bhp blaming poor weather and western australia.was better across the other three of the key four pillars. bhp shares rising quite nicely at the moment, up 2.3%, but is that production numbers or the price of iron ore, which went up another 4% overnight, above $62 per ton. bhp saying there will be less iron ore shipped in 2016 than in 2015, but perhaps that isn't necessarily a bad thing considering there is something of a glut. rishaad: thank you very much indeed. paul allen in sydney. intelech space with until shares down, 12,000 jobs at the go, forecasts missing estimates. it is all down to the pc market continuing its structural slowdown. cory sent us the details from new york. intel announced its results, but it is the second quarter and beyond that has investors concerns -- concern. billion, $1 billion less than what analysts predicted. the company saying it will cut 12,000 jobs, a big layoff, 11% of the workforce. so this comes amid some other least of which is stacy smith, the chief financial officer, going to a different rol

bhp billiton down by 2%. looking like a bit of a downbeat day across the region today. a lot for that. mitsubishi motors losing 40% of its market value in two days, shares plunging for a third day because of the fuel economy cheating scandal. let's find out what's going on. mitsubishi shares are nosediving today after finally starting to trade. not tradedas yesterday because nobody wanted to buy, while everyone else wanted to sell. instead, the tokyo stock exchange had to set a closing price, a 20% drop from wednesday, when it already lost 15%. has now erased more than 40% of its value since the scandal broke, and is worth $4.5 billion. mitsubishi admitted to cheating japan by0 minicars in understating how much air and tire resistance they encounter on the road, but now we are hearing from a local newspaper that this issue may include more mitsubishi models, that is on top of the models we already know about. japan's transport ministry said it is continuing its investigation of mitsubishi and will inspect its plants today as well. authorities have said that mitsubishi s

the world's biggest miner come at bhp billiton cut iron ore production for its australian mines by 4% of bad weather and rail network maintenance. iron ore prices are up 44% this year. scarlet: another warning on the impact of the u.k. leaving the european union. mark carney says the city of london should expect its role in the global financial system to fade if the u.k. pulls out of the eu. carney defended the central bank intervention in the eu debate saying it would be political for him to suppress important judgments. there may be a debt crisis brewing. former bank of england governor mervyn king spoke about the potential risks and repercussions. >> we are seeing it already. major potential problems in europe with banking and sovereign debt. i think you can see in china with some of the state owned enterprises defaulting on their loans this is going to become more common. scarlet: it is time for our quick take where we provide background on issues of interest. for decades the zika virus was considered no great threat to anyone but with mosquito borne virus spreading through the ,

a 4.4% decline in first-quarter kuob.s for you and miners in australia, bhp billiton up 3%. , in japany particular, led by tech stocks. we had that plunge and apple suppliers yesterday, but now we are back. up by at least the highest since 2001, outside of 16% -- also up by alps electric also up by 16%. corporation, household chemical maker, seeing a surge of 5%. 73% and netsive income, 52% and operating costs, for the first quarter. we are seeing this tech stock driven rally, quite different than yesterday. rishaad: absolutely, looking at samsung, shares dipping. a share buyback worth $1.8 billion. it was mostly a beat, wasn't it? yvonne: the early release of off.y s7 paid s7 had a better performance than its predecessor. some say this phone will be the androidning an smartphone in 2016. net income rose, operating profit also above forecasts at $5.8 billion, and samsung announced it will buy back $1.7 billion of shares. this is the second round sent samsung made the announcement last year. $43.4 billion.o still off of what we saw in the fourth quarter, but still a beat, thanks to the

