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tv   Street Signs  CNBC  February 28, 2022 4:00am-5:00am EST

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ffy: if you want to be rich, try your hardest, work hard, don't commit crimes. if you commit financial crimes, especially in new york city, we're going to catch you, we're going to find you and you're going to face justice. -- captions by vitac -- good morning welcome to "street signs." i'm julianna tatelbaum these are your headlines russia defends assets after the west launches sanctions by targeting the central bank and s.w.i.f.t. banking system. lenders are impacted by the russian financial exposure
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the defense sector gaining more than 20% after germany boosts defense spending in the historic military u-turn. >> on thursday, putin created a new reality. this reality requires a clear response and ukraine's two largest cities come under pressure with assault on kharkiv with control of the city and the military holds kyiv as russian troops advance on the capital. welcome to "street signs." let's get to the latest in ukraine. the russian government is
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shoring up the financial sector and protect assets in the wake of sanctions targeting the financial system doubling the interest rate to 20%. western allies sanctioned the bank the u.s. and eu and canada agree to exclude a number of russian banks from the s.w.i.f.t. international banking system a move that will wharmed ability to make payments this is the question whether the west would move forward on ejecting russia, its main banking entities from using the s.w.i.f.t. system. they have announced they will be targeting russia's key banks we are seeing a major sell off in the european lenders as investors assess exposure to
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russia directly and how they are impacted by the sanctions. we are awaiting details on what the sanctions will look like in practice we have down about 10%. deutsche bank down 10% massive reaction in the banking sector we will speak to a specialist to talk about what this means for the european lenders this is the picture for he can equities the cac down 2%. ftse mib down 3% more resilience in the market. down under 1% in switzerland the tone is risk off this morning. the u.s. and eu and nato condemned vladimir putin's order
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for nuclear forces on high alert. putin is readying the systems, including nuclear arms because of aggressive statements this move is in line with russian policy, but does not mean putin is ordering preparation for a nuclear strike president putin warned that anybody who tries to hinder operations would face consequences like never before the russian leader justified the escalation by blaming nato leaders. >> translator: you see only other western countries engaged in unfriendly actions. the illegitimate sanctions everyone knows about the top nato member countries allow aggressive statements toward our nation. i'm ordering the defense minister to switch the russian armies on to high alert mode of
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combat standby duty. >> we have comments coming through from ukraine's president zelenskyy on the state of play in ukraine let me tell you what the president says zelenskyy says that 4,500 russian soldiers have been killed so far. he, again, appealing to russian soldiers in the speech he has given. save your lives and leave. this is president volodymyr zelenskyy of ukraine saying 4,500 russian soldiers have been killed so far. a big day today with the expectation we will see talks between ukraine and russia let's get out to hadley who is live from moscow hadley, major developments over the weekend with the step up in measures from the west and response from moscow talk how russia responded to the escalation and sanctions from
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the west and what is in store for these talks later today. >> reporter: good morning, julianna that is right. we have been tracking since the start this morning has been the plunge of the ruble against the u.s. dollar to unprecedented lows you will remember in my conversations with ukrainian officials in the past, they said again and again, this is a country that russia needs to be barred from the s.w.i.f.t. financial system and need to have direct sanctions and that is what the west, eu and united states really gave them over the weekend. the response as you see was vladimir putin essentially taking this as some act of war against russia and deciding to put his nuclear forces, deterrent forces, on high alert. what we hhave seen this morning is the russian state bank hiking rates 20%. they worried what is happening over the next several hours is going to really impact their
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ability to fight inflation you remember in the summer, i had the last conversation with the central bank governor which is to have a tight and strong fiscal policy and monetary discipline they wanted to try to ensure the sanctions placed on russia since 2014 had as little impact. we understand now, it would have as little impact as well they were not able to buffer the russian economy against the severe sanctions we have seen implemented over the weekend to step back from this, i had the chance to speak with the former deputy chairman of the russian central bank i said is this as the russians are characterizing this an act of war by the west he side it is a hybrid act of war. you think of it brdoadly, it wil take a while and currency fluctuations to impact every day russians how can that be since we heard
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runs on the banks and people not finding cash you think about the russian population, 2/3 don't have savings accounts inflation happens over time. by the time it impacts the russian people, they bwill forge the moves from putin today he is thinking six months from now how it will impact the daily lives of russians. i asked about the move of pp yesterday. deciding to pull back from russia and take a potential $25 billion hit as a result of thinking that better short-term pain for long-term gain. international oil companies doing the same thing he said this is the best way forward. this is the only way to make any impact on vladimir putin it is the only way to touch him and his inner circle julianna >> hadley, thank you for your coverage with the fresh views. i want to take you to fresh lines coming from zelenskyy as
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you can see he is speaking live. let me bring you the latest. i mentioned a moment ago before hadley, zelenskyy said 4,500 russian soldiers have been killed so far. zelenskyy appealing to russian soldiers saying save your lives and leave. earlier this morning, he said he is asking the eu for immediate session under new special procedure and there he is as you can see speaking this morning. one of the other major developments over the weekend has been the sentiment that has built around zelenskyy and contrast to what many had expected and believed he has not left ukraine he turned up in kyiv over the weekend and holding storong the key line from zelenskyy is 4,500 russian soldiers have been killed so far. he is speaking in ukraine. we will continue to monitor anything that comes from this.
