announcer: from the heart of where innovation, money, and power collide in silicon valley and beyond, this is "bloomberg technology" with emily chang. ♪ emily: i'm emily chang in san francisco and this is "bloomberg technology." coming up in the next hour, from netflix to tiktok, the pressure for russia continues and the pressure to do more piles on. plus, coinbase starts blocking

sanctioned russian users. what about the rest of the world? conversations with regulators and new services being lodged in europe and the middle east. apple holds its first event of the year tuesday. you can expect updates to the iphone, ipad, and mac lines. we will bring you a preview. first, turmoil in the global markets. u.s. stocks plunging the most in 17 months. ritika gupta painting the picture. still big concerns about what is happening with oil. ritika: yes, indeed. it is another down day for equities. the s&p 500 ending the session down nearly 3%. back and took correction territory. the nasdaq 100 underperforming, down some 3.75%. the real story was any the oil market where we saw wti as high as $130 a barrel and back to 119 dollars. a lot of volatility in today's

session off the back of headlines whether russia energy supplies would be sanctioned. yields on the 10 year inching higher today within the grand scheme of things. 1.77 percent on the 10 year in the face of what is surging energy prices the cpi print rear going to get this week, which economists expect an 8% handle on that. speaking of inflation, what has not been a hedge was bitcoin. that has gone below the $38,000 threshold. awaiting the gains we saw last week when it was just starting to look a little more favorable because year to date, bitcoin has been trading sideways and brings back the debate, is -- is bitcoin a risk off or risk on asset? today, you see crypto overloaded movements getting hit in today's session. also want to focus on your other movers of the day. some of the big cap tech names

moved down lower in the session along with the broader market. we have often seen them being safe haven places but we have not seen that of late. emily: what is a safe haven now? thank you. russia has now become the world's most sanctioned nation in the span of just 10 days following president putin's invasion of ukraine. in a surge of action, russia is now the target of more than 2700 new sanctions for a total of 5500 sanctions. josh joining us now with more who covers the white house for us. ritika outlining the market continuing. what is the signal from the white house about how far this will go? josh: that it is just going to keep going, emily. we don't know the specifics but the pace is remarkable. overall, three decades to build the russian economy and a couple of weeks to substantially remake

it at best, bring it to its knees. some of the measures they were talking about early in the west were ruled out a week ago or so and italy takes a few days for things to go from unlikely to plausible or already announced. we are seeing that continued pace. president biden had a call with his counterparts in france, germany and the u.k.. their joint statement pledged continuing efforts. read into that what you will. there were calls for the u.s. to restrict imports of russian crude oil directly to the u.s. u.s. in particular to restrict -- directly to the u.s. unclear how many or which other countries would follow that if they go down that path and how much they would go down that path to begin with. europe trying to wean itself off of russian gas. in particular to try to get some leverage there. they are scraping the back of the cupboard looking for anything and everything short of putting boots on the ground in ukraine. emily: these ongoing calls in

congress to bar russian oil. what is the administration's latest thinking? josh they are in a wait and see : mode. it is political liability for president biden. they don't want to put anything in immediate effect that might disrupt shipments that are already in trade or are about to be. right now, congress is working to the bill. the response from the white house today, spokeswoman jen psaki saying the president has not made a decision yet. they're pumping the brakes on that one. considering at but not singling or taking a step of doing it of whether they will ban russian oil imports. emily: as the conflict continues to escalate, so does the risk of

cyberattacks against ukraine and allies. we are learning hackers gained access to computers belonging to current and former employers -- employees at two dozen major national gas suppliers including chevron and jp morgan. another company targeted by a rising number of cyberattacks since the start of the russian invasion of ukraine. here is ceo toby rice. toby: we have seen the hits on our system increase significantly since this conflict began in europe. the biggest threat to russia is america's natural gas. when you think about what they're going to do to preserve their power, it is shut down american oil and gas. emily: i want to bring in matthew, the director of threat intelligence at cisco intelligence group. you are seeing a new wave of crowd sourced cyberattacks on

both sides of this conflict. how would you describe the state of play? matthew: it is a pretty crazy situation in terms of traditionally relook at these kinds of conflicts we have one side and another side in this case russia and ukraine. now we have a ransomware group coming out on the side of russia. we have the ukrainian cyber police soliciting volunteers online to attack websites in russia. we have lots of different players who feel now is the time for them to put their stake in the ground and go after what they believe in. that raises the stakes on the international stage of a possible misunderstanding between nations. emily: what could that lead to, a possible misunderstanding between nations? matthew: attribution is always difficult. knowing what is happening when you look at attacks on the ground and nations have to respond to that. if someone had something in russia and russia misinterprets

