circumstances, we call on the russian federation to respect international humanitarian law, no matter what the circumstances. we call for the protection and respect of all civilians, particularly vulnerable persons, women, children, and humanitarian personnel. thank you. >> i think the representative of france and i give the floor now to the representative of ireland to make a further statement. >> thank you mr. president. when i spoke earlier, i said that the path for diplomacy and the path for dialogue was perilously narrow. i realized in fact how narrow and indeed how close the precipice really is, just over an hour ago. we now see that that path has been closed by the announcement

of military aggression on the part of the russian federation against ukraine. that is something that we roundly condemn. we stand with the people of ukraine tonight, with every man, woman, and child who is seeking this news as we did as we stat here -- that here in the chamber. we believe -- haslinda: we are listening to members of the u.s. secret he counsel at an emergency meeting, the second one this week on ukraine after vladimir putin conducted a special operation to protect a region in ukraine. we will continue to follow development. for now, let's head over to yousef in dubai. we are seeing massive reaction from the market in particular. oil touching 100 bucks per barrel. gold also surging on the back of ukraine. yousef: absolutely. it is shaping up to be a historic day for global markets. it is a minute after 8:00 here

in dubai. the world watches as we see where the russian president is going to go next with this incursion into the ukraine. he says he wants to do miller right -- demilitarized ukraine. it could be far more beyond the borders of done bast. this is the state of player markets. caught off guard completely. you are seeing an aggressive repricing on the s&p 500. features done as much is 2.2%. bloomberg analysis ran the scenario. they are saying, potential disruptions in the supply of palladium and other rare-earth metals. that would be hugely negative of course. ukraine is involved in the production of key gases. more than three quarters of companies trade below the index already. we will see how that gets factored in in the coming hours. we saw a big move and treasuries, extending gains across the curve. the five year yield across the

11 bits as russia announced a plan for the don bast. quite a bit of repricing and brent crude. we just dipped into $100 barrel territory, up 3.2%. i want to get to some of the other big moves. if you are looking for a haven this morning, it's likely to be this play. there's not much else that's finding upside. this is the highest level since january of 2021. big spike over the last three to four hours. u.s. acute he counsel deliberations when underway. initially, we saw strength in the russian ruble. the amount of headlines coming through pushed a few investors to flip the board. this is what we are seeing on the russian ruble currently. the ruble weaker by 4.3%. it's also extending into other asset classes. cryptocurrency specifically with a big whack, massive whack for

bitcoin and a theory him. we are down below the $35,000. i want to get to the market action in asia with more details from juliette saly who joins us from our singapore studio. how is the shaping up? juliette: huge risk off across the markets. you can see a huge selloff coming through in a number of these key markets. the nikkei up by 2%. we have hong kong dropping the most since july. us really is market off by more than 3%. dropping the most since may 2020. we are seeing 1300 stocks lower. that's more than three standard deviations based on 12 years of data. everything you're looking at is down.

you see the yield on australia's tenure drop by 10 basis points. we have the yen leading those gains. u.s. sanctions weren't as harsh as they could be. no surprise that you are seeing weakness in the stocks today. the one is a little weaker against the dollar. we had the bank of korea keeping rates on hold. governor lee has come through with his press conference, saying that the ukraine crisis could have a significant impact on inflation. he pointed out that the central bank is prepared to buy government bonds when needed which is something we are going to hear from a number of central banks as they react to this. yousef: thanks. we will get back to you in a bit. i want to get to a breaking not -- line. a russian new agency saying that russia is hitting military

facilities across the ukraine. that's crossing the bloomberg. no details yet on where exactly that's taking place. we do know that the president vladimir putin has decided to conduct a special operation. he's vowing to demilitarized the country. this is verbatim from his speech. he says that russia is ready for any development. president biden accusing him of choosing a premeditated war. get the latest with annmarie hordern. with the potential reaction out of the united states as the united states wakes up to another day of tensions. anne-marie: yes. it has just gone 11:00 p.m. in the united states. what we know so far from the president is that he is monitoring the situation. he said, vladimir putin has to sit -- chosen a premeditated war that will bring a loss of life

