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>> good morning. this is "bloomberg daybreak: europe." let's get to top stories. stocks and bonds catching a bit of a breather after a selloff. treasuries are a little oversold. meanwhile, oil joined in on the rally. we could demand and tight physical supply -- the tug-of-war between weak demand and tight physical supply continues. future aid from the united states hangs in the balance for ukraine. we are seeing a little bit of a relief rally. even commodities are getting in on that. sentiment was sour. perhaps it is a technical bounce back.

right now, futures showing that picture, really specifically when it comes to trade. defensive trade a little baked into u.s. trade last few days. perhaps it opened lower but then closed much higher. american traders are the only ones holding up the u.s. stock market if you look at european or asian trade, you're not think that overnight. that will be interesting to talk about, here's our who are actually investing in this. that is your equity picture. we looking at that cross asset story. there hasen the one that has been the most under ressure, creating this chaos around the rld. 30 year yield. 4.84 there. that is -- tha helping the

bond market. 1.05 on the euro-dollar. bloomberg dollar inde down about .2%. 86 for brent crude. let's see how asian markets are doing right now. our correspondent is standing by . walk us through is going on in asia. >> asia is part of that relief rally the financial and tech sector benchmark jumping by the most in five weeks. what i am saying is back from the lunch break and among the benchmarks, it is accelerating

its push to keep markets open. in asia fx, we are seeing the south korean won leading the charge. higher than economist expected. this is on the energy and food side of things. there you go, south korea -- coming in higher than expectations. we did get a trading debut after the biggest ipo in the country this year. this is robotics which ensures is -- which surges 100 and 60%.

that's your look at asia. kriti: really interesting dynamic you are seeing in asia. time now for our top stories of the day. reporters joining us from around the world. valerie right here in london. yusuf in dubai. murray -- maria also. not the only one, some comments coming from the bond game. the cofounder of pimco as well. maybe the market is not oversold. maybe we can play that sound for the global audience. >> they have been spooked over the last week or so i declines

in their etf's. we're seeing a little bit of an oversold market here. kriti: there you go. bill gross saying that maybe this is overdone. >> he was specifically talking about was going on in the bond market. there is retracement from its peak. even the volume during the worst of that treasury route was as high of the volume spike during these times. it may have been driven by the more retail investors. he does talk about the 10 year

being near 5% being of great value. it does sound bullish. we effort some quite bearish comments heard recently from the treasury market. is this route done? a lot of those questions remaining in this market. a bit of a rally, down another two basis points. 10 basis points yesterday session. kriti: looking at the stock market, we are not seeing as much momentum into that relief rally. , kicking in before perhaps a bigger slide. the bond rally was almost kicked further by the week dated

yesterday which comes after a strong jolt on tuesday. the funny thing is those two data prints showed very constant stories when it comes to jobs in the professional service sector. i would have expected a fall in service jobs. it made a be in the professional services jobs. we are really looking towards friday's data to give us a bit of clarity with what we got this week. i think it will show the direction of the bond market this week. yousef: -- kriti: a kind of feels like a sell everything or buy everything kind of environment. marty's are no exception. oil gets interesting. we were talking just a couple days ago about $100 oil.

? ? worded echo -- where did that go? our correspondence join us. tell me, what happened? yousef: they were pulling off too many barrels and pretty much killing and. opec-plus had every right to be cautious about rejecting barrels into the global market. nothing short of stunning, also in terms of gasoline demand, fuel consumption coming in at 86.3 barrels. that is one of the lowest. you also have one of the first builds in 8 weeks. within a couple of hours, down 6% for brent.

suddenly we are looking at other numbers. saudi arabia, russia and -- did meet and said we will stay the course. russia will keep holding out there hundred thousand barrels, saudi arabia will -- saudi will keep one million barrels. around 1.3 million barrels a day. what you are seeing today is a move away from the short-term tightness and investors are taking more of a midterm view on a fed that could keep rates higher for longer on yields in which they are going higher as well. at the moment, we are seeing a stabilization that price discovery is still in play. kriti: it is a fascinating story. you mentioned a key portion, you have fed, global risk sentiment, then you have the russia factor as well. thank you for that update.

