>> green on the screen for stock markets in the state, but geopolitics focused across the atlantic. bloomberg "markets" starts right now. ♪ kriti: let's get a quick check of these markets and dive into the markets. a lot of green here, but not a sentient high. let's talk about what is actually moving the market. just moment to go, headline coming out of the information saying that google is considering a clause as well. that headline out of apple moved the market a couple days ago. we are going to keep an eye on that for you, but still green on

the screen. we see tech once again leading the way, something we haven't seen in a while. let's see if it holds. even if you look at the dollar, it is back up, but only 0.2%. in the context of volatility, it is not that big of a move. even the bond markets are still one basis point flat. where is the volatility? perhaps that might actually be a good thing for an equity market that is actually getting back on perhaps the right track. we also showed talk about italy, because geopolitics is such a big part of the conversation right now, specifically when we talk about what's going to happen with ecb tomorrow. it big part of that conversation is what's happening with the italians. the president of the ecb made a big deal about the anti-fragmentation approach. yet, we are still seeing geopolitics in italy move the entire italian market. we will delve into all of that

price action. as we await that boat, which should start shortly, let's hear from mario draghi, who addressed lawmakers early today. >> italy is strong when it is able to be united. sadly, over the last few months, at this request of cohesion that came, the political forces had a desire for division. kriti: for more on this, let's take it live, following this development. in the last few moment's, we've gotten headlines here that some of the centrist right party are not even participating in the vote. what does that actually mean for what we might hear from mario draghi? >> it has been a very dramatic and complex day here in rome. he went to the parliament this morning and made very clear,

very uncompromising speech. these are the things that i want to do, these are the things that i was appointed to do, back in 2021 when italy was in the middle of the pandemic. they pointed me, a technocrat, not an elected politician, to do some things because there was national unity to do some difficult reforms. the spirit is broken. if you want to go ahead, this is the plan. they try to forge a compromise. the call for confidence vote sibley on this plan, most of the party only last week have said they will not walk out. this means the government is really on the cusp of collapse. it is difficult to see how the government can continue after that. there will be a vote and most likely mario draghi will go to the president and resign again. kriti: does that mean he stays on as a caretaker prime minister

as we await the fall? walk us through the series of events that might lead up to perhaps stability and italy over the next few months. >> draghi will remain as caretaker. there is not much he can do. he cannot introduce new legislation, he cannot do new things. he can just manage emergencies and things as they are. as the president will seek another majority in the parliament, then we will have elections possibly sometime in the early autumn, late september or early october. kriti: joining us from rome. as we were listening to the development, looking at life pictures of the confidence vote. we are going to stick with that concept and talk with the market reaction. traders are not just watching italy, they are also watching the ecb decision tomorrow. christina, let's start there. there is a lot going on with

italian yields right now. we seldom move as we saw draghi speak yesterday. as we talk about this, how is the ecb thinking about the geopolitics here? >> it's very much of the forefront of their minds, because you can never really ignore politics in europe, especially italian pollock picks -- italian politics, which has been a focus for many ecb presidents. it really is this idea that italy's vulnerability to this political shift is very much at the center of the fiscal unity and financial stability in you -- in europe. we have seen the ecb really being worried about this idea of fragmentation, which is why they came up with this anti-fragmentation tool. it is going be very interesting tomorrow how christine lagarde will walk that fine balance between keeping investors, but what's in happening in italy but also showing the ecb fears about

tackling inflation. kriti: for those of you just turning us, we're looking at live pictures of the mario draghi confidence vote. the italian government on the cusp of collapse. more and more parties, especially on the central right, pulling out of that coalition, not even participating in that boat. this live image coming from the italian parliament in rome. 50 basis points is on the table for the ecb. if you look at the odds from a market pricing perspective, it is a coin toss. it is 50-50. what kind of holds the foot on traders here? does the italian situation even change anything? >> i think the way traders are thinking about this is that it does not need to be in play for markets, but i think with everything going on, the ecb decision could potentially that kind of counterbalance between everything that has been a drag on the euro over the last couple of weeks and months.

we are talking about the deterioration of economic fundamentals and political risks from the russia gas situation, and then italy. the ecb very much has the power to counterbalance all of that, provided that they show they are very serious about normalizing policy here. the reason i think investors and traders are putting that 50 basis point rate hike on the table, even if it is a coin toss, you know they have that on the brain because inflation is very much an issue everywhere, but particularly in europe. the ecb is particularly behind in addressing that. kriti: our head of rights and fx coverage. very kindly taking time in the new york studio with me. thank you, as always. let's stick with ecb and go pick picture here -- big picture here , facing a slowdown in the global economy. who better to talk about that with than diane swonk? this ecb story is fascinating.

