here is nejra cehic. nternational shares have surged after the brokerage said its chairman and ceo will resume his duties after a five-week absence. the stock had previously plunged. pesticide company syngenta is in advanced formal and intense negotiations with rivals about possibly combining. that is what a chairman has told a swiss newspaper. syngenta is in talks with monsanto. the whole industry is talking to each other. boeing has agreed to pay $12 million to settle complaints over safety standards. the federal aviation administration says the company missed a deadline to give instructions on installing devices to prevent fuel tank explosions. guy: thank you very much indeed. in the run-up to christmas, a mobile payment platform identified a key trend that is unraveling user habits. the company with partners such as google, facebook, is calling it the crazy frog spent. we need some information, don't we? is the chief of bango. could you say what the company does? >> we are an intermediary between the b

nejra cehic has the european open. nejra: i do indeed. let's see how markets are reacting to the china data, the drop in both imports and exports. asian stocks weren't immune. we saw a drop there. markets, ituropean looks like the ftse 100, pretty much flat. we are seeing a little bit of a slowdown. what stick it to some of the stocks we are watching this let's look at some of the stocks we are watching this morning. keep your eye on these two stocks. people have been saying that orange is an early discussions about buying bouygues'skeep telm and media assets. what could happen in this potential deal is that bouygues might actually carve out its construction unit and maintain a minority stake in the combined company. don't just keep an i on these stocks. it looks like they are moving higher. keep an eye on other players in in europe. market moving onto anglo american, we are talking about commodities. the slump in commodities across the board, anglo-american holding its investor day today. we might see a statement coming out about now, th

nejra cehic. nejra: thanks, john.the best-performing stocks on the stoxx 600 now are miners./ we've been seeing copper rebounding. even though gaining it has been put on review for a ratings downgrade at moody's. moody's put out a statement today saying the review was prompted by the decline and weakness in commodity prices. moody's doesn't expect a significant shift in commodity prices next year. still, bhp billiton moving higher. glencore too. glencore had been suffering, but its aggressive approach to shrinking the industry's biggest debt pile is fueling optimism today. in the past three days, credit default swaps ensuring glencore's debt for five years have been falling. down, casino taking its two-day drop to 15%. down 2% at the moment. this started dropping yesterday after a short seller named this short, as his latest saying it is using financial engineering to mark a sharply deteriorating core business. casino did come back and basically said these allegations were misleading and erroneous. i can tell you that

here is nejra cehic. said to be in talks to buy -- [indiscernible] boygues rejected an offer in june. the news comes as morgan stanley plans to cut as much as a courtroom of its -- a quarter of its fixed income stock globally. the news comes on most three months after the bid was rejected. it would've been the biggest energy takeover in asia. guy? below $40 a ton , as prices approach breakeven costs. only in february, rio tinto's thetold bloomberg tv that $30 mark was a "fantasyland." >> i think that is fantasyland. it may be on a buyer wish list. it simply can't happen, if you look at the impact on the broader range, the cost of supply. we are right down at the bottom, as i mentioned, making very healthy margins. [laughter] guy: bloomberg's reporter jesse osberg joins us along with michael metcalfe. jesse, we are in fantasyland. it can't happen. here we are. be fair to sam welch, we are not at $30 a ton but we have a 30 handle, and futures indicate it's going to go lower. to me, this is a supply story. f

let's get the bloomberg view with nejra cehic. nejra: chinese consumer inflation beat estimates.n november rose 1.5% year on year. the producer price index fell 5.9%, extending declines. the people's bank of china had cut the yuan's reference rate to the weakest since 2011. that fueled speculation that the central bank is trying to release pressure before an expected increase in u.s. interest rates. morgan stanley has named alistair darling the u.k. chancellor during the financial crisis and former member of the british parliament to its board of directors. pimco said monday it was creating a new advisory board including ben bernanke and jean-claude trichet a. says donald has disqualified himself from the presidency. the republican front-runner said muslims should be barred from entering the u.s. after the attacks in paris and san bernardino. president obama's press secretary spoke out after the comments. >> the first thing a president does is to swear an oath to preserve, protect, and defend the constitution of the united states. what donald trump said yesterday disqualifies him

