We suddenly saw the shanghai composite end in the green amid speculation about whether or not we would see more stimulus to come. Monetary policy quickly kicked in. Will bewhat juliette talking about in a moment but in europe are still concerned about the commodity index. Bloomberg tracks as the lowest since 2002. The selloff is continuing. Look out for those Big Oil Majors today, and glencore after they came out with their numbers. The dax is now opening 9 10 of a percent down. Stop buyingtime to these chinese stocks like the luxury good makers. Have the fundamentals in china changed that much . And they have Pricing Power in china maybe is tryinime to analyze whether its good to buy. We are opening on a downward as greece goestory to the last stages of its marathon to get this third bailout. This is 86 billion euros. We know that germany will be starting a debate around about now, and then we have the dutch deals. Most of these deals will go through lets have a look at the key stocks to watch this morning and then earnings. Carlsberg is unchanged, but watch it, it will sink. We have calls from rbc saying it will fall 8 . Why . Number isnt looking pretty. 3 , and russia is where it is weak. The beer market is collapsing 9 . They are cutting there for your forecast. Their fouryear forecast. They dont do profit warnings but if they did they would advise you to watch the stock price. Bloomberg has been speaking to the chief executive of glencore, who says he has no read on china. We got in terms of clarity when one of the biggest Commodity Traders and miners are saying they dont understand china . Their reasoning is that the projects are being delayed and that is the slow, slumping prices copper in particular. Glencore is up half a percent. Imperial tobacco up by a 10th of a percent. Volumes are up by 3 in the first nine months of the year, and revenues are down 4 . I will leave you with carlsberg at 7. 6 . Mark lets get to juliette in hong kong. Good morning, juliette. Juliette good morning, mark. What a difference an hour makes, because look at the turnaround. We were seeing a big selloff on the shanghai market again for a second session following that 6. 3 plunge yesterday, but in the last 90 minutes we saw a turnaround, the shanghai market closing high. There has been speculation that traders are waiting the prospects for more stakes with potential monetary easing. Chatters also been some that there may have been some injection by the pboc into some of the banking stocks. Certainly a massive turnaround for the shanghai market. The hang seng, though, closed down by 1 . They are holding on to those ninemonth lows. Korea and japan, down by 1. 5 . In australia and thailand, following that big selloff yesterday on the back of the deadly blast but look at this. Yesterday, every sector was in the red apart from oil and gas. Today, oil and gas are down. 2. 6 and every other one has closed higher, led by the telecoms. Certainly, more volatility. Mark thanks a lot. Germanys parliament is due to vote on the greek rescue package today with the parliamentary debate already underway. We spoke to the european andissioner Vice President , he was optimistic about the deal getting approval. Will tow strong conclude this program and find a solution, how to deal with the greek economic problems. Supported,ngly respectively by german and dutch finance ministers, so certainly from the european o commissioner point of you they will get parliamentary approval and will seek to finalize it. Mark this comes as the ecb moves on reducing greek bank aiders as the bailout is easing tension. Lets bring in hans nichols from berlin. First to you, hans. What are we expected today from this German Parliamentary vote . Hans we are expecting 56 defections. There was a straw poll last night that is less than the 60 folks that voted against the actual authorization. It looks like it will pass the bundestag. Introductions will start in a little bit and voting will continue through the morning. It should be wrapped up before noon. We will also be looking at the vote in the netherlands that could be slightly tighter. If it passes as it is expected, the money will be disbursed in greece will be able to start the process of rebuilding, starting with greek capitalizing their banks. Mark paul, what is the latest on the ela degrees . How significant was the ecb pasta and to reduce greek emergency liquidity assistance . Paul caroline mentioned earlier the marathon towards the greek bailout. I suppose you could say that this is a signal that they have hit the wall, but there is still a long way to go. We had a small reduction of 700 million euros, that was requested by the Greek Central Bank and approved by the European Central bank, so that is a sign that all sides feel things are getting better, but the ela is still at a pretty high level and there is a lot of work to do with the stress test. The greek banks need to work out just how much capital they need as part of that bailout package. Then they will work to rebuild the Banking Sector, and that relies on rebuilding the economy as well. This is progress, but only a little. Mark hans, there is news about privatization of greek airports what is the news . Hans the news is that the deal has finally gone through. It was agreed to in november, 01. 