efforts to cripple the russian economy that will further strain crude markets. president biden spoke from the white house this morning .global president biden this is a move that has strong bipartisan support in congress and the country. americans have rally to support the ukraine people and have made it clear be will not be a part of subsidizing gluten's war. mark: it will be matched in part by the u.k. which is announcing a ban on russian oil imports today, know what will allow natural gas and coal from the country. other european nations that rely heavily on russian fuels will not participate. at least six u.s. state governments have been hacked by a chinese state-sponsored espionage, according to a report today by the cybersecurity firm landing. it did not identify the victims pacifically but said that hackers may have used a bone ability and a popular software

tool. last year, officials said that vulnerability represented a severe risk. italian fishing boats will stay in port this week due to a national strike over high fuel costs that is threatening supplies across the country. italy's biggest fish market which sells 80,000 tons of products a year, says that it has great concerns and is asking the government to step into to support the fishing industry. italian fishing companies say the price of fuel for fishing boats has soared 90% compared to a year ago. global news 24 hours a day, on-air, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. ♪

matt: good afternoon from new york where it is 1:00, 6:00 in london, 2:00 a.m. in hong kong. i'm matt miller. welcome to bloomberg markets. here are the top stories we are following from around the world. as mark just mentioned, president biden ups the pressure on russia by imposing a ban on imports of russian fossil fuels including oil. investors are flooding commodity etf's with cash, injecting more than $4.5 billion into the funds last week. we will drill down into those numbers and pipit outside of energy and discuss the state of real estate with andrea olshan on, ceo of seritage growth properties, the reit that emerged from the sears bankruptcy. they own all of that real estate. let's get a quick check on what is going on in the markets. an incredible turnaround after president biden announced the

new sanctions on russian fossil fuels. a big gain in stocks. the s&p 500, which was down for the entire session this morning, is a gainer. the reason is a buy the rumor, sell the news trade. crude is still up, $122.10, but it had been up even more before the announcement. a lot of those gains were drawn down after we found out that it would happen. the u.s. 10-year yield is up as investors let go of the perceived safety of u.s. debt. the bloomberg dollar index now down, 1201.91. investors selling out of those haven assets, buying into risk. president biden announced the u.s. will ban russian fossil

fuels in an effort to pressure president putin. let's speak to claudio galimberti, rystad energy senior vice president of analysis. what do you think in terms of the embargo announcement that we got from the u.s. president, was olivet priced in? claudio: good afternoon. i think it was priced in in the sense that we saw the market go up five dollars right before the news was coming out. as the president spoke, the market came off. i think the key element to recognize is that the united states does import oil from russia but not a huge amount. we are talking one or 2% of the total imports coming from russia specifically for crude. from the global perspective, it is not that big of a deal.

the problem is, if european countries decide to follow suit, that would be a completely different scenario. matt: what is the likelihood of that? i am not sure about the dependence on russian oil, but i know for example, the german economy gets 60% of its gas from russia, pivoted almost completely to russian gas after they started to phase out nuclear and coal. how likely is it that europe can even make such a decision? claudio: correct. the market seems to price in that it is very unlikely, the reason it is coming off right now. the point is that russia is exposed to about 4.1 million barrels a day of crude. the vast majority of that goes to europe. europe depends on russian

imports. we did not know until biden spoke this morning that the united states did not expect the european countries to follow suit. he specifically stated that, and that is what actually got the market to react. to some extent, it was positive news from the standpoint of this supply crunch we are currently seeing in the market. it means the russian barrels can continue to flow legally to the countries that have not embargoed yet the imports. matt: i guess one man's positive is another's negative. it also means that europe will continue to finance vladimir putin's military operations in his war against ukraine by buying his oil and gas. what about the possibility of more production from other countries especially here? we heard president biden

defending his administration's record and a lot of producers to pull oil out of the ground, which is pretty strange to hear. last year, when bank ceos went in front of congress, they were being berated by congress for funding the very same oil producers. is it possible to get more production out of the u.s.? are supply chain and labor issues going to hold us back? claudio: definitely possible. we focused u.s. oil production coming back to pre-pandemic levels this year. with significantly higher prices, it would even surpass it. their reaction to the high oil prices, you mentioned the capital discipline that all of the ceos were pledging up until a few months ago. with much higher prices, you

have higher wiggle room to produce. if you are producing in the permian, you are making tons of money. the returns are there. something different must be set about the energy transition which divided administration -- which divided administration -- biden administration wanted to initiate. this crisis in the oil market predates the russian invasion of ukraine. the oil prices were already at $90 a barrel before the invasion and they were pushing higher. therefore we have to recognize, in the current situation, we need more oil supplies. even if the long-term goal is the energy transaction -- transition, it is important to fulfill, but we need more oil right now. otherwise, oil prices could go up to even $200 a barrel.

