we mention some of the challenges facing glencore. at the challenges facing glencore. at the same time, they are in a sweet spot. they can afford to reinvest and look at capital expenditure after yea rs of not and look at capital expenditure after years of not feel to do so. you make that is right. across the mining space, we see an increase in mining space, we see an increase in mining investment. but to put it in context, we have had a protracted period of investment destruction. context, we have had a protracted period of investment destructionm has been one of the longest and most deepest periods of destruction since the early 1990s. and i don't think we will go back to the 1990s levels of investment again, just because the large countries like china are no longer growing to the same extent. so i think miners will be cautious in terms of how much investment they will put back in. but now is a good time to invest, evenif but now is a good time to invest, even if the cycles are somewhat shorter, and we are seeing less. even if the cycles are somewhat shorter, and we

i thought this would have been glencore, but it turns out it may not be glencore. i wonder where the volume is going through into the london market. at the moment, a negative story evolving in europe. stay with bloomberg. up next, francine lacqua kicks off "surveillance." she will be joined by tom keene a little later for the second two hours. i will move to bloomberg radio with manus cranny for the next hour, live on london dab digital radio. this is bloomberg. ♪ ♪ ♪ show me the olympic winter games ♪ ♪ like i've never seen before. ♪ ♪ xfinity x1, yeah, i always know the scor♪. ♪ triple corks in 4k... lookin' so sick. ♪ ♪ stream live on every screen, every win, every trick. ♪ ♪ 2000 hours of coverage, get your mind blown. ♪ 50 olympic channels, yup, you're in the zone. ♪ ♪ and if there's something that you want to see, ♪ pick up that voice remote and just say "show me..." ♪ experience nbcuniversal's coverage of the olympic winter games like never before with xfinity. proud partner of team usa. digging deep. glencore says it will

the boss of the world's biggest mining firm glencore has said that 2017 was its best ever. it follows strong results from its rivals bhp billiton and anglo—american earlier this week. all of them are benefitting from the improved global economy. glencore says its adjusted profits for 2017 came in at $14.76 billion that's 44% more than a year earlier. shareholders will be pleased to see that the company is recommending that they get $2.9bn in dividends. that's way above the minimum. and rising commmodity prices also helped net debt fall 31% to $10.67 billion. that puts the company in a stronger position for the future. but challenges lie ahead. the democratic republic of congo is key to gelncore's position as a key supplier of metals to the electric car industry. but the government is looking at new laws limiting how much of profit these firm can take out of the country. with me is paul renken, senior geologist and mining analyst for vsa capital ltd. well done for getting here. thank you for being on the programme. glenn caught coming out with a very familiartune, it glenn

david: we know who else is in cobol, glencore. alix: there were some rumors that apple would secure some cobalt from glencore. andng up, michael purvis chris cressotti. this is bloomberg. ♪ ♪ ♪ show me the olympic winter games ♪ ♪ like i've never seen before. ♪ ♪ xfinity x1, yeah, i always know the scor♪. ♪ triple corks in 4k... lookin' so sick. ♪ ♪ stream live on every screen, every win, every trick. ♪ ♪ 2000 hours of coverage, get your mind blown. ♪ 50 olympic channels, yup, you're in the zone. ♪ ♪ and if there's something that you want to see, ♪ pick up that voice remote and just say "show me..." ♪ experience nbcuniversal's coverage of the olympic winter games like never before with xfinity. proud partner of team usa. we use so why do we pay touters thave a phone connected. when we're already paying for internet? shouldn't it all just be one thing? that's why xfinity mobile comes with your internet. you can get 5 lines of talk and text included at no extra cost. so all you pay for is data. ch

