>> good morning from bloomberg's european headquarters, just gone 6:00 a.m. in the city of london, i'm dani burger, this is daybreak europe, here's what you need to know. putin pushes back. moscow shuts russian airspace. ukraine agrees to more talks as shelling of the second largest city continues. sox have a modest recovery sparked by the war.

jamie dykman said the swift sanction may bring unintended consequences. plus, the corporate exit is continues. companies abandon russia have earned three decades of foreign investment. it's a pause in the volatility, the ruble stock has descended into freefall. equities in yesterday's destruction into little change, but is the worst of the impact the financial markets over? jp morgan says, yes, the worst is over, it's time to go. but caution coming through from rick at evercore's saying there remains no book ever written in which a 20% class and the ruble and a 20% surge could be viewed as bullish and caution remains warranted. so how cautious are these markets this morning? not very cautious, but when we look at russian assets, much of the russia market remains closed to foreigners and locally as

well. you are looking at a ruble that is higher versus the dollar by 0.4%. how much further cannot fall once markets to open? i will remind everyone the russian stock exchanges closed yet again for a second day. the 10 year yield dissing selling after yesterday's buying. the biggest bout of buying since november. that has flipped around and there is weakness besides the pause in the ruble freefall and the pausing buying a bond. you still see weakness coming down 2/10 of 1% around 112. euro stock features down nearly 1%. heavy fighting is continuing to region ukraine with the country's second-largest city coming under heavy russian bombardment. this is as talks to secure a cease-fire and without agreement in western countries continue to tighten sanctions on russia. let's get the latest from our team in moscow. how successful is a russia in mitigating the impact of sanctions.

>> yesterday the ruble did fall significantly, however, it wasn't as bad as some had feared. evidently the central bank was intervening. additionally they announced measures essentially capital to stop any capital flights by requiring companies to convert 80% of their foreign exchange earnings. and in the evening, the kremlin put out a statement, essentially preventing russian companies and individuals from making foreign-exchange transfers out of the country, apart from servicing of existing debt. so, they are putting a wall, basically, around russia and the impact of that is going to be to turn russia back three decades. dani: does russia become another iran, for example? when it comes to what's happening on the ground in

ukraine, we've heard reports of heavy firing, heavy warfare in kharkiv. what do we know at this moment? >> we know that there has been very serious fighting over kharkiv, which is the second city in ukraine. ukrainian authorities say it has been coming under heavy artillery fire, including a gust of ammunitions. we are hearing quite a few reports of major civilian casualties. in addition to which they are fighting on the outskirts of keefe -- of kyiv. it has been days since the russian invasion began and there are fears that they may take the more extreme military measures to try to take control of the cities. dani: thank you so much for the update. that's our reporting team in moscow on the ground. at the same time the bank of russia has enacted quickly in

response to sweeping sanctions. the central bank raised its key interest rate to 20% from 9.5%. at the same time it oppose capital control off the flow of capital. the bank of russia governor spoke yesterday. >> today's russia financial system are facing abnormal situations. the bank of russia will use any necessary tools very flexibly. dani: for more, enda curran joins us now. a lot of announcements coming from russia from the bank of russia. at this point, if they want to continue to support the economy, support the ruble, what options do they have left? >> they're going to be pretty painful options. we have to see what they do in terms of their key interest rate because they jacked that up further. what more can they do in terms of controlling the market. we know for trading our colleagues mention the same for the stocker change being close,

forcing the companies that fell off holding as well. one interesting thing to keep an eye on is how they choose to access any of their reserves that are held overseas. there is about $77 billion worse of russian -- in beijing and they also had a fault line with the pboc central bank in china, and of course there's a payment system set up between the two countries as well. so whatever domestic measure the bank of russia takes today will be seeing clear as we go, but there is potentially one liquidity lockdown. and that does depend on how china response and what kind of role they want to play in this conflict. dani: what role could the chinese central bank play? >> at the winter olympics, both president xi and president putin met in beijing and said there were now -- there were no limits to their friendships. there was a lot of commentary around china and russia were