matt: what about gas? clearly, we have seen insane volatility on the continent, a lot of it due to the russian war. on the other hand, here in the u.s., i was talking to an analyst who said we cannot get any fracking out of pennsylvania, ohio, new york. we think it is horribly dirty, not in my back yard, but instead we end up shipping lng from russia with dirty freighters, may be doing more harm to the climate than had we just gotten it from our backyards. are we going to get that are is that off the table? claudio: it is a complicated topic what you are talking about. the global market, to some extent, the natural gas markets are globally integrated. the supply chain works its way finding the path of least resistance.

the most efficient way to produce and deliver oil. what we need to remind ourselves is this important concept. we go through the energy transition. if we have to reduce our dependencies on fossil fuel globally or locally, we have to start with the demand, the consumption of fossil fuel. we should not be doing it starting from the supply side of things. saying we are going to reduced production of oil from the permian. if texas reduces production, somebody else elsewhere in the world, probably in the middle east, would step in. the chances are the carbon footprint of the foil might be higher than the carbon footprint of oil in texas, norway, or other countries. matt: it has to be said, when

gasoline hits five dollars, seven dollars at the pump in america, a lot of people think of different ways to travel than driving around with internal combustion engines. claudio galimberti, thank you for joining us. great to get your insights. i want to get to something that caught my eye of the oil patch -- outside of the oil patch, and that is the wild session that we saw for nickel. the london metal exchange had to suspend trading after a price spike left brokers of struggling to pay margin calls against unprofitable short positions. then they had to go and cancel all of the trades going back to midnight london time, which would make you angry if you profited on those trades. welcome news if you were someone who was deep in the red interns are short positions you had.

to add to that, we have been covering the story of a chinese investor who was a short 100,000 tons reportedly of nickel. you can see the price and went up. coming up, we are talking with andrea olshan and, her insights on the future of the new york reit that emerged from the bankruptcy of sears. this is bloomberg. ♪

matt: this is bloomberg markets. i'm matt miller. seritage growth properties is the real estate investment trust that emerge from the bankruptcy of sears. it is now exploring strategic alternatives including deals with partners, investors, or buyers. to discuss the path ahead is andrea olshan, ceo and president of the company. also with us is and hammond. -- ed hammond. what is your preferred exit here? andrea: this is a tremendous

portfolio, there are so many different ways this could go. we need to look at alternatives and maximize value. right now where we are trading versus even the valley of our prime assets, there is such a dislocation, it is incumbent on us to look at other things. matt: property values have skyrocketed. what do you think your portfolio is worth? andrea: we have not been public about it. a large part of the portfolio is the potential. we were all sears and kmart but it became a retail portfolio with incredible value, opportunities. we have 30 assets that will be multifamily developments. millions of feet for tech offices and life sciences. you are looking at it for an evaluation of what this could be. ed: you announced the decision to go through this process. you can go through a normal deal, everything is up for sale.

what kind of parties are you talking to, what kind of interest are you seeing? andrea: because the portfolio is so diverse, we are seeing people looking at the overall platform, because we have an incredible development platform, we can repurchase -- repurpose outdated real estate. also people like the different portfolios. we are seeing interest from retail operators, life-size developers, logistics companies. we are seeing it across the gamut. ed: andy lambert was the chairman of the company, step down because he was perhaps interested in buying. what conversations have you had with him at this point around the sale? andrea: he always believed in the deep value of the company. when i interviewed with him a year ago, that was something that he was clear on. he is looking to maximize shareholder value.

