bhp billiton, right there.hing interesting, on the losing side use the defense stock at the top. we are taking a look at the biggest losers here. as far as index points, right 1.3%,at the top, down pernot ricard. investors are selling it off today. manus: let's get deeper into the mining sector. we have had earnings from bhp billiton. the ceo announced plans to shelve the shale assets. says the, antofagasta outlook is positive. with us now is max kettner. so, when you look at this, the ceo siw arning -- is warning the market's parting, and he is selling mining stocks. overdoneink we have ourselves? >> i think not yet. when we look at the earnings picture and the commodities sector, it becomes clear that expectation has been high for andq2 and the revenue earnings side. but we still has an positive surprises, not as positive as the overall market, but commodity producers have still been able to surprise the market positively. from that perspective, i don't think we have partied too much y et. in terms of prices,

bhp billiton unveils plans to streamline the business with the sale of its u.s. shale asset. in 30 minutesns time. 100 days of macron. four months after the french president prospector he, the initial market euphoria about his win has managed. just how likely is it that he is able to pass labor reforms? matt: we are less than half an hour away from the european open . i'm am looking at futures that signal we will see gains at the open. you see the same in u.s. futures and it is an interesting trade today after the trump speech yesterday. you see people selling bonds,

we start off with bhp billiton and it posted a fivefold rise in annual profits at this morning on theack of a recovery in the industrial comity is set. analysts looking at this.” think for the underlying profit results, they were looking for 7 billion and that did not come in. they expected an increase which was also lower. fortescue‘s earnings reported yesterday, a 300 increase %...0f reported yesterday, a 300 increase %. .. of those reported yesterday, a 300 increase 96... of those numbers reported yesterday, a 300 increase %. .. of those numbers are sizzling four fortescue. when you look at some of the miners, they have gone through a rough patch. cutting expenses. it starts to pay off. commodity prices start to rise. and they have indeed, bouncing back from lows earlier this year but can it be sustained? it depends on the commodity. i would say the prospects look best for iron ore. the margins for making steel look high. there will be robust margins on iron ore. but there could be a bullwhip effect and it could be overdone and prices fall back over time. bhp billiton could be faci

reporter: bhp billiton has bowed to activist investors. e company has unveiled plans assets its u.s. shale and will delay a multibillion-dollar investment in a canadian project. that came as bhp announced profit that missed estimates. anofagasta said profits gained by 42%. shares in provident financial have fallen by the most on record this morning. that is as the ceo stepped down with immediate effect. they forecast a full year loss. the plans to replace workers the technology backfired. that is the bloomberg business flash. francine: with little significant economic data out this week, investors are awaiting the meeting in jackson hole, wyoming. this gathering comes as central exitingeep up towards years of unprecedented easing. yellen is expected to reiterate her plans to raise rates. but how will bond traders respond to this language of moderation? still with us, patrick armstrong. patrick, i saw a great bloomberg story that was basically arguing, the matter what janet yellen does, it is unclear if the bond market will listen to her. wh

. >>> shares of bhp billiton are at a six-month high. e company is raising its dividend it is exiting the u.s. shale business following months of pressure from elliott management 3% jump in bhp trade >>> tronc is shaking up the newsroom at "los angeles times." the company has named ross revenson as the new publisher. levinson ran fox interactive media. tronc also replaced the times editor it's down about 1.3%. >>> macy's naming a senior ebay executive as its new president hal lawton will report directly to the macy's ceo. courtney, you're sitting down with the ceo of macy's late every today? >> that's right. "squawk box" will be sitting down with jeff gennette. we have a lot to talk about. perhaps it's a matter of 2k3we9i2k3we9 i getting the stores and online in sync macy's has done a good job using online and in stores comp sales have been down ten straight quarters. it's about turning those around. that's where we need to focus. >> macy's shares ahead of that news, just up over a percent in the premarket. >>> coming up, pakistan stocks