first of all, let's get to the first word with nejra cehic. the reserve bank of new zealand has cut the official cash rate for a record low of 2.5%. it is their fourth cut this year. the government thinks it should be enough to return inflation to its 2% target. the kiwi dollar surged on the news. the aussie dollar climbed after job status matched expectations again. official figures show more than 71,000 people found work in november. economists had expected a drop of 10,000. it brings the unemployment down to 5.8%. a survey shows that almost two thirds of likely republican primary voters say donald trump's call to temporarily ban muslims from entering the u.s. makes it likely to more of over him. bloomberg sources say the u.s. justice department is examining possible manipulation in the trading agency bonds, after $9 trillion of debt were issued. authorities are investigating whether traders violated antitrust laws. that is the bloomberg first word. for moore, head to bloomberg.com. francine: thank you. let's get straight to the top market s

let's get more with nejra cehic, who says this decision hasn't been publicly announced. o we know about the brett of this story? nejra: we heard this story from people who say that these cuts will happen across all regions and are set to take place in the next two weeks. they would amount to a reduction as much as 25% of fixed income trading. the reason why we are going to see these cuts, according to these people, is simply years of revenue decline and insufficient return. last month, morgan stanley reported a 42% plunge in bond trading revenue. the ceo called it the worst quarter for fixed income, currencies, and commodities since he took over in 2010. is alone iney having a bit of trouble, because if you look at the top 10 biggest global investment banks, ficc is on pace to drop to $65 billion this year. that would be the lowest since the financial crisis, and also less than half of what those companies produced in 2009. in europe we have our racing the likes of ubs, deutsche bank, barclays shrinking the investment banks to rein in costs, and now we are seeing a simila

skip the first word news with nejra cehic. faces uncertainty yfter prime minister reportedl lost his majority and an election. even if it beats out the socialist and earns the most votes. we are monitoring bonds at the open. brent crude has fallen to the open intraday level since july 2004. that is amid speculation that supplies exacerbate a record let. prices are down. set for a third straight annual loss. iraq's oil minister says oil will bounce back because the current price is hurting producers. he did i say when that will happen. toshiba has forecast a record full-year loss of $4.5 billion. it announced a restructuring of its lifestyle division. toshiba shares slumped ahead of that announcement. liam fox has become the most senior conservative mp that says britain topaign for leave the eu. he says it is time for the -- it is time for britain to recover its birthright. britain's a change in change -- a change in britain's relationship with the european union. look towards a much more independent association of sovereign st

let's get the bloomberg first word with nejra cehic. ank of japan has outlined operational changes for government bonds and real estate investment. as part of the planet will establish a new, $2.5 billion program. kept his main monetary stimulus target unchanged. toid cameron says his bid change relations with the eu is gathering momentum. his comments came after eu leaders signaled the willingness to find compromises on welfare. they seek to strike a deal at the next summit in february. today they will shift their attention to the fight against terrorism. disturbing deterioration across the board in the fourth quarter. show volume output and prices hiring, all weaker. the report is based on interviews across the country. china's home price recovery cities with are surplus of unsold homes. it increased in 33 cities compared to the 20 in october. that's your bloomberg first word news. furthermore, head to the bloomberg terminal and bloomberg.com. manus: thank you. let's get into the markets. juliette saly is standing by. morning. good loo

anna: let's get the first word with nejra cehic. euro has slipped back against the dollar after its biggest one-day jump since 2009, as investors shift their attention to the u.s. payrolls report, that may boost the likelihood of the fed rate hike. the single currency surged 3.1% over the dollar yesterday after the ecb's using plane fell short of traders expectations. goldman sachs is calling for the euro to plunge but it didn't go to plan, after predicting a dovish surprise from mario draghi with scented tumbling, robin brooks's note rethinking his entire euro outlook. crude is set for a weekly loss as opec ministers prepare to meet in vienna. bloomberg sources say saudi arabia held its line at informal discussions yesterday, insisting nonmember producers would have to join any output costs. russia's credit rate was raising to stable from negative by movies. -- by moody's. ba1,ating now stands at one step below investment grade. that is your first word. for more, head to the bloomberg terminal and bloomberg.com. anna: thank you ver

now let's get to the bloomberg first word news with nejra cehic. decisions from new zealand, switzerland, and the u.k., it is the turn of russia's central bank to announce policy today. the governor is expected to keep rates on hold. bloomberg sources say argentina's new president has picked up talks with several wall street banks for loans of up to $10 billion as he tries to shore up central-bank reserves. delayed then has decision of again on whether to allow another runway at heathrow airport. his government says more time is needed to carry out research. the move has been attacked by industry groups. willie walsh, the chief executive of iag, said it showed politics taking precedent over what is best for the economy. a petition to have donald trump band from entering the u.k. has received nearly half a million signatures. any petition with more than 100,000 signatures is automatically considered for debate in parliament. that is your bloomberg first word news. manus: -- francine: thank you so much. news from the executive board member of the eur

