new york crude gaining even as opec puts more supply into the market.t is something that caught my eye. even before the opec meeting. take a look at this. in the bloomberg terminal, it is 9077. it shows you the amount of spare capacity that opec has ready to go into markets. they are still holding back a massive amount. the 250 million barrels they are going to be releasing, opec releases 350 million next month, saudi releases 250, is nothing compared to the 11.5 million barrels opec has ready if need be, if prices and demand continue to rise. let's turn to the odyssey story, the second largest radio station owner in the u.s.. it was called entry column, it changed its name to odyssey to expand business into podcasts and sports betting, a huge piece of it. the company announcing a partnership with that mgm david, talk to me about the foray into sports betting. it is a massive business about to boom. an interesting twist for a radio company. >> if i made for one second, we had spent the last -- since acquiring the -- we have moved into sports betting. we

news from opec, opec+ agreeing to resume gradual monthly output hikes, according to a delegate within the last few minutes. this is bloomberg. ♪ guy: investors weighing, debating president biden's infrastructure plan and the potential inflationary impact that all of this fiscal spending ultimately could have. earlier today, we caught up with bob prince, bridgewater associates co-cio, about that inflation question. >> there's a lot more potential to create inflation through this type of policy because you can literally put money into people's hands to go spend. there's more potential for inflation. but the question is inflation of what. so you've already had inflation of asset prices, and the qe world inflated asset prices because that's where the money went. whether we have a secular rise in inflation depends on a lot of other forces. it is not just a u.s. question. it is a global question. 80% of the countries around the world have an inflation rate of less than 3%. the central banks have been very successful in bringing down inflation over the last 40 years. so you have a limit infl

what's next for opec and opec-plus? do they do anything without his partners?> in terms of price, oil prices, as you know, the brent crude rose shortly after the decision. so, we can see the decision was a little positive thing initially. but if you look at today's price action, i think it's an obsession monday probably because we see low-volume with many markets closed for holidays. but it's somewhat understandable that the crude market has a bit more supply starting next month following the opec-plus decision, especially given expectations in the run-up to the april 1 meeting or that opec and its partners would be unchanged. however, as i said earlier, the decision to reflect the producer's confidence in the recovery, that means prices can be supported by such of you by opec-plus, it is also partially reflected by saudi arabia, which hiked official selling prices for its crude for asian buyers. and they will meet again late this month on april 28 two review policy for june -- to review policy for june and the following month. the key factor to watch until the

i don't think it will upset opec and opec-plus regarding any production growth. does that mean they stay alive longer or die faster? scott: there are still 10,000 independents in this country and i think they will be here for a long time. alix: at what point would that become more interesting? we will have to see more consolidation, right? scott: i think you will see more as companies deal ever the balance sheet. i think they d lever the balance sheet. you will see more deals. i expect about five deals. maybe another five deals next year. over the next two or three years we will reduce the number of public independents. alix: you were just on a bloomberg new energy finance panel and you talked about adapting a net zero target. why can't you move faster? scott: on esc targets? alix: yes. scott: pioneer has been a leader in regard to the focus. most of our emissions are coming from drilling activities. we need to move to the grid. we need to move to renewables. maybe initially to natural gas. it will just take time for the technology to catch up. the whole industry

you have opec-plus meeting today.rm, how worried are they about this, especially the fact that the u.s. is putting the pedal to the metal when it comes to energy transition? amrita: i think the energy transition issue is a really split view within opec. i think the likes of uae are like, there is energy transition, we need to get our oil out. not saying they will do it straight but generally being aware that oil demand growth will peak sooner rather than later. not that demand will decline but growth will peak. i think russia takes a slightly different view that we subscribe to a little bit more. that yes, oil demand growth will peak and may even struggle to sustain above 100 million barrels per day and the longer-term. but that is still an enormous amount of oil. somebody has to produce that oil. it is probably going to be the low carbon energies that will end up producing that. some of these guys think that they are better positioned to meet at least oil demand in a green world than some of the international oil com

well i think opec has been remarkably successful sort of fine tuning the price of oil and keep it in a very very narrow band and that seems have been their goal so at the beginning the coby crisis we saw oil prices absolutely claps as demand just evaporated no one was traveling in known as flying ships were going anywhere so they engineered a turnaround then basically got the price of oil back up above $60.00 a barrel by putting in place some very aggressive cuts now they seem to want to keep the price there a bit but they're thinking that the man is going to start to take off again and so they're going to ease their production costs and really fine tune this bit by bit i will say this i think opec is reading a different set of news and i think the world economy is far from recovering any time soon something not in may the way this out and talk about these production cuts being rolled back so i think if opec is going to want to keep oil a $60.00 a barrel the program have to go back to the production cuts and so this would jump the gun a bit the world economy is not ready or they'll j

