tv Bloomberg Daybreak Europe Bloomberg February 15, 2021 1:00am-2:00am EST
and there are over 20 exercises to choose from. get gym results at home. no expensive machines, no expensive memberships. go to aerotrainer.com to get yours now. >> good morning from dubai. i'm manus cranny. annmarie hordern alongside me in london hq. stocks extend record highs. wti breaches $60, signaling the reflation trade has further to run. japan's nikkei its 30,000 for the first time since 1990 off better than expected economic data.
bitcoins relentless rally stalls after widening wall street approval sends the cryptocurrency to new heights. closing in on $50,000 for the first time. the u.k. hits its 15 million vaccination target. the milestone, set to increase pressure on boris johnson -- to begin reopening the economy. 6:00 in london, 7:00 in frankfurt. the question across markets is, are we at the beginning of a breeze of inflation that could turn into a gale that could reprice to a taper tantrum? good morning. inflation is lit. annmarie: he thinks jay powell and the doves are going to have to at some point start to talk about tapering. we need to look. .
it is also what is happening in texas boosting the prices due to the arctic cold swell hitting not just the oil market and the shale patch with wti, but natural gas, electric power. one trader said it is beyond a black swan event but you had alexander novak coming into the fray talking about the fact that he said oil markets are balanced. convenient now that prices are above $60. which will help russia balance their books. >> let's reflect back on wet nordion said. the current breeze is set to strengthen into a gale force wind by the second quarter, at least in terms of market narrative and what nordion essentially are saying is the energy component, you talk about the spike in terms of the chill across the united states of america, that energy component will play out in the cpi, that takes you to 2.5%. that gives you a shakedown at
2013. annmarie: it certainly does. you can see the energy prices. north of 60 on wti. haven't seen that in over a year. let's look at where we trade this monday morning because we have a lot of markets closed. it is the year of the ox so we have china, hong kong, taiwan shut down but the nikkei north of 30,000. we are up 1.9%. very strong data out of tokyo. u.s. markets are closed for presidents' day, but futures up .4%. bitcoin a little softer, but closing in on $50,000, which means a $1 trillion market cap for bitcoin? morgan stanley is the latest catalyst saying they might get involved in the crypto space. manus: all about credibility.
i think there is a cracking article in the bluebird opinion, which is dirty bitcoin, which is essentially how much energy does it take to produce bitcoin? let's reset because the vaccine narrative is something we haven't really touched on and it is important. the u.k. has recorded 15 million vaccinations against coronavirus, meeting its target to immunitie -- immunize top priority groups. it has increased pressure to ease the lockdown, start to reopen the economy, and the program has seen more than 25% of the adult population receive at least one shot. the global equities portfolio mac -- manager at newton investment. there's a lot to take on board this morning but let's start with the vaccine. successful rollout in the united kingdom. the numbers are improving in the u.s. each week as we go by. in terms of equity markets, are
we so priced to perfection with the good news on vaccine rollout that it is going to be hard to expand higher on good vaccine news? >> good morning, yes. it does feel there is an aspect of buy the rumor, don't buy into the news. i think the progress is encouraging. as you go through some of the public comments we were being treated to in the u.k. will be around how quickly things turn around. it will be interesting off the spike of consumption, the overjoyed way of catching up with -- on holidays and leisure time, how economies settle after the dust is settled.
annmarie: is that the biggest risk then? how consumers come out of this? are you still worried about the variants in terms of rollout? paul: the variants will be on markets minds over the next few months and the differential between the eu and u.k. will be something that could result in currency readjustment between those areas but as we go forward, things that will be concerning is the shape of the continued rate but whether or not that new shape of consumption will be inflationary. that comes with directionality such as the oil prices. the market may find something else to worry about, which is a taper tantrum scenario. we think the fact we are getting somewhere now with a potential restarting the economy is positive, but there are potential clouds on the horizon that could spawn.
