the russian energy minister spoke to annmarie hordern in moscow.rs which outweigh fundamentals of supply and demand. uncertaintiess of that are connected to sanctions. global gdp growth rates are affected by sanctions. think there is little chance such market sentiment would change over the next month and there would be some clarity at the beginning of november. there will always be the risk of sanctions. do not think the market is pricing in the fact you are at record highs -? >> we should not only be looking at russia's spare capacity, but the complex picture. we are looking at shealy and oil production growth rates -- shale and oil production growth rates and what is going on in venezuela. only by looking at the complex picture can we understand the market. marie: we always talk about prices. there was always a range of -- i s always a range of 60-70. are you worried prices are too high? >> concerns do have some ground to them. concerns exist and the price is somewhat high due to uncertain factors being embedded into the price. current levels ma

for that, we go to annmarie hordern in london. let's start with one positive mover, europe's biggest cement maker up nearly 3% this morning. they are dealing with higher energy costs, which is weighing on production. there are still able to report again in revenue, up 5.8%. glencore down 1.9%. morgan stanley put out a note they were expecting shares to be marginally lower after third-quarter production missed morgan stanley's estimates in copper, nickel, and oil. rbs down nearly 5% this morning, the most it dropped since june. third-quarter earnings beat estimates but they took the cfo taking a conference call, saying it reflects brexit uncertainty. nejra: thank you so much. ending on the right note, brexit uncertainty. that's what we're talking about next. bloomberg sources say theresa may's cabinet is not close enough to agreeing on a way forward for top-level negotiations to resume. british officials will not put forward a new plant before monday's budget. sandra crowl is still with us. this goes on and on. we keep hitting walls

in our london studio, annmarie hordern has it.s stilllike the rupee under pressure, but we are in the heart of reporting seasoned in india. what stands out this morning? >> good morning to you. the earnings season is going on fine. because of the cool off, i think it started off very well only two peter down a little bit as we speak -- to peter down a little bit as we speak. .25% higher. we slipped a little bit from the highs of the day. the currency generally has had a bit of a rebound primarily because of what is happening to crude prices. a crude spike up has an impact on equity markets and the currency. the market is very positive, and all of those the likes of the aviation stocks are doing rather well for themselves in the session today, so not a bad day. nejra: what are you looking at this morning here in london? casper: who is nervous -- annmarie: who is nervous? everyone is nervous as volatility is spiking. what you can see here is they are i mean these levels we saw these levels as investors grapple with the fact that we

let's get to our top stock stories with annmarie hordern.rie: volvo down more than 6%, was down over 9% as the company issues a warning on an omissions control component problem. they have not assessed the full financial impact, but the cost could be material. rio tinto slightly flat. it was up in australia on for record shipments of iron or, but third-quarter exports dropped 5%. stronger numbers in copper and aluminum. the mixed report, especially given softer iron ore numbers. british american tobacco also to the downside, noting currency shifts and fx headwinds impacting earnings, as well as debt reduction. they warned that smoking alternatives will miss their goal this year. that stock under pressure this morning. three downers, matt. matt: all right. thanks very much. hopefully we can get a little more upbeat news later in the day, although actually drops in stocks are interesting. imagine, if you are short those investments, you would probably be happy to see that. speaking of drops, let's talk about what's going on in saudi arabia. th

for that, we go to annmarie hordern. nmarie: quite a u-turn for asml if you compare to what they were doing yesterday. semiconductors and chip conductors -- chipmakers down the board. reports a 3%tel holding in the company, according to dutch filings. upside, rose the highest in almost a year. core metals gained today. and then shire up .6%. it gets a broad request from the regulators, one probe into takata's probe. the european union doesn't have specific concerns. anna: thanks very much. the trajectory of turkey's economy and the country's relationship with the u.s. hang precariously on a court case happening right now. if speculations turn out to be correct, andrew brunson is freed, the new era is likely to appreciate further. we're waiting for live images of the court case. we'll bring those to you an update you on any developments with regards to turkey. the head of fixed income research from emea is still with us here. we have the live pictures coming to us from turkey. 's trial continues. we wait -- his trial conti