let's get to the opec move.t is skipping its meeting but going ahead with plans to revive oil production. they going to bring back 2 million barrels per day between next month and july. joining us now is a senior fellow. why skip the meeting? do they think things are planned well enough and they need to stay the course? >> it's interesting because opec has moved to a monthly schedule for meetings. that's easier now that they have decided to do them all virtually. this week, they had technical meeting then today, a monitoring committee meeting. as we just found out, at the end of the meeting they tacked on a little ministerial meeting. they did hold the ministerial meeting it was kept under wraps and they confirmed what they decided last month, which was starting in may, they are going to raise production by a total of 400,000 barrels per day and they will continue to gradually increase the amount of oil they are putting on the market until we get to 2 million barrels per day which we will see in july. because th

commodity traders also have an opec-plus meeting to digest and dan hynes joins to discuss.next, a bloomberg scoop with qualcomm getting help from chinese state owned in repairing one of its bond yesterday. this is bloomberg. ♪ ♪ >> china's and battled with the bonds maturing on tuesday with the funds providing by the country's largest state owned bank. a sign that china is supporting the biggest distressed firm. there has been a lot of uncertainty, does this keep us a bit more indication as to what their fate is looking like? >> yeah, particularly further offshore dollar bonds, which qualcomm still has about -- which huarong still has about $24 billion. at least temporarily helping them to pay back the 600 billion singapore bond that was due on tuesday but there remains the uncertainty about what the longer-term plan is because we have not had any clarity from the finance ministry, and we know that earlier this week, they came and downgraded the credit rating, precisely because there was a lack of transparency and because of failing to meet that deadline for publishing its

it has been quite oppressive as far as opec is concerned. we talk about this in the context of earnings. company after company has said their input costs are searching. based on your conversations with the producers in the shale patch and the oil patch, do you think these inflationary pressures have staying power well beyond what people are counting? paul: i think so. we are getting to that point where certain companies that use a lot of commodities for making their products or countries that are heavy commodity importers are hurting. as an example in the oil market, the most obvious case has been india. in the last few months india has been speaking out about how oil prices have gone too high, too fast and criticized saudi arabia and effectively blamed saudi arabia, saying it is saudi arabia's fault opec-plus is not raising production as quickly as india would like. we are getting to the point where the people in the companies that do not benefit from rising commodity prices are starting to speak out. that could be something that puts downw

earnings, the fed meeting, opec meets tomorrow and the president's speech tomorrow night.ell the american people and maybe other members of congress on the latest spending plan. here is how we look ahead of all that with futures. they are higher. not a lot, but up across the board. dow futures up 30. s&p 500 edged higher yesterday and every time it closes higher, you guessed it, ends with another record high. that is what happened with the s&p 500 yesterday. nasdaq composite up just about 10% so far year to date. it has been a little bit choppy, but a solid year for most of the major averages you will have plenty to chew on with the number of high-profile earnings and guidance on tap today. if you are feeling a little bit sleepy, here is what jim cramer said on twitter. he said, quote, we are entering the gauntlet the most important 72 hours of the year get fired up or go home. find out later why jim said that >>> and one of the stocks we are talking about today is tesla record income of $438 million. beating revenue and earning expectations part of that was not cars. it w

view of demand increasing globally and read the production increase as opec signal of confidence that there would be rising demand into the summer months this week the key concern is that kofi concerns are alive and well you've got the u.k. considering an extension of travel restrictions you've got cold cases spiking again india is considering strict lock downs in mumbai india reported its highest number of newly cases since the beginning of the pandemic and so of course into that country oil imports would be negatively impacted as last week's news was was very important for the oil markets you have supplies coming back that have been suspended in recent months and there are 352400000 barrels per day that will be coming back may and then more in june and then more in july so a very modest increase spread out over several months that the issue there with iran in the u.s. they are talking about a return to the nuclear deal and i think that does raise a little bit of extra pressure for the oil markets with the idea that you could have increased oil supplies returning to the markets from

