Wrongful dismissal and faces writedowns in the billions. 7 00. Is lau. Am angie it is just past noon. We have to talk about oil. We are seeing is pressure on asian equities for the second bring you int to and half you take a look at where oil could be heading and it does indicate we could see a 50 and wer beyond are ending a flirtation with this right now because of market incentives to get more oil and it is encouraging storage at the prices and the spread markets say that we should see lower prices and this could be the case. Theai has been trading and group of companies and play after the chairman says there could have been shenanigans we are two hours away from the opening of the emirates markets and this is the index closing ahead and what we are watching is an interesting toy right now, when it comes the saudis and we see interesting moves to the upsides and we are seeing whether or not they can maintain that and talking about that today. Absolutely. Lets check in on the headlines. Falling from a threeyear high and remaining fragile. Profits rose from a year earlier in this follows a jump august with the biggest in three years. Time sincefirst 2012. The u. K. Reports growth figures down fromations are the Second Quarter and the big question is whether it will be cutgh to hold off on a rate next week. Todeutsche bank is looking get earnings numbers and they close 14 billion for a on Mortgage Backed securities. There are a couple of major banks out of abu dhabi and over halfat estimates 1 billion, looking to emerge global news, and 24 hours a day in more than 120 countries. I am haslinda. This is bloomberg. Been toamsung era has the board and there is a hefty wenk taken out of profit and are considering the possible reasons for the overheating phones. Vicechairman has joined he board of directors and was hospitalized after having a and is the next person to step up to become the chairman. Will give himard a big say over the management the wake of the issues where there are with factories and the reports of things catching fire, this person may be the person that people look to for leadership and this helps move forward more quickly with the Asset Management market expecting him to settle this issue. Not surprisingly, we saw the note and what is the strategy moving forward . Resultsmpact on the with the net profit down against the revised estimates in the this came in and and operated the profits of 8 million u. S. Dollars, a record low, tiny, compared to the there will beand a turnaround in the business may share. The ceo apologized for the issue and said they are investigating the hardware and software to make changes to the Quality Assurance process and you can look at the other divisions on display with the they havetors and been increasing demands on other keepingurers and appliances operating. Take currency in the Third Quarter versus the second. Thank you so much. Been a few days since saudi arabia issued the largestever foreign bond issued by an emerging market country up with gainswas getting some perspective, because we could be looking at further issuances from the saudi government and the finance minister. The rate was at the event. What did we hear . Said theday, they future borrowing will not all be bonds and he said that it could bonds andre vocal they are interested in diversifying. These are conventional and why would they go . Undersuppliedis and it makes sense that they would want to get into the market and they are looking for ways to diversify the borrowing, having borrowed heavily from local funds and it puts pressure on liquidity to plug the budget deficit, which is very large and continues to be. The minister is meeting with them. Aree know what the results of this discussion . The main point is the Regional Economic issues and they are going to discuss what the reforms are going to be doing and a main issue discussed tax. Value added 22 look forward to. We will speak with Christine Lagarde and you can tune in at 8 00 and lets go to david. Right. It is a mixed picture and there is risk aversion at their across , with thearks the broaderkets and index. Hit ornings today are you have some of the heavier stocks and they are with the theme and it is weighing on sentiment. Right now, we are seeing yields and they are coming with the dollar index here and it is coming at the expense of emerging market currencies and we are seeing a pause in the pound, the euro, and the yen. Ande is a day pause there you typically get take moves in this position with a fed rate hike and you have a look at the you have anminbi and look at the emerging market currencies and they are all down this on the mexican peso. Florida. Ahead in thank you. We will be live in frankfurt and a lender will repair prepare to announce earnings. Confidencestoring and a huge success. This is bloomberg. Welcome back. Lets get you a quick check of the headlines. Net profit and the first of the chinese big banks to post earnings with net income rising. The banks have increased profits since 2004, despite the rising bad loans. Posted astralia Bank Full Year of profits that eat analyst estimates and the bank held the dividends. The australian banks are facing lower Interest Rate margins and. Ad loans the thirdquarter profit went up and the profit for the second largest lender was about 678 million u. S. Dollars. Byome jumped and it climbed one third. Lets pick up the conversation and there is a potential for further bond issuance and it is great to see and we are already talking about what is next. The potential for further issuances and how they could take shape . Have a small market