Opening Bell 6.25.18

OPEC raises; Erdogan elected; Sex robots and more!
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Oil Prices Jump After OPEC Deal to Lift Output [WSJ]

The result dashed the hopes of some big producing nations like Russia, which wanted to raise production further to sell more crude at these higher prices. The move was cheered by investors, who say they now feel more confident the global glut that dragged U.S. oil prices below $30 a barrel isn’t about to return.

U.S. oil prices surged 4.6% to $68.58 a barrel; the price of Brent, the international benchmark, rose $2.50, or 3.4%, to $75.55. For U.S. prices, it marked the biggest one-day jump since November 2016 when OPEC agreed to cut oil output for the first time in eight years.

Oil prices have risen briskly this year amid improving global economic growth and unexpected supply outages, drawing complaints from big consuming countries, like the U.S.

U.S.Plans Curbs on Chinese Investment, Citing Security Risks [Bloomberg]

"It is now clear that Trump’s policy is not about the trade deficit," said Raymond Yeung, chief greater China economist for Australia & New Zealand Banking Group Ltd. in Hong Kong. "Security risks can be applied to every aspect in a bilateral relationship, investment restrictions in particular."

China’s Ministry of Commerce didn’t immediately respond to Bloomberg’s inquiry about the report of planned investment curbs from the U.S.

Mnuchin has been working on the plans since as early as December, though he’s argued for taking a less aggressive approach, the people said. In the end, he’s been persuaded by other members of the Cabinet and the president to use blunt tools to address growing national security risks from Chinese investments, the people said.

Turkey's Erdogan wins presidential election, opposition yet to concede [Reuters]

Electoral board Chairman Sadi Guven said that with more than 97 percent of votes counted, Erdogan had an absolute majority. Unofficial results broadcast on Turkish television also gave his ruling party and its alliance partner a majority in parliament.

The main opposition party did not immediately concede defeat. But after initially saying Erdogan would fall well short of a first-round victory, it said simply it would continue its democratic struggle “whatever the result”.

“Starting tomorrow, we will start working to realize the promises we made our people,” Erdogan told flag-waving supporters in a victory speech delivered from the balcony of his ruling AK Party’s headquarters in Ankara shortly after 3 a.m.

Amazon-Berkshire-JPMorgan Health Venture Takes Aim at Middlemen [Bloomberg]

The still-unnamed business will initially seek to develop ways to improve care for the more than 1 million individuals who get health insurance from the three firms. Over time, the venture will make those innovations available freely to other companies, meaning that if it’s successful, its effects could be felt more broadly among the more than 150 million people in the U.S. who get their health insurance through work.

“My job for them is to figure out ways that we’re going to drive better outcomes, better satisfaction with care and better cost efficiency with new models that can be incubated for all,” Atul Gawande, the Harvard surgeon and journalist who was named last week to run the initiative, said Saturday at an Aspen Institute event.

FAMOUS SEX ROBOT CAN NOW REFUSE SEX IF SHE’S NOT IN THE MOOD [SyFy]

The upgrade will allow Samantha to enter “dummy mode”, an unresponsive state, due to a variety of reasons including an overly aggressive partner. She can also enter this mode if she feels bored with her partner’s attention.

Samantha is meant to be a realistic partner. She has motorized hands, hips, and a motorized face which can whisper endearments to her partner if properly stimulated. In addition to her “sex” mode, she also has modes for “family” and “romantic” as well as settings for an “extra naughty” level.

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