or, you know, outside europe. then i think that we would be looking into a more and more successful global position of europe in the world. and you are right now we need to get the act together. somehow we need to understand what are the challenges that are coming up in the next decade and the next 20 years and 50 years down the road and be able to plan ahead. and of course, the idea is to do this in a kind of a multi lateral way. and in a way that preserves somehow peaceful cooperation between trading partners between associates in this case. okay. i mean, we're brought out of time. we've run out of time, i guess the major question is can europe survive the european union to be continue gentlemen? ok, many thanks them i guess in paris and in guilford. and thanks to our viewers for watching us here at r t c. next time. remember, talk with with kaiser financial survival guide. when customers go buy, you reduce the price. now well, reduce a lower that standard cutting, but what's good for food market? it's not good

europe has a lot to think about. in addition to that, we have issues and tensions in covina, the whole balkans. it's in a difficult situation. europe really has to get very serious about this. to pick up on a previous point, macron will push the nuclear aspect. this is also a problem in the franco german engine. the green party, which is now part of the coalition government, is not keen on nuclear. it's unlikely that they are going to see it as a sustainable resort which macron wants to have it identified as. for this green strategy of the you, it's unclear if nuclear will be considered a green type of fuel. i think that there are problems already. the new coalition germany -- power in germany. we are seeing cracks in the relationship between france and germany. anchor: what would the european defense force look like if -- do you? >> it would probably be somewhat weak. they say that the french are a leader with no one who wants to follow them. i think that's quite a good description. a lot of the eastern european cou

of europe in the world. and you are right, we need to do to get the act together. somehow we need to understand what are the challenges that are coming up in the next decade and the next 20 years and 50 years down the road and be able to plan ahead. and of course, the idea is to do this in a kind of a multi lateral away, and in a way that preserves somehow peaceful cooperation between trading partners between associates in this case. okay. i mean, we do have run out of time. we've run out of time, i guess a major question is, can europe survive the european union to be continue gentlemen? okay, many thanks them i guess in paris and in guilford. and thanks to our viewers for watching us here at r t c. next time. remember, pa stuck with ah, join me every thursday on the alex salmon. sure. i'll be speaking together for the world politics sport. business. i'm sure business. i'll see you then. mm. i look forward to talking to you all. that technology should work for people. a robot must obey the orders given by h

europe eventual he came up with an. vestment program but small businesses like ricardo's felt this help came too late. i've looked all that you foresee in order for you to hold me i would have really liked to have seen a united europe as everyone had predicted a strong union with fundamental coordination see something sort of thing i mean i would have liked to have seen those with more opportunities to help the others a true europe you know key and obviously mineral ok. but in the end it didn't work out that way in which everyone close the borders and said here's a brick wash your own dirty laundry at home you buy the spark you know about the ruling. that really showed us that we can't talk about a single europe will be on the mend i mean think in the ocean with a lot of the old all. anyone who comes to trist can still experience the charm of the old habsburg monarchy. 100 years ago the port city was a trading hub to eastern europe. the iron curtain interrupted the links for decades . now the city wants to return to its

europe has a lot to think about. in addition to that, we have issues and tensions in covina, the whole balkans. it's in a difficult situation. europe really has to get very serious about this. to pick up on a previous point, macron will push the nuclear aspect. this is also a problem in the franco german engine. the green party, which is now part of the coalition government, is not keen on nuclear. it's unlikely that they are going to see it as a sustainable resort which macron wants to have it identified as. for this green strategy of the you, it's unclear if nuclear will be considered a green type of fuel. i think that there are problems already. the new coalition germany -- power in germany. we are seeing cracks in the relationship between france and germany. anchor: what would the european defense force look like if -- do you? >> it would probably be somewhat weak. they say that the french are a leader with no one who wants to follow them. i think that's quite a good description. a lot of the eastern european cou

for germany and for europe. well, it's interesting that every member of the upcoming new government announces that we need to radical changes when it comes to climate change. and they are all pushing for renewables that more needs to be done more than what the previous government has done. and given that we've seen the rising gas prices that could potentially be leveraged on the stand, that it's now high time. and we shouldn't discuss the nitty gritty is of how it is turned is when mail next to a building or all the reasons why it didn't meet the targets that have been defined before. so there are certainly a push coming from the current what was described as a perfect storm that we'll see more efforts and more investment in renewables and decreases the cio strategic dependency from russia. pulses. this is a crisis moment. everybody's looking for leverage. oh, it comes to ukrainian the seem to be pretty much excited about the potential. what might happens next, particularly because they are now going to be part

