0110 GMT - Glencore's ASX debut, due on Oct. 14, comes at a time of improving operational and financial performance for the miner, says UBS. Glencore's Ebitda jumped in FY 2026 and copper's contribution to earnings is rising, progressively reshaping its portfolio away from thermal coal, UBS says. "The Marketing division remains a key differentiator versus BHP and RIO, providing earnings diversification that can behave differently from mining operations through the commodity cycle," says the bank. Still, UBS says BHP remains the sector leader for earnings scale and durability. "Unlike peers where a larger proportion of future value creation is tied to project execution, BHP's earnings are predominantly generated by operations already running at scale, including the world's largest listed copper franchise and the sector's most profitable iron ore business," it says.