nejra cehic is here. she is looking at the best and worst performers of 2015.ero bank it will -- as a: it will come surprise. the bloomberg commodity index down 25% so far this year, heading for its worst year since the financial crisis. if we look at individual commodities, some interesting things have come up. the best performer this year is cocoa. up 12% in spot prices. worst performer is nickel. we know that metals have been coming under pressure. guy: any recovery for commodities next year? >> i suspect the family week picture to continue, given the chinese situation. guy: and is it kind of a game of two halves in that the first half of the year is poor, but we start to see maybe recovery, or is it uniformly grim? >> nothing going to be uniformly grim, but i don't see a lot of cheer. guy: what else are you watching? let's talk about the stocks. nejra: if we look globally, the best-performing index has been venezuela, up 277%. you might struggle to get your money back out. inflation is over 100%. worst-performing has been ukraine, down 55% for obvious reaso

let's get to the first word with nejra cehic. nejra: in paris, the climate change conference has been extended by at least one more day. the talks have been sent to end frenchut the foreign minister there are a number of issues to be resolved, among them, how rich nations will pay to help clean up the air. put off aron has decision on whether to allow another runway at heathrow airport. there won't be another decision until the next election. the british government says there needs to be more research on the environmental impact. tomorrow. arabia there will be female candidates in a national election for the first time. 1000 women are running in 84 municipalities. mber numbers outnu female voters by 10 to one. hostages have been rescued from boko haram insurgents. they have been trying to impose islamic law i in northeastern nigeria. often calleds the chinese warren buffett is missing. in sociale reached, media messages say he was seen with police at the shanghai airport, posting bond. trading shares were suspended. more than 30 s

jon: let's get over to nejra cehic. a: jpmorgan, bank of america and citigroup are among a group to have cut rates by one level from standard & poor's. the nigerian communications regulator has reduced a fine imposed on the telecoms company from $5.2 billion to $3.4 billion. they were penalized in october for failing to disconnect millions of unregistered mobile phone customers. deutsche bank says it sees sterling weakening by 15% by the end of next year which would see the pound slide into a level not seen since 1985. the other britain's mining strike came to an end. for more on these stories and others check the bloomberg terminal and bloomberg.com. but see what's happening in asia. there's alec standby in hong kong. >> we have seen a bit of a mixed picture once again. asian equities on the whole are lower today but we have seen a good again coming through in the last 90 minutes or so of trade. certainly all this speculation because it does seem to be a daily occurrence closing higher by 1.3%. a h worth noting is the p

let's each up to speed it nejra cehic here for your news. a: dow chemical is in talks to merge with dupont in what would be the largest deal in the chemical industry. an agreement could be announced as soon as this week. german exports fell more than estimated for the month of october. experts are down 1.2%. imports also dropped by 3.4%. the white house says donald trump is this qualified from the presidency. the front runner said that muslims should be barred from thering the u.s. after attacks in paris and san bernardino. trump is refusing to act away from his comments at -- even after universal condemnation. jonathan: the headline in the commodity market yesterday was brent crude below $40 a barrel. it is rebounding from that six year low, rallying for the first nine -- rallying for the first time in four days. caroline hyde got to speak with one of the world's biggest oil producers. here is what any ceo had to say. >> what is annoying me is that the price of today. [indiscernible] 2015 we cut $200 billion. we are going to do the same. imb

nejra cehic has the story. o raises managed t sales in a difficult market.ike we look at brands for the next four months, they rose 20%. sales rose 4%. that was a slight miss. revenue was up 24% in china. part of the reason for the success in that region is over the past two years. they have been revamping their distribution and merchandise. they have been selling more profits through their own stores and websites. that is part of a companywide strategy. raise a saless to to $50 billion, with a focus on women's sales. north america also had a strong performance. eighth, we have seen an consecutive quarter of double-digit growth for nike. anna: nike has been on the upswing. nejra: it has had a number of successes. itsas been increasing presence and markets like china and south america. but also, nike has benefited from a shift in trends towards athletic and casual wear. means is that nike shares are up 37% this year. andas is outperforming it performing at 50% this year. they are coming from a fairly low base. what is important with nike is the trainer and sn

let's get across a nejra cehic.ed with the leverage position with the leverage potential for further switching with commodity price rushers. a brazilian prosecutor has filed a civil action against the hp. it is alleged they didn't properly comply with state regulations. at least 13 were killed when billions of gallons swamped villages. that plannedys dividend and share buybacks will likely increase debt. the pizza hut and taco bell brand plans to return more than $6 billion to shareholders before it sends back it's time to business. >> thank you very much indeed to nejra. guy: russia responded with an emergency rate increase. is stephende him from hsbc. it's interesting, this is quite a tight call. is that we get nothing. talked to about three dozen eight economists in the medium is no cut and one third figure could be a cut. the majority of couple months ago thought there would be a cut . from the 11% key rate until where we are now. that newfound concern about inflation. inflation is at about 60% and it has actual

