. >>> glencore shares hit a 2 1/2 year low after first half core profit misses estimates thanks to lower cobalt prices and copper production. >>> standard life aberdeen sinks as the british asset manager posts 16 billion pounds worth of outflows in the first half despite some strong market gains. >>> and china sets its yuan fix at a slightly weaker than expected level, the trump team plays down fears of a drawn-out trade war. the nato secretary-general tells cnbc the tension goes beyond trade. >> we need to assess security consequences for all of us of the rising military power of china and also see that china is coming closer to us in europe, in africa. >>> a very warm welcome to "street signs. as you can see, a fragile calm taking hold of markets today in europe this follows a mixed session in asia and a rebound on wall street the stoxx 600 trading about 0.7% higher the calm really has come on the dak back of stabilization in the yuan the pboc fixed the reference point for the yuan slightly weaker than expected, but overall no more escalation in the u.s./china trade tensions and curren

not just glencore.berg. ♪ matt: 30 minutes into the trading day, let's get your top headlines. surprises abound, three central banks cut rates, adding pace to the global easing trend. but will they have enough ammo to combat a future shock? standard life aberdeen slumps as investors pull money. it is atells bloomberg harsh environment for asset managers. >> it is tough out there and there is a lot of change. flows are definitely hard to come by. matt: caution at commerzbank. the german lender drops after saying profit targets look quote significantly more ambitious after the first half. i will be speaking to the cfo later on today. good morning, welcome to "bloomberg markets." i am matt miller here in frankfurt alongside anna edwards in london. anna: 30 minutes into the trading day, let's look at how things are shaping up. higher, so that is the buys to the upside in the breadth to the upside. a biotech business is up 8%. the numbers seem a better than anticipated. , we have gotat chemicals and banking

today, glencore's ceo was asked about this.nd concerns linked to the trade war, saying they were not that bad. sentiment is, though, and investors have punished the company. shares now falling for the seventh consecutive day, the longest losing streak since november 2015. guy: thank you very much indeed. chandraa cup -- emma covering our stock of the hour, glencore. vonnie: the pga tour returns to the east coast this week in jersey city, and marks the start cup.e fedex recentlyo rory mcilroy about his disappointing start in northern ireland. but i wille, i think remember is how i responded the second day. shot 65 on the friday, not quite enough to make the weekend. what i will remember from that week is that day and the support that i got. me in a great lesson for that i played so badly the day before that you can dust yourself off and pick it back up, go out and shoot 65. does not really that much difference between the two. it was one of those things. i maybe wasn't quite as prepared for the conditions as i should have been.

however, poor earnings for global commodities trader glencore and a handful of other companieslimitedit a near three—year low after an almost one—third drop in core profit. gains in shares of heavyweight constituents such as shell, health care firms astrazeneca and glaxosmithkline as well as hsbc helped to keep the index in positive territory though. the rush to safe havens amongst investors has pushed up the price of gold as well as us government that, one of those that tends to be in demand when the global trade outlook looks so uncertain. that's all the business news. remaking home alone, wherever next! the music festival boardmasters has been cancelled, just hours before it was set to begin. organisers said concerns for safety following extreme weather warnings led to the decision. well it was earlier this morning that festival was cancelled, but of course many people had already made their way there. rebecca jones spoke to three people, who had driven nearly 300 miles to get there. one of our friends woke up at 5am this morning and she checked the app to see if there was any upda

and glencore could be about to halt production at one of the world's biggest cobalt mines after pricesthe financial times and bloomberg both report the mining giant will announce the closure of its mutanda mine in the democratic republic of congo, when it reports its results for the first half of the year later today. let's now talk about cryptocurrencies and north korea, because a leaked united nations report has revealed pyongyang stole $2 billion to fund its weapons programme using cyber—attacks. the report says north korea targeted banks and crypto—currency exchanges. let's go to our asia business hub where shara njit leyl is following the story. there are so much talk about crypto currency is and what you can hide. here's an example. absolutely, it sounds like something out of a spy film, doesn't it? because essentially as you say it has been revealed by the sleet united nations confidential report i should add, saying that banks were targeted, noted —— backs were targeted, to try and collect cash was not sources confirm to the bbc that the humans actually been investigating some

wednesday, glencore.day, the iea monthly report, it will be key in terms of supply and demand dynamics for the oil market. that does it for "commodities edge," things for joining me on -- thanks for joining me on this special edition of on bps trading floor. catch me every week on thursday. this is bloomberg "commodities edge." ♪ jonathan: from new york city, audience worldwide i'm jonathan , ferro. bloomberg "real yield" starts right now. ♪ jonathan: coming up, no drama in this month's payroll report. the attention firmly elsewhere as the white house whipsaws wall street, announcing more tariffs on chinese imports, providing more fuel for global bond markets, driving the german yield curve below zero. let's begin with the big issue. is the fed prepared to underwrite the trade war? >> it is highly likely the trade issue will dominate a thinking at the fed.

