In bit of graphics showing up that were opening flat. What is happening with the euro in little bit higher. The dollar is trading lower. This is interesting. Why . Not a listening to Stanley Fischer. The dollar is currently flat. Over the past few days, a continuation of a decline in the dollar. Clearly, weakening story not abiding the tour rate hike as soon as this year. The meeting to get through. A look at four currency i want to to keep an eye on, the turkish lira. Were seeing the weakening first the dollar. The u. S. Dollar on a tragic weekend we saw, the terrorist attack. Lifecost in terms of human and concern when it comes to the asset classes. Copper is rallying higher. One copper asset we will look at. Glencore, how is that trading going . Copper off some of the assets as they try to reduce data low. Spikes almost 3 higher this morning. Tries to reduce the debt load. Is flat. Could we get a sweetened deal for the brewer . Deal to 43f the pounds. The deadline looming on wednesday. The stock could jump as much as 9 as it gets the thumbs up from the economy minister saying utilities, german utilities have enough cash to shut down the nuclear asset and clean them up. Back to you. Jonathan great work. The ftse 100, we snap and a twoday winning streak area ftse 100 down by not even 0. 1 . In asia. Continues lets bring in juliet. Good morning. Morning. Good the rally has continued. Open of stocks have the best almost foureek and years and that rally is continuing across the region. Japan has been closed for a Public Holiday and a bit of a switch out of australias stocks. The shanghai composite up by over 3 as it matches up into the close. A lot of rallying from property and industrial stocks after the state council on saturday put on the website saying china is going to increase support for redevelopment shantytown redevelopment and lowering taxes and lowering, i guess stimulus efforts for people to get into the economy. Goldenthe numbers from which is boosted, the sentiment here in asia. Looking like the shanghai composite will close at a sevenweek high as we finish out in a very solid session. Thank you very much. That is what is happening in markets. Here is what is happening in today show. Will for sell, glencore sell. Wake up to graczyk, to keep the eu in the European Union. Wake up to grexit brexit. The head of copper, rio tinto, said something does not stack up. Jonathan glencore has started a process to sell copper mines in chile and austria on top of the 10 billion the company said it would raise to cut the debt after commodity price slumped. Blas andng in javier head of investment at cross Bridge Capital were he helped manage over 2 billion in assets. Javier, a company that is very good. Are we at the bottom of the cycle. Javier blas it looks like that. You remember how glencore built its copper assets . They bought at the bottom of the cycle when everyone was super negative about the global economy. Glencore traders were buying in africa. Today as we are really thinking were reaching the bottom, as they are selling assets. Is it an indicator of how much pressure the company is in . And how much of the company is trying to reduce debt . On one hand, greater news. On the other hand, when you see a commodity trader selling at the bottom of the cycle, something is not right. Athan they how key is it jonathan how key are these assets . Javier blas not the most Cost Effective mines. Probablyd be sold to the expression of interest is coming. Assets that will not make Significant Impact on the bottom line that still about 75,000 in not huge 50,000 tons, but not small. Jonathan the investor in the room, miners last week up 17 . The epicenter of the rebound over the last week has been a commodity rebound and a rebound for the miners, is it market position as far as you concerned . Position. Definitely things are oversold. The second thing to point out not just miners but to the fact if you do not have a said rate hike, it is not going to rise. People are getting worried. You have a tightening of financial it seemed to relax. He is like a catch22. We start downgrading at the same time the commodity market rebounds. You go back through fiji dollar crude. Great story on the bloomberg terminal. You go back to the 50 crude. We stayed bearish on commodities for how does this debate play out . all the traders in town for the next five days and i was speaking with a very senior with glencore and he said with goldman. We are bearish and probably at the bottom of the cycle. He said something very important. About then do nothing market excel tall prices down. Glencore can do more. Except talk prices down. Cuts. 4 of global production. Jack to traders said it was key to a Nuclear Attack by glencore. Jonathan such a turbulent few months. How active have you been . Do you get to a point where that things turn around and i am a buyer now . When is that point . Manish singh for me, i have not done much trading. I think the short term is more. Will send the s p come back we have seen the s p come back. I am not looking for to shortterm trade. And evaluation in august. And it is Getting Better and a reporter mentioned it. The numbers are looking good. To then you speak Mining Companies or anybody involved and the Copper Market and as they say nothing to do with fundamentals but the looking for proxy to be to down china. This is a fundamentally oversupplied. What is that story about . Javier blas copper miners love to blame hedge funds where the prices are very low. A mining executive telling me that Copper Market is inflated because the speculation of pumping up the price. I have very little sympathy for that