Complicated chemistry. Shares in actelion hit bottom of the stoxx 600 as a report suggests the swiss biotech firm is considering a deal with Johnson Johnson that would allow it to stay independent. No liftoff for lufthansa. Shares sinking lower after the german airliner faces a setback in the courts in its bid to block yet another pilots walkout. You just saw steve there. Well be crossing straight out to him now. Opecs Technical Team is said to have failed to agree to details of an oil output deal. Those reports are having a knockon effect on prices. Slightly lower. Not a huge reaction but pulling down a tad. Off shy by a percentage point. Steve people are saying the market is pricing in were not getting a deal this time. I would probably disagree with them, which is not a rare occurrence. I think the market is beautifully priced to go either way. Lets look at the recent history. Doha failure earlier this year, algiers, a degree of success in september. When the market didnt think ther
Also traction in the nikkei and topix today. Playerseeing energy showing signs of weakness, crew tracking at a twoweek low, so weakness coming through from or oil players. From stockstch out that have been doing well as of in particular. Some of the movers we are keeping an ion, samsung has hit a record high, up 4 . We have been speaking about the stock, finally investors have turned positive about pressure for change. You are seeing weakness from some of the korean cosmetic players. They rallied strongly during yesterdays session. Cosmax and others have been upgraded to buy. Metals, sliding from a twoyear high, perceptions in the market that supply is still ample. Iron oree saying should be near 50 a ton. Higher for an fourth session, up. 2 due to dollar weakness. If we look at the offshore renminbi, up. 2 . Fixpboc increasing its yuan slightly from yesterdays fix. Haidi thank you for that. To a twoweekose low, some fluctuations in the session. Cessio refuses to lower production despi
Focus on their businesses, when i do round tables with our customers, those who have exported said they never had it so good. Just itching myself a bit there during the headlines. Oh. It happens. It does happen. Oil prices rallying as the opec secretarygeneral says a deal will happen today. Other opec members voices similar sentiment. Iraqs opec delicate said the cartel will be reaching a deal at the meeting in vienna as well today. Is it positioning . Do they think a deal will get done . Spencer is here with us. Do you think a deal will happen today . I think some form of deal will occur. They put themselves under pressure two months ago. They publicly announced they will do a deal today, now they have to deliver. Some people are saying this is the most important opec meeting for a long time, and then i remember going back to algeria, dohdoha, people saying is the most important meeting. How important is this meeting compared to past meetings . It is a significant meeting. In terms of
Lineup today. T first, live pictures from moscow as president putin makes his annual president ial address. We will discuss whether russia, brexit, and a u. S. President could make 2017 the year of total reset for Foreign Policy. We have a little bit of manufacturing pmi. The italian data is significant because this gives us a glimpse in the state of the Italian Economy just three days before they vote. These are the figures crossing our bloomberg terminal. We are seeing the Unemployment Rate staying put for october at 11. 6 . Line withty much in what were seeing in spain. Three days until renzis make or break referendum. Votell discuss what a no could mean. Lets get to the bloomberg first word news. Heres Sebastian Salek. Sebastian glencore will reinstate its dividend policy next year and plans to pay out the minimum annually. The worlds biggest commodities trader has seen its shares trickle this year. The chairman of bloomberg lp and the parent of Bloomberg News is a senior independe
Production. Global bond meltdown. The bull market in bonds is ending with a bank. As global bonds suffered their worst slump last month. Investors look to dump their debt after donald trump won the election. Bracing for swings. It euro volatility is the highest since brexit. The European Central policy decision coming up next week. You have burned up 13 in just two days. Brent up 13 in just two days. The big surprise come iraq cutting 210,000 barrels of a day. As the focus in vienna moves from the deal into specifics. Marty schenker joins us now in london. What is the biggest question as traders wake up this morning . Firstly, you mentioned iraq. Iraq had been the biggest stumbling block. They have a quota again and they agreed to cut production. Many will be interesting to see if they are willing and able to do that. Secondly, russia. Russia pledging an actual cut of 300,000 barrels a day. One of the reasons we saw oil rally so strongly. Will russia really deliver . This never done an