and suffering. he added that russia alone would be responsible for the death and destruction the attack will bring. he says that russia will pay. the president will be engaging with a group of seven counterparts, the g7. he will be addressing the american people. this will be about further punishments for moscow. what we seen so far from the united states are sanctions. the latest was sanctioning on north -- nord stream 2. we have not seen the mother of all sanctions. i imagine that that will come tomorrow. yousef: bruce, i want to bring you into this conversation as well. just in terms of mr. biden's domestic political position. he was trying to find the right way to walk this path. now it looks like it's all beginning to break together. how is he likely to take this forward, to make sure that the political capital, that he safeguards that? bruce: well, at this point,

there's a fair amount of support on capitol hill from democrats and republicans. there are some republicans who have expressed concern about this. there might be some conflict there. short-term, i don't think that that is going to be a big concern. the big question will be how much energy there will be among nato allies and moving forward with additional sanctions. the question has been up until now, if there were limited russian incursions into the region, would that mean that there wouldn't be a full package of sanctions? it sounds like what we are looking at now is a much bigger military action which would mean that we would probably be moving ahead with the crippling sanctions that president biden and other western leaders have

been talking about for several weeks now. yousef: just another line crossing the bloomberg, this time from the foreign affairs minister. he is calling the russian president a full-scale invasion. just in terms of the domestic reaction in the united states, we are seeing brent crude crossing $100 per barrel. the bti is not far behind. that's getting reflected in gasoline futures as well. consumers paying a high price at the pump. what are sentiments like among american consumers? how are they likely to react all of this? annmarie: the president rightly has been saying that any sanctions and tensions between russia and ukraine are not going to be painless for americans. that's where it is, of course. that trickles down to domestic politics at the pump prices.

this is going to be something that the administration will trouble with domestically. there was at one point a little bit of talk about potentially a gasoline tax holiday. the issue is what happens when you want to put that back on. it would be very difficult for other incoming lawmakers potentially to be able to say, we are going to tax gasoline. i'm glad you brought up the ukrainian ambassador. he's on his way back to ukraine right now. he was in the united states over the course of the past few days. i spoke with him a few hours ago. what is left with me from that interview is he said, what's at stake is the existence of the world order as we know it. this is his sentiment as he heads back to kyiv with a country that is now under assault from russia. yousef: thank you very much for that. annmarie hordern and bruce einhorn with additional

perspective on this rapidly developing story. i want to flesh out what we just talked about with emory, brent crude reaching $100 per barrel in the last couple of hours on the worsening geopolitical situation. let's now talk to andrew james in singapore. the signs were there that we were going to see brent wti take a leap higher. i'm wondering whether we are going to get a reaction from opec-plus to try to ease the perceived constraints in this market. andrew: hi yousef. it's possible we will get a reaction. we should bear in mind that they may not be able to lift production significantly. a lot of those members have been having difficulties keeping up with the planned supply increases. as well as opec-plus, we've got

the white house talking about another release from the strategic oil reserves. apparently they are still looking at trigger points and discussing that at the moment. australia and japan have indicated that they might take part in that. that might have a marginal impact on prices but it's unlikely to really take the trajectory of oil in a big way. yes. i'm not sure there's that much that can really be done to restrain these prices. yousef: right. jp morgan saying, $110 per barrel because of the escalating ukraine russia tensions. thank you very much for that. i want to circle back to the discussions, the debates that are being handled at the united nations. let's hear from the united nations secretary general, speaking now.