manus: you've got the inflation expectation that 3.3%, but highest since 2014. bond markets are repricing this morning, equivalent yields of around 1.25%. do you agree with nordea? the current inflation breeze is going to turn into a gale. that will be q2, and then the c ooing doves will have to rethink. is that a real risk in your mind for this year? paul: nordea -- paul: i think it is a tale risk. it may become a stiff breeze. i think a gale is a little hubristic. there are too many structural headwinds to use the wind analogy again in place for inflation to really take hold. we think e-commerce of's -- is still in early stages given how
far it will penetrate and eventually into the consumer side of the economy. demographics feel very disinflationary so they will keep a lid on inflation and it has been difficult in europe to generate inflation at all because of structural changes. i think it will be taken positive by governments and central banks because that is what they have been looking to achieve since the end of the financial crisis. any form of inflationary positive. annmarie: paul markham of newton investment stays with us this morning. let's get a first word news with laura wright. laura: bitcoin is paring gains after this weekend's rally took it to a new record high of almost $50,000. it comes as the world of financial services seems to be embracing the cryptocurrency with morgan stanley considering placing a bet on the coin. canada has approved the north
american bitcoin etf. former president donald trump has been acquitted on the impeachment charge of inciting insurrection. most senators voted against trump but fell short of the two thirds majority needed to convict. despite voting to a quick, mitch mcconnell described the president as being morally responsible. the u.k. is stepping up efforts to encourage investment in renewable energy and sustainable agriculture. the government is launching green finance hubs in london and leeds that will start working april. the mission is to provide analytics to financial institutions that will support investment decisions. global news, 24 hours a day on air and on bloomberg quicktake powered by 2700 journalists and analysts in more than 120 countries. this is bloomberg. manus: thank you. coming up, sworn in, draghi calls for unity in italy after
officially becoming prime minister. we discussed the cabinet picks and the economy that draghi inherits. this is bloomberg. ♪ (announcer) do you want to reduce stress? shed pounds? do you want to flatten your stomach? do all that in just 10 minutes a day with aerotrainer, the total body fitness solution
manus: it is "bloomberg daybreak: europe." the former european central bank president mario draghi has stressed the need for unity after being sworn in italy's prime minister and it ends weeks of gridlock and avoids an election during the pandemic. draghi has unveiled the names of the ministers joining the government, including the finance minister. maria tadeo is our woman in brussels and tracks the moves from technocrats to politicians. let's talk about this lineup.
maria: the lineup was announced friday at the close. mario draghi still has the banker mentality, but it is a very careful balancing act, not going to technocratic or political. 15 ministers are coming from a political background, eight from the private sector, the highlights daniele franco , will be the finance minister and when you look at the names, ministers who are closely tied to the recovery fund are coming from the external sector and that shows you mario draghi will be running a very tight operation on that front and it is curious and interesting that the european ministry job has now disappeared.
some extent, it shows mr. europe will be draghi himself. he will be the man leading talks and negotiations with european institutions and brussels. annmarie: besides rome and the domestic politics, what is the draghi effect where you sit in brussels? maria: that is an interesting question because when you move away from the cliches, systemically, this is an important country for the european union, a founding member, the third biggest economy in the euro and has a big population but it is no secret the politics have been difficult over 10 years. if you look at the way the scandals, the reputational damage, the economic mismanagement, it has not helped brussels over the past decade. with draghi, that could change and it could change the balance of power between germany and france. this is someone very high
caliber, well respected, knows the institutions, and how to speak very well -- directly to the markets. that could reset the tones for italians in brussels and across the institutions after a very tricky 10 years. annmarie: certainly. maria tadeo on mario draghi in brussels. paul markham, global equities portfolio manager at newton investment management is with us. we know what mario draghi means to the bond market and we saw a lift higher in italian financials, but do you think draghi could have a big impact on italian equities? paul: yes, there is a sense that at least we have somebody now at the home that should be financially literate and we can look at putting a line under the long-standing issues, structural issues we've had in italy and that would be good for the more
cyclical and financial areas. i think yes, but there is only so far the kind of rhetoric and talking markets condone before we see action. bond markets will be keen to see over the coming months. manus: let's see what he makes -- story he makes for equity traders. cyclicality is synonymous with europe. if i run cyclicality exposure, cyclicality is so far ahead of 10 year government bond yields. do you think we are fully priced on cyclicals in europe? has the money already nudged in their, or is there more to go? paul: there is probably more to go, but there will be some indigestion. we saw a rally in september of last year. we've more recently seen a much more balanced performance sector wise of most markets.