going -- growing closer more economically. china imports mostly energy. financial systems have been getting tighter. people are talking about the reserves that moscow is holding in russia. is not clear what they are denominated in. colleagues in beijing have reported this. at the same time there hasn't been a lot of public commentary about it but we do know it has been activated once or twice in the past. the potential source of capital for russia if they needed. there are options on the table but it all depends on how china chooses -- or what role china chooses to play in this conflict. dani: thank you for keeping us updated. our chief asia economic correspondent. the invasion of ukraine is causing a mass exodus of foreign companies from russia. carmakers gm and volvo renouncing -- announcing a halt

to sale. disney and sony are not releasing films. it's big oil leading the pullback. on bp's decision to act with russia, shout said they will cut ties to russian partners. it will put pressure on exxon and total, which also have stakes in the country. let's discuss with our middle east energy and commodities team leader. what do these exits mean for the gem -- for the russian energy energy -- energy industry? >> they will probably have very big implications for russia's oil and gas industries, especially in the long run. russia is losing capital and technical expertise that the likes of bp and shell were bringing to the country. it is possible that the country's output of natural gas and oil over the coming years will obviously have to wait to see.

but it's certainly a blow to russia's oil and gas industry. dani: all eyes move to total in exxon, was the likelihood they will follow suit? >> those are the two big ones that are left, if you like, among the european and u.s. exxon is involved in big oil projects and tou thao is involved in lng project. neither of them have spoken since the invasion on thursday about what they will do, but to be be in shell before the invasion took place, they were implying that they were staying in russia and that they weren't going to change anything. but obviously the scale of the russian invasion since thursday has shocked and surprised a lot of europeans and americans, that's why we are seeing some of these pullout from major western

companies, and there will certainly be pressure on exxon and tou thao to do the same. dani: a really fascinating unfolding of self sanctions. thank you so much, that's bloomberg's paul waul is. let's get to the first word news , juliette saly is back with us in singapore. juliette: russia has barred airlines from the eu and canada and russia from its airspace in response to sanctions for its invasion of ukraine. russia is the key route for europe and asia, but it's off limit for air france and loose denso. several airlines had begun going around russia or removing some flights from their schedule. the swiss government has broken with a long-haul tradition of neutrality and agreed to enforce sanctions against russian companies and individuals. the government's decision came after criticism by opposition politicians and editorials, as

well as by other governments. jp morgan co jamie dimon says there are ways around sanctions involving the swiss messaging system. this after the u.s. and allies sharpen them out of the payments network. in an interview with bloomberg he warned disconnecting the bangs could bring unintended consequences, including third-party sliding loopholes. >> if they say you can't do business with you, i can still do business with you and there are a lot of workarounds. there are different tools we use for different reasons. >> hong kong is planning a lockdown to ensure testing is effective. this according to -- with reports of drive will start up to march 17 with officials planning to test all residents three times each over nine days. the report says core financial services, including the stock exchange will continue to operate. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts, in more than 120 countries.

dani: juliette saly in singapore, thank you. coming up on today's program, oil continues to rally as russia's invasion of ukraine offends the commodities market. we discussed market moves with our guests. plenty more analysis of russia-ukraine crisis with the ukraine forum with the head of third-party risks at dow jones risk and compliance. don't miss those conversations. this is bloomberg. ♪

>> the energy trade is going to be disrupted. this won't be the same thing. >> this is in the normans amount of oil that has the potential to be disrupted for weeks. >> if you start using it early,

you are shooting yourself in the foot. you need to keep that for the right reasons. >> we have done that before, it didn't really make a huge impact over the long haul. >> i think you are going to see, in effect, a sanction on russian energy just like the behavioral market actors. >> this is the world can't afford to lose. dani: bloomberg tv guests weighing in on the impact of the war. energy prices just below $100 a barrel for brent. joining us chief investment officer at queen tent private bank. thank you for joining us. i want you to take us through your thinking over the past 24 hours and really the past few days. how active have you been? have you made any large changes to your exposures? >> yes, good morning.