>> -- it's clear that military action will be happening in the territory of ukraine. obviously, if it leads to a generalized war, it is difficult to forecast how dramatic it will be in the number of people that will die, in the number of people that will be displaced, in the number of people that will lose hope in relation to the future. it's also clear that the consequences for the russian federation will be very meaningful. it's not for me to comment on sanctions that are being implemented. it's clear that there will be consequences. what's clear for me is that this

war doesn't make any sense. it violates the principles of the charter and it causes or will cause, if it doesn't stop, a level of suffering europe hasn't known since at least the -- crisis. >> is there anything the u.n. can do to get russia back to the bargaining table at this point? >> we can of course appeal the secret counsel. they have powers, given by the charter, to address the situation. thank you very much. >> thank you.

yousef: that was the secretary-general of the united nations, speaking at a crucial moment in history. i want to get back to the market action though. very aggressive repricing that we are seeing. we are 2.7% lower on equity futures in the united states. this is the state of play in commodities. brent crude above one dollar -- $100 per barrel. up 3.6 percent. big gains for gold. this is the place to be this morning at 1.8% higher. i'm also seeing major moves and some of the agricultural commodities. we've talked about food prices and potentially inflationary pressure that could build in the coming months. at the moment, this is up 9.8% intraday. that's a level that we haven't seen in about nine years. the ruble weakening dramatically by 4.1%, comes off of the back of several trading days of losses. just another redhead line here on the euro that slipped to

1.429 against the swiss franc. that's the lowest since may of 2015. we will be across all those moves throughout the hour. here's what is still to come. we will discuss all of the moves and the outcome of the u.n. discussions, the moves we are seeing into the ukraine with the standard chartered chief strategist. this is bloomberg. ♪

yousef: let's get straight out to the united nations where the envoy of the ukraine is speaking. >> it means thousands and thousands of people killed if not millions. what i want to know is further were -- world to rally and defend the world from the

aggression from the russian federation. all right. we have to digest the information. we have to verify information. we have to be here in the council tomorrow morning. >> at the end of the speech, the ambassador said that there wasn't aggression against the ukrainian people but aggression against those that were in power. do you believe that this is a flat out -- >> are you serious? you want me to dissect the crazy lunatic semantics of a person whose president violated the charter? whose president declared the war? he's playing with words. you asked me to interpret it? it's lunacy. it's lunacy. absolutely.

yousef: some very strong words there from the ukrainian envoy to the united nations. we are getting additional lines coming through from the interior ministry. it appears that they've now said that there's going to be an attack on the ukraine capital. a missile attack was the exact wording here. they are urging citizens to hide in shelters, from the ukrainian interior ministry. equity futures on the nasdaq. want to bring in eric robertson, the steve's -- chief strategist at standard. how do you approach the situation from an investment perspective? eric: there's been one thing and arguing strongly for the past three to six months which has been the need for building a portfolio that is more resilient or anti-fragile, which holds in a meyer amount of cash and

securities that perform well in difficult times. things like gold, government bonds, etc.. you really need to be dialing down risk, especially in these difficult times. yousef: how much further is this going to go? there was thinking that ukrainian forces might hold steady in these rebel held areas. it appears that they are going far beyond that from the information that lisa and getting over the last few hours. is it time for us to double down even on very extreme havens? you talk about an anti-fragile portfolio. do you go into gold and swiss francs, completely sellout? you reduce positions in risk broadly which is what's happening now. eric: you make an interesting point. what we've seen in markets up until the last few days is people rotating from higher risk assets into lower risk assets. it's been more of an asset-allocation decision rather than pure risk reduction. what we are seeing over the last

24 hours is a more correlated move into markets. everything selling off. i think that argues for holding really traditional safe havens which are cash and gold and fixed income securities. yousef: do you have a preference in commodities? they are rallying broadly. everything from wheat futures to brent crude. is there any wants? -- a nuance? would it be a broadly diversified basket? eric: we like a diversified basket. this hasn't locations for energy, agricultural commodities , metals, etc. we've given -- been constructive at gold. gold has traded extreme a well over the last six months even with the prospect of higher u.s. interest rates. a diversified exposure to commodities mix a lot of sense. the probability yousef: -- yousef: the probability of what we might get from the fed, now 50 bets in march or anything --