incent europe not to intervene and do any kind of where ups that could happen in eastern europe. cornelia, you have winter and you have energy crisis. how are we to blame? is it the post pandemic recovery? is it russia or is it weather related events, particularly last winter? it is the perfect storm you had last winter. you had such a cold winter that star was on plenty shed and i have some sympathy for gas brom again for 1st filling their own storage because they had a cold winter to. so dare storage shoe. it was, was deplete that to, for 1st you know, you 1st look after your own people and then then you go further. so, so that's one thing. then we have obviously the competition as was mentioned between them, asia and europe. for l n g, we're big because china is importing more and more l n g. this year china will become the largest import, the globally of l. n. she, it will, it will supercede japan in that position. and so, so we have, and obviously we have some geopolitical tensions. but, but, but mainly it's the perfect storm of supply and demand. and when it comes to price, yes, obv

all in europe the chinese. judge in the city is assigned ologist and author who lived in china for 6 years and observed the events around the new silk road development with a critical eye. she thinks the italian government was trying to create an economic advantage for itself but underestimated the plant's political dimensions. but a lot of thought the ricotta he acknowledged mines of this political project by a member of the g 7 had a great propaganda value also in china itself i think a propagandist the kind that an offer of this the new silk road is quite clearly and economic project and like all projects in history in china and the usa it's not in that of charity they are pursuing that own interests and. it's obvious that china is trying to gain a global foothold through key infrastructure investments such as for. trade yes to the north east of italy could also become an important logistical center for the chinese. francesco party z. is a businessman who's currently planning to bring a new investor on board

and europe and the united states, never mind joe biden�*s presidency, europe and the united states are not in lockstep as they used to be. certainly, i'm worried, but i would challenge your assertion that all of europe no longer trusts the united states. germany, france, maybe some other western european countries, that might be the case, but i think the uk and the united states certainly still retain great trust and confidence in each other. and our allies in central and eastern europe still have great confidence in the united states and, frankly, high expectations. but the burden is on us. the burden is on the united states to regain the trust and confidence of our german allies, of our french allies, recognising that throughout the history of the alliance, there has always been friction. i mean, i was a lieutenant in germany when there were hundreds of thousands of german protesters out on the street because of the deployment of pershing ii and the french kicked nato out of france, back in the �*60s. so this is... it's never been a bed of roses, but it has been shared values. and

and central europe. joining us is our reporter in brussels, maria tadeo. she is joined by a guest from the ebrd. maria? maria: yes, anna, good morning. 21 billion euros in loans to help combat the coronavirus. it is also worth putting out that the european bank for reconstruction and development has an explicit mandate. they already hit their target of 40% of refunding. we are joined by its president, the first female president, odile renaud-basso. i know you care a lot about equal access and equality. that is the goal of the institution that you lead. how much do you worry that coronavirus will set everyone back on that quest for equality when it comes to investment? guest: thank you very much. i am happy to be with you this morning. indeed, the covid crisis has setback economies. countries that spend more on tourism have been harmed, as well as countries relying on oil and gas. the impact of the covid crisis on the different economies is quite different. the impact of the crisis is very different. [no

so what we really need from europe is what the united states needs from europe, a creative way that europe can still benefit from china, but stay in sync with the u.s. striving to bring them, to bring turnaround. it is going to be difficult. tom: we are looking at the top risks that eurasia sees for 2021, and of course that is an international field. but i've got to turn to the german election this year. it is a huge and important and original election. chris reiter of our berlin operation tells me very simply that this could be your conservatives and the greens together. that is unusual, to say the least. how do you get a coalition developed in the new germany? the future germany? i would say the coalition between conservatives and the greens is something which should have happened four years ago. if you look to the german society, this is the coalition, the majority of the germans want to have. it was not able because they needed, and the liberals had the theing that they would be fifth wheel on the wagon, so they decided not to join the government, and that only was the reason that we h

