>> this is "bloomberg daybreak: europe." i'm manus cranny in dubai. the story setting your agenda. >> willing to do more as the situation evolves. particularly with energy prices, where it will likely go up again in the autumn. manus: a pledge for more to tackle the crisis as they face an unprecedented crunch. our interview with the u.k. chancellor. crypto panic subsides for now. bitcoin jumps. blockchain is halted. we started -- restarted, and halted again. energy uncertainty. european natural gas prices surge as germany clashes with russia oversupply. the eu mulls a delay to sanctions. a very good morning to you. we almost kissed a bear market.

30 dips away from it. then there was a swell of settling in these equity markets. we are off of the lows. avoiding a bear market. we hit six weeks of losses, 4.5% this week. it is not a screaming buy yet. asian stocks rallied by 1.5%. are we just in desperation the fed may have mercy rather than invoke the optimism? mary daly says rate hikes is not her primary consideration. and caution, because u.s. equities are exiting bubble territory. let me show you what anxiousness really looks like. it is in the form of the bond market. this is the worst week for bonds since march 2020. down by 24 basis points. you are looking at an implosion

in yields. crypto got trashed. money went into the dollar. but you saw this momentum of haven status of dollar down dollar assets. you are looking at a regime shift in the bond market. i would say powell's language of challenging a soft landing is somewhat hawkish. to the cross as a narrative. money going into the dollar, it takes dollar haven status away from the classic, swiss franc. euro, they are calling it 102. yen 107. yuan at 680. where does the flow of liquidity go? if you have a stable coin, and the blockchain closed, where does the momentum go? bitcoin this morning. natural gas futures closed up. more future is asian from --

they have halted sales. it is 3% of the supply. it is not the supply, it is the principle of anxiousness about the weaponization. the u.k. chancellor says brexit settlement in northern ireland is causing economic and political harm, and called on the european union to be flexible in negotiations on a northern ireland protocols. he sat down with stephanie flanders. >> we need to see a degree of flexibility and practical problems on the ground. i'm hopeful the continued dialogue and negotiation can result in situations -- >> when you are weighing out the impact on the economy as chancellor, it seems clear you would be pushing for the continuation rather than throwing trade relationship into uncertainty. >> it is important to me as it

is important to the government to respect the good friday agreement, make sure northern ireland's place in the u.k. is secure. it is clear the protocol currently operating is causing harm on all of those things. that is why we remain committed to finding a resolution. it is a serious situation. manus: the u.k. chancellor speaking to stephanie flanders. we will hear more later. let's get to the reporters around the world. garfield reynolds has the latest in the crypto space. laura wright is in london hq. what is elon musk up to? mark champion will discuss the latest in ukraine. juliette saly will tie it together in the asian session. the blockchain behind the collapse, stable coin, focused

its processing new transactions for a second time in less then 24 hours. janet yellen has given the u.s. government -- response saying it underscores the risks associated with this asset class. >> i would not characterize it at this scale as a real threat to financial stability, but they are growing very rapidly and present the same kind of risks we have known for centuries in connection with bank runs. >> garfield joins me. you inspired me, i went off and you made the charge. this crypto implosion is a moment of confidence brigging rather than systemic risk to markets, agreed? >> i would agree with that.

part of it is because crypto has kind of become part of the furniture between musk, tesla, the things going on with that, institutional investors. the days of huge gains had been somewhat behind, as it was expected to always go up. interesting to watch bitcoin climb back above 30,000, which when you look at the charts, seems like an area it really needs to stay above to have a chance to avoid a meltdown. that is very trusting, especially with that chart. still facing all sorts of problems, but the take away so far seems to be terror is its own particular problem, and it

can be ring fenced from the bigger -- traditionals may take it too far, but bitcoin, ether, and companies directly associated with all of that. manus: absolutely. it may not threaten the financial system, but it does unseat one's view of that direction. garfield reynolds with the latest on the crypto space. and elon musk is in talks to raise enough equity and preferred financing for his proposed buyout of twitter to avoid any margin loan linked to tesla, unburdening shareholders of their angst. what has he done? >> reassuring when even the world's wealthiest person in need financial help to get what they want. initially to take twitter private, there was news of a $12.5 billion margin loan from

elon musk. we learned it has been halved because of investments from a saudi prince, and others. now it may be raised altogether. it lowers the risk tied to his tesla stocks. twitter's closing price, $45, is well below the $54.20, and shares have fallen almost 30% in the last month. closing yesterday at 700 $47. twitter embarking on cost cutting of the deal closing, freezing off of it. and a new member tells employees in order to responsibly manage the organization as we sharpen our work, we need to continue to be intentional about hiring and costs. costs will be cut, too. it creates an environment of anxiety and uncertainty for twitter employees. manus: it has indeed.