look at the options and the implied trading. it's evaporating. what is your read on that? eric: our base case has been the fed that -- that the fed would not go 50 basis points in march. our core view is 25 in march followed by three more by the end of the summer. i think that is still the right view. as you say, this geopolitical risk in the military escalation takes the mood -- move off of the table. yousef: one question as it relates to some of the other currencies. the ftse is in focus for sure. what about the chinese yuan. we've seen the differential of monetary policy as well. is this a moment where you want to level up and become a destination for haven capital? eric: it certainly has been over the last six to nine months. we've seen significant increases in global interest rates. chinese interest rates have been

very stable. government bonds have been the recipient of international investor flows. that has contributed to the currency stability. china's monetary and fiscal policy are at a different stage in the business cycle. those are contributing in our mind to a very stable yuan. we expect that to continue. yousef: what about stocks? is there any way to step in and the less -- next 48 hours? when you say to wait until this is resolved and then consider the situation anew? eric: the opportunity cost is load awaiting. what we have seen so far this year was allocation out of u.s. equities, out of high-risk tech and into some of the lower volatility sectors and markets. what we've seen over the last 24 hours is that everything is appearing a little bit vulnerable. i would wait for the dust to clear, so to speak. yousef: how concerned are you that this is a moment in history where, this is a moment where

the world order as we know it as has been built since 1945, that that is in play? what worked in the past is not going to be representative of what takes shape in a new way going forward. >> that's right. our research team has written quite a bit over the last few months about this disregard for the world order, this european or western-style notion of a rules-based order. when countries are interacting with an actor who doesn't seem to be bound by that rules order, it changes the dynamic. traditional diplomacy doesn't seem to be as effective. as you correctly point out, there's a real frustration that there's an attack on this rules-based order. yousef: what happens to cost

pressures? i mentioned how the ukraine and russia are so critical to the global supply chains around semiconductors, with rare earth models that they produce. to what extent is that going to potentially raise inflation higher be on the level that we thought were already high coming out of covid? eric: this is the complication. you are right. for those of us that that we were starting to see some easing of supply chain pressures, i think this raises the ante again. the other reality that markets are faced with is that up until now, the assumption was that military conflict was going to support or lift energy prices. what we are discovering is that it's affecting all parts of the supply chain, whether it's agricultural commodities, semiconductors, etc. this is not good news from a supply chain point of view. yousef: valuable analysis. inc. you for stopping by. i want to get back to several

pockets of the global market matrix, starting off with energy and oil. brent crude currently trading above $100 per barrel. 101.37 per barrel, up almost 5%. jp morgan sees $110 by the end of the second quarter because of the increased tensions between ukraine and russia. that's before these offensive the last hour. i want to get to gold. big pop to the upside for the haven. eric roberts call was gold actually about a week ago. he said that it's time to get into that. clearly that worked out. $1944 announced, up 19 -- 1.9%. gold has been trading in quite a tight range despite the inflationary concerns. now they're two applicable risks as well. bitcoin and ethereum getting absently slammed after several trading sessions of losses.

it's always an interesting indicator here in terms of where we are at the moment. we are lower on bitcoin by 7.2%. ethereum dental most 10%. coverage continues from dubai and the rest of the world. this is bloomberg.berg. ♪

yousef: this is bloomberg a break middle east. stocks fall and gold hits the highest level since january of last year as vladimir putin decides to conduct an operation ukraine to the country. president biden accuses putin of choosing a premeditated war and says he will announce further consequences for russia later. brent crude with -- hit $100 per barrel for the first time since 2019. the bank of korea leaves interest rates untouched. iran's chief nuclear negotiator

is consulting with the leadership as efforts to revive the 2015 deal reach a critical juncture. let's check back in on how risk assets are adjusting to the latest geopolitical tensions. juliette saly has all those important moves from our singapore studio. juliette: absolutely. massive repricing. let's start with the bond market. you can see the yield on the u.s. ten-year dropping by 12 basis points. the yield on this radius two-year dropping by 10 basis points. a similar move on austral yes 10-year note. we've been watching these big selloffs suggesting that the pain is going to follow through into the global session. that futures down by 4%. features on the nasdaq looking like they are towards a bear market territory. where the money is going into the safe havens and stocks. the concerns about tension between russia and ukraine continuing to push the likes of wheat up ice 5.7%.