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in the middle east and europe and elsewhere. while the united states is undergoing a thorough review of our force posture around the world, i have ordered the halting of withdrawal of american troops from germany. i am also lifting a cap imposed by the previous and administration on the number of u.s. forces able to be based in germany. i know the past two years have strained and tested our transatlantic relationship, but the united states is determined to reengage with europe. to consult with you. to earn back our position of trust and leadership. earlier today as was referenced, i participated in the first meeting of the g7 leaders, where i spoke about the dire need to coordinate multilateral action to address covid-19, the global economic crisis, and the accelerating climate crisis and so much else. achieving these goals is going to depend on a core strategic preposition, and that is the united states must renew america's enduring advantages so that we can beat today's challenges from a position of strength. that means buildi

europe stands at a crossroads will remain dependent on washington is a junior partner or will europe ought to play the role of a great power on the world stage. i cross talking e u china relations. i'm joined by my guess i nor tango in beijing. he is a political and economic affairs commentator in prague. we have brad blankenship. he is a columnist at c g, t. and as well as an rti contributor and in elecom that we cross to look revenge. he is an independent journalist or a gentleman, cross hoc rules and the fact that means you can jump in any time you want. now he's appreciate, look, let me go to you 1st here. i mean, it, you know, on the face of it, you know, the europe's relationship or more rather you relationship with china is very convoluted because major training for our trading partners, a major investment deal. i'm kind of stuck. but, you know, there's been, there's an understanding about investment and, and then we have, you know, nato, i'm saying, you know, you know, china is no different than russia. it's the same threatening landscape. i mean, it's very convoluted. i mean

it's not just a problem for europe. the rest of the world could go without as rich countries corner the market in a similar way to the vaccines. this year alone, new york natural gas futures are up 106 percent to a high of $5.20 for $1000000.00 british thermal units. it's highest in more than 7 years. but the equivalent gas in europe and asian markets costs $25.00 for $1000000.00 british thermal units. storage sites, a less than 72 percent full. that's the lowest in a decade. or knock on effects. a huge cf industries holdings. one of the was biggest fertilizer groups has been forced to close to plants in the u. k, sparking fears of a looming shortage of ammonium nitrate that could hit food supplies and a shortage of carbon dioxide production could hit the meat to soft drinks. industry will gas is also used a power electricity generation. unsurprisingly, prices of soaring in that market to several energy suppliers have already collapsed in the u. k. governments across europe preparing to hand up money to households the c

all of europe. yeah. just say that they see it as united states kind of meddling. their sphere of influence that they earned with their soldiers killed. yeah now that's a great question, which we should pick up does the marshall plan reach into eastern europe. does it medal in the soviet sphere of influence? does it option to invite country exactly gives the opera marshall speech and the initial invitation to come come and talk about marshall aid. so everyone's invited. everybody's invited this it is a policy against no individual state they say it has no ideological objectives. so the open invitation is indeed to the eastern european states. what do the europeans leaders do remember? a couple of them the checks and others rsvp for it yeah, we'll see you there. yeah. there's initial interest. of course, there's terrible economic hardship in crisis. so some eastern european states. it's very tempted by this. the soviets say no stalin says sorry you can't do it precisely because he's afraid that this

of europe in the world. and you are right now we need to do to get the act together. somehow we need to understand what are the challenges that are coming up in the next decade and the next 20 years and 50 years down the road and be able to plan ahead. and of course, the idea is to do this in a kind of a multi lateral away. and in a way that preserves somehow peaceful cooperation between trading partners between associates in this case. okay, when we run out of time, we've run out of time, i guess a major question is, can europe survive the european union to be continued gentlemen? ok, many thanks to my guess in paris and in guilford in an thanks to our viewers for watching us here. at our t. c. next on remember prostate with ah, ah, also for eric room identify 2 types of freedom, freedom froman, freedom to. and while we all idealized the lesser achieving the former, the freedom from use and abuse is no small feat in this day and age. this is especially true for africa, which, for centuries has been exploite