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we are also awaiting the meeting between ukraine and russia to happen later this morning. we will have to wait and see what comes of it clearly, the tension is high and zelenskyy is making a push to be seen and speaking and holding strong in ukraine. we will continue to monitor any headlines when they come out one last thing from zelenskyy coming through zelenskyy says ukraine will release prisoners with military experience if willing to join fight against russia trying to pull out all of the stops to get more people on board and in the fight against russia thats has taken place i ukraine. we heard 16 children have been killed and 45 wounded over the past four days blasts have been heard in two ukraine cities
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moscow claimed to have gained control of kharkiv before it was pushed back by the military. in the capital kyiv, citizens took to bunkers to shelter others made molotov cocktails and others took arms over the russian incursion. the latvian government allowed their citizens to fight alongside ukraine. it is people must be allowed to defend independence and the countries common security. nbc's erin mclaughlin reports on the gas, food and medicine shortages impacting the country. >> reporter: in kharkiv, a street battle. a handful of troops firing off guns and heavy weaponry.
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going into the war, some thought they would be easily overpowered by the russian military. behind the soldiers, millions of ukrainians joining the fight any priv any way they can >> we have ukrainian army. >> reporter: in her neighborhood, natasha has put down her brush and making a molotov cocktail h hunkering down in the bomb shelter. >> we have this molotov cocktail preparation department not really strategic department then kids room then cooking room. >> reporter: similar scenes across the country how-to instructions broadcast on state tv the former prime minister going viral with his demonstration potentially potent tool against
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the enemy which has advantage in the air. and my colleague matt bradley running for cover. >> the second air raid siren we were able to go below to the parking lot. >> reporter: in the western city, thousands seeking safety an immigrant now working to save his adopted country. his world war ii bomb shelter turned nightclub is now a shelter. >> i have been living here ten years. it is home for me he if i was not born here, but i'm ready to die >> reporter: he is providing food and converting the downstairs club for people to sleep. >> you want to do something. you want to do many things >> reporter: conviction echoed in the streets of lviv in the country vowing to win the war. i want to take you to the fresh lines in ukraine
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the president speaking in ukraine. zelenskyy saying 4,500 russian soldiers have been killed so far. 16 children have been killed and 45 wounded zelenskyy saying ukraine will release prisoners with military experience if willing to join the fight against russia as you saw in the video from nbc colleagues, we are seeing significant civilian efforts under way with the recipe and instructions more molotov cocktails. massive effort from the civilian standpoint and trained military. we will continue to listen for fresh headlines from ukraine the president said we had news a half an hour ago the ukrainian delegation arrived at the border for talks with russian representatives. in terms of the goal, the ukraine president's office said the goal is immediate cease-fire and withdrawal of russian
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troops we will wait and see what happens. in terms of the impact lufthansa cargo canceled a flight from frankfort to asia. clearly the impact of the sanctions and the changes around air space with impact. we have lufthansa shares trading lower. lufthansa canceled 30 flights to russia this week let's look at the airline stocks and see how we're trading this morning. massive hit as you see we have wizz air down 10%. lufthansa down 5%. iag taking a hit as is airbus. difficult day in the airline space. one area that is seeing significant demand this morning is in the defensive stocks germany agreed to send weapons to ukraine
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making historic u-turn in the post-war policy. that is world war ii olof scholz signed off on the issue. also allocating to an armed forces fund and ramp up to the military spending. this pushed defense stocks sharply higher with the largest beneficiary of the shift you see the defense stocks are catching incredible bid this morning as investors price in what this increase in defense spending will mean for the stocks the manufacturers of the defense goods. i want to flag what is happening in the russian ruble the center of the attention over the weekend. the russian ruble with losses. moving to 97 versus the dollar down on the day. currently at 100 the central bank in russia
