glencore.ance names very much in the mix today. we will look for reactions to earnings fair. let us get to the start of european equity trading day. anna: it is 8:00 in london and unplug if you are watching in paris or frankfurt. european equity markets just opening up. what will they deliver for us this morning? let us go over to nejra cehic. nejra: i'm looking at the gilt market open. the reaction to this fed minutes, pretty muted in today's session of if you look at the dollar and 10 year treasury yield, so if you look at the it looksilts yields, like we are edging slightly lower, down one basis point, 1.19%. do keep an eye on the front end, german bonds. 1.1 my gilts yield down percent. looking at the european stocks, the futures were pointing to a pretty flat open and that looks like that is what we have got on the stoxx 600. in terms of distribution, a real mixed year between the green and red. the gains. leading on the downside, materials as the worst performers. not a surprise given we

he's been following the travails that glencore.re investors looking for when glencore reports? today? in a room for surprises? for surprises? >> what a difference a year makes. exactly as you said there. what we will see is a continuation of the team we have been seeing from the minors. it's an extraordinary turnaround by the sector. we've seen profits surge as prices have gained through the past year. we've seen returns to shareholders boosted. that will be a key focus when people look at glencore's earnings later today. the company said in december resume plans to dividends. it did suggest it will be 2018 before we see a more generous return to shareholders. let's wait and see if it will be a case of delayed gratification. but we seen so far is they have outperformed and beaten expectations on those dividend payments. the likes of rio tinto announcing a buyback, also bhp announcing a bond repurchase scheme alongside its earnings. the story so far has been of expectations being beaten. anna: we will see where they get to. the comp

glencore in the news.mmodity trader and minor posting a greater than estimated rise in annual profit. higher prices from trading results. what a turnaround it has been from the crisis in 2015. investors dumped shares on concern that debt was too high. along slumping commodities a year later. borrowing hard. of asset sales, cost cuts, and rebounding prices, rebounding share prices. glencore is up by 3.68%. today in a record europe's biggest defense company, posting a better than estimated 13% gain in four year earnings. u.s. military spending taking up . weapons were deployed in syria and in yemen. this is the spread from -- the spread, francine, the gap between the french and german tenure. it rose to an intraday high of 83 basis points yesterday. that was a 2012 high. it slid back to on a 3.7 basis points, or roughly is today. keyon agreeing to a alliance with another centrist politician. the same political space if he had run for the presidency. whoever cleanses the second spot in the runoff will become

investors dumped glencore scherzer over concerns there was too much debt.itting about own capital of its to expand its business in saudi arabia. that is according to people familiar with the matter. they already have a securities and equities business there will stop now it plans to own capital to expand its use capital to offer saudis loans backed by liquid asset such as stocks. auto executive carlos ghosn is giving up one of his many titles. he is handing over the day-to-day running of nissan to a new chief executive. ghosn will remain chairman of focus on revamping the struggling nissan affiliate mitsubishi motors. he is also chairman of mitsubishi and will remain chief executive of french carmaker renault. commentse are waiting from president trump as he meets with manufacturing ceos at the white house. there is a live shot. we will dip into that just after it begins. we are going to bring in kevin cirilli who has more from the white house. kevin, this meeting is one of several. trump network manufacturing ceos before and now meeting with them and other

glencore. bhp billiton. rise because of supply tightness in south africa -- in south america. strong bid on friday and to come through again on ,onday and see that bid resume strong proof -- strong performances coming through there. the pound is reasonably well bit against the euro this warning. the greek prime minister alexis tsipras has lashed out once again at the imf saying it is playing a potential poker game. the auditors have insisted on legislation that would trigger further budget cuts. european union officials has set a deadline of february the 20th for greece to complete this review of its latest bailout. let us get the latest from athens. and our guest is still with us. let us talk about this and figure out what is going on. do the politics in athens in any way dictate that these deadlines are going to be hit? >> the politics in athens generally in the past have never dictated that the soft headlines would be hits. whenever you have a hard deadline of the money running out is when you are more li