story. Will see some hedge funds playing in general as a proxy for emerging markets in china . For sure. In oversupplied market and producing more copper than we are consuming right now as actual getting to be the case in the first half of next year. A fundamental reason why copper prices are up today. Hedge funds are putting 500 lower that did this will be the case, maybe. We have seen a few. Not applying too much. Jonathan thank you for much. A fundamental reason why german utilities are trading higher. Out to caroline hyde. Atoline in excess of 10 one point. Check in on my screen how much forcing in the spike up in shares. German utility. A reason we get a spike is the amount of cash set aside to decommission the nuclear assets. In japan heagedy years ago, fukushima disaster meant germany stepped away from nuclear energy. Of course, that have to jump down the assets and clean up. Many were worry is a do not have another. The german minister Economy Ministry came out and said they do. Utilities and germany have enough cash to be up to shuddering and clean. Thats why we are seeing rwe spike up the most up since 2008. Similar spike higher almost double figures this morning. Adding 1. 5 billion euros to its market cap. About the ability to pay up to the decommissioning. Jonathan caroline, thank you. Keeping the dax and the green. The grand prix is a u. K. In europe is up next. Wake up to brexit. We will keep it in the u. K. And europe is up next. The risks after the short break. Jonathan 40 minutes for team is pass of the hour. Stanley fischer said in the u. S. Economy may be Strong Enough to merit an Interest Rate hike by the end of the year. He cautions the policymakers are monitoring slower jobs growth as they decide a precise timing of lift off. We may get the biggest ever tech merger later. According to people familiar, dell will announce it is acquiring emc for about 33 a share. Role social Democratic Party will stay in power despite 2 decades low support for the vote as europes refugee crisis propels the far right Freedom Party to the best ever result which some democrats have secured and the and Immigration Party claims about 31 . AntiImmigration Party claims about 31 . Wake up to brexit. The Campaign Launches thunderstorm rose. A closer call that most anticipated. Is tellingley clients to pay much more attention to the brexit. Leaveaf overtakes overtakes remain for the first time in a decade. What are the things coming, coming but do not move until the weeks, months before a vote . We did i know when it will be. Is it for the fx market or more . Manish singh for the fx market and the poll we had in the u. K. About scotland. If you look at the u. K. , in terms of and talking about it as well. For some reason people are waiting as seeing what will happen with the u. K. A you can suddenly have sterling and the currency. We will the equity markets later. Jonathan looking at price from the bank of england, a rate hike at the back of next year. Isnt that a referendum, how are those things going to stack of and how does bank of england handle the uncertainty . Manish singh it will be may or june if it happens. Andink the bank of england i do not know if they will manage everything the u. S. The u. S. Expects it to rise but it has not gone anywhere. A soor the bank of england much so they would carry on their policy of what the government does size. Brexit will weigh in on the currency. The debate around the market mover and a political debate will probably take shape as the scotland referendum. The leverage of the unknown. Is that how you see it playing out . Manish singh if you follow the poll numbers we are seeing, those who want to leave eu is getting stronger. A lot of organization and funding. And some arguments as well. Eud to be hitched up to which is decreasing in terms of economy or have better ties with other markets. I do not think they will lose momentum but far more series than it was six months ago. Jonathan we talk about the fx market and him playing almost exclusively. I will ask about the equity market. Equity investors in the u. K. What you tell me stay away from the benchmark index because it is loaded with the international story. Does it change if we going to referendum . Manish singh i still think the referendum will be in favor. I follow the model and i say gdp fromh of 1 which is down 1. 5 in august and september. It begs the question if the fed will bury to raise the will be able to raise the rates. [indiscernible] is it could beg a situation if you look at the numbers and there is some slowdown that people are thinking about. The sevenyear expansion. You could enter a phase where it is difficult to raise rights rate. It could trump everything else. John debate you will stay with us. Huge share price booze. Jonathan you will stay with us. Huge share price boosts. We will talk stocks with manish after the break. Jonathan welcome back to on the move. I am jonathan ferro. Looking shares in frankfurt. Soaring after the Utility Companies have enough funds to pay for the decommissioning of nuclear plants. National correspondent hans nichols joins us. Breakdown the details. Hans basically what we had were stress tests for energy companies. It is in germany decommissioning all of the powerplants, Nuclear Power plants by 2022. Theres been back and forth because 38 billion and five Utility Companies set aside and provisions for the process. Report out in september that suggested that would not be enough. What we have today is a clean bill of health from the economy mr. Economy minister a he is the vicechairman and he sent an email out saying there is going to be enough money and the provisions are adequate. And some of the worstcase scenarios if somebody that outside Consultancy Group were warning are unlikely to happen. Between 55 billion and 77 billion pounds set aside for the five Companies Including one dutch one that will be enough to see Energy Stocks trade higher. Do not kidding yourself. Its going to be a difficult product a difficult process. Jonathan hans nichols. To m a. Ab inbev is said to be having a sweetened bid for sabmiller. The deadline is wednesday. Here with us is caroline hyde. Caroline that is what is rife in the news. Could we see a sweet did a deal for the biggest brewer in the getd ab inbev, looking to number two . Not enough says sabmiller. Want according to people familiar, close to 45 pounds. A 7 higher bid. 43 pounds . 