wednesday, glencore. the iron ore copper trading giant. the iea monthly report, it will be key in terms of supply and demand dynamics for the oil market. that does it for "commodities edge." thank you for joining me on this special edition on bp's trading floor. catch me every week on thursday. this is bloomberg "commodities edge." ♪ ♪ welcome to bloomberg businessweek. we're inside bloomberg headquarters in new york. plus bloomberg's exclusive interview with underestimating a lopez.

wednesday, glencore. the iron ore copper trading giant.day, the iea monthly report, it will be key in terms of supply and demand dynamics for the oil market. that does it for "commodities edge." thank you for joining me on this special edition of on bps trading floor. catch me every week on thursday. this is bloomberg "commodities edge." ♪ >> welcome to "bloomberg businessweek." i am jason kelly. >> i am taylor riggs. of democratichts debates with the crowded field of candidates. >> bloomberg's exclusive interview with mexican president lopez over door. -- lopezob

i see glencore as a big gainer here.p billiton top 10 screen and i have it arranged in terms of adding points to the index. we see astrazeneca, glaxosmithkline up there. all of those companies make stuff that you need, for the most part. it depends on your personality and genetics. we saw glencore at the top. look at the losers. or two biggers losers. bhp billiton is down 2% right now. you can see it is taking the second-most points off the stoxx 600 index and you've got some others, royal dutch shell, total, some oil producers as well as big banks like hsbc. evenoften appears there with small moves because it is such a heavy stock. european markets are opening pretty mixed. modestian stocks posted gains ex-china. investors are showing signs of progress on trading ocean nations or maybe they don't see them in such an optimistic light. there is also a lot of speculation of government stimulus shoring up economic growth. there is a lot of talk about what could come out of germany just because the finance minister mentioned

wrapping up with glencore dumping cobalt, mothballing the mine that produces 1/5 of the metal as pricesover. they were supposed to hold up because of demand and that has not happened. let's get into the ring, you have oil prices suffering and oil stocks are suffering more. down 15% in the last month and ceos agree. the company's earnings call in today's market, we don't see a lot of value in their stocks. he does own 76% of shares. i joined by an activist investor. good to see you. good to see -- >> thank you. i am calling it shalemageddon. has it come? >> we are finally seeing investors look for a return on capital employed. investors have fled the space. alix: when you look at supply versus demand, and that mismatch, in part due to u.s. shale, how long can that continue or when do we see the production shut out? >> the big question is on availability. the supply space has grown over the last 10 years. that has funded a lot of unprofitable growth. the u.s. has grown market share at the expense of returns and what we have seen in 2019 is the -- in the first half of 2019 is the issuance

these are some of the headlines from glencore. half adjusted ebit softer than market expectations. manus: when it comes to a return on equity, it looks like they .atted it out of the park 20% return on equity, operating profit of $1 billion. , they do likeit the billion number in this company. general deliver their numbers in a few moments. first-half profit after tax, $874 million. german industrial production, good, bad, or indifferent? nejra: it is worse than expected . yesterday we got factory orders, but industrial production year on year dropped, the exploitation was a drop of 3.1%. 1.5%. a decline of joining us for the furniture onset withel wilson us here in london. thank you for joining us. manus broke some headlines. i am looking at one that says you are prepared for a full range of brexit outcomes. talk me through what you mean about being full prepared. dr. wilson: we know about brexit in 2015 and have had time to prepare. life insurance payments, the same. for the pastdoers few years and it is incredibly successful fo

glencore actually down 2%. first half profits at glencore tumbled as cobalt prices collapsed.cutive of vitol. this is bloomberg. ♪ at comcast, we didn't build the nation's largest gig-speed network just to make businesses run faster. we built it to help them go beyond. because beyond risk... welcome to the neighborhood, guys. there is reward. ♪ ♪ beyond work and life... who else could he be? there is the moment. beyond technology... there is human ingenuity. ♪ ♪ every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. take your business beyond. ♪ all, bloomberg "surveillance," worldwide. actionates, central-bank with em cutting rates led by new zealand. curve flattening. we just spoke to john norman of jp morgan with that. our first word news with viviana hurtado. viviana: kim jong-un saying north korea's latest missile tests are a warning to the u.s., trying to pressure the u.s. to end joint military exercises with south korea. they say the drills are needed to remain readiness. gold is rising above $1500 announce. it has since paired