soybeans hitting fresh record highs. is this going to disrupt shipments from these key players? we are already seeing some commodities at this multitech at high. we are looking at brent as well. $100 per barrel as well. features up by 5%. continuing to watch weakness in the russian ruble. down by 4.3%. that's looking like the lowest that we've seen since 2016. came flowing through into the equity market singapore had been one of the top-performing markets globally. australia op -- off by 3%. the regional benchmark index falling to the lowest we've seen since november 2020.

the downward spiral coming on the back of these geopolitical tensions. it looks like the regional benchmark index was trying to hold onto some gains. yousef: thank you very much for that. reflecting on some of the major moves in markets in asia. let's check in on the latest headlines now in terms of how the ukraine story might play out in this part of the world. for that, we are joined by simone foxman. let's start out with brent. we are above $100 per barrel for the first time since 2014, the highest level since then. positive for producers in this region for sure. simone: absolutely. a lot of the producers in this region budgeted for something like $60 per barrel oil. this is clearly going to help them better meet their fiscal obligations. if we see natural gas prices

higher as we've seen over the past couple days, that is something that would be a positive for the fiscal situation. however, the region will be under a lot of pressure from consumers of energy because of the threat that russia may choose to cut off supplies of natural gas, energy and general. we've already seen the united states going out to producers like qatar, libya, nigeria, egypt and say, where do you have more natural gas? can we get that? they said that they don't have a ton. we expect pressures on the producers in this region at opec next week. do they change their policy in response to some of the upward momentum we are seeing in oil prices? folks were telling me that they don't see a change to the plan at the moment just because of isolated geopolitical tensions. has that changed now? yousef: politically, what do we

know so far about how the countries in this region are going to react, in terms of alignment? given that we've seen the united states engage very differently with individual states here. simone: yeah. it varies across the region. there will be some push and pull between the u.s. and russia. clearly countries like qatar come of the uae, and saudi arabia are probably leaning towards the united states in their terms of alignment. they are the ones that are going to be under pressure the most to provide more energy supplies or make them available to europe. that could be an interesting one. there is suggestion that the crown prince of saudi arabia may use this to his benefit to try to convince the united states, to prove his relationship to the united states. elsewhere in the region, this

gets a little bit tricky. one place we could see an impact is libya. russia, very important player in the region. they have a military base that they could mobilize if we see a larger scale military action in ukraine. that would also be interesting. also would be interesting to see if they change their support because the situation in libya has put the west and russia at odds over who should govern the country. right now, the country is in a lot of political turmoil as well. yousef: what are the considerations that you are keeping in mind as we count down to the open today? simone: wheat. you have been talking about this throughout the program. russia and ukraine are very important suppliers for countries in this region. supplying a lot of wheat to lebanon, libya, yemen.

the one that we could see moving markets today is egypt. 80% of its wheat supply comes from russia according to a cabinet spokesman. they've been meeting in egypt to try to figure out how to deal with disruption to supplies. also, potentially interesting, we've seen the turkish city of istanbul as well as egypt talking about issuing new debt because treasuries have come down, taking advantage of a little bit of strength in the market. that could be an interesting place at the margins. the focus on wheat as we head into trading today. yousef: absolutely. very important strands of the story to monitor. thank you for that. i want to get back to the markets where we are seeing equity futures still cause significant losses on the s&p

500. a more dramatic story for the nasdaq futures, down 2.7%. this would push the nasdaq into a bear market with losses in the vicinity of 20% if the current trajectory hold. you're a stock futures down 3.5% . additional lines coming through here. we understand from the white house spokesperson that the president has been briefed by a team that includes austin millie sullivan among others, that was the briefing that was done on a secure line. we also got a line from the ukrainian foreign ministry saying that russia is attacking cities in the country. the russian new agency reports that an airport that is creating airport is being evacuated. the story moving very rapidly here. want to flip the board and get you straight to the market action around the ruble which initially posted some strength a

