destruction of parts of palmira that is how important these structures were and rio tinto apology you don't believe is good enough. you know rio tinto had the knowledge of the sacredness of these cars in 2014 through the documentary that it not only endorsed it pandit and it had the old men in the documentary showing the rio tinto executives how sacred those sites were and to go anywhere nida those sacred areas they say them is understanding australia western australia as minister for indigenous australians ben wyatt now approving of b.h.p. demolitions i should say there are serious fraud office and d.o.j. investigations in rio tinto in guinea a swiss corruption investigation to glencore and nevertheless presumably ben wyatt is approving of new b.h.p. definitions and mining because it provides jobs these massive mining conglomerates that you may say destroy the environment and destroy culture they provide jobs well look. providing jobs is important but why couldn't you put a buffer zone of a 200 kilometer process let's say or distance around those sacred sites and you know rio tinto b

as rio tinto resuming operations in iceland and australia.osures for the aluminum plants are likely to come. nejra? nejra: thank you so much. esty dwek from the investment managers is still with us. you don't see a big selloff. any dips could be seen by investors as a buying opportunity. you also talk about disappointment risk. how much disappointment risk is there with the earnings season coming up if you take into account the fact that investors look through the uncertainty last earnings season? [no audio] nejra:nejra: we are having some trouble hearing our guest. manus: a technical issue. nejra: manus, what is coming up? manus: i think may be esty dwek has finally left us. it is unfortunate. great question in terms of where is the disappointment risk. angelo meets -- amlo meets trump's. the first official trip abroad. u.s.-mexican relations with annmarie hordern, right here. this is bloomberg. ♪ this is bloomberg. ♪ manus: annmarie: annmarie: this is -- manus: this is "bloomberg daybreak: europe." between china and australia are ratcheting

. >> we almost -- also had a payout from rio tinto. acceleration of a project in guinea. that has been settled. with iron ore prices where they are and chinese demand resurgent, there is expected to be movement there. be rio ceo saying it will developed with or without rio tinto because there is a huge incentive for china to see that happen. seet does happen, it could a delivery of 100 million tons per year of iron ore. >> this is bloomberg. ♪ >> a very good morning. counting down to asia's major market open. asia."ome to "daybreak the fed signals more stimulus. jerome powell warns of the worst economic downturn in our lifetime and urges congress to merv -- fiscal spending.

haidi: we are getting breaking news from rio tinto in mongolia.aring a cost estimate as to how much they have overrun the price by, saying the expansion delay is in the 21 to 29 month timeframe. spiking up from $5.3 billion by an expansion of between 1.3 to 1.8 billion u.s. dollars. they've also completed their feasibility study with updates to the reserve resources. there have been a number of issues with this project which is about 34% owned by the mongolian government and the rest owned by turquoise hill and rio tinto. to have madelated more progress by now, but there is no midst of trying to find power supply to the mine. now we are hearing what the costs being updated. they had announced a cost overrun of up to 1.9 million -- $1.9 billion a year ago due to what they said was difficult geology and expecting a delay of up to 29 months with that underground extension. that's get back to that that are than expected u.s. jobs print now. we will break down. great to have you with us. looking under the hood, what is your assessment of the numbers we

let's get you an update when it comes to production output out of rio tinto.articular, when it comes to pill brow put just shy of 87 million tons, that is pretty much bang on forctations, saying that your capex of $6 billion, they previously expected that to be $5 billion, so on the higher end. pilbaraing a four-year shipment of 300 million tons. we have seen big numbers at's when it comes to iron ore production. this as iron ore continues to boom. rio saying that china second-quarter conditions are and looking to stabilize the gdp numbers. next, morgan stanley wrapping up the week winning big banks in the u.s. we get more details next. ♪ shery: morgan stanley wrapped up a week of wins for wall street trading desks. bankames gorman says the is well prepared to handle the crisis caused by the pandemic. alison williams joins us. morgan stanley had a high bar, but it seems that they delivered. and, in fact, their fixed income trading, an area that was strong across all the stanley cappedan it off with a very strong 170% increase. equity trading, where they are a

up in the show just like the taliban in the buddhist statues of the multinational mining company rio tinto annihilates 46000 year old archaeology and culture in australia and is britain turns to its down under 5 eyes alternative to huawei to new revelations of the overthrow. all of a democratically elected leftwing government in sydney lead all the way to be in power and while there may be money for wars why does a quarter of humanity struggle to get food when billionaires have enough cash to feed the world many times over as new figures show thousands of baby doing this hospital malnutrition in 2020 we speak to the un food agency about its latest global predictions of coronavirus induced under oath more coming up in today's going underground 1st mainstream media around the world have correctly been covering the injustices of racial capitalism in the wake of the george floyd murder in minnesota but australia where indigenous peoples are incarcerated at a rate 4 times greater than the proportion of african-americans jailed in the us has not been front page news and as multi-national mining