that is what we are all looking to do. matt: i would love to get your take. our editor in she wrote a piece pointing out that even consumers right now seem deep in the dumps with regard to an outlook, inflation is scaring them, etc., corporate america is so optimistic. they want to hire more than they ever have before, they want to spend. capex projections are so high. when you have discussions with possible partners or even buyers, do you get the same sense? andrea: it depends on what type of real estate it is. matt: target, for example, has come out with incredibly positive -- and they are in the same ballpark. andrea: our retail leasing has been off the charts. target is one of the tenants we speak to. they want to be in larger formats, all over the country, they are looking to own their real estate.

all of these fast casual restaurants, even though they are complaining that they cannot find workers, they are expanding and we are doing portfolio reviews with all of the major users. it has been this tale of two cities. if you look at the things like multifamily portfolio, that has tremendous interest. we were talking earlier about how so many of our properties are transit oriented, which was discounted a few years ago. now with rising gas prices, people are excited about being near public transportation and in a mixed-use community where they can live and work in the same environment. ed: there should be a moment when everyone returns to the office. upbeat for landlords because the space will be used again. with the rising cost of fuel, inflation pressures, everything there, how are the needs changing for people? andrea: we just signed a

major office lease with a property in san diego. there is a flight to quality. we just signed two medical office uses in florida. it is in the prime locations, where you see this incredible scarcity, and they want to be in the right location. also to bring people back to the office, the environment is more important. these are mixed-use environments with amenities which help them bring back employees to the office. matt: it's all about location. when i think of where the sears locations are, right outside of bronxville, westchester, in the suburbs, not downtown new york. andrea: i things that is different about sears and other department stores that have gone out of business, our average location is over 13 acres. because we had the auto center, garden center, all of these

different components, we tend to be in the best position at the mall, the best access. from and autonomy perspective, people don't always understand what is the interplay with the mall owner. when you have 13 acres, you have enough skill to build a sense of place regardless of what happens with the rest of the mall. matt: thanks for joining us. great having you on the set. andrea olshan, seritage growth properties ceo. ed hammond, as well. i want to get you some headlines coming from apple. the company is releasing a slew of new products including the iphone se, 5g version. it had been forecasted. they are also adding things like a front facing camera to the new air pad air. check out the apple ticker on your terminal if you need to know, or you could go to their website. i am sure they are promoting the

goods even more than we are. this is bloomberg. ♪

matt: this is bloomberg markets. i'm matt miller. investors are flooding commodity etf's, as you might expect. metals and grains, they hope will spark hefty returns. they certainly have in the last few sessions. joining us now is eric balchunas. it has been the focal point for markets for the past couple of days, commodities in general. i am sure etf's are a great way to play it. eric: the term i like to use here is feeding frenzy. there are about 120 commodity etf's. 100 of them have taken inflows. this category was left for dead for about a decade. everybody loves gld.

there is a chart showing the flows every month. another one that people like is pdddc. it has a broad portfolio of commodities. it does not have a k1 form. advisors hate that, so people are flocking to that. and wheat is spiking. this has gone up tremendously, record volume because of the matt: how do managers deal with this kind of volatility? loyola, on the one hand, has been nuts. how does an etf manager deal with something like nickel? eric: the advisors who use these are using them in a broad-based way like pdddc.

i think that retail traders are just looking for a quick hit, someplace that is having a lot of action. i don't see the wheat or nickel etf showing up in a massive weight. the broad-based one is the one they tend to use. the whole problem is the role cost. one thing that has always been a downer for them over the years, that can add up, be a drain on returns. but when it is not that bad and spiking, people are going to flock to them. matt: we will be talking about this a lot more often because you and i will be up anchoring a new etf show with katie greifeld every monday. this is bloomberg. ♪

mark: welcome to the bnn and bloomberg audience. i'm mark crumpton with bloomberg first word news.