some breaking news concerning opec.es saying opec+ is debating a proposal for gradual output hikes. the market clearly was not expect to get. we are now in negative territory when it comes to energy aspects. highlighting that earlier before. russia gets in exam seven -- if russia gets an exempt and, others are going to want an exemption as well -- gets an exemption, others are going to want and exams and as well. we will break it down more over the next hour. this is bloomberg. ♪ ♪ ♪ ritika: it is time for the bloomberg business flash, a look at some of the biggest business stories in the news right now. i one semiconductor is making ash taiwan semiconductor is making a staggering commitment -- taiwan some conductor's a staggering commitment to new technologies -- taiwan semiconductors is making a staggering commit meant to new technologies. egypt says it may seek around $1 billion in damages from the suez canal crisis, a rough estimate of losses linked to the cost of the dredging and salvaging operation. dealmaking cam

with you well it's also start with oil we know that it's falling more than 5 percent on monday as opec class agreed on thursday to monthly production hikes from may to july so what's happening here and what are these talks going on between the u.s. and iran about thanks rachel or remember that prices rose last week after the announcement of the production the markets are keen on opec's view of demand increasing globally and read the production increase as ok a signal of confidence that there would be rising demand into the summer months this week the key concern is that kofi concerns are alive and well you've got the u.k. considering an extension of travel restrictions you've got covert cases spiking again india is considering strict lock downs in mumbai india reported its highest number of newly cases since the beginning of the pandemic and so of course into that country oil imports would be negatively impacted as last week's news was was very important for the oil markets you have supplies coming back that have been suspended in recent months and there are 352400000 barrels per day t

this as there's optimism for the opec plus cartel seeing outlook improving. policymakers facing pressure. looking to raise prices on products across the board from medicines to cars as well as food so that may limit the policy options and it may seek to prioritize tamping down the inflationary pressures over managing yields lower. shery. shery: to our top story now, the mega tampa earnings bonanza is here. alphabet jumped in extended trade after reporting quarterly sales that topped wall street estimates and unveiling a big share buyback. microsoft also saw robust third-quarter sales lifted by strong demand for cloud computing services and personal computers. failing to satisfy investors with shares slipping right now. let's cross to our west coast reporter, ed ludlow, in san francisco. let's start with those strong numbers out of alphabet. ed: the story is that they benefited from all of us being stopped at home during the pandemic and now, they are benefiting from the economic reopening that comes with better vaccine rollout and basically, there is evidence

opec's official warning that oil demand remains fragile. opec and its allies meet today with talks on whether to prolong their production cutbacks. another blow to hong kong's beleaguered opposition. the father of democracy and a media mogul were convicted of attending a non-authorized protest in 2019. five others also were convicted and will be sentenced next month. the verdict came shortly after china approved a plan that effectively ends open elections in hong kong. this is bloomberg. ♪ >> today, i am proposing a plan for the nation that rewards work, not just wealth. that builds a fair economy that gives everybody a chance to succeed and is going to create the strongest, most resilient innovative economy in the world. it is not a plan that tinkers around the edges. it is a once in a generation investment in america. jonathan: the president of the united states unveiling a spending plan. here is the thursday morning price action shaping up. the s&p 500, we whip through the quarterly numbers later. right now, up 13 on the s&p. bond market

rishaad: opec+ gradually decreasing supply. iran is going to consider the impact on the price of black stuff. this is bloomberg. ♪ rishaad: holding steady near $59 a barrel, the fed chair saying the u.s. economy is poised for growth. wti fell 3.5%, the largest such drop since middle of march and down to a strong dollar which reduced the appeal of oil. all amid concerns about demand. let's get the outlook with vandana hari. give us a snapshot of where we are with oil. >> good morning. i think we are coming out of a week of absolute deadlock, still meet in the oil company. we saw brent at $15 a barrel last week and what was happening , equal and opposite pole from the oil complex from those seeing must have full, the u.s. economy is doing well. we heard the fed chair powell said it is at an inflection point, but a lot of cheer over the u.s. economy, very strong macroeconomic data, jobs data as well as higher manufacturing and services data in the u.s., and a glass half empty because it struggling with covid. that was what was goi

plant's production lines no johnson and johnson vaccine doses administered to the public or tainted the opec oil cartel and allied countries say they will gradually add back some $2000000.00 barrels per day of oil production from may to july as the global economy recovers from be covert 19 pandemic the move increased production that was slashed last year to support prices as demand sagged during the pandemic interest recession nike has successfully blocked sales of the so-called safe shoes with human blood in the soles designed by rubber little naz x. or spread argued the use of the swoosh was a breach of trading. barba curable goat cheese has been keeping you birthrights busy for the last 7 years now the e.u. is granted a little meat cheese a traditional cheese from cyprus protected status and means that only holy produced on the island can be marketed abroad on board that very same name and that has quite significance earning a record of a quarter of a 1000000000 euros last year i mean it is the island's most important export for the reserves the decision is an economic but also a cultural