but i have to ask, there has been this really strange town shift in that the europe story for five months ago was probably thought of as a europe-specific story. now, half the european recession will drag down the entire global economy. your take? >> i actually think it is more than a european recession. i think what's going on in china now is something we really have to watch very closely. that is the second largest economy in the world and they are having a lot of problems at the moment. you add the overall global economic situation together and throw into that that the fed is a central bank to the rest of the world. as they raise rates, much of the developing world has to raise rates to defend their currencies. they are having a harder time to pay for the basics of food and energy, let alone service their debt, which is now getting more expensive. all of that creates a very hard and narrow road for the fed to

walk. they will do 75 basis points next week. i think they are very committed to tackling the inflation problem and getting policy tight, not just to neutral, which is what gets us sort of to neutral. there is the risk of hitting a trip wire in the global financial system, given how fragile we are with the amount of debt outstanding, the inability to subsidize or pay for food and energy, the basics i many of these developing economies, and the role that china is playing in all of this. they don't want to see a situation where they accidentally trigger a credit market seizure, or we have a financial crisis and the fed has to intervene. before, they sent out inflation in the u.s., that would be their worst nightmare, because you cannot allow a financial crisis to completely seize the economy. even though it would bring inflation down, they would have to intervene, and we would have

something more reminiscent of the 1970's and the stop ago policies then. kriti: i'm glad you mentioned that debt picture in particular. i want to include our global audience who may just be tuning in now. we are looking at live pictures from the confidence vote for mario draghi. we note two parties on the central right have refused to vote. the italian government on the cusp of collapse. diane, you bring up a fascinating point, something we know italy is dealing with. we also know that the director has been very vocal about this. the debt picture in emerging markets right now. talk to us a little bit about the world the dollar plays in that as we see a hawkish federal reserve kind of become the norm here. >> it really is a big issue. it is an issue for multiple factors. one, italian banks are more exposed to russia than other

banks in europe. there is that additional issue going on in italy that i think is sort of going underneath the radar amidst all the other chaos going on in italy. in a broader sense, not only do you have very high debt levels in developing economies, but they took on debt in the wake of a global financial crisis, doubled down in a financial crisis, and the intervene a bit. now, they have to counter any time fed moves interest rates, with interest rates of their own. sri lanka is the extremist example. it is a cautionary tale. had to default on their debt as they try to subsidize food and energy. another aspect that is very important is that many of these emerging markets, the debt issued is sitting on their commercial bank balance sheet. that creates a doom loop. if they were to default on their debt, they are also defaulting to their own commercial banks, which could cause another credit seizure. we have already learned there is

no las vegas in the global economy. what happens abroad washes up on our own sure. that is the aspect of it that makes it a bit of a tight rope walk for the fed, even though they are committed to raising rates. kriti: committed to raising rates, let's spin it forward to a week from today when we hear from the federal reserve. it 100 basis points too much psychologically for the american economy? >> i think they're going to go 75. i would not be surprised to see a dissent one way or the other. with all the fed president and all the fed governors and quite a long time, it is pretty exciting. it also means more views around the table. i do think of 75, but i think there will be a debate about a full percent. they are going to have to commit to raising rates thereafter, whether it is 50 basis point in september. i don't think they will slip down to 25 quickly unless we have a global situation that

changes, and that can happen, as we have seen, very rapidly. what we are hearing from the fed is that this is the hard part. we are starting to slow down not only globally, but domestically. the housing market, the applications for home sales really plummeted today. i think that is very important, because they are seeing a slowdown emerge here and they know, and you hear their rhetoric, their focus is on inflation, even if that means pain if that is the only way to derail the inflation we have, is to have some pain, that is a very hard message to sell. that means we need a rise in the unemployment rate. the fed has said unemployment is a little higher than we .6%. the rates they are talking about is equivalent to a recession. i think it is important to understand that it is hard for the fed to message that we need to have this kind of pain today to avoid a more chronic illness of eroding living standards,