a slightly more skeptical look, twitter getting out ahead, cutting the costs just in the event that elon's deal doesn't go through. and that means they are on the front foot, in terms of ripping up the script on their business. >> but if it doesn't go through, still a $1 billion exit fee for both parties. it is expensive to back out. manus: if you've still got your freedom, maybe $1 billion is ultimately what the twitter board are prepared to sacrifice. we can debate this conundrum, and we will later on in the show. great work on reporting that. the eu nations are saying it may be time to delay the russian oil ban so they can proceed with the rest of the sanctions package. this is as hungry continues to oppose the energy embargo. "united we not stand" is the

message i take. what does mark champion make of it? this united -- is this a united eu? >> yeah, it is the first sign of business going back to somewhat usual. not unusual for the eu to have trouble agreeing on major decisions that impose -- very differently across the bloc. those problems were sort of suspended because of the invasion of russia and the horror people had, and the fear it did not get in the way -- then president vladimir putin would keep going. in a way, we are edging back to a normal, more difficult playing field. but it has real consequences. so far this year, oil revenues

for russia have been up 50%. $20 billion a month for their budget. and they need it for the war effort. that was the reason for the focus trying to ban that oil. manus: certainly when you see the sanctions by the russians on german gas, you really understand -- i don't think it is the amount of gas, i think it is the principle of the evil lucian of weaponizing the gas supplies. we will see where the story goes and where the gas futures open in europe. up 13% yesterday on the close. asian stocks, the rally is in tech. china and japan. juliette saly can explain why and if it will endure. most analysts take a lifetime to explain it, do it in 1:30. juliette: 90 seconds. we are on track for a sixth week

of losses. the longest losing streak since 2015. it is the optimism you see in china really helping today. beijing denying reports the capital will go into a locked. shanghai giving indication when they expect to see zero community transmissions and paving the way for easing of restrictions. you mentioned the rally in hong kong. tech players, softbank lifting the nikkei. the aussie dollar after the biggest slump due to the fall in gold. the yuan, as well. ninth straight session of a strong fix from the pboc pinning the authority's interest in trying to keep the currency strong. the strongest deviation from the sixth in more than two years. the onshore and offshore yuan have an trading around these 18 month lows. a lot of it will point to a further stimulus we can see from the pboc.

monthly activity data dump coming through monday expecting to show the impact of the lockdowns on the economy. it could lead to a trim to the mlf. manus: thank you very much. assessing clean done in 90 seconds -- so singly done in 90 seconds. it will drag the markets. 10:00 a.m., area production. more data from the u.s., including the export price indices. that is followed by the university of michigan consumer survey. mortgages at 5.3% in the u.s., i wonder if it begins to bite. russian cpi. later, the bank of new york posts climate change implications for macro economic symposium. investors front manager for global equity income joins me with his view on the markets.

and the u.k. chancellor -- speaks on brexit and the cost of living crisis. this is bloomberg. ♪

manus: this is "bloomberg daybreak: europe." stocks pointed to a higher open at this juncture. the worst since january. that as jerome powell pushed back on the speculation of more aggressive rate hikes. analysts are divided as to whether we have seen the worst of the selloff. joining me is richard saldanha. the line that defines my morning's work so far comes from the bank of singapore.

you might be 30 basis points away from a full on bear market in the u.s., but it is not a screaming buy. do you agree equities are not a screaming buy yet? >> good morning. i don't think so yet. but there are areas of opportunity now amidst what is clearly a volatile period. approaching bear market territory in the u.s. if you are looking for signs of positive things, there is not much out there. but look at the season we are seeing in the u.s. and europe. 70% of economies on top. bottom line, there are areas looking at demand, trends going on that are looking attractive. the key is supply. that is the real unknown. we see that in terms of bottlenecks, continued lockdowns. that piece of the puzzle is still to be determined.