i mean, europe and i repeat, europe is the largest owner and investor in africa and around the world. so we're just trying to use and you to a new instrument to gather all the resources that are already being invested by europe, european companies, and european governments, and try to bring in and a one umbrella with a common objective. and these objective is to be when, when we don't want these to be only something that serves european industries and interests or on european companies, we want also to cooperate with the local governments and local business. of course it fixed. it was quite interesting when you said there and said louise santos were aimed at bringing together an existing trade in existing projects. how much of this is going to be new money? the headline figure, of course, is $300000000000.00 euros of investments over the next 6 years or so. but how much of this is actually new? well we have new facilities now and most of what will be new will be money brought by actually the private sector and some of the financial institutions that will be in that will be also associ

in europe, they are talking about 4%. you could say the uk stimulus package is pretty weak compared to its competitors. very difficult to compare because the uk has been a bit more generous on the support scheme. which bucket do you put this money into? the question will be, as stephanie was saying, the lesson from the financial crisis was that those who did more earlier did better. if biden are saying, "i can't spend too much", people would say that the lesson in the uk was that we didn't fix our banks quickly enough and the us did. most economists would say the risks are on doing too little, not doing too much. fascinating. to europe, where growth has been sluggish and unemployment, especially among the young, has been high for a decade now. will the pandemic exacerbate the problems in the european economies? will it open up structural cracks in the eurozone? with very different budgetary positions in the respective nations, will the response in europe be further integration, of taxation, for example, or will the crisis

troubled by what we see and hear right so i think you know the issue with europe is europe still has this concept of itself you know these nation states in the cities i'm french i'm german we're white french were white german without understanding that the concept of europe historically was more around the mediterranean so you have people on the mediterranean now who are no longer considered european but historically and when it culture were so the issue is where do you start looking right and i think european culture right now has been stuck since the age of conquest and exploration. going. on into these weapons of fate let us. bring i just want to add more because i'm not your pm and i don't i would like to hear from from from one from europe what do you think about this because i from my rams perspective point of view when i came here to 15 and i see all these welcoming narrative and all their narrative that you know i think i have. but he now in the united states. diplomatic super correct when you refer to my friends and yet you see that not much has been. so. ok you are of the m

europe is cheap, it is how you -- it is value. >> we do expect that cyclicality in europe to provide stronger returns over the next six to 12 months. >> but we have seen is certainly the interest in and the flows into european equities have been reasonably strong as of late. >> that catch up trade potential could be quite lard. -- quite large. >> with the improvement in the european economy, competence from investors, consumers and so forth, i think you will see an uptick there. the question is how much of that has already been priced in. >> the challenge for europe is that when growth is firm in europe, that doesn't necessarily always mean that equities will do well. you could still believe in your catch up trade, but it is not necessarily an equity story. alix: i really don't thing i say the word catch up -- the word catch up -- the word ketchup, but ok. joining us now is lucy macdonald , jp morgan managing director. many are saying it is the catch up trade. when does that timing happen? lucy: even though you had quite a nice band, there is still more potential in the medium-term.

you in gas prices in europe. he take new records with the german government warning people to prepare for a close to freezing month. meantime, the country energy regulators still the ground and operating license to the now fully completed russia node stream to gas pipeline.

-- situation in europe. president xi jinping warns beijing will go after so-called platform companies. the latest on china's tech crackdown live from con tong -- hong kong next. this is bloomberg. ♪ mberg. ♪ annmarie: this is "daybreak: europe." i am annmarie hordern with manus cranny. xi jinping warns beijing will go after so-called platform companies as china's tech crackdown widens. the president is ordering the oversight of internet firms, crackdown on monopolies, and promote fair competition. they allegedly have their sights set on tencent after cracking down on ant group. thank you for joining us. pretty strong language from what we hear on china state media. what is your take on what is coming out of china today from president xi? >> as you mentioned, china kicked off its tech crackdown at the end of last year and it is the first time the top guy gave a d killed comment on the situation. -- detailed comment on the situation. xi jinping mentioning beijing will go after tech companies. they didn't m

and europe trading hours. guy: are you basically saying that this announcement is part of the evergrande response? meltem: there is certainly a linkage. they are concerned about stemming. guy: great stuff. thank you very much indeed. the coin shares chief strategy officer. alix steel got it right. i got it wrong. alix: that never, ever happens. i will take a moment and do a victory dance. [laughter] guy: you have done the dance. this is good. this is bloomberg. ♪ in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. guy: we are wrapping up a week in europe like we started but not quite so bad. europe is tradin

