Good morning. Happy friday. Welcome to Worldwide Exchange on cnbc. Im sara eisen. Im wilfred frost. Good morning to you from me as well. An extra happy friday on this long weekend. A long weekend back home, back in britain, and also here. One of the few Bank Holidays that are united. What are they celebrating there . Just a may bank holiday. Im not sure theres a reason for it. Well check in with steve, hell know. Also new music friday. Listening to carly rae jebsons new hit. Another record finish, and very strong day for both the s p and the nasdaq. We are looking at futures under pressure. Dow futures down 13. S p down 1 point. Nasdaq is positive. Well tell you about that in a moment. Its been a strong week as a whole. S p is up about 1. 4 . And the russell 2000 index has underperformed a little. As for oil prices, almost a 5 slide yesterday. Watching that carefully, seemed to be a big disappointment out of vienna. Wti crude below 49 a barrel. 48. 97, maybe a mini pop this morning. Big slide for the Energy Shares dragging on the major indices yesterday. Looking forward to steve in vienna explaining why we slipped 5 yesterday. At this time yesterday we thought we had the details of what opec would announce, then we were down 0. 8 . Then at 11 00 slipped. Research indicated that was priced in, and crude had one into a fivemonth high ahead of that announcement. At this time yesterday, we knew of the cut, so a delayed reaction. Well talk to steve in a second. Asia kind of softish this morning. Japan down 0. 6 . Hong kong, shanghai basically flat. Some smaller markets like korea doing all right to end the week. It hasnt been particularly positive. Also hasnt been positive in europe. Up about 2 for the week on the nasdaq. Only the ftse 100 is in positive territory to end the week for the uk. Holding on to just about a half percent of gains. Around a half percent decline for germany and france. Just shy of that. Negative week and a negative friday for most of european trade. As for the broader market. Tenyear treasury note yield has not budged that much. We were at these levels last friday, 2. 24, 2. 25. Thats where were sitting now. Waiting on economic date to to confirm on whether the u. S. Economy rebounded. A lot of those gdp estimates have moved down thanks to the advanced trade number and housing data. As for the u. S. Dollar, its also flat on the week. Weaker against the euro this morning. 1. 1222. The euro has been sitting higher than that 1. 12. You are seeing notable strength in the yen. Thats something to watch throughout the session, down almost 0. 7 . Perhaps helping gold rebound this morning up about a half percent. So general dollar weakness, but against the pound the pound sliding a half percent. Theresa mays lead narrowing significantly. Only a 5 lead. Lets get back to oil. As we said, nearly a 5 decline yesterday. Steve sedgwick joins us live from vienna with more on the opec decision and the market reaction. Steve, take it away. So, i was listening to you earlier, youre right t had that extra down tick. I think throughout the day oil traders thought there has to be a surprise here. They will give us more, add in a couple other nonopec players or put a cap on the libyans or nigerians. They didnt do that or deepen the cuts. I think thats where it came from. Im not sure the market was being realistic. When the oil price fell aggressively at the start of may, they came out with the first rumors that we would get a ninemonth extension. The problem for opec is they had already given their ammo earlier in the month when we had the rally off the recent lows. But will they cut more if the price goes down . I spoke to the saudis and the russians after the meeting, both say, no we wont worry about the shortterm price moves. Again, i spoke to alexander novak, the leader of the russian oil ministry, the minister there, i said if we carry on falling and things change, will you cut production . Lets listen in and see what he had to say. Translator that will still depend on the goals the countries set themselves and the goals we want to achieve. Currently we believe the ceilings and figures we reached as a result of the memorandum that we signed in january last year, these levels are sufficient to continue to rebalance the market. We see that the situation could turn for the better the moment everyone began to implement the agreement. Especially over the last few months. 1. 7 Million Barrels have been taken off the market, those are big figures. This period of high demand will also have an even more positive effect for the stabilization of the market. So you take this oil off the market in the First Quarter t has minimal effect. You take it off in the Second Quarter which were in now. We have another month of the original deal to go, it gets more bang for the buck. Then the third and fourth quarter. So theyre pinning their hopes over the next seconds, seven months theyll see a deficit in terms of supply and demand dynamic. That will get down consuming inventories. Theres some caveats. At the moment compliance is great, compared with historical levels. How long can that last . Second u. S. Shale response. They have underestimated the u. S. Shale prices. Will that be a problem again . Will the demand actually be there for them as well . Lots of caveats, they think they have a longterm strategy. Markets sold off because they didnt get more koolaide in the shortterm. Thank you for summarizing all of that for us. President trump is in italy at this hour attending his first g7 meeting. Among other things, investors willing listening for comments trump makes on trade. Legts g lets get to willem marx with more. What can we expect . Trade is not officially on any of the agendas today. Its all about Foreign Policy and Security Issues when they sit down. But just a few minutes ago, two of the european leaders, je Jeanclaude Juncker and donald tusk gave a press conference and