when we look at strength, in terms of the top line, the books of companies, there are signs of encouragement. it may not be a screaming buy, but there a lot of opportunities right now. manus: this is where we need to stand back. i think bank of america's note put it nicely. they have looked at bear markets over history. what caught my eye was the concept of growth devalue. that has been absolute annihilation. how do you pick the bones of growth relative to value? citigroup thinks value has more performance. but growth is so annihilated, -- how dare i have an opinion -- are there huge opportunities in growth stocks you should use right now? >> i think with the growth versus value debate, it boils

down to fundamentals. look at the areas of growth, consumers are interested in the space right now. look at the point of macro. some of the risks on the downside is trying to get priced in. some interesting examples, u.s. housing names, the home-improvement sector, home depot and building product names. quite interesting right now, where the underlying structural drivers, whether it be under supply of new homes, aging household stock, demographics, still a robust consumer. those items are interesting. luxury ties a lot into weak sentiment in china. but if you look at some names reaching the growth potential -- these companies are doing well in the u.s. and europe from an operational perspective. china is a big piece of the puzzle. a lot of uncertainty.

there is growth, but investors need to take a longer-term investment horizon. manus: the longer term horizon. i don't know how much of a longer-term horizon i have left in me. can i challenge you slightly? you have morgan rage -- mortgage rates at the hottest since 2009. i would say 5.25% on u.s. mortgage rates threatens the very narrative you put before me in the u.s. market. but defy me. >> you are absolutely right. with the 30 year rates at 5%, you will see a page from that. when you look at house prices and double-digit growth, that is clearly unsustainable. you will see moderation. i go back to the point of the u.s. consumer in a relatively good place. you look at the employment market. it ties back into real

structural under supply. i think the demographics are favorable. you look at the millennials out there right now. the demand for housing is there. people want to spend, as far as improving homes. we do have an aging housing stock at the moment. when we look at those factors, and i agree you will see a page in terms of mortgage rates. but i think the ability to absorb that is there as well. it falls back to valuations. a lot of these are selling off aggressively. some recession risks are getting priced in. that of further risk reward looks attractive. -- that is where the risk-reward looks attractive. that is where investors can find opportunities. manus: in terms of the commodities space, people have come on board to use the commodity hedge narrative in an inflationary stagflation world.

how do you desegregate what is a huge world of commodities? given there are monsters in some classic names, is that how you aggregate the commodity spectrum? >> yields are attractive, companies are generating a lot of cash flow right now. you look at the reporting season we have had, energy commodities has been very strong. it ties back to right now. where we see the reward. some of these areas, particularly an income perspective, growth names. luxury brands -- europe pushing the 3% dividend yield. plenty of room for more income growth. it really depends where you see the risk-reward. it is looking interesting in some names -- visibility on a six to 12 month view is not great. it will depend on what happens, with regards to china and

restrictions. i think investors are willing to look a little bit through that. there is definite opportunity. we are more focused on those areas. growth opportunity and risk reward are looking attractive. manus: certainly a very potent message on how to look through the fog of zero covid. and it is a board game, in terms of u.s. mortgage rates. richard saldanha, thank you. elon musk's takeover of twitter causes a faries of the social media giant? more on that story. this is bloomberg. ♪

manus: it is "daybreak: europe." i'm manus cranny in dubai. elon musk in talks -- for

twitter. it will eliminate the link of tesla shares, and the company awaiting his takeover. we start a little bit earlier. i like the punch back, the breakup because up one billion. -- breakup clause up one billion. is it elon musk trying to reduce the risk on his tesla equity exposure and shareholders? >> i think that is exactly it. at the end of april, elon musk already offloaded almost 10 million tesla shares with a price of 8.5 billion dollars. it sends a negative signal to existing shareholders. it implies limited upside to the stock price and illustrates he's prioritizing taking twitter private rather than the world's most valuable carmaker. tesla's share price has taken a

huge hit over th -- a huge hit, almost 40%. on the back of the financing process. the margin loan we learned about, initially $12.5 billion. recently that half, because of investments from sequoia capital, larry ellison, and a saudi prince. we learned it might even be removed altogether. but cost cutting is already taking place at twitter. a line from twitter's ceo had a focus on short-term projects, hiring on freeze as well. manus: we are showing the -- that is next. if the risk in this? this is supersonic wifi from xfinity. it's fast. like, ready-for- major-gig-speeds fast. like riding-a-cheetah fast. isn't that right, girl? whoa! it can connect hundreds of devices at once. [ in unison ] that's powerful. couldn't have said it better myself.