those words from president biden as he announces the u.s. is banning in words of fossil fuel including oil from russia. it is a move to cripple the russian economy that will further strain global markets. u.s. move will be matched in part by the u.k. which is announcing a ban on russian oil imports today. other european nations that rely more heavily on russian fuels will not participate. ukrainian president volodymyr zelensky virtually addressed members of the u.k. parliament today. he told british lawmakers "we will not give up and we will not lose." he urged the u.k. to impose more penalties on moscow and send military assistance to ukraine. president zelensky said "we are looking for your help, for the help of the civilized countries." italy is ready to support a third european union package of sanctions that would expand the list of targeted banks and billionaires in a bid to

pressure russia into a cease fire. it telling foreign minister -- the italian foreign minister spoke with francine lacqua today , saying the eu is ready to face the economic impact those steps could have on its economies. >> italy should not worry about russia blackmailing our gas. together with any ceo, we are building a new partnership to prevent any further blackmailing from russia on gas. mark: italy is seeking to lower its dependence on russian gas which accounts for more than 40% of its total imports. hong kong may delay its plan to test its entire population of 7.4 million people for covid this month. pressure is growing on the government to instead focus its resources on a soaring covid death rate which is now the highest in the world. local media say the city is now prioritizing efforts to prevent more of its elderly population

from dying and that mass testing may be postponed until april. global news 24 hours a day, on-air, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. ♪ jon: i'm jon erlichman. welcome to bloomberg markets. matt: i'm matt miller. here are the top stories we are following around the world. resident biden announces the u.s. will ban imports of russian fuels to further restrict its economy and keep the pressure mounting on present vladimir putin. with the u.s. moving forward with the ban, we will speak to the former leader of the interim party in canada to

discuss whether now is the time to re-discuss canada energy policies. and with markets remain extremely volatile, we will hear from the conocophillips ceo to discuss if the biden administration really understands the oil industry defending its record on helping to produce more oil. all that and more coming up. oil and energy is front and center today. jon: as we remain on the high alert as to where oil prices go, on an intraday basis, we are seeing green across the screen on north american equities. the s&p has seen some of the hardest hit names from yesterday's trading session doing well. consumer discretionary stocks, certainly some of the dow components after that 800-point decline yesterday, coming back, including caterpillar and boeing.

matt: we will be focused on that right now, the oil market. an energy conference is underway in houston, we have had some guests from there. kriti gupta caught up with the conocophillips ceo ryan lance, and they spoke about energy prices and how his company is trying to ramp up production to fill demand. >> when you get prices that we are dealing with today, you are starting to encroach on that area where demand structure will start to occur, whether it is motorists filling up their cars or heating or cooling their houses. this is a level that consumers are starting to push back a little bit. we have seen demand destruction in the past. the last time we were in this place in 2013, may suggest that we could go higher, but we will

see people start changing their behavior which impacts demand. >> this morning, the u.s. and the u.k. looking to ban imports from russian oil in particular. what does that mean for the shale industry? are you ramping up production? >> when we came up with our plans this year, our capital was up 20% relative to last year. last year we were in a survive and sustain level. we are ramping up, via energizing rigs in alaska, bringing activity backup in canada. with shale, we are systematically adding rigs through the year. our projections in the u.s. today is that production will grow 800 to 900 barrels a day this year. the market is responding, you just cannot turn on a dime. it texoma for that activity to pick back up, supply chains to get re-equal liberated. but it is coming. supply is coming to meet that

growing demand level coming out. >> coming out of the pandemic but not addressing supply off the back of these russia war -- >> as commodity prices continue to increase because supply is not there to meet the growing demand, how much does demand abate, how much to people change their behaviors and demand starts to lighten up. that is when all of us in industry and others are trying to predict. >> the biden administration making a statement today saying this is not the time to pad profits in particular. as he reached out to you? >> he has not. those are talking points that are a bit destructive, not really helpful to what is going on today. the administration also has talking points that are not really helpful to understanding the current situation today. they just don't understand the

complexity of the business today. we produce into a market, we are market takers, we don't make the market. we just produce into a market where global demand is describing how much supply there is to meet that today. are we going to make more profits this year with these prices? absolutely. remember how much money we lost in 2020 when the pandemic it? there are two sides to the coin. the volatility of this business is here to stay, so you have to have a business plan to address the volatility. fix or balance sheet and you what you have to do to return capital back to shareholders in the upper end of the market. we know these prices cannot sustain themselves, and the ball will come when things start to re-equal liberated. jon: much more ahead, this is bloomberg. ♪