we had glencore trading halted this morning pending of full-year output report.ook.take a high.an at a three-day most sincea rose the two any 12 -- 2012. let's take a look at the aussie as well. a bit of chart resistance going towards the 77 area. not much reaction in the bond curve. p thispull of this -- u chart to show you the trade balance. you can see this in green on the far right of the screen. that is the surplus that we saw. have of 25 economists projected the number two past the surplus setback in 2009. rishaad: thank you. the federal reserve giving a nod to the rising economic after donald trump to the presidency. more on that. it is all about what the fed said, and in other cases, with the fed did not say. >> exactly. some hoping for other risk. not moveertainly will yet until they see how the expectations and hopes play out. one sentence in the policy statement seems to knowledge that donald trump is changing psychology. here it is. "measures of consumer and business sentiment have improved of late." it does not say a lot. it was only a five paragraph

do you see a glencore authentec opportunity that exists -- glencore type opportunity that exists todaydavid h.: i think there is a lot less dispersion. you saw a huge gap in valuations between industrials, consumer discretionary and financials, and the safety stocks. bit gap has closed a little , but i still think european areacials is probably the around the globe that is yet to be property revalued -- properly revalued. .ou mentioned credit suisse this is still 60%-70% off where it was. they have done a lot of work to make themselves a better company. companies like credit suisse. some of the key european banks like lloyd's. even some of the insurance , or yous like allianz see they have so much excess capital, they are still selling at really low valuation. all a part of this whole euro phobia. last year with the u.k. referendum and this year with the french and german elections, people get so obsessed with these elections, they just lose focus on companies' ability to generate cash regardless of the outcome of elections. alix: do you want it protecting yourself? the french election

you can see glencore, anglo american and bhp billiton all down, but a sharp contrast in what we've seenof more infrastructure spending and uptick of commodity prices has helped these stocks gain more than 11% so far in 2017, as you can see in glencore and anglo american shares year to date. now, while we have seen a rally in u.s. financials today, european banks moving the opposite way, at least some of them. take a look at banco popular, reporting a loss after deutsche bank reported disappointing results. a lot of investors say valuationwise, they look attractive, but we have to watch how earnings pan out over the next couple weeks. jon, back to you. >> thank you, seema. >>> still to come, a lot going on for a friday in washington as the president meets ceos from his strategic and policy forum. what it means for trade, business and your money with former nafta negotiator carla hills next, plus the new tech ipo filing. we'll dig into snap inc. >>> good morning, everyone. i'm sue herera. here is your "cnbc news update" at this hour. mexican drug lord el chapo guzman was transported from

it also gives glencore greater control of key assets in a time of booming copper and cobalt prices.t is your bloomberg business flash. manus: juliette,. thank you let's focu thank you. -- rose the most since 2011. producer prices rose in january from a year earlier, beating estimates and boosting global reflation, poised to give more support to the gains. anna: our guest is still with us. when you look at the inflation numbers coming out of china, do you get concerned about inflation and what the authorities in china are going to do about it, or do you look at the global story and say china is not exporting deflation, and that's what many central banks have been after for a long time? >> different things going on here, as you say. from a global perspective -- and you were just talking about the u.s. -- china is still exporting deflation in the u.s. u.s. inport prices from china are still negative, which is an interesting point, because the currency has been coming down. that's important despite the fact that prices from a chinese perspective in local currency have been rising. the c

the chairman of bloomberg lp is a nonexecutive director at glencore.siness flash. joe: coming up, what do you need to know for tomorrow's trading day. this is bloomberg. ♪ ♪ all four major indexes in the u.s. rising to record highs. joe: more green across the board. scarlet: financials were the leading advance as everyone awaits details of the tax plan. what's coming up, don't miss this. the bank of japan governor will speak at a map -- an economic conference tonight. tomorrow, janet yellen testifies before the senate banking committee. that will be 10:00 a.m. eastern and we will have full coverage on bloomberg. scarlet: credit suisse reports yearly earnings, t-mobile and aig report fourth-quarter results. have a great evening. this is bloomberg. ♪ >> let's start with a check of your first word news. president donald trump and canadian prime minister justin trudeau use their first face-to-face meeting to promise action on improving access for capital for female business owners, and adopting policies to help women stay in the workforce. trudeau lauded t