still strong demand from china. >> annmarie hordern and kris bryant, great work.f and have some drinks. later in the day we will speak after 9:00 a.m. ceo after 9:00 a.m. u.k. time. >> third quarter catastrophe losses of twin 1.5 and $1.7 billion from natural disasters including hurricane for its -- hurricane florence. estimates for losses tied hurricane michael r 300 to 500 miles per hour. to $500 million. paypal reported earnings that beat analyst estimates. of 54ersus estimates cents. paypal said it is making progress toward monetizing venmo . new york state officials are considering blocking parts of a $56 billion merger of cvs health and at not. -- and aetna. the deal needs to pass through state regulatory bodies. an obstruction from new york officials could jeopardize insurance premiums. >> debra mao in hong kong. thank you. last week's market retreat caught investors off guard. watchful eyes are on earnings to provide signals about the direction of stocks. a week into reporting season, how are things looking? what to expect when results ramp-up? how are ana

anna: bloomberg's annmarie hordern in moscow. bringing us the oil story through the week at the rush energy weak. let's look at the morning mid-cap stories we maybe need to drop your attention. dani burger has that for us. aboveschroders punching 1% after it secured one of europe's largest investment contracts, with lloyd. it is coming in at 109 billion pounds. this next one is after an upgrade from jeffries. the company has seen weakness, sentiment has gone too far. organic revenue will need to improve at the company. shares moving up 1.3%. 10% on thepps gains year after the company said it sees a higher full-year forecast, though it thinks the weaken, it isill concentrating on cost and margins, giving investors positive sentiment this morning. anna: dani burger with the mid-cap movers. in italy, really important story for us. italian in saw falling for us today after a report the government will cut its budget deficit targets. the ruling populace agreed to a shortfall of 2.2% in 2020. that is down from a planned 2.4%. joining u

annmarie hordern has the details at novartis. nestle?company reported earnings this morning, which did well. they maintain their forecast. this is a company that has benefited from a hot seller. a lot of people buying refreshing beverages and ice cream. the key news is a departure, the head of asia is leaving and there is speculation she might be going to the other big consumer good company, unilever. that might be one to watch. ona: ok, and we keep an eye carfor. third quartereir figures last night. they made a pretty good reading. sales in france were up 1.6% in the third quarter. that's a huge third quarter. it's ahead of analyst estimates. it's an encouraging turnaround with both the supermarkets and the -- markets contributing to that performance. italy and spain difficult, we saw in the profit warning from t ria this week. anna: let's go to novartis, they are filling inc. was it. -- they are feeling inquisitive. >> purchasing endocyte for more than $2 billion. anna: thank you very much to all of you. thanks for joining us. you can

let's get a preview of what we can expect from annmarie hordern. month until the we have u.s. midterm elections. investors have been so invested in the outcome. this is the house, all 435 seats are up for grabs. a third of the senate as well. polling shows divided government is the most likely outcome, which means roadblocks for president trump's agenda and little action on the policy front. democrats are up by seven points for the house. the senate saying -- staying republican. in the event of democrats winning, bloomberg intelligence analysts see the budget feuds coming back into focus. this could derail economic confidence and weakening u.s. second -- u.s. equity performance. markets tend to perform well after elections. however, when the president and congress are aligned politically, returns are usually better than when the two branches of government are not. there are also in -- indications for the dollar and treasuries. anna: a lot more complicated then markets like it when policy stays the same. thank you. annmarie hordern with the latest o

annmarie hordern in london and niraj, as well. get the bloomberg first word news with debra mao in hong kong. brexit talks are said to be on hold because theresa may's cabinet is not close enough to agreeing on a way forward. no new plan is said to be forward before monday's statement. a report by the national institute of social research says a no deal brexit which shave 1.6 percentage points off u.k. growth next year. by contrast, the trade accord that keeps most of the current arrangement would see gdp grow by 1.9%. the new fed vice chair, richard clarida, backed the central banks plan for central rate increases and suggested policymakers won't change course in response to political pressure. , the new number two at the federal reserve downplayed market turbulence on fed policy, noting the fundamentals of the economy are very solid. former vice president joe biden and actor robert de niro are the latest targets of a series of a suspected mail bombs. they removed a suspicious package by a restaurant owned by de niro. the fbi sai