jon: this is bloomberg markets. i'm jon erlichman. we are continuing to track the reaction to the u.s. banning russian oil imports as well as the u.k. pledging to phase out there imports by the end of the year. should canada promote its energy sector as a source to plug the global supply cap? to talk more about that and what canadian companies could be thinking about when it comes to those efforts to sanction russia, we are joined by rona ambrose, deputy chair of td securities. thank you for joining us. i will start with your reaction

to what president biden had to say today on the banning of russian oil being imported into the united states. rona: thanks for having me on. i think she did what he had to do. he was under a huge amount of pressure from his own population, americans, who feel this is a moral issue. you could see his pre-positioning already, saying yes, we will ban russian oil imports. the americans do import enough oil that it will hurt russia a bit. with the u.k. and canada, it is negligible, but this sends a huge signal to the world that this is something that not just candid, u.k., smaller countries need to do. it was interesting to hear him pre-position, saying this will hit us hard at the pump, we could see energy prices go up. that is something every politician dreads. energy costs hit people the hardest. if you have to pay more to put gas in your car, you'll have

less money for groceries and everything else in your life. you could hear him people is a, saying to energy companies, don't try to gouge americans because we will come after you if you do. in the worst case scenario down the road, some kind of government intervention in high oil and gas prices, where we would see some price-fixing. it has become a big political issue for him but he has no choice. americans sent the message loud and clear, we don't want american companies, the government to do any business with russia. matt: i have to ask about the way policy is set up right now, president biden was defending his record, saying the u.s. has produced more oil in his first year in office than in trump's first year of about probably not more than his last three years, or he would have said that. why don't we have energy

independence, real energy independence, when we produce so much? canada is in a similar position. you have so much oil. why do we have -- for example, all of the u.s. bank ceos went on capitol hill last year and were berated for having the audacity to fund oil production companies trying to pull the stuff out of the ground. now we want them to pull as much as they can. rona: it is a huge conflict between climate change policy and the complete shift in the geopolitical environment when russia invaded ukraine, and all of a sudden we want to make sure there is no western democracy,un union countries importing russian oil. to your point, north america has the oil and gas reserves not only be energy independent within north america, we have

the ability to export to other countries, to help them get off of their dependency of russian oil. there is a big conflict and a bit of a hypocrisy when we talk about energy security policy and climate change. a lot of countries -- look at germany. they have outsourced their energy security to russia because of their aggressive climate change policy, wanting to drive down to net zero, getting off of nuclear. matt: let's not forget that germany's former chancellor is also the chairman of gazprom and rosneft. this is not just an energy decision, these are countries whose governments are tied extremely closely to the russian fossil fuel industry. rona: that is right, there's a lot of politics here. we talk about the evils of

social media, but in this case, if we look at the information more between ukraine and russia, ukraine is winning. the proliferation and the democratization of the information coming out of ukraine is shifting the world's view on energy dependence on russia, and that is posing -- putting massive pressure on countries like germany and others to rethink their energy policy. you wonder if these shifts would actually have happened, would bi den have ban russian imports, would germany be rethinking the nord stream 2 pipeline, would all of these things be happening if the citizens in their countries were not raising their voices in a way that they are? huge pressure on government from their own domestic populations to act on these issues. jon: to circle back to the

question we asked at the top about canada's role in all of this, what has been your perspective on canada's commentary so far, if the numbers suggest that canada could be playing a larger role? what is your perspective on what we have seen so far? rona: it is interesting, both trudeau and biden are banning oil imports from russia, that is a positive, definitely answers the call from their domestic voters to take a hard stand, moral stand against the importation of russian oil. the next question is, what are we going to do about that? interesting to see the energy minister in canada make the point that what we need to do is help european countries move faster away from fossil fuels into renewables. that might fit our climate change narrative here in canada but the truth is that is not

realistic. we need to reassess our energy policy in canada, think about how we bring infrastructure onstream a lot faster. we know that the current federal government has been really tough on the canadian energy sector. if we think about any shift in canadian energy policy, it will have to be in lockstep with the united states. look at keystone. if biden were to rescind his veto of the keystone xl project, it would make it easier for prime minister trudeau to shift his politics around the pipeline. matt: that sounds terribly unlikely. rona: terribly unrealistic and unlikely, but there is more pressure on both biden and trudeau to act in this area, think about energy independence, the global energy security environment. matt: great to get some time with you, rona ambrose, the