2 . 5 to meet the Companies Meet in the middle. The deadline is wednesday at 5 p. M. Ab inbev when have to put up or shut up. The contention has been building. The animosity, one executive to another chairman. Sabmiller claiming that 42 substantiallyly, undervaluing the company and they want to see higher cost cuts. They are promising they will cause cut a double about one billion pounds they will say. Stakeholders are speaking doubt. We had number one against sab miller wanted to see a deal. Now we have big shareholders starting to back sab miller saying you deserve a higher price point. In the meantime also speaking out saying it lacks credibility. Slings and arrows will continue. Lets bring in manish singh. Obsessed aboutn the macro. As we go into, i wonder how low the bar is and whether it is about the earnings surprise and now the decline and not the decline . The last two months, the expectations are lower. Or 4 or 5 , a votto doom and gloom. You can have another surprise. You can have an earnings surprise. ,f we have a negative quarter back to back quarter of negative earnings as that is back to my point of how will that make it easier. Jonathan 20 seconds. Is notsingh financials the sectors but consumers and technology. Sectors i see and of course health care. A lot of selloff. 8 10 . Jonathan a big thanks for joining us. We hear from the ceo of rio tinto about why the copper price and slow down in china is not responsible for the big route in the Copper Market. We are not trading on fundamentals. One good example is lots of short selling copper. Website in the pickup on the back of china a few months ago we have seen the pickup on the back of china a few months ago. Guy welcome back to on the move, live from london. Lets get a quick check on the markets. 100 was on a winning streak and we snap it after the biggest weekly gain since december. Big gains on the dax this morning the utilities. But look for Commodity Markets for what is behind the market rebound over the last few weeks. Switch of the board in zoom in on the commodity index, the best week since 2012, back to an august high. Well bring in the moves later lets get you to your top stock stories with caroline hyde. Caroline we are wanting to focus in on the key stocks i rwe is adding three quarters of a billion thes to its market cap, relief is flooding the market that they have the cash to be and decommission the nuclear asset that is driving the charge. , ao on the upside Construction Company here in the United Kingdom is up more than 5 , coming out and sounding very positive on the year. They are saying that they achieve their fullyear target and will have even more visibility of their revenue. The bestthey have status on more than 1. 7 billion pounds since the end of the second quarter. Clearly this is a company on a on, the u. K. Getting the downside, rollsroyce is dragging the fitzy. Has the competition investigation into the likes of rollsroyce, into the likes of general electric. Anticompetitive when it comes to upkeep of airline engines . That is what the european regulators are starting to investigate where airlines are being forced to enter this anticompetitive service contract. Keep an eye on that as the story unfolds. Jonathan thank you very much. Hedge funds are playing a dangerous game with copper. Tintoe to the ceo of rio and asked about the price of the commodities. On the copper space we are not trading on fundamentals, and i think one good example is that there is lots of shot and copper. We see that on the back of china a few months ago. The government decided to change the rules in relation to the where people were not authorized to short sale. Series of players using copper as a proxy for the chinese economy and started to short sell. If you were to ask where the is competitive and there is something that as i said, we believe that there are players in the marketplace which are using copper as a proxy for the chinese economy and therefore taking some position. Now, it can be a very dangerous game in the medium to longterm, because at some stage we expect the Copper Market to move into a deficit. Jonathan so the question is how long do you think it will that process to shape out . Hope that in the next two to three years we moved back into a different position and therefore we will enjoy a more formal jonathan is the marketplace copper and iron ore being dominated by china . It is 40 does that concern you at any way . And if i can read through china in various ways, via the companies, via the official data how are you seeing china . What do you see the difference . We are not concerned about china. China comes from more than 40 of the copper consumption. Remember, i have the new mines in mongolia and gold and golden copper trade with china. Do i have a problem today placing my products . No. And when i look at my customer in china . Do they have issues