for that we go back to annmarie hordern. annmarie: i'm looking at green core, up more than 2%.ore than $1 has a dividend now. the ceo says it allows for financial possibility and build on its u.k. business. loser, group the biggest plunges the most on record. they manufacture medical and surgical equipment. they lowered their guidance in 2018 and the ceo says he will step down immediately. companyinge, a swedish in the hospital/pharmaceutical sector, in terms of sterilizing and disinfecting equipment, making a 1.8 billion kroger provision. they said it's higher than expected and that could be why we see the stock under pressure. both of these two companies are the biggest laggards on the stoxx 600 this morning. anna: thanks very much. the latest company to halt plans for an ipo, siding market conditions. a listing would be postponed. this follows similar delays last week from -- and sunny. let's discuss the markets more broadly, the ipo markets, the deals market with ruth david. great to have you with us. let's start with sessile than, ipo not going to happen. how is this tying

russian's energy minister speaking to annmarie hordern in moscow.g me now on set in is our middle east energy reporter. --s comes down to the line "we'll do whatever it takes." how much do they have to do? have they got that capacity to sent outtweet overnight? >> the market is not impressed. oil is at $85 a barrel. they have added about a million barrels since the meeting in june. about a million barrels needing to be added in june. qe are again in october -- here the are again in october. we are still at one million barrels. if we look just at the supply, they were saying they needed a million barrels more in june. in october, we have that. we are facing iran coming down in the future in november when the sanctions will be imposed and we will be imposed and people see more iranian barrels coming off the market. when we look at the market, we track the exports by country and we see the gulf producers not exporting enough to make up for that scaling back in russia. talk to me about the moving oil today. we are softening just a little bit. technical

annmarie hordern has more. : a french company, down nearly 18%.ce into their infrastructure unit. they were saying 2% or 3%. now they are saying it is 1%. the french finance ministers minister is talking about the economic global outlook -- min ister is talking about the economic global outlook. saab is down 10%, nearly the most in 10 years. downside, more than 22%, the biggest loss today in over 10 years. their guidance disappoints and they fell short of expectations. pressure. is under really big movers in the mid-cap this morning. says he isdent trump not satisfied with saudi arabia's explanation of what shoggi.d to jamal kha he described the killing as ish inh in and in -- fool an interview with usa today. matt: steve mnuchin discussed the writer's death with the crown prince. anna: we are bringing you the futurees of investments initiative. that is the pakistani president speaking to the imf. we believe those pictures there. -- will leave those pictures there. how will khashoggi's death impact broader global relationships? let's talk to the p

annmarie hordern, joining us from moscow.onnie: the fbi has released the report detailing the sexual assault allegations against brett kavanaugh. gop senators are in a huddle, they are not allowed to take notes and being briefed on the investigation. republicans expected to hold a test vote on cavanaugh tomorrow. he could be converted over the weekend. joining us now is our chief correspondent, kevin cirilli. chuck grassley came out a little while ago with a statement saying that we have learned nothing new from the fbi investigation. what kind of a turn of affairs is this? kevin: right now as we speak, republican senators are in a secure room inside the capital, reviewing this document. i spoke with ron republican senator earlier this morning -- one republican senator earlier -- this morning, who said after the review, there might be a cloture vote tomorrow. democrats will have the chance to review this separately from republicans. all of this comes down to three central republicans, senator susanurkowski, senator collins, a

annmarie hordern is covering ryan there. -- ryanair. what is the story with the sale?we finally have the first major deal under the new ceo. this is going to come in at 6.2 billion euros. selling their high-tech car parts unit. ,his has not come in the market market participants likely seeing this, however reaction is going to depend on what the company does with the proceeds. this could result in 2 billion in stock and dividends. if we get something like that we are likely to see a large rally in the share price. matt: what is the story with ryanair? >> they reported their first the klein in first-half profits in five years. -- first decline in first-half profits in five years. they are focusing on oil prices and how that may impact the company. has hit the fan. it will be a flight to has the lowest costs this winter. already we are seeing bankruptcies. smaller guys disappearing. i frankly hope more of them disappear this winter because they deserve to disappear. >> the stock may move at the open, it may be a relief rally considering they kept guidance. matt: a relief

annmarie hordern is with us. good morning. >> a bit of a mixed picture this morning in asia. we have china down as well as the kospi back from holiday and south korea, down 0.8%. on the bright side, japan higher , rising after four days of losses. the msci asia-pacific index is higher led by energy, health care, financials. on the downside we have telecoms and materials falling a bit lower. as you said, futures pointing to a slightly lower start. in the treasury market, looking at the 10 year yield everyone is talking about, what is happening on a long-term basis, it could be breaking through a trend line that has not been breached in more than 30 years. redcan see that in this first top trend line. on the short term, the 10 year yield flipped from its seven-year high, trading below 3.25%. the u.s.ave in focused government plans to sell $23 billion worth of notes today. we cannot forget donald trump taking aim at the fed is saying they are moving too fast with rate increases. i was looking at this yesterday and wants to bring it up again. michael looks like it's going to be m