deputy chair of td securities. i want to quickly correct myself with regard to gerhard schroder. i said he was the chairman of gazprom and rosneft. he is the former chancellor of nord stream. i just think it is amazing that the former leader of the largest economy in europe has such close ties -- and this is not new, we have known for years -- but such close ties to the russian fossil fuel industry. jon: rona sits on board with directors. there are some boards who are saying let's not make any financial decisions linked to russian businesses associated with how you get compensated as an executive. maybe decisions would be made differently. we have seen actions from a whole host of companies. let's talk about some of the

stocks we are watching, our stock of the hour segment. we have seen a nice move in caterpillar, heading to its best day in two years, has contributed a substantial part of the gain we are seeing on the dow jones industrial average. analysts predicting that sales may rise as russia is locked out of the mining industry. abigail doolittle has been tracking the story. just a few weeks ago, a lot of people were skeptical about this being a cyclical boom for a company like caterpillar, and now you have a situation in ukraine that seems to change that. abigail: the analysts at jefferies think so. the stock is up the most since march of 2020. that is the degree of the buying power we are seeing. this analyst at jefferies is very positive on the company, upgrading shares from a hole to a by, saying he got the cyclical part of the story wrong, was not

counting on this war between russia and ukraine to help in the company's business. the bigger story could be that it is seen as an inflation hedge. traditionally, caterpillar has been seen as a hedge against rising commodity prices, inflation. right now, it is doing better than the s&p 500 on a longer-term basis. matt: thanks for joining us, abigail doolittle. coming up, we will dig into the u.s. ban on russian imports of russian fossil fuels. it is huge news, amazing to see how it affected the markets. we were off on brent and wti 7.5% before this, then some of those holders took profits after the administration came out with the news. we will go to the white house, next. this is bloomberg. ♪

matt: this is bloomberg markets. i'm matt miller. president biden says that u.s. will ban imports of russian fossil fuels including oil. the u.s. move will be matched in part by the u.k., which announced a ban on russian oil imports, though it will continue to allow natural gas and coal from the country, because that is what they need. for more, let's bring in annmarie hordern. bloomberg news has just been amazing in terms of breaking these stories, both oil and gas side, as well as the debt side. it has been one scoop after another. what do you take from president biden's speech? trying to come on the one hand, saying we will not finance vladimir putin's war, and on the other hand, defending himself

from inflation is not our fault, let's deal with it because we have to. annmarie: i think he was the pair of the american people that this will inflict some pain on their pocketbooks because russia is such a major player, not just when it comes to oil and gas, the third biggest producer, second biggest exporter. but also other commodities, wheat, palladium, nickel. those dreams of electrification, all of those materials are needed for that energy transition, for solar panels, wind turbines, batteries. i think he was preparing to say that this will be costly for the american people who were already dealing with inflation, so this is just another layer of the story. jon: to figure out the dynamics under the hood, and the bloomberg team has been working hard on that. the ban applies immediately to new purchases and then there is this period over 45 days to wind

down deliveries of existing orders? annmarie: i believe some of this crude could be on its way, petroleum products. i believe the administration will give a window for individuals to wind down those purchases. nothing can be done overnight. this is a global marketplace. it will have global implications. what is interesting to note, it is oil and petroleum products. it is not that tiny of a chunk, 8%. matt: i was going to say thank you. go ahead. jon: no, i want to say thank you to annmarie. she does awesome work. for matt miller, i'm jon erlichman. . this is bloomberg. ♪

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mark: keeping you up-to-date with news from around the world. here is the first word. i am mark crumpton.

president biden announced the u.s. will ban all russian oil imports, toughening the toll on its economy in retaliation for its violation of ukraine. it will likely bring costs to americans at the gas pump. the action follows pleas by president zelensky to cut off the imports that were not part of the mass sanctions imposed on russia. pres. biden: we are moving forward and understanding our european allies and partners might not be in a position to join us. the united states produces far more oil domestically than all of europe -- then all the european countries combined. we are a net exporter of energy. we can take the step when others cannot. mark: the president said the u.s. was acting in close consultation with european allies. a chinese tycoon who built a massive short position in nickel futures is facin