>> this is bloomberg. fears of escalation. tensions playing -- flare in europe. a rocket that hit a polish village was probably fired by ukrainian forces at a russian missile. a barrage of missiles target key and other locations, knocking out power for millions of households. president biden called the attacks merciless. donald trump says he is running for president, complicating the race for the republican party. initial assessment by the u.s. indicates a rocket that hit a polish village was fired by ukrainian forces at an incoming russian missile. that report, just incoming from it the associated press citing u.s. officials. g7 leaders are gathered for the g 20 summit. they held an emergency meeting

on the strike, which came during a wave of russian rocket attacks. biden suggested the pole and strike may not have been fired from russian territory. >> is it too early to say whether this was fired from russia? >> there is information that contest that. i don't want to say that until we have completely investigated. but it is unlikely in our minds, with the trajectory, that it was fired from russia. but we will see. >> let's get our correspondent who joins us from warsaw. what we know about the strike? >> at this point the situation is unclear. authorities have been careful not to put any blame on what

happened. what we know is that there was a missile, poland admitted after midnight that there was a russia produced missile that landed on a small village. it is near the border, around four miles from the border with ukraine. it hit a farm and two people died as a result of the explosion. what we know, obviously as i said, polish authorities have been reluctant to say and put blame on anyone, although initial reports suggest it might have been russian strikes. obviously, that matters since poland is a nato member. that would constitute an attack on nato. poles are saying they are investigating the situation. they have raised the level of preparedness for their army and they are going to, or that was

initially the plan, based on what we heard from the president, the polish president last night, that during the meeting of the ambassadors of nato today in brussels, they are likely to invoke article four of the nato treaty which will kick off consultations for the member states of nato, of the alliance. dani: i wanted to get into that. the question of nato and how they handled this. what are the risks of escalation? how does nato address this without escalating things even further? piotr: so far, what we have heard from the leaders of nato, especially the leaders that gathered at the g20, is that they are trying to de-escalate the situation. article four is short of article five, which would mean nato would have to get involved.

poland has been reluctant to put the blame on anyone, and they are saying, they are involving foreign experts and their own experts to find out what exactly happened. at this point, it seems like nato is trying to approach the situation with cool heads as much as they can. poland is trying, uncharacteristically, not trying to blame anyone. going forward, a lot will depend on the meeting of the ambassadors and further comments, but at this point there is an attempt not to escalate this too much. dani: thank you so much. there we see the statement from the nato press officer that they are looking into the reports and coordinating with their ally in poland. let's get to bali and the g20 summit. our own annmarie hordern has been there, where we have heard

reactions from world leaders. a very eventful g20. can we start with biden? the reaction seems to be expressing caution. >> the president wanted to express caution. he was asked by josh if the missile came from russia. biden said preliminary reports show that would contradict that. nap report says this was a ukrainian missile that hit an incoming russian rocket. the president responded to reporters on the sidelines of the g20, that he wants to wait until the investigation is complete. he doesn't want to make assumptions and publicly say one thing while the investigation is ongoing. for president biden, coming out of this meeting that was held on the sidelines of the g20 with members of the g7, and nato

members, think of emmanuel macron, rishi sunak, these individuals are expressing caution. this has been a threat throughout the entire war, the fact that potentially, this could escalate by moving into, aggression into neighboring countries that belong to nato. this is something the u.s. and western allies have tried to make sure that doesn't happen. what this could do is trigger one article four, which means all these members will have a consultation with each other, and if it escalated further, that would be article five. dani: that the same time, we have g7 leaders holding an emergency meeting. what kind of response can they actually offer at this moment? they are still trying to assess what is going on, trying to prevent that escalation. annmarie: this happened

overnight while the president and the g7 leaders were likely sleeping. they had an event last night at the g20 gathering of leaders. the president was on the phone early this morning with his counterpart in poland to discuss what went on. the calls started flooding through between these alliances. i imagine the meeting today was to get a lay of the land among this group, the key g7 and the nato allies, on how they would respond. when the president greeted reporters, it was clear it was one of caution, but he wanted to point the blame to russia, which is something the united states has tried to do at the g20, to make sure they are working alongside leaders at the g20 so most members of this group, and russia is part of the g20, condemn this war. there wouldn't be rockets flying into poland near the ukrainian border, with two people dead, if putin didn't invade ukraine.

