this is europe talking about peace. this is europe talking about, of course, supporting ukraine. and this is europe talking about it's future because they are worrying about their future. the war and ukraine has really threatened all the old assumptions or what the future of this continent would look like. and in one of the early speeches here, then we already heard the sentence, that is the, the future of the world is being dominated, will be dominated by empires. and europe doesn't stand a chance if it doesn't, more or less become an empire. that means if it doesn't really become united and speak with 11 voice, if it won't be able to defend itself, if, if a won't be able to def, define its own policies. so this is really what is at stake here. and this is what ursula fund line will be speaking about because this is her task. she will have to lead europe at this point into this very uncertain and rather threatened future. and so just so we're clear this conference on the future of europe is vis a response to the war in ukraine or does bid this precede that. now it did, of course

europe has to defend europe. as mrs. america does. >> i'm a -- believer that says nations should spend at least 20% on modernization. -- it is a great moment, if confirmed part of rado will be to help diplomats and the agency of the united states to convert those good intentions into facts. >> what about legislation i'm working on? >> i would rather not comment on legislation if you don't mind. >> thank you. >> thank you, senators sylvan. --- sullivan. >> thank you. i ask the following questions. since you became an illegal -- a legal dult have you had any sexual requests or -- ? >> no. >> -- what countries are taking in the millions of refugees from ukraine? >> that is an amazing story and heartwarming. as you know, early on, my command was directed to prepare for assistance for americans coming out. but we anticipated needing to help with the refugees. we correctly anticipated about 6 million refugees in europe. it was unnecessary. the people of poland, romania, hungary and slovakia have opened their doors and hearts t

for example, the western europe. it's all kinds who are involved in gauged me, accession process focus and that needs to continue. their vocation is clear, quickly, almost, but we obviously festival context as you're pretty t also need given the new geopolitical context left well to find help, a way to see ability ah, your little to ensure that it's unified and stifle a better without under nathaniel making the intimacy within the european union, more fragile to leak. we have a historic 2nd one, a duty here, not to do things that the way that we've always done and to say the only response is obsession and fictional is to look at that. we need to do that mocking of some is open up a historic and process of reflection given the events that are currently locked, taking place on the construction of our continent community. i don't need thought of. ah, family who can say is always one of common values. it's been abandoned by russia. we only begin melody. stella. we are being shaken by the tides of history. a clever enough

troops in europe now. we have 40,000 troops under direct nato command in the eastern part of the alliance, significantly increased over the last month since the invasion. and we have significant air and naval presence. this is not to provoke, this is to make sure that there is no room for any miscalculation in moscow about nato's readiness to protect every nato ally, so they don't think about attacking a baltic country or another nato ally.ve as long as they are absolutely certain that the whole of nato will come to the defense of any ally, one for all, all for one the core of the nato then they won't attack. so then we are preventing war and preserving peace. and that's the reason why we have strengthened our deterrence to preserve peace. >> thank you. last question. we just heard the president of the european commission, ursula von der leyen, talk about europe's and the eu's response to the war by unity and support. how do you feel about the prospects for a closer cooperation between nato and the eu on s

between nato and europe. that is the reason why we made it clear that we will support ukraine to uphold the rights for self-defense and -- enshrined in the u.n. charter, but nato will not be part of the war. we will not send in nato troops on the ground. support, yes, not be directly involved. also the reason why we saw -- we so significantly have increased our military presence, especially in the eastern part of the alliance, there are 30% more u.s. troops in europe now. we have 40,000 troops under nato command in the eastern part of the alliance. significantly increased over the last month since the invasion. and we have significant air and naval presence. this is not to provoke. this is to make sure that there is no room for any miscalculation in moscow about nato's ability to protect every ally so they don't think about attacking a baltic country or another nato ally. as long as they are certain that the whole of nato will come to the defense of any ally, one for all, all for one, a core of nato, then the

navy and naval forces in europe and air forces in europe. it had a huge effect, a huge, positive effect. on the back of that, we have increased activities with our albanian allies. if i am confirmed as the commander, i will continue to pay close attention to the levels of our presence and the amount of interaction we have with our allies and our partners in the balkans. i think it is important. >> that is great to hear. to stay with the theme of partnerships, i am proud to represent the michigan national guard state partnerships in latvia as well as liberia, two programs that i expect well given your current position as commander of the u.s. army both in europe and africa. my question is if confirmed as commander of the most powerful alliance in the world, how will you leverage the national guard programs to achieve your objectives? >> senator, in my current role, we use and leverage state partnership programs every day. if i am confirmed, you will be able to add me to the list of combatant commanders who love the state partnership program.

it is the linchpin of security in europe. when i, mary sarotte, read that in the documents almost fell out of my chair because it's incredibly prescient. president clint was saying we need to offer birth to ukraine and we can't just put ukraine in nato in 1983. so, this partnership for peace is great because it doesn't draw you line it off for his birth for ukraine. which, by the, way have been born nuclear. it had so much of the soviet nuclear arsenal of territory, that on the day of independence, it was the third largest nuclear power in the world. -- around the world. so, he wanted to do something for ukraine. this was an approach that i think would've made more sense then, was a perfect now at the time. people hated it because it was not a sexy has expanded nato. the polls really despised, the checks as well. they really wanted to get to the nato, which is understandable. and as a new sovereign democracy they had that right. but they had a huge advantage, it was minimally acceptable to all stakeholders. so, it actually st

europe needs gas, but russia needs money. so in that sense, you will not get into a situation where russia will just arbitrarily turn the gas off, because it needs a financial lifeline in order to sustain the economy and provide employment subsidies, social subsidies, et cetera. the situation in russia will be very difficult and very different tomorrow if those gas flows were cut off and the money stream was disrupted. so in that sense, there is a lot of bluffing. there is a game of brinksmanship, there's a game of chicken. it will play out over the summer when the energy market requires less volumes. it's a good time to play it. the hope here in moscow is that, as far as i can hear, that they hope all of this will be resolved and dusted and finalized before we get to the autumn delivery season. laura: that will be interesting. andreas, do you think the russia might lose this bluff? the e.u. is standing resolute, saying it's response is immediate and coordinated. is it going to be enough to wean themselves of precious fossil

how do we get from a non-integrated europe to an integrated europe in this new europe? >> this is a conversation that needs to happen and it's excellent. it's going to be difficult to do that in the current moment. even getting to some sort of idea of how their will be a negotiated sentiment, the unity across the west and the drive-by finland and sweden potentially to move into nato means the unintended consequence of all of this could be a hardening of a line between east and the west that will stay with us for a lot longer than this war. that would do none of us any favors as we look ahead. tom: the general talked about our holiday from history. we have gotten used to the end of the holiday for those what you watching from london? >> there are multiple things we are watching. we are watching the fight on the ground as moved to the east. are we seeing a serious conversation on how to bring this war to a close? most people are pessimistic how it's running. they say could run for several yields. what will the stated goal be? that will require some indication that russia

so today we will propose to ban all russian oil from europe. of course, if a heavy load to bear, but we are ready to run through new dawn for european energy independence. hon members, we once ukraine to win this war also on the day 5 and a half a 1000000 people have fled ukraine since the start of the war. an unthinkable disaster for all of them, but a question of life or death or the parents of severely ill children. like i can sleep at nights even when does he does the sleep hours aluminum. i keep checking on him. i pray to god that he won't stop breathing. why? and sometimes it seems like he is not breathing hello and a very warm welcome to the show. another european economic salvo is heading toward moscow as the european union proposes a gradual embargo on russian oil. and the new sanctions regime would mean a sizable cut to rushes energy and come from its western neighbors. and it's not just oil banks to are also been the focus of this 6 and toughest round of sanctions imposed by the you for russia's war on ukraine. stepping up, the press

so for western europe, for europe, where the price is, the price is being much greater. europe is shooting itself of the foot. i think the, the dramatic expansion in the production of cheryl gatson, united states is literally as leveled off. so do i think that europe could cope without russia? i guess i think the answer is no. it, it won't be able to, it will be able to impart by bringing and gas from the united states as, as it's currently drilling and trying to expand whether or not with success in l n . j, from the united states at higher cost. the guess that can be bought from russia. so there's a cost to the european economy, belonged in longer term deals. the number of people killed in a hotel explosion than the cuban capital has reportedly reached 25. the incident happened on friday with a gas leak, named as a potential cause of the blast. the 5 star hotel had been closed. the tourists with renovation happening at the time of the exclusion emergency services remain out sites. it's unclear whether more victims may be trumped. under the debrief though, as billionaire long must prepare

. >> the countdown is on in europe. this is bloomberg markets: european close with guy johnson and alix steel. guy: 30 minutes to the close. this is what the price action looks in -- looks like in europe. nietzsche is having a good day. tech is not. but we are watching carefully what is happening on the others of the atlantic. the pound is on offer as well, but it had a strong day yesterday. i will talk you through the inflation narrative in a moment. we haven't had this inflation since 1974. that was quite some time ago. in terms of the bond market, german 10 year yields on offer a little bit. we are seeing bond prices come up just a touch. but i think central banks are as confused as anyone else by the story. we will talk about the european data in just a moment. alix: part of that might be the bid coming into the bond market in the u.s. as a stocks rollover. the nasdaq 100 up by over 2%. pretty good to is here with the latest. >> this is interesting, because this is coming off of a strong rally yesterday. to see it a

stock futures in europe down .8%. concerns about chinese data which is why we are seeing more of a correction. tom: and the chinese economy is paying a price with industrial output and consumer spending sliding to the worst levels since the pandemic again. joining us to break down the numbers is our chief asian economics correspondent. it looks like economists have gone wrong on their estimates, where they undere thes impact of lockdownstimating? >> it looks out there having a much bigger impact than was expected. you mentioned weakness in terms of industrial output and. on the jobless side of things, there is a survey jobless rate which captures that market which rose to 6.1%. within those numbers, youth unemployment hit a record 16-20 four-year-old age bracket. there is a sense of urgency in terms of putting a floor under the economy. there is some good news coming out of shanghai today with the vice mayor gwen mckenzie roadmap for how to a lot of this. but of course, everybody is asking how sustainable covid zero w

a think tank dedicated to public policy in france and europe versus lab. how do you explain rushers resilient economy despite the string of unprecedented western sanctions? yeah, as you mentioned in your coverage. so it's been a much better than expected. so i would like to stress the russian oil and gas flow grow. and so still, despite all the conversations about implementing strong, better than not helping stopping the expert actually goals, then despite the fact be dependent on the russian get why and europe is very high. so it over the russian market in europe, all the 30 percent and even now, just about 40 percent. and some countries like central to europe, it's more than 80 percent and gas balance covered by russia. we've been that it's not easy actually. it's a great one. just talk, flowing and the buying and having some trading relationship. so in this, by the oldest press, all this political now just political dispute. it give more to the market. it's very nervous about the, you know, stopping, and then the just, you know, not having russian suppl

the turning point in history requires that in europe, we think beyond just a day. and we will also be following the many good doctor proposals that the european citizens gave us as part of the future conference and europe day that we presented their proposals. all gonna give us a monopoly, your chin citizen, just want to have a more efficient european union that is closer to the citizens and of it. we'll be focusing on this. many of the proposals are very specific. one doesn't want us to make moral progress with european union that with the environment rather, they want a better progress with defense capacity cap abilities and closer ties within your don't. many of these things can be put into practice quickly. that's good office, healy dean. only this is also true for many of the ideas about making the european union indian more efficient. for example, in the council having majority decisions and in recent weeks and months, i have seen that this idea is and is becoming more and more popular and verify that and where necessary. we could talk about an amendment of t

so, for western europe, for europe, where the price is, the price is being much greater. europe is shooting itself in the foot. i think the, the dramatic expansion in the production of cheryl gatson, united states is literally as leveled off. so do i think that europe could cope without russia? i guess i think the answer is no. it, it won't be able to, it will be able to impart by bringing and gas from the united states as, as it's currently drilling and trying to expand whether or not with success in l n . j, from the united states at higher cost. the guess that can be bought from russia. so there's a cost to the european economy. notice belonged in longer term deals. the number of people killed in a hotel explosion and the cuban capital has reportedly reached 32 while 19 are still missing. according to the red cross. the incident happened on friday with a gas leak named say potential cause of the blast, the 5 star hotel, being close to tourists with renovation, taking place at the time of the explosion. as you could see there almost the entire front section of the building with blue apart

, not just in europe. it could be a wake up call for europe to also look at ation. india has so far defended its neutrality over the war in ukraine as it maintains close ties with moscow. ukraine has been a central topic of discussion between the indian administration and western counterparts for the past 2 months. india is top. diplomat has insisted that his country needs to rid itself of the idea that a foreign power could define new delhi policies as it should not need to seek approval from the west. we got reaction from a former senior official in the indian foreign ministry who pointed out numerous tragedies in asia that were ignored by europe. we are being given summons about how we should behave. and i think a minister should go was right to point out. ringback it shows me more prices, whether it clues on the song or the problem of it or isn't and to which the europe in countries paid no attention. not the concerns of the nation countries. so i think that he was quite right in pointing out that if y

in addition, we added another 5-6 pcm of gas to europe. dani: have your customers been reaching out to you concerned, trying to secure more supply? anders: yes. we have constantly, customers talking about securing supply from us. we are in a very good dialogue. we have been relied on for decades to europe and for us it is important to deliver gas at the same level as we do at the moment for now, but also to be a reliable provider of gas in the future, meaning we will have to also continue exploring in the continental shelf to make sure we can keep up the level of production we have today. francine: you are sitting on a lot of cash. what will you do with the cash? given a lot of countries in europe are trying to stop their reliance on russian gas and oil, what does this mean for the transition? anders: for the cash, we are investing in our future. we have an attractive portfolio within oil and gas but also within renewables, particularly in the u.k. where we are investing in the world's biggest offshore wind park. it is important that we ar

did russia just turn off the spigot on europe? moscow has announced sanctions on 31 european companies, including gas prom giovanni of the former subsidiary of russian gas giant gas problem that is now controlled by german regulators. as well as germany's biggest gas storage facility and gas trader, wind gas economy. mr. robert hop back on thursday confirmed that some companies are no longer receiving gas due to the sanction. though, he said the country has found alternative suppliers. for now, for more in this, i'm joined now by had invoiced. i'm the director of energy climate and resources at your age, your group in london heading thanks for being here. so what do you make of this? we've already seen russia cut off all the nope. and bulgaria is this the moment when russia cuts off the rest of europe from its gas it's not.

so europe is following the u. s. the directions not to have contact with russia without contact with russia, is not going to have contact with china because china sees that europe is going to try to do to it just exactly what it's been doing to russia. and obviously, as a result of this, this current situation for many years now, russia and china have been growing closer, you know, diplomatically and economically. how do you see of global shift in power evolving over the next 510 years or so? the current war is dividing the world into 2 parts. there's going to be a u. s. dollar area of the u. s. europe and satellites, and there will be a multi polarity. there will be a group of russia, china together. and basically, they will be making their proposal of a different way of organizing world economic affairs to africa, latin america, and the other asian countries, and other asian countries and latin america, the global. so we'll see that it can get a better deal with russia and china than it can get from the united stat

, not just in europe. it could be a wake up call for europe to also look at ation. india has, i find a friend that is neutrality over the war in ukraine as it maintains coast ties with moscow. ukraine has been essential topic of discussion between the indian administration on western counterparts for the past 2 months. and he has talked, diplomat has insisted, insisted that his country is to rid itself of the idea that a foreign power could define new deli policies as it should not need to seek approval from the west. we got reaction from a former senior official in india's foreign ministry. we are being given summons about how we should behave. and i think the minister should go was right to point out that they showed me more prices, whether it vanished on on the problem for dinner isn't and to which europe in countries paid no attention, not the concerns of the nation countries. so i think that he was quite right in working out that day. if not, every country looks at the problem from the perspective off

the united states congress to, we've all established is pretty much running to showing in europe, began negotiating on a $40000000000.00 appropriations bill for ukraine. and that if you do the math and that that amounts to about a $100000000.00 per day, which is if you blow up to the whole year is 6 times the military budget of ukraine . so we're giving them capabilities that they would never be able to have to fight a war. that realistically, we all understand. they can't win in for 12 week in russia. and this is going to blow back. another thing that i think people have to talk about honestly, it's not as, as pressing is the outright militarization ukraine and then the military base of brushes, border, for example, it's been lind decides to join nato. but the potential for blow back, because i think that ukraine is going to become a hot spot for radical because we've already established western countries that, that bar, right, militias are the leading terrorist organizations in these countries. and they're fighting right now and ukraine, and they're going to come back to the united st

she says germany is responsible for the defense of ukraine in all of europe. what is she talking about? i mean, does she understand the, the historical implications of that? i mean the, and i, i don't know why anyone in europe would feel that they're responsible for what's going on in ukraine. i would say the leadership of the e. u at the time in 2014, there's a lot of responsibility. go ahead, marco said he does, i mean, it went in there with a lot of lost the rather as it did in the previous duplex, grew crisis in yugoslavia, beating lac one as well, promising to it's good offices in the service of peace. and in both cases we got wall and conflicts, and i think the, you just traditionally punch is above its way to these terms. it has no real power . it has a lot of bluster and he listens to itself. it's in its little echo bubbles. but at the moment it seems determined to drive its own interests in its mercedes, in all our meetings of big solid cliff over over policy really coming out for the populations of the e u. it doesn't. you just walk through us. marti

the future in europe gaining .5% as we continue to look at the discussions within europe. the m's -- msci down .6%. manus: this moment of reprieve, or paralysis and not panic could be part of the narrative around the equity story. one line in the first quarter earnings were not negatively impacted by the ukraine war. from your equity buys, what's going on with the bond market? you get a hawkish in us, come out of equities, get that trade, the dollar is still triumphant, up another eighth of a percent. there's a liquidity potential coming, or continues dying. the eu softened, backtracked, faltered on plan to his moving russian oil. it's a pretty toxic combination for the oil market. beck coined, they warned of a bumpy time. down 55% from its record high. tom: we have an insurance company in germany booking almost 700 hits from its exposure to russia and ukraine. 700 million euros in the first quarter. let's talk about what's happening in the u.k., concerns about an economic recovery that is starting to stall. queen elizabeth will miss the opening of u.k. parliament today fo

we won't immediately draw new line between article five europe and non-article five europe. and by the way vaccination for nine need experts, article five is a a heart of the nato treaty. it's the article that refers to every member state treating an attack on one as an attack on all. it's one of the most powerful military guarantees in history. so before we get into a lot of places we will have this aids in process to make sure they're interoperable to make sure that civilian control over the military and so forth. president clinton initially agrees. he says yes, that is a a good fit for vision of your. i president clinton are conscious of the fact that i have an unbelievable chance the first time in millennia to actually create a peaceful order in europe. i don't think i should just draw a new article five line across europe right away. i think that we should do this diffuse method, not least because that opens up possibilities to post-soviet states. against this is also president clinton and president clinton said i'm really concerned that post-soviet states are being for

manus: it is "daybreak: europe." fresh inflation fears barking a huge selloff and treasuries across the curve. in europe, consumer inflation coming in at a percent for the year to date from a for germany. chris waller says he backs for -- 50 basis point hikes for several meetings. bond markets on fire. two's and tends ratcheting higher. let's see how it plays out u.s. liquidity comes back into the cash market. good to have you with me. i like what dan had to say, we've gotten too excited about waller. it is not -- if it is not the chair, vice chair or new york fed, the rest are backbencher. we all got a little too excited, would you agree? >> i would agree with the analysis be we have to understand the fed is not on the business of causing a recession. that is not the mandate. the mandate is clearly to have growth and a high degree of employment. if we were having this conversation a year ago and you had asked me if inflation was a .5%, -- 8.5%, we would say the rate would be under 3%, but the fed is only had to rate

and stress that the ukraine war is now a cornerstone of europe's future. he did the european blow, his quote, shooting itself in the foot with its numerous sanctions. and bon goes on russian. well, we can now cross live to, i know him sound to get more insights on this topic. thank you very much for joining in the program. is good to see when you're in city, you say that the europeans, i could we main us vassals. why is that a festival? thank you for your invitation. i have to say that today we are not facing any station. i mean, since the 2nd world war europe came under the influence of us, not all has plates and also still is playing a key role in this effects leader such as a sheltered wall in the sixty's tried to contract this influence. but we're only partially successful. but today, also onto nature and on us political parties are on the rise in europe. for example, the last french elections point to the station. and the similar developments exist also in germany and in the rest of europe. so, i mean, today, europeans are the victims of a war, i mean

>> the countdown is on in europe. this is bloomberg markets: european close, with guy johnson and alix steel. guy: friday, may 20, european stocks running into a close -- i don't know whether we are going to be positive or negative. your up by 0.7% right now. we will see what happens. wall street rolling over quickly. the u.s. dollar still north, but negative sentiment. negative data out of the u.k. today. retail sales were better than anticipated, but dig into the details. the u.k. 10-year as you can see on offer today, yields moving higher. alix: here in the u.s., we are seeing stocks rollover. that is going to potentially weigh on european equities as well. the nasdaq 100 off by 0.6%. one reason is deere. in inventory, margin problems and a demand destruction story. if your customers are getting hurt i their margins, they cannot buy your stuff. where is the money going? tentatively into the long end of the bond market. your only down by one basis point. i do want to point out it has been a crazy, difficult week if

of a post-war europe but that overlooks the reality of europe at the stage in the war if we look at the blue on the east side of the map. this is all the red army. occupies and controls and this is going to be the thing that's going to shape. the european settlement much more than whether or not the americans take berlin or the soviets. take berlin because what truman's going to have to wrestle with. is the reality of the auto agreement in this conference happened in february of 1945 and it's between roosevelt who seated in the middle? churchill who is on the screen's left roosevelt's right and stalin who's on the screen's right roosevelt's left. this is the big three and they're coming to discuss what a post-war europe is going to look like who is going to be responsible for occupying which countries and what are these occupied countries? going to do how do we move them from liberated and occupied? to autonomous and independent and one of the things that the alta conference codifies is self-determination that the countries of a newly liberated europe. should be able to determine their

, not just in europe. it could be a wake up call for europe to also look at ation and dea has so far defended its neutrality over the war in ukraine as it maintains close ties with moscow. ukraine has been a central topic of discussion between the indian administration and western counterparts for the past 2 months. and the top diplomat has insisted that his country needs to rid itself of the idea that a foreign power could define new delhi policies. and they should not need to seek approval from the west. we got reaction from a former senior official in india for a ministry. we are being given summons about how we should behave. and i think the minister should go was right to point out that it shows me more prices, whether it was on the song or the problem or for dinner ism, and to which the europe in countries paid no attention, did not hear the concerns of the country each so i think that he was quite right in pointing out that if not every country looks at the problem from the perspective off it said g

your lover deluge your refugees coming to europe, coming to europe from syria and again in syria. i mean to sit here in this problem was going on. i mean, again, girlfriend of india, but we'll continue to recognize bush out because we believe many of the people supported by the united states and by the rest of nato, were people who were one day i've seen that the same people who are all guys on ices after a couple of weeks, they go back and reconsider like, get replenished, get money, and then after a few weeks, this look back into being ok then isis. all this has been happening. so this is not the 1st time that nato is making a horrible mistake. now speaking about consequences of those decisions. i think one of the things that separates these conflicts from all the others is that american population at home can already feel the pain of sanctions because prices are going on. there is an interest in fuel prices. there are some of the price increases. do you think the american populace, the american democracy in the state? because people are affected, the thing, it can be policy of

that is the system for delivering it's gas to europe. but could those pipelines be coming into play with 2 major transit pipelines, cross ukraine to europe. so use and brotherhood. a gas volumes through them are through. both of them are now becoming a bit harder to pin down due to the war. and the so use pipeline runs through the loo, hans region and eastern ukraine, which is now occupied by russian forces. ukraine announced last week that it would suspend gas transit at one of the pipelines hubs to stop service to that occupied area. and that stoppage effects at most, one 3rd of the gas supplied to europe flowing via ukraine. but russian gas also flows from other directions. europe only gets about 30 percent of its total gas via transit and ukraine. and there are workarounds available for more or less. let's go to our corresponding keith. funny fashion a funny. do we have any more clarity on exactly why there was this stoppage at this point in the pipeline that is going through ukraine? so the picture to ukraine is quite clear. they sa

and sending them by pipeline into europe. because europe,. [inaudible] it takes a very long time for the upper section but if you like we're on it. but because it takes a long time and with regret it will be necessary, it will be necessary to rely on fossil fuels longer than we ever expected to do so when we signed, when everyone signed that commitment. but that doesn't mean we are not constantly trying, constantly trying to reduce that dependency and find ways of turning it to our advantage over all. but i think it's one of those curves that goes down before it goes up because of the situation. the other thing i would like to put on the table in the auto context is the government. i do think there are many more ways that some of the gulf countries could be helpful to the world fuel supplies. >> mr. ambassador? >> there's one country in europe which will actually become entirely independent of russian gas, namely polen. we made a bold decision many years ago to render our country independent of imports of raw materials. one hand, and so many

our europe correspondent, nick beake, reports. they claim vladimir putin's war has brought them closer together and made them stronger. now the nato family is set to get bigger. america's top diplomat, back in europe, said the support for ukraine is for the long term. every member of the alliance wants to bring this war to an end as soon as possible. but we're equally determined to maintain our security assistance to ukraine, to continue our sanctions, export controls and diplomatic pressure on russia for as long as is necessary. the united states and our allies and partners on focused on giving ukraine as a strong a hand as possible. over in stockholm this evening, an historic moment. sweden's stayed neutral for decades, like neighbour finland. not any more — both now want to join nato. we're now facing a fundamentally change security environment in europe, and when we navigate in this new environment, the fundamental question for us is, how do we best protect sweden? and the kremlin has shown that they are prepared to use viol

there are a lot of the supplier, you'll see europe. so if he has a plan, is probably already backfired time the russian economy withstand the loss of so much energy revenue. well, the thing at the moment of course, is that it's when you talk about revenue, the price is so high that the volumes for the revenue still remains quite high. and in fact, in the last 6 months, natural gas in ports of huge amounts of money and in the past, they used to be very much 2nd, 2nd place to oil. again, the price is also high, but russia is trading. it's a very significant discount at the moment, but it is finding buyers, i think over the longer term. this will start to have a major impact on the russian economy. it will take time for russia. syrup final turn into sources of supply, and it will be costly and difficult for russia to find a solid markets restoril. so i would think, you know, over the long term period this would really stop the impact on the russian economy . you say that russia is finding buyers where all those buyers, china, that they're

so, for western europe, for europe, where the price is, the price is being much greater. europe is shooting itself in the foot. i think the, the dramatic expansion in the production of cheryl gatson, united states, is literally as leveled off. so do i think that europe could cope without russia? i guess i think the answer is no. it, it won't be able to, it will be able to impart by bringing and gas from the united states as it's currently drilling and trying to expand whether or not with success in l n. j, from the united states at higher cost. i guess that can be bought from russia. so there's a cost to the european economy. notice belonged in longer term deals. ok to another part of the world, the pakistan where thousands poured onto the streets of ram comes home town on friday as people continue to show to support the former pakistani prime minister who was arrested last month addressing the cried mister can once again reiterated his claim that the current government was imposed by the united states quote, the prime industry is also calling for new election saying to be the main demand o

ready live is supplier fossil fuels to europe. so if he has a plan, is probably already backfired time the russian economy withstand the loss of so much energy revenue. well, the thing at the moment of course, is that it's when you talk about revenue, the price is so high that the volumes for the revenue still remains quite high. and in the last 6 months, natural gas in ports of huge amounts of money and in the past, they used to be very much 2nd, 2nd place to oil. again, the price is also high, but russia is trading. it's a very significant discount at the moment. but it is finding buyers, so i think over the longer term, this will start to have a major impact on the russian economy. it will take time for russia. syrup final turn into sources of supply. and it will be costly and difficult for you for russia to find a markets rate oil. so i would think, you know, over the long term period this would really stop the impact on the russian economy . you say that russia is finding buyers where all those buyers, china, that they're in

say, yea, basically europe is a good idea, but we don't have a say in it. we don't really know how they get these results there that are then being put into laws and regulations. and so that, that seems to be the point. there is a democracy, like in europe that has been talked about for many, many years. and this whole convention and conference thing was just that one of those ideas pushed by the french president among mac, wrong to sort of get, get, get better to sort of involve people more and say ok, if you have a problem with europe, why don't you tell us, why don't you tell us what we should do politically? so this is what this was about. but as you mentioned, of course, when the war broke out, all the, all these lofty ideas and great ideals sorta tumbled all over each other. and now we're just face was totally different, much harsher reality. ok, thank you for now. barbara. barbara vazo at the conference on the future of your, of the european parliament in strasburg. we'll come back to barbara in the next few minutes. we're expecting to hear from us.

a think tank dedicated to public policy in france and europe versus lab. how do you explain rushers resilient economy despite the string of unprecedented western sanctions? yeah, as you mentioned in your coverage. so it's been a much better than expected. so i would like to stress that russian oil and gas low grow and so still, despite all the conversation about implementing strong, better than not helping stopping or actually goals, then despite the fact be dependent on the russian get why and europe is very high. so it over the russian market in europe, all the 30 percent and even now, just about 40 percent. and some countries like central to europe, it's more than 80 percent and gas balance covered by russia. we've been that it's not easy actually. it's a great one. just talk, flowing and the buying and having some trading relationship. so in this, by the oldest press, all this political now just political dispute. it give more to the market. it's very nervous about the, you know, stopping, and then the just, you know, not having russian supply and pres

slightly above 7%. 6% in europe. small improvement in inflation is something which will be favorable for the treasury market as well. dani: presuming that you do get some more calm in the treasury market, that yields top out soon why not be more bullish in this space especially given the destruction that we have seen? >> well, actually, i think we are a bit less than neutral. our cash positioning needs to be neutral. also some options strategy. we have a hedge of something like 6% underweight in equities. why are we not more bullish? basically we know that the central banks in the world want to reduce you know, demand. we do think that earnings of the company in the coming months are not going to be as high as analysts expects. there were expectations that corporate earnings would grow by 10% or 11% in 2022 at the beginning of the year. we think probably only slightly positive or slightly negative. so we think that the markets need to reprice and that is what has happened so far and there are still a lot of uncertain

. >> the countdown is on in europe. this is "bloomberg markets: european close" with guy johnson and alix steel. guy: 30 minutes until the close. this is what the price action looks like. european stocks fading. some markets are down more than that. technology leading the losses. london outperforming the miners despite the poor data overnight. euro-dollar 104.03. -- 1.0403. apparently the u.k. will not take as much natural gas as we thought. the message is we do not need all the cargo and that has sent prices higher because the messages do not come here. natural cows up 18.22%. -- natural gas up 18.22%. now that we have finland and sweden looking to join nato, will we see a russian gas response? alix: in the u.s. we are seeing a rollover in the equity market. nasdaq 100 off 1.5%. we want to get deeper into the data with bloomberg's kriti gupta. kriti: that is how the decline in the s&p 500. this is not declining as much as it was last week. there is some hope among the bulls this is a little bit of a plateau when it com

the dependence on russian gas is still very high in europe. in some countries like central and eastern europe the reliance is more than 80%. it means it is not easy actually to break -- stop by think. -- by end. -- buying. hashem: the economists were predicting the gdp of russia to contract by 15%. that does not seem to be the case now. is it because of the high revenues when it comes to oil and gas exports? has a help cushion the collapse of the economy? chris: that is the reason. you have to look at the russian story in two parts. the financial side and the economic side. the financial side has remained strong because we see continuing high prices for commodities. and russia is continuing to export almost at maximum. the sanctions have not yet slowed it down. the first four months this year, there was $107 billion. that money is coming back to russia. on the economic side, we see deterioration. they are warning there will be a big downturn in the economy. they believe the worst will come in the third quarter. we already hear from companies t

you love a deluge of refugees coming to europe, coming to europe from syria. and again in syria. i mean to sit here in this problem was going on. i mean, again, girlfriend of india, but we'll continue to recognize bush out because we believed many of the people supported by the united states and by the rest of nato, were people who were generous one day. i've seen that the same people who are all guys on isis up in a couple of weeks. they go back and we go through to get replenished, get money. and then after a few weeks, this look back into being either nicest. all this has been happening. so this is not the 1st time that nato is making a horrible mistake. now, speaking about consequences of those decisions. i think one of the things that separates these conflicts from all the others is that american population at home can already in the pinch of sanctions because prices are going out. there is an interest in fuel prices. there are some of the price increases. do you think the american populace, the american democracy, in this case because people are affected, do you think it ca

so for western europe, europe where the price is, the price is being much greater. europe is shooting itself in the foot. i think the, the dramatic expansion in the production of cheryl gatson, united states, is literally as leveled off. so do i think that europe could cope without russia? i guess i think the answer is no. it, it won't be able to, it will be able to impart by bringing and gas from the united states as it's currently drilling and trying to expand whether or not with success in l n. j, from the united states at higher cost. the guess that can be bought from russia. so there's a cost to the european economy no longer in longer term deals. ok, another story to bring you today over 700 hectares of rushes, cross new york region have been hit by wild fires. local firefighters have been mobilized to talk to the flames. authorities objects to the state of emergency in the siberian area for fires broke out in a residential area near some industrial facilities. several 100. already been to the grind across the yard region, frequently suffers from disastrous wildfires that are be