r in europe is down 80%. 600 industry group, the worst-performing has outperformed glencore.invested in the goldmine, you would be sitting on a profit of 25%. packaging company has given you a return of 121%. it is not all doom and gloom if you've invested in mining stocks in the last five years. #btv 1377. betty: i know you've been on a bit of a losing streak, mark. i will hand the win today to mark barton. mark: i needed that, betty. lord, did i need that. betty: we will have much more on "bloomberg markets." ♪ . . >> it is noon in new york, 5:00 p.m. in london. >> welcome to "bloomberg markets ." ♪ >> from bloomberg world headquarters in new york, good afternoon. i'm scarlet fu. an egypt airplane carrying 66 passengers and crew disappeared en route to paris to cairo. the country's aviation minister says do not rule terrorism. scarlett: a german drugmaker is 45 billionpay dollars to acquire monsanto. it could be the big steel ever bygerman comforters -- german companies, but the proposal is being met with plenty of skepticism. phil mickelson agrees to repay profits he made

interesting comments from glencore earlier, forecasting demand to exceed supply for the industrial metalssupply is having decline for three years. all but one industry group is trading lower today. ,nother busy day for earnings the world's fourth biggest sales thatrted disappointed investors. they had a gloomy outlook for eastern europe and asia. they missed estimates in asia and western europe, offset eight 10 point rebound. this is an ugly charge, showing the big for brewers have fared few years.st ab inbev down 2.5%. carlsberg flat on the year. 18.2%.er up busy day for er today the german utility. they are rising stronger than estimated 30% after a one-time adjustment natural gas project -- contract. this was a two-year inflation process in march that enabled e.on to cancel some things recorded in early years. these are the two big utilities in germany in the last 12 months, e.on shares have been at 43%. rwe has lost half of their value. that is some big fall, and let's finish off with jc?. ballat that decline, the since 2009. the french advertising company given first quarter update a

. >>> glencore reporting lower zinc production in the first quarter.y've promised to cut out and seeks to slash costs. and glencore also allowing production. >>> and agrium reporting lower than reported first quarter profit. the fertilizer producer reports prices for nutrients remain weak. credit suisse with the swiss bank's retreat for risky trading. >>> societe generale has pledged to make further costs this year. the bank assuring that it can. >>> and bryce harper is said to break the bank when had he becomes a free agent in two years. he could become baseball's first $400 million man. but before he hits the open market the 23-year-old is picking up extra spending money. under armour announcing it has suspended its deal with harper the reigning national league mvp. espn reports the deal is for ten years and is believed to be the largest in mlb history. under armour first hired harper back in 2011. the company will start selling harper's first baseball cleat in july. under armour has quite a lineup. golden state warrior's steph curry, cam newton. and

glencore earlier forecasting demand for zinc and other industrial metals. that is why you are seeing metals rise as mining companies gain today. big news in the european as much as 10.2 billion pounds, saying it risked raising prices and shrinking choice for customers. it is the latest setback to consolidation in the industry. telecom operators saying they need can follow -- consolidation to final new money into new areas. the telecom news does not and there. billionairevestment reported its flight -- it's french business declined among competition from rivals. numericch business is kabul s f r. numericable-sfr marginally lower. embryo -- abn amro says first quarter profits fell by 30%. -- 13%. fee and commission income, regulatory cost also rose. it is considering additional cost cuts. this company was nationalized after the prices in 2008. it returned to the market in november just before the slowdown in china and declining oil prices provoked the global selloff. the government sold its 23% stake, shares are lower today. one of the victims of the global f

gotou can see, you've glencore up 85%. 24% to -- 24%. this the big earnings story today.nished up 3.3% in they reported sales on strong demand sales in the united states. that accounts for 41% of its revenue. it grew 6.9%. really quickly, that's what's happening. we have some strong data out of germany. factory orders rebounded in march. this is the citigroup surprise and next. this shows that data has been missing estimates. see, since the three low, it has been improving. this is on upwards projection. that is a very provocative question. something else that's going on as we are watching the trial of sumner redstone, the patriarch of fire,. fire, -- viacom. his former girlfriend wants to reinstate medical care. this could set off a chain reaction that could put stake the control of cbs. could it be turned over to the seven trustees. there is a battle going on there. that's why this trial is important. one important part about this essentially they are trying to determine whether he is competent mentally. he said of his former girlfriend, quote i hate her. i want her out