rivals like glencore may look to to duplicate that.ncore looks like they were going to produce their first profit in five years, but rio to a certain extent, they are much more exposed to iron ore prices. they doubled. when you're producing tons per year and shipping them to china and $25 per ton, that is a fantastic business to be in. guy: thank you very much in be. the two most important stocks. rio and salafi moving the stoxx 600 more than any other two stocks -- and sanofi moving the stoxx 600 more than any other two stopped. 10 past 12 u.k. time, we will be talking with another guest u.k. time. matt: still to come, we will break down the latest news in the court case over president trump travel ban. plus, a currency cold war. says the central bank are using deceptive tactics for depreciation. fascinating piece from them, and then later, boj curveball. the central bank says concerns about its ability to control yields are growing and it wants to get discretion to its market operations desk. that story on the bank of japan, and much

so we've seen anglo american, glencore and rio tinto all do well out of that.n 200 bush fires in new south wales at the weekend. they're the result of a heat wave which saw record temperatures of up to 47.9 degrees celsius. one of the largest bush fires near the village of dunedoo was so vast it created its own weather system, triggering a lightning storm. 60 fires are still burning. hywel griffith reports. only from the sky can you grasp the scale of the scorched, scarred landscapes which burned over the weekend. more than 200 fires spread over hundreds of thousands of acres. crews are still working at 60 different sites. at some villages and farms they have started the task of checking how much has been destroyed and what if anything can be salvaged. the community has been heavily impacted by fire. i would suggest most buildings in the community are damaged and all destroyed. at the height of the bushfires, 2500 crew members were called into action. two were injured. it is remarkable that the heatwave passed without the loss of human life. a combination of fa

also due out, results from the big mining companies including bhp billiton, glencore and anglo americankets are closed today for the president's day holiday. but here's michelle fleury in new york with the details of what to look out for later in the week the question is will they be able to build on the gains last week, the major indexes have been buoyed partly by donald trump's promises fewer vacations and tax cuts for businesses, all happening against a backdrop of an improving us economy. that progress was pointed to, but the dangers of waiting too long to raise interest rates. investors will be looking at the latest federal reserve meeting the clues of any imminent hike. on the economic front, wall street will be looking at plenty of data on the housing market and an insight to the housing market and an insight to the manufacturing sector, look out for the report for february. wrapped up only that, freezing in new york. joining us isjessica ground, uk equities fund manager at schroders. quite a bit going on. let us talk about kraft heinz and their pull—out of pursuing unilever. int

glencore has reported an 18% increase in core profits for 2016.rials has since bounced back. we saw earlier in the week that bhp biliton and anglo american also benefited from a rise in commodity prices. aerospace giant bae says it expects increased defence budgets to boost its earnings by 5—10% this year. profits did well in 2016 — they were up 7%. sales at the british firm jumped from £1.1 billion to £19 billion. thanks in part to the fall in the pound. centrica was one of the largest fall as this morning and then recovered slightly. barclays was doing well this morning after they announced profits had trebled but it seems to have dipped slightly. i will be back in our's time have dipped slightly. i will be back in our ‘s time with more business news. she died her hair pink for the baftas, and refuses to have her photos touched up — you'd never think that dame helen mirren ever feels a lack of confidence. but appearances can be deceptive, as the award—winning actress has been telling young people at the launch of a new initiative from the prince

glencore is buying out in an israeli billionaire's steak and a cobalt mine.t competition has intensified due to electric vehicles. next, verizon is jumping on what is becoming an industry bandwagon. the tiles behind their change of heart on a key offering to customers. -- details behind their change of heart. watch us live and see interviews and dive into functions we talk about. you can become part of the conversation by send us -- sending us instant messaging. check it out at tv . this is bloomberg. ♪ ♪ caroline: verizon will offer unlimited data. they will charge $80 a month for a single user. that is higher than the t-mobile plan. it is an about-face for the wireless provider, which has steadfastly refused to offer unlimited data plans. fu took a closer look at the numbers, which don't lie. >> t-mobile has released preliminary subscriber data for the fourth quarter and the key number to watch is phone postpaid customers. that was 900 33,000, bringing the total to 1.2 million. this comes at the expense of competitors. if you go back to the third quarte