raising credit, because it is based no. Did we have concern a year ago . Yes, and we were careful. But today i am not concerned. Head of that was the corporate rio tinto in town because the London Metal Exchange week starts today. Years of experience in the commodities industry great to have you with us. We always talk about the Copper Markets and supply and demand. You are the guy with the visibility is it all about that in your mind . I dont think it is. I agree with some of the comments that fundamentals are not driving the global macro picture. Is not unusual we have seen that many times there are shorts in the market as there always are. Different have seen players active at different times and i think we are seeing some aspect of the fundamental fall through. But that is not the biggest picture. Jonathan you never here the complaints when we are at 10,000 what is fair value . That is the hardest question for the last 10 years, prices have been distorted by the fall of money, the impact of the macro picture, and now we are seeing the other side of that coin . Value, maybe. But that doesnt mean we will stay. Jonathan you are in town for a week is this the gloomiest week for the financial crisis . Certainly in the buildup to it. We will see over the next 48 hours but i think the whole macro picture is very nervous and the influence a significant it is an overwhelmingly negative picture. Hats the real world in china isnt as negative as the headlines might tell us, and that is where this debate comes in, where we value commodities. Jonathan will that change over the summer . It is all about oversupply, and then the debate shifted to a big focus on demand should we be concerned . This is a 2 billion trade with is it good . Longterm, the picture is , they are consuming huge commodities. It is not that china has stopped, the growth has slowed. There is a huge difference. I think it is a significant player still. Longterm they will continue to. Onsuming huge quantities if you have a 2 billion trade, it is not a bad one. The phrase i have been using has been blood on the streets. That t to talk about the discussions you will have with the Mining Companies this week when i look at the glencores, they make adjustments. Is at the beginning of an aggressive cycle in terms of what they are doing this morning , and as that feet across other companies . We will see. The question is will someone jump. On all sides of things, they have a very different stance and they can afford to some products have much more of a supplyside impact and have the markets where they are because of that supplyside impact. We will see a range of reactions in the market. Jonathan we go into aluminum week competition over who can be the most bearish. We come out what are the discussions you want to have in the outcome . I think we are just discussing risk, i huge topic at the moment in china and elsewhere. Weeks, the last few slings and public companies. Quality is a really big topic. Jonathan thank you for joining us. , it could be the a guest merger in history. The latest on the dell and emc deal after this short break. Jonathan lets get you to our top stories. These moves come after the german Economy Ministry says the companys Utility Companies have enough funds to pay for the decommissioning of nuclear glencore intends to sell to theer mines on top of billions of dollars they plan to raise as it cuts its debts in the wake of the commodities slumped. To talk is expected bid to 43 perts share days before the wednesday deadline. Staying with m a, the largest ever tech merger could be announced later today. Dell is planning to pay at least 33 per share for emc. Caroline hyde is at the touchscreen with more. Caroline it could be forming a corporate computing giant. It could come as soon as today 33 per share put that in perspective. That is 18 higher than emcs current share price. But in the nittygritty, there are interesting angles. Cashs going to be paid in but there is an eight dollar tracking stock, a socalled fromr, a way of protecting big fluctuations in the stock price. This is a Cloud Software company that the emc controls and has a majority stakeholder in. It is a new security being formed, tied to the value of vmware. Elliott management is already pushing emc to break themselves up, and this is in line with their thinking, being driven towards a buyout. Lets have a look at whats in it for dell two years ago they took themselves private, the founder buying it up. The sale could actually help scale this company with the faster growing storage business. Dell already has the pc market going for it, servers, this is about adding storage to that collection and being able to offer more of a full array of products. They want to take on rivals. Could create one of the biggest providers of enterprise in the computing business. Clearly, a big juggernaut are somely but there challenges and this is what we have to dig into. We will see financing erase 40 billion worth of a highyield company. Could it have its limitations . Ofy have to sell in terms bonds and leverage and the bond market has been trying up. That will be a bit of a cut on how much it could go in terms of premiums. Bonds of emc have been dropping. The bond market is worried will they get devalued . Will they see themselves lower in the food chain once more debt is sold . There has been some pressure on emc assets with reports about this deal. There are other reports that there could be a provision interesting. This is what went used by dell itself to try and get a juicier price point for an activist hn. Estor, carl ica we understand that they are to elliotty and what management and this will be the best deal out there. They will have to blue were in other buyers. Buyers. Lah in other they are unlikely to be interested again, that could there be another buy, a higherpriced price tag than 33 per share . Jonathan we are on deal watch this morning. 