party like it party like it ist glencore. the world's's largest minor reported highest trading profits in a decade, surprising investors with $2.9 billion in .ividends it has still got cash to spare. the ceo saying we are generating $10 billion of free cash flow on current commodity prices. there is room if and when we want to do acquisitions p are joining us with more on the record earnings, will kennedy, bloomberg's managing editor for commodities and energy. investors generally do not tend to like it when companies have cash but i guess it depends on what they are spending it on. the most are very happy with the state of glencore's balance sheet. it was interesting is they were able to supply with dividends and they clearly do not have the headwind to do deals but they want to. $10 billion is the bottom of the range. they have given themselves a lot of room to maneuver. >> known as a dealmaker. what can we expect on the deals front? >> agriculture business. he has long said he likes the agriculture unit. canadian pension f

glencore also cut net debt by a third. for the first time, apple may buy supplies of cobalt directly from miners. cobalt is the key ingredient in that are refused to power smartphones and other devices. there is concerned there could be a shortage because of the boom in electric vehicles. apple is seeking cobalt contracts of five years or longer. that is your bloomberg business flash. tom: thanks so much. gun controlt to with kevin's a really front and center in america. no question about that as we have seen the horror in florida. i want to touch upon -- a ponzi zeitgeist -- i want to touch upon the zeitgeist on twitter. it's an interesting essay from a young hipster. a controversial former police theory linking the fbi russian investigation and the florida school shooting made its way to the president of the twitter account where he shared his observation with 48 million followers, all of this off of russia's rt and breitbart. kevin cirilli joins us from washington. i thought general kelly was supposed to contain the soc

is the 2018ne perspective yield for glencore, 3.6%. we can see it shoot up significantly from the 1.3% it has been at for several months. bhp ando and blue and yellow, a far cry. out $2.9hey put billion in terms of the dividends total, which is three times as much as they thought folks would be at. also to the debt, g #btv 972. they are paying down their debt in a real great way. -- i want to point out free cash flow in white. this is that $2.3 billion for 2017. you can see the ceo predicts $10 billion, looking ahead. what is he going to do with that? one thing they want to do with m&a is get this agribusiness. we know glencore is in metals and mining. but they want to get into agricultural commodity trading. betty: after all this good news, what are analysts saying? ramy: analysts are very bullish on this. hop on over to this side of the screen and check out the function on your terminal. take a look at the green, that is the buy, hanging out at 21. last time it was that high was in 2013. and threeix holds, sells. they say glencore is

one incidental point that came up from glencore's chief executive was talking about kobold in particular, not something we talk about very often but it is important for car batteries and he sees this as very much something that is going to be in heavy demand in coming years as electric cars become a much bigger pa rt electric cars become a much bigger part of the transport world, and there is cobalt out there but one of there is cobalt out there but one of the challenging aspect of it is that a lot of it is in the democratic republic of congo, not an easy place for miners to work. briefly, bhp billington‘s share price fell after is results were out, prices seem to be rising across the industry? there are some issues with cost, bhp billington has particular concern about its us shale operations with it wants to sell so that has been a disappointment for investors, absolutely. another crypto currency on the horizon, am i overstating it? on the horizon is the right way of putting it. venezuela has been conducting what it calls a presale ofa conducting what it calls a presale of a new curr

we are talking about them going , theg miners like glencore world's largest global minor, and signing big deals between one large company and another. they have a concern in cobalt -- in congo, apple will have a concern in congo and in the cobalt market as a whole because congo produces two thirds of the world cobalt but they do not have to go door to door and try to secure it. vonnie: what happens if it runs out in congo? the supplyuestion of running out in congo then the demand running ahead of supply. , which are changed or medically in the last couple of years with electric vehicle growth, there will not be enough says one forecast. demand will more than triple by 2030. fore may be enough cobalt supply but not obvious where it will come from and not enough cobalt in the world to replace every car with an electric vehicle tomorrow. nejra: this has to do with electric vehicles, is it about saving money for apple? >> i do not think it is. the value of the cobalt in a single iphone is like one dollar even after the price tripled in the last 18 months. that is around -- it could double