bhp billiton, one of the world's biggest miners, are in talks with buyers of its u.s. shale assets, part of a $22 billion spending spree in 2011. skirmishespublic from activist investors led by elliott management. biggest miner taking advantage of rising commodity prices to cut that. it used its free cash flow to reduce that by almost -- reduce debt by almost $10 billion. it has announced a fivefold increase in profit shares. this is the story of the day. the decline of the day in the stoxx 600. provident financial, it fell as much as 76%. the biggest decline since the company went public. chief executive peter cook stepping -- peter crook stepping down with immediate effect, a plan -- after a plan to replace workers with technology backfiring. a pre-exceptional loss in the home credit business between 80 million pounds and 120 million pounds. after scrapping some interim dividend, there will likely be a deterioration in the trading performance of its home credit business. and an investigation into vanquis bank, its credit card unit. some are calling it a quadruple wha

we will pick up on the mining theme that you have been given with with bhp billiton.k about houses in the u.k. tracy: that is it for this edition of "bloomberg markets: middle east." we will be back again this time tomorrow. ♪ >> a plan for afghanistan. trump warns the support is not a blank check. >> we are killing terrorists. prepares toay release her position paper. this ise minister says unrealistic. what do they want with the european union? they have the best deal possible.

since akzo nobel rejected a takeover bid ppg earlier this year elliott has raised its stake in bhp billiton this allows ken mackenzie to take constructive steps for bhp and owners elliott called bhp to exit the shale business and end all parts of its petroleum business. >>> get in touch with us on twitter, streetsignseurope@cnbc. tweet me directly, @carolincnbc. do send us your thoughts on anything you see on the show and maybe about this -- coming up on the show, after a short break, runway wars air berlin filed for bankruptcy sparking a battle royale for assets we'll examine who is eyeing what after the short break. and i got robbed. that's why i started lendingtree-- the only place you can compare up to 5 real offers side by side, for free. it's like shopping for hotels online, but our average customer can save twenty thousand dollars. at lendingtree, you know you're getting the best deal. so take the power back and come to lendingtree.com, because at lendingtree when banks compete, you win. fixodent plus adhesives. there's a denture adhesive that holds strong until evening. just one app

tuesday, we will get the full year earnings from australian mining giant bhp billiton.ould impact financial performance there. and on thursday it is the annual meeting of prominent central bankers and finance ministers in the us state of wyoming. this meeting comes as the us central bank, the federal reserve, has raised the cost of borrowing already twice this year and has signalled it will raise rates one more time. the question now is exactly when. and the weak wraps up with earnings from australia's qantas. earlier i spoke with a representative of the london school of economics who says his focus on the annual meeting of central bankers in the us, and what the outcome could be for asia. for asian businesses, the cost of funds is important and my cost of funds would be very dependent on what the fed or ecb do. jackson hole is a coming together of central bank governments, as you have said. the economic backdrop right now is one of cautious optimism. no one is talking about disinflation any more so talking about disinflation any more so it looks like demand is picking

bhp billiton shared some important news. >> bhp billiton reporting a miss on underlying profit, coming a dividend of 83 cents per share. the headline grabber though, was the company's plan to sell its u.s. shale unit. haidi: what is your preferred strategy to make a clean exit? >> for now our prepared strategy is to make a small number of trade sales. we are keeping other options so that we can proceed with a reasonable amount of pace, but for now, we think a trade sale would work best. haidi: how quickly are you planning to complete an exit? andrew: i think it is too hard to say that. we have to be patient, we know what our businesses are worth. we will continue to add to their value through our technology and sort of modest investment. but on the other hand, you know, we don't want to lack urgency and that is why we have other options in the wings if trade sales are too complicated and too difficult to execute in a reasonable time. yvonne: -- rishaad: it is the world's fourth biggest iron ore exporter and it is out with its annual reports. fortescue metals group doubling more than th

in corporate news, bhp billiton is expected to report earnings.w improvement and that commodity prices are picking up. more from michelle later. and we'll be hearing more from michelle later in the show, when she will be explaining how companies plan to make big bucks out of today's solar eclipse in the us. joining us isjeremy cook, chief economist at world first. let's touch first on america. what could the jackson hold meeting —— what does the jackson hold meeting mean? it is in wyoming in the united states. it is a talking shop central bankers and policymakers. it has a significant importance for market in that in the past five and six years, certainly throughout the global financial crisis, central banks have used this to test out new policy ideas, floating boat by saying, we might be looking at policy, increased interest rates, for example. janet yellen and mario draghi will be there. expect them to suggest what their saddlebags could be doing. one of the things that will be on janet yellen's be doing. one of the things that will be onjanet y