47 minutes into the session, lets get a check on the markets. The winning streak is almost over on the ftse 100. We are down by 2 10 of 1 after a date winning streak. German utilities gave the dax the left this morning the story of the last week in the Commodity Markets. Take a look at the bloomberg commodity index, the best week since 2012. E. M. Current fees are really rebounding, and the dollarlira is up 7 10 of 1 , a stronger dollar against a weaker turkish lira. And for good reason. After is still in shock the deadliest attack in the countrys modern history that killed at least 97 people attending a peace rally. Elliott gotkine has more. Elliott, still no official blame for the attack, for the interim government is pointing the finger at the Islamic State. What is the story . Pkk as well. Suspects the two prime as far as the turkish authorities are concerned. They have carried out airstrikes against the Islamic State and the pkk. Those are the two prime governments, but others have blamed the government itself, led by the ak party and the link rduan. Sident or tud they say at the very least the government was responsible for failing to prevent it. Some might suggest that increasing violence and militarization of the kurds played into the hands of that party. But the truth of the matter is that as things stand, they do not know for sure who carried out the attack, believed to have taken place by suicide bombings. They are testing the dna of some 16 potential suspects following the attack. Jonathan elliott, a tragedy. But as we look ahead to elections in november, people will be talking about the likely impact. Will there be any at all . Is it hard to read the political feelings at this point . Elliott it is a bit hard to say right now. Certainly in the runup over the weekend, opinion polls suggested that the result would be similar to the one we had in june. In other words, political deadlock, where the interim government with the largest share of the vote would win an overall majority and have to engage in coalition talks. The acting Prime Minister invited just two of the three opposition leaders to have some kind of crisis summit. One of them declined. Not a lot of love lost between the various parties in turkey. I should also point out that we have had some word from the interim finance minister, as well, saying that the climate of violence will impact the economy, and indeed, turkey has cut its growth forecast this year to 3 from a previous forecast of 4 . It reckons unemployment will be higher and inflation will be higher as well. The longest Political Uncertainty now deepening, the Political Risk is there as well. The istanbul is not terribly affected but there may be an impact on their economy as well. But lets not forget that turkey is still in mourning from what is the deadliest attack in the countrys modernday history, at least 97 people killed. Jonathan a tragedy. More from Elliott Gotkine throughout the morning. Up next, we are on fed watch. It is a busy week ahead. We will preview all of that after this break. Ftse 100 snapping it when he strike in snapping a winning streak. Jonathan welcome back. Im in jonathan ferro, live from london. We are on fed watch. We will hear from dennis evans, andharles Lael Brainard later today. Big banking a earnings are jpmorgan, bank of america, goldman sachs, and citigroup. The earnings season kicks off in full force this week. Is coming up next and manus cranny is sitting next to me. Three fed speakers, Stanley Fischer how does this develop . Play, andping 2015 in this is the voice on the Federal Reserve that has brought in for an International Perspective that is the very essence and that is my take away, that International Issues matter but domestic issues will be triumphant when it comes to it and then the debate is all about the trajectory after this surreal 25 basis point hike. I want to get your take on fisher and quantitive easing it is doing very well. Another 700 billion euros to go, so we are only getting started. That shows you how long i have been up and they also want to get his perspective on the commodity complex and how you play that from the credit side of the business. Jonathan some big news in the mining as well. Debt ime off the guess the trade. Jonathan your thoughts on glencore quickly question mark manus another 2 billion to go. That wet fascinating are selling copper assets first that is the lead story and that is the direction of travel rather than perhaps some of the other asset plays. Jonathan looking forward to the discussion with alberto gallo, because of the high Energy Sector and the spillover from commodities more from him after this very short break. More from me on twitter. Equity market and ftse 100 are snapping the winning streak. Morning and this the dax marches on, up 7 10 of 1 . Utilities are helping in frankfurt, germany. That is it for me. Manus full of energy. Eon and rwe, shares a sword the most since 2008 as they pass Nuclear Stress test. Looking for liftoff. The fed vice chair Stanley Fischer says that 2015 remains in place for a potential rate hike. Glencore goes further. The Company Announces it is selling two copper mines, adding to the 10 billion debt cutting plan. And battling against grexit. The campaign to keep the u. K. In the European Union is launched. We will speak to one of the most the sufferer supporters during this hour