. >>> glencore's revenue comes in at 20 5 billi$5 billion they reduced net debt by $3 billions >>> and shares are in the green of orange, as they report their first annual home market revenue rise in anyone years. >>> and headwinds for iberdrola. the stock sees red after full-year earnings miss expectations failing to offset a proposed dividend increase i will speak with the chairman at 11:00 cet >>> all right. it is pmi extravaganza this morning. we already had pmi numbers out of germany an france both were disappointing. just getting in the flash composite pmi numbers. let's look and see where those came in. the february composite flash pmi came in at 57.5. the forecast was 58.5. we have another miss here coming in it's not that surprising after what we saw coming out of germany and france a bit earlier. so definitely the numbers have begun to drop a bit. we're seeing that in services and in manufacturing as well a little bit disappointing there. the euro has come off a bit on those news let's look at how european yields are doing the currency dropped a bit i would expect there to be

. >> party like it is 2008, glencore. the world's largest miner reported its highest trading profits in decades. it also surprised investors with $2.9 billion in dividends, and it still has got cash to spare. the ceo saying, "we are generating $10 billion of free cash flow on current commodity prices. there is room if and when we want to do any acquisitions." generally, investors usually do not tend to like it when companies have a lot of cash, but i guess it depends on what they spend it on. will: given how much debt and how you go about it. i think most investors are very happy with this state of glencore's balance sheet. what is interesting today is that they were able to surprise investors with the dividend. that clearly, they still have a headwind to do deals if they want to. they are closer to $10 billion which is the bottom of the range glencore set itself, so glasenberg has given himself room to maneuver. >> fortescue was dwarfed by its iron ore rivals. the company saw profits tumble 44%. why is the company strugg

. >>> glencore, the annual net profit jumped 44%, helped by the best performance by its trading arm in ten years results were in line with forecasts. they will pay out nearly p billi $3 billion in dividends this year shares are up 4% in europe. >>> and fluor's fourth quarter profit falling due to the new tax law. there was strength in the energy, chemical and mining business shares are up 2.25%. >>> and la-z-boy posting a drop in fourth quarter profits due to a tax related charge and a settlement of a lawsuit over royalty payments shares are up nearly 4% in the early trade. >>> 3m has agreed to pay 8$850 million to settle a longstanding lawsuit by the state of minnesota over polluted ground water. the state's attorney general had been seeking at least $5 billion in damages from 3m to clean up the disposal of chemicals in the minneapolis/st. paul area over the past 40 years. the shares of 3m are unchanged. >>> boyd gaming missed analyst forecasts. while the casino operator saw growth across the board, the weakest growth came from properties in las vegas. >>> shares of texas roadhouse ar

the australian earnings season wraps up this week with very big names due to report including glencore and bhp, but before we do that let's get a review with paul allen to tell us what we have seen so far. what is the verdict here? verdict is not too shabby, the bank saying this is one of the strongest seasons in the past 15 years in australia, and the numbers breakdown like this. 28% of companies have upgraded at 1% or more, and that compares to 23% that had gone grades, at least about four results from commonwealth bank, and west farmers, the proper outlook will be 6/10 of 1% higher, so overall, it is not as shabby as it seems, but there is underlying strength in the australian profits, and that is backed up by number data as well if we take a look at our own research. more than halve companies reporting so far have had positive earnings, and it is a big week coming up for bhp due to report any minute now and is expended to be strong on the backs of surging commodity prices and we have west farmers, qantas, and plenty to watch out for. earningsan sink rising, and the what the reagan

i think most investors are very happy with this state of glencore's balance sheet. they surprised investors with the dividend. they still have a headwind to do deals if they want to. berg has -- glasenberg has given himself room. saw profitsny tumble 44%. why is the company struggling when we see a different story with the majors? story of chinaa trying to curb pollution. what we saw over the last year is a real shift in the chinese iron or markets. the quality helps you to maximize outputs. it also helps steel mills comply with the mandates to cut emissions. --t is boosting the likes of and rio tinto. fortescue typically sells a product that is below the benchmark grade. there is an ever widening discount for those products. and the results translate into profit results. recorded record -- the u.k.-based maker of painkillers says it is time to take revenue growth to 13% or 14% for the year. 2017 was a tough year. where we had macros. twong the year, we made transformations. we sold our food business were a good price. result, 50% of our business comes from higher m

