also coming up, we will speak with bhp ceo mike henry. they are reporting a dramatic drop in their full-year profit. this is bloomberg. ♪ yvonne: all right. a decent rally underway in asia on this tuesday morning. we are watching softbank very closely, up 2.5%. the big news overnight was the semiconductor unit arm filing for an ipo, seeking to list its american depository shares on the nasdaq, under the symbol arm. putting the ipo on track to be the year's largest in the u.s., and could end up renting is one of the biggest tech listings ever. for more, let's bring in our tech editor. we talk about the valuation. what do we know at this point? mayumi: the valuation is still to be determined. softbank still has a vote show to go through where they will try to pitch arm as an ai play, how convincing they will be will probably help. the more convincing they are, the higher the valuation will likely be. a hint we got in the filing was a disclosure that softbank bought the 25% stake in arm that the vision fund holds for $16 billion. that would

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bhp's key profit measure fell.vidend of $.80 per share down from $1.75 a year ago. woodside energy reporting a first-half underlying profit of $1.9 billion. that is up 4.2% year on year. the australian companies net income came in at $1.74 billion. operating revenue is up 27%. we will be speaking to the bhp ceo mike henry about their full-year results at 10:30 a.m. hong kong time. woodside energy ceo meg o'neill will also join us later on for the latest numbers from them as well. those will be the stocks to watch and we do get underway in australia at the top of the hour futures pointing higher by .25%. and a note on woodside, the company is dealing with the risk of strike action. the offshore line voting a strike action if there was no agreement by the close of business on wednesday. it would require seven days notice. we could see woodside workers going on strike september 2 which would impact 11% of global supplies. watching woodside today for more reasons than just their results. in new zealand they have been t

lizzy: that was the ceo of bhp, mike henry speaking to bloomberg a short while ago. shares are trading in the red in sydney this morning. let's check in on markets for you ahead of the stock cash equities trading. the euro stoxx 50 futures are currently up 0.5%. that is head of the wall street open. the s&p minis -- s&p e-minis are down 0.2% after the s&p 500 ended a four-day drop yesterday and the nasdaq closed up 1.6%. the focus is on softbank's arm which filed for what is set to be america's biggest ipo this year. softbank shares rising 3.5%, the most since mid june. the question of whether the u.s. can avoid a recession dividing strategists on the outlook for stocks. will we get a soft landing or will recession fears weigh on sentiment further? we will look more into that ipo >> good morning is bloomberg daybreak: europe in london and these are the stories that you are waking up to. treasury studies after the global yields sore on higher for a longer rate bets, the u.s. 10 year yield hit some 2007 your high and japan's 10 year yield high -- rises to its highest i

bhp ceo telling bloomberg that the company is closely watching what is happening with china strugglingy sector. >> i would start by saying, there is a number of sectors in china going quite well, that includes green infrastructure, automobiles and so on. the key sector, everyone focused on is relevant to our business is the property sector. in property we seen strong completions, completion is up 19% year on year. what is lightning is new starts. there's obviously these policies in place to stimulate new starts, but they are not translating effectively to changes on the ground certainly what we were anticipating. we will keep an eye on it how effective the practice. if we do start to see that take hold in there could be growth momentum flowing from f1 20 32 calendar 23 and 224 outside of china. i was in india a month back. the energy is on the ground. india is a big market for us. overall, we are seeing india and china comprising both have to world gdp growth ahead. long-term fundamentals for this sector for bhp remain healthy. >> would like to talk more about the opportunities. that i

paul: tuesday we have got a big company reporting, bhp, and in the context of what is going on in chinaess pileup of concerns in terms of shadow banking. >> china is in a more precarious position than even a month ago, and that is a big factor not only for >> bhp but if were global markets as a whole. what is interesting as we are seeing the iron or price hold up quite well, steal north of $100 u.s. a ton driven by this expectation that something needs to be done in china to stimulate the economy, stimulate the consumer, and i think the likelihood is some of that will have to come through the infrastructure channel, which is where we are seeing iron or price is hold up reasonably well and for the likes of bhp and the broader resources industry. that is pretty supportive. vonnie: what about energy more broadly, energy and commodities more broadly? we get woodside for example. >> in broad terms, jp morgan has a global view. we are commodity on commodities when it comes to how much prospect of recession has been priced in. the one asset class where it has been overpriced is commodities and

the world's largest miner, bhp group, has reported its lowest annual profit in three years as pricesd copper slipped due to weak demand. prices for iron ore, bhp�*s top revenue—generating commodity, retreated from peaks scaled over the past two years owing to aweak chinese economy and factory activity, with surging costs and a tight labour market in australia further hurting earnings. zoom video communications, owner of the popular video conferencing app zoom that we all became all too familiar with during the pandemic, has posted results that beat wall street expectations and issued a very upbeat forecast. revenue for the quarter ended 3ijuly rose 3.6% to $i.ia billion. shares in zoom rose nearly a% in trading after the bell. around the world and across the uk, this is bbc news. bbc news, bringing you different stories from across the uk. bright colours, music and plenty of laughter. the new yam festival is marked in a big way, just once a year.- yam festival is marked in a big way, just once a year. way, 'ust once a year. today is a way, just once a year. today is a very special _