they made reference to trade. Lets listen to Jeanclaude Juncker. We stand up here as we always are doing for our shared values of freedom, democracy, rule of law and respect for human rights. We believe in open societies. We are always seeking multilateral solutions. We want to build bridges, not walls. Very much an echo of what german chancellor Angela Merkel said in brussels yesterday. Where she essentially made similar comments, saying its not isolation and building walls that make us successful, its open societies. One concern that leaders have about the Trump White House is the refusal to talk about multilateral trade. Its been kicked down the road in a series of g7 meetings. Its something they want to get answers on today. Cant concentrate with that beautiful live shot behind you. Willem, thank you very much for that. Just to sum up as this foreign trip, this mammoth foreign trip comes to an end, ten days ago we were saying he must be looking forward to it, getting away from washington, change the agenda. The trip did start well, in the middle east went well. Right now i bet hes thinking i cant get home. Getting lectured by european politicians. Yesterday in particular was a very frosty relationship between him and the other flat to lenat. All sorts of videos from handshakes, shoving him out of the way. That showed a desperate level of insecurity. That video. That video went wild after steve was the first to tweet it. I bet he cant wait to get home. This tone as willem was talking about. Ivanka and jared also left. And more stories coming up on investigations into jared curb mer. Having started the trip positively, i wonder if he thinks i cant win either way, whether domestically the media are after me, or europe and the International Media he might think are after him as well. Costco beating on the bottom and top lines. Comparable sales above expe expectations thanks to higher membership fees and higher u. S. Sales. Shares of ulta beauty getting a bump after beating wall street estimates. Boosting the profit and sales Growth Guidance for the full year. Gamestop falling despite solid quarterly results. They had their first increase in sales thanks to the anyone tend to switch game. Shares are down because the company wasnt able to raise its fullyear guidance. I think we have to pause on ulta, where on earth are you seeing 14 comps in retail now . Beauty has been such a sweet spot. Ulta is the best performing one. Splunk reporting better than expected results offering upbeat guidance. Shares are under pressure after initially spiking 5 . Deckers outdoor posting an unexpected profit. The maker of ugg boots with strong guidance for the rest of the year. Lions gate reporting earnings and revenue that topped wall street forecasts. Boosted by la la land. Do you like la la land . Not as much as the critics enjoyed it. It was different. I think beloved too much because its about hollywood. I enjoyed it, but the more praise it gets, the more it annoys me. Disney ceo bob iger says reports that hackers stole a disney movie were probably false. Iger saying the companys knowledge in the companys knowledge it was not hacked, but says disney was threatened. There were reports last week that iger told employees that hackers stole one of the films and threatened to release it unless they paid a ransom. A trio of economic reports to watch. April durable goods out at 8 30 a. M. Eastern time along with the second estimate on First Quarter gdp. Growth revised up slightly to just 0. 8 . 10 00 a. M. , may Consumer Sentiment. When we come back, the british pound hitting a did twomonth low against the euro after polls out show next months election may not be as much of a breeze for theresa may as expected. Youre watching Worldwide Exchange on cnbc. Hi im joan l. The future isnt silver suits anits right now. S, think about it. We can push buttons and make cars appear out of thin air. Find love anywhere. Hes cute. And buy things from, well, everywhere. How . Because our phones have evolved. So isnt it time our networks did too . Introducing americas largest, most reliable 4g lte combined with the most wifi hotspots. Its a new kind of network. Xfinity mobile. Welcome back to Worldwide Exchange. The pound under pressure this morning on some polling data out of the uk. The first survey conducted since monday nights terror attack in manchester suggests the conservative partys lead is slipping. They lost a full percentage point this week. The labonbor party picked up a points. Lets discuss this more. Joining us from london, elaine moore from the financial times. What has gone wrong for theresa may . How has she let this lead slip . Good morning. Markets assumed that theresa mays route to success in this election was a forgone conclusion. So we should say shes still ahead in the polls, but theres been a tightening in the gap between the conservatives and labor party. This is all based on this unpopular policy put forward on asking elderly people to contribute more towards the cost of their care in old age. This is a core group of voters who were dismayed by this idea. Though conservatives have promptly done a uturn on the idea, the labour party has taken the momentum and gone forward. Its not anything that labour has done, but more disappointment from voters in what the conservatives put forward and the effect this has had on the pound, we had a slip against every major currency. I wonder if theres been impact from the manchester terrorist attack. There was a feeling that after that it may boost the tories prospects on this idea that they may have a better record on safety. Jeremy corbyn not seen as tough on terrorism. Did that have any impact . Perhaps. Bothyies opted to halt campaigning. I dont think thats seen as yet to have fed through to either campaign. Neither party wants to capitalize on this horrible set of circumstances. Maybe thats something that comes up in later weeks. Right