going forward, it will be important the market see some earnings progression in those cyclical areas to justify the re-rating. if we don't see that in two or three quarters, that goes back to the conversation around reaction to vaccines, the markets may lose patience. the cyclical area still has some grace from the market but going forward, i think they will want to see justification. annmarie: what about the u.k. market? do you want exposure given the vaccine rollout was so well done in the united kingdom and we saw that this weekend with 15 million vaccinated, or are there worries given brexit? paul: i think the news flow around greg's it -- brexit has become more moderate. there are still shocked stories but they are starting to fade away at this time. looking at the sector breakdown of the u.k. market, you may need to see inflation to push indexes
up in aggregate because there is so much sector concentration in certain spaces, financial, oil. you may need to start to see global reflation to see a long-standing rally. the early stages of the u.k. market reality, it will be driven by the vaccine so it looks ok as the prospects of sterling look promising, as well. manus: we've had lots of discussion -- i want to shift up to exposure in the ftse. glencore, the last set of results. i wonder if it is last set of results. how much exposure do you want or do you believe you should have now to metals and minors if we are at the start of a super cycle? paul: if we are at the start of a super cycle, it is desirable to be exposed to those areas.
the question is whether we are in a super cycle and how much bullishness driven by an inflationary outlook or if they are sustained, underlying demand. that will depend on spots in the world, china. it is clear the chinese have built out their infrastructure so the structural 2002 to 2012 may not be repeatable. if we see uptick under inflations, those sectors could do well. we've seen in the last few years, more balance sheet discipline from them. if they maintain that and see improvement, we could see a good set of performance from some of those stocks. annmarie: what about the strength of the british pound, 1.39? does that do for you to not want to get into the u.k. market? paul: i think you would have to be selective.
you would want to exercise the ftse 250 kind of stocks, domestic cyclicals rather than bigger names which tend to be more globally exposed, they tend to be large pharma, large consumer companies, etc. the banks will probably do well as sterling continues to rally and if that happens, there is quite a lot of investors on the sidelines for some years since the brexit. there is probably pent-up marketing the u.k.. let's not overplay this, it is 4% of the world's index, there is not as much interest in the u.k. market as there used to be, but nonetheless,. manus: thank you very much. paul markham, global equities portfolio manager at newton investment management thank you for being with us. coming up, record sterling junk bonds financing after the leveraged buyout of the u.k. supermarket bringing another
loved -- unloved corner of the debt market back to life. this is bloomberg. ♪ so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business. (announcer) do you want to reduce stress? shed pounds? do you want to flatten your stomach? do all that in just 10 minutes a day with aerotrainer, the total body fitness solution that uses its revolutionary ergonomic design to help you maintain comfortable, correct form.
annmarie: good morning. this is "bloomberg markets: the european open." and unloved area of credit is back in focus, a record two point 75 billion pounds sterling bond last week to -- for the leveraged buyout of a supermarket. corporate junk bond sales to a multiyear high. laura, does this signal a revival for the asset class given how much excitement there was on this? laura: it really does. 4 billion pounds of high-yield supply this year, the highest in
five years. the demand for the deal was phenomenal, 8 billion of orders that demonstrated how deep appetite is for the asset class right now. manus: what drove the demand? is it the negative yield in europe and 0% in the u.k., is it the reach for high-yield? laura: it really is. investors really liked the asda business for the cash generation and the vaccine rollout and obstacles of the brexit deal cleared, but the biggest driver was the hunt for yield. annmarie: how are we seeing a play across in the hunt for yield into other currencies and other regions? laura: we've seen orders up for deals across the high-yield and investment-grade deal -- even in the u.s. bond markets, we've
seen risky debt. it is risk on at the moment, that is the feeling. laura: if we look at the structure -- manus: if we look at the structure, in equity contribution drew scrutiny from the investment houses. are they overlook the issues as they look for higher returns? laura: in part, yes. the deal drew scrutiny because of the thin equity contribution from the owners. there was negative it around that at the beginning, the investors liked the business and it was cash generative. generally speaking, investor protections are becoming much weaker and that's because -- for the borrower. annmarie: what is next for the market? does the asda deal signal more? laura: so we saw a deal for
iceland foods. the day after the asda deal closed. yes, it does feel like a healthy pipeline of balance issuance because yields for sterling are falling to all-time lows. that will definitely spur resurgence in the market. manus: ok, well, there you go. a big deal on the purchase of asda. laura benitez, leveraged finance reporter. thank you for joining us. it is our pet subject, but it is oil and it is literally on a tear. i know you've had a couple of tweets about the cold snap in the u.s. spiking prices but your friend could be stuck doing interviews with me. it was alexander novak. maybe your questions were more technical than mine, but the point about it is he said we are in a balance moment in the oil
market. annmarie: i found that very convenient for him to say that now. look where brent prices are, nearly $64. this is the sweet spot for the russian budget, but where you sit in the uae and the broader middle east, these prices are still too low. i think this is where things will get interesting with opec-plus. manus: absolutely. could they turn on the taps? could everyone have more cheer in the month? have a look at the futures because vicks closed below 20, and the nasdaq, a big week for hearings, potentially from some of the text ceos this week. annmarie: thursday, we will hear from the robinhood ceo, lots of hedge fund tightens wearing they will testify involving the gamestop frenzy. there is a lot coming up this week, even though it is presidents' day and the lunnew .