opec cutting production.iven the rally that we have seen so far, is there still room for more gains? tracie: you are right. one year ago it was a -$40 per barrel on the oil price. and we really saw that as a washout event. and like you said, a lot of commodities since then are up double digits and even triple digits. but we do think there is room for their commodities complex as a whole to move higher. with oil at $63 a barrel, we think that could be near its top. we have a $50 to $60 target for oil for year end, but some of the other commodities we think are interesting, we like agricultural commodities and even precious metals. we think at these prices, gold is attractive. we have a 2100 to $2200 price target on go. right now we are at about 1771. in going forward, that could be a good hedge if the equity markets get volatile. shery: we are seeing a little bit of that volatility already. we have seen it up across the u.s. was this inevitable, given the rally and how far we have come this year already? traci

meetings, that the saudis are getting other cheating opec nations in line. we are not seeing a bump in u.s. production you think if with we get to 80 on oil, a long way, tom, if we get tot 80, fle could have 45% up side? >> yes that's going to be a real surprise for most institutional investors. you know, xle is a proxy is up 30% year to date if it goes up to 80 and the price relationship holds to il we are talking about another 45% move or bringing the total gains close to 80% i think it would be a huge chase by institutions or what we would see is fomo. >> fear of missing out we will see. oil has been so unloved and so forgotten that any move could get people's attention right quick. tom, i want to say thank you to you and the tireless ken in the research reports they have become nightly reading. i posted a lot of it thanks for bringing a bit of hope >> thanks, brian >> tom pointing out 16 of the 17 worst counties all in michigan for covid. headlines are up remember, you have to dig into the data. >>> still on deck, a scary story about the video you are se

it is down to this gradual story of restoration and supplies for opec-plus. that has sent down prices by about 4% and we are recovering from that in the latest session up 1.2 percent. wti is below 60 bucks a barrel. yield is under pressure as bond prices rise at 1.68. as a moment the yield under 10 year treasury. that's was going on market wise. haslinda: we have bloomberg markets live strategist mark cranfield. asia pretty much has gains and losses not tracking the u.s. higher. what is the focus? mark: overall, people are reasonably positive this coming quarter. it is a goldilocks scenario that could be playing out. you have very solid data coming across from all of the countries. united states at another strong report last night. china data continues to be good. at the same time it looks as though treasury yields may have found a p for the time being. it will be less of a risk factor in terms of the bond market. the set up is not doing much today. it's actually probably quite decent for this quarter. so we probably see a grinding continuation of the rotatio

rollover there is part of me that has to think that abdulaziz is thinking about when you bring the opecting. helima, we will find out later today. i will see you in the hollywood square virtual box later today >> thank you >> i'll see you later. literally. helima croft always the best. thank you very much. >>> you never know abdulaziz, maybe he throwing more oil on the market >>> coming up, a political reality or political unicorn breaking down the $2 trillion spending proposal from president biden. what's in it and are corporate taxes going up >>> if you have not subscribed to our podcast, do so. check us out on the podcasting apps. >>> and cnbc taking a closer look at the economic and social challenges facing many in the asian-american community right now. a new race and opportunity in america special. speaking with the influence names in the business world. >> being at the company before and you look up and see people and no one in leadership positions looking like you you question yourself. am i playing a rigged game or is this a game with no winner that looks like me? it is breakin

keeping energy markets after saudi rate oil prices for asian customers follow the opec-plus decisiono boost output following may and july. we are seeing some downside pressure for crude at six doing dollars per barrel. switching to check on forex markets, to the dollar study earlier in the asia session. after u.s. yields jumped friday following the us jobs report. the yen is steady above 110 monday while the aussie dollar is holding above 76 ahead of the rba decision due tuesday, which will be followed by the rpi update wednesday. note -- our b.i. update wednesday. -- rbi wednesday. no change expected with us try and india central banks expected to stay accommodative. after the remember popped a seven-week decline, official signaling clot -- tolerance for depreciation and capital outflows while investors return to the dollar on rebounding u.s. growth. now the focus on chinese policymakers is increasingly on curbing financial risk. this friday we may get credited as soon as friday from china. haidi: we stay with the global economy, on course for the fastest growth and 50 years. but th

