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tv   Bloomberg Daybreak Europe  Bloomberg  February 21, 2022 1:00am-2:00am EST

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manus: good morning from our middle east headquarters in dubai, i am manus cranny. high-stakes talks. u.s. officials say joe biden has agreed to a summit with vladimir putin as long as russia doesn't invade ukraine. markets take a cue. futures climb on the hopes of the meeting.
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a forecast from j.p. morgan for nine straight rate hikes from the fed. plus, living with token -- with covid. the queen tests positive. the material escalation of diplomacy has utterly changed the narrative for risk and caused a pause in the risk off narrative, on the potential conflict is going. bonds, equities, oil and currency. i give you the turnaround. this is in the s&p 500. down 1.6% to turning around. down 1.3% to up half of 1%. the bond market, futures dropping in price. charlie evans is saying we need substantial adjustments from the federal reserve. j.p. morgan talking about nine rate hikes. the tenseness in markets, the
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risk, the crush point between joe biden and vladimir putin having a summit, has caused gold to come off an eight month high. money flowing into the underbelly of gold. 50 tons since a located i want to show you -- since a low. want to show you the oil market. we have the prince talking about saudi arabia and u.s. appealing to saudi arabia to boost production. also considering an additional release according to rbc. oil comes of having shot up by 2% to down. there is a concern about the weaponization of energy exports from russia into europe. we will hear from the ceo later. there is a risk of $100 oil for
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a prolonged period of time. oil dipped this morning. president biden and president putin have agreed in principle to a summit, on the condition russia doesn't invade ukraine. the timing and format of the meeting is yet to be set. moscow hasn't officially confirmed its stance. the talks were proposed by the president and manwell micron. let's get to -- emmanuel macron. let's get to our guest. the white house has shown their desire to participate. good morning, gregory. give me your take. gregory: good morning. i think you are right, they announced agreement in principle but there are a lot of hurdles. we don't know what deal they will agree. we haven't heard from the kremlin about any details. so far, the french have said
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there will be more talks on setting up a potential meeting this week between the foreign ministers of russia and the secretary of state blinken. on thursday for those two. the question is if they can find something to talk about. so far, rushes demand's have been unacceptable to the west, and the u.s. and its allies have offered to talk to the kremlin, but they've said it is inadequate. manus: ultimately this is about membership of nato. various people have been telling me you need to focus on what xi jinping has to say about potential membership ukraine than anything else. it will be a tense week. i'm sure we will speak through the week. gregory, thank you for joining me. a chinese developer has warned it may not meet its debt obligations. it is a shocking reversal after having been seen as a beacon of
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strength in the property market. juliette saly has the details from singapore. it's interesting when you read the story on the terminal. it is not the biggest property developer in the world but it certainly has more credibility than evergrande. juliette: absolutely. not the biggest but it was looking strong a matter of weeks ago. it announced plans to redeem a perpetual bond it said it had -- and said it had secured a line of credit. bonds trading at $.80 to the dollar, compared to evergrande, at 16 since. -- cents. it raised anxiety when it said it might not be able to meet debt obligations. late last week we saw the perpetual dollar bond tumble after the announcement. let's look at how it has blown through into the equity space. we are seeing shares in hong kong fall by as much as 17% today, weighing on the bloomberg age of developers, down some
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2.5% in the afternoon trade. in asia, we are focusing on the optimism around the summit between the u.s. and russia, the potential summit. lows of the day, down about 1.5%, showing how much nervousness and volatility are still in the markets. the nikkei with earlier losses of about 2%. some optimism in the currency market. a good rate on south korea export data today. the aussie doing well in the commodity space. manus: thank you. the woes of credit suisse continue. we got a report that bank managers were involved in human rights abuses, drug trafficking. credit suisse rejects the allegations. joining me is our senior editor. jonas, what are the details, and what is the source of these allegations?
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jonas: it is based on a whistleblower published in several newspapers like the new york times and guardian. they allege the bank did business with a broad array of questionable clients over the past decades, involving some 18,000 accounts that together held more than $100 billion. credit suisse has issued a fairly strong rebuttal, saying information is based on partial and inaccurate and selective information taken out of context. it said it had reviewed these accounts after receiving the inquiries and about 90% are closed or were in the process of being shot. more than 60% were closed before 2015. it is certainly an unwelcome issue for the lender, which has been rocked by a series of debacles and losses last year.