that as an attacker from the united states, their response would come the way of the united states. it adds chaos to an already dangerous situation should emily: these are urging u.s. companies to lock down their systems in case the russian government or private hackers take action should it could in fact already be happening. you have companies like crab strike and crowd fare offering their services for free. what would you say is the threat level against u.s. businesses, u.s. entities? matthew: it is all down to help putin decides to engage the west. how do they respond to these sanctions put in place? we think they are very capable in the energy sector. we have seen them for a decade or more in the energy sector gaining an understanding of the system. we also think there is a possibility there could be a thing where they are going after

the financial sector. which is a harder nut to crack in the west. emily: i want to take a look at ukraine. you talked about all of these different entities coming to the defense of ukraine. from the you to remaining -- the e.u. to romania. how do you think -- how effective do you think this has been and is this a path toward cyber deterrence in the future when you see the rest of the world piling on? ? i have a hard time thinking of cyber deterrence when you see the level of kinetic warfare going on. the human side is much more distressing. what i would say in ukraine, it looks like russia has underestimated on all battle faces. in terms of the military responds and how the west will respond but also how solid their cyber defenses are. ukraine spent the last few years

will any terms of putting together defenses. cisco is proud to have a role in that in providing on the ground support right now for critical infrastructure ensuring those system stay up when the ukrainian people need them the most. emily: there is movement in u.s. congress to take greater action on cyberattacks. you have massive legislation which would require companies to alert the government of potential hacks. what is your take on this legislation? is this something you would like to see advance? matthew: any time i see the government saying you have to notify us, my question is what are you going to do with that information? it has positioned itself as a go to agency to provide information to the private sector and government networks at risk and gives a good understanding of

what actors are using in terms of their attacks to attack -- their tax. -- their attacks. i think that is a good place to put that information. emily: the war on ukraine is escalating it seems by the hour. what does that escalation look like in cyberspace? how bad could this get on both sides? matthew: again, the cyberspace element has been much quieter than we anticipated. i think that is because russia underestimated what they need to do. i think right now they will overcompensate in the kinetic space that the cyberspace side inside of ukraine is not of interest to them and i think they are using their best resources engaging in espionage in the west to understand what the red lines are in with the exit strategies are for everybody. emily: matthew olney of cisco, thank you for bringing that perspective.

the russian government blocked facebook as part of its efforts to silence dissent and limit information about ukraine. a post from russia's communications regulator said facebook would be blocked because of discrimination against russian media sources. facebook previously banned russia state backed media operating in the european union to cut down on russian propaganda and misinformation could coming up, american express joins the likes of visa and mastercard and -- mastercard in suspending its operations in russia and belarus crippling the ability for everyday transactions as more companies take stands around the world. this is bloomberg. ♪

emily: a continued exit this -- continued exodus of businesses out of russia. how does mastercard, american express, and visa suspending operations their impact everyday russians? bloomberg's victoria capillary explains. victoria: visa, mastercard, and american express have become the latest companies to suspend operations and russia to punish the country over its invasion of ukraine. what this means from a practical standpoint, if you have a visa or mastercard issued by a russian institution and you attempt to use it outside of the country let's say in new york to buy a cup of coffee, that transaction will not go through. similarly, if you have a visa or mastercard issued from russia and you intend to use it with that russian vendor, that transaction will also no longer work. for example, if you live in russia and you have a bank with a foreign institution, say chase in the u.s., and you have a card issued through chase, you will not be able to make any purchases in russia.