if i come back over here and drop it and see what names are moving, you p, rio tinto, glencore. like a little bit of a safety play as far as the reason that markets are up right now. the failed mergers hurting .enerali see and waiting to teslas -- intesa's opening price. if the share has bounced today, sense -- ithere is a don't know if it is confidence or lack of confidence in management to say it was the wrong planned -- planned. -- planned -- planned -- plan. -- march is live as on paris says her it with less than three weeks ago, traders see a 40% jump in the central bank. they are both sub 50. here's a chart that we pulled up here. 6277.s you have march all the way down here. may here, june here. the probabilities of a hike coming through. good morning and thank you for spending time with us. the market called the fed bluff. are we going to find out this week because we are going to get trump and then yellen on friday. both of those things pan out, then maybe march is done and dusted. >> i think more important is the data. i think that will be important in judging whether m

. >>> also want to talk about glenco glencore, earnings up 18% at $10.3 billion. the miners net debt fell to $15.5 billion at the end of the year compared to $25.9 billion a year ago. >>> well go for a quick break. check out world markets live, our blog which runs throughout the european trading day. we'll be back with more coverage of the european markets. don't go away. >>> welcome to "street signs." i'm carolin roth. these are your headlines. >>> barclays shares rally as the lender swings back to profit on solid investment banking revenues. ceo jes staley tells this show noncore disposals have paid off. >> we have aggressively worked on non-core. we took the difficult decision of cutting the dividend in order to get non-core down. in june of 2017, we will close the non-core unit of barclays and we will essentially end the restructuring of this bank. >>> shares of swiss re slide after fourth quarter net profit falls 45%, with natural disasters taking their toll. >>> a record year for peugeot. the french automaker raises its profitability goal and resumes a divid

which have not rebounded as much but ought to things like nickel, names like rio tinto and glenco glencore, they will benefit. >> paul, thank you. >>> we will be speaking to andrew mckenzie, ceo of bhp billiton coming up. stay tuned for that. >>> the michelin guide awarded one of its coveted stars to a restaurant in france. but one restaurant was particularly surprised when she found out that her restaurant had been awarded the star. she employs one part-time cook to help her in her restaurant, where the set lunch menu costs just over 12 euros. the michelin guide it turns out got the wrong restaurant. the name is the same, though. the award was intended for a restaurant with the same name in another town over 100 miles away. >> talk about windfall profits there. >> exactly. she shouldn't have said anything. just kept the star. have people coming. >> people believe the food is good just based on that michelin star. >> there's a lot of placebo effect going on there. how many times do you go somewhere where it's a small place, nothing special, but the food is amazing. you think if this was se

last january, the miners felt to a 13 year low, 515% gain, glencore, 354.ncredible gains since then. merck shares slumping as much as 7%, most -- the -- they unexpectedly lost money last year, writing down some of its energy assets it is plain to spin off, reports of two annual losses since world war ii, down $2.7 million in its drilling and supply services unit. in the process of separating out its for energy units as it focuses on a transport operation shares down just 4%, to spread between the french and german yield has widened to the highest since 2002. this is the daily spread between the two countries, that is brexit. u.s. election monday. as we approach the french election in april, possible second round in may, the spread has widened more than it did in these key political events, toestors beginning contemplate the prospect, even if the poll say it will not happen, marine le pen winning the election. greek bonds, the two-year yield, % and a wrangling between the eu and imf continues about the greek bailout, the country has to repay almost 23 billio