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manus: it is your friday edition of "daybreak: europe." i'm manus cranny in dubai with the stories setting your agenda. >> doing more as the situation evolves, particularly with energy prices. it will go up again in the autumn. manus: a pledge of more help to tackle the cost of living prices as house sales face an unprecedented crunch. more of our interview with the u.k. chancellor. crypto panic subsides. bitcoin jumps. tariffs problems remain as the blockchain is halted. restarted. and halted again. energy uncertainty. european natural gas prices search as germany clashes with russia oversupply. the eu mulls a delay to oil sanctions. good morning.

is it a screaming buy? that is what you need to ask yourself. u.s. equity markets traded within 30 basis points of an official bear market. is the bounceback in equities globally really something of substance? six weeks in a row, down 4.5%. not a screaming buy, according to bank of singapore. citigroup with a huge note. growth stocks are further default. we prefer a little bit of value. a warning shot to the global equity narrative. if you think jay powell was benevolent with 50 basis points, this man was talking about soft landing. quite challenging. more pain to come. i think that is reflected in the bond market. the biggest weekly drop in 10 and 30 since you have seen in march of 2020. this is one of the moments where -- woke up to the reality of recession and.

10 year government bond collapsing by 24 basis points this week. this is when the bond market really reflected the risk of a global slowdown according to high ng. now the warning lights are beginning to flash. the fed, japan, china. bitcoin has a bounce. will it last? where does the liquidity go out of the stable coin? bitcoin. or do the flows go? up 7% and 8%. firmly back above 30,000. euro-dollar, parity. it happened in the swiss franc. the dollar is the haven of choice. people are calling for euro-dollar parity. the gas is important. russia halting and delivering sanctions on german gas supply. that has shown up.

13% yesterday. we will check out how they trade. 288. the blockchain behind the collapse terror stabled blockchain. and luna. new transactions stopped for the first ti -- second time in less than 24 hours. janet yellen gave the u.s. government's most forceful response for this meltdown, saying the woes underscore the risk associated with this asset class. bringing in garfield reynolds. he joins me from sydney. here we are. a cellular tory warning -- acellular tory warning. what is happening with the not so stable coin terror blockchain. >> the thing that happened was people lost confidence. for all of the various

algorithms, rules, and other guidelines backing terror, the basic point was needing to have the people using it that it would always indeed be worth a buck. it was intended as a blockchain version of the old money market funds that was supposed to be worth at least a buck. i remember that was one of the most shocking things that occurred during the lehman crash, a money market fund like the buck. that brought the entire global financial architecture crashing down. when something like this happened within the crypto space, there was a concern that this could be the same destruction to the basic architecture of that set of financial markets.

the way bitcoin has recovered above 30,000 signals that is not the case. in particular, the way that tether, also a stable coin, but back by real assets -- backed by real assets, coming off a little bit now and then, it has stayed around the buck area. for now, crypto bulls are breathing a sigh of relief, the sky is in fact not falling. it is just maybe raining hard in one patch of that universe. manus: thank you very much. garfield reynolds with the very latest on the crypto implosion. my guest is talal tabbaa, coo of a crypto asset trading platform. good morning. good to see you. furiously making notes.

good to have you here. this is one of the moments where traditional markets get battered and bruised emotionally by your markets, the crypto world. let's start with the terror blockchain. it has halted a couple of times. are you surprised that a stable coin imploded to $.10 on the dollar? >> first of all, not all stable coins are equal. there are many things in life. you can have different quality versions of the same product. usd was a highly leveraged experiment that obviously failed. you have other stable coins like usdc that still have investor confidence. it really depends on how you maintain the dollar pack. usdc has exact 1:1 backing, ensuring they are backed up with a dollar in the bank. luna and usd created a complex

system that did not work. manus: they were paying an interest rate of 20%. pause for a second. if i'm standing in the street and someone says they will give me 20% for my dollar, -- >> there is no free lunch. manus: is it a ponzi scheme? >> you can call it a ponzi scheme in some way or form. essentially, they were paying 20% interest inflation. as we know, if you have money deposits in lebanon, they were paying 16% and 18%. manus: is it a wake-up call -- is there a bigger ramification? it is 90% down in value. is it gone? >> they have 24 hours or 48 hour's to save it. they can say they got it back to one dollar. but it requires investor confidence.

