reb rebar. what you find in the roads and what is also up and to the right? h looks identical, alcoa so the question is is there nor to go or is this an i tlflexion point. >> there's a five-year you could draw the lines like this ready? head and shoulders bottom and played out perfectly you could draw the lines like this that's a cup and handle. but either way what is not rand dom is where we are now. so here's a really long-term. single annotations back on ready? there's your head and shoulders. next here's your cup and handle. what is the bet? the bet is that we're finally going to take out this range it's been in effect since effectively a decade here's the chart, drawings, i think you simply put your green arrow and go like that alcoa, fine. >> grate break down. what's the trade so this is an interesting situation because unlike the staples, alcoa is actually a fairly volt tal stock and options premiums relatively high i think it's a situation that call the for being long premium. commodities prisses which are the big drivers can create volatility for the

did not go that well an avalanche swept down the profs and he had to shoot it out with the of their rebars and get. but he did succeed but he was willing to surrender and that was tantalizing but it was also a the field marshal who was in charge of the german army this is explosive stuff talking about the surrender of 1 million men.surren but even more important what it meant for friday in the alps so with those closing stages that the germansngly tha would take out last final stand there was lots of intelligence that suggested the germans were buildingui factories or hollowing out titles. >> and the americans fell for a the puerto rico schemes and then the vintages you would have enjoyed are nullified in the mountain?.?. >> so to capture these troops were something they have to jump on. the only problem is the soviets found out pretty quickly dulles was talking to senior german officers and it is fair to say stolid blew a gasket spending the entire war worrying there be a secret deal in the three of them would getting up it looked like the exact thing we fear along followed a were better

the worker was hit by a piece of rebar.the steel rod used to reinforce concrete. >>> welcome news for commuters in northern virginia. ellen i know you see this every day when you're in the morning on 395. >> even accident, there's delays there. so ground breaking, it begins tomorrow on the i395 express lane project. right now, they end near edsell road in alexandria. when the new project is done, the 395 express lanes will run all the way to the d.c. line, which is about an additional 8 miles. this project will also include improvements to the regular lanes on i-395, along with enhanced access to the pentagon. >>> can't come soon enough. and just in time for the weekend, we're tracking some stms coming back into town. howard is back to hell us on what to expect, and when. >> it is among the least glamorous of vessels. but it was the boat that helped win the war. and now, she is coming home. there's the view. there's more to life than the climb. you've got to stop... ...and look around a little. remember who you are. let the

. >> we're going to fill all of this with rebar and concrete. >> reporter: general contractor malcolm dee bruce is busy with soft story retrofits all over san francisco. >> with five to six seven projects going any given day. >> reporter: the deadline to file permits for tier 3 properties, those with three or more stories and 5 to 15 units is just five weeks away. >> we're helping the building move sideways. >> reporter: to avoid this, devastating damage to multiunit buildings in the 199 loma preetta quake. >> protect your family, protect your most valuable asset. >> reporter: william strawn says they're concerned because more than 1300 buildings, almost 40% of the tier 3 group, have yet to file a permit. >> you don't do any retrofitting at all, the chances of a collapse are like one in four. if you do minimal retrofitting, that statistic changes to about one in 35. >> reporter: there are consequences if you don't file on time including eventual liens on the building. >> god forbid we have another earthquake and you haven't done anything. there's a huge liability to yourself and your

rebar. what you find on the roads up and to the right. what's also up and to the right? alcoa. so the question is, is there more to go is this an inflection point? roll through charts. okay there's a five-year. you could draw the lines like this what's not random is where we are now. there's your head and shoulders. next, your cup and handle. the bad is we're going to take out this range now, here's the chart. here are the drawings. want to be long alcoa. fine >> got it. great breakdown. mike, what's your trade. >> this is an interesting situation. because unlike the staple, alcoa is a volatile stock and options premiums are high. still, i think this is a situation that calls for being long premium because commodities prices, which of course are the big drivers here plus a little leverage can create volatility for the underlying equity. and aluminum at 2,000 bucks a metric ton, is get tog a point where we're probably seeing potential for alcoa to be substantially higher, so i'm looking out to october looking at the 41, 46 call spread you could spend about 1.70 for that basicall

next one, steel, rebar, what you find in the roads, up and to the right.t is also up and to the right, looks identical, alcoa. okay so the question is is there more to go or is this an inflection point? let's roll through some charts okay here's a five year you could draw the lines like this ready? and it's played out perfectly. you could draw the lines like this either way, what is not random is there we are now. all right. so here's a really long term chart. put the same annotations back on are. really there's your cup and head and shoulders. cup and handle what is the bet? the bet is that we're finally going to take out this range that's been in effect since effectively a decade here's a chart here are the drawings. i think you put your green arrow like that. long alcoa >> all right got it great breakdown technically. mike, what's your trade based on what you saw >> yeah, so this is an interesting situation because unlike the staples, alcoa is actually a fairly volatile stock and options premiums are relatively high. still, i think this is a situation t