. >> party like it is 2008, glencore. the world's largest miner reporting is largest profit in decades. and it still has cash to spare. the ceo saying -- "we are generating $10 billion of the free cash flow on current commodity prices, and there is room if and when we want to do any acquisitions." investors usually do not like it when companies have a lot of cash, but maybe it depends what they spend it on. >> i think most investors are very happy with this state of glencore's balance sheet. what is interesting today is that they were able to surprise investors with the dividend. they still have a headwind to do deals if they want to. they are closer to $10 billion of the range, so glasenberg has given himself room. >> the company saw profits tumble 44%. why is the company struggling when we see a different story with the majors? >> this is all a story of china trying to curb pollution. it is all about the cuts to capacity we hadn't seen over the winter months in china. what we saw over the last year was a real shift in t

the bloomberghat chief executive is a senior non- involved executive at glencore. pretax profit misses the estimate. a considerable miss. the stick a little bit deeper into what causes that miss. they will invest in strategic initiatives. it's part of the ambition to transform the business. he is in his fifth year over at lloyds. what you have is a buyback. it's one billion pounds. profit, it misses by 100 million pounds. that's going to be something to dig into. he has been cutting jobs and stepping up investments. bank of america merrill lynch released a note. they say lloyds will benefit. they are the largest mortgage lender in the united kingdom. if anybody could benefit from that it is them. lloyds is aiming on a cost to income ratio in the low 40's. top stories. let's talk about the markets. we were investing a bond auction yesterday. have pieces of data to pick up today. mark carney is testifying in a couple of hours. he will talk to the banking and quarterly in relation report. the french numbers along with the german numbers. the u.k., it's all a been to b

is free to attend the haskell -- hostile takeover after the expiration of an glencore reported an annual profit that was a record today confirmed the existence of that agreement this week. aboutis speculation whether the finance minister of south africa will keep his job. we have been speaking with the finance minister who says he is staying focused on economic and not political challenges. >> a thing where he will take personal charge and will take companiesharge in our and giving the structural lysing will i think all of those do a lot for us not only to downgrade, but also to realize a change in the -- in the outlook given the s&p. moment,cast at the taking away from any downgrade and beginning to improve the outlook. >> that is the set -- the finance minister of south africa speaking to bloomberg today. that is your bloomberg's newsflash update. julia: you can catch all of our interviews on the bloomberg with function tv . abigail talking to us, those earnings out after the bell today. you can find breaking news, charts, and related functionality. you can see these popping up aga

the main people who stand to benefit are the miners, glencore the largest, but eurasia , other keyroup producers. those are the people who stand to benefit. come insee carmakers and buying stakes in mines, we are are really seeing that in the lithium industry. haven't seen it yet in the cobol industry. we may well start to. carmakers like vw are saying owning a stake in a mine is one step too far for us. anna: depends on how quickly they find an alternative or a way of using less. thank you for joining us, jack ie.hie -- farch matt: our stock of the hour has to be deutsche bank. as the stock falls in frankfurt, in biggest drop we have seen almost a year, since july of last year. a 6% drop of deutsche bank shares. i want to give you a couple of analyst reactions. goldman sachs isn't impressed by the report. they see broad-based weakness, the investment bank underperformed u.s. peers and pointing to further franchise erosion. morgan stanley also weighed in with an equal rating on the stock. they call the fourth quarter results weak despite the preannouncement and rising cost target. cost