francine: thank you so much, annmarie hordern with the latest on the markets.the conversation on corporate's. european earnings season is in swing and we heard from the region's biggest companies. they report and made a period of hed their and have slas estimates by the most in two years. can they close the growth data with the west peers? still with us, andrew sheets from morgan stanley and guy stear from societe generale. when you look at european corporate, do you look at earnings per share or corporate outlook? andrew: what we have coming up is, this is a critical week. the next two weeks are critical for the european story because european earnings have been depressed. they have been boosted by one-off factors helping the u.s., and that is a big reason the region has lied this year -- lagged. expectations aren't very high, you could argue earnings are not over earning any trend. the base is reasonable, but companies have to deliver. this week, we have the sector that matters most, the financials reporting in earnest. commodities are another enormous sector

annmarie hordern and juliette saly, thank you very much for breaking down the numbers.: let's talk europe. theresa may is considering a plan to extend the brexit transition time. the u.k. prime minister wants to keep britain bound to european union rules for 28 months. the italian prime minister is scheduled to meet the eu commissioner in rome. they will discuss the country's budget calls for 2019. joining us now is chris bailey, european strategist at raymond james. heard that this november summit is unlikely to happen, it may be pushed out to december. yet more delays. we are lower again today. beginning to wake up to the fact that this could be worse than what it has been pricing and so far? >> transition is good in my opinion. transition kicks the can down the road. that sounds horrible. , wee are such huge issues have avoid that cleavage. -- cliff edge. the pound will stick around where we are at the moment. if we which to it -- moved to a new world there is a transitional agreement that allows both sides to move on and start to change their economies, the pound wi

check in on the markets with annmarie hordern. will be talking about that rally in tech, no doubt. rallyie: we have quite a in asia, getting a boost. japan leading the way, up more than 1%, as well as australia. we did have a leg down on the csi in china. isi asia-pacific index higher, being led by health care and industrial stocks. hong kong is on holiday. we will not see the hang seng moving. on the macro front, investors will be looking at the minutes today for the federal reserve's last meeting. any clues -- let's look into what happened yesterday deeper out of the u.s.. that gave a boost to the asian markets. we have the dow, nasdaq, and the s&p 500 all closing higher by more than 2% yesterday, the highest we have seen since march 26, being led by those earnings. goldman sachs posting higher earnings. johnson & johnson as well as netflix. let's take a look at what's going on in the oil market. and what oil means for saudi arabia. this is saudi arabia with gdp on a monthly basis, and as you can on thenoil gdp is rise, but not

andlondon bureau chief annmarie hordern looking at the numbers.bout one particular fund that was at gam and it's the big cause of fun flow out of gam. >> the impact from the suspension of table -- tim heywood, he was suspended after alleged violations of internal controls. the full impact of that was bare today.-- laid money -- also hold pulled money from other funds. the chairman has reiterated that they are looking at all options. we have reported that they may be up for sale. meanwhile, aarie, french company cut its forecast. >> they work with things like data centers and cybersecurity. they say their revenue is closer to 1%. the ceo, a one-time finance minister in france, weighed in on the current economic environment globally and he was syngenta's aides it to become more uncertain and challenging. -- he was saying -- he expects the market to become more uncertain and challenging. manus: this is a payments company, software, hardware, payment processor. they have guided the market in 2018 that they expected to make 545 million euros. 510-545.

annmarie hordern joining me. >> good morning. what a recovery we are seeing in asia.lly being led by hong kong and the kospi. -- 1.5%.one point futures in the u.s. and new york are pointing higher. new york really the focus, now switched to the earnings of big corporations like citigroup. this may be affecting the broader trend for the s&p 500, what happened yesterday. the s&p 500 closed with the biggest gap to this average since 2016. 2% below the key technical threshold. suddenly the s&p 500 moving averages a long way away. not in a sense that would comfort investors. quickly, hurricane michael hitting the united states, i want to look at this spread, basically a rough measure of how much refineries are making from producing crude to motor fuel. what you can see is it has been on the decline. yesterday it had the lowest in more than a year. this is that the u.s. is sitting on the u.s. east coast, sitting on five-year seasonal average. at the same time michael is hitting the u.s.. could mean $25el billion in losses. anna: thank you very much. let's get some breaking