and russia known as opec plus agreed today to gradually ease some of the production cut that is havece oil prices collapsed last year because of the virus pandemic the move comes after u.s. energy secretary jennifer granholm said she had a productive call with her counter part saudi arabian energy ministers where she says she stressed the importance of international cooperation to ensure affordable and reliable sources of energy for consumers. saudi arabia said today's decision to ease cuts is not influenced by the call with secretary granholm and got the baker hughes count numbers with increase in active rigs. back over to you. >> thank you. >>> speaking of oil, calling all cars are auto sales making a comeback is it here to stay phil lebeau has more. >> we have the q1 and march auto sales numbers and they're strong we know that demand has been there and look at the numbers from the four major automakers here in the uts. toyota up in the first quarter gm up just under 4%. ford a slight increase and fiat chrysler up 5.1% a couple of specifics to talk about. general motors, average tr

opec returns profit in a first quarter. china's vehicle traffic rose to pre-pandemic levels.llion, recovering from a 2.7 billion but -- loss in the same year. margins have improved along with china's border. economic rebound. [inaudible] fixed income traders outperformed most of their peers on wall street. income from trading rose 34% as they avoided losses from the collapse. it's considering one of the banking most flexible were terms. allowing them to work from home from up to three days for week. they want to cut cost by reducing office space. gender chartered is considering ways to downside it singapore office space. bloomberg learned that one option is to cut a minimum of four floors or 80 thousands where feet and move that could become the biggest cut by a bank in singapore in recent years. haidi: breaking -- kathleen: breaking news on olan. the acquisition of old thompson -- it surprised me. they proposed a buy at an enterprise value of $950 million. this is something every -- everyone has been waiting to hear. we will have more details as they unfold. china constructi

opec meeting will be very important. oil is ripe for volatility. the next breakout will be to the downside. there is a lot going on this week. anna: there is a lot going on. one of the things you mentioned was commodities. iron ore doing well. commenm the markets live blog suggesting there is a strong correlation between risk assets in the shape of stockmarkets and what the iron ore price does. you can see the strength of that positive correlation relationship with iron ore. mark: i think this is a very strong message. the real economic rebound we are seeing, we know it is strong. the data has continued to come in much stronger than expected. particularly in the u.s.. china was outperforming, it has slowed. the world's two largest economies have recovered from the pandemic in a much more powerful way than was expected. largely due to very targeted stimulus. that is seeping through to brought optimism, but it is a sign a real demand for products companies release and that is in the stock market. anna: let's move on to india. from an international in

let's bring in opec-plus, later this week.re india with what they are coming out with? >> sure. this week we will see opec-plus meeting on wednesday, they will be discussing the outlook for the markets. up until this last week, we were not expecting any big action from this meeting, it was not going to be one of the meetings where they were going to decide, review production targets in the market. they already agreed to gradually raise production by more than 2 million barrels of crude per day between may and demand asked -- between may and july is demand increases. now they could look at how india and the lack of demand from india could impact the global recovery in demand and oil prices. as you mentioned, we are seeing prices are holding strong. we are at the $62 level i think right now for wti, which is pretty good, still 20% higher compared to where we started the year. we could see a lot higher. as india gets worse as demand weekends -- weakens, we could see the global recovery unravel. haslinda: speaking of india, we kno

opec's warning that oil demand remains fragile.ecretary-general mohammed barkindo said, "we should not be out just yet." and another blow to hong kong's beleaguered opposition. there so-called father of democracy artan lee -- democracy marginally -- democracy martin lee and billion air jimmy lai have been found guilty and will be sentenced. terms of the deal weren't disclosed. they opened up a showroom in london last year and talk about the hopes to win 5g enterprise deals. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ pres. biden: we are going to raise the corporate tax. it was 35%, which was too high. we all agreed five years ago it should go down to 28%, but they reduced it to 21%. we are going to raise it up to 28%. no one should be able to complain about that. jonathan: you will find someone to complain about that. i'm sure about that. that's the president of the united states on a higher corpo

opec+ says there has been improvements in the market. production wil stay below e-pandemic levels.come -- ♪ using music to help children born with autism overcome their speech disorders. we bring you a special report from ghana. ♪ a cricket legend in india has been hospitalized after testing positive for coronavirus. we have a report from delhi. reporter: he tested positive for coronavirus at the end of last week. he was isolating at home. now we know he has moved to hospital. in his statement to his fans on twitter, he said this was out of an abundance of caution. and that he hoped to be home in the next few days. there is immediate call for concern. he is a megastar. there are many people who will be watching his condition closely. this all comes as india is seeing a spike in cases. in the last 24 hrs, more than 82,000 cases reported. more than 430 deaths. anchor: the u.s. economy added nearly a million new jobs last month. president biden welcomes the numbers while calling on congress to pass an infrastructure plan. >> this is an eight year program that invests in roads, bridges