this is another markets shock on the back of the pandemic and investors are looking at the horizon coming out last year and opening up to the economy. this is the last thing investors need. the basic principles are staying invested in they moderate to the risk around the region and it's really important. we stay invested in the markets and it's close to the u.s. in particular, and we have a high confliction on emerging markets, especially in asia. we believe it will be well insulated from this geopolitical shock in europe. >> let me play devils advocate for you. should we be pricing it in the oil shock, and if so, does that change your outlook on e.m. equities? bill: that's a really interesting point. the biggest threat to a lot of

this is with markets like the u.s. and asia in emerging markets and it will be the potential -- coming out of the oil structure, and oil growth shock. we still have the central banks and play. i'm sure we will talk about it, but the central banks had a strong trajectory of tightening liquidity coming into this shock. and i suspect what we see will be a lot of moderation in terms of how the central banks play this, and they will be supportive of growth going forward. and we do believe that the shock will pass through with the support opec. dani: i was just going to say, save yourself from central bank, we will get into that after the next commercial break. i want to get to the idea of staying fully invested. we have seen, over the past few days, a higher propensity to move into cash data. the middle of last week shows

inflows into cash for the first time in a few months. there has been some qualitative color on people looking for cash. what would you say to those folks? bill: it's very difficult to tighten markets in best case, let alone timing geopolitical shocks and actions like this. you only have to look at 304 of the last major events, including covid. how quickly markets resume their fundamental pillars. so you look at where the equity markets are today in places where they were a few weeks ago, or where the equity markets pre-the original shock of covid where they were for weeks after that. there has been a lot of resiliency that investors look through for the underlying fundamentals. and if you end up trading on price and volatility, longtime

investors, that's the easiest way to have value in your portfolio. dani: what do you do with a lot of these corporate set have exposure to russia and are now attempting to divest them? i'm thinking of the bps of the world. do you assume, and your analysis of these corporate's, that they sell them at a pretty steep discount or they end up having a write-down of these assets? >> going to your previous point, one has to navigate, maybe u.s., emerging markets, there will be set specific areas that we do need to look at the fx. you mentioned oil stocks. yes, they are going to be divesting and they are going to be divesting at a discount, so you have to look out with the impacts are. but also the financial sector as well, especially european banks. we need to look at this.

from our portfolio's perspective, we will be under the oil companies on the financial sector especially in europe. it is a difficult one because there is the positive still went -- tailwind of the actual energy crisis. >> you mentioned banks, european banks down 20% from their peaks, do you buy? bill: not yet. even before this crisis, this long-term projection of earnings spent for european banks are subpar compared to their peers in the banking sector. so if we are going to go into banks, we would see more towards the u.s. side of that sector. we were underweight european banks before we came into this, and we would probably be underweight european financials for a little bit longer.

dani: you are going to stick around with us. this chief investment officer at quintet private bank. coming up, international pressure grows on russia, how should central banks react? we will dive deeper into that issue with bill street next, this is bloomberg. ♪

dani: welcome back to bloomberg daybreak: europe, i'm dani burger in london. my guess says the russia-ukraine conflict is likely to boost inflation in europe, the u.s. appears more resilient. he says the fed should raise rates at its march meeting. the chief investment officer at quintet private bank is still with us. phil, at this moment the market

has backed off of their expectations of a 50 basis point hike, at the moment 27 is where the market sees the march meeting. sure, this increases uncertainty, but is it enough that it would move us from 50 basis points and march to now just 25 ? bill: our think our base case is that it will move to 25 basis points as a kicker. the fed will continue to raise rates, they are normalizing monetary policy with huge amounts of liquidity, but they do have rising up to 10 shores of market instability environment, which they have a responsibility to help market stability. but there is a potential growth shock here as well. although it's not our central case, we will have a significant growth shock, the fed will be looking at this very, very closely. i think there will be a little bit more caution as they

consider the speed of move. dani: to that point, rba has a decision they decide to hold. in the commentary they depict -- they have this line that ukraine is a major source of uncertainty, the global energy market is a source of inflation of uncertainty, supply chain disruption is a source of inflation uncertainty. when central banks are faced with this type of uncertaint n they even afford to wait as the inflation picture just weighs heavily on, especially, american economies? bill: i have seen some really interesting ones for the central banks, and this is why i think they will continue to increase interest rates because they do have to get some of the excess liquidity out of the system, which may be driving some of the demand function of inflation. but let's be clear, there is a significant supply shock in this as well, which cannot be monitoring by just central-bank

policy. they will continue to take a quick job at the system, but i think they will try to see how much of this will roll over, in terms of the headline inflation's coming forward. so rates will move, but i don't think they will act in this environment too aggressively. dani: bill, i know we were just talking about your like a em, your movement into that sector. we have a great chart from our markets editor showing the amounts that em central banks of hike. accumulative 3000 2700 basis points from the fed. if there is a lot of em that is cushioned, that is isolated and will be impacted, where and em do you look to be cushioned from a hiking cycle coming from the fed? >> i think coming into this crisis, basis crisis, we had already moved into asia and the