dani: thanks very much. we are also going to be getting the opportunity to hear from the man himself, ukrainian president zelenskyy, who will be joining the new economy forum tomorrow, thursday afternoon, morning in europe. we will hear from ukraine's ambassador to singapore at 7:30 a.m. london time. in terms of how the market is reacting, there is more calm than there was when we first had reports of a russian, a russian-made rocket, as it was put. we have heard from reporters, it seems like this perhaps was defense from ukraine. does this mean? the dollar was no longer gaining against the polish currency, the slutsky -- the zloty. we had crude oil, that jumped 3% after these reports.

this is a lot more relief injected into the market versus the escalation fears. the dollar has fallen 6% from its september 28 peak, so not unusual to see consolidation. it is really that skepticism of hawkish fed speak betty's driving the market. the terminal rate pricing is only four basis points above the post cpi low, despite the fed's attempts to push back. what are we seeing? u.s. futures climbing back towards gains. they had been off on geopolitical concerns. they are back. rich, the dollar has peaked and the bear market of 2022 as we knew it is over. we are getting some of that. the hang seng off 1% despite bank of america saying last week

was a pivotal change and you should continue to be bullish on chinese stocks. a lot for investors to consider. geopolitics, what is happening in poland, the g20 still meeting in bali. former president, u.s. president donald trump, announcing he will be running for president again. we have leaders of the business world meeting in singapore at the new economy forum so there is lots of for discussion. someone leading that discussion is our own manus cranny. great to see you in singapore. what is grabbing attention? there is so much happening in the world right now. >> i think it is all around poland and those missiles going into poland, who is responsible. in the first instance it is about the non-escalation narrative. from a food point of view, we

are waiting to hear whether the food flows, whether there is a grain deal. there is talk about china reopening and huge moves expected in some commodities, food commodities when china reopens. from the perspective we had on stage, one of the biggest commodity traders in the world, spending vast amounts of money on satellite and information, saying we will see labor food prices going into 2023. we are only one bad crop away from a constricted market. growth signs, and exmoor go and stanley commodity trailer will -- trader was with me 20 minutes ago. talking about regulation driven by geopolitics, something we don't really understand where regulation will go across markets. we talk about the broken gas market, the lack of veracity and perhaps disclosure and price

disclosure in the gas markets. you can't trust them. again, you need to look at commodity markets and say, will there be new regulation and sovereign sick ready around food and security? the bankers are here this morning on a panel for global finance talking about the appetite from asian clients to fund sustainability. therein lies the juxtaposition on day two, which is about rebuilding economies. dani: great conversations you are having. i know you have a lot on deck conversation later in the program -- and we will hear you in conversation later in the program. manus cranny be popping in throughout the program. he things -- some key things we will be watching, data from the u.s., mortgage applications,

one: 30 we will get october's u.s. retail sales figures. the g20 summit will continue in bali, as does the new economy forum in singapore. ecb reveals the review with christine lagarde expected to speak. we will hear from the fcc chair, considering the crypto chaos as of late area coming up, it is official. donald trump announces his candidacy for president. more on that next. this is bloomberg.

>> in order to make america great again glorious again, i am tonight announcing my candidacy for resident of the united states. -- president of the united states. dani: donald trump in florida last night, making his run for reelection official. in the announcing, trump defies calls for him to move on. that follows disappointing midterm results for republicans. the predicted red wave never came, perhaps a ripple. many candidates personally endorsed by trump were rejected by voters. for more we are enjoy -- we are

joined by alex from bali. i think it has been since i was working in the u.s. that i have talked. let's get to the news. how much appetite is there for a president trump run? alex: he looked like a man last night who had had a bit of a wind taken out of his sails. he comes into this third run for the white house with little momentum, really, no momentum. candidates he endorsed in code -- congressional elections lost across the country. recently, kari lake in arizona virtually parroted donald trump, lifted from his playbook and she fell short. he has very little to plant his flag and right now. many republicans think the election didn't go as well as it

should have because there was too much donald trump in the race. americans are largely tired of donald trump. there is one politician in the country who is less popular than joe biden ended is donald trump, according to polls. there is little appetite for another trump candidacy in the broaden -- the broader electorate or republican party. republicans would like to see somebody else become the standard bearer, especially ron desantis, the florida governor who cruised to reelection last week. dani: i wonder, some of the trump act candidates lost, but they won the primaries. can donald trump really be stopped becoming the republican nominee? during the primaries, those he endorsed did well. alex: you have to consider the frontrunner for the republican nomination is him.