here is what this means for russian citizens. if you live in russia and you bank with a russian bank and you attempt to use your visa or mastercard in the country, they will continue to work. the russian central bank said they can process those payments in the country. once those cards expire, they will no longer work. if you are a russian citizen and you are anyplace else in the world and you pull out your mastercard and you bank with a russian bank, you're out of luck. if you bank with a russian bank and you try to make a foreign purchase, something online, it also will not work. this is another attempt to financially isolate the russian government and to put pressure on russian president vladimir putin to get them to reverse course and a ukraine. western governments have rolled out a series of sanctions and private companies like visa and mastercard have undertaken their own financial punishments by

pausing operations in russia, suspending business, closing up shop. the ukrainian president had requested visa and mastercard undertake these measures in the hopes it will pressure russia to stop the war. emily: meantime, other companies continue to shut down operations in russia. netflix says no new customers will be able to sign-up. tiktok's suspending livestreaming in the country after putin's so-called fake news law. samsung is stopping all punishments to russia including smartphones and chips. bloomberg's executive editor tom giles is with us along with david kirkpatrick. thank you. complicated to figure out how this is impacting everyday russians versus the russian government versus putin himself. david, what do you make of this exodus? what strikes you most about these companies taking a stand, whether they have large businesses in russia or not? david: clearly, digital information is an important part

of the modern economy and how people are able to stay informed. the russian government does not want its people to be informed. i think most of the consumer digital information companies like tiktok, facebook, google are trying their best to continue operating on the grounds that they help people stay informed at a time when otherwise they would have difficulty doing so, but many of them are finding it is simply untenable. netflix and tiktok shut down in russia because new laws russia has introduced as part of their suppression of information make it possible they or their employees might be prosecuted. these companies are in a difficult position. emily: ukraine's vice prime minister has been talking about tech giants. most recently he has called on amazon and jeff bezos to make some moves. he also called on apple and

google to shut down the play and app store. do we have any indication amazon for example is going to cut some of its services to russia? tom: overall, we have not heard specifically from amazon recently. you have to keep in mind you asked earlier about cutting off russia and possibly taking a hit to business. a lot of these companies -- by and large the u.s. technology industry is not heavily exposed to russia. if you were to erase russian business altogether, which some companies are doing, you are talking about a small sliver of overall revenue. in terms of this being a sacrificial move on the part of big u.s. companies, let's keep it in perspective. the other thing is they are being compelled to do this in many cases because of u.s. sanctions. you don't want to run afoul of the u.s. rules.

every day, there seems to be another set of sanctions levied against russia. secondarily, there is the practical implication. how can you do business even if you want to do business in a country where you cannot make payments? where visa and mastercard are not accepted. where banking facilities are being shut down? there is the practical element. lastly there is the moral element. it does behoove these companies to take some sort of a moral stance even though it is not going to be a big sacrifice from them on the sales side of things. emily: we are seeing non-us companies take stands like samsung stopping sending products and chips to russia. apple, their business and a rush is fairly small. does samsung have a larger business and is that of more consequence to them? >> i think it will be. they are not going to ship a new product to russia, which means

samsung phones and other equipment in russia will be still available. this will have major consequences. i think the set of sanctions in net will hurt the people. there is no way it can avoid hurting the people but that is unavoidable as a consequence of the sanctions in the situation. emily: there is a question. is it a good thing or is it the right thing to do to be hurting the russian people, many of whom will necessarily support the war? tom: that gets back to the point david made earlier. is the flow of information -- the flow of information is not something you want to stop. if you are twitter, if you are facebook, the list goes on, tiktok, their services are getting throttled down to these companies are cutting back on their own services. youtube ad sales for example. do you want to deprive the russian people of the flow of

information? here is a group of people in solidarity over opposition to the russian government. here is the news and information calling out the russian government for the invasion of ukraine. as we have noted, this law that was passed last week puts really tight limits on how you cannot even talk about it, the words you can use. don't call it an invasion for example. emily: google search in the meantime as i understand it works. youtube and whatsapp are hugely possible -- usually popular in russia these services you believe will stay tuned on yucca -- will stay turned on? there are pros and cons to both arguments. david: i think it would be beneficial if they could continue operating. i think somebody might say,

google in particular, it would harm the government's ability to function at the economy because everyone uses the search. making those services still available to ordinary citizens is important. youtube has a huge role as an information conveyer. i think whatsapp, which is encrypted, is probably a critical tool to continue making available to the russian people. emily: likely not the last of this long list of companies taking action on russia. thank you both. coming up, more and more companies cutting ties. it will speak with the ceo of kohl's about how she expects global economic uncertainty to impact consumer behavior later this hour. this is bloomberg. ♪

emily: doordash considers a takeover bid for delivery. the u.s. food delivery service met with them over the summer. doordash bought the finished food delivery start up for $8 billion. mandy and soaring as much as 28% after the information reported google is in talks to acquire the cybersecurity company, marking what would be google's second-largest transaction ever. bloomberg reported last month that microsoft was in discussions to buy mandiant for about $5 billion. coming up, beyond ukraine, meta and other silicon giants have another challenge on the horizon, staying attractive to tech workers in the united states as share prices fall. all the details on that next. this is bloomberg.