because i believe in the global system, europe and the u.s. together with our allies in the indo pacific worked so hard over the last 70 years. we can own the race for the future. but to do so, we have to be clear eyed about historic investments and the partnerships that this will require. we have to protect for space for innovation, for intellectual property, and the creative genius that thrives with the free exchange of ideas in open democratic societies. we have to ensure the benefits of growth are shared broadly and equitably, not just by a few. we have to push back against the chinese government's economic abuses and coercion that undercut the foundations of the international economic system. everyone must play by the same rules. the u.s. and european companies are required to publicly disclose corporate governance structure and abide by rules to deter corruption and monopolistic practices. chinese companies should be held to the same standard. we must shape the rules that will govern the advance of technology and norms of behavior in cyb

annmarie: what about europe? is it caught in thed my snl >> i think it's in isolation for the moment, the vaccine rollout is better than what was expected a few weeks ago, i think growth is starting to re-emerge where it was late before. so europe has been going fine for the last week and obviously in comparison to u.s. stock markets, european marks are more tissue less highly valued. i think there's a nice trade there which could be the benefit for the euro and stock market. annmarie: what did do you expect from the e.c.b. this week. do you think it's time they start drawing it down? >> i think it will remain relative in the discussion. they have different tools they can use. the balance sheet, the yield control, they have a lot of things they can do to keep yield at the level which is accommodative because the growth in europe is more fragile. what we could see is some friction between different countries in europe which will have different growth strategies, typically germany being advanced compared to other c

can you convince me that europe has a common position? to me, it's absolutely clear that the eu will be one of the leaders of this climate agenda. the green new deal is probably the most ambitious throughout the world. we're very, i think, aware of the need to undertake these changes in the coming decades. we have no time to lose if we think about the young, future generations. from this point of view, also, spain is strongly committed, so we have to ensure... spain is, but what about poland, for example? it's refused to sign up to some of the big commitments made from brussels. no, actually, i think that, you know, what we have seen in the last couple of years is, and in the context of these recovery plans, and when we are talking about investment in the transition in order to make it a fair transition, i do think that poland and other countries that have been very reluctant are definitely making progress. well, unless you know more than i do, the poles have simply refused to sign up to the net zero by 2050 commitment. they just won't ac

than in other parts of europe. and you're showing images of vaccination rates of fully vaccinated people, you see the gradient here. and of course that explains part of it. tom: that explains part of it. how are the health care systems holding up in these countries? >> again, that's quite different, in part because the organization of healthcare is quite different. so for instance in my country, it has been quite tight, we don't have much spare capacity and that is a problem in a crisis like. this when you just need more capacity. so that's one factor. plus the duration of the pandemic is bearing down on health care workers. we see quite a few people leaving their jobs, the amount of capacity, the flexibility of the system is further reduced by that. tom: the burn utah of medical professionals, facing and fighting this pandemic is evident. in terms of efficacy of of lockdowns at this stage, do lockdowns -- can they still work and can they prove a catalyst to boost vaccination rates? are we seeing evidence of that?

, because i think a, a, europe of nation states would likely return in europe to, into war levels of dysfunction and economic misery. well, that's a very strong statement there, alan. how do you feel about that? because that is the charge that we've, you know, and it was all around the briggs that debate here is that the, that brussels wants too much power. and it is trying to one size fits all. i mean, that was at least the claims that were made by the briggs. it tears ok. now i ask you, did they learn anything from it? because there are, there are, we've all agreed on this program is that your skepticism is on the rise. what is exactly means is very unclear to me because it seems to me, it is more of a demand for reform and not to got the entire project. go ahead, allen. well, i do understand the letter being signed by the circle populace parties. life view is that the bull you integrate, the less efficient it becomes gross becomes less, most of its major policies of fail, the years fail, europe stagnate and do this since the year was introduced, the italian economies patent studen

