rio tinto. $100 billion market cap. an iron/ore space. aluminum copper largest exporter of seaborn salt the world could not exist without rio tinto. they do have a bad carbon footprint which is difficult 20% profit margins very strong balance sheet. here is one you can cheer on >> yeah. the other one with yyou like is cousin, if you will, of rio tinto. that is bhp. you will not please esg investors with these names we need to wean the world off fossil fuels and mining and whatever it may be which is a multidecade if not longer affair bhp. >> bhp is another one. $143 billion market cap. dividend yield 5.3%. not as strong as rio tinto it is the largest mining company in the world headquartered in australia. 57% iron/ore petroleum at 8%. bhp understand they are getting out of the coal business they will sell to someone else someone private who will keep doing the coal never mind revenues are flat over the decade cyclical strong balance sheet profitable 20% free cash flow margins this is one if you want yields and concerned about inflation an

how have the likes of bhp and rio tinto responded so far, and what do they plan to do?hose companies initiated their own response to increasing allegations made over the years. one of the interesting things about this report is just revealed that these incidents are happening basically now in the metoo era, they are not historical. bhp recorded 79 substantiated reports of sexual harassment or assault in western australia alone between january 2020 and august 2021. so these are all happening now. bhp says it is committed to creating a safe and inclusive workplace and is taking action, including regular training, investing in millions to bolster facilities, and rio tinto also welcomed the report. . paul: asia commodities and energy editor, jason scott, thank you for joining us. also on the agenda in austria and new zealand today, new zealand markets are closed for the maori new year. and australia's central bank governor will participate in a discussion on global policy challenges. he has said that the central bank will do what is necessary to rein in inflation. melbourne

then rio tinto up by 2.45% today.hink this is a jeffries upgrade as well for some of the minors today. -- miners today. really quite nicely-bid today. alix: you can take a look at exxon, hitting a record high. oil, getting an upgrade from goldman sachs earlier talking about how you're going to see $140 a barrel. that is going to be the peak in the summer. that's going to translate into 160 dollars in terms of consumer brent prices. only then we will be able to see enough demand destruction to bring the oil price down. you're in the u.s., consumer staples and discretionary eating hit the hardest within the s&p. on the upside is energy, still up by about 1.5% as the market is trying to turn around. let's get more the markets. i want to bring in rebecca chesworth, state street equities strategist. do you buy into the value/commodity trade right now already at these levels? her -- rebecca: energy goes one way, the rest of the market goes the other. every time costs go up they had everything else. it has been a major story

at local reports saying russian aluminum giant has launched legal action in federal court against rio tintod a bid to win back access to his 20% share of the aluminum produced in a refinery in gladstone. their forecast for another huge wheat season as they plen to grow near record levels. next, surging wholesale energy prices adding to the upside inflation risk. the base case is for a regular size to move today but there is a case building that they should keep up with global peers with the 40 or potentially 50 basis point hike. take a look at how we are seeing aussie dollar payers trading going into that decision from the rba. we heard it yesterday the ubs saying buying aussie dollar's is a phenomenal trade. they are calling for a potential high of $.76 u.s. by the end of december. despite all the risk aversion we have seen the occasional dip in the aussie, it is trading pretty flat, just under $.72 u.s. trading against the yen at 94, just shy of 95. the yen falling to a 14 year low, and a new two decade low in the previous session as we continue to watch interest rate differentials with t

hitting other businesses like the rio tinto, the casino operators in australia as well. a whole new world, especially in activism. joining us while you were on vacation, we appreciate your time. what has changed because as with the election results it does feel like it is something seismic going on here. >> the environmental corporation and investors looking to decarbonize is much less hostile than it was. i think we saw that the merger blocking major shareholders including funds who came out on the record in support of the vote to say this merger does not present opportunities for long-term shareholder value creation because it does not address agl and the merged entities. it does not risk decarbonization. -- raise decarbonization. haidi: is it going to be a successful strategy across the board? >> we have to look at entire australian landscapes. there was the ownership opportunity, for an a single shareholder to build a large -- for a single shareholder to build a large stake. we see it across all equities and certainly decarbonization, it is a priority, the new govern

rio tinto up 3%. same for anglo american. these gains are the back session of asia. profits fell 6.5% in may that was a slower pace than the month before it is also as factory activity restarts in some manufacturing hubs covid curbs are weighing we got shanghai numbers and that is boosting sentiment. >>> prosus has a full year fall in earnings and announced a major share buyback saying it will sell down 30% stake in the chinese giant tencent. it has moved in lock-step with ten tencent. we are up more than 13% this morning. massive step higher on the back of the news. >>> ceo of money transfer company wise plc is under investigation after being named on a list of tax defaulters. the executive is cooperating fully with fca wise shares are showing resilience to the move under performing versus the market it is priced in. wise is down 15 basis points >>> eu energy commissioner said russian gas imports in the block are half from a year ago the commissioner called for eu member states to work together in pooling gas demand saying it is key to negotiate better prices here i

one of the things we mentioned is rio tinto has no exposure to coal.hing they're not gaining on at a time glencore is. guy: joe, thank you, appreciate the input and the story. plenty more to discuss on that front. we will keep an eye firmly on the commodities. this is "bloomberg." ♪ kriti: u.s. stock struggling for direction. >> lots of interesting movement. take a look at the s&p 500. it is down slightly. the nasdaq is higher. this has to do with the outperformance for big tech. so much movement on this friday and this second down week in a row. tent down week for the s&p 500. you were talking about oil. we see this massive rally. it has retreated to $111. you can see the up trend. we saw the dollar is up 1%, a bit of a reversal. i would propose that strong dollar is probably eating into oil. that could be a piece of what you have oil probably likely to drop down to $100 stop the dollar is also hurting some big tech companies. companies that received the most amount of revenue from abroad. oracle, apple. this is the story microsoft announced. look up

tom: rio tinto and some of the miners under pressure. iron ore has fallen pretty sharply this morning on concerns out of china, and restrictions again on monday in some cities, including beijing and shanghai as they wrestle with another flareup in covid zero. the demand for iron or and the implications for miners. maybe an issue around selling part of the business for that developer. atos looking at repackaging its i.t. services, down 7.5 percent. treasury yields surging across the curve, with the 2-year yield rising to its highest level since late 2007, as the u.s. inflation shot continues to rumble through markets. investors rushing to price in more aggressive fed hikes to counter the hottest consumer prices in four kids. -- decades. >> we see inflation continued to ripple through the economy and wreak havoc. >> broadening and deepening out. >> inflation is going to be sticky. >> inflation is going to be stickier at a much higher level. >> more clarity from the fed is needed for the equity market. >> more to do in the coming weeks. >>

rio tinto is among those mentioned in the investigation, which recommends reparations. and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. ♪ paul: thanks. let's take a look at korea. the kospi in positive territory, most major sectors higher, utilities leading the way. that sector up 4%. communications and i.t. also doing well . yuan the korean -- doing well. the korean yuan, seeing weakness, struggling with rising energy prices. we heard from vice finance minister bang ki-sun earlier and will hear more of that now about difficulties this is causing, him saying elevated commodity prices are going to weigh on the country's deficit in the future. he said fighting inflation is the government's top priority although current price pressures are important. bang: a global energy and raw material prices are soaring, inflation across major countries, in south korea's case, slightly lower come up 5.4% in may. but as we vary reliance for outside sources on energy and cross, it has been having a negative impa