that will make desantis, who is well-known nationally, he doesn't have the profile donald trump does and doesn't practice the stagecraft donald trump does. desantis will have to work on his game if he enters the race and wants to take out the former president. if i had to bet, i would say trump is the republican nomination for 2020 -- 2024. he has a strong base of support in the republican party, probably 30% of american voters still want donald trump as president. that is across both parties. in the republican party, it is probably close to half at least. that is according to polls. after the midterms, his support is eroding. it seems to be eroding rapidly. people in the republican party and congress saying it is time for the party to find someone else to lead them into the next election. dani: thanks, alex.

coming up on the program, higher revenue despite the macroeconomic atmosphere. we will speak with the siemens energy cfo, next.

dani: siemens energy expects to make headway on plans targeting revenue growth in a boost to margins next year. market challenges mean the dividend is suspended. let's get more into the conversation. joining us is the cfo of siemens energy. using a sharp reduction of 2023 net loss versus this year, what has been the biggest change, the

biggest switch that flipped allowing that sharp reduction? maria: thanks for having me. we have our results, perhaps the q4 results are indicative of why we see this change coming into fiscal year 23. we have orders, almost 30% growth quarter over quarter, revenue 6%. before special items, sitting at 6.5% for the quarter. one thing that is positive, that i am happy to see, almost $2 billion in cash. that momentum is driving into fiscal year 2023. this is what we see to drive us. i think it is important that we are not out of the storm. the headwinds in fiscal year 2023 did impact us quite severely in parts of our business. they will continue well into next fiscal year.

we are poised and ready to tackle those. dani: things like sourcing materials, inflation, have any of those headwinds eased? maria: it's a really good question, because they haven't eased in certain areas. we still see severe headwinds. this is what we are trying to do with our procurement teams, tackle those. but also, i think this is where it is hand-in-hand with customers in terms of pricing and assuring those are able to be passed on, things like escalation costs come into play when you see rising costs. we continue to see volatility and headwinds into next year. we remain confident. sorry? dani: our customers willing to pay more and able to pay more? maria: yes in certain cases.

we have automatic escalation clauses, part of the contractual arrangements, and this is fair given the circumstances. should prices rise, those are passed on. the pricing environment is getting better in that regard. looking at the order intake, we have 30% growth just in quarter four. that shows customers want our goods and solutions and we are there for them, to support them. happy to do so. dani: given that you are optimistic about momentum headed into next year, do you expect the suspending of the dividend in 2022 is just the -- this year's story and you can reinstate it next year? maria: our company policy, we want to be a dividend paying company. that is something we built into our foundation. but this was and is a transformational year. we need to build on that

strength and optimism going into fiscal year 2023 and we will be a dividend paying company. this is our goal. dani: only about a minute, but shareholders i'm sure would love an update on the integration. where are you in that process? maria: thank you for the question. we are progressing well. the spanish regulator gave approval on november 7 so we are on our way. the acceptance period started november 8. that is expected to run until december 13. we are well into it, progressing as planned. dani: maria, thank you very much. cfo of siemens energy with an optimistic outlook. that means a dividend for this year will be suspended. lots of headwinds throughout the world at the moment. the market continues to trade on this narrative of skepticism,

hawkish and us from the fed. the dollar is off the peak, as our yields as stocks had higher. all of that continues to be in conversation at the bloomberg new economy forum in singapore. coming up, manus cranny speaking exclusively with the vmware president. how does he weigh the geopolitical risks, potential escalation in ukraine, and we returned to the g 20 summit in bali. this is bloomberg. ♪ well, we fell in love through gaming. but now the internet lags and it throws the whole thing off. when did you first discover this lag? i signed us up for t-mobile home internet. ugh! but, we found other interests. i guess we have. [both] finch! let's go! oh yeah! it's not the same.

what could you do to solve the problem? we could get xfinity? that's actually super adult of you to suggest. i can't wait to squad up. i love it when you talk nerdy to me. guy, guys, guys, we're still in session. (jennifer) the reason why golo customers have such long term success and i don't know what the heck you're talking about. is because the golo plan takes a holistic approach to weight loss. we focus on real foods in the right balance so you get the results you want. the release supplement makes losing weight easy. release sets you up for successful weight loss because it supports your blood sugar levels between meals so you aren't hungry or fatigued. golo is real, our customers are real, and our success stories are real. we have a 98% satisfaction rating. why not give it a try?