emerging markets, especially in the credit sector and high yields. especially a lot of the things that went on in china and things like that. we are seeing the broader em complex looking very undervalued and it's a very low performing -- performer last year and i think some of these emerging markets would be well after the commodity price -- crisis after the commodity cycle we see coming out of this. and don't forget the pboc in china are actually moving into much more liquid cycle of monetary policy. so that means there is a bit more of an easing cycle whilst the taper is hiking. it would be for china and asia in one of the largest parts of em. dani: really great to have you on the program, that's the chief investment officer at quintet private bank on everything from em to central-bank. coming up we get more analysis

of russia-ukraine. we will speak with the head of the ukraine forum at chatham house. that's as we look at equities that start to calm down. ruble off the freefall. th dani: good morning from

bloomberg's european headquarters. 6:00 a.m. in london. i'm dani burger. this is "bloomberg daybreak: europe." moscow hardens capital controls and shots russian airspace. crane agrees to more talks even as shelling continues. stock stage a modest recovery amid low volatility sparked by the war.

jamie dimon says the swift sanctions may bring unintended consequences. the corporate accident continues, daimler and shall abandon russia. it is a much more calm market. our last guest says at this moment you want to stay fully invested, you do not want to move into cash. there are plenty who feel cautious about the current environment. one says there remains no chart written in which a 20% collapse in the ruble and 20% surge in em is viewed as bullish. there is not too much caution in the market, it is a pause in the freefall of the ruble. the ruble is gaining 0.5% against the dollar. the russian markets are closed, including the moscow stock

exchange to stem the declines. a lot of moves by the central bank including a hike to a rate of 20% to stem those declines. u.s. 10 years up three basis points in terms of the yield. the euro and euro stoxx 50 futures continue to show angst still seeing losses and strengthen the dollar. we are seeing u.s. equities near the top of the premarket session, up 0.25%. the situation in kyiv remains difficult and tense according to the mayor here with the drumbeat of penalties against russia is growing with the eu approving sanctions against the country's tycoons. are the measures going to bring peace? to help us answer that is orysia lutsevych, research fellow, chatham house.

thank you for joining us. as we look at the days unfolding since ruia invaded ukraine, and ukraine putting up a heavy resistance, how have the contours of the war changed? orysia: it has changed a lot because we see the first plan of putin failed, that was for a blitzkrieg they take over the capital and incapacitate ukraine leadership. that is out of the question at the moment. ukrainians are putting up a strong fight. what has changed is that it is a dangerous moment where the russian regime is moving into targeting specifically civilians and inflicting a high cost on the population. they are encircling cities and using banned weapons by the

geneva convention. this is very serious. we will see much more human casualties, humanitarian disasters, possibly environmental disasters. russians are upping the stakes in this war. dani: we have heard from various governments, luxembourg, germany talking about bringing in more weapons to help ukraine. is that enough for the stakes that we are dealing with her at the level you're describing? orysia: i think we have to have a two pronged approach. we have to put countries to prop up ukraine's defenses, but this should be done in a swift way to instill change and ensure the capital of ukraine stands and resistance continues, and there

is no humanitarian disaster. we have to up the stakes and put pressure on putin and the russian economy. cripple russia because we are saying unheard-of threats over the nuclear alerts from russia. this is serious. we have to understand as russia raises the stakes, there will be more of a squeeze, and what biden said is a pariah state. dani: often there are criticisms of sanctions that they take months if not longer to play out to hit the economy. our sanctions enough, or do we need troops on the ground in ukraine from nato forces? orysia: let me say on sanctions, we can do more. one thing that has to happen is to cancel the one-month grace

period of u.s. initial sanctions. there has to be all of the belarusian and russian banks are designated on the nationals list. this is important. we need to request visa and mastercard halt transactions with credit and debit cards issued by russian banks. this can happen fast. whether we need boots on the ground, clearly ukraine is asking mostly for assistance with armaments. there is a strong ukrainian army of 250,000 backed up by 200,000 people in reserve. they are fighting, and i think we should support that fight, but there is more that could be done with electronic warfare, jamming their capabilities to

fly planes. there were opportunities within the cryptocurrencies. we see anonymous hacking a lot of russian stock exchange. this is all out warfare we are talking about. dani: we are seeing a headline from a watchdog saying russia has banned swiss airlines from using its airspace. this is one of the many bans out of russia limiting travel in airspace. if you look at where putin stands at the moment, you have putin resisting the idea of a stronger nato. this is one of his sticking points, the strength and incursion of nato coming east. what has happened recently is a uniting of nato. germany is spending 2% of his gdp. how does this change the calculus and thinking of putin?