and mining big returns, bhp billiton bounces back from losing billions to making billions in just one year. and that's because commodity prices have soared but why and what else is moving the markets; we'll get the expert opinion on all your need to know. and we'll be getting the inside track on the growing demand for getting big sound from digital speakers with the boss of devialet. rising house prices in the uk have lead to a sharp rise in homes little bigger than a budget hotel. so today we want to know would you or do you live in a micro home? just use the hashtag bbcbizlive. hello and welcome to business live. do you think at 6'6" do you think at 66" i could riv in a microhome? probably not! get in touch with us with your stories. the importance of trade deals between big economies is back in the spotlight this week. hot on the heels of canada and mexico — now it's the turn of south korea to renegotiate its trade deal with the us. president trump has already described that pact as ‘horrible‘ and threatened to axe it. south korea is america's sixth biggest trading partner. since t

shares in glencore rose more than 2%, while bhp billiton and rio tinto were both up by more than onegning. back to you. in every arts organisation wants to win over a younger audience, but scottish opera have taken that to new lengths. their latest show at the edinburgh fringe is an opera for babies — the latest in a successful strand which has been snapped up worldwide. our scotland arts correspondent pauline mclean reports. this is opera for beginners. a shorter show, a more simple storyline and a chance for the audience to move around. all required when you are not yet two. welcome to the latest show from scottish opera aimed at babies. we said we wanted it to be a true opera experience. it is babies, 6—18 months, but we wanted them to be able to say, when they were in their 20s, 30s, if someone said, "when did you first see an opera?" they would say, "well, when i was ten months old." every arts organisation wants to win over a younger audience, but for scottish opera it's about more than that. we should aspire to make sure that every child in scotland has got the same kick—off p

hourly jobs at its fulfill m center but also cutting several members of the recruiting team >> bhp billitons shaking up its board. controversial director grant king will step down just six months after joining as you can see, stocks are up this morning 0.18%. godadedy says blake irving will retire at end of the year. he oversaw the ipo in 2015 erving will be replaced by coo blake wagner >>> shares of intuit announcing that its cfo is also stepping down and will be replaced bay senior finance executive seeing intuit off by 0.1%. >>> time for our top trending stories. taylor swift is at it again with another social media post. it looks like a snake slithering against a black background it's already been viewed more than 4 million times on instagram. this comes a day after she posted a similar ten-second clip breaking a complete social media plaqueo blackout some fans speculate she is on the verge of dropping a new album. >> i heard a new theory about this that if you watch the video with sunglasses, there's some secret meaning revealed >> really? >> i don't know if the eclipse glasses work i

bhp billiton unveils plans to streamline the business with the sale of its

in the equity market, one thing we're looking at is bhp billiton.r assets. here's what the ceo said earlier. >> we have been working towards this two years ago, we made it clear to most of our investors when we looked to the world, we saw very limited opportunities to expand our business in oil. andocus of the margins shall gas or not going to be attractive to us relative to the the other business we can invest in and we have started pivoting toward traditional oil and gas and that meant of the same time we were company -- cutting capital in shale and the number of wells, we increase our inspiration of traditional oil. i have been able to announce real successes and. alix: bhp billiton ceo andrew mackenzie and tina. who is going to be the buyer? buyer -- all the us the most obvious buyer are two companies. that is because if you look at the permian where they have the smallest part but probably most attractive, you're talking about shell ownsard where some and will see analysts is the possibility of a trade cells.ng and anadarko alix: which is not u

off a disappointing report on economic sentiment it is also a strong day for the miners led by bhp billitonhey're announcing plans to exit the u.s. shale oil and gas business a move that has been pushed by activists and manage ment. they also did a jump in underlying net profit. miners also getting a lift from koerp prices which we've been discussing now at a record high. meantime, in currency land, the euro moving lower against the dollar they await the jackson hole speech not just by janet yellen but mario draggy mario draghi. he is talking about buying back that program the euro trading down from the 2 1/2 year high hit earlier this movement another reason stocks moved higher today and we finish with a plunge in shares of providence financial definite lit chart of the day. losing two-thirds of their value. the ceo stepping down after the uk based subcrime lender issued the second quarter profit warning in three months and also scrapping its interim dividend back to you, sarah >> all right that is an ugly move thank you. >>> let's go back to hq. sue herrera has a news update. >> good morn