meanwhile, the mining and trading giant glencore is up over 3% after their latest results. genie: air france now has warned passengers to expect disruptions in flights tomorrow. stephen: they have canceled half of the flights from paris as well as some medium and short flights. this as crew and staff prepared to walk off the job in dispute over pay. they a are not the only once seeking a pay rise, though, as france's economic conditions have improved, so have demand for wage increases. >> in france, , they are calling for a 6% boost. the french industrial group is seeing walkouts, too.therere are other rumblings at other companies. as the e economy seems to be picking up, many in the french workforce see it is high time they were rewarded. >> they have gone on about the crisis. now they have said the results are gooood. the prospects are good. so now we want our piece of the pie. >> at the end of 2017, french unemployment fell below 9%, the lowest level since 2009. some analysts say an increase would boost economic growth. others are calling for caution. >> companies need t

minor glencore outperforms its shares up five percent is it recorded as it reported its best ever financial results. nearly fifteen billion dollars adjusted profits for twenty seventeen. moving on some days of the business headlines now. has extended its office reason london for another ten years site could keep its european headquarters there even after brexit. financial services firms have been drawing up contingency plans as a way for further clarity on the u. k.'s future relationship you. job losses sector are so far lower than previously expected. thank of latvia deputy governor's the policy meeting of the europeann central bank on wednesday is headed alarms set it she's being investigated on charges of bribery. is a multi faceted banking crisis could raise concerns about corruption in the baltic nations. easy declined comment on saturday he's denied the allegations against him and so far refuse to step down. and indian police arrested six more people. destination in for one point eight billion dollar fraud scheme. state run. national bank the rest include employees a billion or two or

glencore, the biggest mining group in the world has had its strongest ever year. 2017 profits went to almost $7 billion — nearly £5 billion. last year it made a loss. the reasons for the recovery is simple — good economic growth round the world and it's been cutting costs. before we go, let's take a look at what the markets have been doing. the ftse has been fairly flat today. aa are now down 21% after that profit warning. the lloyds banking group, up almost 3%. they issued a strong profit for the year. the first year since they have had a zero government ownership. the governments of their last shares backin governments of their last shares back in may. metro bank, they are down almost 5.5%. despite it being the first year they have announced a profit. that's all the business news. prime minister's questions returned this lunchtime — following last week's break. theresa may faced questions on brexit and syria and the oxfam scandal from mps. norman smith was following proceedings and joins me now from westminster. thank you. a bit of a variety of all sorts of different question

consumer staples but also areas where optimism has risen, such as banks, thanks to lloyds, and miners with glencore. joe miller has the details about what's ahead on wall street today. on thursday hewlett—packa rd enterprise company which provides it solution is expected to report a fall in first—quarter revenue and profit. it's been heard by lower sales in its networking and data storage equipment business. the firm has been trying to find its footing after a high—profile executive resigned suddenly last november and 110w resigned suddenly last november and now it also has another rival to contend with after its nemesis, dell acquired emc. hewlett—packard split into two a few years ago and the other half of the hp empire which still makes pcs is expected to fare better when it reports its results. and we will see what the tariff effect on imports of solar panels is having for us manufacturers as first sola reveals its accounts. mike is a managing director at pimco, and it's really busy. better to be busy than not. we don't mind busy. let's talk about barclays not. we don't mind busy. let's

bill aton rio tinto glencore p.l.c. and anglo american have all rebounded after many years of plummeting prices in the commodities sector with an expected two hundred billion dollars come back so why the sudden surge for these mining companies the electric vehicle market has a lot to do with it materials like cobalt and nickel are used in batteries that power electric vehicles vehicles which increase the demand and the price for the metals cobalt prices have doubled in the past year and nickel prices are up twenty percent. right a pharmacy is back in the spotlight but this time for a different reason the drugstore chain is being purchased by the grocery giant albertson's combining the two will be worth around twenty four billion dollars when you include their debt the two will now have around forty nine hundred locations across the u.s. although albertson's may have the acquisition there will now be branded as rite aid stores while the normal writing pharmacies will keep their names shares of rite aid shot up earlier to