rio tinto alumina plant in new zealand, they announced they will close it.s about a thousand jobs getting the axe with this closure. they are considering closing at plant in australia. the industry is in a lot of plane -- in a lot of pain. the only place they are turning a profit is in china, but expect to see more closures should the supply glut continue. some ofni burger with the stocks you should watch. there should be a lot of action today. coming up, we will speak with the ceo of siemens. as he headsoins us into an extraordinary meeting to finalize deals on the energy spin off. do not miss that interview, next. this is bloomberg. ♪ anna: welcome back to "bloomberg markets: european open." 12 minutes until the start of cash equity trading. we will look to see what hand over we get from the asian session into europe. here are the top stories we are covering this morning. global coronavirus cases have talked 12 million, with the u.s. counting of more than a quarter worldwide. california and texas have a surge in cases. the renewed spread is adding to the p

haidi: we are also watching rio tinto, surging one point come out gaining more than it has in the last, gaining more than it has in the last six months. demand is keeping prices elevated. the company also says it sees conditions in china improving through to the second quarter. lots more to come. this is bloomberg. ♪ haidi: breaking news in singapore. trade numbers are showing a slight improvement in the month of june in nonoil domestic imports. the number is up .5%, bouncing back from the contraction of 4.6% in the previous month. it is coming off a low base, though, mainly driven by , andectronics pharmaceuticals are a major part of that as companies come back from the strict looked on electronics also played a role. the market as a whole has grown in 2020, although the singapore government says exports to hong kong, indonesia and thailand all declined. certainly, the number for a on year, 16.1%. particularly crucial for this very export-oriented externally-dependent economy in singapore. let's look at the market reaction. sophie. sophie: we are seeing muted reaction. the dollar is s

rio tinto reports results later today.will discuss the company's outlook and challenges a little bit later this hour. inmulus negotiations go on the u.s. as time is running short for congress to act. we get the latest out of d.c. next. this is bloomberg. ♪ >> you are watching "daybreak a trail you." the federal reserve is extending most of its credit programs by three months. the facilities have the potential to deploy trillions of dollars, but only a fraction of that has been used. the fed releases its july policy decision later wednesday. meanwhile, hospitals are in danger of being overwhelmed with beds above 50% capacity. philippines now the second highest in southeast asia and hong kong has reported more than 100 new cases for the seventh straight day. stricter social distancing measures come into effect wednesday, and the united easing is considering restrictions on travelers from spain after a backlash from tourists, airlines, and the spanish government. most popularu.k.'s summer holiday destination. global news 24 h

we wait on earnings from barclays, from rio tinto, aston martin, and more.ou a host of top interviews before the start of cash trading less than one hour away. we have jes staley, the ceo of barclays, going to join us in just about five minutes time, and we have got the cfo of a $13 billionr loss, but first, the chief financial officer, james von moltke from deutsche bank. the investment bank overall, which is up 52%, and the business is up 42%. we have trading businesses which are rates, fx, emerging markets, which as you have seen with our peers, they are up significantly year-over-year, a little over 75%, and in the rates complex, we have now doubled our performance year-over-year for three straight quarters, so very pleased with that performance. of course, part of it is participating in the better market opportunities that have existed in this second quarter, and we expect a normalization of that. but

rio tinto as well. these things are getting better across the board.k at copper relative to gold breaking out three to four month highs. that's driving it here. >> thanks guys that does it for us. a bonus "fast money" after this quick break. turn on my tv and boom, it's got all my favorite shows right there. i wish my trading platform worked like that. well have you tried thinkorswim? this is totally customizable, so you focus only on what you want. okay, it's got screeners and watchlists. and you can even see how your predictions might affect the value of the stocks you're interested in. now this is what i'm talking about. yeah, it'll free up more time for your... uh, true crime shows? british baking competitions. hm. didn't peg you for a crumpet guy. focus on what matters to you with thinkorswim. ♪ ♪ ♪ now is the time to support the places you love. spend 10 dollars or more at a participating small business and get 5 dollars back, up to 10 times with american express. enroll now at shopsmall.com. >>> hello and good evening to you "mad money" fans we