manus: would you buy bhp billiton? broader story has disrupted by these idiosyncratic -- they're really piling up. a lot of dividend it's cut. you get a double whammy. u.k. stocks get really that hard in an environment. seehis juncture, we do value in the u.k. stock market. i think it is pretty clear the ratings are not too challenging relative to the regions. i think the economic forecast are pretty gloomy and the consumer is in reasonable shape. u.k.decent outcome for the economy, going to present good value. anna: a day after the big fall wpp. they did a 2.5 hour session with investors. 22 outside factors that are sapping the life out of that industry. are others across europe that are struggling. reevaluating, maybe spending less in total and 80 passing them through into other forms. do you stay away from anything? just ticket? ben: they are going for a transition for how they're spending it i don't think we are too despondent, like advertising. they will be able to understand and do understand the way the world is

german up 3.7% after a report that elliott management may turn its attention after pressuring bhp billitonay a multibillion-dollar investment in a canadian project. k+s seems to be moving on that today. one of the best gainers on the ggitt,600, followed by me moving higher today. seems to be on a re-rating, with uyfferies upgrading it to b from hold. lowerekta, this is called by some at the open. we had numbers this morning. net sales for the first quarter were a beat, but the first quarter adjusted actually missed. perhaps a surprise to some that we are seeing gains, up 0.5%. matt, manus. manus: thank you very much. prime minister theresa may in this country has conceded that they european union law will influence the u.k. long after brexit. directseeking to end jurisdiction of the european court. that is a climb down from a declaration to bring an end to the court's jurisdiction altogether. the compromise is aimed at speeding up divorce talks, but is likely to open her to attack from the eurosceptics. will hobbs is the head of euro investment strategy at barclays. the u.k. leader wants t

elliott management, activist shareholder's, they seem to be good at delivering at nestle and bhp billitono you talk about activists and to what extent does it drive your thinking? of management -- managers are also activist. it is important that shareholders try to maximize returns and make sure these companies are listening. it has been a change in the last 10 years. governments, -- governance, boards are listening in terms of governance practices and some are more open. shareholders are more engaged. anna: what kind of things do you buy? aest: in the u.k. there is good dispersion and valuations and one can argue they are trading at a premium is the have benefited from the weakness in sterling where it is the domestic focused stop -- stocks are cheaper. that diversion is interesting. anna: thank you for joining us. manus: the rest of europe has caught up with the uk's opening call. equities are opening lower. -- will be in focus as the they cut their revenue growth forecast. ♪ open, wee european bring you the first trade of the day. i am manus cranny alongside matt miller. here is what w

lots of attention to the latest results coming out from the mining giant bhp billiton, those come out transactions are up by 12% on last year. and the chinese car company "great wall motor " says it's interested in buying some or all of american carmaker fiat chrysler. the two sides have already reportedly held talks about chrysler'sjeep brand. for more on this let's talk to helal miah, investment analyst at the share centre. tlawk forjoining us. tlawk for joining us. let's tlawk forjoining us. let's take stock. this is a significant development. it's a significant development. it's a significant development. the chinese are interested in western brands. for great wall themselves, they're a specialist in manufacturing suvs which have done well in china but not abroad and what they want to do is take their brand upmarket. but there are quite a few questions being asked about this deal. first of all, will it be able to overcome all the political hurdles, we know that mr trump is very anti—china at the moment. it has very protectionist ideaology there. in terms of the financing, the comp