orysia: i think if we see the kind of for that putin unleashes on the ukrainian people, that hatred of ukraine and the desire to eliminate ukraine as an independent state has triggered the war. nato is a cherry on the cake to push it back from the east, but this is really all about crippling and destroying independent ukraine. putin is an isolated leader in an ivory tower. the decision to unleash this war was taken by a small circle of individuals. they have preprogrammed everything, and that is failing. they miscalculated fundamentally what ukraine is and miscalculated what the west will do to prove ukraine is at its core interest.

it has given a purpose to nato to defend its bloc, and a challenge to the united states to democracy. if we fail to defend ukraine, the idea of democracy versus autocracy will crumble. this is why this is a global issue, and china is watching. we know other countries, india is watching. this is key now. dani: you make an important point, but i have to wonder if we look at what happens next outside of ukraine, for example, should we be worried about russian incursion into the baltics? orysia: nothing is off the charts. i'm not saying this as somebody who understands the region. many people are saying the kind of russia we are dealing with, putin's russia is a direct

threat to the baltic states. it is a direct threat to europe, to the united states, because having that nuclear posturing we have heard, ukraine is an immediate victim, and you have 2000 civilians already dead over the course of five days of war. it is clear that it is everybody -- that man in the kremlin office is not going to spare victims. dani: thank you so much for joining us. that is orysia lutsevych, research fellow, chatham house. let's get to the first word news with juliette saly in singapore. juliette: moscow has barred russian residents from

transferring hard currency abroad. they clarify the ban on providing fx loans to nonresidents only. shall is exiting its russian gas ventures, including a massive lng facility. they are ending their partnership and withdrawing from the nord stream 2 pipeline following pressure from the u.k. government. shell says is noncurrent assets amount to $3 billion. disney is pausing its release of new films and russia in response to their invasion of ukraine. warner medias "the batman" is expected to be one of the year's highest grossing movies. his knee put on hold the new pixar film, "turning red." global news, 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. dani: thank you so much.

coming up, more on the war in ukraine. jamie dimon says there are ways around sanctions involving swift. not miss our exclusive interview with the ceo, next.

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>> the american government is very smart and have a lot of experts in national security and economic policy. hopefully they are doing the right thing to bring it to conclusion. i heart goes out to ukrainians. -- my heart goes out to ukrainians. >> talk to me about swift and what that means for global banking? >> there is a lot of

misinformation. the government will decide how to use swift. swift says i cannot use communications. they are different tools for different reasons. the banks are talking to the governments, so everyone understands the issues. war does not follow what you want. they have to be thoughtful on how they go about these. >> it is an important question on swift. that seems to be a concern. it could present real risk for the financial stability of the west. >> they could stop us from doing it by telling us, but the sanctions are targeted and clean. you can apply that in multiple ways that you cannot get around.

we will do with the american government tells us to do. the unintended consequences, what countries you hurt, what people will do to work around, how you fix that. the government wants an open conduit for energy payments. dani: jamie dimon, ceo, jpmorgan chase speaking to bloomberg on russian sanctions and the swift messaging system. let's stay on sanctions, russia has banned its residents as putin seeks countermeasures over sanctions. joining us now is gavin proudley , head of third party risk proposition, dow jones. thank you for joining us. you were discussing this unprecedented scale of sanctions. if you are a corporation right now, and you are looking at

unknowingly you are affected by sanctions, how hard is it to figure this picture out now? have us an idea of your conversations with clients. gavin: i will answer that straightaway, but before i do, i want to thank you for this opportunity. this crisis shows the importance of independent journalism, so thank you, bloomberg for getting the facts out. large organizations have never faced such a swift change of sanctions in which they are operating. 26 more people were added by the eu. there is a total of nearly 700 entities or individuals sanction so far. a company doing business in russia or with russian entities is looking at his portfolio across its value change to see where are the touch points, the third parties that may do