♪

dani: good morning, this is bloomberg daybreak: europe. here's of escalation and tensions flare in eastern europe as the ap reports a rocket that hit a polish village was probably fired by ukrainian horses. we are live in warsaw and at the g summit in bali. meanwhile, a barrage of missiles turn to kyiv and other locations across the country, knocking out power for 7 million households. president biden calls the attacks merciless. plus, it is official. donald trump says he is running for president in 2024, complicating the race for the republican party. the morning kicked off with geopolitical concern. you had a spike in the dollar, you had a spike in oil, but that has backed off with the latest ap reporting that the rocket hitting poland was potentially just self-defense from ukraine of the russian missiles coming

in. it is so complicated, we are still assessing and getting the latest. it does mean that they are able to back off from the losses. the dollar itself is unchanged. the dollar is about 6% off of its peak at this moment. skepticism around defense hawkish speech continues following that cpi release. and yesterday's ppi release that didn't make it seem that perhaps that goods inflation is starting to cool. wheat now following 1.4%. when it comes to equities, let me show you the picture. we have this huge rally, usually during these hours, initiated by asia stocks by relief in china. hang seng down about 1%. the rally might not be totally over. america says it is still a pivotal moment for this market given the change in policy.

in u.s. futures, they continue to gain stocks, they have rallied about 10% since september and hopefully the fed is slowing down and easing with inflation. let's get over to the first word news for other top stories. >> good morning, dani. president biden it is unlikely that a rocket struck insides poland's border with ukraine was fired from russia. he says that is based on initial assessments of the trajectory. poland says two people were killed by a russian-made rocket that fell about six kilometers inside its territory. russia denies being behind any strikes and targets in that area. donald trump has formerly entered -- formally entered the 2024 prudential race. trump's campaign filed paperwork to confirm that he is indeed,

running again. candidates endorsed by trump floundered in last week's midterm elections, prompting calls for some republicans for the party to move on. >> in order to make america great and glorious again, i am announcing my candidacy for president of the united states. >> bloomberg has been told that goldman sachs paid over 12 million to a veteran executive who complained internally about a toxic workplace for women. sources say the bank settled with the departing partner two years ago. in a deal that kept secret her detailed account of senior executives making vulgar and dismissive comments about women. goldman says, it disputes the report and that it contains factual errors. in chancellor jeremy hunt is set to confirm he is lifting the caps on bankers bonuses when he delivers his statement tomorrow. hunt has reversed almost all his

predecessors economic proposals in an effort to calm markets. bloomberg understands the reform to talk bankers pay will stay. global news 24 hours a day, on-air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. ♪ dani: thank you so much. yesterday, we got ppi coming in. it slowed in october by more than expected, it really is just the latest sign that perhaps, some of these inflationary pressures are starting to is. is it time for the dollars peak over? joining us now is head of g10 affects. thank you so much for joining this morning. like the tv magic that we have, ppi is on the screen, falling more than expected in october. do you buy it? is this peak dollar now? >> i think we are

getting close to the peak dollar, but i'm not sure when. we are seeing inflationary pressures starting to roll over in the u.s. i think what we have to recognize, yes, we are moving away from those extremes, but i think we are going to see a much slower pace of correction in terms of those guys pressures then perhaps policymakers and probably the market would like. i think it is too early to tell. the fed comments are suggesting they are still talking about there is still further to go. dani: i wonder if when we get back to this environment, we should expect a fed speaker to come and got it down. this is not what they want. they don't want financial conditions to loosen. >> absolutely. that was the phrase i was just about to use. if you go back, he was very concerned about financial conditions. we look at those since september, they have these. the rally is clearly playing

into that narrative, that is very much the case of a risk recovery trade. we are seeing less concern regarding the terminal rates in the u.s.. i think there is going to be this pushback from the fed speakers over the course of the next couple weeks as we move toward next month's fed in order to try and keep the market much more balanced. i think there is still a degree of uncertainty that is evident, i don't think that is being reflected in the way the markets are trading currently. dani: what needs to change? is there anything that has been mispriced? >> i think what we have seen his u.s. terminal rates coming down, even a week or 10 days ago. i think there may be a degree of optimism coming in. i think we are going to see this stickiness in terms of inflation pressure. i think it is still very much the case that we are going to see those terminal rates remaining elevated.