annmarie: good morning, from the city of london, i am annmarie: with manus cranny -- i am annmarie hordern annmarie hordern with manus cranny in dubai. stocks extending record highs and wti breaching $60, signaling the reflation trade has further to run. japan's nikkei hits 30,000 for the first time since 1990 on better-than-expected economic data. bitcoin's relentless rally
stalls after widening wall street approval sends the cryptocurrency to new heights, closing in on $50,000 for the first time. plus, the u.k. hits its 15 million vaccination target. a milestone that is set to increase pressure on boris johnson to begin reopening the economy. good morning. 6:30 a.m. in the u.k., 7:30 on the continent. so much to talk about on the vaccine but the story is the reflation trade and a lot to do with what we are seeing in the commodity markets at the start, goldman saying a fresh bowl run on the commodity markets. i know we like this nordea quote. i'll let you take it away. manus: a question whether the breeze -- lots of people saying this is an incremental move, you are getting too excited. this is our friend nordea, the current breeze could strength into a gale force wind by second-quarter.
cpi could jump to two point 5% based on the energy contribution. we paraphrased what the team are saying, but the essence is this. as you see these inflation expectations rise, you begin to see the bond market reprice and you've got the whole clock. you are all getting too excited. annmarie: but nordea is saying, and andrea is saying on twitter, they are going to have to at least start to talk about tapering in the second quarter. that is what b -- beyond what many on the street are saying. jay powell, very dow they should. we will get minutes on when they will potentially, but that is what nordea is starting -- saying. manus: he takes that through to the fx narrative and what happens in the dollar and to emerging market currencies.
alexander novak, your friend and mine formerly, had a real view in what is happening in the market. i leave it to you because he is more your friend than mine. annmarie: i don't know if friend is the correct term, but he is saying they are balanced and i find it very interesting given where the prices are that they are comfortable with these prices and supply and demand. manus: equities higher, its preferred measure of value suggests it is a little stretched in terms of market cap to gdp although gdp was priced last year. 10 year government bond futures, an equivalent yield of 1.25%. crude trades shy of $61, up 2.25%.
bitcoin made it nearly to 50,000. equities are higher, vix is rolling down, 77% from the high. the fear of reseeding is green dominating. back to vaccines. annmarie: yes, a big weekend in the united kingdom. it hit its first target for immunizing its top four priority groups with more than 15 million doses administered but despite the program success, there will be question over what it means for transmission of the virus and boris johnson was asked about the issue on "face the nation." >> we have no reason to think they are ineffective against any variation of the -- any variant, new variant of the virus in protecting people against serious illness and death. that is a very important consideration for us. one of the features of astrazeneca that has been confirmed by the scientists is
it reduces transmission between people. there is a 67% reduction in transmission as a result of the use of these vaccinations annmarie: joining us now, the global health advisor at the ucl school of pharmacy. one point is the vaccines are working against the variants and the other is they work against, he is confident they work against the transmission. they are building up and stopping transmission. does the data support those two messages from the prime minister? >> good morning and starting with that first point, we see there is a reduced efficacy for mild and moderate cases but still in the more serious forms,
the astrazeneca, oxford vaccine in light of the variant mutations and variants we are seeing emerge and we heard that verified by the wto, the study that first called into question its efficacy that led toward the reduced rollout within south africa, but extrapolating from that study, we still believe there is significant protection from preventing hospitalizations and that is perhaps the most important feature of the vaccine at this stage, the acute stage within the pandemic. second is ability. there is question about the level of that but early data is showing this is indicated toward being able to have a degree of confidence this will not only protect individuals from becoming sick, but also ensure their neighbors also.