falling profit margins, and layoffs, like we had in the 1970's. we need to derail inflation today, even if it does mean some real pain. kriti: thank you to diane swonk. i want to get to a quick headline on the italian situation, as we monitor it. italy five-star will take part in the confidence vote. we now have three coalition parties. the league, the five-star movement, and another have all said they will not take part in this confidence vote. it is inching the italian government closer and closer to collapse. we will bring all the headlines as they come to. but now, let's get global headlines from mark crumpton. mark: ukraine's first lady will appeal face-to-face with u.s. lawmakers for air defenses for her country. speaking of capitol hill, she told lawmakers stories of children killed or maimed by airstrikes, or shot to death as

their families tried to flee with them. as she spoke, graphic photos were displayed for the audience. boris johnson has signed off at his final event as prime minister he had this bit of advice for the next prime minister. >> to my successor, whoever he or she may be, number one, stay close to the americans, speak up for the ukrainians, stick up for freedom, for democracy everywhere. god bless and deregulate wherever you can, to make this the greatest place to live. mark: the remarks were aimed at shaping the thoughts as they battle to replace him. ryan has worn -- iran has warned that there could be -- would

compel the government to assess the dangers posed by iran and come up with a strategy to do with them. an iranian foreign minister spokesman says any reconstruct measures by the u.s. government will naturally affect the course of talks. the top school official in texas is recommending that the police chief he fired. pete arredondo was central to the law enforcement response to the shooting at an elementary school that led to 19 students and two teachers dead. pete arredondo has been accused by officials of making several critical mistakes during the shooting. the school board will consider the recommendation to fire him at a meeting on saturday. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumpton. this is bloomberg. ♪

kriti: this is bloomberg "markets." a risk to europe, as it pertains to italy and the ecb. let's turn to what is perhaps in

the background, covid. a new subvariant is fueling a fresh increase in infections across the united kingdom and the continent. for more, let's bring in eric toner, a senior official at the johns hopkins school of public health. walk us through this perhaps increasing cases that we have seen. what is it attributed to an how do we combat it? >> thank you for having me. the cases all over the world are increasing, particularly seeing that in europe and new zealand and australia. we are seeing it in the u.s. cases have gone up several hold. we really don't have a good handle on how many cases there are because testing is not nearly as adequate. kriti: let's talk about monkeypox as well here. how worried should we be about that?

is it on the shadows, the steps, or the heels of covid? how big of a deal compared to coronavirus? >> well, monkeypox is a very different disease. it is not nearly as transmissible. it requires very close skin to skin contact. it is premier league being transmitted between men who have sex with men. it is continuing to grow and it is a concern. it could become endemic in parts of the world where it had not been before. it might become a risk and cannot be contained in longer. kriti: very quickly, who is at risk? the demographics, for example? >> anybody could catch monkeypox, but it is mainly people who have close intimate contact with someone who has it,

and the people who have it typically know they have it because the skin lesions are very painful. it is them, family members, people who share their beds. it is not something that is just transmitted readily through the air, sea don't need to worry about it if it is a grocery store or an elevator with somebody else. it requires very close skin to skin contact. kriti: eric toner, from the bloomberg school of public health, we thank you as always. coming up, we will bring you the latest from rome, as italy's parliament is in the middle of voting. this is bloomberg. ♪

kriti: this is bloomberg "markets" and i'm kriti could do. the stock market is no surprise. we are seeing a little bit of a turnaround story. i think you need two things to

call it sustainable. you need ret and volume. we are on a five day basis, seeing some higher volume in the s&p 500. certainly, it is the nasdaq or ec outperformance. you also need ret. this idea that your training on fundamentals here, the entire stock market should be higher. that is what really brings me to this chart here. it shows the s&p 500 advance decline line. how may stocks are higher minus how many are lower. you can see this massive one appeared through 2020 and 2021. remember when we were hitting a record high? that momentum, as we know, has kind of plateaued. we are seeing a little bit of a bounce back on this very key technical line. you're seeing higher volume and higher breath, it could set the stage for a turnaround. when you do see that kind of brett that we are seeing -- brett --breadth that we are

seeing, it could pave the way in his bare markets for a drug. whether or not you interpret it as a bear signal or a boorish signal, it could be something to watch in terms of the direction of broader markets. it is something we will keep an eye on in the stock market peered we're also going to keep and i on what's going on in italian politics right now. this is crucial. in the last hour or so, we have heard some of the central right will not be part is pitting in the confidence vote when it comes to mario draghi. they are all dropping for a second. it is significant as we talk about the italian government on the brink of collapse. these are live images of the italian parliament in rome. coming up, we are going to return and follow the latest developments out of all the important parliamentary votes there in the future of mario draghi in government. not to mention, all the market auction -- action on the back of that. we had the ecb decision tomorrow. there is a lot to digest when it comes to europe and the ripple effect that you see in the