we will look at the dot plot which will be undoubtedly higher, probably nearer to 5%. i think that is where there is a disconnect. it will be higher for longer, i think the market is getting ahead of itself in the context. dani: when the market does turn, i wonder how painful it will be. this market is so built up on this one-sided trade of long dollar of short treasuries. it feels like it is just kind of boiling at this point. what will that pain trade look like when we do get the shift? >> i think we have seen some of those trades really starting to be unwound. in the context of that brought a long dollar trade, which has been very much short over the course of the last few weeks and months, i think when we look at the upcoming positioning data, which we will get on friday, i think that will start to demonstrate we have seen a consistent reduction in terms of some of those long dollar positions and some of the

shorts. i think the disconnect, the relief aggressive skew in terms of pricing is diminishing. i think the imbalance is probably being taken away. i think that is probably quite healthy with the context of where we were. it wasn't very one-sided markets. i think we are removing and reducing some of that one-sided skew. dani: one of the currencies that has benefited is sterling. we have an autumn financial fiscal statement tomorrow, how fragile is this market? >> i think it is still fragile. we are talking about a fiscal contraction. of course, if you look at the scale of the u.k. recession, it is going to be longer and deeper than any other g7 market. it is very much a risk. the market has been set up to expect some bad news, but we have to look back to the uncertainty and volatility we have from the previous fiscal event less than two months ago.

markets are a little bit nervous in that regard. we have inflationary pressures, we see that this morning. most likely, will see a new 40 year high in terms of inflation. the u.k. situation is still very much an elevated level of inflation. we will still be seeing elevated inflation probably until the middle of next year. that, alongside the economic uncertainty, and fairly fragile political position, i think still leave sterling looking a bit vulnerable. i think yesterday was a bit of a force break, all that long skew in the dollar, also, very, very significant short skew in sterling. i think some of that will be cleansed in the last couple weeks. dani: does not potential of sterling getting back, is that still a live risk? >> i don't the we -- i don't think we will

see anywhere back around those numbers. i wouldn't be surprised if we move back to 110 or 112. still potential political risk, economic uncertainties. i think if you do get back to that narrative of removing or pulling back from this peak dollar concern, i think that does open up for cable to move back in. also, underperforming the euro about the best -- next six months. we are not talking about a massive move, i think we can go 90 or slightly above. it is very much the case that the euro still has its own economic issues. i think the euro zone it looks like in a slightly better position, not as structurally weak as the u.k. over the next six to 12 months. dani: i feel like this has been optimistic, but i do wonder when you see something like overnight, there are fears of a potential escalation in ukraine.

the euro was hit, the zloty was hit as well. how much risk premium should be built into these markets at the moment for potential escalation? this time around, current reports, it wasn't escalation, it was perhaps ukrainians defending themselves. should there be more escalation premium built into some of these? >> it is an obvious reminder that we are and have seen the euro compromised over the past nine months, particularly because of the impact of the energy price rise and the impact it has had. there has to be some degree of risk premium, which has been attached to the euro, that is where we have seen that on occasions. should we be building in more work? i think if we get back into 98 in terms of euro-dollar, that is as far as i would be prepared to go, even with those risk criteria's. you are very susceptible to escalation risk. it is also very susceptible to

the weather. they are very, very much helping the weather will be mild this winter. if it isn't, though storage levels will diminish and deplete very quickly, then we can start talking about rationing again in the spring. that would be very detrimental to the euro zone. dani: fantastic catching up, thank you so much for joining us. now, as we get too commercial, we are on wait for artemis ones launch. that is what you are looking at right there. this is a nasa launch, going for the third time, hoping to get it to the moon, get it off the ground, that will happen in about five minutes. we will count down. this was originally scheduled for august, it has had a lot of delays. uncooperative weather, the goal is to get people back to the moon. in less than five minutes time, that artemis one will be ready for launch. before that, we will head back

to the new economy form in singapore. don't miss our exclusive conversation. this is bloomberg. ♪

dani: welcome back to bloomberg daybreak: europe. u.s. equity futures and to move higher after the morning of being on the back foot, those concerns about russia, about ukraine, about a rocket coming in to poland, some of those fears now backing off months looking at losses. ftse 100 futures those are down 1/10 of 1%. u.s. futures, those are up 1/10 of 1%. some of the hopes of inflation peak of dollar, those might be overdone. you still need more data to come

in, more confirmation, and there is likely to be continued fed speak counting down any suggestion that we are indeed, going to have some sort of slowdown from the fed. in fact, he notes that the peak in rates at the terminal rate is perhaps underpriced at this moment. we are only four basis points higher in terminal rate pricing than post-cpi. that is despite fed official after fed official who has been coming out and saying, we are not done yet. we have further to go. despite that, we have had a lot of these markets off their lows, the s&p has jumped about 10% in september. the dollar is down 6% from its september 28 pete. i should say thank you to our markets reporter for those on fast facts.