bhp citing struggling demand for iron ore and it expects china and india to remain a steady source. >>> tesla is looking to extend yesterday's gains where it rose more than 7%. snapping the six-day losing streak and marking the biggest single-day gain since march 21st. the bounce helped by getting on the list of best ideas and including the cyber truck launch and autonomous driving tools and expansion into new markets. >> tesla shares up 3.5% this morning. silvana, see you later on. >>> turning attention now back overseas. leaders of brazil and china and other countries gathering in johannesburg, south africa today to kickoff the two-day brics summit in what is seeing a show of unity. arabile gumede is here with more on what to watch. >> good morning, frank. four themes to look out for here. the increase in trade and de-dollarization. expansion of the brics nation is the third and final one is funding. will that continue for the nations? trade has been significant to note ever since the term brics was coined in 2010. you see an increase in trade with africa as the emerging market to l

look at bhp, it is not an american company, but talking about the economic impact with china.elp you grow. now china is doing all of the reversals you are talking about that don't lead to growth. also a debt crisis. look no further than park avenue where waldorf has been closed since 2017 since unbonded insurance went bust. the degree that china has assets around the world and the same way the japanese did when they owned 30 rock. what is the implication here? those are the kinds of -- >> short australia? >> what does it mean for caterpillar and any car companies? >> it is not good. all of the assumptions that people made and investors made for 30 years that china would grow to reduce the role of government in the economy. that is reversed. i argue it is not just the last three years, but started under tao. when i sat here and did stories from wen to xi, we were talking about the lost decade in china. we should have realized then, but didn't. this is a clue. they would not go as far as people wanted to go to have a more divergent economy. >> russia is getting covered. those tw

we have the ceo of bhp joining us at 10:30 a.m. for his interview on the company results. ♪ wake up, achievers. you're making the most of every hour of your life. except the hours that you're sleeping. so why do we leave so much untapped potential on the table? this is a next level bed, for a next level you. my circadian rhythm is kicking your circadian rhythms butt! it's not a competition. i know, but i'm still winning! so, it is a competition. save 50% on the sleep number limited edition smart bed. plus, free home delivery when you add a base. shop now only at sleep number. rish: looking at a bit of sun in whom by after recent rains. futures indicating a let's start to the session. -- flat start to the session. we will have investors watching the reserve and give india because it will switch short maturity bonds to notes of a longer tenure. an infrastructure developer offering a plan on how the company does have its initial public offering. talking of which, shares of jio financial services will start trading after its spinoff fr

the uk—based mining giant bhp has won an important legal battle over a dam disaster which has been calledry. 19 people were killed when the fundao dam burst in 2015 and destroyed hundreds of homes. the court ruling in london means that brazilian iron ore producer vale will have to share responsiblity if the miners lose a $a6 billion compensation lawsuit. the company behind the barbie movie says it's taken more than $1 billion in global ticket sales in its first 17 days. it means greta gerwig has become the first woman to reach the milestone as a solo director. a top warner bros executive said that the success with long lines in cinemas and repeat viewings "prove that movies are back" after the cinema industry's troubles with pandemic lockdowns and competition from streamers. around the world and across the uk. this is bbc news. there could be a connection between bird species in the area and the mental health of people living there. scientists compared figures from the database. major flooding in alaska has triggered a state of emergency. it has prompted evacuations for some residents in

bhp group cut the dividend to 80 cents a share from $1.75 a year ago as they posted the lowest profityears on the back of higher costs and commodity prices. it sees demand from china and india as stable, but looking for the wider developed world. >>> and european natural gas prices hit a two-month high on monday as workers in australia threaten strike action as soon as next week if the deal is not reached over pay on wednesday. potential strikes across australian export facilities could disrupt 10% of the world's lng flows. the ceo meg o'neill is confident strikes could be avoided. >> we have been engaged with our work force since april of this year. we had a number of really positive meetings where we have been able to listen and understand the areas of concern and share perspective on the health of the business. i think the discussions have been constructive. we feel like we need to continue to have those respectful and positive engagements with the work force. they have the right to take protecptected industrial action. there are a wide range of actions which could be frustrating o

bhp rupe is up 1.7%.ooking at some of the aerospace related names here on the back of some of these reports. boeing will perhaps be resuming its deliveries of the 737 max to china and some of the names along the supply chain, or at least loosely tied to the ecosystem in some cases, are catching up. a fairly decent bid today. rishaad: and what else is happening elsewhere, the overall picture with regards to the equity markets. it has lit a fuse under all, the chinese business, and we have been reporting about authorities seeking to move back investors, coming up with a slew of majors, halving stock trades, and also what they are doing with initial public offerings. you have got the msci asia-pacific index up 1.4%, and that means this is the biggest gain we have had since july 13. even though we are having a good day, we are seeing right now a market which is down by 6% -- or a benchmark down by 6% since the start of this month. we have got good gains for nearly all industry groups apart from real estate. t