bhp is downon -- close to 2%. resorts is down 1%. we are seeing returns in decline . the leading decline is in the new york session. we are expected to see a downside when it comes to these exporters from the back of that did a lot of analysts -- that. should the yen hang onto these gains and we dollar continue to maas is down by 5%, toyota by 2.5%, nissan by 2.5%. a double whammy for the currency, as the sales numbers come through from the u.s. market. rishaad: the oil market is full after saudi arabia said that it would only freeze production if iran did. japan also saw its first weekly thesee after it saw comments coming from saudi arabia. why did they spoke the market so much? -- spook the market so much? arabia andsaudi other producers start talking about the freeze, they have been a little bit questionable about it. these latest comments are adding ammo. iran is just coming off of years of sanctions lifted in january. they have boosted oil protection to 3.2 billion barrels per day. they are still -- still have a billion barrels shy. these comments last week from

bhp does not expect this to last, expecting it to fall.esia,k at australia's biggest number and thbiggest economy in southeast asia. the cash rate is currently at 5.5%. this is a new benchmark rate in august, they want better growth and communication, as well. am paul allen for bloomberg tv in sydney, australia. ♪ emily: now, to didi chuxing, largest -- uber's competitor in china. about 40 million drivers and 11 million rides a day. by comparison, uber trails far behind, only in about 50 chinese cities, with a plan to expand to 100 by the end of the year. they have partnered with lyft for more global expansion. i met with the president of didi chuxing, to ask why they wanted to rebrand the company. jean: it is a much more broader concept, choosing these travel commutes, so we are serving the 800 people to commute, that is why it is called that by definition. in the united states, you are referred to as the uber of china, or the uber nemesis. how do you see yourself? jean: we are the 800 million people with a variety of products. we also do

sot the moment that's no bhp billiton with a dierence there.ing for delates is a roughh and tumble enterprise righnow. we've got you ve team fox buness coverage of the race for the white house. coell mcshane is live in westchesr,ennsylvavania, where donald tmp is expected to hold a rally at the topf the hour. he's had back toack llieies, and je fck is in columbus, india, where he just spoke t senatotecruz when the senator stoppefoice cream. but we're going to bin i pennlvania because donald trump fighting f this twpronged attack at this hour, gornor kasich and senator cruz grouound over the weekd looking at a comn enemy, and that's donald trp. they're coordinating the mpgn strategies to try t to take dn e billionaire frt-runner. under the let'call it an arrangement, kasich llake a step back from campaning in diana in o order to let his supporters back ted cruzwhile thtexas senatois doing the t same for kasich in orego anand nemexico. d trump? could he aually be getting a little nervous, hiring yet another degate advdviser to shore up the23deleg

there are the miners, 4% for bhp billiton. to look the bank sector. down 3.03%.down 2% rate budget in frankfurt down 3%. rippling through the bond market as well. hans: limited to my chart. nothing shows you what is happening better than what is happening with the german bund. it is down. this is the last 30 days. we are all the way down below. we are at 0.9%. that gives you a sense of how far it has fallen. that is zero, guide. -- that is zero, guy. what is driving the sentiment is the panama papers. draggedlations have sentiments. they have dropped the share price lower. referrals to other firms for help setting up shell companies. jimmberg spoke to tidjane --tidjane thiam on the subject. tidjane: i continue what our pencils are which will only allow -- legitimate legal purpose. we see tax compliance. otherwise we are asked to leave. with thoseperate standards. hans: let's get to one of the reporters that is been covering this. greg, you are on the story. the big question seems to be is this a storm in a teacup? or is this a tip of an iceberg? greg: probably a

with the rally oil has had over the last week or so, we have the likes of bhp and glencore leading theharge. >> part of it has to do with the dollar. global currencies weakened against the dollar exchange rate. fluctuations in the fourth quarter turns out had the largest negative impact on north american countries in almost five years. joining us from london with more on a new currency report is wolfgang costar, ceo and currency strategist. good morning. >> good morning, sara. >> as we look ahead to the first quarter, how much of the strong dollar headaches are going to be with u.s. companies? >> it's not going to be as bad as q-4 was. what you got to remember, this isn't all about the dollar versus the rest of the world. these companies are getting impacted by euro, indian rupee. it's not just dollar versus euro, dollar versus sterling. the average company has over 200 currency pairs exposed. >> so the fourth quarter was ugly. first quarter is still going to be ugly but not as bad. when is this going to be a tailwind? when is the weakening of the dollar going to start helping companie