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coming out this morning trying to over defense of the currency and reassurance that we won't see a further plunge in the ruble. let's talk through that will be the case the head of the strategy from goldman sachs joins us now thank you for being with us. this morning, the russian central bank came out raising interest rates to 20%. clearly an attempt to offer reassurance in the wake of the news this weekend that the west will be targeting the russian central bank and targeting those reserves what is your take on the developments over the weekend? we will get into the details in a minute >> good morning. thank you for having me. the last point you mentioned, reserves, targeting of the central bank reserves is the most important piece of the news here if you think about the russian ruble and a lot of the russian
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local assets the fact they have a significant amount of reserves upward around $600 billion the main and first line of defense against russian local assets i think targeting of that and freezing of reserve assets, it becomes very hard for russia to essentially defend the ruble from the sorts of the pressure that you are seeing. i think we should expect the ruble to trade weakly. it is no surprise with the volatility in the markets today. >> look aging at the volatility, you are seeing the global markets. how is the volatility we are seeing now compare to historical moments like annexation of crimea in 2014 >> if you think of that period, it was the end of the year and escalation of violence in the
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donbas and fall in oil prices. there was a de-couumulation of e oil reserves there was a significant intervention in that period. that gives you one sense of the role the reserves play in stabilizing currency at that time, you saw a big sell off in the ruble fast forward to today, the main defense mechanism is inn accessability or not accessible to russian authorities, it will mean more significant pain and volatility in the local assets those assets apart from the technical with how people transact will become un-investable. >> on that point, i was going to ask before investors watching this program, are russian assets
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investable >> i think it is very hard at this point especially with the range of sanctions. we await a lot of details. it is very hard to imagine people will be looking for fresh positions. i think, you know, the pressure is likely to be intense and likely to be sustained i think when it comes to the broader emerging market land landscape, that is the place where it may -- obviously there will be a big risk premium in assets we are seeing that across global markets as we digest the news from the weekend with the violence and sanctions further out, we think the market will make a difference with the assets closest to russia and russian assets first and foremost when you go broader across the market landscape, some are swept away in the volatility i think that is still a few days
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away >> which em assets are most insulated from what is happening between ukraine and russia >> i would say that when you think about places that are, a, commodity producers that benefit from the increase of the prices we are seeing and, b, far away from the theater we are seeing, those are the ones that are most likely to remain somewhat insulated or the medium term i think that is obviously places in latin america which is an important group. a lot are commodity producers. they will still have the negative impact of the oil prices over inflation. on the whole, they should stay insulated relative to the others in central eastern europe. i would say the gcc area the gulf area of the middle
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east somewhat far away from that theater of conflict. i think that is also another area that may have some degree of resilience. we saw that last week a little bit through the volatility >> thank you so much for joining us this morning and sharing your expertise with us. coming up on the show, european banks sink as western allies target the russian sector in the stepped up round of sanctions. we'll be right back. keeps has given me the control of my hair back. seeing the progress was awesome, seeing my hair grow back so quick. i feel great, i feel confident. i feel very happy about my journey so far with keeps and where it's going in the future. get started at
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welcome back to "street signs. halting deals with russian commodity trading. top russian lender says the european unit is experiencing outflows it will detach deposits within
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the eu the ecb has warned the branches are facing collapse. austria is issuing a moratorium on the bank. sberbank shares are trading lower. we are seeing selling pressure across the european banking sector stoxx 600 down 5.4%. heavy selling taking place in the names. deutsche bank down 9%. so major selling pressure. let's bring in philipo at federated hermes we are seeing massive selling pressure assessing the damage from the sanctions and the way forward. do these sanctions make sense in the magnitude of the impact? >> good morning. yes, of course, in light of the
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entire crisis in ukraine, we are experience the first ordinary reaction you have something which has not been tested before it was part of the russian large financial payment system and the global advanced is exposed to the russians with the oil and gas which goes from russia to western europe >> in terms of those gas flows, to what extent will these new measures, the ones targeting the financial sector, obviously, but ejecting top russian lenders from s.w.i.f.t., what could that undermine the access of russian fossil fuels >> it is too early to tell the