or, you know, outside europe. then i think that we would be looking into a more and more successful global position of europe in the world. and you're right . we need to do to get the act together. ah somehow ah, we need to understand what are the challenges that are coming up in the next decade and the next 20 years and 50 years down the road and be able to plan ahead. and of course, the idea is to do this in a kind of a multi lateral away. and in a way that preserves somehow peaceful cooperation between trading partners between associates in this case. okay, when we do have run out of time, we've run out of town, i guess a major question is can europe survive the european union to be continued gentlemen? okay, many thanks to my guests in paris and in guilford, and thanks to our viewers for watching as he heard our t c next time. remember, ross stuck with ah ah, ah ah, [000:00:00;00] ah ah, ah, ah, oh, is your media a reflection of reality? in the world transformed what will make you feel safer? isolation for com

for example, when donald trump first went to europe, he suggested that europe owed the united states a great deal of money. when joe biden visits with other nato leaders, i don't think that's going to be part of his lexicon. donald trump hesitated to invoke article five, the nato treaty, that the u.s. would come to the defense of its nato allies. so i do think that constructive engagement is what the biden administration is hoping for. it is meaningful, but as we see with these ambitious plans, whether we are talking about vaccines, talking about climate, talking about the global economy, a challenge for all of these leaders will be delivering results their people can tangibly feel. >> ok. let's turn to you, karel lannoo. what does the eu want from this g-7 and subsequent meetings with biden that are set to take place in the days that follow? because certainly, yes, the message america is back is being delivered. joe biden is not donald trump, so relations arguably will be slightly easier, but in concrete terms, what does the eu and europe as a whole want to see come out of this summ

so not stream to again, could help them out, could help europe, europe out and because it, well it is, it is a new technology and it can handle the large volumes. but well, it is being opposed to the launch of nord string to is being opposed due to political resit reasons. russia says, so. so far russia has been very understanding and will, has been doing according to the russian president again, everything that it could. but it is unclear as to how many more steps russia will take, you know, are which won't be reciprocated for some of her dates relation. i really enjoyed as well. basically, a u energy officials got greedy thought of being clever, and they messed up. thanks so much enjoy that they get it better than i did. now, thea, natural gas price in europe, as we said, it's in soaring salt on ice recently. it's now nearly 6 times what it was in the spring while and is put the continent on course for major energy crunch and laid bare internal divisions within the block over brussels green policies. what is peter oliver explains? while prices are as high as they are on the commodit

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i and i haven't been to europe. and i don't, i don't understand the point that you're making see, she hasn't been to europe though. what does that have to do with her job to handle? one of america's worst ever boarded problems. ran in yours is a little bit. and if you think about it camel harris fits perfectly into the now very political hollywood crowd. and just like silver screen superstars, sometimes she just misses the target with some of her statements just a few days ago with israel, which has my heart because i think that people have that that. and again, this is about the fact that your voice, your perspective, your experience, your truth, and then just like a good agency, her office has to clear the air. while visiting george mason university to discuss votes and writes a student voice to personal opinion during the political science class, the vice president stroke would disagree with the student's characterization of for israel smiles and handshake. so they work miracles when you're making a movie, korea,

and europe has been losing to asia when they get cold and they do market and then you know, europe. ready bit less, but then i mean, there's pipeline to play in no way i'll gear russia, they can supply as well. but that's where you have no problem. moment russia has been slow to send additional gas to the you this year despite the critical shortage of stocks. some analysts believe the limited deliveries are no quinn sentence and accused moscow of exploiting europe's energy weakness. why? inter nordstrom to the 9500000000 euro natural gas pipeline. russia recently completed constructing to germany. the russians have spent a fortune under put in developing an entire new natural gas province. what happens in europe then, as part of its climate policy cuts back on natural gas consumption? indeed, many politicians do see climate policy, namely, a faster move towards renewables. as the solution, but building out that infrastructure could take years. so what about right now for now, government seemed to have decided the answer is more fossil fuels. china has doubled down on coal while here

and the fear by our domestic industry and labor force that they will export more to europe and in europe and export more twice. and that's why we put tariffs on to europe, and there are ways to try to deal with this. what are called tariff quotas, that, that you might be able to, the europeans have to read it. that mean the reality is we can get the chinese to reduce their, our capacity. and after years of talking about this, the trump administration finally acted and politically, it's very difficult for joe biden to say to the steel industry and the steel workers were not going to afford you this level of protection anymore. but you're right and are allergic issue with europeans for understandable reasons, but it's not at all clear how we resolve that on f. ganna. stan, i mean there's a little bit of pushback here. i mean, it's true from my understanding that we, we didn't negotiate with the europeans about the pull out. we just announced it. and that the excuse given by the bible people is, well, they should have known what we're going to do because by and talked about it in the campai