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they have asked investors for more patients this year -- patience this year. it is emerging from one of its most turbulent periods since the financial crisis. also, the recent departure of the chairman, who was meant to set a new course for the bank. manus: indeed. it has been a bumpy 14 months to say the least. our senior finance editor with the latest on credit suisse. in the u.k., boris johnson has announced an end to the u.k.'s covid-19 regulations day after the queen tested positive for the virus. we have the very latest. what are we expecting from the u.k. government today? what will be the de-risking position by the government? >> good morning. one of the de-risking positions
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will be ending restrictions for people to self-isolate if they test positive for covid-19 in england. that will be replaced by new guidance. prime minister boris johnson said the outline is living with covid plan in parliament later, as ministers return from recess. we will see those new regulations on plans put in place. really for the last two years, we have lived with the strict covid restrictions. that has halted the spread of the virus throughout england. now the government is saying the vaccine rollout has been so successful, we are in the position to move ahead into a new era when it comes to the virus. another thing we are expected to here today, that the government is going to scrap free testing, that is pcr and lateral flow tests, because they are costing about 2 billion pounds every month, with -- which boris johnson has said is extremely expensive.
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this caused a little bit of backlash. we heard from the labour shadow house secretary, saying that people need to know if they are supposed to isolate and not come to work if they are testing positive. but also the who and groups representing others in the country say this is premature, that -- but once again, step into the unknown for england as we try to move away from the pandemic. as you mentioned yesterday, the queen tested positive yesterday and is said to be suffering from mild symptoms. manus: yes indeed, i got a lot of sky tv in yesterday. she has continued with light duties. >> i did see after that, she did tweet. manus: go queenie. technologically advanced, the queen of england, even with
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covid. always great to have you with me on the show. let's get to the other principal of this show, juliette saly in singapore. juliette: australia has reopened its borders to double vaccinated visitors after almost two years of strict travel bans. with two vaccine shots, you can enter the country after they scrapped the zero covid policy. it says the economy will be given a much-needed boost. police have dislodge protesters from the street in front of canada's parliament building, clearing a weeklong located that paralyzed the cap title -- the capital. many people were arrested as police intensified their reaction. they used mounted units to remove demonstrators. police say they are not complete them as their other camps.
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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. manus? manus: thank you very much. juliette saly in singapore. coming up, the white house says joe biden in vladimir putin have agreed to a summit in principle. as tensions rise, haven assets ease. s&p 500 turns it around from down. into the green. brent comes off the board at 92.90. we are keeping an eye on the markets. we will have a little more on oil. we will have a ceo with his outlook for the energy market. $100 oil is coming. this is bloomberg. ♪
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manus: it is your monday "daybreak: europe." president biden and president boudin have agreed in principle to a summit on the condition russia doesn't invade ukraine. the timing and format of the meeting has yet to be set. moscow hasn't officially confirmed. u.s. equity futures are slightly higher on the news. oil and gold down. we have the chief investment officer from kingswood. it is interesting how the small rally on equities and havens, a little air coming out of the tires so to speak, it's a long way to go before you have any kind of summit or agreement. in the interim, do i do anything, should i do anything? what have you done? >> no. no. no.
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i think the buckets will remain on tenterhooks -- the markets will remain on tenterhooks. it is dangerous to do anything at the moment. clearly war or invasion is to a large extent baked into the markets. you had a rally this morning. i think it is too dangerous and too volatile to do much at this stage. manus: you really think invasion is baked in? really? >> sure. you get an invasion, you get oil rallying, no doubt about it. what i'm saying is on a one-month view, are you going to be lower or higher than where you are now? i'm not sure. manus: let's pivot to some of the known nones. -- knowns. we know the fed is on the move and ready to hike rates.