it was a huge hit on confidence. i don't see them coming back. manus: what i want to know is there is a -- godfather, he exited. there is a great article. the godfather of doesn't realized -- decentralized finance, he pulled himself off of twitter, was this the moment defi met its nemesis, when the godfather pulled out? >> to some extent on the short term. but crypto is a very long-term play. the short-term movement is primarily driven by the increase in the interest rate. it is quite self-centered of anyone working in crypto to think him leaving would affect the market in this way. manus: he is not that important? >> not enough to bring the market down from $2 trillion to $1 trillion.

it is important to put things into narrative. the nasdaq has erased six dollars over the last month. that is -- of all of the crypto industry. manus: but this is about moments of angst. liquidity comes out of a stable coin, which was supposed to be pegged like at 20%. do you think there is a liquidity movement going on in these 24-48 hours. stable coin flushing, perhaps to the benefit of bitcoin? >> that is one of them. but basically, the equivalent of money markets in crypto is a protocol called curve or you can switch between stable coins. ust, then you have the others. you can easily switch between them. there was a bank run on liquidity. especially on the anchor protocol, the lender and borrower built on the blockchain. but jp morgan, the actual guy, not the bank, says liquidity is

like a cap on a rainy night, it is not there when you need it the most. manus: certainly not at home, and certainly not in london. people have said 60% of the world crypto is here. is it? >> that is a very big claim. manus: that is why you are here. is it a russian influx? >> the fastest growing in the world, but that you are taking out those that are the biggest in the u.s., followed by china. the majority of that crypto is in those markets. manus: might democrats push back -- remember when sanctions -- he said you are basically all wrong, and russia cannot -- sanctions on crypto. i hear that people are arriving in the uae with crypto, switching them up into cash, and cleaning them up. is there truth to that? >> obviously they will say

russians cannot use crypto to circumvent russian sanctions, because it is not in their best interests. i don't really have the same incentive. i will be happy to tell you there are russians, and regulated businesses in the uae and bahrain conserve them as long as they have residency. if a russian sedition is residing -- citizen is residing in the uae, you have no problem moving your money around. manus: where is the next evolution in this crypto wake-up call we have had? i know it is a stable coin, but you have a strong view on stable coins created outside of the realm of the federal reserve. what was this weak? >> i think anyone that tries -- what was this week. >> i think anyone trying to brand the u.s. dollar without the approval will get screwed over. look at the history of terra, ust, it has the american flag.

there founder had high-profile constant -- confrontations. he tried to sue a week ago. janet yellen said ust is a risky stable coin. manus: you are in the market day in and day out. let's get a line out of you. $30,000 on bitcoin. where is the next five, where is the next 10? >> i'm the worst person to ask. manus: let's give it a go. >> in five years time, i think we will see $600,000 per bitcoin. for bitcoin to equal the market cap of gold. in our world, digital beats amazon. amazon beats retail, uber beats taxis, and bitcoin will beat gold. manus: uncommon to crypto world. a moment for everybody. i'm coming to your nirvana. >> you are more than welcome.

manus: talal tabbaa, thank you very much. let's get the first word news with jules. juliette: european and natural gas prices have jumped. some shipments from russia were disrupted. germany accusing moscow of weaponizing energy supply. some eu nations say it might be time to delay a russian oil ban to proceed with the risk of a proposed sanction package. hungary continues to oppose the embargo. soft bancshares jumped in tokyo in hopes of share buybacks. this has the group reports a record $20 billion annual loss in its vision fund unit. the world's largest tech fund has grappled with write downs and a global stock route. scientists released an image of the first supermassive black hole at the center of the milk aw -- milky way. it is 27 light-years from earth

and considered supermassive because it is the mass for million times that of the sun. -- evidence of a black hole has been captured. 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. manus: thank you very much. juliette saly in singapore. coming up, the u.k. chancellor speaks to bloomberg on brexit, the cost of. more on "daybreak: europe." ♪