>> europe needs russian gas. russia needs europe. russia is supplying gas to japan, china, but europe is an essential client so they are tied together. the future has problems with the co2 signature taxation coming into effect in europe and eu saying they will oppose any kind of extraction of gas or oil in the arctic, which russia rejects. so there are serious problems now and in the future of how russia will be seen and interact with europe in supplying gas, oil, fertilizer, and other commodities. so russia and europe have to work together but right now there are a lot of problems and misunderstandings. it is complex and dangerous. >> [indiscernible] do you think bringing non-russian oil to the european market will be easy, looking for alternatives? is this feasible short-term? >> we already see energy from other parts of the world to come to europe. we have pipelines coming from the mediterranean, from north africa through the mediterranean. but if you look at libya and algeria, there are also geopolitical tensions. so europe will

>> the countdown is on in europe. this is "bloomberg markets: european close," with guy johnson and alix steel. ♪ guy: 30 minutes to go until we break for christmas here in europe. we do have a little bit of trading tomorrow morning, but i think a lot of people have made decisions basically to bailout already. the stoxx 600 is up by 1% at the moment. we are up by nearly five points here in europe. travel and leisure is having a really solid day. the market definitely looking through omicron. the news around omicron getting significant leak better versus the beginning of the week. the pound is also bid. we are repricing the bank of england, and there is an omicron factor in all of this. the other story you definitely want to focus on here in europe is the massive drop we have seen in gas prices. gas prices have been rocketing higher, now starting to see some lng carriers crossing the north atlantic, bringing some welcome relief. from london, i'm guy johnson, with my cohost in new york today, sonali basak. alix steel

is, is a dictating what europe security policy should be. certainly they're trying to do it with energy here. i can see how it makes europe stronger. more dependency makes it more irrelevant. can you address that real quick? yeah, no, i agree, but deals of the see that us change is june a bit like now that you're talking about strategic calling me away from us. it's talking about european sovereign, the, i don't think it can be achieved, but only this week you have a saying, you know, the europeans need their own army, which that means it implies less relies and they don't less influenced by the u. s . i think and there are a lot, there are people who are noticing that this is a very bad take. but in order to have peace in europe, when do need to keep the americans are so close friends. but the most dominant relationship. well, i mean, maxine, could it be any other way? i mean it's very messianic. the with the, the american approach here. i mean, it's either had gemini or nothing i, i, i don't, don't see partnerships or they use that languag

recovery when it comes to the stock market has been significantly more aggressive than europe, but europe is starting to play catch-up. we have been talking about the vaccine program, talking about the fiscal programs in the -- in europe. has peak pessimism in europe been reached? what is the market narrative, and will that valuation gap start to close? karen: i think that is an aspect of the story, but to me a great component is how the sectoral changes are really what is driving regional movements. the reasoning we've been making to clients is if you get the sectors rice, you're going to get your choice, given that the u.s. is much more heavily weighted towards tech and growth stocks and europe is so much more heavily weighted towards financials and value stocks. i think that is the key story of what is going on here. it is not so much about the macro. it is about this rotation we are seeing from last year's winners, which was clearly tech and online e-commerce, and those losers last year, financials, energy, industrials, and that rotation we are seeing. that's why think europe has pull

and we also need to get a little bit west in europe century, less western europe century because when you go to, you know, athlete time, other places where people need mobility, they may not have the money to invest in all that an electric vehicle infrastructure. so we need to make sure we keep the we still and like we find and power whilst we move on that fast speed towards energy transition address. let's just move the debate on quick and talk about emissions. i mean, what impact you think the energy crisis then we'll have on you emission commitments . i mean, if renewables on foss enough on cold and gas as you say, a plug in the gap, how is that like it? and to play out next month, clock $26.00 in glasgow. well 1st of all, i say, you know, the current crunch said we're talking about is, i mean, it is not great and it's difficult and it will affect the most vulnerable people across europe and elsewhere. but i would still say it's temporary, it is something that will go away after you know, a couple of months when, when the markets will change again. well, when we're going to have a