3 million euro deal. These are big in terms of international tourism. Some 19 million passengers come into these. If you look at where a lot of folks want to see the Greek Economy go, it is difficult to imagine. They have also pledged to invest in these airports. Crete, if ime on got it right. You will be going to the private terminal, though. Im sure you wont be going through the mass like paul and i. Once, buts an eos man that was in the late 1980s. Before you were born. Hans its a lot like being a but better. An mark we will check in with you later. The debate is getting underway to approve the third greek bailout in five years. Thanks to paul gordon in frankfurt. Lets get the investors take. We are joined by stephen, the head of strategy for european strategies at j. P. Morgan. That an assumption today germany will rubberstamp this third bailout in five years . Stephen i think they have to prove it because the bailout has the approval of the finance ministers they are negotiating it, and they are the incumbents. They are going to get it through. Mark what is priced in and what isnt priced at . Obviously the worst is over, the big concerns are over when it comes to greece. The money should now be cb. Thcoming from the e the equity markets were very concerned in the runup to the negotiations. As part of the negotiations, it meant that the greeks were increasingly, openly allowing to talk about the euro exit, and then surprised everyone by opening the possibility. I think the underlying truth that they were just negotiating hard, and a bluff was being called. In the end, there was no alternative. Mark but that could cause problems, couldnt it . A vote of confidence after august, the 20th of might the party unravel in coming months . Stephen well, its not a party, its a coalition. I think its entirely likely that they are a Political Force and they are now spent. I think it was easier, much easier, to be a vote for the opposition than it was to be in government. If you look at what they achieved during their Administration Last year, greece was growing, it had a primary surplus, it was issued a fiveyear bond earlier in the year. The government was so confident that i was talking about exiting the eus package. Government growth has collapsed, the Banking System collapsed, the Greek Economy has been very, very badly affected. Mark where are we, though, when it comes to debt relief . The imf is saying that greece need some sort of debt relief. You have done some studies and you know the figures. The maturities they are quite long, arent they . Interest rates are very low. Stephen the structure of greek debt is on favorable terms. The average duration of greek debt before the latest package was just over 16 years. This package is i think 32 years and the Interest Rate is 1 . As long as greece is in a bailout package and gets subsidized Interest Rates from the european union, such that their Interest Payments are the lowest of any peripheral country, and only just higher than friends. So yes, if you look at the raw numbers, it looks like a very large number. But if you look through the mechanics of the finances, actually, the pressure from debt Interest Payments is substantially less. Mark is this that . Does greece come back to haunt us again . This is the third bailout and five years. Stephen if i had to guess, i would say that there would be some more political rotation within greece. Thethe arithmetic, underlying arithmetic, has not changed. Greece wants to stay in the euro. Even if they have to implement everything that their creditors are demanding. Greece sees the euro as a guarantee of a modern, democratic future. And i think that is the overwhelming imperative. Mark good to see you stay with us. Coming up, mining meltdown. Clinic or plunging 66 . We will bring you the highlights of our conversation with the chief executive. Then, evaluation tool. The annan cuts its reference rate in the fight to stay competitive against a weaker yuan. Emergingmarket stocks fall. The brewer cuts its fouryear profit forecast amid falling sales. Mark this is on the move. Lets bring you up to speed with the top stories. Aiden lawmakers vote on an package for greece. Spain and estonia are all part of the deal. This comes a day ahead of the 3. 2 billion euro greek payment to the ecb. The german bundestag is debating the deal as we speak. The german finance minister the central bank of vietnam has devalued its currency for the first time this year. It weakened the reference rate by 1 , citing the devaluation of the yuan and concern about the impact of possible u. S. Rate hikes as reasons behind the move. Carlsberg says it anticipates profits to continue falling as western europe and russia weigh on sales. It is the biggest Brewing Company in russia in the stock is down by 7 today. Glencores firsthalf profit tumbled the 56 compared to a year earlier as the commodity price that it. Saying it currently is the worst performer this year lets bring in jesse respray. You have been speaking to the companys chief executive what did mr. Glasenberg have to say today . Jesse as usual, a fascinating conversation it was most interesting when he talked about china and the impact of their demand. Can do it right now it is a very difficult market. He said the countrys crackdown on corruption and really impacted growth structures, but he did see some light at the end of the tunnel. He thought some of those Infrastructure Projects could help support commodities demand going forward. Mark the Balance Sheet is definitely a concern for analyst. How is glencore managing it . Jesse a big concern. Debt,anaged to reduce net which was a little bit unexpected, so they are paying attention to that i asked the ceo about the credit rate, and what they thought about it. He says they got going to walk and chew gum at the same time. They say they will continue to pay the dividend, which investors will be very pleased with. Mark the trading business is the important business it underperformed in the first half. What was the reason for that . Can they turn it around . Jesse premiums of copper and aluminum were down. They reported a 29 decrease in earnings, 1. 