autistic with the russia piece just talked about. it is one of the issues that europe, and broadly the u.s., are dealing with, especially when it comes to their approach with the ukraine. joining me now is maria tadeo. maria, your perspective, your update. maria: the european political community meets today the south of spain. just to refresh everyone's lines, the european local community that is bring together continental europe, not just european union. not just countries trees and to european union. approximately 50 countries will gather at the summit today. the messageis about sending unity, reinforcing the message that supports ukraine will continue in some extent, almost unconnected to the u.s. volatility.

we are seeing that has been the message really portrayed by the european union this week. at the start of the week they went to ukraine, to repeat the message. it is independent of the political volatility we are seeing play out in the united states. the report of the summit today is that it really triggers a conversation for ukraine that has to do with its aspiration to enter the european union. they want to join the you. this fall, the commissioners expected to provide his update on whether or not ukraine is up -- whether or not crane is ready. -- whether or not ukraine is ready. ukrainian president will appear today at the summit. it was not cle athe start of the week but heweek after he sae may indeed show up. he has no incentive to do that. g this very difficult week -- we talked about u.s. politics

and the meme by elon musk. he wants that picture together of france supporting ukraine. kriti: really important. the political landscape in the u.s. has changed. will that affect the physical money going to those in europe? thank you for that story. other stories, pmi's are coming out, crucial and how much supply will be added to the housing market, the rent market here in the u.k. and london. it will impact the boe as well. we will get there panel as well. that ll be crucial. perhaps a few more puzzl pieces with how things will be tackled, like housing. th boe panel will be something to be watching after u.k. construction be -- construction

bmi. we also have u.s. numbers which will be helpful. you can get more on what you need to know on today's edition of the terminal. get those top stories. there are some nitty-gritty pieces. all on the docket. coming up, we will discuss the surprise decision to hold the world cup across six countries in three different continents. stories you do not want to miss -- it is a story do not want to miss. this is bloomberg. ♪

kriti: barclays is dismissing roughly 50 senior dealmakers.

about 3% of total headcount in the unit. it includes market and trading operations. eastern europe's largest bank is bringing back it political member to lead. he was considered a leading earlier but was passed over. over to africa. the world bank this abacus economic growth into held back a regional powerhouses in south africa and nigeria. bloomberg's jennifer joins us to walk us through the report. explain this. >> what the world bank is saying is that these two countries are really leading the drag. these two have been powerhouses for a number of years. because of their lack of

development and honestly issues around things like transport and the energy crisis here, not being able to keep up with oil production is dfficult for the region. what they're saying is they are revising talent and growing by just 2.5%, down from 3.1%. 3.6% in 2022. this is a concern. this is a rich part of the world. this is a part where a number of investors are looking to potentially put their money into these countries. they are still facing a lot of headlights -- headbutts in the world is anchor needs to be some policy reform asian. -- the world is saying there needs to be some policy reform

asian -- reformation. individual countries have seen their own individual growth. this will be the youngest population the world. nearly 12 million young africans entering the world -- entering the workforce. the issue is that the time is now or we will continue to see a deceleration in the economy. kriti: a big part of that will be the economy story, that is why people want the exposure. i want to stick with that south africa story, talk a little about the mining profits. >> just to give some context, south africa to be the biggest gold producer in the world. now, according to reports, they are saying that this gold

industry may only have 30 more years of viable gold industry if, again, some of these issues are not turned around. i turned to the energy crisis, transport issues. they also point to iron ore. the state may be only has 13 more years. giving you a bit of a picture of what is actually happening with commodities, we have heard that -- american is having job cuts. this is affecting about 200 employees. they are saying that this is due to restructuring. it is not supposed to affect the business. a bit of a concern. anglo has seen some burning losses in the last few years. could this once again point so that if things -- point two that

if things are not turned around? we need to start seeing some changes. kriti: jennifer, we thank you for joining us this morning. sticking with africa. something to keep on your radar for 5-6 years down the road. so excited. morocco alongside portugal and spain for the first time ever. games will be held across three for continents. greg tanner joins us. talk to us about south america as well. there are some very passionate people watching this program right now who would say, why does south america not get a bigger bid in this world cup? >> many reasons. economic. brazil was arguably the best put on.