so far in 2020 and we are watching miners today after goldman rated bhp and has a neutral call on rio tintocipated demand recovery along with tightening supply among the positive catalysts. goldman says copper, steel, and cole have the most attractive prospects and valuations are no longer looking to for the sector. they are not expensive on normalized demand metrics. it is the second largest pension fund which has divested from coal producers, whitehaven and new hope, as part of plans to reduce its carbon emissions across investment by 30% 2023. taking a big picture view when it comes to power generation in australia, as you can see on the .ie chart, coal, still king down from 60% in 2018 as contribution from renewable sources rose to 21%. that is compared to 12% in 2018, haidi. wales isw south australia's most populous and energy hungry state and it is moving closer to winning itself off reliance on coal. it will match the capacity of its coal-fired power plants. andsouth wales energy environment minister joins us now. wonderful to have you with us. tell us about your goals and what you h

enough, not only names like panasonic, continental, like you would .xpect also glencore rio tinto.is a fund manager for global equity income. .eally appreciate your insight fascinating points in the electric carmaker supply chain and joe biden. taking off.ot quarterlying a record loss. meanwhile, the iag parent saying it needs to raise more capital. this is bloomberg. ♪ >> good morning. we are 30 minutes into the start of cash equity trading. a look at some of today's key events. we will get data from the euro area. analysts expecting the economy to contract by 12% in the second quarter. we will also get inflation for italy. headlines expected to increase a touch as downward pressure from energy prices alleviates. -- theybil reports announced they are maintaining cash dividend. fiat chrysler expected to post a tough quarterly result. north america may have been more resilient than expected. a lot of autos to look out for. i will look to see what exxon mobil posts. >> a lot to look forward. fiat chrysler teased a jeep wrangler. have written the company to ask them to please do it. l

your business specifically is facing more competition from rio tinto.g ahead with plans to build in iron ore mind that competes with your project in brazil and south africa. what kind of impact do you expect this to have on your business? mark: certainly in terms of long-term iron ore prices, we would expect the long-term price to be probably around $60 to $70 a pound, it is about $100 a pound today. we have a very high quality product. very much in demand. the quality of our product is high quality, much higher than what we see come out today. by 2025, let's say iron ore prices are back to long-term levels, it impacts us maybe 5% or 10%, but we are growing in a whole range of other commodities, where is the two big liars rely on iron ore, so i think you will see a big shift in terms of value and value appreciation toward us as other commodities come into play. annmarie: you have outlined plans to spin off your thermal coal business to south africa. that will leave you with only one left in columbia. it is a cliff edge moment for the coal business. it i

let's start with rio tinto. what is the company's outlook? are they considering a push into production in africa? >> as you said, iron ore earnings, the bulk of profits for rio announced on wednesday, we have seen prices rise above $110 earlier this year. supply the result of disruptions in brazil. see china'ss to steel industry really supporting the iron ore market. any are not forecasting downward trend in the demand picture. they see more supply coming into the market from brazil which you would expect to weigh on prices. they have a really confident outlook. they are generating a huge amount of cash. one thing on the horizon that could change the equation is the development of iron ore production in guinea. acceleration of a project that would bring on a rival production center to both brazil and australia. the lum is -- dilemma is do they two-state -- backs capex to stay involved? >> we have the final numbers on samsung coming through. 5.4 9 trillion won. 4.8er than expectations of 6 trillion. we are looking at a gradual recovery. samsung

heading for a second day of losses when meridian and another energy company leading the climbs on rio tinto deciding to halt operations in new zealand. the hong kong dollar staying resilient within one standard deviation as they continue to defend the currency and markets shrug off a threat to the peg. switching off the board to the terminal chart. we are watching to see if the the best sinceng september 2019. we are keeping an eye to see of china's market value can top $10 million after pushing beyond nine for the first time since 2015 and we are seeing market value continue for mainland stocks, 20% year to date. u.s. futures are continuing to climb even as coronavirus cases pass the 3 million mark, which represents a quarter of all cases globally. our next guest sees some upside risk. is this just a liquidity story at this point? why do we continue to see the dislocation between market sentiment and what is going on with the pandemic and implications for the real economy? >> i think it is more than just liquidity, to be honest. that is part of the story. there has been a wave of support f

rio tinto closer to building and iron mining guinea, trading higher by about 2% and we have runner xiamening a debut. rishaad: let's have a look at the first word headlines. hong kong's economy contracted for a fourth straight quarter as coronavirus protests and u.s. china tensions extend the first recession in 10 years. .he economy shrunk by 9% one more quarter of contraction will equal the longest ever recession. the unemployment rate has risen to a 15 year high. china reported more than 100 new cases of coronavirus, the most in three months as restrictions begin tightening as -- at the infection hotspots. most of the infections were in zheng jie process -- province. a chief executive in hong kong warned the hospitals could be overwhelmed. in japan, another spike in cases , particularly in tokyo and 101,000 new cases wednesday and osaka is close to passing tokyo as the hotspot. they had zero cases for more than a month. thailand, extending the state of emergency by one month to the end of august as it sees a second wave. there were have no local transmissions in thailand for almost two