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consequences this is about the facts. you can clear transactions, but it takes time. and then the euro stocks are trading down and the risk is we have a commodity price and on the reorganization of interest rates. the ecb may be closer to increase rates because of the spike in commodities of course, the confidence is low. everyone would see the utility going down as well as the confidence this is actually a stall on the
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banks today. >> on that point, money markets are pushing back for the timing of the first ecb rate hike to september from june earlier this month. what is your working assumption now to when the ecb will raise rates? >> i think at the moment, it makes sense to push back the expectation. of course, we need to see how the situation will develop in the next few weeks and months. i know there is a new renewal diplomatic accord to come to a cease-fire we need to hope we come to cease-fire i think it is difficult and the ecb will be more aggressive. >> very clear. thank you for joining us this morning and sharing your views head of financials at federated
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hermes. still ahead on "street signs. olof scholz agreeing to provide weapons to ukraine marking a sharp u-turn in the german military policy
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welcome back to "street signs. i'm tatejulianna tatelbaum and e are your headlines ukraine's president announcing details over the conflict. and russia hiking the interest rates to 20% after sanctions isolating moscow from the global financial system by targeting the central bank and the s.w.i.f.t. payment system. european stocks trade lower with banks leading losses as lenders are impacted by the russian exposure and the defense sector rallies after germany boosts the defense spending to 2% of gdp in the historic military u-turn
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>> translator: on thursday, president putin decreated a new reality with ukraine this reality requires a clear response let's take a look at how equity markets are trading sell off taking shape. the cac down 3%. german market trading at 2.6% lower. italian plunging 3% lower. the swiss market down .9%. ftse 100 is down 1.6%. we are seeing a risk off mode as some embrace and try to understand the sanctions, new sanctions imposed, announced by the west, will mean for european equities and the geopolitical picture. there is one sector taking the biggest hit of all the european banking sector.
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let's look at the trading. massive selling. c comercz bank down. we are dealing with the direct impact of the measures and what this means for european banks exposure to the russian economy, but the second order of what all this means for european monetary policy and will we see the ecb step back and take a cautious approach to normal 00iizing poly if we are now looking at a longer timeline to rate normalization, that is a headline getting hit with the double whammy we are sithit with the major mos to the upside.
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major moves across the european defense names because of the historic u-turn from germany olof scholz coming out and surprising many with the turn on the germany defense stance abandoning the military restraint it has held since world war ii an inflation point in the world order given the stance from germany. looking at the key london listed russian stocks not surprising with the sell off after the sanctions announced and what this will mean for equity prem off 50% magnit off 70% investors are dropping stocks. as we discussed earlier on the program with the em head from goldman sachs, many are looking
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at stocks as un-investable let's look at the u.s. markets. all three major indices down dow jones industrial average with a 500 point drop at the open if these levels hold. currencies are a focal point for investors. we have the euro trading on the back foot versus the dollar. strong demand for the safe haven dollar euro down .90% and again, the second order impact of what this means for european monetary policy is clearly factors in here. we have sterling trading lower versus the dollar. trading down .25%. let's look at how brent and wti are holding up this morning. wti bouncing about 5% to $96 a barrel brent hovering around $102 per barrel clearly that monumental
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crossover hit last week for the first time since 2014. we have stabilized somewhat around the $102 mark ukrainian delegation has arrived at the border with belarus for talks with russia. zelenskyy said the negotiations are without pre-conditions lushenko has grounded planes and missiles while talks are under way. the russian invasion could force 4 million ukrainians to flee the country. spawning one of the worst refugee crises in more than 70 years. steve is on the ground covering it all steve, what has it been like the last 722 hours? you are in poland. >> reporter: we have been down to the border.