the fact they hope that fifa made the decision has thrown them a bone. it throws it back to the first world cup held in uruguay. they are giving them a game, paraguay game. morocco, spain, portugal. 2002, we saw the first world cup get split across countries in terms of south korea and japan. the next in 2026 is the u.s.- canada-mexico. holding these three games in south america beforehand, it doesn't -- does it make up for not having the world cup properly there? probably not. kriti: if i fact that morocco is not part of the conversation

after their pretty stunning performance in the last world cup is staggering. could -- be the future host of the world cup? >> they have very much but their hat in the ring. there have been thoughts that they might apply for the 2023 world cup, acted not happen. have confirmed they will apply for 2034. they could be in a good shot. fifa is only taking applications from asia and -- so that fits in. the money that they have been pumping into sport, the signing of christian kern although -- christian roan although -- putting you on the spot, messy or ronaldo?

>> i think the debate was settled in december when messy won the world cup. kriti: don't do it. greg tanner, last appearance here. [laughter] coming up, sam bankman-fried on trial. they see he lied to the world for the safety of his crypto platform. that is next. this is bloomberg. ♪

kriti: welcome back to "bloomberg daybreak: europe." i am kriti gupta. prosecutors open the trial against sam friedman -- sam bankman-fried men. more from the courthouse in manhattan.

>> over the six-week trial, dozens of high-profile testimonies, including his former girlfriend and someone whose firm had taken money from sam's firm. it is said that working a star is like building a flame -- elon musk tweeted that building a plane is -- building a company is like building a plane. i am sonali basak in new york for bloomberg. kriti: walmart seeing a pullback from people taking an appetite the pressman -- appetite suppressant. the banks are picking up on the

changes. we should have to short fast fod credit for some of these companies. the also called out general mills -- international, very food focused companies. these are some of the names coup. you can really this move of appr from the has actually created a curve created a ripple effect. all that coming up on the program. germany stares down a recesion. we bring you the details, next. loving this pay bump in our allowance. wonder where mom and dad got the extra money? maybe they won the lottery? maybe they inherited a fortune? maybe buried treasure? maybe it fell off a truck? maybe they switched to xfinity mobile on the most reliable 5g network.

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kriti: good morning. welcome back to "bloomberg daybreak: europe." let's get to top stories. stocks and bonds around the world catching a bit of a breather after a brief selloff. one time bond king tells a treasuries -- says the church have oversold. plus, the tug-of-war between waning demand while tightness for supply continues. plus, union leaders plan to form -- plan to show support for ukraine as a future of u.s. support for ukraine hangs in the balance. stories from around the world. let's get your market stories. let's get a look at how futures are trading. we are seeing green. this is significant. not just in yesterday's session but the sessions for past couple days. the idea that participation is

low when it comes from european-asian traders. that is why we are seeing underperform in a big way. that is why these futures are higher. how much is technical retracement? -- technicals and how much is retracement? the long end of the bond market is where you saw the most pressure and now we're seeing a little bit back in. all the bonds across the curve are higher as well. in terms of price, yields are coming down, pressuring the dollar. 1.05 for the dollar while the dollar blue decks -- while the dollar is down. >> relief in asia's financial

markets after u.s. stocks and u.s. job data traders to change their best. we will see some more tightening from the u.s. federal reserve. u.s. asia-pacific jumping the most in five weeks. gains from tech and the financial sector. we are seeing the south korean won lead the charge today. this is after the cpi print which came in above economist expectations. if we can flip the board and take a look at the next page so i can show you just how patient inflation is faring. it was higher in food and energy costs which brought this print about. we saw in this hour, the philippine central bank saying it is standing ready to resume tightening if needed. just another reminder that the

fight against inflation is not quite over. want to stick with south korea because we have a robotics maker after the biggest ipo hit a surge by as much as 160%. there is a lot of charge for the shares after companies stepped up investment in that sector this year. kriti: something we will keep an eye on very closely. april in singapore with a crucial market story. nearly 50 european nations will try to show unity in support of ukraine during their meeting in spain today. meanwhile, president biden from the u.s. says he will deliver a speech. maria tadeo is on the ground near the summit. talk to us about the long-term assistance for ukraine. maria: that is a fundamental

