make glencore great again.ecord profits at glencore not enough for investors as they clamor for buybacks in dividends. and big growth plans. lyondellbasell's ceo bob patel outlines expansion plans for one of the largest petro-chem giants in the world. ♪ alix: i'm alix steel, and welcome to "bloomberg commodities edge." it's 30 minutes focused on the companies, the physical assets, and the trading behind the hottest commodities with the smartest voices in the business. all right, let's kick it off with "spot on." it's our analyst's take on our big story. joining me now is tamar essner, nasdaq's lead energy analyst, and our spotlight on oil earnings. good to see you, tamar. thanks for being here. tamar: thanks for having me back. alix: the big theme with enp independence in the u.s., production guidance goes nowhere. capex goes much, much higher. what was your big take away so far? tamar: companies are spending more and producing less. and so basically, this is a fundamental change in terms of what investors are

nejra: let's go to glencore first and by the way, if you want to follow the updates on glencore, therea great tliv blog. shares down 2%, first half adjusted ebit came in at a miss. glencore did post record first-half profit and cut net seems to beat worrying shareholders is that it held fire on any new plans to return money to shareholders or any news on raising the dividend. glencore down. abn amro higher 2.8%. second quarter offering -- a beat. capital was closed to the upper end of the target. some positive news feeding through into the stock and finally, ad on the downside, second-quarter operating profit met estimates but it said sales in the u.s. lag behind the netherlands. the u.s. makes up for two thirds of its revenue, perhaps causing concern even though the company expects u.s. sales to accelerate. matt: we will continue to keep you up-to-date on the stock movers throughout the session. right now, i want to get back to the world of rates. the bank of japan may tolerate a higher yield on long-term bonds in the 0.2% limit given by governor kuroda. that is if the summary of opin

glencore has posted record profit.gest commodities trader failed to increase its dividend and did not expand in existing buyback and a time where rivals are paying out more to investors. that may leave the door open to more dealmaking by glencore ceo. samsung plans to invest $161 billion to ramp up its ability to produce memory chips and other products vital to future growth. it will boost r&d spending in a number of areas, including artificial intelligence, wireless networks and biopharmaceuticals. shares of abn amro rose the most in eight months. better than expected results underscore lending business in the second quarter. abn amro ceo told bloomberg, the bank agreed to buy software and private banking units in belgium last week. >> we will look to make selective acquisitions as we did last week, but we will also look to return capital to shareholders in the event that we have access capital. >> that is your bloomberg business flash. tom: thank you. we are thrilled to have holger of ehrenberg bank. we will get them

sectors worldwide with major investor dividend payouts even last year from mining firms including glencore rio tinto ballet and angle american. the feud between the kingdom of saudi arabia and canada over jailing of women's rights activist which reported yesterday seems to be intensifying the kingdom took offense at canada's call for the release of jailed women's rights activist now the financial times of london is reporting that the saudi kingdom central bank and state pension funds have ordered the managers of their one hundred billion dollars in investment abroad to execute and sell off all holdings of canadian equities bonds and even cash the monarchy has also now suspended all flights from canada by state owned saudi arabia airlines and earlier today in riyadh the saudi foreign minister reiterated the hardline policy shift telling reporters quote canada made a mistake and they know what they need to do to correct it and here to bring us up to speed on the whole diplomatic. then the impact it could have on markets we now turn to our correspondent alex mann hile that you joins us live f

sectors worldwide with major investor dividend payouts even last year from mining firms including glencore rio tinto ballet and anglo american. the feud between the kingdom of saudi arabia and canada over jailing of women's rights activist which reported yesterday seems to be intensifying the kingdom took offense at canada's call for the release of jailed women's rights activist now the financial times of london is reporting that the saudi kingdom central bank and state pension funds have ordered the managers of their one hundred billion dollars in investment abroad to execute and sell off all holdings of canadian equities bonds and even cash the monarchy has also now suspended all flights from canada by state owned saudi arabia airlines and earlier today in riyadh the saudi foreign minister reiterated the hardline policy shift telling reporters quote canada made a mistake and they know what they need to do to correct it and here to bring us up to speed on the whole diplomatic. then the impact it could have on markets we now turn to our correspondent alex mann hile that huge joins us live

make glencore great again.profits at glencore not enough for investors as they clamor for buybacks in dividends. and big growth plans. lyondellbasell's ceo bob patel outlines expansion plans for one of the largest petro-chem giants in the world. ♪ alix: i'm alix steel, and welcome to "bloomberg commodities edge." it's 30 minutes focused on the companies, the physical assets, and the trading behind the hottest commodities with the smartest voices in the business. all right, let's kick it off with "spot on."