rallying in rebar the way it has to three-year highs over the past month, you would expect bonds to comet is not actually happening. there seems to be a difference in perception in those markets. that is being expressed in the prices. there is concern we will see steel reforms driving that part of the commodity rally. we also have the disappointment when it comes to the data out yesterday. industrial output is also disappointing. what does that say about what you are seeing? in the midst of the steel rally, on the demand stage, you had profit and spending, are property sector humming along well. on the other hand you had fairly significant and far ranging supply cuts. drive uphelped to prices, particularly of construction steel. that is one reason why there is a mismatch between the bond market and steel. administrative measures are quite focused on the steel markets rather than being a macro driven element. we got the slowdown you yesterday the figures , definite signs of softening in the property market. investments are high so that could keep a floor under the demand this year. rishaa

alix: what about iron or and rebar prices? potential isr, the for a possible crash in the market. is just too plentiful. there are discoveries in australia and brazil. the currency changes in those the production of iron or cheaper and cheaper and over time, chinese consumption of iron or will tell off as they use more scrap in the process of steelmaking. david: that was ed morse of citigroup wil. breaking news the bond market, a seven part bond deal at $67 billion. we reported they were going with a private issuance of a fair amount of debt we did not know how much. they were going to finance their purchase of a whole foods for $13.7 billion. reporting was that it would be 1.5% above treasury note. it's a very tight spread. up next, congressman kevin brady, chairman of the house ways and means committee is preparing to deliver a key speech on his vision for tax reform. we will get a preview next. this is bloomberg. ♪ david: this is bloomberg markets, the trump economy. from the beginning of his administration, president is emphasized how important tax reform is. newof the archite

it's going to be a beautiful -- >> it's going be made of hardened concrete and rebar.nd we're going to set them in nice heavy foundations. in in order to get the wall started, mexico will pay for the wall. on day one, we will begin working on an impenetrable, physical, tall, powerful, beautiful southern border wall. and mexico will pay for the wall. >> i will build a great, great wall. on our southern border. and i will have mexico pay for that wall. mark my words. >> and you mow what let's follow this up with your own promise to voters, when you ran for the seat you currently hold. you're in the construction business. you appeared in your own ad with a safety vest and a construction helmet there, a hat. here's what you said about the wall. >> i'm francis rooney, i work in the construction industry, so i know a thing or two about building walls. in congress, i'll fight to build a big one on our southern border. >> so this is metaphor talk just an excuse to get the wall started within the first six months? >> no, like i said, there are area where is a big wall will be p

. >> we're going to fill all of this with rebar concrete and steel frames. >> reporter: general contract ker malcolm dee brus was soft sorry retrofits all over san francisco. >> five, six, seven projects going any given day. >> reporter: the deadline to file permits for properties with three or four for more stories is just five weeks away. >> what we do is not anything load bearing. we're helping the can move from side to side prosecutor the purpose is to avoid devastating damage to multiunit buildings in the 1989 loma preet at that time quake. >> protect your family, protect your most valuable asset. >> reporter: william strong says they're concerned because more than 1300en buildings have yet to file a permit. >> you don't do any retrofitting at all, the chances of a collapse are like one in four. if you do minimal retrofitting, that statistic changes to about one in 35. >> reporter: there's some instances financial concerns, people need to go out and find the financing. >> reporter: soft story retrofits usually cost $100,000 to $400,000. this woman works for a company that works for

however, there are unforeseen cavities in there, confined spaces, rubble, rebar, things that we're notorter: dangerous for people on the beach and for anyone swimming. >> she weighs about three to 40e aggressive. monk seals aren't normal aggressive but you put a pup in harm's way in any situation in the wild kingdom mom will be protective. >> reporter: city officials tell us it will be hard to block the several hopes to prevent the seals from getting into. >> unfortunately we cannot put up any greatings to cover those holes. we don't have the permits necessary to do that. and also just the condition of the structure. >> reporter: that permit has to come from the army corps of engineer. the city does not want to put any wraps because the structure is so fragile it might collapse. >>> now rocky will be weaning her pup for another week and after that, will likely leave the beach to good and swim out into the wild. the plan is to keep a close watch on both seals until then. >>> do you blame, pup just wants to be with mom? >> yeah. >> can't blame her. fox 29 news at 6:00 starts right now. ♪

look at what is happening with steel rebar.se are the kinds of things you see going into reinforced concrete. they are the reinforced it in the concrete, and they are starting to trade higher as china re-induces -- reintroduces itself. move, too.n the the commodities story is front and center. let's get a bloomberg first word update. amsterdam has been chosen as the post-brexit hub. the news came as the lender posted profit revenue that beat estimates. the operating profit came in at 6.9 trillion pounds. >> we are announcing that we are in discussions with the dutch national bank about setting up a small european headquarters in amsterdam. very, very logical market for us. we have a bank there, it has the right licenses for us. withight decision for us, a sensible contingency plan at this point. juliette: in australia, police say they have thwarted one of the most significant terrorist plots they have ever faced. two men allegedly tried to onto a a homemade bomb flight and try to turn it into a device with chemicals. counterter