subject at this point. it was lunch last year, it brings together all the continental european leaders and countries adjacent to it, diplomatically connected to the content. -- to the continent. we will see leaders here alongside the host country of spain. one of the fundamental issues, as you say, has to do with ukraine. one of the key messages we presume will come out of this conference is that support is unconditional to ukraine. we have seen that message, especially from the u.k. lake and the eu saying that it is not conditional to political development. something we might see in the united states, that is a concern. it is a reinstatement that ukraine will be supported for as long as it takes. the other issue which is

politically more significant for the country is the conversation that will be kick started about the enlargement of the european union. there are a number of countries, one of them ukraine, that have applied to the european union and the commission is expected to put forward an opinion on whether they re expect -- whether they are ready to put forward these talks. sticking with ukraine, it is not official but there are many whispers suggesting that president zelenskyy will appear before the summit. it was not clear at the start of the week that he would participate. it was suggested that the ukrainian president would commit. you can see the incentive for zelenskyy. this has been a difficult week for ukraine. we talked about the budget deal. we talked about the very controversial meme put out by

elon musk. they are hoping that there will be some reassurance that president zelenskyy is not alone. kriti: some of the momentum seems to have shifted. for how long? maria tadeo with the latest updates. later, she will speak with charles michael and roberta, interviews you do not want to miss, right here on bloomberg television. in the meantime, rishi sunak has canceled some of the high-speed rail project. he is committed to positioning himself as the change option. his government trails the labour party and some polls by around 20 points.

>> i am ending this long running saga. i am canceling the rest of the project and in its place, we will reinvest every single penny , 36 billion pounds, in hundreds of new transport projects across the country. this means 36 billion pounds of investment into projects will make a real difference across our nation. kriti: return to germany where the economy is headed for force into a recession for the first time since the pandemic. long-term headwinds including a dwindling workforce. an uphill battle for many companies, particularly smaller ones. for more, oliver joints me now. there is a lot to digest here,

talk us through it. >> they call germany the engine of europe but germany has its own engine. small, medium-sized enterprises. we are talking around 60% of all jobs, 99.6% of all companies, more than one third of sales. these are tiny firms you may never heard of but are the best in the world at something. germany has more than 1500 of these companies that rank in the top three of the markets, no country is in close second. whether it is perfume bottles, 70% of the worlds retractable dog leashes, tunnels for the new york city and moscow subway stations. these are companies hundreds of years old. the big problem with these little companies is that they are so many of them it is hard to know how they are all doing heard when we did a survey, a quarter of these companies are

considering selling in more than a fifth are considering moving abroad. we need to pay attention. this was sent out by that -- lobby who has a new chairman we are pleased about. -- that we are please is joining us this morning. what is the mood with the middle right now? >> it is still the backbone of the german and european economy. many of these companies are suffering from high energy costs, maybe the highest. they suffer also from high taxes and contributions. high charges of skill workers. >> what is their biggest concern right now?

bureaucracy, labor shortage? >> altogether. it depends on the branches there are. you have some intensive branches that ensure the energy cost and you have other from the your chrissy, also from the european legislation. >> what is the solution? do companies need to be subsidized? >> this is a self-made problem in germany. this -- it is not possible for germany alone to stand for this. they have to use some of the additional costs and solveth problem about where the energy comes from. >> for the labor shortage, what

is the solution there? >> better education, better rules and laws for new workers coming from abroad. they need also education in language in order to alter their skills. >> is a former mayor, you are very aware of the trade relationships between china and germany. what do you feel about the de-from china, is this the correct approach? >> again, it is much more difficult for the smaller and medium size companies to change their supply chains at a quick pace. having discussions with company leaders, they talked together and find out, oh, you make these special parts of what i need and

i do not have to buy it in china? so we have a bit of deglobalization in the european market as a result of this. >> do you believe these companies will be able to find another market like china and where is that? >> i think, especially in africa , there is a rather new rule at this point. increasing populations in africa. many companies are looking at this continent. i think africa in the next century will be a very high-profile market. >> we talk about heavy energy industry, heavy chemical, is this an industry that needs to look at new ways to innovate technology and power? >> i think so. the german government has to make a new framework for this. if you look at other countries,

you see, not so much these other problems as they are in germany. politics is forced to change their ideological policy to do more for the home prosperity and -- >> we have seen a lot of the rising of the far right and other groups in germany. you think that's puts some danger into the stability and could have an impact on small businesses? >> i don't think so. i don't think the restarts are taking too long. i think in a few years will be in another shape -- we will be in another shape. i think this is just a short