alix: so this is not like opec's last hurrah? john: i have been in the business too long to give them a last hurrah. [laughter] everyone has been giving them a last hurrah, and it is a surprisingly powerful organization. it works when things are going tough. alix: fair enough. in the meantime, if you are investing in a specific technology or small company, that is one thing. but some of these companies trying to transition are not getting credit for that. that could be bp or shell. when you think that changes significantly? john: when it gets to a critical mass. they are doing a lot of investing in different bits and pieces, and correctly trying out all sorts of different ways of creating a new business in energy. it is more compared with what they have to do, which is to produce oil and gas to effectively support cash flows they are investing in. the winner, and also the dividends, the demand by investors who think of these companies as primarily yield. so they need to get bigger, and then i think the question will be are they r

nikkei futures pushing higher and building into this week, wti coming under pressure after the opec-plus decided to gradually ease supply curbs. that's the wrong ticker, but that's ok. inflation remaining key at the start of april. after the jobs report, holding onto gains in the wake of that. treasury futures we are seeing higher, even after we saw the 10 year yield breach 172. there are bets on higher u.s. yields and stronger dollar which would be good for. em assets em central banks cautioned to get ahead of the curve. the rbis and the rba are up to bat when it comes to policy decisions. the aussie dollar holding around 76 ahead of that where we saw in february as the governor has pushed back against market pricing. pulling up the chart, alongside chinese inflation data this week, we could get credit from the mainland as well as soon as friday. the prospect of tighter liquidity, further on chinese stocks, we saw them cap the first quarterly drop in a year, continuing to lead emerging-market peers on the chart right here. kathleen: thank you the imf, world bank annual spring virtual me

opec and allies agreed to boost oil production as goebel demand begins to recover.he cartel and nonmember russia will take steps to add about 2 million barrels of oil from may to july a day. the pandemic ground global travel for many and shipping to a halt. -- manufacturing and shipping to a halt. taiwan's semi conductor many factoring company said it is aiming to meet soaring demand amid a global shortage of ships, affecting industries from cars to smartphones. the french government says this evening at spent 26 billion euros to support the tourism industry since a beginning of the pandemic but is now facing calls for more financial aid, as a latest lockdown measures force a wave of cancellations for the easter weekend. foretells and tour operators are reeling from their losses in 2020. we have reports. reporter: the easter holiday is usually a busy time for france's tourism industry, but the lockdown could cause the travel sector 4 billion euros. it is calling for more government aid to cover the losses. this souvenir shop will have to close on sunday. >> [speakin

. >> well, i think you have a combination of a bit of a hangover coming out of the opec meeting wheres were you would get another surprise on outputs so holding on to the cuts and some expectation that you could see a little more cohesion between opec plus, plus being the other u.s. bloc. i think the dynamics around copper are really what they are. first of all, copper traded around 430 earlier in the year before pulling back. and we're essentially at ten-year highs supply demand fundamentals in the copper space should send the elemental higher i think ultimately again, copper is going to be indicative of what we're seeing with the industrial economy supply demand dynamics in oil are still to be watch and not necessarily as bully >> guy, what did you think of the divergence >> it makes sense if you think about it to tim's point, mcmoran within a whisper of a high. there is no reason to think it can't trade to the levels we saw in 2011 which for ftx was in the mid 50s or so. in terms of energy, taking some of the wind out of the sails of the commodity has taken wind out of the sails of

the group opec plus said there had been improvements in the market because of global vaccination programmesr a train derailed in taiwan, in a statement it was that the train came off in a tunnel with some courage and smashing into the tunnel wall. at least four people are feared dead and more than 20 injured and several hundred passengers are thought to have been on board. the rescue effort continues. a concert for thousands — a dream? a distant memory? no, it was an april fools' hoax. but la boum still drew a crowd in brussels and police ended up using tear gas and water cannon to break up the group of faux festival goers. tanya dendrinos reports. it started as a joke on social media but this april fools' crowd demanding freedom. all chant. translation: too many rules are imposed on us that really l deprive us of our freedom, even though we are aware of the problem. we don't deny the existence of covid, we are careful, but we just need to be allowed to live a little. around 2,000 people attended the event in the belgian capital, ignoring warnings from police and prosecutors. those who show

