glencore is posting gains. bring us up to speed on glencore . a lot of updates these days. >> it has been a newsday for glencore. the thing to focus on is the upcoming leadership change. the c.e.o. was vogel on the call talking about how he wants to bring in a gender -- younger generation of leaders and talking about his possible retirement in the next three to five years. that seems to be the main message they want to get out today. guy: what is happening with trading? >> they narrowed their trading forecast range which suggested things could be weaker than expected. they mentioned problems with cobalt. they have had problems mining cobalt in congo. that seems to have taken a toll. vonnie: what about the legal issues? >> is a good question. we have not heard anything new for a while. we know there is an investigation with the d.o.j. and o.s.c., but nothing new has come out on that for some time. rosenberg.re is ivan can this business exist without him? it is what everyone is asking. they are working on training the next generation of leaders. i

glencore is unique amongst its feet able to treat and capture value every stage of the commodities chain from morning to so and uses. them for the good that it be with a clean you know but it's kind of when you saw you know what a lot of them are they like what you had by do that. every neither then or only and i guess i'm glad they think one body for a minute to amend their own deficiencies doesn't get from me comedy that the s.m.s. when i was a book that brought me communion under the makita where class and ballot and line across aisle borders in the lab you know that's our home but in the d.n.a. one that they're set up by a knock on the will now the public the contaminant call of duty and the old people's or the lab present giving complete endl and pomp where the kissing down few months it's usually missionary at the front gate we would like a question rolls of them is so huge so if you could review all the discussion each of the truth lucian and close the question then they'd run it by the book down don't let media than everything they need buy is the spending on the living case the

the council of two can switzerland at the invitation of a nongovernmental organization to attend glencore shareholder meeting. they just did to me good morning when i just really they would and it's a great pleasure to welcome you to two thousand and fourteen and the least you company doubled in size and holds its position it's one of the world's largest producers moccasins which glencore is unique amongst its figure able to treat and capture value every stage of the commodities chain from morning to so it's the end users. we view the move to the next. generation i'm on my right. for any other game of the market with a game you know but it's kind of when you saw you know what i'll order in there like we had by good. every neither then or only i am glad they think by far my little needed them in their own deficiency those young kept from me coming into the s.l.'s when i was a buddhist but brought. me communion and the monkey to where grass and dalai lama pile. of imbibe to let me know that is our home but in the d.n.a. one that said i'm. not going down the hall now the public is not contam

glencore is trading up. it has traded very well today. glencore is coming out and narrowing today. having a few issues in places like the congo. they clarified what the management succession plan is going to look like. the stock is trading high today. i want to look at volume. for the last few trading sessions, we have seen the european markets trading under the average volume over the last 30 days. today, we saw above average volume. volume was higher than it had been over the last 30 days. 2%, theet was up over rally has faded and so is the volume. we are below them. you might see an above average story coming through the auction. the market feels like it has faded from the early sugar high. i will use that again. will be interesting to see how long the rally last. this is what the u.s. markets look like. only me.t is i will tell you it's going on. dow,ve the s&p 500, the the nasdaq are all higher. wynn resorts are doing very well. there is a general optimistic tone. we don't have the optimism that we had this morning. the vix is at 17. it was as low as 16. the 10 year yield is b

a top executive at glencore will leave the miner and commodity trader by the end of the year — reportsan in the democratic republic of congo. the daily mail dedicates its front page to its christmas campaign, calling for volunteers to help the nhs — it says three days after the first put out the appeal, 11,000 people have signed up. michelle obama's visit to an inner—london girls‘ school makes the front page of the guardian — the former first lady told pupils that she still has impostor syndrome and that it never goes away. and the daily star claims phrases like "taking the bull by the horns" are — in the paper's words — "at risk of dying out" because using them might offend vegans. laughter what is going on at fleet street? that is a good story. we will probably do it at 1130, probably, but we will start with the i, act 110w but we will start with the i, act now 01’ but we will start with the i, act now orface but we will start with the i, act now or face the collapse of civilisation, says sir david attenborough. he is a superb natural scientist and he is making this warning at the cl

sources say that they are open to re-engaging with glencore and abm.is your bloomberg business flash. christine. let's get to the story around brexit. prime minister theresa may could be forced into a brexit that keeps the u.k. inside the eu single market if she loses that crunch vote that will take place on tuesday. according to reports, administers expect her to announce that she is delaying the house of commons vote, with the odds stacked against her in parliament, administers saying there is no plan b. founder -- yound don't think they will pull this vote, you think it will happen, and it is going to bt to buy what margin she loses. >> delaying the vote will not improve her chances. she is between a rock and a hard place. this is not something she wanted, but if she loses by more than 100 votes then she has lost the confidence of her party and she will likely resign. there will be political uncertainty, if not chaos in the u.k. so what are the potential outcomes? you could have a new conservative leader trying to therenfidence again, but is time to

the council of two can switzerland at the invitation of a nongovernmental organization to attend glencore shareholder meeting. they just judgment good morning when you study the woods and it's a great pleasures to welcome you to a two thousand and fourteen and you least you company doubled in size and he holds its position as one of the world's largest producers moccasins. glynco is unique among six feet straight and capture value but every stage of the commodities chain from money to so and uses. we've been to the exclusion. zones with all my rights. for. the game of the uk and that it be with a great number despite of when you saw you look at a lot of them are they like what you had buy good at the market. evan either there or on me or i doesn't blam they think will buy it for a minute did lead them into a deficiency the strong came from the me company that the s.m.s. when i was a brick because me communion and the makita where glass and dalai lama pasqual foremost in the lab you know that is our home on the d.n.a. one that they're set up by a knock on the will now the public the compou