. >> also two-thirds of production for all cobalt glencore, one of the big miners -- they had a great quarter. just to mention that >> yes >> mining with other metals. copper, things of that nature and their trading operation. but it's worth mentioning -- >> market looks different then when they were having serious issues >> was on the watch list >> it's not apples to apples remember delta started going more vertical on crude as these big companies say we cannot be victims to the sways of commodity cycles >> they went as far as to buy an oil refinery i don't think apple is thinking about buying a cobalt mine, but absolutely vertical integration. it makes me laugh about green cars when you know what it takes to produce the ethical green cars, all the coal you need, all the cobalt -- >> until elon musk puts solar panels on your car, then you're good >> he will try it. he has more time because his launch today was scrapped. >> spacex was going to launch four minutes ago they had to scrub it for winds part of that mission is to beam broadband from space back on to earth in areas that have

very much the same thing we saw from glencore yesterday. is that your number one priority , to scale down the debt? or are you remotely in buyer acquisition mode? guest: the debt is our most important priority, but clearly 93% reduction last year come we've made good ground. secondly, repaying the dividend, we elaborate on that promise six months early. clearly the 40% approach is working. we've got opportunities inside the portfolio. we don't need to look outside the portfolio for significant improvement opportunities, so that is where our focus is at the moment. reporter: i know you've got copper projects in peru. when are you going to make a decision on this? are you going to push the button on this in the first six months of this year, this year? give me the timeline. guest: what we've got his we are actually reviewing the feasibility study as we speak, just doing the verifications. the project looks very good. got lots of interest in terms of potential syndication partners, which will do for value. i certainly don't want to preempt the

glencore had raised the idea of a merger last year and there could be some sort of bidding war that does emerge. as we watch this bounds at stocks today, there was some commentary from ubs. ubs saying it was not the time to sell stocks after we saw the selling happened last week. that's because according to ubs strategist the global growth that we would see what offset any rise in rates. ubs also says keep an eye out for bond stabilizers. what you have here is stocks and blue and u.s. 10 year yield in white. we have seen something of a stabilization today. the yield are certainly not rising at the same pace they were last week. that might also be perhaps reassuring some investors today. mark: thanks a lot. stocks in the u.s. continuing their three-day selloff of myths decline. what assets are performing well? he is a contributor to bloomberg profits. thanks for joining us today. we are off the lowe's in the u.s.. lows inly off the europe. is there further to come or are we nearing the end of the five or six day selloff? >> thanks for having me on. the selloff that we had seen last week w

banks trading rio tinto is a gainer today, glencore a gainer today. the miners are up, royal dutch shell and tote how -- total. when you go over to the imap, you will see the oils, the miners all gaining basic resources gaining as well as the financials. take a look at the losers, nestle is down today. we already heard from the ceo of nestle. southside --on the downside, although royal dutch shell was a gainer. unilever, consumer staples. down today. some drugmakers down, astrazeneca and santa fe. -- sanofi. guy: those are some of the stocks matt just mentioned. consumer staples, matt just mentioned. whether or not you consider beer softeningbut staples up. materials, a bright green area and firmly bid this morning. we talked about the energy or and the metal sector, that is causing a slither of red. i wonder if that is nestle related? matt, overview? matt: you know what i've got here? the world currency ranker terminal to show the weakness of the dollar. we have seen it accelerate the last 20 minutes, but you had to dollar weakness ever since yesterd

we also see hsbc down this morning, as well as glencore. a lot of the biotech and drugmakers. offfi is also taking points the index. the winners are far -- few and far between. record bank highs are also a gainer. if you are looking at the consumer staples. we see some of the insurers doing well. is up 1.6% this morning as well. guy: we just got headlines coming through from the boj. the market was reacting to this a little bit. maybe the boj would be backing off its purchases for the longer duration of the market, 25 plus. maybe we can back that up a little bit. the boj says it plans to keep its buying in march. it is going to be interesting to see if there is a duration switch toward the front-end. dominating the dialogue at the moment. jerome powell opening the door for four hikes in his testimony. he sounded an upbeat note on the u.s. economy. european stocks seeing what they did. let's have a listen to what mr. powell had to say. my personal outlook for the economy has strengthened the my personal outlook for the economy has strengthened the since december. each member of