but, rich ross puts it like this. he is the analyst over at evercore say. stocks have bottoms. the bear market of 2022, as we know, is over. so, what is the risk now? according to the latest bank of america survey, 92% of respondents in the survey say that stop elation is --stat fl ation. let's get back to the rocket launch. artemis one coming from nasa. you can see some of the boosters now getting ready to take off, we are just moments away from this rocket launch. it will be going to the moon. this is the moon mission with the hopes of sending people back to the moon. there you go, you have left off, folks. that is artemis one, launching into space. this was long awaited. it was scheduled for august, this is finally overcoming

technical glitches come overcoming uncooperative weather, even a delay this morning, this launch was supposed to actually have been about 44 minutes ago. here we are about 6:50 a.m., we have finally gotten take from artemis one. into space. the goal of this is to send people back to the moon, and, eventually beyond. it is really a re-upping of nasa's attempt to get folks back into space and back to the moon. this itself, is a moon orbit test launch. we do indeed have takeoff, perhaps a couple minutes late then when it was planned, and a couple months, it is launching from the kennedy space center in florida. this is in the hands of charlie blackwell thompson, who is indeed, the first woman to serve as a nasa launch director. certainly a historic moment. coming up on the program, it is

also positive sentiment in markets. it is coming back. at first it evaporated after traders turned their attention to geopolitical risks, next. this is bloomberg. ♪

dani: initial assessments by the u.s. indicate that a rocket which hit a polish village was fired by ukrainian forces at an incoming russian one. that coming from the associated

press which cited three u.s. officials. g7 leaders are gathering -- rather they did, they held an emergency meeting on the strike, which came during a wave of russian rocket attacks on ukraine. president biden said that it may not have been fired from russian territory. >> too early to say whether this missile was fired from russia. >> there is preliminary information that contests that i don't want to say that until we completely investigate it. i -- it is unlikely. thought it was fired from russia. we will see. dani: let's go to anne-marie. it is the risk of escalation, how's that now faded given the

latest reports we are hearing? annmarie: good morning, thanks for having me. i think we should first note that this has always been a concern since february 24. there was always this concern and risk that the war would spread outside of ukraine and potentially draw in nato. what we saw is potentially that risk happen overnight with this rocket hitting inside poland's border, on the border with ukraine, and killing two individuals. yes, the fact that you have the president of the united states saying he does want the investigation to be completed, but that the early assessment that the ap is reporting that this was actually a ukrainian missile. we first heard from the poland president's office saying that it was likely a russian missile. now what we are seeing in fresh headlines coming out of warsaw is that they are saying that ukraine also uses those missiles. it does look like potentially

this ukrainian missile. the risk is still there, it is evident that leaders are very concerned that this conflict can just expand. that is why you have the president of the united states gather with g7 leaders and nato leaders on the sidelines of the summit here in bali. dani: what have we heard a following that meeting of biden and g7 leaders? annmarie: president biden is still pointing blame, of course, at russia. the united states have also come up throughout this entire g20 summit, taken aim at. we see that in the communicate that was just released. the u.s. really wanted to rally most nations, this wasn't mike pyle who said to me yesterday that when you read the communicate, you see that most nations condemn putin's invasion. what it means and its impact on the global economy.

all this has affected countries, especially the most vulnerable countries around the world. following this g7 huddle and nato leaders gathering, an emergency meeting, if you will, the president was woken up, he immediately got on the phone with his counterpart in poland. they are wanting to stress calm. they want to make sure they have an investigation of this before they come and do anything further and escalate what is happening. we did hear from poland last night that they would likely invoke article four. this is a step for the critical and more crucial article five. article four would bring all the collective nato members together and discuss what is going on. that could potentially be the next step. dani: thank you very much. bloomberg's anne-marie in bali. i do want to just sign post where we are on this crypto story. we are looking at bitcoin down

about 2/10 of 1%. currently the concern is around contagion. mike nova graphs side, i don't think we have seen the worst of the crypto crisis speaking there this morning. the current fears of contagion, we also have sam bankman-fried, the u.s. and the bahamas are talking about bringing him to america for questioning. according to people familiar with the matter. he also said on twitter, there was just too much leverage, more than i had realized. that contagion threat, it is still alive. we are looking at bitcoin currently, trading just under $17,000. markets coverage continues in the next hour. this is bloomberg. ♪

♪