tinto,ers in vogue, rio bhp at the top of the leaderboard., though it was expecting some uptick. we will talk about that later. cac 40 opening flat. look at that. i wonder if there is not one single stocks falling on the cac .0 it is those related to commodities that are on a tear. let's check in on commodities and on oil. coming off those four-month highs, speculation is swirling about what will be achieved on sunday in delhi. -- in doha. will we see a realigning in terms of the supply glut? on thestill above $43 bridge contract. elsewhere, metals pushing higher, china's export data helping to fuel it, the imf saying that it will be better than expected. gold not invoke; you don't need a haven when you have risk on. look what's going on in the bond market. yields are really coming off, spiking higher. but we weremoment, at 1.8% at one point. money coming out of bonds. i want to take you under the stock market. tesco is still holding onto the lows. we saw profit better than expected, off by 1.3%. they are talking pretty bullishly about their

retailer bhp file for the administration. retail acquisitions will raise 160 million pounds. its first store almost nine decades ago. and over to japan, mitsubishi motors' shares dropped again after losing more than 40% last week over the fuel efficiency scandal. earnings reports were due out wednesday. the company said they need more time to measure the effects and extent related to the falsified data. that is your bloomberg business flash. back to you, hans. tro arehares in covesr trading lower this morning. this is a supplier to the automotive industry. with goolet's get over to the c, patrick t homas. when you look at the overall trends in the auto market, are we through the worst of it, or is there more of a downturn, especially with the german manufacturer? >> i think the story on automotive is really a positive story of the asian pacific and north america, where we have seen a lot of strength. flight change in the china mix has seen less luxury vehicles and a lot more small vehicles being produced. and for our business, we see some of the export high-end vehicles suffe

we will get a glimpse of how the commodity sector is faring on bhp billitonn gige killingto reports.iday, the latest check on we will see if china's crack down on excess is deterring gamblers. with has been struggling 22 months of slumping revenue as casinos turn to the mass market. senators have returned to duty they couldwo bills give the government a trigger for an early election. pass either will result in both houses being dissolved and elections in early july. how likely is this early election scenario? this will be an interesting exercise in self-preservation, because it is up to the senate to pass this bill. if it does not get passed, the government has a trigger for dissolving both houses of parliament. election, only half would be elected. the failure of these bills lies in the hands of 6-8 senators from small parties or independencts. an election is held, it is likely they would be wiped out in a double to solution. whether or not these bills gets that smalls on handful of people whose futures are at stake. those futures, but a lot of smiling faces, still an early election

bhp billiton has cut production because of bad weather. -- iron oreere up prices were up 34% on the yeare hyde, thank you so much. this is a great pleasure, seth masters with us from bernstein, their chief investment officer. he is truly definitive on the retirement crisis of america. we are going to delay that today. right now, though, on the markets, wonderful to have you here. the basic idea you have and that i observe is that we have a quiet vix market, but you have a " around that. seth: there is lots of structural risk around the world, and that means that even though things are quiet right at the moment, that could change at any time. that is the question -- how do you take advantage of that, avoid the pitfalls of the spikes and risks when it happened, but -- note, love your research the idea of, ok, we are here, but as we react, we have to have a this custody to it, react slower. why -- we have to have a this osity to it.isc seth: in the heat of the moment, economicals drive success. in a risk-on, risk-off market, moment and be helpful for a little while, and incredibly damaging