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>> welcome back to bloomberg technology. i am emily chang. for years, employees of silicon valley could count on one constant the rising share price. , now with shares of the biggest tech up is dropping 11% in recent months and in some cases more, employees are now unsure about their fortunes and it is increasing the odds of a rushed exit. kurt wagner covers meta twitter and other comedies for us. -- other companies for us. how exactly are these prices

impacting employee retention yoko it was going up for so long and this is kind of a massive jolt. >> this has your norm for years that you would get stocks every year with part of your salary and a few years later it would be worth 50% more, suddenly when you are going the opposite direction, that catches some people by surprise. if the entire tech industry is moving downward together, it probably helps retention somewhat. you're going to another company where the stock is diving. in general, companies want this number to be going up because employees want to stay and work for a company where their paychecks are getting bigger every quarter. it is just a reality. we have not seen that happen for a long time. emily: are you hearing from employees who think it is not worth it anymore to keep working at a facebook or amazon because the staff is not what it used to

be or do they still believe in the mission? >> there are so many opportunities out there that unless you are one of these big companies offering a really attractive financial package to people, there other things they can go do to make a livable great tech wage. i think whereas before there is this idea of getting in on amazon today because i know four years from now it is going to be worth twice as much. that was the mindset a lot of people had to one of the driving factors for why these companies are so popular with recruiting. if you don't have that belief, if you think a lot of what i am going to get today might be worth the same or less for the future, there is not much less an incentive. people go in build a start up on the run. maybe they take a chance on something less established because they don't feel like

they're going to get the return they are used to expecting should emily: these companies have been dealing with a host of issues the last few years. deep-seated brand issues. i wonder how much of that has changed with the war in ukraine and uncertainty. how does that play into choices? we have been seeing people resign and reshuffle across the board but do we see a pause? >> this is one of the challenges when these companies get big. how do you continue to attract people who believe in your mission and what is your mission now? 10 years ago, you probably remember working at facebook was like we are changing the world. we are connecting people in a way that did not exist. you work at facebook editors pr headache after pr headache. finding people who believe in the missions of the amazons, googles and facebooks, these companies with tens of thousands

of employees, it is a harder sell. when something like ukraine is going on, something that is a real world issue, it puts a lot of other stuff interspersed -- into perspective for people who might not have bought into that mission to begin with. emily: i'm sure the story will continue to evolve. the massive list of companies helping -- list of companies growing as they take a stand on ukraine. michelle, great to have you with us. you have to be thinking about the macroeconomic picture. what are you bracing for any terms of how this global tunnel could impact consumer behavior? >> it is a great point. we are navigating unprecedented times like we have the last couple of years. there is a lot of uncertainty and concern for sure.

i would say from a club standpoint, we are staying close to the -- from the coals standpoint, we are staying close to the customer. we demonstrated we can be agile and resilient during this time should today is our investor day and we got to share some really exciting news. as we look ahead, we have great confidence in our business. lots of growth drivers. also present to the fact there is pressure. we have reflected that in our guidance to investors. we have taken note in our margin headwinds as it relates to things like freight and cost. from a customer standpoint, we want to be sensitive to the pricing pressures. one of the advantages we have is our brand portfolio. we have aspirational iconic national brands like nike and levis and we have the great entry price point brands that are private-label. we can meet the customer wherever they are.

like i said, we will be agile and responsive. one of the things we announced today is the next evolution of our loyalty program. get 7.5% back in coals cash, which our customers value. emily: what do you think you be the biggest macro challenge? is it inflation? is it geopolitical turmoil? is it supply chain challenges? do you have factories in russia? >> we are a domestic company. from a supply chain standpoint, that is the area we pay attention to as well as the inflationary pressures. it is hard to speculate in the midst of this all of the uncertainties with the consumer and that is why it is so important for your business like ours who serves 65 million customers we put the customer first and we understand them. it goes back to what is on their mind, how they are purchasing and coals serves america.