the group opec plus said there had been improvements in the market because of global vaccination programmes well below pre—pandemic levels. the japanese scientist isamu akasaki, who won a nobel prize for developing energy efficient led lighting, has died at the age of 92. professor akasaki was jointly awarded the prize for physics in 2014 along with two other scientists. the nobeljury described their invention of the blue light—emitting diode as revolutionary. the uk's medical regulator has said that out of 30 cases of rare blood clotting in people who've had the oxford astrazeneca jab, seven people have died. that's out of a total of 18 million administered doses. the mhra said a review was ongoing, but that no link to the vaccine had been proven. it stated that people should continue to get their vaccines when invited to do so because the benefits outweigh any risks. our science correspondent rebecca morelle explains more. these clots are unusual in that they're associated with low platelet levels, and platelts are a type of blood cell that normally cause bleeding, not clotting, and these

you're actually being complicit so we're going to say to them if you want some money then you all to of opec then we all have to use our voices seeing these corporations falling over themselves every year around the time of the king holiday celebrating the king and yes i think that the way to celebrate the king is to stand up for what he represented the voting rights it's not just corporations that are being affected by this rapid polarization of america now you've got major league baseball being boycotted by republicans because it has pulled out of atlanta and that comes after obama biden and many democratic party voices and liberals called on the league to pull out of the biggest city in georgia whether you're a bank a soda supplier or america's favorite sport you can't get out of it don't boycott georgia and you get boycotted by the democrats do it and you get boycotted by republicans america is rapidly polarizing and some of the biggest economic players are now stuck in the middle and artsy new york. political analyst and radio host a for perkins things companies only have themselves to

on the oil front, opec meets virtually to discuss production levels.tel is expected to take a cautious approach easing output cuts. 9:00 a.m. london time, we are getting a reading of the euro zone manufacturing pmi. we are going to be getting an update from various parts of the euro zone as we go through the second hour of this program. next hour, plenty of data coming your way. at 1:30 p.m. london time, the latest u.s. initial jobless claims numbers will be released. numbers have been declining, but at a slow pace. we get the job report out of the u.s. tomorrow. finally today, the major league baseball opening day, i am told. the toronto blue jays will visit the new york yankees for the first game of the season. in case that is on your radar. coming up, your stocks to watch, including next as the company raises its full-year year profit forecast in a positive signal for britain's retail sector. ♪ anna: seven minutes to go until the start of cash equities trading. we are going to see upside at the start of the trading day. we have learned a french cons

and also heading for a weekly drop, saudi arabia defending that opec-plus planned to increase outputncrease output gradually. it's nimble enough to change course if necessary. that's what we had at of the saudi energy minister, prince someone -- prince mohammed ld some non--- prince salman. the s&p 500 also showing strong gains. coming up, we have the head of private market strategies group elisa would and the president and the first managing director, jeffrey okamoto. and black-eyed peas rapper will.i.am. this is bloomberg. ♪ ♪ emily: i'm emily chang in san francisco and this is bloomberg technology. an historic vote, a ballot cast by amazon warehouse employee in alabama deciding whether or not to unionize. we will have the latest. plus, it is the technology behind every major nfc platform, and yes 6

on the supply side, i think opec has demonstrated both the capacity and willingness to stabilize thehat looks like a $60-$70 world. we believe they have the tools available to them to enable them to do that. uncertainty as ever of their. with that -- out there. with that stabilizing mechanism of opec in the background, i think the outlook for oil is reasonable over the coming months and quarters. anna: we have talked about the transition of the business, restructuring has been part of the conversation. your restructuring is supposed to see 10,000 jobs lost. i wonder how far are you in the restructuring process? bernard: about 5500 people have left the company, many three voluntary process -- through a voluntary process. we will see another 2000 to 3000 people leave through the rest of this year and next year. it's been a difficult process for those involved. the people who are impacted, who in many cases have had 30, 40 years with the company and have done incredible things and they are all great people and we wish them well for the future. i think the good thing, if i can look forwa

this ahead of the opec-plus meeting this week.ia's covid crisis complicates the picture for the crude cartel. pulling up a chart on the terminal, we have seen indian stocks pullback as infections search in the country. it fell below the 100 day line and is now lagging global peers, with indian stocks the worst performer in asia. with bond markets there is a prospect of more supply coming online, but appetites have been soft for indian bonds. shery: let's delve into the bond markets with the founder and cio of a hedge fund specializing in asian credit. great to have you with us. we continue to see signs of china deleveraging, also perhaps more regulatory crackdowns. what does this mean for the credit space and for investors? guest: thank you for having me. china deleveraging policy, we do expect will continue. we started the year with that being announced, and that has kept cap on the exuberance of the credit markets, because we did start the year with credit markets tightening. the deleveraging has also meant that since the start