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i can only say it is horrendous and tragic there are stories of tragedy as well at the crossing to give you a few numbers as of lunchtime yesterday, the u.n. had 368,000 ukrainians which had fled the war zone and conflict half of them come through across the 332-mile border from poland to ukraine other transit points in romania and slovakia and hungary as well we are 14 kilometers from the border in the town which is the largest transit point for the refugees leaving the war zone and goggles where. we have seen stories of hope today. one gentleman i spoke to drove down with a couple colleagues from estonia to come to ukraine to bring people back and take them across europe he took on a bigger operation.
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we can work with other players he has an app going up in the next 24 hours to connect displaced people with friends and family all over europe it is amazing what we are seeing i saw another story. i spoke to a gentleman who was a former libyan refugee. he fled the conflict in libya in north africa thought he found safety north and now he is now another displaced person he had his ruck sack and now he will try germany they are not based in mystery, but based in fact. we know over 1 million ukrainians displaced in the last eight years. you remember conflict we are seeing in the last four or five days is not new to this country, ukraine, that is the pros and conflict in donbas caused 14,000 deaths after crimea, that displaced and
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1 million ended up in poland and elsewhere in the eu. i spoke to samantha power who is the former u.s. ambassador to the u.n. she is leading the u.s. disaster response team down here. she is the boss of u.s. aid. a $27 billion administration organization and huge amount of support from her from the u.s. and eu and uk and others into this part of the world we know the military has come down as a show of nato and help out with the refugee crisis. all around this yarea, there ar refugee distribution centers where people are donating food, diapers and medical supplies as well it is extraordinary. here in przemysl, you have support from the polish government that is no mean feat when you
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see what the difficult part of the world is politically if you know anything about the part of the region, know there has been tension with ukrainians and pols in this part of the world. a lot of those grievances have been put aside and frankly, the pols have put on a magnificent performance. a lot of women with children who look stoic in the face of leaving their fathers and brothers behind because, we know, martial law in ukraine, if you are between 18 and 60, and male, you are staying put. back to you. >> steve, you left me speechless with the scenes of the last few days i'm in good company watch what is is unfolding. thank you for bringing us all of your coverage. germany has agreed to send weapons to ukraine olof scholz signed off on transferring 1000 anti-tank
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weapons and surface-to-air missiles to ukraine. berlin allocated 100 billion euro to the fund olof scholz told the lawmakers the country must be better prepared to defend it self >> translator: it is clear we need to invest more in the security of our country in order to protect our freedom and democracy. the 2022 federal budget will provide the special fund with a one-off sum of 100 billion euro. we will use the funds for necessary investments and defense projects we will invest annually 2% of the gdp in our defense >> the move is supporting defense sector trade with key stocks higher. you have gaining nearly 30%. a major gain an s across the spe
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let's get out to anetta to talk us through what many are calling historic u-turn from germany the reason is this represents abandonment from the german military restraint that has been in place since world war ii. it be an inflation point with the world order. talk about the moment about the historical perspective and what it means for european defense spending moving forward. >> reporter: it is historic moment i think yesterday's speech in front of parliament, olof scholz had an historic speech as a huge u-turn of the defense policy since world war tii he want to see ukraine's military be one of the strongest
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and best equipped in europe. that means an overhaul ever since world war ii and since the beginning of the merkel era after the fall of the soviet union. in the '80s, to give you an idea of how much our military has been shrinking, in the '80s, there were 3,500 tanks in the military right now, 300 no way we could confront a military confrontation or go into a military concentration with a country like russia what happens now is a forceful revival of the germany military. it will remain to be seen how they want to staff it. the military service is voluntary. it is not very well popular are to go into the militaryright now. they really have to do a lot more to attract talent to the
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military if they want to expand to a sizable force olof scholz was saying this 100 million euro this year which will be spent to buy jets and drones, et cetera, tanks it will be spent on european companies. that is why the shares are moving m to sum up, it is an historic shift to the defense and energy policy what happens now is to resist the nuclear exit they are looking into, perhaps, extending the lifetime of the existing nuclear reactors to dp diminish the reliance of the russian oil and gas.