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ap morgan says they could hike nine times. is that too much? >> i think that's too much at this stage. you cannot rule it out. to me, there is in a consensus to raise 50 basis points and mark -- in march. you've got payroll numbers, inflation numbers. sure, if you see both of those surprising on the upside, which you did see with the january data, maybe you get positive and a 50 point hike in march. then you're up to nine for the year. if you don't, i think you're looking at seven. i think nine is overdoing it. manus: ok, nine is over. we also have the curves. the two-year forward, just more obsessed. we have an inversion, and we got excited. this is the twos, tents, one
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year forward. this is in the library for anyone who wants to see it. what does that say to you about the risk of policy mistake? i know you said i'm not a nine, probably in the five camp, is this telling me there is a risk of a policy mistake and a hard landing? >> i think you are right. i think it is telling you that. i think that's the most likely possibility at the moment. in a way, in terms of policy, you're talking about a mistake happening next year. in terms of the impact on the economy. and in terms of policy mistake, there are two ways they can make a mistake. one is over egging, pushing into the session next year. equally, maybe they stick with seven and they don't do enough. i think policy mistake in either direction is still the big risk.
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but the yield curve toward inversion is pointing toward recession. equities will be higher rather than lower in six months time, that would be wrong. manus: let's hopefully think they thread the needle, conflict de-escalate -- i am almost taking myself to a cody like scenario -- goldilocks scenario. a moderate fat, strong consumer, a de-escalation. where must i be? most exposed and most long. >> equities are still the game in town, if that is your base case. no question about it. bonds will at best produce very little. at worst, you get a third of yields.
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you don't want to be fixed income. equities are the one place where you can have a hope of seeing a double-digit gain. the reason for that is if you are right about the goldilocks scenario, there will be further gains. sure, you make it a bit of evaluation, but you've got to be in equities. with equities, it is again. you are right, it is our base case. then you've got to be in the cyclical areas. in a way, you can see some of the cyclical areas are ready doing well. you have oil going up, financials going up. hopefully you are right, and growth remains strong, the fed does not overdo it and we all live happily ever after. manus: most fairytales do not go like that. cyclicality broad. a lot of people have said they want to be long on banks on the
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hiking cycle. russell hardy is coming up and he's gonna talk about $100 oil being with us for a period of time. give me the bid and offer of $100 oil. give me the upside and the flip. >> you ask all the easiest questions. manus: you are paid the big money to have the right answers. [laughter] >> in terms of oil, $100 oil is the base case from here. if we are talking about another scenario, it could be $100-plus . if the yield curve is getting it right, you are up to $100, without the ukraine conflict short-term, but it is not sustainable. i think it depends on the you have a rosy scenario or not. manus: i think that's the point russell makes, and anna edwards
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sat down with him and we will hear from him in a moment. it is that discussion around where is demand. thank you very much, you are always a good sport. coming up, the french presidential race heating up. we take stock of emmanuel macron's government. that is next. this is bloomberg. ♪
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>> a 39-year-old investment banker turned economy mr. -- economy minister stepped into the highest role in french government. emmanuel macron described himself as a man of action. >> we have the strength, the energy, and the will. >> the will for an ambitious
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program of reforms. first, the labor market. a politically dangerous issue in france. the promise to make it easier to hire and fire was the first reform he pushed through. unemployment benefits also passed despite opposition from powerful unions. second, fiscal response. he has delivered on gradually eliminating the residency and wealth taxes. he has lowered the corporate tax from 33%, the highest in europe at the time, to 25%. his government also pushed through another -- on a tax system. with his climate policy, things did not go as planned. a proposed hike on fuel taxes prompted the yellow vest protest, which grew into an
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antigovernment movement. >> people say he's managed to make -- more attractive, but people in france say he's not done enough to support the poorest. >> they tried to stay focused with a range of measures to simplify business creation and welcome foreign investment. such as a canadian firm trying to acquire a supermarket giant. but when the time came for reform, the pandemic struck. the injection of nearly 200 billion euros to protect businesses and save jobs. on top of that came a 100 billion euro package to help key industries recovery. that also meant abandoning another election pledge to eliminate more than 100,000
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private sector jobs. public debt surged. macron is betting on a strong economy rebound, the fastest among the biggest eurozone economies. to give him an ace up his sleeve in the race. manus: looking at the economic qualities of emmanuel macron's government. later today, we bring you the latest on the up-and-coming french presidential election. francine lacqua heads that coverage. that will be at 9:00 a.m. it is in emmanuel macron deal that has potentially wrought putin and biden together. the ruble is strengthening this morning. you're seeing the rally at just