broader market, especially when you have central banks and the gas shortage also on people's minds. all of that coming up. stick with us. this is bloomberg. ♪

kriti: the s&p 500 giving back most of its gains in the session. italy's government seems to be on the brink of collapse. "bloomberg markets" starts right now. green on the screen when it comes to the stock market but perhaps not that fast and furious ralley we were seeing 30 minutes ago. the outperformance of the nasdaq , up 1%. remember, you want all sectors of the economy rising from a fundamental basis and that it's rough like it in the stock

market and that is what you are seeing you break down the gains on the s&p 500 on a sector basis. tech is out in front. we have to keep an i on the dollar, that inverse correlation between the dollar and the stock market is crucial. the last three days, the stock market did start the session higher as the dollar weakened. today, you are seeing slight strength. but not that big of a move. the bond market, it has been flat most of the session. you are seeing that cross asset picture we saw yesterday. when it comes to the cross asset picture and geopolitical picture , we have to look at those italian assets. we have an ecb meeting tomorrow, 50-50 odds of a 50 basis point height. you're seeing a tally in yields move and line with what we hear from mario draghi, perhaps not taking into account what we might hear from president lagarde in the short-term in the next couple hours and that is the story we want to get to. for more on italy and the

development on mario draghi a bunch vote -- mario draghi's no-confidence vote. we have heard the five-star movement and the league are not participating in the vote. talk to us about the ramifications. >> what is happening today in italian politics is going to have impacts for probably days and weeks if not months. events are just unfolding as we speak in rome, but in the senate , there is a confidence vote that has been called by mario draghi's government. most of his allies are not going to take part and renew confidence to the government. what we should expect is basically mario draghi to resign tonight.

he has already resigned last week but they should push back from the president. the only option that seems left at the moment is the action of the government is that vote, which could take place after the summer. certain things are moving quickly, but it seems quite clear that the end of the current government as we know it is nearing. kriti: as we get to those elections in the fall, i'm curious about what that means in terms of policy for the italian government. mario draghi does still stay on as a caretaker by minister of sorts. walk us through the policy implications of that delay. chiara: mario draghi will basically remain prime minister for a few months or until the elections. but as a caretaker prime minister, his powers are limited.

he will probably not be able to push through his ambitious reforms agenda. he agreed those reforms with the european union. this is also why his government is coming to an end as we speak. because parties were not completely aligned with what he was asking. it is very hard to free up italy from redtape to speed up competition, change the taxi licensing process. this is where mario draghi faced a halt. he will continue running italy day-to-day, business and administration. the mario draghi effect as we know it, do whatever it takes effect, this is now basically coming to an end. kriti: for international audiences, we are looking at live images from italian

parliament. i want to get back to you. it is not just politics and the ecb, it is the gas story. mario draghi trying to boost italy's capacity to import lng and and some dependence on russian gas. chiara: as recently as monday, mario draghi was in algeria negotiating gasoline. he has been quickly shifting italy dependence from russia away but as well, this is a big question as we head into the next winter. kriti: chiara albanese joining us from rome, thank you for your insight. let's talk about the market impact, for next range markets are in the spotlight, the dollar strengthening for the first time in three sessions. you add all the geopolitics and italy and that makes for the perfect time to bring in marc chandler.

thank you for joining us. we have hit euro-dollar parity. 50-50 odds we see 50 basis points for the ecb tomorrow. is there a bowl case for the euro at the moment? marc: i think people got excited. we did bounce at 99.5 back 2102.5 today. -- to 102.5 today. regardless of italian politics, the risk is that the ecb disappoints the market tomorrow is a 50-50 chance that they do 50 basis points but not just tomorrow. the swaps market had the next three meetings tomorrow and the next two meetings for the ecb to hike 50 basis points. it seems hard to get ahead of that curve. we have seen the best of the euro and we have another leg down here. kriti: i'm curious about the

dollar side. it is not just becoming a euro weakness story, it is a dollar strength story as well and i'm furious at what point does currency intervention need to be discussed by the biden administration? we had jerry bernstein on. he said, currency intervention is not something the president is thinking about. should it be something the president should be thinking about? marc: the policymakers have gone through an evolution. we went through the financial crisis and then covid. without a central. the evolution has gone from the price of it in the late 1980's to wearing about access to it which is why the fed arranged swap lines. i will say the treasury secretary has not been repeating the typical mantra about a strong dollar in u.s. interest. i think strong dollar policy is aligned well with the federal reserve.