80% of america lives within 15 miles of a coals. we serve lots of things that are important to their everyday lives. this pivot into the active and casual lifestyle, moving into beauty. these are views we think they will continue to have. we will stay flexible and agile as we navigate the current situation good emily: coals has gotten couple of unsolicited takeover offers. just released a filing an hour ago that says your advisor goldman sachs is in talks with 20 potential buyers. can you give us the latest on this and talk about how your plan addresses some of these investor concerns and some of this investor interest? >> first, let me clarify. the plan we put together and what we shared today with a lot more detail. it is something that we really

leave in and have a great conviction that this is going to create tremendous value to our shareholders. we have retained goldman sachs. we have a finance committee that is part of the board. our board is being extremely thoughtful and doing their fiduciary duty as we evaluate all opportunities in front of us. yes, we have had engagement with roughly 20 parties. we have had unsolicited bids. we did outrage to make sure we are doing our job to evaluate these options against a very strong clan and ultimately all of this will be considered as we decide our path forward. as we look ahead, we have guided growth for the business. we have game changing ideas we are pursuing like sephora, building 100 new stores. we feel well-positioned. we will evaluate all options.

emily: you said sephora could become a $2 billion business. when do you see yourselves hitting that goal and what proportion of sales do you see coming from digital verses in store traffic? >> we have not put a specific date but let's say it is in the medium horizon we are in the midst of building out 850 shops. they're going to be a very big contributor. digital will be a reasonable contributor. that is one of the advantages we have with such a strong omni channel platform. it was one the reasons i think sephora wanted to partner with us because we have such a strong footprint kid we have a growing digital business. we're taking advantage of the omni channel power with things like pick up in story and we do that today with our stores that are open. we are going to deleveraging sephora.com and driving customers into a shop. there are not that many examples

of companies doing that cross company focus. i am excited. to continue to build out this business with them. it is a very big idea. in terms of the growth, 1200 stores and we are growing the digital business. looking to grow an billion billion-dollar business from 6 billion today. emily: i know you are launching more self checkout, buy online, pick up in story options pin -- pick up in store options. coming, crypto exchange. ftx expanding to europe and the middle east. we will talk with brent harrison about this new move as calls from regulators to block russian crypto clients arise. this is bloomberg. ♪

emily: we have seen some wild divergences in crypto since the start of the russian invasion of ukraine and now the bloomberg terminal is expanding the number of cryptocurrencies users can track. check it out on your terminal. it is time for our crypto report with our crypto contributor. what is the terminal showing us? >> there are bitcoin prices to start with. we have to talk about bitcoin because it did decline most of the last week with an extra nearly 30% drop. more than 2% in the last 24 hours. when you look at bitcoin over the last three weeks you have to , look at the other cryptocurrencies and see how they fared in relation. we know bitcoin is falling alongside stocks. if you look at ethereum here, it

did have a steeper decline than bitcoin had. it is not that all of them are doing so poorly. if you take a look at tether, it remains not only fairly stable but it is actually getting a bit of a lift over the last day and last seven days to we are seeing a difference between the stable coin and the more traditional cryptocurrencies as we take a look at the meaning of cryptocurrencies in this new era we are headed into. emily: thank you. i went to bring in our next guest to talk about the expansion to europe and the middle east. brett, so much going on in the crypto market right now. this question of whether crypto is decoupled from more traditional assets or not. you have this big launch in the europe middle east. , why now and when will you see these services begin? >> sure.

ftx operates globally. we operate in over 108 jurisdictions. but in many of those jurisdictions it has not been completely clear exactly what regulations and licensing is required in order to be able to operate and expand the services we can offer to citizens. what we have been doing is working in every country possible to get a license in any way we can so we are fully set to offer all the services we can in a licensed way. this is to counteract this narrative crypto companies are operating outside of the regulatory regimes. that they want to avoid being able to have the same kind of rules apply to them as traditional financial markets. it is the opposite for us. we went to be part of the revelatory discussion and work with the different agencies to be able to be regulated. we are excited about ftx you. we have approvals to be able to offer the domain in the

different places where we can passport that particular license. we will be able to launch within a couple of days those services. emily speaking of change in : regulation, there has been increasing pressure on crypto exchanges to block russian client in accordance with sanctions. you have coinbase saying that they are now doing this. are you blocking sanctioned russian entities? >> we have been blocking them from the start. before the war with ukraine started. ftx has been required to uphold sanctions according to the various list we tech -- various lists we check. we do an extra ordinary job of making sure those sanctioned entities and individuals cannot track currencies through the exchange. it is a different matter