jonathan: nejra cehic, thank you very much.d of fx strategist across from me and talk about a weaker euro. joining me at the moment is the most bullish euro trading strategist in the whole of the city of london. hsbc's david bloom. 1.20.ollar david: i've got to change my forecast. jonathan: let's start there. the monetary policy differential between the u.s. and u.s. -- and eurozone. it really? a few months ago? we have been preparing for this for years. up andrnanke he stood talk about tapering, the u.s. dollar rates were going up. jonathan: march 2015, you, after the federal reserve meeting and say it is over, the bull market is done. we are retesting that. dollar index back through. that is a painful squeeze for you. dollar hass say the gone sideway practically since that time. is going to test again. you don't want to touch those costs. this is the tail end of the dollar bull market. the fed is going to raise rates. we have had three years to prepare. markets are efficient. i don't know why people in the markets have lost t

francine: nejra cehic. until spanish voters go to the polls for a new generation of politicians demanding power. is anasically this uncertain election. tom: absolutely. believed,ls are to be the spanish are going to be ripping out the political playbook. someday there going to be moving away from the old parties of socialists and popular parties. pro centrist,rd a market party. ofng people on the sharp end a morbid jobs picture here in spain. yes, polls suggesting that whatever parliament takes shape after sunday is going to be one of the most divided in more than 30 years. the polls suggesting that as many as 40% of the people here in spain have yet to decide who they are going to vote for. topping the list in terms of andrities, jobs, corruption the education system. jobs in corruption really number one and two. heads and shoulders above everything else as far as concerns here in spain. francine: what issues are to consent to stage? is a lot of the focus still on the economy? the prime minister and the he

here's nejra cehic.e collapse has pushed some producers to the brink of survival, according to the head of the world's second-biggest mining company. the rio tinto ceo says many are hanging on by their fingernails, after iron ore sales fell below $39 per metric time last week. >> we are still looking at $30asyland, simply because -- it just won't physically work. from the $30 you need to take five dollars for trade, $15 from brazil, which basically means you are talking about a price of $25 from australia or $15 from brazil. there's a lot of high-cost producers that are going to pass muster. it's not sustainable. it is fantasyland at that level. nejra: australia's treasurer has confirmed a budget blowout due to falling commodity prices. scott morrison said this underlying cash deficit will expand to $37.4 billion asd, while gdp growth has been revised to 2.5% from 2.75%. wagen suffered its biggest decline since the scandal emerged in september. 24.5%rmaker accounted for of european new car registration i

let's talk to nejra cehic. stocks arepean turning mixed ahead of the fed crucial rate decision.shares rallied from their lowest level with a hong kong saying saying -- oil has -- that will lift the 40-year-old ban on crude exports. he unveiled the plan that will avert the u.s. government shutdown. that was at a closed-door meeting. expressingel's party growing dismay at the prospect of a british exit from the eu. britain's call for reform in a summit in brussels+++ jonathan: it is been a volatile buildup. european stocks to be the winners from the u.s. lift off. here with more is caroline hyde. caroline: jonathan, thank you. they could see a bit of a rebound. of course, we have had volatility and a selloff of 7% on the stoxx 600 since the end of october as the into space and bills over a rate hike. starting to see inflow. inflow data shows we have the highest and 14 weeks. the $.5 billion of inflows coming to european stocks. -- $3.5 billion of inflows stocks coming to european stocks. european stocks have seen inflows over the course of the last few weeks. certainly, if you loo

nejra cehic joins us now. republicans and democrats are condemning donald trump's call for a ban on muslims entering the u.s.. trump wrote a statement last night at a rally in south carolina. >> donald j trump is calling for a total and complete shutdown of muslims entering the united states until our countries representatives can figure out what the hell is going on. jeb bush called trump unhinged. chris christie said this is the say whenhing people they have no idea what they're talking about. beijing haven raised in air pollution alert to the highest level. the smog is seven times the level considered dangerous to health. beijing has suspended schools and banned outdoor barbecue. oscar pistorius is now free on bail. under housein arrest while appealing his murder conviction for killing his girlfriend. south africa's supreme court of appeal overturned his lesser sentence of manslaughter and convicted him of murder. you can get more on these and other breaking stories at bloomberg.com. matt: breaking news. ca