because of that, i don't expect to be forgiven. i've lost my son's trust. i've lost his love. i don't believe i'll ever see my grandchildren again. and i'm very, very sorry about that. good morning welcome to a very special edition of "street signs" life from the shores of lake como and outside 10 downing street. these are your headlines >> the euro sinking to a two-year low trading .991 the european equities selling off. germany under pressure this morning. this after russia shocks markets by cutting all gas flows to the

k continent via the nord stream pipeline >> the eu is ready to react. we will have safe energy we will have to share energy we have high level of storage and we are not afraid of putin's decisions. gas prices surge european governments rush to react with germany launching a 65 billion euro relief package for households warning of a lehman brothers moment for the sector. and less than three weeks from a taitalian elections. >> russia is trying to influence the political landscape and

influence elections. and sterling dips to a two and a half year low while here on downing street, we are hours away from finding out who will be the new leader of the conservative party and who will become the new prime minister. liz truss, the foreign secretary, widely tipped to get the keys to downing street good morning warm welcome to "street signs. let's get to the top story gazprom has stopped flows from nord stream 1 until further notice raising fears of a

crisis hours after g7 prices capped prices flows were due to resume saturday morning after they were halted for what was described as scheduled maintenance. gazprom says it needs to be shutdown while a turbine leak is repaired something that siemens energy denies >> we are having the reaction now in europe. a bank holiday in the u.s. the bulk of reaction is witnessed across the european forces as we have talked about this, when european economists put together the forecast, the worst case scenario is a full cutoff from russian gas this is it this is the situation that europe finds itself in today the reaction, of course, as you imagine, has been negative across the board starting with germany in the eye of the storm the dax is down 3.1% today

more and more companies in germany say because of rising energy costs, they have to cut production this is going to have huge ramifications on an economy that is reliant on manufacturing and industry dax is suffering the most because of the link to russian gas and nord stream 1. the major utility we have been talking about and received a bailout from the german government is down 85% for the year just to give you kcontext of how utilities are suffering. another country in the eye of the storm which is reliant on gas as an energy source and steve has talked about, we have the elections coming up in a couple of weeks time the expectation is the government will shift toward a more conservative right-wing

alliance that sets the stage for how italy approaches the relationship going forward ftse 100 is down 1%. the risk off session and less exposed to russian gas, but exposed to wholesale gas prices as the cap moves to higher levels that come this october. 80% higher than before a huge entry of things awaiting for the new prime minister liz truss is expected to be announced as prime minister at 12:30 p.m. we will have special coverage of that and a major focus for the uk market in the coming weeks. in terms of sectors, this is the breakdown in europe. bit of green is oil and gas up 1% opec plus meeting coming up. we will talk to our colleague today about what opec plus could mean for the direction of oil and gas from here. of course, generally speaking,

the market is trading weak basic resources is down 10%. the minors were not doing well chemicals down 3.5%. autos down 4.1%. both of these baskets are depending on gas prices. in terms of currencies, we are seeing the dollar surge. euro is down through parity. we are back at 99. .5% weaker the lowest level the euro has been in the last 20 years. the pound as well at the 1.14 mark we are close to breaking that on the down side. down .30%. the dollar is gaining momentum especially after the jackson hole meeting we have negative news on

european currencies today. and we have talked about natural gas and this is how wholesale prices have opened up 13% the dutch ttf. 273 euro per megawatt hour you see this morning, huge shoot upwards 30%. julianna >> what a challenge for european leaders. germany announced a 65 billion euro relief package to help house was flinflation and winter costs it will have a price cap imposed on renewable energy firms. olof scholz says they are making strides over the price of gas which has soared as joumanna outlined finland and sweden are providing $35 billion in guarantees for

power companies following a spike in natural gas prices. finland economic affairs minister is likening this situation to the l lehman broths moment let's get to steve sedgwick on the shores of lake como. steve, i'm curious what leaders have been saying about the events in the last 72 hours. >> reporter: it has been extraordinary of the juxtaposed position of the economy we have beening covering the next two weeks. i'll leave the italian elections aside for a moment we have clip coming up to explain more is there an outward shocker over what the russians have done? absolutely not this is a chess game with putin and the west knew and this was a possibility. let me make the point for

comparison it was a cold war, an arms race with the west and soviet union for decades. russians never turned the taps off for russia for energy to the west for that period vladimir putin has done something that the soviet union did not do at the height of crises turned off the taps to europe. is it logical? well, from his point of view, maybe. in dissension and creating a cost of living crisis and response of eu support of ukraine as well. crashing the european economy. sending europe in recession is not an outside scenario given the price of gas that you and julianna have been talking about this morning, joumanna the fascinating scene here if russia does crash the european economy, that could potentially crash the world economy and then it means the carbon revenues, not only for

europe, but from india and japan and china and other places will dmis diminish as well is that good for the economy no in the short-term, mr. putin think there is is capital to be made out of this it may be the case, but what i have been hearing is a rebust response policymakers. we have been speaking to lindsey graham to key european politicians about the issues about the concerns as well i spoke to oleta he is part of the unity government listen to what he has to say he thinks what putin has done is tied to the italian election we spoke to bruno lemair i also spoke to the man in

