ben: australian figures, people from fortescue metals and rio tinto heading to beijing.sign about how important china is to the austrian economy. we had three state premieres of some australians biggest and most resource-rich states, queensland, western australia and others, heading to china. we have only just started to see the warming of relations between these two countries. so clearly, there is a big appetite to get back into the chinese market after three years of tensions between the two countries. shery: which included china hitting exports from australia. what are we seeing from that front? ben: we are starting to see the unwinding of sanctions against austria that were imposed by china. coal shipments are almost back to normal. the wto case has been suspended by china as china has committed to a review of its barley tariffs. it is disputed whether it is a three month review or a year-long review, but in any case, there is a review. australian officials say they are hopeful of a similar review for their wine tariffs before the end of the year. in total, the trade

we are seeing that coming through from the likes of rio tinto. iron ore down 5%.tness and demand, high levels of supply, brought a recession risks around the u.s.. we keep across that story for you as well. brand looking at $81 per barrel. giving up the gains that it posted after that surprise opec-plus cut. coming up, the state of the european economy as we look at pmi's. this is bloomberg. ♪ to finally lose 80 pounds and keep it off with golo is amazing. i've been maintaining. the weight is gone and it's never coming back. with golo, i've not only kept off the weight but i'm happier, i'm healthier, and i have a new lease on life. golo is the only thing that will let you lose weight and keep it off. who loses 138 pounds in nine months? i did! golo's a lifestyle change and you make the change and it stays off. (soft music) tom: good morning. this is "bloomberg daybreak: europe". i'm tom mackenzie in london and these are the stories that set your agenda. president biden is preparing an executive order to limit u.s. business investment in key parts of china's econom

we have seen the downside when it comes to rio tinto, and the big minors.terms of the shipment updates, the first quarter shipments, surging 16% as it ramps up production at its new major australian mine. the exported 82.5 million tons of iron ore, in the three months to march 31. a miss when it comes to copper production. let's take a look at some of th other headlines. shery: barclays, asking half of its trading belts after revealing a paperwork error. the think announced it made a $591 million blunder by selling more structure notes and etm's it registered for. berkeley stop issuing -- berkeley stop issuing, after the filing mistake. credit suisse has filed its for $40 million lawsuit against softbank in connection with the collapse of greensill capital. they have engaged in legal spats, after the filing of the claim. this is the first legal move from the swiss lender. greensill was one of one major scandals that knocked confidence in the swiss bank. hsbc said proposals from ping an for minority listing of its asian businesses would destroy shareholder v

kakadu national park, and later chaired the gumatj corporation, which received mining royalties from rio tintopingu. he was described here and australia as a colossus, a giant in indigenous affairs. a man who took on mining companies, he was advising by ministers over very many decades. for years this was a man who championed indigenous rights in this country. he did say, as he was getting older, that he felt extremely frustrated that the rights and standards of living of indigenous people hadn�*t improved much during his lifetime. australia�*s first nations people remain this advance against at pretty much every turn, they suffer disproportionately high rates of poverty, ill—health, imprisonment and unemployment. for almost all of his life, yunupingu was a champion for indigenous people, especially when it came to land rights. land and in indigenous culture is extremely important, and yunupingu was a champion of that particular issue. passport office workers are striking, unions say walking out now because maximum disruption because people will be trying to renew their passports in time for s

kakadu national park, and later chaired the gumatj corporation, which received mining royalties from rio tintour correspondent in sydney phil mercer. we know the australian prime minister has been leading those tributes. forthose minister has been leading those tributes. for those who don't know you need you, just tell us who this man was. he you need you, 'ust tell us who this man was. . , you need you, 'ust tell us who this man was. ., ,. , man was. he was described herein australia as _ man was. he was described herein australia as a _ man was. he was described herein australia as a colossus, _ man was. he was described herein australia as a colossus, a - man was. he was described herein australia as a colossus, a giant - man was. he was described herein | australia as a colossus, a giant and indigenous affairs. here is a man who took on mining companies, he was advising prime ministers over very many years, and for years, this was a man who championed indigenous rights in this country. he did say as he was getting older that he felt extremely frustrated that the rights and standards of liv

it is not just one stock it is the basket that is under performing rio tinto with the downgrade of therice target we saw weakness in china on the upside, food and bej v a utilities on the upside. turning to forex markets euro jumped against the dollar flat on the day right now. 109.66 sterling is a different story. down .30% against the greenback. 124.06 retail sales coming in focus we will get details in a few minutes. dollar index yesterday just to note slipped 0.2%. it is up on the week joumanna >>> mercedes-benz has released the first quarter results reporting a group adjusted return on sales of 14.8% that was above expectation, but below the 16.4% it achieved in the same period last year. earnings before interest and taxes rose to 5.5 billion euro while free cash flow at 2.2 billion euro this has been the reaction of the stock so far 1.6% the broader sector is under selling pressure after the downward pressure posed by tesla yesterday. we spoke a lot about that on the show the picture continues to be one of losses on the board a lot of red for automakers. >>> now shifting to the t

that is wire rio tinto is making huge bets on hydrogen protesting and our iron ore facilities. that's why ford and gm are coming back to canada in a big way because they see that that reliability and the key to the supply chains is where we are going moving forward. you pointed out the metals, but this is the track the world is increasingly demanding. i think we had a bit of a head start in canada. >> it is 9:15 i know you have a hard stop. i apologize we couldn't get to more questions. the prime minister made clear that canada was the second in the world now in battery really -- and battery supply chain and it is second in the world on -- in sox on the platform today. [laughter] [applause] it's not the first time that the prime minister has been at the council, it is always a treat, and we look forward to hearing more from them in