1 billion, below their internal forecast. So they had to readjust that forecast down 1 billion, which has been a big concern for investors. A lot of them by glencore on the strength of that trading business. They think they can turn around in the second half, agricultural trading will pick up. So they see some improvement. Mark jesse, cheers. Bloomberg news a senior independent nonexecutive director at glencore. Ats bring in john, mining analyst. I love that, walking and chewig gum. Can they do it . John well, lets hope they dont dropped the gum on the sidewalk. This is all important to glencore, and the market is going to be very focused on it. We have a worsening situation right now. Glencore, i think, should have performed a bit better and it will disappoint many in the city, but they did very well on their Oil Marketing trading. But the Metals Business didnt do so well. They lost out there because they lost premiums on aluminium. China really slow down it totally had a wall. People were selling Construction Equipment into china saying it stopped and its not just people building houses and office blocks. Says it isberg difficult to determine the outlook, what we are really waiting for what everyone is doing when they by glencore is they are taking a bet on new stimulus in china to come through. I think it will come through the big question is when. Mark plenty think its going to come through . John we got used to looking at china over the years. Look at what they do, not what they say. Yes, perhaps it will be the back end of the second half. They are still shaking the tree. Commodity prices are still falling, in the second half could be very much worse for the mining business in glencore, whereas i think the marketing might pick up of it. Unfortunately with agriculture, although the volumes are up, wheat is down, prices are down. Some of the pillars are not quite there. Tough times for glencore, and they are going to have to work hard. Mark stephen, is a time to did our toes back into the Mining Industry . 8 . As fallen by roughly we know glencore is the worst performer this year. A fund manager, is it time to be brave and buy some of these stocks are not . Stephen there is some value emerging there. We dont necessarily think it will be favorable for a good few months yet. I think it is very interesting to think about the chinese stimulus coming later in the year, because were that to happen, you would then have stimulus through the ecb from china and from the bank of japan, and some of the concerns that people currently have about growth may be allayed. Mark john, you seem to be more optimistic, or sanguine about miners. Harris associates is building at stake it must have a fairly bullish view about its prospects. Do you share that . John i do see the situation parallels between where we were in the asian crisis and where we were after the collapse. Be opportunities to buy what i go with Harris Associates . Maybe not, but they could have another agenda. Mark and activist agenda. John exactly. That gives you a bit of a seat at the table. But for more ornery investors, i think we can take a bit longer to make about reminds. But yes, there will be an opportunity to buy the stock. Mark how is it versus its peers . Its quite heavily leveraged how does it stand . John well, it has this fantastic Marketing Business which has always potential to make extraordinary profits. As we have seen in the Oil Marketing division, they nearly doubled their profits despite the falling oil prices. They have that advantage over the sleepy giants of the mining sector. Yes, rios is more conservative and suffers from lower oil prices, but they are very different beasts, and i like the glencore mix of assets the copper, nickel and zinc. But those metals are having a tough time. Mark you mentioned the stimulus coming, possibly from china what that signal a bottom in the decline . They all had a horrible time since may, havent they . John stimulus is an easy thing to focus on. In reality, as many minors are cutting production, we should see prices rebound quite naturally. The two of those coincide and we might get a good list price around the year and. Mark do you have a favorite metal at present . John zinc. Mark what is bottom dog . John zinc and tin are my favorites. Copper is the one where everyone should play for a Global Recovery perspective. And the world hasnt collapsed its not collapsing here. There will be a resurgence these prices at some stage. Zinc was very stable to much of the year. Glencore shouldnt have been hit too hard by zinc, but prices have fallen back quite recently, that is whats going to make the second half mark stephen will stay with us. Final question john, m a is there a big deal to be had by mr. Glasenberg . John absolutely. I think glasenberg is very keen to use the opportunity of week opportunistically by value assets, and he will by then she. Mark thanks for sticking around, stephen. John meyer. Stephen will stay with us. Cutting reference rates in the fight to stay competitive. Emergingmarket stocks fall details out of the break. This is where youll find me on twitter. How much lower can metal fall . That is my question to you. You can answer me ma rkbartontv. The bloomberg commodity index, by the way, a gauge of 23 commodities, reached its lowest level since 2002. markbartontv. Get excited for the 1989 world tour with exclusive behind the scenes footage, all of taylor swifts music videos, interviews, and more. Xfinity is the destination for all things taylor swift. Mark welcome back, i am mark barton. Minutes into the trading day lets see how things are shaping up. After two days of gains, stocks have fallen today. The earlier reason would have been chinas decline, with the chinese rebound the yuan is devaluing its currency. In a week, the German Parliament discusses the greek bailout. Here to rattle through the movers hi, caroline. Caroline hi, mark i am starting with booze, carlsberg. This is what happens when you have a profit warning. Fell, and the reason profit warnings, being downgraded to a decline. This is after secondquarter numbers came in below estimates. Second quarter profits were down 19 . The u. K. Was a significant problem, volumes up by some 6 . Also we are seeing flat volumes in the nordic area france, poland looking pretty good, but overall western europe was a disappointment. Meanwhile, russia is hurting this is a company usually exposed to russia and the ukraine. Both those areas have depreciating currency in the slowing market. The market declined 9 in ine. Ia, 70 of the ukra they are trying to offset this issue but overall the chief executive is saying we are not at a good point in this time. Carl