and i think that the authorities will look to take this a stage further and the markets are and we are seeing this ready to go into the market once more. How have the dynamics of the bond market changed, as a result . Andhere is more confidence part of the problem, in the past, was a lack of depth and they would complain about the yield curve. We have one now and it will set and it shows the region has ohio a higher price and we will see hopingtional investors the liquidity squeeze and provide a good backbone. We just talked about the onadth spread and banking lower oil prices, with a. Roclivity how does that put the future bond issuances . Are at lowesces and i have not sure that the and ist stays in the 40s think the 30s would be the concern with the liquidity issues and it could do some damage to the bond markets. This is not a forecast and we have a level of around 50. , people arei arabia excited about the yields in the emerging market space. Globally, we are investing in the credit markets and we are prepared. For the moment, people are steering clear of the government creditnd we think this provides a dampening of the increase of government yields list will bef the the u. S. Highyield. I have been looking at the there is ad reflection of broader anxiety. Assets . Ou allocate change is arecent modest increase to the overweight equity benchmarks for saw inflation in the system, making a challenge seethe bonds and we corporate profits help equities a lot of soldding equities, and we like to go contrary. The developed markets. Realistic . Will it disrupt . It goes to the end of the year and there was a little bit of a sign of that. Broadly, there is a growth rates in the Current Quarter and the market can absorb that and it will be seen as prudent. Weaker growth would have us wanting the equities down, despite the recent move. Thank you so much for that. And thep, new troubles s writedowns. This is bloomberg. Back. Come more unwanted headlines as a chairman warns they face billions in writedowns. Unceremoniously dumped without a chance to defend. This inatching for dubai. Alleging . Saying or well, it looks like an of the and they saidng it was wrong the board to sack and the writedowns are what the has fivees and it unprofitable businesses. Thethey said that most of problems push into a position of chairman and the pet had enough modest investment. Me jump in here. Is there an indication of what we may expect . This response to the allegation and a prolonged legal battle to start. All right. Thank you very much. Still to come, we will look at the struggle to find consensus we will gets and you details. Stay tuned. These are the headlines from around the world. Samsung is dominating the news with a new election to the board. Changess are promising in quality control, following a and profits came in at 17 billion. Be watching and ousted chairman accused of wrongful breakdowns ofrom unprofitable businesses. Nosays that he was given chance to defend himself against the claims of nonperformance. A dead issuance and future borrowing has not been determined. There was an emerging market the deficitd ballooned to 15 of gdp. Billion was raised in the u. S. Ipo this year. Shares will start trading in new york. Ipo comes just before the singles promotion. Than 120 countries. Im haslinda almond. This is bloomberg. Is 12 30 in hong kong. It is 5 30. We are starting the european earningsay with bank and what will be revealed from barclays and deutsche bank. We have had the news that they valuationso have the employeesnk has 131 now, ino and it is amen a relative sense, but this is a havingd we have barclays here onsation right daybreak. Ofant to show you a chart the fixed income commodity and deutsche bank. Deutsche bank typically only gives numbers on an annual basis this is still much with the current see trading and the turmoil. Will that be a boost . There was a nice read and jeff would join me right here on daybreak to have this conversation. So, if you are watching, get the scorecard ready. The European Bank earnings will have heavyweights on the shoulders. It could be a rather dry set i hear theand arguments that the numbers are not relevant, but it gives a snapshot of the world after brexit and may have the overnight story and what the inncellor will deliver fiscal spending and we are numbersmore prescient banks that doand business in europe. Pastll be a thing of the and there will be a new, alternative message and it will be a new version with a whole host of issues that are front and center in the discussions a barrel of oil that is never far from your mind. The ceo joining me this morning. What does he think of the ensuing deal from opec . Me is oilg the draws trading at a low and the concerns that opec is not able to make the progress it needs to come to a contractual agreement bullish in there support of the oil prices with a perspective onre. His story the News Analysis shows that the cuts may not be enough to drain and tell us a bit more about what is happening. All, we had a of technical andas the russians are joining with agreementp and the that was announced by the energy they will sit down and use the numbers to freeze and the implications on and youarios are prices can see opec producing above 33 Million Barrels of oil and the is a ceiling with a cut or a freeze in vienna. Watching . Se are you it all depends on the are reluctanthey to say whether they will cut freeze, whichhe may not reduce the supply in the and there are questions of who should freeze and the decisions to use and you have the there is the exemption cutmany, many members to and saudi