entirely to consider whether or not we would make the proper decision as a company to block every single russian user regardless of their appearing on those lists or not. we are in constant dialogue with members of the treasury who are telling us what they want us to do in terms of helping to uphold the public policy decisions they are working on with the executive branch. >> speaking on keeping an eye on what users are doing and what is happening at coinbase, the idea that 25,000 addresses had to be blocked as a result of their own look under the hood, bring us under the hood over there because, what is the scale of which users around the world could be engaged in illicit activity and where is it mostly coming from? >> i read that report from coinbase. if you dig in, most of those addresses were found prior to when the conflict started. what coinbase has been trying to do is show there has been discussion back and forth about

whether crypto currency exchanges are actually doing their job of holding sanctions. the answer is we are. every single day, we have to block sanction activities. whether that is from russia or from any other particular nation or individual appearing on the sanction list. that did not start just now with the conflict in ukraine should when you take a look at the broader way people are thinking about cryptocurrency in this era as you expand into europe, as you look at the ruble conversion not just to been coin just to bitcoin but to stable coin happening at a greater scale, how do you see this conversion over from traditional currencies moving into the digital assets? >> what we are seeing in the ukraine is people converting cryptocurrencies -- fiat currency into cryptocurrency. as a natural thing to do in a wartime economy were there might be uncertainty about the

currency. on the other nations, they might have hyperinflated currencies are there looking for some flight they are able to transport more easily as long as they not sanctioned. especially if you look at all of the activity entering ukraine to help aid the effort whether it is direct to ukraine addresses or ngos on the ground helping with humanitarian efforts. this is ing the power of cryptocurrency as the cross payment border. >> but is it really? if you look at the drop in the coin today, it has gone down with the rest of the market. i know we are going day by day here but longer-term, what is the recommendation to new potentially aspiring crypto investors as to how to think about this asset and whether you are facing more or less risk?

>> if you look at bitcoin prices themselves, there is volatility. if you look at prices versus the turkish lira, that graph still tends to go up into the right to if you have a count -- a country where the currency is hyperinflated. people don't want to invest in the asset itself that might have the volatility risk to it. they can convert to a stable coin which is completely one-to-one back with the dollar. they can store those assets in digital form. that is completely stable. that is a way in which people can still interact with the digital currency system but not necessarily like into the risk associated with the volatile currency. emily: thank you both. coming up, apple setting the stage. a new version of the iphone and ipad may be unveiled.

this comes as the tech giant makes a big step cutting off business in russia. we will discuss next. this is bloomberg. ♪

emily: apple is holding its first event of 2022 tomorrow with the tech giant set to debut new versions of the iphone and up to the ipad. >> this will be the first apple product launch event of 2022. i'm expecting the mac studio this will be a hybrid smaller mac pro aimed at the professional market. you will see apple's most advanced non-intel chip in mac to date. lunching alongside that will be a low-cost monetary pin this will be their first external

monitor in three years. this is likely to be less than half the price of the current monitor, which cost between five and $6,000. depending on the stand with the product. there is going to be a new ipad air as well as a new iphone both with 5g. should be a fairly exciting day if you are a fan. emily: we have already seen apple take a stand on russia and its position. i know tim cook often makes a nod to world events at the beginning of these presentations. are we expecting to hear commentary from him on the war in ukraine tomorrow or for apple to take a stronger stand? you have ukrainian officials calling on apple to cut off the app store to russia.

>> we know what they did last year by stopping exports into the country. they removed sputnik news and rt news from the app store. they took another step. they stopped search ads, which is the ability for developers to place advertisements in the app store. most of apple services whether it is the store itself, i message, apple books etc., are still available in russia. there have been calls for those to be disabled. we will see if apple will do that. in terms of if tim cook will make a statement about the ukraine situation, they have done this. they have had to record the beginning of events because of world matters. i would not be surprised to they did this for the shareholder meeting last friday. emily: we will be watching. you will be as well. thank you for giving us that

round up your that does it for this edition of bloomberg technology appeared tomorrow, international women's day. a primitive venture capitalist and liz young of sophia talking about global markets. ♪

yousef: our top stories this morning. manus: cutting down supplies to europe in retaliation of russian sanctions. yousef: the s&p 500 has its worst state since october 2020. manus: there is a drop