few hours ago. it is complete turning the other way now, down 4%. 96 against the u.s. dollar. let's talk about brent crude. russia is one of the largest oil producers and exporters. that is being reflected in the energy trade now. the potential for disruptions in an already tight market is very real. they are also one of the key gas suppliers to europe. there's a lot of factoring. at the moment, $101 per barrel. let's flip the board one more time. i want to get to gold. that has been the other big standout trade. haven capital moving in. it was a lot of speculation for quite some time whether gold has lost its luster as the haven of choice. $1941. much more ahead. this is bloomberg. ♪

yousef: welcome back to the program. the russian president has been saying that he is seeking to demilitarized the ukraine. a very heated discussion at the united nations security council in the last couple hours. we understand in the last few minutes, an attack in selective parts of the ukraine could already be underway. this is the state of play here. it's not just about gold, it's

also about treasuries. the rising geopolitical risks overshadowing concerns about an aggressive u.s. rate hike path. on treasury five-year yields, we are down 11 bets. the gains are extending across the curve. we are back to the midpoint after jumping to post pandemic highs. earlier this month, speculation that the fed could rain and inflation. nothing short of jaw-dropping how quickly the narrative has changed. i want to flip the board and show you some of the currencies. what's happening with the bloomberg dollar index? we are seeing a little bit of upside. that's getting reflected in some of these key pairs here. ftse getting a bid here. dollar yen at 114. let's talk more detailed about the u.s. because they are pulling back on restrictions to prevent the spread of the

coronavirus. many states already dropping rose for mask wearing. the chief white house medical advisor anthony fauci told bloomberg that it's thanks to high vaccination rates and wide fallibility of trusts -- availability of tests and treatment. >> the good news is that we have vaccines that are highly, highly effective and quite safe. the reality is, the protection over time wanes. we see that, particularly in a situation where the protection to begin with with omicron is not as good as example against delta. it does wayne which is the reason why we tell the people who have been vaccinated, when your time comes up, get that booster shot. we tell the unvaccinated, please get vaccinated. the data is so clear. when you look at hospitalizations and deaths, the

curve of the people who have been hospitalized who are unvaccinated, the people who are vaccinated, and the people that are vaccinated and boosted, the overwhelming percentage of the people who are hospitalized, i see units, and die are among the unvaccinated. we have a very effective tool. if you combine vaccination and the availability of good antivirals, such as paxil of he among others, newer monoclonal antibodies that we will continue to develop, and the wide availability of tests, particularly at home 15 minute tests, i think we are in a bunch better position right now to deal, not only with the ability to pull back on mitigations, but also in case we get -- which we might -- another variant.

very much better prepared right now than we were a year ago. >> the data is there for that third shot, the booster shot. what about for a fourth shot? there's a lot of talk about that. do we have data that indicates whether that is effective? how much more effective visit to have a fourth shot? >> when you have waning immunity , you look four to five months following the third shot of an mrna. the hospital protection still remains high at around 78%. but it waned a bit. a member, it was up there at around 90 plus percent. it's down still let a pretty high level. that's the reason you heard me and others say, for the regular person, you really don't need right now a fourth boost except

if you have a severe degree of immunocompromised such as transplant patients, patients who are on chemotherapy for cancer. that's for the people in one category. the people who have no underlying conditions. we have to keep and i out on that 78%. that's good. that's at four to five months. on a month by month basis, the cdc is following whether that durability of protection against hospitalization stays steady at around the 70's or if it keeps coming back down. if it comes back down at some point, you will have to make a decision, do you want to give a fourth dose to the most will nejra bowl? those would be the elderly, those who have underlying conditions, those who are at a greater risk to get a serious outcome. really, what we are doing is monitoring it on a month by

month basis. yousef: chief white house medical advisor anthony fauci speaking earlier to bloomberg. i want to get back to lines crossing the bloomberg from the situation taking place in the ukraine. this is from the russian news agency. they are saying that they are targeting ukraine antiaircraft. they are also using high precision strikes on the ukrainian military. the defense minister weighed in. this is another russian news agency. pointing out that there's no threat to the ukraine population. another escalation. the ukrainian head of state has said that he's imposing martial law across the country, that is taking place now. equity futures down 2.4%. the ruble, just short of 86 against the dollar. we will be back with more shortly. this is bloomberg. ♪