we like europe. manus: i am curious, we are showing the government bond yields, and dramatic repricing in bond yields in germany, france, spain, portugal. no more so than perhaps in the bund market not yet at zero but nearly there. we've seen a structural shift in the yield story in europe. is it too soon for you to take a short position? jp morgan saying he is increasingly uneasy holding longer dated bonds in europe. supriya: there is a bit of a catch up as the economic picture has caught up. there -- bond yields have moved higher. the spread in some of the peripheral countries, you have seat spreads widen. that is a little bit of a different story, related to a little bit of speculation of a view by the hawks of the ecb gaining the upper hand and perhaps scaling back the pandemic on buying program. that would have the most impact on spreads. that is playing out there. i think it is getting to the point where it probably has gone to file and there is not a clear-cut argument from the ecb for investo

duty dempsey of carnegie europe and editor-in-chief of strategic europe. jp morgan sinking to session lows, down 1.6%, as jamie dimon says that the banking system is going to be in tough shape, and jp morgan is going to have to fight really hard against tough competition from things like square, saying banking is just not inventive enough to come up with something like that. guy: this is not the first time he's said something like this. jamie dimon pointing to what is happening in terms of the threat coming from fintech. the last time he did it, it felt like he was pushing for more regulation. now i think this is clear, he's basically making the point that we are in a real fight there. alix: also talking about net interest income for the year. seems to be right in line with estimates. we will follow that story as well. now let's get some market reaction here. eleanor taylor jolidon, ubp cohead of double equities, the story in the u.s. is going to be looking ahead to the fed meetings. the story in europe is still are going to see inflation in europe and par

as europe grapples with high prices. the president also agrees to boost supplies to the you while saying the block brought the crisis on itself. what church against the state catholic bishops in france at loggerheads with the government after a report reveals hundreds of thousands of crimes against children committed by the clergy. we speak to one of the victims. when we came to france, i was 8 and 9 years old. so i spent almost 2 years there until i was sexually assaulted. but pray not what shameful is not apologizing for an atrocity committed in catholic institutions on hundreds of children. ah. i brought kathy live direct from our studios in moscow. this is our t international. glad to have you with us as we recap to weeks top stories. but 1st we start with our special coverage of a trail blazing russian film. their crew returned to earth from the international space station. actress julia per sealed ended director clement chapin co spent 12 days on board. the i assess making the world's 1st movie shot in orbit. ah ah

in europe full smog and find its way to the top spot an electric vehicle sold last year followed by the rendon nissan mitsubishi group well tesla came in 3rd. at the same time established automakers are introducing new models and several start ups joined the frenzy. and accidents have celie pioneer tesla's image the circumstances surrounding a fatal crash in texas have yet to be clarified influential consumer advocacy magazine consumer reports says the autopilot is dangerously flawed. chinese authorities to accuse the company of poor quality and the protests of a customer who accuses tesla's faulty brakes of causing an accident have gone believe viral on social media. let's get more from this and all this from our voice it shows the delay he tells he could live in the studio so a record a test of it for some reason there's still some disappointment around how come yes we actually have seen the stock selling off a bit and after this report and i think this just illustrates how difficult of a position tesla is really and tesla is so hyped right now their stock rose 700 percent last year t

europe is in a very difficult position of trying to sort of. position itself and it needs of course investment and it needs trade ok well i mean if we can i just say if we discount what comes out the b.b.c. about syria and us stations and every nato nation really. one might than argue that a syrian family maybe on the outskirts of a glib is going to be thinking you know we have a 70 percent extreme poverty in syria 60 percent unemployment. report. rebranding of isis and al qaeda in syria to kick off another war in syria it couldn't come too soon help from powers like china and russia and this with iran even while why are they being so. not trying to not being slow i mean the fact is that the united states and europe has sanctioned every effort to reconstruct syria and i mean let's be clear we're not talking about reconstructing the government all the state such we're talking about ordering humanitarian reconstruction houses help you know with water supplies electricity is all that is being sanctioned by western states and the situation of ordin