that is really the primary points that we would see mass vaccinations kick in and that is excellent news. manus: good morning to you, oksana. with that in mind, the concern is about the transmission rate of the variant in the united states of america. do you believe we are going to see a rise in the variant to become the norm in the u.k., whether it is the u.k. or south african variant? is that a real risk? oksana: well, in the u.s., the b-117 variants that emerge from the u.k. is looking to overtake the original strain because it is that much more infectious. if we look in the u.k. for the south african variant, it is still believed it is not more transmissible than b117. it is unlikely to overtake that as the dominant strain within the u.k., but that needs to be
closely monitored and probably more border controls that have been enforced in the u.k., not just because of the south african variant, but any future ones. part of that means the rest of the world has to step up on their genome sequencing capacity to understand how the virus is behaving, where it is popping up, how it has mutated. a big part of the world is in the dark on this and that will come back and bite us. annmarie: the u.k. is doing mass volumes when it comes to sequencing. oksana, 63 conservative mps sent a letter to boris johnson. they think he should open up, but potentially, we will get more people vaccinated before july. is there a risk of opening up by april? oksana: certainly there is going to be a difficult aspects for
community transmission and open up. last year, we saw that issue, but there was a return, there was no phased reopening. the key is now we have the tools. not only vaccines, but treatments so we can look at doing it in a safe and controlled way. the more opportunity for these variants to emerge, that undermines the success of the current vaccination program and even though pharmacy companies say they can make tweaks to these vaccines if needed, they are working on that to ensure any variants to emerge, they will be more effective. we still need to make sure people are doing public health
measures. there will be a push to reopening but in a more controlled way than last year with public health measures in place alongside a more robust trace. we will be able to reopen sooner as the prime minister hopes in the timeline, but without border patrol -- control, there is incredible nervousness about that time. manus: i suppose australia has the data on quarantine to be reflected upon. thank you for being with us. oksana pyzik, global health advisor and lecturer at ucl school of pharmacy. we thank you for your time this morning. to laura wright with your first word news. laura: japan's economy has dropped another quarter of double-digit growth, finishing the pandemic year in better shape than expected. gdp for three months through december through this annualized 12.7%. the result points to a more
surefooted recovery when the state of emergency ends. new zealand's summer of unrestricted movement and social interaction has come to a halt due to three new cases of covid-19. after an emergency cabinet meeting, the prime minister put the country's largest city into a three day lock she reimposed social distancing for the rest of the country. australia says google and facebook are nearing deals for media companies for news. the company held talks with the tech giants over the weekend, adding progress was made. forcing them to pay media companies for news with google threatening to -- shutdown at search engine in the country. global news, 24 hours a day on air and on bloomberg quicktake powered by 2700 journalists and analysts in more than 120 countries. this is bloomberg. annmarie: coming up on the program, bitcoin slips after
annmarie: 6:44 in the city. this is "daybreak: europe." social capital founder and ceo is known for being a disruptive force in silicon valley. he's been making headlines as a superhero for the robinhood crowd on reddit and he shared his views on bitcoin. >> i can't take all the credit. a friend of mine, we have a
grouped chat. we were talking about random things over the summer, but pandemic, and one of my friends was the one who said the hamptons and it set off a light bulb i wrote it and published it. it was very tongue-in-cheek. i did another one that says when bitcoin gets to 40,000 or 100,000, i'm going up by -- going to buy goldman sachs and name it chamath sachs. it is tongue-in-cheek. i never thought i would be here. i am enjoying the ride. every minute feels like a dream to me. erik: i admire yourself for not taking yourself too seriously, but bitcoin is very serious, north of $40,000. it is not 100, you can't buy goldman sachs yet, but --
>> can i tell you something about bitcoin. bitcoin is important because it shows the fragility of the traditional finance and destruction are -- infrastructure. if you look at the money supply, the real question people should be asking is, ok, bitcoin becomes the defalco reserve currency, that basically displaces gold. what replaces the u.s. dollar? here's where if you want to bear with me, it is not bitcoin. it is a stable coin and what does that mean? in less fancy language, there are companies around the world that are replacing one fixed u.s. dollar with one digital token of a u.s. dollar. by simply making that small abstraction, they are able to
