there is the bloomberg scoop saying russia and opec are said to have agreed to extend cuts. Will that help will go higher from here . Mike the key thing they got right is a marketing. Of minute you saw the king saudi arabia visiting putin and russia, that was a sign that the oil is going up. They are getting the marketing right. Oil is a rangetraded market dominated by supply in his at the upper end of the range. I have to be careful about compliance because it is in the upper end of the range. One thing we are seeing is a substantial amount of speculative longs to brent which a substantialand amount of commercial shorts. Expect more production. That is people who have production and people who dont have enough for selling against it. We are seeing a pickup and estimates for u. S. Crude production next year. Hhat i see is a potential flus a potential rush and flush. Abigail interesting. You have had this great energy call. Hading ahead to 2018, you an interesting call on the green complex on the greens complex. Abigail mike the far unique thing about grains, is that peak u. S. Grain production is going on. It is this which to soybeans because that is where the profits are, and the typical acre in the u. S. Come you get much less soybean per metric tons than corn. Until we get higher prices, yield grade should go down and that is a key. You need higher prices to increase that production. If you get a little bit of a weather scare, that can happen. Abigail great stuff. Have to love profound thoughts on people reduction in grains. Matt, back to you. Matt all right, abigail, thank you very much. Still ahead, Kessler Merkel may be edging closer chancellor Angela Merkel could be breaking the deadlock in germany. This is bloomberg. Is this a phone . Or a little internet machine . It makes you wonder shouldnt we get our phones and internet from the same company . Thats why Xfinity Mobile comes with your internet. You get up to 5 lines of talk and text at no extra cost. So all you pay for is data. See how much you can save. Choose by the gig or unlimited. Xfinity mobile. A new kind of network designed to save you money. Call, visit, or go to xfinitymobile. Com. Live from bloomberg World Headquarters in new york and berlin today, im vonnie quinn in new york. Matt and i am matt miller in the german capital. Are watching bloomberg markets. Vonnie i want to bring up to date with the situation in egypt a President Donald Trump has just tweeted about the attack, and i quote that horrible and cowardly terrorist attack. Worshipers in egypt. The world cannot tolerate terrorism and we must defeat them militarily and discredit the extremists ideology that forms the basis of their existence. This is of course on the heels of an attack that killed at we know now. Militants armed with guns and explosives storming a mosque in egypts northern sinai area. The president , of course, is in the middle of a round of golf with tiger woods and dustin johnson. Lets check in with taylor riggs. Vonnie, President Tr