yousef: natural gas prices have soared on tensions around the ukraine and consumers have begun putting pressure on producers in north africa to try to boost supply. simone foxman basically started off by asking about the impact

on natural gas prices. >> geopolitics do not have longer-term. in my opinion, this could affect the wintertime. we are peak season of winter in europe. i think it will relax coming to spring. simone: the white house has approached egypt trying to see if there's any excess natural gas that could potentially be sent on to europe if russia were to cut natural gas supplies. how do those discussions go? >> i would say that egypt has friends everywhere. with our infrastructure, with our additional gas, there will be additional cuts. in these cases, we want to an

advantage. this will be possible. some of the contracts are on long-term and some of them are perhaps tight and more of contractual obligations. therefore, having some free cargo will help us in diverting them. when this is needed. as i said, this mechanism of trading and purchase of cargo has been done through the private sector and private companies. we have seen -- i would say in january, we have seen cargo that has left egypt.

so definitely. we are positioned to support, anytime. simone: you mentioned earlier, lng capacity expansion. do you have targets in mind for that? what do we expect? >> expansion would be tied up with new discoveries, new reserves. in this case, this would justify economics. we are currently running our operations, with the current reserves that we have in egypt. perhaps even with coronation with what we currently get from reserves and potentially from cyprus, this is all good for the current capacity. on the short-term or medium-term. perhaps on the longer-term, if

we would be lucky enough to discover more gas and are seeking the development, i think this would be set to expand our plans. i think in this case, a lot of investors including the developers will be ready also to invest. simone: you have cop 27 coming up in egypt later this year. what is your goal, essentially? what is the message that you are going to try to send to the world as you host this event? >> it's an important event definitely. we carry a lot of response ability. a think it's important to echo what we would like to have as a country, represent africa from

one side and representing mind alike countries. what we would consider and make sure that this would be good is to make sure that the resources that are there could be optimized for the country as well as, we would have a fair transition to energy as well as just and reasonable requirements. good, adequate funds and technologies. we are all committed to the paris agreement and to all cops and to the greenhouse gas emissions. in the climate change, definitely. and carbon reduction.

all the emissions that are not needed, definitely. meanwhile, we will be reasonable. therefore, i would like to have a successful cop. a majority of non-developed countries. yousef: from the egyptian petroleum minister. back to the market action. we are seeing a dramatic for selloff following announcements from the ukraine and russia, what appears to be an escalation. the russian head of state saying that he would like to demilitarized the ukraine. we had the comment that basically the martial law has now been introduced. the russians have a track -- attacked ukrainian state border service. you are seeing firm risk off in the nasdaq futures. 2.3% lower. cutting back a little bit some of the earlier losses. we are done as much is 2.7% at

one point. europe sliding into a black hole, down over 3% at the moment. the market has an open for business yet. it could be heading for a loss of more than 6% this week which would make it the worst since november. i want to flip the board and get to an important move on the currency side. euro ftse on focus, level we haven't seen in quite some time as haven demand picks up. 1.03. the move to the tune of half percent. i want to flip the board again and talk about the energy side of things. brent crude pops are $100 per barrel since the first time since 2014. there might be more to come with a significant application for the global economy. that comes with jp morgan saying could be looking at $110 per barrel by the end of the second quarter. a redhead line crossing the bloomberg care. the moscow exchange is suspending all trading across all markets.

that's just crossing the bloomberg terminal now. the market and the world gets its head around the escalation intentions and the beginning of confrontations on the ukraine russia border. this is bloomberg. ♪

>> this is bloomberg daybreak middle east. >> stocks fall and gold hits the highest level since january of last year. vladimir putin decides to conduct an operation in ukraine and vows to demilitarized the country. >> president biden accuses putin of premeditated war and says he will announce further consequences for russia later. brent hit $100 a barrel fo