in rome, moving on, let's talk about glencore. a rough ride and a rough year for the mining giant, plagued by legal troubles the world over. despite all of it doing posted in the first half. editor,, mining, metals i think i spoke them about eight hours ago. it's the same topic but a wonderful story. yes, counting the debt, but investors are reidy, aren't they? >> yes, they wanted more from this, you haven't seen any move in the share prices and it was down lightly this morning and flat whole day and i think the big question is what's going to happen with the doj investigation and until you see some clarity on that, they are going to struggle or see some concern around the company. it seems to be plentiful in the manner of doing things to their shareholders. glencore is traditionally slightly different. we shouldn't we shocked. lynn: they are not known as a company that does a buybacks or share dividends. recently they came out to say they would do a share buyback when the probe was announced. certainly, they alluded to doing more

. >>> glencore shares slip as the miner posts a 23% rise in first half profit at the lower end of consensus. >>>. >>> ahold dei shares see red but overall earnings beat forecasts on the top and bottom line. >>> and abn amro cuts cost the ceo tells cnbc it's all a part of business >> trying to deliver on overall group r.o.e. targets that we have >>> good morning good to see you. >> great to have you here. >> it's a special wednesday edition. we want to talk about tesla. huge move in the share price yesterday. shares marked their most active day since 2014, spiking over 10% despite a 90-minute trading suspension this after elon musk said he's considering taking the electric carmaker private musk stunned investors with the idea in a tweet where he suggested shareholders could get $420 a share in what could be the largest leveraged buyout ever he also said funding had been secured. musk said going private would make running the company way smoother and less disruptive later musk said a final decision was not made but short sellers in the stock are already feeling pain with some estimates bettin

make glencore great again.profits at glencore not enough for investors as they clamor for buybacks and dividends. and big growth plans. lyondellbasell's ceo bob patel outlines expansion plans for one of the largest petro-chem giants in the world. ♪ alix: i'm alix steel, and welcome to "bloomberg commodities edge." it's 30 minutes focused on the companies, the physical assets, and the trading behind the hottest commodities with the smartest voices in the business. all right, let's kick it off with "spot on." it's our analyst's take on or

high forions were glencore. the estimate was for $8.55 billion.lf of the year van.isinglass and bird -- i the market penciled in 5.39. when it comes to debt, that comes in at $9 billion. these are just a little bit lighter than the market had anticipated. the broader market conditions are likely to remain volatile. user, hop a bloomberg on your terminal and mobile. there is a tliv on the way. all the editors are there. .he is popping out the numbers adjusted ebit 5.12. that is less than what we expected. again, slippage. less than what we expected from the consensus estimate. glencore is showing it is than its rivals. sanctions on russia, u.s. corruption probe, potential cost push inflation, morgan stanley saying we want more detail on why did you buy 78% stake in the oil operator? ivan has questions to answer even though they did a share buyback by the way. it is a thing in the metals market. $1 billion. those numbers are light. let's see how the market reacts. are though the s&p futures just within kissing distance of the highs of january, our e

i want to talk about glencore. they had a stellar quarter. fact they didn't issue a buyback and did not return .apital to shareholders >> they teased the fact they might be doing this buyback earlier. was a record. still did not quite meet expectations of analysts, which always surprises the market, especially with this. it does look like a shareholder-return question. they didn't talk about raising the dividend or how they would return cash to shareholders. it was kind of vague. david: moving over to disney, a surprising miss. they missed on revenue and earnings, but a complicated call because there were some extraordinary charges and write offs. espn not losing subscribers as fast as they thought. >> that was a big theme on the call. seem to key in on was that streaming service doing better than expected in terms of subscribers. that seemed to breathe life back into the stock. put talking about how to the disney wrapping paper on this brand and give it a new lease on life, something investors trust disney to do. what moves the needle is how