glencore's turnaround appears to be complete. commodity trader and miner reported annual profits that rose 48%. ivan glasenberg turn the company around thanks to cost cuts and higher prices for metals. in 2015, investors dumped glencore shares over concerns there was too much debt. carlos ghosn is giving up one of his many titles, giving it up. he will remain chairman and focus on revamping the struggling nissan affiliate mitsubishi motors. he is chairman of mitsubishi and will remain chairman of the french carmaker renault. the equivalent of 3.3 billion barrels of untapped oil from its book. it made it mathematically impossible to harvest those fields profitably within five years. that is your bloomberg business flash. i am taylor riggs. alix: if you were looking for clarity and the fomc minutes yesterday, you were disappointed but the markets honed in on this quote. many participants expressed the view that it might he good to raise the fed funds rate fairly san. -- fairly soon. media honed in on that line. dave and rosenborg j

tinto, glencore seems to be -- after the china and the tightening by the pboc.e continue ct -- to see a at the summit of those leaders. exactly what comes out of this in terms of the response to donald trump. the u.s. administration sometimes does not understand the eu. , do u.s. investors understand the eu market? reporter: european voters potentially don't understand. area and from an investment perspective we are selective because in spite of the lower valuation, the political risk is significant. think it will be difficult for investors to really take a stand just before an election and be bullish going into that. there are signs of life --guy: if you could take the political noise out, how much better with look?tuation nothing really bad happens, what does the picture look like? of what we arese seeing in terms of growth, for the moment we are selective. with like germany. the election that is the most important to watch. to be more optimistic, a barbell that -- strategy of germany and italy would work to be able to dance electrical difficulty. what do you

glencore has reported an 18% increase in core profits for 2016. and anglo american also benefited from a rise in commodity prices. aerospace giant bae says it expects increased defence budgets to boost its earnings by 5—10% this year. profits did well in 2016 — they were up 7%. sales at the british firm jumped from £1.1 billion to £19 billion, thanks in part to the fall in the pound. and the markets... the uk market was slightly lower before midday — centrica one of the biggest fallers following its latest results. that's all the business news for now. thank you. researchers have developed a new smoke alarm sound — with a lower pitched tone and a woman's voice — which they say is more likely to wake children. teams based in dundee and derby began working on the project after fire investigators warned that children were able to sleep through conventional alarms. interesting. time for a look at the weather now. and you have got an update on the storm? yes. and you have got an update on the storm ? yes. we and you have got an update on the storm? yes

so we've seen anglo—american, glencore and rio tinto all do well out of that.rope and he was pulled upside down. the 51—year—old, who was one of 20 bell—ringers in the bell tower, fractured a bone in his back. 0ur correspondentjon ironmonger has the latest from worcester. well, this was a very unfortunate mishap, buta well, this was a very unfortunate mishap, but a rather miraculous rescue operation. ian bowman was one of 20 bell—ringers who visited worcester cathedral to ring the bells. if you look behind me, above the altar here, 80—foot in the air you can see the altar here, 80—foot in the air you can see four lights and the lights are on the under side of a trap door which leads to the clock room. if you imagine another eight feet above that, you have another room which is called the ringing room which is called the ringing room and that's where ian was and it was in the middle of the service on saturday when ian released the rope to what's known as the tenor bell. that's a large bell. within of the largest in the country we believe and as it shot upwards i

glencore has opened the door to a big dividend, aiming to reward shareholders for sticking with the companyough the commodities crisis. the minor has signaled it will pay out this year or next after holding its debt. latest toould be the issue a dividend this month, following rio tinto and bhp billiton. the u.s. dollar, falling against major currencies as treasury secretary steven mnuchin says he expects low interest rates to persist. joining me on set is the westpac senior fx strategist. great to have you. it's very interesting where this dollar trade is going, isn't it? there appears to be so much uncertainty. the fed is very much on message, very consistent, but how big of an unknown is policy? >> it makes his presentation to congress on tuesday more important. markets are hoping that we get some details on what he's got planned. the border tax, does he like it or does he not like it gekko when are the tax cuts going to come? they are clearly on the agenda, but it makes a big difference to your forecast if something is going to happen soon or if you have to wait for health care reform. i