chairman powell was clear about this. the strength of the dollar is part and parcel of the federal reserve's attempt to get inflation back down. kriti: the federal reserve has to keep in mind the stability of some of the other major central banks. that was why they extended some of those swap lines to begin with. i'm curious what that means in terms of when you start to see ripple effects for europe, for the boj, for a lot of emerging markets. marc: i think it is getting factored in. i think the boj meets this week and they will likely say they are on hold. when you adjust for fresh food and energy, japan's inflation is below 1%. it is true the strong dollar, the week euro, exacerbates the euro zone's inflation. but we were sitting here today, the eve of the first retype since 2011, they still have negative interest rates.

if you want to do something about the euro, they have tools to do so. it may not be there for next change market, it might be their domestic markets raising interest rates. kriti: let's talk about tools at their disposal. when it comes to their anti-fragmentation approach, a tool we are going to get more information on tomorrow, what might that tool accomplish? marc: markets are really focused on this. in some ways, it seems in the last week or two weeks, we have seen pressure build on bonds not just because of economic factors, because of political factors. what the ecb says in effect, in order to induct this monetary policy properly, it cannot have this fragmentation, this divergence of interest rates in the euro zone. many people focus on the 10 year, the lawn -- the long bond differential. it is about monetary policy, it

is about the shorter end of the curve. this month, the italian premade over germany doubled over 100 and basis points. this is a problem the ecb is trying to wrestle with. because there's no fiscal unit and because monetary unit itself is incomplete, the ecb has greater pressure than the u.s. because you have fiscal transfers. kriti: we are watching italian geopolitics. i'm curious how much of that is a longer-term problem or a short-term one that fx traders should be looking through. marc: that one is focused on geopolitics. i like to talk about them and they are part of cocktail conversations, but the day-to-day drivers of the forex change markets seems to be risk appetite, momentum, and the headline news. i don't think the geopolitics are that important. i think the chinese currency has

been stable throughout all of this. kriti: marc chandler, -- marc chandler, we thank you. we are looking at live images from italian parliament. we will keep you updated with the headlines. for now, let's get to first word news with mark crumpton. mark: in the u.k., the race to succeed boris johnson is narrowing. trust ousted kenny borden today, pitching the foreign secretary into a final runoff against the former chancellor. the focus now shifts to 175,000 grassroots tory members who will make a final choice before the winner is announced on september 5. trust sold two of the most senior positions in boris johnson's administration. the former u.s. secretary of defense said now is not the time to ease sanctions against russia. >> the united states and our

allies have to continue to tighten up on sanctions with regards to russia. we are in this. we have made it clear that we are going to confront russia and apply not only sanctions, but arms and reinforcement of our nato allies as a message to russia that they are not going to have their way. we cannot afford to back away from those efforts. mark: the european union's for policy chief is urging -- foreign policy chief is urging members not to waver in their commitment to sanctions against russia. the u.s. embassy in brazil is describing the country's election as a model for the world. that comes one day after the president told foreign ambassadors that the country's electronic voting system is subject to fraud. bolsonaro is trailing the former president in all major opinion polls as he casts doubt about

the country's electronic ballots. a judge in new york has ordered woody giuliani to appear before a grand jury in atlanta. the panel is investigating whether donald trump and others illegally tried to interfere in the 2020 general election in georgia. the new york supreme court justice said giuliani has been summoned to appear in court last week but failed to show up for the hearing. 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. i'm mark crumpton. this is bloomberg. ♪

kriti: this is "bloomberg markets." let's get a check on what is going on in italy. we did have some comments from the eu's howard angelone. he is the european commissioner for the economy, working for the president of the european commission. he is saying what is going on in italy could risk a perfect storm. we have gotten do that some of the major key parties of the italian coalition are not participating in the confidence vote for mario draghi. this does leave some choices for the italian government. the president could still try to create some sort of coalition government, but it is starting to look like the italian government is on the bank of collapse. the most likely outcome according to our reporting is a snap election as soon the fall. what that means for italy in the next couple months is up in the air. we do have the ecb meeting