you also see glaxosmithkline glencore, as well as interestingly enough, even though material stocks are doing well. it is only down 0.3%, but it is a fairly heavy stock, so it does the race some of the points from stoxx 600. let's start deeper into the market open right now. our bloomberg stocks reporter out of moscow joins us. what are the specific stories you are watching today? is it really all about earnings? reporter: um, it's about earnings. and always about forecasts for this year. we're always looking out for the future. nokia, unfortunately, has been news today. the network business is set for another year of declines. it has really been trying to grab bag of the market share and unfortunately, so far because it is still working on the 5g network, demand for winter is supposed to pick up, 2019 to 2020, it is still struggling to pick up on that growth. matt: let's talk about novo nordisk. yes, sorry. let's talk about novo nordisk, they see 2018 profit stalling. we will speak to the ceo. tell us about their earnings. ksenia: that is really interesting and is unfortunately, negati

very much the theme we saw from glencore yesterday. here you are, delivering on that front. is that your number one priority or are you remotely in buyer acquisition of asset mode? most importantur priority, and we still have some work to do. 93% reduction last year, we made good ground. secondly, repaying the dividends -- we delivered on that promise six months early. with aroach is working 13% increase half on half. yes, we have got opportunities inside the portfolio. we don't need to look outside the portfolio to significant improvement opportunities, so that is where our focus is at the moment. manus: i know that you have got copper projects in tperu. a peruvian name. when are you going to make the decision on this, mark? are you going to press the button on this in the first six months of this year, this year? give us a timeline. mark: what we have got his we are actually reviewing the feasibility study as we speak, the verifications. the project looks very good. lots of inbound interest in terms of potential syndication partners, which will do for value. we will take i

glencore says profits for 2017 came in at $14.76 billion — that‘s 44% more than a year earlier. also in the programme.... south korea signs trade deals with central american nations. is this a back door to trade war with the us?

glencore as well. martina and -- mark keenan joining us in particular to talk about positioning and oil. ramy: thank you very much. that is it from "daybreak asia." our markets coverage continues with haidi lun, next. stand by for "bloomberg markets." this is bloomberg. ♪ ♪ ,aidi: it's 9:00 in hong kong and 12:00 in sydney. this is "bloomberg markets: asia." ♪ asia-pacific markets are on the slide. preparing to deliver the last result. nobles adrift on a sea of troubles.

glencore, the biggest mining group in the world, has had its strongest ever year. 2017 profits went to almost $7 billion — nearly £5 billion. last year, it made a loss. the reasons for the recovery is simple — good economic growth round the world and it's been cutting costs. that's ever look at the markets. the ftse has not moved very much. those are the figures therefore the mining sector. metro bank, down slightly, because of this margin questions, whether the company is emphasising growth too much rather than making money on every pound it spends. lloyds also in profit. that is the business news. some hints on uk's response to the eu. there is broad alignment between the uk and eu. a government source excepting that the government has softened its stance on european citizens being able to settle during the transition period. the prime and is the has said that that had to be different. apparently, the uk government is facing a brick wall, it is being described as, on that issue. joining me now from westminster is our assistant political editor, norman smith. he is trying to cast

glencore said they were interested. alix: glencore would definitely be want to play -- make it move for bank. david: first word news. >> not all members of president trump's republican party once the investigation to end. the president said that memo totally vindicates him but three republican members of the house intelligence committee say the memo does not undermine the need for special counsel robert mueller's investigation. sit investigators in south carolina safety the passenger train crash could've been prevented. two people were killed and more than 100 injured when a train crashed into a freight train. economic momentum in the euro area rose in january at the fastest pace in 12 years. --t led companies to add europe's expansion has been help by pick up in global trade. global news, 24 hours a day, powered by 2700 journalists and analysts in more than 120 countries. i'm kailey leinz, this is bloomberg. the code congress faces another deadline -- david: congress faces another deadline this thursday. extension is t