we will be speaking to andrew mackenzie a little later for his views.oadly around the rest of threerket, we are seeing days of gains in the u.s., just 15 points away from a record high. and theen strengthening trading at 1.97. a pretty big move on the u.s. 10 year yield after the comments saying the short could be in danger at this point. just a reminder, we saw very thin volumes on wall street overnight. in asia.nderway president trump did an interview in which he accused europe and .hina of currency manipulation it was sort of an airing of grievances that we have come to ask act. -- expect. >> the market listened. the market was primed to listen. the dollar tied with the lira last week. the yuan for a while had been falling a lot. -- the last broad dollar index fell the last couple of days of last week and then it fell again on monday. part of what is going on here both with yields and with the dollar is everybody got overstretched. possibly the two most crowded trades in the business at the moment have then dollar long and treasury -- being dollar lo

andrew mackenzie. billiton, now just bhp.he will be joining us in five minutes to talk about their latest earning results. a miss when it came to the latest numbers out of the company. a miss actually, lower than the lowest estimates. about thatking him and more. andrew mackenzie is on his way. ♪ rishaad: looking across vittorio haberrbor. coming to the start of the day, not just here but for showing jen and shanghai. futures are indicating that as well. local companies are still-- out with their earnings. we have got country garden and china land resources, some of those coming out. right. what do we have? pbocve the vix, the weakening, strengthening the yuan. that is one thing hot on the heels of what we had that was donald trump accusing the europeans and the chinese of being currency manipulators. that was one thing. and that's probably because of the recent bout of dollar weakness that we saw the yuan appreciated donald trump went on to criticize jay powell for him tightening monetary policy. it's

ceo andrew mackenzie tells bloomberg the u.s.t win a trade war. >> the concerns we have looking protectionismat takes hold, it will have a dampening effect on the global economy. morning welcome to "bloomberg markets: european open." i am here along guy johnson in our european headquarters hurry . guy: what are we looking at when stoxx 600, which is barely buzzing? would groups numbers are good -- wood group's numbers are good. atlantia is picking up despite the comments. let show you what is happening at the bottom end of the market, and give you a heads up on what is falling this morning. 1.9%.lliton down by you might expect pressure today, but it is causing crosscurrents that are moving around. we spoke to analysts from australia earlier on. dividend this morning. down by 1.4%. that's get a bloomberg update here is juliette saly. juliette: president trump said -- heected jerome powell said his nominee has raised interest rates. the federal reserve has raise rates five times since trump took office including twice this year und

with the chiefke executive andrew mackenzie.china and is not concerned about trade tensions. andrew: there are people who want to trade with each other. walk into that area and look to find exports with other people. chiefne: that was the executive it speaking with us earlier. let's get back to gideon rose. china,hen you look at have -- how do they deal with it? growing 7% has been at least in their official numbers. if you project that out on compounded growth rates, that cannot be sustainable over a multi-decade time. china has to slow eventually to more normal global growth rates. as they run out of the ability to move the population from the agricultural sector into the industrial sector, i think we get too hung up on what they are growing at. to reality is they need reorient the economy to more of a consumer economy. that might end up being a healthier growth rate for the global economy then china simply growing at a faster pace with undertaking the direct investments. francine: how would you view chinese politics right now

seeew mackenzie does not any slowdown for bhp, especially in china. andrewwe are not seeing a slowdown in china. copper,a little bit in but other than that, everything is going well. obviously, the concerns looking forward is that if protectionism takes hold, it will have a dampening effect on the economy, and that will affect bhp. but we do expects china will mitigate some of the impact it faces. we do not just sell to china. we do more to stimulate domestic demand, and this week we will what irder, and from learned from talking to trade ministers around the world, a lot of countries want to trade more with each other, and it looks like the u.s. wants to trade less. china will walk into that area and find exports with other people. we do not think the impact on china, even as these issues become real, is going to be that significant in the short term. we worry about protectionism generally because it is bad for the growth and global economy. >> we have seen prices from commodities. something like 19%. how does that affect you? andrew: we are a big copper pr

vonnie: ceo andrew mackenzie says he sees no significant slowdown in china but is worried about the impactsmore trade friction. he spoke to bloomberg about his concern. >> we are not seeing any in china. perhaps a little bit in copper but other than that, everything is going well. obviously, concerns we have going forward are that when the protectionism does take hold, it will have a dampening effect on the global economy. that will ultimately affect bhp. we expect china will mitigate some impacts that it faces. to -- too more stimulate domestic demand. it will work harder to actually encourage exporters and from trade -- talking to ministers around the world, a lot of countries in the world want to trade more with each other. it looks like the u.s. wants to trade less with them in china will absolutely walk into that and look to see fine exports with other people. we do not think the impact on china, even if some of the trade issues could become real, that it will be that initiative that of course, we worry about protectionism generally because it is bad for growth and the economy. questio

for now, however, ceo andrew mackenzie does not see a slowdown for bhp in china. -- especially in chinaiously, the concerns we have looking forward is if protectionism does take hold, it will have a dampening effect on the global economy. that will ultimately affect the -- affect bhp. but we do expect china will mitigate some of the impact it faces. of course we don't just sell to , china. it will do more to stimulate domestic demand. and as we have been reading this week it will work harder to , encourage exporters. from what i learned from talking to trade ministers around the world, a lot of countries want to trade more with each other. -- with each other, now that it looks like the u.s. wants to trade less with them. but we worry about protectionism generally because it is bad for global growth and the economy. >> fortescue metals with a slide in profit to $878 million when it reported monday. >> the trade tensions, the trade uncertainties -- how much if at all does that weigh into what your industry is contending with at the moment? >> china produces 50% of global steel. of that, o

andrew mackenzie warned that united states itself could be the big loser in the tug-of-war over trade have looking forward, when protectionism takes hold, it has a dampening effect on the global economy. that ultimately will affect bhp. we expect china will mitigate impacts it faces. we do not just sell to china. they will do more to stimulate domestic demand and as we have been reading, it will work harder to encourage exporters. from what i learned talking to trade ministers around the world, there are a lot of countries who want to trade more with each other, now that it looks like the u.s. wants to trade less with them and china will absolutely walk into that area and look to export with others. we do not think the impact on china, even if trade issues become real, is going to be that significant in the short to medium term. we worry about protectionism generally, because it is bad for growth in the global economy. >> maybe this exit, you are lifting dividends, at the same time, couldn't you use that money to have -- if you did, dammedif you did and if you don't but could you use

a lot is going on on the legal front. .f course, trade as well the ceo andrew mackenzie says that he comes to and he spoke with us about the concerns. >> if the protections do take hold, it will have a dampening effect on the global economy and that will ultimately affect bhp. we expect china to mitigate some of the impacts it is facing. to china, ableit to do more to stimulate domestic demand and as we read this week, encouragerk harder to exporters. is countriesd trade more with each other and they want to trade less with them. china will absolutely walk into the area and find exports with other people. we do not think the impact on china, even as some traitors become very real, we do not think it will be that significant. it is bad for the global economy. >> you are lifting dividends. at the same time, couldn't you use that money, perhaps, if you did, it would be dammed if you do, dammed if you don't. you can use that money for the , or further growth in copper. >> we are using the money to expand and our volumes are up 8% year on year. have nine significant projects underway and