tomorrow and that is going to be crucial in terms of the market reaction. we will keep you apprised on those headlines across the atlantic. speaking of market reaction, we should talk about one of the s&p 500 heavyweights, test. it is set to report results and for more on that, let's bring in sean o'kane. thank you for joining us. he joins us from his home office in texas where tesla has some major production facilities. let's start with the guidance on deliveries. what can we expect? >> elon musk has talked about how they hope to have 50% growth annually which would mean in the neighborhood of $1.5 million -- 1.5 million vehicles delivered this year. that was coming out of q1. q2 was a low quarter for tesla. it was the first time in two years that they had declined in

vehicle deliveries quarter on quarter. that is going to make it more of a challenge for them to hit that target for the end of the year, although doing was a strong month, so there's reason to believe they will be a real to carry the momentum -- they will be able to carry the momentum. kriti: are we going to hear from elon musk on the call? sean: it is always a question. he said he was 20 stop doing these calls. he skipped one since then but has been on the others. there's probably a good chance we hear from him in some capacity. it is always strange when he is not on them and a little more straightforward. kriti: sean o'kane from our bloomberg austin home bureau, we thank you as always. still ahead, vladimir putin signals a restart to a key european pipeline. we have the details. this is bloomberg. ♪

kriti: this is "bloomberg markets." we are focusing on natural gas. the european union set to propose a voluntary 15% cut in national gases -- natural gas used by member states. this comes as vladimir putin signals that europe will start getting gas again through a key pipeline but warned that it will be tightly curbed. let's pinions the fun all right -- let's bring in stephan ulrich. how sustainable or attainable is that 15% mandate? >> i would say it is attainable. our forecast for the end of june, we were factoring in an 8%

cut based on existing policy alone. that 50% target requires a little more work. it should be makeable. kriti: i'm curious about when some of these may or may not restart. this is something we have been talking about, that any minute now, nordstream one specifically would go down for maintenance and never come back. the likelihood of that? stefan: i think it looks like based on nominations of downstream pipelines and comments from president putin this week that the pipeline will return to 40% of capacity tomorrow morning. that is roughly what it was flowing at before. however, that brings total flows to europe to around 100 million cubic meters today or a quarter of what they were flowing in the same month in 2018 and 2019. kriti: let's factor in the fact that you have this massive

almost climate crisis in europe, dealing with record temperatures. i'm curious how prickly that transition can be made. i want to say by the winter, if you continue to see these extreme moves in temperatures. stefan: it is a good question. the power system is under strain, which limits how much gasoline can be taken out of the power system. the winter, what is more important is your heating demand. it depends on how cold the winter gets. these are the factors that europe is considering when it imposes or suggests is voluntary demand reductions. to give itself a buffer in case the winter gets cold. kriti: a lot to digest. thank you as always. such a crucial time when it comes to europe broadly and this is going to be significant when we talk about what is next.

you have these cut off gas flows, the ecb decision tomorrow, and on top of that, the geopolitical chaos you are seeing and italy. it looks like mario has left the center. we are looking at live images of the italian parliament. in the last hour, we got news about some of the coalitions parties, mostly the centrist right. even the five-star movement refusing to take part when it comes to those italian vote. what it does is create the stage for the president to either try to create a new government or push towards those elections in the fall and if you push throw those -- push through those snap elections, mario draghi on as a caretaker prime minister. what that does to italian spreads is going to be crucial

and something that we talk about as we talk about what the anti-fragmentation approach is from the ecb. we are still awaiting whether or not mario draghi will provide that resignation or not. for now, you are seeing italian futures lower, the entire continent, sentiment is low in rome. let's get a check on american markets. the s&p 500. all of the gains, all of the momentum you saw earlier in the session, now up on the 0.1%. if you look at the tsx, a little bit of outperformance but not by much, up 0.3%. the real outperformer, the star right now is the nasdaq, up 1%. if we look at those cross asset dynamics, the dollar is not doing much, the bond market is not doing much, yet you have a stock market that is rolling

fast and furious. we are going to dive into these topics and continue with the development. thank you for joining. this is bloomberg. ♪ when people come, they say they've tried lots of diets, nothing's worked or they've lost the same 10, 20, 50 pounds over and over again. they need a real solution.

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mark: taking you up with news from around the world. mario draghi is indicating he will not resign if he wins confidence votes. it is a significant shift as italy's president rejected mario's resignation. lawmakers are hoping a cut -- are holding a conference about and we will bring you those results as soon as they are in. the first war crimes cases against russians could go before the international criminal court as soon as this winter. bloomberg has learned although no firm date has been set, it could happen before the end-of-the-year. an investigative team has been collecting evidence of rus