charge of coordinating european union economic policy. one who happens to be another ex-prime minister of the country of it italy. if you weaponize energy, you cannot allow the ships to carry russian energy out of the region to the rest of the world there is a reaction europe can do i started by asking the three about their reaction to what russia has done. let's listen in. >> we expect that russia is respecting the contracts that they have, but even if the weap weaponization of energy will continue or increase in response to our decisions, i think the european union is ready to

react. of course, we will have to save energy we will have to share energy we have high level of storage and we are not afraid of putin's decisions. >> the key point is to path for the winter without too many issues is the key point. the first thing to do, of course, is to reduce consumption. the second point is to diversify the supplies we want to get supplies from russia we know putin will cut the gas supply for europe. so we have to enter into diversification of supplies. the third point, of course, is to reduce the oil and gas revenue for russia because if we want to be efficient in these sanctions, we need to reduce

revenues that russia is gaining from oil and gas selling >> russia is trying to influence european political landscape and is trying to influence italian elections. it is clear that in the next three weeks of the election campaign, it is important for the political landscape and help the right. within the right, you have two parties. slovenia and the party who are close friends of putin i think there is the need, the idea, the influence that putin would like to have toward and against italy. >> reporter: a lot of nuances in

what you heard from the three men. let me tie it together is europe in trouble yes. europe has a horrendous winter ahead and horrendous 12 months if the taps don't come back on has europe made a mess yes. it was a crazy idea which we have known for years mr. trump pointed out via angela merkel back in july. is putin trying to interfere with politics? yes. he has previously. can europe eventually find another way to supply itself with energy? that is the case you look at northern africa and look at eastern immediamediterr and middle east, what is missing is the infrastructure to get to european pipelines at speed and scale. can we get vast amounts of lng from the united states and north

america? yes. is the infrastructure there now? no has europe got a tough winter and spring and 12 months ahead absolutely you listen to bruno le maire who spoke out before the invasion of russia this time round, he was talking about the need for muscular european strategy the need for the west to get its act together that is going to be invigorating som somewhat in terms of the ealliance, i spoke to lindsey graham, close friend and confideant of trump he believes that ukraine can win the war which is incredible given the fact he believes a lot of weaponry will go toward ukraine from the west and united states especially. he thinks the western alliance

has become more coordinated by this as well if mr. putin is trying to split up the west, he is creating a lot of pain. over the medium term, those i spoke with think he is making a historic mistake back to you. >> steve it is interesting to hear you. you have spoken to so many over the weekend. it is coming at a crucial time economically and politically as we head into the italian elections. i look forward to hearing more in the next 15 or 20 minutes we will move on and talk about the energy story because opec plus is expected to keep output levels unchanged at the policy meeting there is an opec plus meeting today. there is a watch over the future cuts ahead of the energy summit in brussels this week, they are

gathering in milan we hahave our report here now g7 countries looking for a price cap on oil and in retaliation to that, we hear of russia halting gas flows through the nord stream stream pipeline what is your expectation from the meeting today? >> reporter: joumanna, i spoke with the former secretary of energy i asked those questions. i said, listen, putin is waging an economic war on the west. what is it that the west can do to slow the strain he said at the end of the day, it has to be about producing more this is an economic challenge for the west it is something that america's former energy secretary is saying to me we have the oil back at home we have it in the united states. what we need to do is tap into the resources because steve was

just saying part of the problem as you know is the ability to get oil and gas to the market. we are talking, of course, about what is happening with regards to germany and france and other european nations struggling to get the energy to consumers. i had the chance to ask the former energy secretary what he thinks about the details of the eu emergency plan to alleviate the strain on the electricity markets. listen to what he had to say >> you can describe it that way. no question about that if you continue -- what is happening is governments can pass a bill and appropriate money and give money to citizens to pay electricity bills if you do that, it has an inflationary impact. it alleviates the pain, but the money moves in a circle. from the consumer to the electricity company. it is not a long-term solution

>> reporter: i asked him you are bailing out industries and energy producers electricity companies. at the same time, putting money in people's pockets that is needed to make the higher costs work for them. energy poverty is a huge issue for europe right now something the united states is watching, but not pricing in, if you will, in a sense because this is a country, the united states, is going into mid-term elections and concerned with the price of energy and also the cost of living in the u.s. and i asked about that he said people are unhappy i see a lot of spin in the press about whether or not this is going to be an election that brings more democrats back into office he said at the end of the day, it will be about cost offing living and that is something we are focused on as you know, this company is very much involved in attempting to help the germans out in the dynamics a lot of questions coming in the

next few hours i'll ask the india energy minister about the russia price cap and whether or not his country will play ball joumanna >> hadley, i'll pick it up here. the crucial buy in for the price cap to be effective. we move on from energy for now or pivot to the uk where energy is a major issue. today it is all about the politics at downing street geoff is live on the ground. >> reporter: absolutely. energy is going to be a key policy issue that the next prime minister will have to tackle very quickly we've got a little over three hours now until we find out who will be the next leader of the conservative party and ultimately the new prime minister we'll be back right afterthis to talk a little bit about some of the issues that will have to be addressed stay with us