story. >> is germany the sick man of europe? >> i don't think so. and we need to do more to make sure we are not. kriti: coming up, the eu's war on carbon goes global. we look at the expanding market and what it means for the rest of the world. stay with us. this is bloomberg. ♪

kriti: welcome back to "bloomberg daybreak: europe." i am kriti gupta. new climate commissioner today who will be responsible for overseeing the valuable carbon market that the eu has been

accelerating to become the first climate neutral continent. joining me now is team leader over at bloomberg. why even doing this in the first place, why put that price on carbon? >> carbon pricing puts a price on emissions. it provides a disincentive for companies to emit. it is critical because fossil fuel technologies are often the cheapest option compared to their clean, green alternatives. it allows policymakers and governments to achieve their climate targets, enforcing emissions productions through these markets. the added bonus are any revenues that can be recycled into the market as well. kriti: the fact that europe is ahead, it really creates an investment scenario that there is an appetite for.

how does it compare to the strategy you are seeing in the u.s. and asia and some of its peers? >> back to 2005, emisos have declined by over third. what we are seeing is significant emissions reductio what you can say is that those are primarily from the power sector, power coming into your homes that is being generated from the likes of wind and solar as opposed to coal. we're singing global brackets is that they are starting their own markets with pricing lower. it is a decentralizing for carpet -- four carbon emissions. >> what we are seeing those improvements in the power sector, the decarbonization and

industrials has been lackluster. industria dcarbonization solutions sit at a higher price point. these will be triggered before industrial solutions. the other is that they have to compete globally. the eu has been giving free and allocated permits to ensure that they can remain competitive to international markets. if we look around the globe, around 60 markets in texas currently in operation. the average price is around $34. you can see on the chart, that is not enough to be aligned with the paris agreement. if you put that in context compared to the eu, prices are where they are expected to sit, around 93, significantly higher. with the border chair is aiming to do is charge similar goods

the cover price. in response to her some governments are looking to set up their own compliance markets, we have heard recently about brazil and likes of india. that is to avoid having to pay that charge to the eu. they will august the have to achieve their own climate goals. kriti: there is a lot of pressure here. thank you for explaining to us. plenty more ahead to digest. stick with us. this is bloomberg. ♪

kriti: let's take a quick look at the markets with bloomberg's valerie. a lot to digest. >> one thing you need to know is you take your seat is at the bond rally is continuing in asia trade. we are seeing a rally across the

curve. i want to show you how far the 10 year yield has fallen from peak. it did reach a cycle high yesterday we are now down over 16 basis points from that high only in yesterday session. we are still higher on the week you can see that the momentum has really changed. the bond rally has really captured our attention as we head into payroll data on friday. and myself i will show you. we'll have -- we have a bloomberg index. that has drawn down nearly 45% from peak. this is a historic meltdown in the bond treasury space. questions are being asked o whether this is the end of this treasury route. this all goes to friday's payroll print. we have had some data this week from the jobs market.

jolts strong, adp week. it is down to friday's point us in what direction we will go. the dollar is in the red after reaching highs this week. when it comes to brent and screwed as well. kriti: thank you for that this morning. i want to bring some breaking news. headlines from a communications giant, now referring there u.k. loud to cma, saying around 60%-70% is just a w u.s., amazon and microsoft. you are seeing this massive dominance with only a few players. now we note the cma does have a reputation on going on b ech. they will now investigate the story. th something we are going to

keep an eye on, especially as u.s. market-rate starts. speaking of big tech, apple ceo old stock worth about $41 million after his biggest sale in years. you can see it high, it was not the high earlier. this is after a rare pay cut around $40 milion as part of his changes, the stock will increase this year. apple also had talks to replace google as the default search engine on the apple default browser but ultimately rejected the idea. details of those talks and discussions on why -- relate in

the antitrust trial. a lot going on and both sides of the atlantic. we will bring updates throughout the hour. later today, maria tadeo speaking with the european council president and european parliament president. two interviews you do not want to miss. for now, that endemic trio, if you will. tom mackenzie and mark cudmore join to walk you through the crucial euroan open stories. stick with us. this is bloomberg. ♪

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anna: