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

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

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

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

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

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

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

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

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.

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

, 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

or europe. what is important is a check and balance on the offensive that the various governments are giving the industry. alix: we are seeing a deglobalization theme across many industries, reassuring areas of business to offset supply issues. how have you changed how you are looking at the plan for your business in the next five years? jean-marc: it is clear that the decoupling of economies and deglobalization, it will trigger inflation and less innovation. we have to find the recipe for globalization. we will find a way with our partners to answer demand of various things to localize production. i guess it is that their unique quality is their ability to make partnerships. there is an american company where we cooperate on manufacturing and could replicate this model everywhere in the world. guy: thank you for your time. stocks higher on a down day around europe. jean-marc chery, stmicroelectronics ceo. european stocks, down, down, down the theme the day. we faded through that closing process

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

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

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.

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

he's going to people the way from europe towards asia. so treat ties are going to be caught, they're ready being caught with the western bias of russian exports fell, sanctioning and creating their input. so russian come or did use mostly. russia is no longer able to import a lot of goods from the country. speech have imposed sanctions against it. so the, these process is cover already be launched is just the matter of months and years before, before we can see the full impact over these measures. and the country is, there's no doubt the country is headed for, for quite a deep recession, isn't it? yes it is. our current focused view is caesar recession, know about what was the contraction and they took about 10 percent this year. and so the 3 percent next year. and what impact is all of that can have on the cost of living for ordinary russians. the cost of leaving has already increased considerably. price is increased in march by 7.6 percent versus the level in february, february. so it was quite a shop shock. but after that, actually the

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

the for europe in our generation want to know is facing the return of war on our continent. but let democracy, we need to deal with everything in order to protect a democracy, to stand shoulder, to shoulder with ukraine while protecting our local citizens. if you didn't golden, we will continue our close coordination as we've done on ever since the beginning. and we are in ukraine and we will continue to here help ukraine on the as we've done the last weeks. and we will also increase you and add new sanction this is you want the family put on these topics, know that till the next couple of days there will be important decisions to be made at the european level i. we will be talking about this tonight more this evening and tomorrow and we will absolutely, the men defend the unity of europe as we have done in the last couple of months down here. as we've shown young last week, also in terms of financial humanitarian and military aid, we will continue to provide assistance. obviously, this is a full war, requires a strong level of coordination of it. and we need to strengthen o

it falls on europe day. it is a particularly important symbol and fits to the aim that we share the signal one vote on. this is a signal that we want to send out clearly to day on the initiative of the french presidency. holbrook, and guns. there are a number of different buildings in europe that we are going to light up in the european and the ukrainian countries, the eiffel tower, and the brand of bus gate. we stand side by side with ukraine as part of the european family. only europe day, 2021. you opened the conference should not be part of the meeting for the whole. so notice to disorient it for 20. 19 more. you opened up the conference in europe, and then the pandemic came along months which we couldn't have imagined, but none of us could have imagined that peace in europe would be broken by a russian war of aggression on ukraine. would you want that a neighboring country would be attacked so violently that millions of people would have to flee? they are cut their home and that 5, thousands and thousan

. >> 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

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

she'll become a bridge between europe and russia. ah, come into your life from i had was it in the russian capital? you're watching r t. my name is peter scott and here are the top stories this hour. we start with breaking news coming out of the u. s. states of texas where at least 18 children have been killed in a mash shooting as an elementary school. it's believed officers responding to the incidents also shot and killed the suspects identified as 18 year old salvador ramos. he entered the school with a 100 and possibly a rifle report. the shooting is a grandmother as well. who is currently in a critical condition will have full details on this later in the program. ah brushes, opening a humanitarian card or for foreign vessels from the ports of marty you pull this morning. that's after the cities waters were cleared of mines. now the mining works are also in progress of the territory of the as of steel plans, which is now under full control of the joint russian underneath forces of the final ukrainian soldiers there surrendered l

dani: "bloomberg daybreak: europe" "bloomberg daybreak: europe" welcome back to, i'm dani burger in london with manus cranny in dubai. let's get to threadneedle street where our economics reporter lizzy burden is outside the boe. is it 1%? lizzy: that's what the bank of england is expected to do. there may be some on the committee who want to go for 50 basis points. bloomberg economics does not think they will be in the majority. it sees a split vote that would reflect the economic situation. inflation at a 13 year high. the bank expected to raise its forecast for peak inflation. and inflations are going to want to add the weight of the war on the recovery. we are likely to land in the middle at 25 basis points which would take the key rate to 1%. manus: will the rights market take active qt? lizzy: we have already had passive qt since march. the governor and the chief economist have said they want to shrink the balance sheet. if we get to 1% today, that is the level at which the bank has said it will consider active sales. so it may get a consultation on how that's going to proceed. the b

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

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

reform projects, the conference on the future of europe. something that emanuel micron is driving for with the france will have the presidency of the european union. they, they've, they've been sort of, you know, pushing these, these big ideas for changing europe, making it more effective. but of course, they've got a real concrete problem in the form of the war in ukraine. and both men mentioning that that's what they're looking at. they talked about the need to stand with ukraine using that phrases you, as you said, shoulder to shoulder and talking, not in concrete terms in those, in those initial remarks to the media. they're particularly, but making it clear that they believe this is where their focus must be. and you know, this is a key concern, not just for france and germany, but for all of europe at the moment. the 2 leaders also talking about energy. and obviously, germany is reliance, mostly on a russian gas and fossil fuels. how do you think they will resolve that? yeah, i think, you know, both men kind of came to this a little b

that's why the response of europe should be a mix of- of europe should be a mix of solutions. renewable energy but also energy saving, energy efficiency, replacement of russian gas with lng, namely from the united states, and an overall acceleration of the green transition.— overall acceleration of the green transition. what needs to ha en green transition. what needs to happen to _ green transition. what needs to happen to facilitate _ green transition. what needs to happen to facilitate that - happen to facilitate that transition because just looking at pictures of renewables it's quite clear, it involves a lot of infrastructure?— of infrastructure? yes, the aood of infrastructure? yes, the good news _ of infrastructure? yes, the good news is _ of infrastructure? yes, the good news is that - of infrastructure? yes, the good news is that one - of infrastructure? yes, the good news is that one of i of infrastructure? yes, the i good news is that one of the key bottleneck in the renewable energy deployment in europe is actually bureaucracy. permitting times are extremely lo

and europe. earnings have done reasonably well. and importantly, valuations have come down sharply, particularly around the -- outside the u.s. europe is trading lower than its average, u.k. trading around 10 and a half times earnings. dividends are high-end balance sheets are strong, so there is some support i think. tom: examples of support are out there. let's stick to that six to 12 month timeline, where would that take you on a sector by sector basis? or to be more bold, do you look to even add technology at this point? peter: we have been in favor of value sectors for some time now, believing that higher inflation expectations and rates would generally leave to a derating of the longest duration parts of the market, and provide some relief for some like garden areas from the previous cycle. but i think it is increasingly the wrong way to look at the market as a prison up the split between growth and value. we see value beginning to emerge across a range of different sectors now, and we have a much more diversified approach. w

so our security environment in, in europe and also in northern europe, europe, it has changed. ah, it's now more insecure. and i think this, this move or to increase our corporation and become member of, oh, nato is the right step. the alliance has always made clear to finland and sweden. there's a place for them here, room for more flags and some offices that could use new tenants. but as some of the most wealthy well equipped countries in europe, these new nordic members would feel much more important gaps than those sweden, england bring difference. assets to nato. finland famously brings the ability to guard a barren lat long land border with russia. we even brings a 500 year old navy and a navy that is among the largest in the baltic sea where we should remember. nathan doesn't have very many large mabis. accepting the 2 country should be a no brainer for nato says. former finish prime minister alexander stood that morning to compatible the most nato member states himself, so deck fiddler as an example. we always spent about 2 percent of our g, d, p on military ah, expendi

the question is, europe helping modernized, shy in us army? we joined a team of investigative journalists of uncovered links between european academia and chinese universities that are fostering a fusion between the military and self civil society. ah, i'm gab elvis, thanks for joining us. the united nations says air the war in ukraine could make a global food crisis, much worse, leading to hunger and famine that could last year's speaking as a major un summit in new york secretary general antonio terrace said, russia's invasion of ukraine was the latest factor driving global food insecurity on top of the pandemic and global warming, with harris said he was an intense contacts with russia and other countries. to address this situation. there is no effective solution to the food crazes without reading the grade. think ukraine's woods with action, as well as the food and fertilizer products produced by russian bellows into world markets. despite the war, russia must permit the safe and secure exports of great install the new canadian ports. alte