now both parties are putting forward fairly similar ideas about how this needs to be tackled. Jeremy corbyn suggests it needs to be do with involvement in overseas wars. Theresa may has been talking about the need for protection. The conservatives also suffered because the news kaem o s came the number of police in service was cut. Was is the re5 shicaction of President Trumps trip through europe. In london, how are people taking his trip through europe . Theres a lot of interest in the handshakes that have gone around the world. The visuals of the trip have been of great interest to the uk. Theres been so much domestic news that it hasnt been at the top of the agenda. Theres been interest in his deal with saudi arabia. Theres been some impact in markets from that. Also some interest in the meetings between all of the World Leaders now and what the view of President Trump from the rest of the world. But right now for uk markets in particular, theres a lot of focus on the domestic election rather than on President Trump for the moment. That could all change in a couple weeks. Thank you very much for joining us. Still to come on Worldwide Exchange, washington once again in focus on wall street today. New developments overnight in the Russian Investigation. Well tell you why President Trumps soninlaw is coming under fbi scrutiny. Stay tuned, youre watching Worldwide Exchange. Thanks for loading, sweetie. Oh, burnton gravy . Gotta rinse that. Nope. No way. Nada. Really . Dish issues . Throw it all in. New cascade platinum powers through. Even burnton gravy. Nice. Cascade. [ male announcer ] tora bora fallujah argonne khe sanh midway dak to normandy medina ridge the chosin reservoir these are places history will never forget but more important are the faces we will always remember. Just discussing what numbers sara will play at the roulette wheel in las vegas. Lets see how the markets are playing. Its been a decent week. Six days in a row the dow has gained. Yesterday the dow up about a third of a percent. S p more than that. The nasdaq up 0. 7 for a record close. As we said, a good consistent run of gains. Yesterday probably the most pronounced of them. Today a bit flat. But clearly we wont begrudge this type of decline after a decent week of gains. Lets look at oil prices. Because they were severely negative yesterday. Down almost 5 for wti because opec didnt extend the production cuts enough. They did do nine months. But it seemed like that was priced in. By the end of yesterdays trade down 5 . We are rebounding today, wti up three quarters of a percent. 49. 3. 26. Its always 26. 11 and 8 are the ones to go with. News on u. S. Politics. Republican Greg Gianforte did win the montana election. He beat bob quist for the lone seat in the house of representatives. He did apologize publicly to the reporter from the guardian saying he made a mistake. The incident came after an estimated twothirds of voters already cast their ballots by mail. Unclear whether it would have had a bigger impact if a lot of people didnt vote early. He still won. The district went to trump by 20 points. Who knows what this new dynamic brought. Amazing how many cast their votes early. Yeah. Significant portion. Investors will be keeping an eye on developments out of washington today. This as new reports surfaced that the president s soninlaw, Jared Kushner, is now under fbi scrutiny. Tracie potts joins us with more. What does that mean, under fbi scrutiny. Its important to note under scrutiny does not mean youre a suspect or target of the investigation it does mean that the fbi with the new special counsel, robert mueller, thinks Jared Kushner may know something to help them in this Russian Investigation. Kushner, the president s soninlaw, ivankas husband, but also a close adviser throughout the campaign and now in the white house. He is the closest person in the president s inner circle so far to be connected at all to this Russian Investigation that the president said repeatedly that he thinks amounts to nothing and wishes it were over. Kushner had two meetings with russian officials. One with sergei kisslev and a russian banker. What he knows is what the fbi is going after. The justties department nice de confirming or denying this, but we heard from multiple sources they have an interest in kushner. Kushners lawyer told the Senate Intelligence committee has he would be willing to talk with them and tell them anything he knows. According to his attorney, not only did he previously volunteer to share with congress what he knows about the meetings, he will do the same if contacted in connection with any other inquiry, which would include the fbi. Important to note hes not a suspect, not necessarily being accused or believed to have done anything criminal, but the fbi seems to think he may know something to aid them in this investigation. Clearly this has not slowed down with President Trump abroad. What are we looking for next in the investigations . Potential intelligence hearings. Whats on the agenda today and going into next week which is recess. More hearings on the congressional side. In terms of the fbi, it could be hard to say. Robert mueller was brought in as special counsel, he is said to be someone who keeps things close to the vest. So were not expecting a lot of leaks about details, though we did get multiple sources telling us theyre interested in Jared Kushner. Thank you very much for that. Were continuing to follow a developing story out of manchester, england. Uk police say they made a tenth arrest in connection to mondays attack at an Ariana Grande concert that killed 22. The uk has resume ed sharing information with the u. S. , following an angry reaction by british authorities after the New York Times published leaked photos from the crime scene. Wild swings in europe, a big g7 summit, and wall street is on amazon 1,000 watch. Can it hit that share price . Well round up th