completely build financial rails that didn't exist. on send off ramps to trading, office management, banking, payments processing, there is a revolution happening. it is not felt has much in the united states because people don't see it because the infrastructure is so robust but if you look at the developing world, if you look at any market where there is any form of currency manipulation or currency instability, that is the future and so bitcoin is a canary-in-a-coal-mine for a completely virtual, largely in on a mustache and we can debate whether that is good or not -- financial reality. i think it is a very important trend to understand. manus: there you go, the canary-in-a-coal-mine. the social capital founder chamath palihapitiya, sharing his views with erik schatzker on
bitcoin. it is taking a breather this morning. earlier, closing in on the $50,000 mark after receiving the banking and finance industry warm hug. eddie, listening to our guest, he said the run-up in bitcoin is more a reflection of the fragility of the financial system than it is an eating else. does that make sense to you? do you think that is a strand of thought you can buy into? eddie: it absolutely is. if you look at the earlier adopters in the cryptocurrency space, there is a lot of people that were worried about money printing in the wake of even back in 2008 and the birth of negative interest rates, and the point he makes about the
challenge from bitcoin to gold is a valid one because when you look at the adopters in the u.s. in particular, the sorts of people that were buying gold coins that were worried about the federal reserve not running the economy right where the sorts of people worried, that used to be gold in business and moved to bitcoin. the subset in the market has already been lost. annmarie: this week, but opinion talking about this is an early signal in bitcoin. bitcoin is the new world order. what is the primary risk to the rally right now? look at one year on, this rally is just explosive. what is the risk? we've seen this before where it absolutely tumbles. eddie: right, i remember talking to people at $100 bitcoin and warning them not to get in and
here we are standing a 50,000, close enough to fit a thousand -- 50,000. the primary risk is an history of the world, there has never been a government that has said we will let go of the ability to print currency and to be the issuer of currencies in our jurisdiction. if bitcoin gets to that point where it does challenge either gold or the u.s. dollar as the reserve currency, long before that, we are going to start seeing regulation and some serious regulation. whether bitcoin can survive that, that is a whole different question. we've not seen any of that yet. annmarie: certainly. can it survive the regulation, which it was set up to avoid. eddie van der walt, our mliv editor. oil is up this morning, wti
manus: it is "daybreak: europe." let's take a look at some of the agenda. today starts off with tighter u.k. quarantine restrictions for arrivals from countries on a government red list. it is presidents' day holiday. tomorrow, the euro area finance ministers discuss the economic situation and outlook for the 27 nations in the single currency. annmarie: wednesday, more clues on the fed's thinking on the u.s. economy.
we will be watching for those minutes from the last fomc meeting and thursday, an update on two big european banks as credit suisse and barclays report fourth-quarter earnings. a big week ahead. this morning, all eyes on oil, climbing to a 13 month high with wti breaching $60 a barrel. this as a cold snap in texas is risking taking out some of america's largest shale caches. let's bring in will kennedy. over the weekend, quite worrisome what is going on in texas and this cold snap across the midwest. what does this mean for the shale patch? how much could be at risk? what is the big worry? will: the big worry is temperatures well below zero, they end up freezing up and not producing oil and it is hard to
move trucks around the region in these temperatures so it is hard to supply the wells and get oil out of the wells. some estimates say in the short-term, 100,000 barrels of production which is fairly significant. the other issue for the oil market's demand. we've seen propane, portfolio -- it is used for outdoor heaters. propane sales are absolutely accelerating incredibly fast as people try to stay warm across the u.s. where we've got below average temperatures from coast-to-coast, especially in the mid-love the country. you've got a supply and demand affect helping boost oil prices against a time with a general fall globally is making people more optimistic about the market. manus: one man that is optimistic is mr. novak, the
russian energy minister. he said the market is balanced, he refers to lower volatility. this is going to stop the argument about releasing more oil onto the market, will? will: that's right. we've got an opec-plus meeting at the beginning of march and policy debates as we run up to that. they kept steady at the last meeting and saudi arabia cut another million barrels a day. globally, we've seen stockpiles fall incredibly fast and market structure of oil price, relative prices so tighter supplies so there will be people saying we need to put more into the market. manus: well, that is the argument that will come to the opec-plus meeting. energy and commodities executive editor will kennedy.
annmarie: good morning. welcome to "bloomberg markets: european open." i am anna edwards alongside matt miller in berlin. matt: good morning. today, the markets say the only way is up. stocks rise as the vaccine rollout spurs hopes for a global recovery. wti rises amid a deep freeze in part of america. the u.s. market is closed today
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