a release out of glencore that's been quite disappointing their production outlook for next year hasisappointed relative to market expectations on the back of we're seeing a stock drop, 2.6 percentage point. what is it >> it's a tough one. we're relatively bearish on the space. glencore has an unbelievable amount of cash flow coming, the thermal coal as well thermal coal is going to be what's used to get us through that it's a lot less economically sensitive than the rest of the commodities we kind of discussed, and so what that means is glencore is going to have better free cash flow and be able to return more cash to investors. that said, like everybody else in the sector, and we saw it with rio tinto last week and glencore and others, we expect them actual be negative. they're very hard to operate, and costs are still a big problem, and so, you know, there's still a counter pole from that side as well. >> maybe an opportunity to buy into the dip that we're seeing today. can i ask you about demand from an ev perspective? i know that within the mining space in the last decade, there

glencore doing well. real estate is up again. insurance is rising. the china story.and beverage, chemicals, construction. i struggle to construct a narrative out of that. individual stocks having a bigger factor. the chemical sector continues to be what i watch carefully. this is a useful read on the gas story in europe. the feedstock into that business hugely important and as the cold weather starts to get more and more of a factor, then you'll be seeing a real tussle for that gas, which could be in short supply. vodafone barely budging. not much reaction to the ousting of the ceo. credit suisse fitting a little bit but if you back positive sessions. the miners, rio tinto, i mentioned a few other names, certainly helping out in london. that stock up 1.83%. alix: let's continue on that because you mentioned the miners are doing well and you can tie that into the china optimism. joining us to discuss is alan custis, lazard head of u.k. equities. you like the miners on a china reopening? alan: i do like them, not just because of china reopening. i think the fundamental

i think the message is rio, bhp, glencore. that is where i think money can be made in some form of a china reopening. jonathan: wonderful to catch up. chris verrone. i think we need to ask a question. are chinese authorities about to drop covid zero or are they just making these restrictions were applicable after the -- more playable after the protest? be precise in high-risk areas limiting them to residential blocks or refraining from extending them at will to an entire housing compound, neighborhood or street. that does not feel like let's drop covid zero but let's make this more harsh and palatable for people. lisa: especially when you look at other signs of business activity that are not picking up quickly, how much is this actually relaxing? there was also a company that reached out to the actually provided the chinese communist party with bottles. they say they could actually freeze this winter if they open up right now. jonathan: and any terms of a stop start, stop start, stop start. we have seen this in the u.k. repeat

swiss mining giant glencore has agreed to pay 100 $80 million to the democratic republic of congo toettle corruption claims. the deal covers the period from 2007 to 2018 a is the latest in a series of cases the country has faced in countries like brazil, cameroon and nigeria resulting in fines totaling $1.6 billion. the on several assets in the drc and admitted in may of bribing officials there as well as in several other african countries to secure business advantages. that is it for the business news for now. >> if you could have carried on i would have been very happy because it was enthralling. all the business. great to see you. true thing or faking. catalina is waiting at the big board getting with the question, is chinese state television blurring damascus world cup supporters -- mask less world cup supporters? >> many accounts came chinese state tv are blurring images of maskless supporters during world cup matches. this caption reads chinese media blurred spectators of the world cup. they don't want chinese media to know people in other countries don't wear masks anymore. we

a couple miners to point out, most listed in the u.k., modest gain for bhp, downside for glencore of .4%, and rio tinto big producer of iron ore coming up .7%. francine: we have individual stocks on the downside but if you look at the overall indices, 18 are gaining. real estate getting 3% almost, technology and financial services gaining between two and 2.5%, and energy seeing a bit of pressure. energy overall in europe down .4%. let's get to our bloomberg mliv managing editor, mark cudmore, we are looking at u.s. data from yesterday after we had that powell speech. mark: yes, i think we're distracted by powell's speech because he really said nothing new. the data out of the u.s. yesterday was super interesting. let me bring two key data points, one was the jolts. what is it, job openings relative to unemployed. this goes back 20 years. in the mid to thousands, the idea there might be more than one job opening for every unemployed person was mind-boggling. it was like unleashing inflation we have never seen before. finally we got that in 2018, two job openings for every unemployed p

reasons for that is that those are fairly, fairly well weighted in things like commodity shell, bp, glencore next year. in the index up in terms of next year . it's tricky. i think it's year. it's tricky. i think it's going to be similarly volatile certainly for the first half of the year. and i think personally, i think we've seen we've seen a rise in energy related stocks. we've seen banking stocks doing okay towards the end of the year. we've had a big ten, 15% up towards the of the year. so through november end of october. and we've not seen the santa rally that we would normally. so nobody december december's quite positive and it's not really been that this year so i think going into next year to be going into next year going to be quite tough think markets quite tough. i think the markets will struggle a bit for the first quarter, maybe first few months , maybe stabilise over the months, maybe stabilise over the summer. but i think towards the end yean summer. but i think towards the end year, things are end of the year, things are going to start to improve. there will be a little bit