glencore having a recently good day. we spoke to the ceo still seeing opportunities.s of this process, the digital revolution will transmit -- transform so many factors of our life's -- lives. the stock, already up by so much. he won't comment on share price, but the trends he is seeing in the market. carlsberg is trading higher. bottom endyou to the of the market. we don't see atlantia at the moment in terms of a price. ip a group trading down, air france has gone ex dividend. there is a story talking about further legal actions being toought as a result of monsan and having an impact on the share price. that was bayer. tradinging about henkel down on the back of its numbers. bayer down on the back of that story. let's get a bloomberg business flash with sebastian salek. >> china will dispatch is vice tradece minister for talks with the u.s. this month. the delegation will meet an american group undersecretary of the department of treasury. it will mark the first official exchanges since earlier negotiations broke down two months ago. the chinese communist party's to

were limited by a fall across heavyweight mining stocks, with shares in rio tinto, bhp billiton, glencorein more than a year. the pound is recovering a little bit against the dollar. that's all the business news. much more coming up from italy, we will keep you up—to—date following the appalling collapse of a bridge yesterday. at least 38 people are known to have died. now it's time for a look at the weather, with louise lear. hello. today has not been quite so straightforward for many of us. we started off with clarity skies and the best of the breaks in the cloud have been further south and east. as you can see by this weather watcher picture from east sussex. quite a lot of cloud, particularly further north and west. and that has brought some rain with it as well. for the remainder of the day of the best of the sunshine we will see the best of the warmth, with highest values perhaps into the mid—20s. further north and west, the cloud the breeze, a little bit cooler and fresher. it looks like that rain will continue to push south and east overnight, so some welcome rain for gardeners an

. >> glencore has posted record profit and cut debt to below targets but the world's biggest commodityfailed to increase its interim dividend and expand an existing buyback. the million-dollar question is what do they do with the money? do they buy something, reinvest, or give it back to shareholders? >> it is a balancing act. they are already paying of $1.4 billion as part of a share buyback and dividend policy. for them, it is pretty good, but remember, the earnings are great, but a portion of these earnings and a lot of the earnings growth is coming out of the congo, and maybe a $1 billion fine heading their way. i suspect ivan must be worried about what is heading his way and what the ramifications are. >> novo nordisk is the world's biggest maker of diabetes drugs, and says the u.s. prices for its products will continue to fall next year, hurt by rebates in the medicare program. how do you see the pricing situation in the u.s. developing? we just had fresh comments from u.s. president donald trump about drug prices that he wants to come down. you are already dealing with this issu

that may leave the door open to more dealmaking by the glenn co-ceo just glencore ceo.ug prices in the u.s. the biggest maker of diabetes drugs expects changes in the medicare programs to push down prices next year. high-priced'prescription drugs have been one of president trumps targets. still ahead, futures in focus. this is bloomberg. ♪ caroline: live from london, i am caroline hyde. vonnie: live from new york, i am vonnie quinn. this is number markets. caroline: time for futures in focus. the fcc postpones decision on allowing bitcoin etf. bill, once again, this is throwing cold water on the bulls. bill: we are seeing the $6,000 level in bitcoin been bit. it has had it three times or four times and each time it has been left and enthusiastic. -- unenthusiastic. when you look at this when it started ripping in the half of last year, there is this support here and there, aligning with the. .f the high for hundreds at some point, if it keeps testing, it will break. id remains longer-term bullish, and the fcc has until the end of september to confirm or deny moving forw

those concerns pressuring the mining shocks, the worst performing of the year glencor, tinto all downis as copper is hitting its lowest level since june of 2017 falling more than 4% today it's worth noting with a dollar on a rise, just a big move we've been seeing in global currencies, across the board you see the turkish lira the ruble inc.ing out another. >> thank you, seema. take a look at tencent the to being is down just over 3.5% >>> next, veteran trader art cashin joining us. the dow is coming back, down 213 points stay with us [music playing] (vo) progress is in the pursuit. audi will cover your first month's lease payment on select models during summer of audi sales event. ♪ hawaii is in the middle of the pacific ocean. we're the most isolated population on the planet. ♪ hawaii is the first state in the u.s. to have 100% renewable energy goal. we're a very small electric utility. but, if we don't make this move we're going to have changes in our environment, and have a negative impact to hawaii's economy. ♪ verizon provided us a solution using smart sensors on their network t

