investors rewarded with a record payoff at glencore.ockdown, boris johnson is gradually drawing up plans to ease pandemic restrictions wanting this lockdown to be the last. let's look at where the futures are now. we went into the programming with futures flat, and that continues to be the case. watching with interest this earnings season, particularly today, the commodities dimension to it, companies having confidence to come back to the market and pay more money to shareholders. we are getting into european equity markets, the ftse 100 looks fairly flat. you can see the trend in government bond markets has been interesting recently. he seemed to have turned a corner. the trade the last couple of days has been to sell government debt and buying equities. that seems different today, we seem to be buying government debt. the ftse 100 is up 0.4%. the french cac quarante moves to the upside. we wait for the dax to get into its stride, that could add downside drag to the markets. the stoxx 600 up 0.2%. european equity markets opening broadl

bhp and glencore boosting as a new commodity boom surges. and -- will officially step away from reebok to focus on its core brand. as i say, we've generally got yields higher in europe, including btp's. stocks are a little on offer. they had a really solid day yesterday. today we are kind of marking time, looking for next catalyst. alix: we did see a stronger pull from the u.s. equity market, but now we are fading just a bit. one of the reasons why is 10 year yield popping six basis points, surpassing the high we saw in march. the market still holding up very well, financials, as the curve continues to steepen. the energy complex up by over 2% as oil continues to break out. yet another upgrade on copper over at citi. now we are bullish on tin. cotton also having a super solid rally. we are looking at reflation, cyclicals. now that we are pretty much flat on the day after a little bit of a gain earlier in the session. guy: it is all about inflation. it is all about reflation. investors certainly focusing on that right now. they are looking at

we await resorts -- results from glencore this morning. oversee this slate today, the presentation likely to give investors and analysts a chance to find out more about glasenberg's handpicked successor. coming up, eurozone finance ministers discuss the current economic situation in a virtual meeting later today. we will bring you everything you need to know for your tuesday trade right here on "daybreak: europe." ♪ annmarie: this is "daybreak: europe." let's take a look at the events we are watching today. 10:00 u.k. time, preliminary euro area gdp for the fourth quarter. afterwards, eurozone finance ministers will discuss the economic situation virtually and in the united states, the quarterly deadline for hedge funds to disclose investments and finally, today is mardi gras. those will obviously be restricted and they will go virtually. in four minutes, you are looking for the glencore results. manus: absolutely. what will ivan glasenberg tell the market in terms of debt? that was the real issue for them last year at the halfway point of

glencore, the last set of results. i wonder if it is last set of results.ow 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

glencore has reinstated its dividend after posting record trading processes -- profits.ionaire ceo ivan glasenberg is preparing to hand over control. 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 karina mitchell. this is bloomberg. ♪ >> we want this lockdown to be the last and we want progress to be cautious but also irreversible. next week i will be sending out a roadmap saying as much as we possibly can about the route to normality and even though some things are very uncertain. jonathan: we want this lockdown to be the last one. we all feel the same way. boris johnson in the u.k.. from new york city, good morning. i'm jonathan ferro counting you down to the opening bell and here it is, a break of 125 on the u.s. 10 year. a move of four or five basis points. in the equity market, we keep rallying. up 22 points on the s&p 500 that has got to be the theme of this morning. yields are higher, but it's not stopping this equity market. tom: i would note the vix goes the other way. th

bhp and glencore boosting as a new commodity boom surges.ially step away from reebok to focus on its core brand. as i say, we've generally got yields higher in europe, including btp's. stocks are a little on offer. they had a really solid day yesterday. today we are kind of marking time, looking for next catalyst. alix:

>> i think that the ceo of glencore probably is the most colorful character of the industry, hard-workingt also can be sharply -- ruthless, but also can be charming at times. i have a relationship with ian taylor, who unfortunately passed away before the book came up. i really enjoyed talking to all hands of the industry. we interviewed secretaries that were active in the 1960's and 1950's and today are more than 90 years old, very sharp. listening to them and the stories of how the world was changing during the 1950's and 1960's, how the commodities that were traded was also changing. in 1960, communications were more difficult, how news traveled was certainly interesting. annmarie: what are we expecting the kingdom to do? >> i think that next week on thursday, we are going to get opec to release more oil to the market. i think that there is no doubt that opec is feeling the pressure from the market, even if oil prices are down a bit today. as you were saying earlier, there is a wider correction in equity markets. the conclusion of next week's meetings should be more oil coming this spri

we saw more outperformance by glencore and some of the mining companies that are going to do well onat we've seen in iron ore and copper prices. trevor and leisure -- travel and leisure doing well. so, to the downside, technology, retail, and media. let's get a bloomberg first word laura wright. laura: we might see the market reacting later because boris johnson is set to roll out his national listing for the lockdown. all schools in england will reopen march 8 and described a slight loosening of social distancing, with up to six people allowed to meet the end of next month. one of three u.k. adults with a shot. the covid-19 vaccine from pfizer and beyond tech appears -- biontech. that's according to the draft of a study in israel, which hasn't been peer-reviewed. the shot is 89% effective in preventing infections, the first real world implication that a concur coronavirus. the oil markets ahead of the latest opec meeting, calling on fellow members to be extreme they cautious despite prices regarding to a one-year high. moscow has indicated it wants to go ahead -- global news, 24 hou