business with those entities? it is not a simple as looking up a name. we might find an individual sanction but what do they own? what companies are they connected with? there is a complex question that organizations are asking themselves and the speed at which things are changing means those need to be answered quickly. dani: do all companies wait for those answers, or is there a degree of self sanctioning that makes the most sense, to completely pullback back in this uncertainty? gavin: that is a great question because that is what some organizations will do depending on the risk appetite. you have seen already organizations like dp -- bp, shell, pulling back on investments in russia. that will happen across other organizations. those are companies that operate

in high risk jurisdictions around the world. they are comfortable with risk and found out ways to mitigate risk. there are a lot of organizations less comfortable with risk. those are the ones that will say, this is too difficult for me to understand if i am exposed. i will not touch this market for the time being. dani: is that what you would recommend they do? gavin: is not for me to recommend how a business operates, but they need to assess the opportunity versus the risk. if you look at an organization, a bank like bnp paribas, a huge french bank, they understand the cost of getting sanctions wrong. hsbc, barclays, big banks have button sanctions wrong in the past, and the fines are really big. if you do not have the resources to manage the risk, the business

decision is often a case of, it is better to place our bets and savor jurisdictions. dani: this is one of the things i struggle with. you have these banks looking at their exposure. realistically, is there anyone that they can sell these assets to, especially with swift sanctions in place? gavin: with the swift sanctions, we are still in a period of uncertainty on exactly how it will fall. the interview with jamie dimon was interesting. there will always be opportunities, and bp and shell are actively looking at that. i'm not well-placed to say where they will sell their assets. there is talk of chinese organizations. time will tell. it will not happen immediately. dani: in general, i wonder if

the exclusion from russian banks from swift means a lot a foreign investors in funds or assets, if they are stuck at this moment. gavin: there will be a definite pause, and you will see the impact on the russian markets and markets globally. they have stabilized, but there will be a pause. investors will seek to understand the extent to which they are exposed. the situation continues to change. there is data, the eu published big lists, and organizations like ours can consolidate that. the important piece for investors is to get access to that quality data and understand the extent to which they are exposed. dani: thank you so much.

that is gavin proudley, head of third party risk proposition, dow jones. a breaking headline coming through, poland is saying 377, 400 people have crossed from ukraine since thursday. it is the migrant crisis that we are looking at, next ukraine cross into poland. coming up, we will look at markets with equities holding steady as oil marches higher. this is bloomberg. ♪

dani: welcome back to "bloomberg

daybreak: europe." i'm dani burger in london. at 10:00 a.m. u.k. time, italy inflation data. economists forecast inflation will accelerate to 5.5%. that is followed by german inflation data at 1:00 p.m. u.k. time. the big picture is subdued wage pressures in the market but huge impacts from higher energy costs, something that will continue to be of concern for all of europe and the world. members of the european parliament will debate the russian attack on ukraine. president biden makes his state of the union address later tonight. from the state of the union to the state of these markets, it is a pause in the volatility. the ruble had been in freefall. it has flipped to being weaker versus the u.s. dollar in the last 30 minutes, but a fall of

0.1% is not much considering it fell 25% yesterday. a lot of russian assets are locked up. foreign investors hold $24 billion of denominated debt. holdings of equities are $86 billion. foreigners are having trouble selling this. until we get an open market, you may not see a collapse in russian assets. we are seeing easing and havens, especially bonds. yields higher three basis points for 10 year yields. stress showing through in european assets. euro-dollar is weaker. european stocks are down 0.5%, off of some of the lows we sell recently. yesterday bitcoin saw its biggest surge since july. it is up 11.5% over a two day period. trading volumes have surged the

highest since may. bitcoin, will it gain favor as it is harder to access hard currencies for those in russia and ukraine? that is it for "bloomberg daybreak: europe." up next is "bloomberg markets: europe." this is bloomberg. ♪

anna: good morning and welcome to "bloomberg markets: europe." i'm anna edwards in london. mark cudmore joins us from singapore. the cash trade is less than one hour away. putin pushes back, moscow shuts russian airspace. ukraine agrees to more talks even at the shelling of its second-largest city continues. stocks stage a modest recovery amid a