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under 1%. there has been a great deal of tension between a strengthening dollar and weakening ruble. this is the positioning, this is when it gets really frisky. the most b
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manus: good morning from our middle east headquarters in dubai. i am manus cranny and this is "daybreak: europe." high-stakes talks. u.s. officials say joe biden has agreed to a summit with vladimir putin as long as russia doesn't invade ukraine. markets take the q. futures climbed on the hopes of the meeting. jp morgan forecast nine straight
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rate hikes from the fed. plus, the u.k. set to end covid restrictions a day after the queen tests positive. what is the prospect of a meeting between president biden and mr. putin? well, it is a sense of relief, small in the initial status because we don't know the details, but equities are higher, oil has come off the spike of 2% and there has been talks about unanimity and the need for that in opec-plus. treasury futures lower, yields higher. they are obsessed about the calls from j.p. morgan and mr. evans for a more substantial move, more substantial adjustment from the federal reserve. s&p futures flipped from down 1.3% to up half of 1%. dollar-yen sees the dollar coming off ever so slightly against the yen. i can tell you, underneath the
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hood, there is money going into the etf in gold. 50 tons have been bought and's december 2020. there is a tangible sense of relief. let me show you what futures are doing. equities higher, oil lower. you are seeing s&p futures up by just under 7/10 of 1% pure my last guest says he does not think there will be nine rate hikes in a row from the fed and ultimately you want to be long off equity market risks. the oil market down. there is talk about the risk of a large sdr release in the united states of america on the ukraine crisis. the white house is bracing from moscow to weaponize its energy exports. we have had a prolonged period of oil, or what would a
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prolonged period of oil above $100 per barrel do? those are some of the forecasts russell hardy makes. he is the ceo of the world's largest independent oil trader. he caught up with anna edwards on friday. russell: we will see perhaps a prolonged period of $100 plus at some point in the next six to nine months. it is difficult to be precise about the exact timing. but demand is going to surge the second half of the year, provided there are no additional worries about the pandemic and provided travel resumes to something like normal. anna: do we know what cut of process destroys demand? we've seen the hike of prices. russell: i think you're right, 11, 12, 13, we were around the $100 range. we've seen these prices before,
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but when that occurred, we did not have the coincidental gas and coal price explosion we have today as well. i think consumers are getting it from all angles, which is not a good thing. demand will at the margin be lost because price, the price of less density is there -- price a less tacit he is there. anna: one thing that could change supply being tied, at least to some degree, is iran, and whether conversations result in iranian fuel coming back to markets. what is your expectation? there seems to be some expectation that will happen this year. russell: i think the parties have been talking this week, and it sounds like there is an agreement beginning to form. clearly it has been a long path to get here. i think the markets are assuming
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something will get done in the next few weeks. probably the market needs that oil. and the second half of the year would benefit from that additional supply, just from a consumer point of view. the market being a little more easy to balance. i think most people have that factored in for the second half of the year. most people would expect additional volume from iran. clearly they are producing and consuming oil themselves today. the extra supply they could send out to the world will probably be about one million barrels. anna: any sense of a geopolitical premium in the oil price? from what we have discussed, supply and demand dynamics would suggest that will prices stay elevated even without the geopolitical risk premium. what would you assume would come out if we see these tensions ebb away? russell: i don't think the geopolitical risks account for
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huge amount of the price premium, talking about russia and the ukraine. manus: russell hardy speaking with anna edwards exclusively at the end of last week. let's get to my guest, from the hedge fund telemetry. thank you for staying up late. russell saying $100 oil is down -- is on the way. how tight is this market and how long are the hedge funds of this market at the moment? you think they've got all of the longs they want? >> the market is very tight. because we are not seeing -- we are seeing demand coming back a lot faster than production. we have problems with opec, they are at 134% compliance. the market is very tight. what we are seeing right now is
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funds starting to buy the back and heavy. -- end heavy. they expect crude prices to remain high and to go higher. manus: when you see that kind of backwardation -- i know we have a chart in the library and we will bring that up. do you expect more liquidity to be in spot than trading on backwardation spread? what will move the market forward? you sit in the hedge fund world. take me through your thinking of where the principal risk will be viewed >> -- will be. >> the front is where your risk will be. it is subject to headlines and things like the iran deal. ukraine/russia. where you really want to be, if you want to be long this market, is the back end, where the funds