annmarie hordern has been looking at equities -- let's start with you.nnemarie: barclays reported over one billion pounds. the standout here is the security unit. 60 income commodities substantially outperformed u.s. peers. you spoke to him, let's hear what jess staley -- jes staley had to say. jes: you have gained market arounds four courtesan now, which demonstrates the return on the investment we have made in that business. barclays u.k. had a great quarter, positive jobs, positive earnings some 2 billion town -- pounds pretax. equity in barclays was over 18%. this was also the third quarter in a row barclays as a group generated a double-digit return on tangible equity. annemarie: jes staley earlier. he did say he expects more volatility in the fourth quarter. anna: let's get to joe on tesla. joe: talks between blackrock and tesla to acquire a minority stake have cooled. it is unclear whether talks will resume, but it is negative the talks aren't going forward. blackrock declined to do comment -- to comment, but it should be taken as a negative this

here is annmarie hordern. >> in asia, stocks just this hour turned positive across the board.an leading the way, up .9%. the csi in china up slightly. we are seeing center volume -- thinner volumes in asia. they are grappling with geopolitical tension. alongside this, they are looking for corporates, whether we will see stronger growth or not. the fed will be in focus tomorrow. we have the fomc minutes and the futures in london pointing towards a writer start. i want to look at iron ore. we heard from rio tinto. for said they are on track a record annual shipments which follows the industry leader as well. what you can see happening in iron ore in china is it has been diverging with chinese equities. it looks like it is being shielded from the drop in china. this may mean that iron ore is able to shield itself from the border complex and can really shake off these drops we have seen in china and any volatility we have seen. i wanted to look at what is happening in saudi arabia. droppedange traded fund 9% in four days. after we, it sank 2.6% heard from the report that the saudi

annmarie hordern is looking at norsk hydro. lloyds schroders. lloydsoders and confirmed they are in talks about combining wealth management business, which is a becauseng for lloyds banks around the world have been hit with no interest rate that have been squeezing their margins. asset and wealth management is one way into it. it should be a good thing for lloyds and also schroders. it should help both companies in terms of the share price performance. what about airlines? what is the story today? from --y bearish note this morning. quite a lot of profit warnings. that is largely due to rising capacity ind extra seating. profit warning was a lot worse than it usually seems. they have downgraded aig. aig could be the next to warn. matt: it has been a horrible month. at $84 a barrel for brent, cannot help at all. the-marie, let me get to norsk hydro story. >> very bullish calls for the open. -- saying the stock will rise 10%. refinery in brazil is ready to be opened. they earlier said it was not. now that this is open and we have aluminum prices d

novak into annmarie hordern in moscow. audio space isg revving up. is committing to general motors self driving unit. ramy, what happened? i thought honda was speaking to waymo. >> that was 22 months ago. how things change of course. we did not get details over the course of those months. the initial press release said we are going to look into research, see what happens. clearly nothing is happening. then today $2.75 billion going the gm, going into president here. interestingly, a little bit hush-hush. the ceo did not give comment. he did say this is an exclusive deal. they are not going anywhere else. as for the president of gm, he -- theing this keeps investment keeps everything on track for 2019 autonomous vehicle launch. he also spoke to bloomberg television and told us that in terms of the $2.75 billion, it is good for his bottom line. in a0 million of that is direct equity investment. they are getting a 5% stake. they are bringing another $2 billion to the table in conjunction with that in terms of supporting developments and other financial

the other thing we are watching out for on the back of our great interview the annmarie hordern did inussia with the minister of oil of russia is of course brent. brent oil. mr. novak saying prices for him seem too high. keep it here on "bloomberg surveillance." we have someone from the bank of international settlements for an exclusive interview. will talk to him about the banking sector and some of the risks. let's get to the bloomberg first word news with taylor riggs. taylor: bill gross sees demand from overseas investors. he tweeted lack of foreign buying at these levels likely leading to lower treasury prices. his comments come at a particularly tough time for bond bulls. u.s., the white house has received the fbi report on allegations of sexual assault against supreme court nominee brett kavanaugh. that comes as senate republicans have started the clock for a make or break test vote tomorrow on his nomination. if that succeeds he could be confirmed during the weekend. italy has said the tears deficit targeted at 2.4% of gdp with a commitment to reduce in 2020 and 2021. this come