shares in glencore rose more than 2 %, while bhp billiton and rio tinto were both up by more than oneing to one councillor concerned at the backlog of waste that is mounting up on the city's streets. bin collectors are now stepping up industrial action by refusing to work every day for two hours in a dispute overjob losses. kathryn stanczyszyn reports. for colin, british summertime usually means hoping for some hot weather. but not this year. 13—14—15 bags. that is because colin's rubbish has not being collected from his house sincejune. high temperatures would make a bad situation worse. it is not very good. you are living somewhere and people see bags of rubbish at the front of your house. he is now having to store bin bags in his back garden as well. i have seen rats and foxes. cats rip the bags up. there are actually maggots. i know that from seeing them myself. it is disgusting, really birmingham city council wants to modernise its waste service, but refuse workers say they are facing pay cuts. and have been striking two hours a day throughoutjuly and now three hours a day. the c

amongst the biggest gainers, i andooking at bhp billiton anglo america. oil, $39.43. let's get straight to the bloomberg first word news with taylor riggs. reporter: north korea is threatening to take action of justice in response to u.n. sanctions imposed over intercontinental ballistic missile tests. that is according to the korean central news agency. south korea's foreign minister briefly spoke with his northern counterpart yesterday, urging him to respond to the offer to resume talks. +++ group of mercenaries attacked during the early hours of yesterday morning. speaking on television, maduras said this was an assault on a ford in valenc venezuela. >> i have asked for the maxim sentence for those involved. there will be lonely and see under the circumstances. -- there will be of no leniency -- they will be no leniency under the circumstances. reporter: market share in europe will be grabbed at the expense of the continent's phone companies. the french finance minister said his country will propose simpler rules for taxation at the meeting of eu officials next mon

and mining big returns, bhp billiton bounces back from losing billions to making billions in just one

you are going to see a move in billiton,n the bhp you are going to see a move in the financials as wellr strong open in london, paris, and frankfurt. all set to trade on the upside at the start of trade. dollar index, it is all about cti. week, i am, so last being told by my guest host, david bloom. the argument from the market is, then garden blackrock are saying, we're underestimating the momentum of the trajectory. .5%, you aredex of actually seeing this movement, the u.s. security council. will it bring north korea to the negotiating table? that is the question for the markets. dollar is just a little bit softer, and by 18. we have december iron ore futures -- down by 1/8. the production kurds should not be taken lightly, -- reduction curbs should not be taken lightly. saly, she isiette standing by with the first word news. juliette: manus, thank you. in the u.s., new white house chief of staff john kelly has moved swiftly to bring order to a chaotic team. that is according to accounts from 12 administration aides outside observers. job, thefth day on the for-star general is said to

billiton to 5%. in april they forced bhp to sell all or most of its shale business bhp has declined comment on the latestews. >>> akzo nobel has reached a truce with elliott management. akzo nobel will give elliott seats on its board if elliott supports the new ceo and the plan to spin off the specialty chemicals business this news comes after elliott tried to push akzo nobel into a deal with ppg. >>> maersk reporting a loss. the cyberattack that disrupted operations in june will cost between 200 million and 3$300 million. that's the same one that cost mondelez as well >>> the federal trade commission asked clariant and huntsman for more information on their merger the chemicalmakers are still confident they can close by the end of year. >>> bristol-myers says its combination drug to treat an advanced form of kidney cancer failed to meet a late stage goal it is down 3.7% this morning >>> kansas city southern is raising its quarterly dividend from 33 cents to 36 cents a share. the railroad operator is launching an 8$800 million stock buyback. >>> up next, fiat chrysler making a big bet on self-driving car

. >>> shares of bht billiton swinging to a six-month high the company is raising its dividend bhp announced plans to exit the u.s. shale business following months of pressure by elliott management. >>> and then tronc -- i look forward to stories about this company, which i guess is like the stub of tribune. sorkin, you know which company >> the news papaper business >> also a video game called tron i think also a movie called tron tronc. whatever shaking up the newsroom at the "los angeles times." the company has named ross levinson, remember that guy, as the paper's new publisher. previously ran fox sper actiint media. >> in the running to be marissa mayer at the time. >> not exactly be here >> to have that role before she got that role. >> no relationship >> no. >> ross is a family name for him. >> i know. it's actually a last name. >> my mother's maiden name, if i say it, then you can steal my credit cards >> i always thought you were david schwimmer on "friends." >> wasn't he born before "frien "frien "friends?" >>. >> no, it's my generation. >> are ytronc -- you remember t great seinfe