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are. right now we are seeing a lot of people encounter spreads. and kind of piled into that back end. manus: russell hardy spoke about 2011, 2012 as being a period of time when we saw oil at $110. on this run, the piling in at the back end you're talking about, where do you see oil getting to above $100 and what timeframe? >> i definitely think we could see above $100. i think we could possibly even see $120. by this summer, when we really see demand increase. because we just don't have that amount of oil -- nobody can produce that amount of oil right now. we have a problem with spare capacity with opec, spare capacity with russia, and in the
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united states, producers -- they are spending as much money as i can right now to keep production flat. manus: from where i am sitting, in the united arab emirates, there are two things i think in change the narrative. one is the uae and saudi arabia materially up production, which is not their standard practice. do you think that is a material risk? in the second on the supply side, an additional sdr released by the united states of america. talk me through those quantum's, the risk of them happening and the impact on the market. russell: -- >> certainly saudi arabia and the uae are the two that could produce a lot more if they wanted to. that said, i don't see that happening. you have saudi arabia talking about floating some more shares
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of aramco. it behooves them to keep oil prices higher. i think that they kind of learned their lesson after this fiasco in april 2020, and they are not going to flood the market anymore. i think they are going to keep that tight. also the possibility of some iranian oil coming back online. i don't think they are going to start overproducing anytime soon. manus: go ahead, sorry. >> as far as an sdr release is concerned, there's just not enough their roles -- barrels they can put on the market to move the market meaningfully. manus: ok, good to have the context. you talk about iran, when they came back in from the cold in
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2015, they were very aggressive. we thought it was good to be 500,000 over 12 months and they did that in four months in 2015. we know china are a big buyer of iranian oil. if there is a deal, and that is what the market consensus is now, how quickly and what quantum comes back? >> i think we can easily see 500,000 barrels per day put on the markets in about four months , the same time period. that said, putting those barrels on the market kind of makes up for the shortfall that opec is experiencing right now. i don't think it is a meaningful amount. we kind of need those barrels right now. manus: absolutely. the risk is this -- the white house is also bracing from moscow to weaponize its energy exports. when you look at markets, the
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daily volatility in gas in europe. there is huge volatility in the oil market. do you think -- i know we are in the talks mode at the moment, de-escalation mode is what we are talking about, but you have to deal with tail risk which is the escalation and sanctions -- what would recognizing our exports look like if it was russia? >> the thing is, the biggest risk with russia right now would be sanctions on the markets. we would need to see the language and what kind of sanctions they are going to put on the oil industry, if at all. because russia is a top three producer. certainly taking those barrels off the market would obviously drive crude prices a lot higher. that is your risk right there. the united states itself imports
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oil from russia, so they are trying to source from the silk, canada and mexico. -- from brazil, canada and mexico. the west that imports from russia, we would kind of see a global flow change. people would be scrambling for barrels and other countries. manus: absolutely, and we've seen mario draghi fracture that unanimity in terms of what europe is prepared to bear with regards to energy exports and the risks from europe. thank you for staying up late. joining us. good to get the fast money voice on the show. our guest from the hedge fund telemetry. coming up, australia reopening
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borders to the international travel market. we have the latest. this is bloomberg. ♪
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manus: it is "daybreak: europe." boris johnson is set to announce an end to england's covid-19 regulations a day after the queen tested positive for the virus. we have been tracking the story. leanne, it is freedom day potentially coming up in the u.k. leanne: you are right. boris johnson said freedom day could be thursday and this is in the first freedom day we have had in the country. but that looks set to be the day. later this week. this is part of the life worse
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johnson has set in parliament today. part of the new measures that will be set, or lifted, is the measure that if you have tested positive for covid-19, you no longer have to self-isolate. that has been a legal requirement. that is set to be scrapped and replaced with guidance coming in. over the last two years in the u.k., living with covid and the restrictions in place has really dampened our lives and made things very difficult. boris johnson said because we had such a successful vaccination program that has kept people out of hospitals, it is time to lift all of those remaining restrictions and get people back into work and into the offices. also, we could hear about the under -- the unwinding of the free covid tests we've had privy to. they are costing about 2 billion