. >> bhp's ceo made a statement talking about steel saying it was -- >> it's always like that at a bottom. it's never because there's suddenly not enough and too much demand. the demand in china, 1.3 million barrels more than we thought. when you look at the suv numbers that phil lebeau pointed out in china, china is doing better. kfc, i know the -- holy cow. that yum corps, i wish the ceo would do the call after the numbers. there's enough good in china. so i don't buy that. i buy the fact that thanksgiving are better. and it almost look the only place that it's not better would be the places that were so pos probably not going o get the okay on this muscular dis fee. what people want are deep silicone they beat on revenues. remember we've got honey well and ge tomorrow. maybe that's the pepsico of industrials. mabb that happens. >> maybe. i do want to continue to focus in part on non-gap records reconciliation. there are so many adjusted numbers that i think it is becoming more of a story and at some point you may season the regulatory agency seg the united, for example, they includes i

bhp up. joy global may have been up by goldman, but they're a little late to the party.bout iron ore prices going up and perceptions of greater demand in china and this is the china play very clearly making a move for u.s. stocks. finally, a third of the s&p 500 are going to be reporting this week. the good news is the declines in the estimates for the second quarter, which is what we care about are not as great as in prior quarters. expected to be down 3% but that's not that far from where it was a few weeks ago. we have a shot i'd say at 50% being positive ending the earnings recession, but that needs to stabilize very, very quick quickly. right now the dow down 76 points. back to you. >> bob, thank you. bob pisani. let's get to the bond pits this morning. rick santelli is at the cme in chicago. >> good morning, carl. no doubt about it treasury rates are breaking out. various commodities and crb index are breaking out. the stock market was, it seems like it's slowed down a bit, probably central banks. remember march madness? march madness is showing up in all these cha

trade data, helping things like material stocks, all been strong, so you're steel stocks like midtall, bhp billiton, glen corp., all those stocks up here. banks in the u.s., jpmorgan strong and all of the other stocks in that group up about 4%. key point here, banks underperformed throughout the whole year, under 10%, underowned and unloved. this rally today is a nice reminder that there might be some value out there. back to you. >> bob, thank you very much. >>> dom chu is joining us now. he's been doing digging and sector sorting looking into valuations and maybe potential warning signs. >> bob talked about the financials being a huge laggard and for such a long time throughout the course of modern market history people looked at them as dividend payers. i want to show you what i'm talking about here. it has been no secret we highlighted a number of times how consumer staples, the people who make soup and packaged food products have been doing really good in this market, near record highs because people want the dividend yield associated with them. if you look at the consumer staples sec

the barf index or bhp, anglo, rio and petrobas rallied, all the energy material stocks rallied hard inhe face of bad fundamentals. sometimes it is the inflexion point or less worse seems to be how the market is reacting. i worry in some areas of the market, investors have fled to what they believe, because i don't know who told them, the safety, things like campbell's soup, ridiculous valuations for low growth. i think there might be some more to go in the value trade. but i think at the end of the day, after this all shakes out, you got to look for individual companies with strong growth -- >> i was going to ask what your strategy is. you like two chinese companies. which is very interesting that the point. when there is still -- while maybe things will calm down in china, a lot of concern about their future rate of growth. >> right, but i mean, it is the expectations of concern. i think that it is fairly clear that over the last little while that the -- their plan now is focus in on growth and stimulus in china. the two companies that i highlighted have been growing very rapidly even

you have all of them, anglo, rio and bhp billiton. of analyst actions that will move shares or are moving shares into the trade right now. marriott shares were cut from an upper former -- of an outperform is ad analyst say it valuation call. despite the fact that shares are up 1.1% so far this year, they upside opportunities are in balance at these prices. that is marriott. let's take a look at spirit airlines in the travel world. shares downgraded to neutral from overweight. jpmorgan also name a valuation shares that have gained one third this year. jamie baker analyst says it is making more sense as far as valuations. finally, a big stock for the dow jones and u.s. the economy, boeing had a downgrade at bank of america merrill lynch that we told you about earlier. ron epstein has concerns of the cash flow from the airline of program and says --t going to generate just that boeing will generate $60 million in cash. -- $16 million in cash. jonathan: thank you. i want to bring your attention to a trade map. , ilondon, the obvious trade