opec will release their monthly oil report this afternoon, including the demand forecast and the production. that is the much-anticipated u.s. march cpi. that hits 1:30 u.k. time. it is expected to show heavy acceleration from last year. 2.5% on the eft. annmarie: it is going to be give -- interesting to give analysis. lvmh reports its q1 sales later in the day with estimates adjusting the fastest rise in sales in six years driven by demand in the u.s., and china, which are opening their economies. jennifer granholm and jenny mccarthy will speak at tonight's summit. you don't want to miss that. bloomberg briggs together -- brings together voices in technology and government. we are over an hour away from the start of european equities trading. futures a little bit softer this morning. fluctuations in china. all of this is about the trade surplus. manus: we are going to leave you with a live shot of london. it is absolutely glorious. let's see how the reopening takes hold. the pubs, the bars, the restaurants. that is the pantry at london hq. a resplendent city of london coming back to life,

pressure of the nixon administration to allow the economy to rip for the '72 elections and we got the opec crisis on top of that. 80% of wages back in the 1970s were tied directly to cost of living increases that was a cpi the increases in oil prices were getting baked in we had a lot of levelage and labor bargaining power back then that doesn't exist today i don't think we'll get the volker moment. i think one the fed will step in before we get to that point and two, you really need to see wages to back up and sustain the kind of inflation or stag fflato we saw the volker moment is a very different kind of economy. >> when will we know if this is a temporary situation or we're seeing something move here to me that's the fundamental what are the metrics and numbers we'll have to look at and over what period of time to take the temperature? >> i think it was really interesting that vice chair pointed out i'm looking at fourth quarter i'm looking at the end of the year to see once we get into the fourth quarter of 2021, if inflation starts pulling off, then he'll feel they are in pretty good

we are seeing moves with the oil price in focus as we get that opec-plus meeting on the way. as the pandemic does draw closer with every shot in the arm quite literally, we have traders in the last quarter girding themselves for supercharged growth and higher inflation. that is why we have seen the yield picture moved to the upside. gold price up 2/10 of 1%. the first three months showed the worst start to the year since 1982 for the price of gold, even though it is up 2/10 of 1%. we have trading still taking place in the united states. that's where we are with markets. juliette: president biden has revealed his massive infrastructure plan. he is counting on business to pay for the $2.25 trillion deal. his proposal calls for spending on transportation, manufacturing, research and development and high-speed broadband over eight years. he wants to raise the corporate income tax. he would also impose a minimum tax of 21% on corporate attorney -- global corporate earnings. >> we will raise the corporate tax. it was 35%, which was too high. we agreed years ago it should go down to

saudi oil ministry saying that opec could be nimble with supplies.are headed for a second week of yields -- all of this has to do with what is going on at the fed and how the dovish tone continues. jay powell spoke playing down the risk of inflation. he invoked a homeless encampment in downtown washington to make the point that the recovery remains incomplete and fragile. he says diverging efforts to vaccinate people globally is a risk to progress for the economic rebound. he urged people to get a shot and continue social distancing. >> what we have said about our as that person is that they will continue at the current p cento we see substantial further progress towards our goals. and that means actual progress. we are not looking at forecasts. we will be able to measure that, it is inflation and it is the indicator of maximum employment. i would look at global vaccination as a risk. annmarie: san francisco fed mary daly says she is "bullish on the rebound of the u.s. economy" but there is still a long way to go. >> we have to see substantial progre

opec will continue to slowly ramp up production, amid the worldwide economic recovery effort.emand as we move into the summer, tom? >> well, the answer is going to he depend on covid. i mean, right now what we're seeing in india and the philippines would really damage demand in emerging countries and emerging countries really account for most of the demand curve going back up. we had 100 million barrels a day of demand back in 2019. we're on a trajectory to get back there but for covid. so we've really got to watch that closely. the other thing you have to look at is, you know, opec plus, which is really the saudis and the russians, they're behaving like central bankers and they're managing the price and they're managing supply. so far, they've done a good job. traditionally, the saudis and the russians don't get along. it's a little bit like that biblical parable, the lamb will lay down with the lion but the lamb ain't going to get much sleep. [laughter] dagen: i was kind of expecting an nfl reference but i appreciate the one from the bible. tom kloza, great to see you. we'll