we also see glencore down. metals and miners are losing today.n markets, basically flat after a mixed session in asia. joining us is tim graph, head of macro strategy at state street. thanks for joining us this morning. once again, trump and trade, big in the headlines. but there aren't actually tariffs on any more than, i think $34 billion worth of goods coming from china to the u.s. is it all about the bark and not really about the bite? tim: i'm not certain because trump has been consistent on this issue over the years and sees no reason to ratchet off the rhetoric. you look at his twitter feed, which we all have to do to follow his thinking, and it does seem as though he's pushing this line. it's a winning issue for him domestically and is going through a rough patch in relation to the russian investigation and the politics around that, ahead of the midterms as well. and historically, it has been a winning issue for him. so i don't think he'll really stop banging the strong, at least not through the midterm election season. from thean ohioan

glencore, bhp billiton getting hit the hardest. you also have novo nordisk and novartis down.into just added to the basic materials slice. the general point is most of the stocks trading today are up. most of the groups we are looking at are up. european markets are rising slightly after a negative session in asia. joining us now, the cio for european equities at allianz global investors. it is easy to understand why asian stocks were down. they are not releasing new video games. what about the rest of the world? can we breathe out following the that roileds markets the last couple of sessions? lulu: -- >> nothing solved. a lot of people talking about that. fax will be fine. the turkish government has to do a lot to clear that and at the moment, i am sorry to say it is more the question of how demanding they will be in turkey. that is the discussion the market has. be big echoes. we hope for a soft landing, but that is normal. you talk about drugs and alcohol . after a good party, you have to live with the morning after. itt: we heard how difficult will be for emerging markets

the stoxx 600 is trading higher today and as you can see, it has been led by the likes of glencore, beltwayme of the big gainers. seemingly to continue to decline. those are the big movers, but definitely the color is of a green nature today. 378 companies rising, 141 are declining. european markets have opened higher after most asian shares -- we are joined now. peter, great to see you. boj wantingbout the to raise rates earlier this year, but growing cold on it. story or not? >> i do care. is it a story? absolutely not. as long as inflation is doing japan,not doing a lot in there is no reason for the boj to consider raising rates. , ahave yield curve control rate rise anytime this side of judgment day is very ambitious at this stage. matt: this indicates they do want to normalize. does that change the way you think of the bank of japan? that theyeady clear are hoping to get back to normal at some point in the future? peter: there is a difference between hope and reality. back to a hope to get policy normalization, but the reality would dictate otherwise. they still have low levels in infl

glencore, lawsuits, regulatory risk, a subpoena. do you add weakness? david:.t fundamentals, with the exception of copper, your pet strong commodity prices and a lot of the key areas of off put, nickel, have been doing well. the trading operation is doing well. remember the fears of three years ago, the balance sheet. the balance sheet is strong today. debtouble digits of net and several million, there he strong balance sheet, good commodity prices, a good trading operation, we will get to the legal issues, we think they are an attractive stock at these prices. alix: really great to get your perspective. thank you. coming up, focused on the lira moving higher against the dollar. will he get support from germany? that is the question. go to gtv . this is bloomberg. ♪ ♪ alix: here is what i am watching. the lira moving higher against the dollar. the wall street journal reports that germany could extend financial help to turkey, they could come from a coordinated bailout, or specific loans, state development banks, maybe bilateral aid. there may be european en

a fall across mining stocks is weighing down the index., with shares in rio tinto, bhp billiton, glencore news. (pres) 20 years ago today, a bomb exploded on a shopping street, on a saturday afternoon, in the town of omagh. it was the worst single attack in the long conflict in northern ireland — killing 29 people, and two unborn children. people in the town have been commemorating the anniversary in a series of events. a bell was rung 32 times to reflect the 31 lives lost and an additional peal to remember all who have lost their lives through similar atrocities. in the last half an hour the bbc‘s director of editorial policy and policy, david jordan, has been explaining why they decided not to appeal... ajudge ruled the bbc infringed the singer‘s privacy in its reporting of a police raid on his home in 2014, awarding him £210,000 in damages. we are not going to be able to appeal the case that is a huge principle here. which we would like to be able to clarify the courts. we have sought the best advice we can seek and the general opinion is it would be hard for us to win the case. we hav