a lot of the steel names are up, rio tinto on the upside, glencore having an amazing year, it was alsourope. here in the united states what you want leading the market, your banks, your materials and your industrial names. not a lot of new highs out there as carl mentioned. apple is essentially sitting right near a new high, but not a lot of new highs. but it's the ones you want leading the market there. there you go, three there, banks, industrials and materials leading the market. jim was talking about global growth and that's a very good point because that's what we're starting to see here. look at major reasons while u.s. is up 3.5%, the rest of the world is outperforming, emerging markets are having a great time. there was a number of analyst reports out over the weekend about this, goldman talking about higher inflation, talk about growth momentum in emerging markets as well, but japan with the weaker yen has been outperforming. and even europe the efa, you can buy that in exchange traded fund, is outperforming the united states. so there's a general feeling that global growth is

we saw new record high, banks, glencore, so there is one guy to talk to. we are speaking to him.>> it will be about banks and the metals, but what do you do when the dow has had 11 straight record closes, the longest in 30 years. around thetrimming edges, which he was in a radio interview with you, what he is doing now. the most important question, what are you wearing, tom? chicago, howf about that? >> and you get to keep them when you are done with it. tom: my earrings are a little different. did you see her earrings? nicole kidman's hearings were like the gdp of an island nation. >> and she has to give those back, and her dress to, sequence and diamonds? tom: there it is. we can't compete, folks, with scarlet fu, a celebrity lodestone. scarlet fu owns the high ground. alix steel, thank you very much. let me get the single best chart with jonathan golub. i did this chart just for jonathan golub. world is coming to an end, by equities. by equities. by equities. -- buy equities. through all this, even if we had a bear market come it would still be a market. >> if there is a lesso

talked a lot about the strategy of value over volume, a story i have heard from competitors like glencorewho i have not heard it from very much is bhp. whilst you cannot comment on their strategy, there's impacts yours to a certain extent. and you maintain value over volume if your biggest competitor, bhp, does not do the same? jean: i cannot make any comments about my competitors that i think what we showed today is a good example of volume. either we sell more in the same call space or we sell the same thing with a lower call space. the decision of value over volume be made in each community and asset. this can be done without any intervention of our computers. jonathan: rio has a strong balance sheet, and a lot of people have said here is the balance sheet, what are you going to do on the m&a side? you are only a handful of mining companies to pay off the debt with less than a year's worth of ebita. you mentioned yourself you would like to see more diamond assets in the portfolio so beyond this one, if debeers became available is that something you would be interested in? jean: let's s

glencore,titors like who i have not heard it from very much, bhp.ategy, it does impact yours to some extent. my question is can you maintain if chp doesolume not do the same? comment, butake a it is an example of value over volume. we are two ways. more or we sell the same thing. each of the assets. value over volume is the way forward. >> we have a strong value sheet and that has been the story for years. what will we do on the m&a side? a colleague pointed out you are one of only a handful of companies to pay off the debt, with less than a year's worth. is that something you would be interested in? >> opposition has not changed. and it is fair to say very good for the seller. yes, that isnt on, on my christmas list. we truth of the matter is case, --ve a clear case >> let's talk about it. you said it is on the christmas list. you tell me. >> in the corporate space, for we love diamonds. the reason why is it is very difficult to find the spirit to give you an example, when you between the time you have a rough, 25 years on average, maybe there coul

glencore up. -- up by 362%. falling against the dollar.s from fed reserve bankers -- harker votes on policy this year. he bolstered expectations for rate increases early in march. he said commanding news on friday. a march hike is not off the table. francine: mark barton there with all the assets you need to know about. the australian prime minister, malcolm turnbull, described president trump is a very big personality with a very big job. speaking exclusively to "daybreak australia," turnbull said he had frank and open conversations with the u.s. president, that insisted the content of those discussions was not for public view. this comes as australia continues to push the case for tpp to go ahead without america, which abandoned the deal as one of trump's first moves in office. turnbull: we have had several conversations now. they have been constructive, frank, and forthright. have a veryand we deep engagement with the american administration, and every american administration. you know, the australian-u.s. alliance, relationship, is ver