arabia has to and will theymost be happy with that . We will wait to see. All right. That. You so much for the largest offshore oil and gas and we arested sales taking a look at the oil story from this part of the world and taking a closer look with neil beverage here in our studios. Welcome. Worrisome andle there is less than expected capital expenditure. You have this out performing. Why . Months, we next 12 and the 30 a barrel average price for next year is 60 a barrel. Increase withill the oil prices and we will get this agreement at the end of lead to and it will much tighter market. All right. I want to zoom in and take a look at how the shares have been forming and you will see this and wherep in january do you see this going . It up around 12 and the key issue with earnings was a decline in sales and it is cutgered by a significant i think they can dial back on the austerity and yearll see production next and projects that will start going up again. This is not the only Chinese Oil Company with a tough time. . Hat are key risks take a look at what is happening and you will see significant declines and the Chinese Oil Production declined largest of the andines that we have seen what the chinese are doing is cutting back on investment and we are seeing heavy declines in marginal fields and youre looking at the companys reporting doubledigit Oil Production declines. You said oil will recover and you have not told us when you happens if and what it doesnt. The oil prices are going to drivingey, in terms of seee and we could volatility with agreements playing out or not and, according to our analysis, we think this market is pretty , according toced the preliminary agreements and we are starting to see the klein and it will be interesting to see the prices higher. Team shows aerg surge in oil imports is offsetting the production and thatwe are seeing stockpiling will continue. China is producing less and what theyear up andng is making that isckpiling oil and china betting that you will see the make atrends and it will this andnse to cycle it is a reason why i think we ,re seeing a stockpile of oil but i would not expect to see a change, in the shortterm. Interesting. Were going to leave it there. Thank you for joining us in the program. Still to come, africa looks to the growth targets and finance minister does not seem concerned. We will have the highlights. This is bloomberg. Welcome back. You are watching bloomberg. Here is a check of the latest business headlines. Finances and other costs for a drop in profit. Estimates and they approved the plan in the non. Net in an unidentified overseas unit. Reclaim behindrantee has lagged and is now being kept. They are prone to becoming nonperforming with loans. In jerusalem, the project is 240,000 to create of new jobs. The existing Convention Center is being renovated. The district will be a transport hub. We have breaking News Headlines across the bloomberg terminal right now. Operations coming the net. 05 billion and beat andme in at a strategic chinese growth is going at a slower pace. Lets cross over to south the threat of a credit downgrade is not a concern, at the moment. Him. Hear from what we have to do is do the we have to and demonstrate the growth is our that we are able to generate the consensus were talking about. Take a look at how the market is this a Fair Assessment . There is a statement and we selloff and this seems to be an indication that people were disappointed and expecting some kind of prize or a rabbits. The growth picture is constrained and he has not a lot of tools at his disposal and we are now looking ahead to the view on months with a were south africa is heading. Why didnt the market get the room to maneuver . Constrained, as i said. It is rising to 2 next year and we have seen some work at the edges and the margins to trim details tong and the get the fiscal picture back into processd this will be a that we will see unfold. We will leave it there. Thank you so much for that. What should you be looking for with the deutsche numbers . This is bloomberg. Welcome back. You are watching bloomberg. Bank is getting set theeport earnings as Investor Bank tries to win back after skepticism. In toget Caroline Hyde talk to us more about what to expect from the numbers. Loss are expecting a net and all eyes are on the and this trading units is how much business is likely to fall come in terms of revenue and all eyes, as you mentioned, are on the capital and we are upking at the ratio inching and nothing dramatic. Investorsking at the and a mexican business. This is one we were told about and how are they going to push this forward . There was concerns with american rivals. At the increase in andme and Commodity Trading you will see the market share euros and and the bank is trying to restructure itself. What about the revenue earners Going Forward . We will look at the market shares and how the business manages, Going Forward. Hyde in frankfurt. Going to have an interview with Christine Lagarde. That is across. That is it for us. Anna edwards and manus cranny are next. This is bloomberg. [ Emily Kaldwin ] when you stole the throne, witch, you took away my strongest ally my father. But you didnt know me. You never thought id fight back. You dont know me. But you will. So it begins [ male announcer ] rated m for mature. Are set to release in one hour. The u. K. s trade minister says global banks will lose passporting rights. Labor abuses theresa may of seeking a bankers brexit. And elected to the board of the electronics unit. This, as it reports a 17 slump in profit, thanks to the note 7 drama