rebar you see out of concrete.y: see it everywhere. >> if the trump administration protects steel industry from imports that will be added bonus. think outside the box. not just concrete. american tower. 145,000 towers for cellular data service. which grows 50% every year. will continue to do that. main part of the economic infrastructure in this country. the stock has done very well. still yields 1.9%. it will be a big beneficiary of the first net program, this public/private partnership between at&t and government. ashley: right. >> they will see some of that spending. we like that stock. ashley: very good. quickly i have 10 seconds, if it doesn't get approved the infrastructure, you can still make money. >> because of the global tailwind we've been discussing. ashley: good stuff, mark. make money on infrastructure. having gone to laguardia too many times. >> they're trying to fix this. that is public/private partnership. ashley: yeah. the dow as you can see down slightly down 23 points. one of those days we wait

we did see rebar getting a little bit ahead of themselves according to some officials out in asia.he yen is trading lower. that is a risk thing today -- a gdp thing. tells you about what is happening after the meeting friday. take a look at your work screen. i have it set up with oas. you can take a look at the funds line, the drop down on your work screen. we are down to 30% when it comes to pricing in december. that is the real story. if we work our way toward jackson hole, as we work our way to where janet yellen sits right now, is that number going to rise? treasuries are at 2.2%. it is going to be the trade that people are going to be figuring out. anna and matt, back to you. anna: more stability in the treasury market around the geopolitics than stocks. we will talk about sex whole. let's bring in -- talk about jackson hole. let's bring in another guest. brussels calling for more rigorous screening of european companies. prepared --ker is jean-claude joker is prepared to make an announcement. matt: brussels is seeking to address mounting concerns about . surge of chinese inve

does the rebar futures you can see popping higher. emerging markets, material stocks down here.to go if they are going to be playing catch-up. that can be an interesting trade surrounding what is going on with the steel china. manus, back to you. manus: thank you very much. there is a new and it -- edition of "daybreak" on your mobile. north korea, we just covered this. the un security council unanimously approving sanctions on the close state. china expressed confidence that it will bring pyongyang to the bargaining table. representatives from opec and non-opec nations meet in abu dhabi today. this is to discuss potential supply cuts compliance which fell to 86 percent in july. that is significantly below what we saw earlier in the first six months of the year. the meeting let's saudi arabia and russia pressure producers. story, "daybreak" focuses on the brexit bill, which could be 2.6 billion pounds to settle the brexit deal. the sunday telegraph had the story. government officials, exit secretary davis -- david davis said, news to me. nobody on message. one other story which

rebar is back at 2013 levels, bc of global markets are calling a bubble when it calls to the field marketinternational said --t they are dumbfounded speculation is driving what we are seeing in the future market. take a look at the hang seng up a 10th of it 8% -- a 10th of a percent. tencent up over to their descents a day. the biggest gainer in terms of index contribution four points. keep an eye on the property space real estate up about 4/10 of a percent. we have local media reporting the government may speed up homebuilding approval. i just want to check on chinese estates. a warningper flagged for first-half revenue and profit as rental income takes a dive. operating from hong kong and on the chinese mainland. it is the second ignition hold her in china ever grande. this is the biggest real estate developer in china. let's get you up to speed with one of the first word news headlines. joining us is haslinda. economy drewan's for a six straight quarter, that is the longest expansion and more than a decade. in exports to boost gdp by an annualized 4% in the second quarter. 9/10 of 1%,j

the commodities space, rebar rising for a third day in shanghai, most base metals rallying with a nickelng. set for theore highest close while court inventories remain high and supply is tightening. earlier, fortescue ceo saying he sees iron ore trading at $55 to $65 a barrel given the oversupply situation in the metals market for iron ore. now trading at a six-month high in dalian. rishaad: some information on this collision near singapore, the uss john mccain colliding -- tankerl take her after another u.s. vessel was involved in a crash in japan, 10 , two ships ong the way to singapore with a damage assessment check to be done. a authorities, no reports of oil pollution after this collision. in the singapore straits is unaffected by this as well. let's have a look at the markets currency wise. we've had this decline in the dollar, the story of 2017 on the foreign exchanges, but a pullback of late. the betting seems to be, and this chart 992 on the bloomberg inminal, suggesting people positions for further declines, exceeding 100,000 contracts as more investors turn bearish on the doll

alix: what about iron ore and rebar prices? when does that turn? ed: soon.reat. plentiful. just too discoveries in australia and brazil. it makes the production of iron ore cheaper and cheaper. chinese consumption of iron ore going to tail off as they use more scrap in the process of steelmaking. alix: great discussion, ed morse of citigroup. coming up, mike ryan, ubs wealth management america's cio. we are going to talk about the fed and amazon's big potential bond offering. this is bloomberg. ♪ joanathan: fed rallies. the rate hike is coming in 2017. amazon is said to be tapping the bond market for the first time in three years. it will finance the acquisition of whole foods. three more ceos quit the white house business council after the president is criticized for not condemning racism. from new york city, good morning. this is bloomberg daybreak i am alongside david westin and alix steel. the cash open is 30 minutes away. futures are up five points after a couple of days of gains. this is following that really strong retail sales print in the u.s.. that