to the continent to can switzerland at the invitation of a nongovernmental organization to attend glencore shareholder meeting. places gentleman good morning in my native city the woods and it's a great pleasure to welcome you to two thousand and fourteen and in these you company doubled in size and he holds its position as one of the world's largest producers moccasins. glynco is unique among six figures able to create and capture value every stage of the commodities chain from my need to so just in juices. we will move to the next. gentlemen on my rights. for any other game for the record that it be with a game you know but it's kind of when you saw you know what a lot of them are they like what you had by do that i'm a good. evan either that or on the air i think that some blair they think will bite him for a minute did lead them into a deficiency the stronger from me coming into the s.m.s. when i saw his book because the community and the comedy tour where recent dalai lama pile board was impromptu they let me know that our home on the d.n.a. will never stand up but i'm not condemning

that they will do a better job they can hire more experienced people i heard they hired some big glencore developers for their big quincy curity and they have experience of running an actual exchange so it might be just a low bit better than what's currently out there but i really don't see it as revolutionary time. talk to us about proof of key as this is something that idea has popped up recently we have a long and we have traced mayor myself talking about this idea of proof of keys i brought up at crypto springs last fall in palm springs and it was a big point of discussion at kept us prangs what are your thoughts of the side you have proof of keys tell us a little bit about what it means and then way you think about it shore so proof of keys is this concept to make sure that when you have big quote has been held by a third party that there actually have the big and then there isn't some kind of a fractional reserve going on so it's a good idea the thing is that you have never got that his point of bitcoin was really designed for you to be in control of your own money you should have a

prosecutors have alleged in a news conference that beginning of two thousand and nine major trading firm glencore trafalgar a and b. toll paid more than thirty million dollars in bribes to petro boss employees in exchange for cut rate prices on purchases of oil and oil derivatives prosecutors characterize trading firm executives knowledge of the corrupt arrangements as quote total and equivocal. we now take a take a long look rather at the u.s. tax cuts which were approved a year ago this month by the u.s. congress to help us out we are pleased to be joined by a professor of economics emeritus at the university of massachusetts amherst professor richard well professor welcome back we're so glad to have you thank you i'm glad to be here so you know the economy seem to be rolling quite well along early this year and and markets reflected a pretty positive attitude that said a lot of the benefits from the tax cuts went to buy dividends of buybacks and we have seen companies like general motors recently not reinvesting in manufacturing and the like what's your take on how these actual tax cuts have b

glencore is also a gain or as well as bp.some of the miners and oil stocks trading higher and helping to keep the stoxx 600 close to level. take a look at some of the losers and you can see which ones are weighing the index down. the most points off the stoxx 600. 1.9%.s down, you can see some of the luxury stocks are falling. definitely on christmas season, something you need to have. anheuser-busch falling this morning. onbe people aren't too merry this christmas eve. let's get first word news with desley humphrey. desley: the white house has moved to try to calm the markets after the recent losses. steven mnuchin spoke to the six largest u.s. banks over the weekend and was told they have ample liquidity for lending to consumers, businesses, and other operations. they insured financial markets jay powell is safe after reports president trump discussed firing him. >> i think he put out a tweet last night saying he does not have the ability. >> we haven't heard directly from him. >> i did speak with the treasury secretary las

we are watching glencore. a succession team is being put in place.s been -- has stepped down. he wants to step down in the next three or five years. when asked what the se successor will like, he says i hope it will look like me. alix: and the buyback will that is a huge part of that as well. i am watching apple here. lots of different things going on. 82% of its revenue from apple. down great from hsbc yesterday, saying apple has to redefine its core, a pretty comprehensive downgrade that analysts will be on with john pharaoh in about an hour. continued negative rhetoric around apple. david: for our third story, i want to take a look at ford, with morgan stanley protecting the automaker's restructuring could result in 25,000 jobs being cut. michael ward is joining us, and he has a hold rating on ford, with an $11 price target. actuallygoing to have that much money in restructuring cost it's got to come out of people at some point. michael cohen thank you for having me. back when ford announced restructuring they did not provide any of the details. t

bhp glencore all up. make up about 60% resources index. your bloomberg business.avid: british prime minster may continues her quest for brexit deal going to against anyo argue second referendum. saying it would do damage to the politics of our because it would say to millions that democracy does in the deliver. it would further divide our country. we should be working to unite it. joining us now is david lebovitz he's j.p. morgan asset market management. theresa may is hell bent on getting this deal through. what should investors do about this? do? should markets do you say on the sidelines? >> i think until there's a clear signal we're making some forward progress. it does make sense to spend bit time on the sidelines. prettyis struggling with noisy economic figures. u.k. is seeing sluggish growth. into question what the bank of england will do. maybe just sitting and waiting and see. we do think this will be resolved. there's now catalyst for getting market now. lisa: my first knee jerk reaction, this is a gift to her. over.n say, it's you -- i don't have the wh

adm and glencore have had talks with bunge in the past about a deal.hing happen. >> abcd -- this is -- the u.s. economy potentially overheating in 2019. joins us on our outlook. this is bloomberg. ♪ alix: this is bloomberg daybreak. welcome to the buy the debt morning. we were lower in the futures market, we have gained some steam and have moved higher on s&p futures up by five points. european stocks low this session as well as the dax. want to highlight china trade data, internal index in of the men were week, that weighing on europe. thes a by the dip -- buy dip story. in other asset classes it will be focusing on the cable rate, down by 6/10 of 1%. yields down by four basis points. at 10:30 you will get a speech from theresa may, will she delayed of -- will she delayed the brexit vote deal. the 210 spread getting flatter. by 2%.k crude off the bump we saw on friday, no more bump. carol: let's get an update on what is making headlines outside the world of business. emma chandra is here. british prime minister theresa may is moving to avoid a huge de