i look at glencore's move.n less than a year and it's pulled back aggressively in the last few days along with underlying commodities. but it's a company that generates massive free cash flow it's roughly 45% free cash flow yield. and i think commodity prices are going to continue to go higher this is a pullback to buy. i think this is an interesting place to buy oil but i get it this is a smart discussion that we're having because there's no question when you create this kind of disruption, even folks who seemingly should be in a good place, i would almost think you're selling that cds to cover the other side of being long in the company. >> all right >>> coming up, amc goes for gold the theater chain making an unusual buy. what's mind this move? we're digging into that one next >>> "fast money" is back in two. >> announcer: catch us any time, anywhere, follow today on your favorite podcasting app. we're back right after this. some bonds last a lifetime. some bonds inspire confidence, and some you grow to rely

glencore only down 1.20%. great stuff. appreciate your analysis.da of rbc capital markets. not much action during the auction process. european stocks have had an incredible day. the dax is up nearly 8%. these are closing numbers. the cac 40 clearing the 7% margin. the ftse 100 lower by the energy stocks, lower by the mining stocks, still managing to push higher by 2.8%. the numbers absolutely i watering. the dax up nearly 8%. this is bloomberg. ♪ ritika: this is "the european close." coming up, sam's out, citigroup chair -- sam zell, citigroup chairman and founder. this is bloomberg. let's check in on the bloomberg first word news. in ukraine, president zelensky says some civilians are escaping around kyiv after russia agreed to open humanitarian corridors. ukraine says not all of those pathways are open yet. the u.s. warns russian forces are stepping up their bombardment of the capital stop at top biden administration energy official is downplaying report that the leader of saudi arabia and the uae snubbed president biden when the president wante

glencore, the biggest commodity trader is reviewing its shareholding in russia's biggest companies andrading operations in that country. this is coming after a number of energy giants announcing plans to cut ties with their russian partners. glencore owns a stake in the controlling share of the aluminum giant and a small stake of less than 1% in the russian oil major which has been at the center of some headlines as well. speaking of energy, we saw a big deal in canada today. this is bloomberg. ♪ john: not to a multibillion-dollar move in the canadian energy sector, kkr and a pipeline has agreed to combine their assets in western canada. let us bring in jeffrey morgan who is covering this story. these are huge numbers. talk to us about the dynamics that play when it comes to the canadian national gas and why these heavyweights would come together. . >> there is a lot of natural gas production in canada. pembina has been inquisitive. they try to buy a pipeline but they lost to brookfield, this deal with kkr, kkr and pembina are forming a joint venture and it is buying the assets of ener

glencore just completed a month-long review of operations in russia. it says there is no realistic way to exit russian stakes. a team of u.s. investigators is headed to china to determine what caused a china boeing 737 to crash. the group includes experts from boeing, the faa, and the national transportation safety board. the jet plunged from a cruising altitude of 29,000 feet. volkswagen has picked a bank to be global coordinator for the plan ipo. the banks include goldman sachs, bank of america, and jp morgan. more banks will be added to the deal. the car brand is likely to be one of europe's guest listings this year. 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 am lisa mateo. this is bloomberg. >> we are just beginning to start to tighten at a time where inflation is above the target and the unemployment rate is low. the labor market is extreme you type. if you are going to try to get inflation under control, you will have to push up the rate and as you push

not too much of a reaction from glencore.ther potential fallout, autos use batteries that have nickel in them. francine: if they can't meet the margin call, i think they are giving them more time to meet that. if they don't, this could be if second round effect. >> this has big ramifications. this is a china bank. not meeting a margin call would be massive. francine: thank you so much. dani burger there. the big question facing debt owners is whether they ever get their money back. the owners of a gazprom bond were finally repaid in dollars. it remains unclear for many other bondholders. thank you for joining us. the million dollar question is there was a bond that was actually meant to be paid out a coupon by red sox northwest. --by rosneft. >> apparently that is just expected. they are expected to be in dollars. francine: this is the question. at some point there was a decree done by putin. depending whether you're a sanction country, derps whether you get the money first. the ruble is basically in default. >> yes, it could

also the likes of glencore. look at bp as oil flies higher. the copper exposure, think of these.essed are these markets? dani: they are stressed -- manus: there is the primary aluminum marker up. as a small business owner, your bottom line is always top of mind. so start saving with comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts. saving you up to $500 a year. so boost your bottom line by switching today. get the new samsung galaxy s22 series on comcast business mobile and for a limited time save up to $750 on a new samsung device with eligible trade-in. dani: -- anna: welcome to "bloomberg markets europe." russia threatens to cut gas supply to europe by the nord stream one pipeline. the eu planes to slash its reliance on moscow. a reprieve to short-sellers by the lme.