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pounds a month. they could still be in place for people who are vulnerable or elderly. manus: leanne, thank you very much. the very latest on freedom day for u.k. meanwhile, australia reopening borders to double vaccinated visitors. that is after two years of strict travel bans. as of today, tourists who have received their boosters can enter the country. paul allen has more from sydney. paul: it's been a little more than 700 days since australia closed its borders to the world and today they are open again to anybody who is double vaccinated and has the correct visas. they are led into australia without quarantine. even those on vaccinated can quarantine for seven days in a hotel. a big step forward. the first flight from los angeles today under the new
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conditions, and there was a party mood at the sydney airport arrivals terminal. they have not seen that much action for just under two years. we saw gifts being given away. vegemite and stuffed toys. even the trade minister during the festivities, in a fantastic mood. >> it is huge for australia. 660,000 people employed in the tourism industry. it has been a difficult two years. it is party central at sydney airport as we reopen fully to the world. it is great news and great to see the excitement. i think it all goes well for our tourism industry rebounding very strongly. paul: the minister conceded there will be challenges around the reopening. you can never be certain what the coronavirus will do next. he was confident that with australia having vaccination rates well above 90%, travelers
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can come here with certainty and not have to worry about getting trapped or conditions changing. we will be challenges for the tourism industry itself. it has been mothballed for effectively two years, and with such a tight labor market, there will be difficulties attracting staff back and scaling up again. there are tourism markets as well. travelers have to be encouraged to make the long journey, and before the pandemic, their biggest source of tourists was china. the china and australia relationship has soured somewhat. in australia, we still record new coronavirus cases in the thousands per day. the new south where's -- wales premier said this is what the world looks like as we transition from pandemic to endemic. manus: paul allen on australia's
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reopening. let's get one australian who will be delighted, juliette saly in singapore. juliette: almost crying watching that. credit suisse managed accounts for clients involved in human rights abuses, corruption and drug trafficking according to major reports faced on leaked data on more than 18,000 accounts that held more than $100 billion. credit suisse rejected the allegations and said they were largely historical. about 90% of the accounts had been closed. tesla facing a review and germany over its autopilot. the motor vehicle agency is reportedly investigating the lane change function and if it is approved for use in europe. tesla's autopilot is also under investigation in the u.s., where second inquiry into the defect started last week. 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. this is bloomberg. manus? manus: thank you very much.
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juliette saly in singapore. coming up, the white house says joe biden in vladimir putin have agreed on a summit in principle. havens drift lower. oil comes down by a quarter of 1%. we checked the markets. ♪
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manus: it is "daybreak: europe." presidents biden and putin have agreed in principle on a summit. the condition, russia does not invade ukraine, with the timing and format to be set. moscow has not officially confirmed a stance. maria tadeo tracking the story. good to see you. this would be the first face-to-face. not the first conversation by
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any stretch of the imagination. if and when it happens, where and when, what do we think? maria: if and when it happens, and that is the big question this morning, we know the statement the french presidential palace put out yesterday was that emmanuel macron had pitch the conversation between the leaders face-to-face. the two sides in principle agreed to it. it is the pendant on russia not -- dependent on russia not invading ukraine. russia says they do not intend to invade the country but we know the fighting in the region has intensified over the weekend with more than 2000 cease-fire violations recorded in the region. a lot of this will depend on the meeting between the secretary of state and the russian foreign minister. on thursday, they will set the tone for the biden/putin summit. it will depend on if we see a de-escalation. no more fighting for the meeting to take place.
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manus: it is interesting, isn't it, emmanuel macron needs a win with putin going into an election. he has a great deal at stake in being the driver of this. there is growing talk about a preemptive set of sanctions as a mean of deterrence. this is essentially what zelensky said, if they cross borders, sanctions are almost too late. is there any consensus on a move on sanctions before any kind of escalation? maria: manus, today we will hear, right here in fact, foreign ministers from the european union. the focus will be on the sanctions, as you know, and you say correctly, the linsky on saturday was explicit, we need sanctions and weapons. whether or not we see a consensus depend on the meeting today. some indications i have is that a lot of baltic nations in particular say we need to have
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this conversation right now. whether we need to do it now. manus: ok. i am sure it will be a tense week. maria taddeo -- maria tadeo on the ground with the ukraine/russia story. ♪ if you're a small business, there are lots of choices
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manus: good morning, welcome to bloomberg markets: europe. i am manus cranny in dubai. the cash trade is just less than an hour away. here are your top headlines. high-stakes talks, futures rise as joe biden has agreed to a summit with vladimir putin as long as russia doesn't invading ukraine. the u.k. set to end code restrictions a day a

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