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>> annette, thank you. i want to talk about the eu sector the commissioner said later today i will ask eu ministers to support the emergency sync of the power grid there are efforts under way to shore up the security of european energy given what is happening in russia. you have a look at nord stream 2 investors in the project gas prem was selling off sharply. we have big news fro corporate perspective. bp will invest 20% stake in the russian state owned oil firm the ceo will resign from the board immediately. it is holding which is no longer in line with the business strategy the action is in the best interests of the shareholders. shares down 7% this morning. shell's partner is also coming
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under scrutiny the oil giant has been working on the project which has seen help build an lng terminal shell down 3%. norway has removed russian assets from the $1.3 trillion sovereign wealth fund. the prime minister said the governmentdecided to freeze russian holdings in response to the actions in ukraine the fund held 25 billion kronas as of the end of 2021. equal to $3 billion. looking at the big moves this morning these are the names most impacted by what is happening in ukraine. there is the picture no surprise. major selling. coming up, russian central bank governor attempts to shiel the country with the massive wl veordeiler the sanctions weilha me tas after the break.
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there is a look at european equities trading r red across the board cac down 3%. the dax down 2.4%.
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ftse mib down. clearly we are seeing risk off sentiment take hold. around 2,000 people arrested at anti-war protests around russia the demonstrations took place in 48 russian cities on sunday. russia's central bank doubled the key interest rate to 20% to counter risks on western sanctions and the ruble decline. they ordered to sell a majority of revenue saying conditions had change this after the allies targeted the foreign currency and moved to eject russia from s.w.i.f.t chris marsh join s us now chris, talk about the implications from the west targeting the central banks foreign currency reserves in
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this way >> good morning. i guess the implications -- first of all, a geopolitical issue here, which is they are going offer the central bank reserve which is the buffer the economy has to withstand any shocks essentially the decisions taken over the weekend has frozen about half of the reserves at the central bank holds what is really important here is the fact that as a result of the too many or not enough safe assets in the eurozone the euro system and central banks in the euro system is controlling deposits on the system the largest is the bundes bank if they blocked russia from s.w.i.f.t., it would have access
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to reserves in europe. probably $150 billion in securities and maybe $120 billion in deposits with the euro system. in terms of the government securities as well the freezing of the central bank russian reserves means they cut off 50% of the international reserves that means the cbr has a smaller buffer to withstand shocks hence the move in the currency and need to shore up the currency with interest rates and capital control. >> what further measures could the central bank to take to mitigate the measures? do you see them turning to gold or something like cryptocurrency if they need ways to trade and exchange internationally >> so, they have obviously gold. they have about $130 billion in gold reserves. this is held domestically.
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they are looking to bring gold back in a case like this should arise. they have other securities which are with china and probably places like india. they have some access to other liquid securities. it is only half what they used to have. the obvious thing for them to do is use gold. it is not clear how liquid that will be at this time presumably they will find a buyer if they look hard enough the other option is to use their securities they have in china and one way we see this working out in the long run is china and russia will end up with larger bilateral relationship with trade and finance. russia will essentially be cut off from most of the world, but end up with a trading and financial relationship with china and maybe india. >> chris, that is all we have time for thank you for jumping on and giving us a picture.
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chris marsh. let's look at u.s. futures and how the wall street session is coming together we have a heavy sell off taking shape in europe. much of the same for the u.s like we have seen in europe, we bounced off the lows still losses in store. dow jones industrial average looking at 440 point drop. nasdaq at 185 points s&p is 65 points we bounced off the lows from the three futures. european equities continue to trade firmly in the red. again, bounced off the lows. coverage continues "worldwide exchange" is coming up next. that is it for me. i'm julianna tatelbaum this has been "street signs.
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global markets under pressure as investors weigh the financial fallout of russian invasions of ukraine and the west decision to cut moscow off from the world financial markets. this as the ukrainians hold off russians from the key cities both sides are set to meet today in the first face-to-face since the attacks began tf it is not just stocks. pal


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