. >>> glencore is looking for a way to reduce its debt burden. mine based in kazakhstan reportedly worth $2 billion. >>> gold prices retreat for a second straight day after hitting 15-month highs earlier this week, this as hawkish comments and the dollar, the coordinator at fx precious metal strategy joins us from amsterdam. good morning, georgette. great to have you on the show. speaking of a rally that is looking like it's running out of steam. what are your thoughts on gold here? >> yes, quite big move so far. the only thing is, we have -- yeah, we have that coming up on friday. that's also giving a bit of a setback on gold prices especially with gold but the dollar re. kaing somewhat ahead of these numbers. i would expect some range trading ahead of the numbers. the numbers come in weaker, we expect gold prices to continue to rallying. overall, cautious for gold price and other precious metal prices. the main reason is the lower dollar. a major positive for gold other places as well. the ultra low interest rate which is is good support for go

glencore is said to be in talks according to reuters. from theon alberta fire, but it is really pushing oil prices higher. japan, europe and the u.s. have been struggling to boost credit growth. the pboc has a different approach. what are they doing? guest: the big difference is government control. when the pboc pumps money, the can put money into the economy could that is in contrast to the eurozone or the bank of japan, the central bank is offering assistance and cheap quiddity, but it is not making its way into the economy. rishaad: it is about the multiplier effect. guest: that is how they are creating more. compare it to japan, where the boj put money into the economy way it ends up right back at the boj. that is what the difference is. china is still king credit stoking credit-- creation. without getting into an argument about qe, even while they are engaged, the fault in reserves is making their balance sheet come down. their overall balance sheet is contracting in size. the trouble is creating more credit doesn't necessarily mean

amendment and by not adopting it, leave it to be, don -- commandant to do what he feels the record is -- glencoreeels is -- the marine corps feels is appropriate. ask what hiske to take is on this. i yield to him. not to put you on the spot, so early. [laughter] >> thank you for putting me on the spot. this is a difficult call because i have spoke with the gentleman from arizona and having tremendous respect for his sacrifice and the sacrifice of the men he served with, i initially was planning to support the amendment, but i do find the commandant comments compelling and that's difficult as it is to say, i think the marine corps has established this president for good reason and there probably would be a and awful lot of other units that would come in and request different vehicles or ships to be named after them. i can't think of a more compelling case in the case that mr. gallego has presented. this was an unspeakable tragedy and the appropriateness with which he has envisioned in naming the vehicle after those who died in the incident, seems quite appropriate. i think when you take the long v

glencore, rio tinto. we have had mid single digit declines in south africa, pra zil, ruche brazil. russia. the s&p down. arcelormittal. hopefully, there might be a bottom the prices have improved recently. we'll see. that's the hope for a pot tom. by the way, europe is having a much tougher time. they're earnings expected to be down 11%. ours town 7%. it's all about the search for the bottom. in earnings and oil. >> thank you, bob. >>> real quickly. wanted to update you. the contest to acquire medivation. yesterday, sanofi saying we're ready to go to a written consent to throw out the board of directors. last night, medivation reported earnings. they missed on eps. versus what had been a 23-cent estimate. the ceo said, we're all about value. we and our board believe we can deliver significantly more value by executing on our plans. we think their $52.50 offer is completely low ball. we think we're going create a lot of value. many believe that value will be created by a sale of the company, not through their attempts to do it on their own or independently. they also point out, it's

all of the mining names, joy global and glencor weak as well. bottom line is china's growth is still very much an issue here. back to you. >> all right. bob, thank you very much. our new highs possible at these levels? that's kind of a curious question. at these levels, they wouldn't be new highs. but i guess the question really is might we leave if the levels to get new highs? i don't know. gina martin-adams is a strategist at wells fargo securities. and allen bond is co-portfolio manager of the morning star five-star rated jenson quality growth fund. thank you. what is your overall take on equity price levels is and then just leap right into why you're so high on industrials. >> sure. our fair value estimate is $2100. that is a stone's throw away from where we are today for a couple reasons, the first is valuations have stalled. valuations have been trading in a side ways range for a couple years. thus stint with an environment which the fed is starting to incrementally tighten policy. those are baby steps. nonetheless, valuation almost always