>> no decision has been taken. our preference is to always have a negotiated settlement. they negotiate with counterparts

for resolutions on some of the very real challenges the protocol is causing. not least being a barrier to resuming power-sharing in northern ireland, which is what we all want to see. >> when the protocol was signed, it was clear it would happen, there would be this impediment to trade. that is no surprise at all. >> when it comes to the protocol, there is a unique situation in northern ireland. everyone acknowledged that at the time. there was a degree of flexibility and constructive attitude on all sides to recognize -- northern ireland to come up with a solution to work. >> this one doesn't work. >> exactly. what we need to see is a degree of flexibility and constructive attitude to resolve practical problems on the ground. i'm hopeful the continued dialogue and negotiation can result in -- >> when you are weighing up the

impact on the economy as chancellor -- it seems clear you would be pushing for the continuation of the protocol rather than throwing trade relationships into uncertainty. >> it is important to me as it is to the government that we protect the good friday agreement, resume power-sharing in northern ireland, make sure northern ireland plays in the light -- northern ireland's place in the u.k. is secure. and operating is causing harm on all of those things. that is why we remain committed to finding a resolution on that serious situation. that is something across government we all feel. manus: a conversation with the u.k. chancellor speaking to stephanie flanders. they also discussed the cost-of-living crisis. bloomberg economists estimate the squeeze will cost the average family 2100 pounds this

year. >> it is important the policy remains responsive to the situation we are seeing. in the spring and february, we had a sense of what was happening. we had clarity on energy prices. the price cap increased in april by about 700 pounds. we announced in advance with support to a company that increase. about 250 pounds for the household. >> but 2000, that doesn't feel responsive. >> that is one aspect of what we are doing. what is happening in a few weeks time, a very significant tax cut coming in for 30 million people at work -- it means most people in work, 70% of them will see a net tax cut worth 330 pounds. the combination of fuel duty freeze, and fuel duty tax cut,

it is worth another 100 pounds for a typical family. in the autumn in advance, we improved the generosity of our credit system to help people as they move into work from welfare. that particularly supports low income families. 1000 pounds for a typical person benefiting. the national wage has gone up. about 1000 pounds a year to someone working full-time on a national living wage. put these things together, there are a lot of supports in play. but i always want to do more as the situation evolves. particularly where the price cap will go up again in the autumn. i'm focused across the country, listening to people, hearing what is on their mind, what they are worried about to get policies right. that is what i'm focused on now doing. manus: the u.k. challenger --

the u.k. chancellor speaking to stephanie flanders. coming up. a volatile week for trading oil. investors weighing the china outlook, the push and pull. right here on bloomberg. ♪

manus: this is "bloomberg daybreak" europe -- daybreak : europe. let me show you the risk manifest. russian sanctions at the gas pump. robert habit downplaying the risk. 3% of the import. a european gas futures ended up 13%. ratcheted higher than that. u.k. futures up 25% yesterday.

this is the escalation and weaponization of gas flows from russia into europe. not only did the sanction from germania, but russia also sanctioned the owner of the polish part of the pipeline. it is an evolving story and has major economic and political consequences. the oil markets also on the move, up for a third day. looking at another tumultuous week. for more, we are joined by anthony depaulo, our energy reporter. you were in abu dhabi. you caught up with bin salman -- they talked about lack of supply. is it a constriction of supply and concern of china? >> yeah, i think we've got both that are two factors on the supply. pumping up and dropping down

through the week. a lot of volatility. it is because of concerns of supply. there is not enough oil in the market. as we talk about potential ban of russian oil, or europeans weaning themselves off of it, it is a supply issue. where will they get extra oil? will it cut off production in russia because it doesn't have an outlet? will the oil find different ways to other markets? the minister said the market takes time to react. it will not be as quick as the oil flowing into russia. manus: the market might react, but opec-plus are standing firm. do you get the sense with the oil executives in abu dhabi that it is a defiance or lack of willingness to produce more in the uae and in saudi, or is there real constriction? >> what the minister said, it is

a supply issue. opec is not meeting its quotas. they are not pumping to the target they want to. some countries are coming -- manus: do they have extra swing. do the uae and saudi have extra -- >> uae has extra swing. saudi was down by about 100,000 barrels. at they see the demand in the market. maybe we are not producing. manus: they are not adding, should say. anthony depaulo, the very latest on the oil markets. cryptocurrencies are in a volatile mood. stable coins are not so stable. u.s. treasury secretary warning of the implications of global markets. carrying that story in "bloomberg markets: europe." ♪

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