let's take a look at some of the other stories making the news mining giant glencore has halted productionne of the world's biggest cobalt mines after prices for the battery metal collapsed. the mining giant announced the closure of its mutanda mine in the democratic republic of congo during its third—quarter results, and says it will resume its operations when cobalt prices rebound. facebook has filed a lawsuit against two app developers for "click injection fraud" as it moves to crack down on abuse on its platform that hurts advertisers. it says the developers made apps available on the google play store "to infect their users' phones with malware". walmart is under pressure to use its corporate power to help crack down on the sale of weapons in the us. the country's biggest retailer, has faced criticism before over arms sales. but after a multiple shooting at a texas store, and the death of two staff at a mississippi branch, critics say walmart has a responsibility to act. british airways travellers are facing delays and facing problems. this is for those who want to check in online. th

a world bank tribunal has ruled in favour of mining giant glencore's coal mining subsidiary prodeco inrnment to repay a $i9m fine that had been levied on the company for alleged breach of contract. a petition for $575m in damages was however rejected. deutsche bank — a longtime lender to donald trump — does have the president's tax returns. the revelation was made in a court filing. congressional democrats have requested the documents regarding donald trump and three of his children's business dealings. lawyers for mr trump are trying to block the subpoenas and it's not clear if deutsche bank will comply with the order. the us department ofjustice has charged a former google engineer with the theft of trade secrets. anthony levandowski is accused of downloading thousands of files relating to self—driving technology he worked on while at google. it's then alleged he went on to found his own self—driving firm — which was later acquired by uber. if convicted, he faces up to ten years injail and could be fined more than $8m. dave lee reports from san francisco. the department ofjustice all

glencore is exposed to the iron statement, but the earlier, nervousness in the market, miners tradinge: it looks like it was going to be a shakeout today. it is turning out to be somewhat of a shakeout in equities, but we are off our lows. the s&p down just .9%. the dow is still the worst performer. it is and bonds were a lot of the action is. the 10 year at 1.64%. the three-month 10 year spread is not -39 basis points. well into negative territory. haven, 105.67.fe let's have a quick look at other asset classes. ounces above $5,000 an and you can -- above $1500 an ounce. quarter, upockout 5.1%. disney surprised with a miss. down 5.1%. crude inventories earlier. that is contributing to the decline in crude prices. $50.84 after we saw slight build. guy: let's get back to those european banks. commerzbank says it is becoming tougher to reach a target for higher profits this year after a fourth straight quarter of falling revenue, the bank warned of weaker earnings as escalating trade tensions take their toll on key corporate clients. bloombergs matt miller spoke to commerzbank's cfo abo

rio tinto falling as well as other minors, glencore down.inors and oil producers lining inat the top six losers terms of taking away points on the stoxx 600. european markets are lower as a result, this is after the federal reserve cut rates for .he first time since 2008 jerome powell warned against expecting a lengthy u.s. monetary easing cycle. to lower the today target for the federal funds rate i a quarter percentage point, it intended to ensure against downside risks and policy trade uncertainty, and trade tensions which seem to on the effect economy, they evil in a different way. inflation running below target. we see those as threats to a favorable outlook. this is the right move for today. we think it will serve. davidjoining us now is owen, managing director, cee, jefferies international. let me ask you about jay powell making what the market would have read is a blunder. how do you read him? been a great not year for central bank medication surrounding the u.s. fed and the ecb. this is another example. flagged, cut was well we do n

there are individual issues with some of the other mines linked to glencore.not being able to negotiate a trade deal which seems to be hurtling us towards a no—deal brexit, we don't think that is good news for the pound and we would look for a further decline in sterling and the further weeks and months and it is a shame the economy cannot benefit from it, because you cannot benefit from it, because you can only benefit from a weak currency when you have clear signs about what a trade is going to be after brexit, and that is a bit that is missing, here. thank you. a few more markets. european markets holding up slightly better. the ftse 100 is up but that follows six sessions of losses. nothing to be jumping up and down and shouting about. that is the picture for most of the european benchmarks, ending in positive territory at the end of today‘s session. the music festival boardmasters has been cancelled just hours before it was set to begin. the three—day event headlined by wu—tang clan, florence and the machines, and foals, was set to take place in newquay t