glencore and anglo american could benefit. and this is driven by demand from everything from electric vehicles like batteries to construction and electronics and within electronics, you are talking semiconductors that means it may take longer for supply chains in the semiconductor space to normalize. >> so there is a massive position that got blown out and you have the first closure since rutherford b. hayes was president. let's talk about china they make a lot of everything. they make steel and nickel is used primarily for steel making. who in china could be the most impacted here? >> reporter: there is one company that a lot of people keep talking about because they are on the line for billions of dollars. that is chinese holding company and what we're hearing now is they potentially will be getting lines of credit from two banks maybe they will be raising the heads out of the water with this one and changing their hedging strategy that is one example of a company struggling because of the nickel prices shot up dramatically.

glencore, the big commodities trader, said they are reviewing their operation.opped short of saying they are going out. some are tiptoeing around it, some are pulling out, the actual unwinding is unclear at this point. dani: benny, thank you so much. i want to bring us some breaking lines on wti crude. the rally continues to extend itself. we are now looking at wti that has rallied past $110 a barrel and then slightly pulled back. when it comes to brent crude, we are above $111 a barrel. as we are watching oil continue to rally, the fear for stagflation is playing out through the bond market. take a look at what the two year yield is doing. the strong bid has come through over the past three days to a drop of about 30 basis points. yesterday, it was a really wide, broad buying of the bond market space. today, it is very pronounced in the front-end. yields were lower by about 6.5 basis points. this does seem to be moving in tandem with the pickup in oil prices. what this means for central banks, how bad prices are going to get, we are now because of that looking

i'm signing glencore and rio tinto right in the bottom in the reds no big surprise given what's happening with the metals as you mentioned out in the ukraine region germany in particular quite extraordinary. the dax has been up by nearly 5% so far in this session we have had some earnings out from german companies, pretty solid. the cac in france up the french bank has actually revealed the true scope of its nature with its relationship with russia. that has helped boost its stock higher it seems like transparency is the order of the day, to help provide comfort to investors the ftse 100 up as well. the nickel story still does continue the benchmark for nickel on the london metal exchange still suspended for the last few days. it could go much beyond that meantime, oil and gas down in the red by about 2%. despite the spiking commodities prices, it's a conflict as investors assess the true scope and measure of the sanctions by the u.s., uk, and other allies overnight. >> rosanna, thank you very much. now turning our attention to ukraine, the conflict that's now in its 14 days civilian casu

michael was at glencore, he holds court as senior commodity analyst at rabobank.on the dynamics of europe. when you are doing cocktail conversation in london and somebody goes omg, there's going to be a food crisis, how do you respond? michael: we are seeing it develop across the board. if we think about ukraine and russia, we are really talking about the global food strain being stopped right at its source. these may seem like products you will never see in the supermarket, but they actually come down through the supply chain, and we are seeing massive inflation on that front. tom: where is the greatest elasticity, a supply dynamic or a demand dynamic to adjust price? michael: there's both going on in the moment. we have seen demand continued to be strong, irrepressible even, and pressuring supplies. it has all been exacerbated by this war in the ukraine, which is creating an unreachable dynamic in the largest country in the eu and making russians supply somewhat untouchable. that dynamic is stopping the flow and the supply of goods out of the boxy, a critical ex

you look at some of these moves we've been seeing here, volley, glencore, bhp group, anglo american theseig groups that also produce nickel. the moves up there since february 24th when a lot of these hostilities started. elsewhere if you look at the etf for the big metals dbb is the one you want to look at here this trades aluminum, copper and zinc futures together. you see the big move up there, that's about 15% since february 24th and you see that turn down, that's yesterday so there's -- it's starting to look a little bit top pi here. i have no idea if it is, but the market now is not as enamored as it was just two days ago i've been talking about the bar beld stock market. there is a real differences depending on what sector you look at. the average stock in 2022, believe it or not, is only down 8% that's the average in the s&p 500. material stocks at the same time we have new lows in all the travel names we have new lows in select retailers like tjx, ross stores, tapestry there's obviously some concerns here that $5 gallon gasoline is going to be here through the summer, and some sel