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the uk conservative party is set to name its new leader and the country's next prime minister today around lunchtime foreign secretary liz truss is expected to be named pm tomorrow let's look at the announcement we have the ftse 100 down 100 this morning we have more resilient market because of what we're seeing in sterling we have sterling moving lower this morning down .20% to 1.14. let's get to geoff who is outside 10 downing street if you saw us before the break. geoff, according to all of the polls and betting sites, it looks like be a sure win for truss. assuming truss winning the premiership later today, what is top of mind and top of liz truss' agenda that is relevant for the market community >> reporter: it is interesting, isn't it

we had eight weeks, really, to come to terms with who is likely to replace boris johnson as we got to this date, it has become increasingly clear that the conservative party, all 160,000 members, have felt that liz truss closely represents their view of the future for the uk that view of the future really rests on some serious effort being undertaken to address the current cocktail of difficult challenges we know we've got inflation in excess of 10% here likely to rise here with the bank of england talked about five quarters of recession you mentioned the challenge of falling sterling and what that does in terms of throwing fuel on to the flames of the inflation story. we know that we've got an energy problem here in the uk like the

rest of europe we've just seen the amount that companies are allowed to charge spiral higher. liz truss needs to come up with some solutions fairly quickly to ease pressure on both companies and individuals. it seems, the speculation is, that perhaps she will go for some kind of freeze on energy bills. something that the opposition labour party should being undertaken it remains to be seen whether she will embrace that policy, but she has committed to making an announcement on energy policy within the week. we will wait to see exactly what unfolds here clearly she has not given too many details so far because effectively this is a competition over who wins the premiership. we are expecting, also, on the table something like a 30

billion pound sterling assistance package you may recall back in march, julianna, that the obr, office of budget responsibility, spoke about there being 30 billion pounds of fiscal headroom. with a number of, perhaps, tax cuts and other supportive measures, we might see that 30 billion pounds committed in an emergency budget later this month. back to you. >> to your point, geoff, i read articles over the weekend seein that going higher. questions over how she will fund it one question is the leadership contest is divisive with the two sides. while liz truss is probably going to get the support of the majority of the tory members, she does not have the support of all tory mps

what does that do to the working majority when it comes to making the big decisions when she has gotten prime minister of the uk government >> reporter: that's a terrific question the speculation at the moment is she will probably get ago like 60% of the party as you pointed out, she hasn't been necessarily that popular among conservative mps it will be incumbent upon her, i think, to try early on to bring the different wings of the conservative party back together there is nothing quite like the threat of a snap election, i think, to stiffen issues to put a pencil into the spine of many of the conservative mps. ultimately, joumanna, the sanction at the end of the day

is they have to fight again for their jobs i don't think too many of them want to do that. hopefully there will be an element of goodwill that emerges in the early days of new new premiership. it is incumbent, i say, on liz truss, if she is duly voted in by the conservative membership it is upon her, i think, to try to build bridges i think many of those conservative mps will also have to reach out as well because at the end of the day none of them wants to lose their job. that potentially is in prospect if they make life too difficult for her. >> nothing like the threat of losing your job to keep you in had line, geoff. thank you. we'll be back with geoff at 12:30 for the special uk announcement to come this afternoon. let's get back out to steve. from one political situation to

another and steve has certainly been covering this the last couple days from the shores of lake como. >> reporter: jooumanna, i spent lot of time covering politics and italian politics i have to say italian politics tops british politics in complications. it all collapsed after draghi. we have covered this for a while. we will continue to cover after a short break on "street signs." i'll try to break it down for you.

welcome back to "street signs. i'm julianna tatelbaum. >> i'm joumanna bercetche. these are your headlines >> euro sinks to a two-decade low while yields rise after russia shocks markets by cutting gas flows to the market via nord

stream 1 the kremlin is weaponizing energy >> we have to save energy. we will have to share energy we have high level of storage and we are not afraid of putin's decisions. gas prices surge european governments rush to react with germany launching a 65 billion relief package for houses and sweden and finland pledging billions warning of a lehman brothers moment for the sector. less than three weeks from the elections, moscow wants to hurt europe and italy in particular >> russia is trying to influence european political landscape and he is trying to influence

italian governments. and hours before the uk reveals the next prime minister with liz truss looking to take the keys to number 10. welcome back to the show a bit of a recap of the pmi numbers. eu economies continue to fall in august with the worst show in 18 months for pmi as the composite figure at 48.9and below the 50 level. of the individual countries, france with the services sector of 51.2 reading. germany, by far, lagging with the services pmi at 47.7

this is last month looking ahead with the latest disruption of gas flows which will be a bumpy ride we just got fresh uk pmi data for august. final services and composite figures. uk services sector with a 50.9 reading. composite slipping to contraction. not only price inflation when it comes to input, but also continuing supply chain problems those are the latest numbers out of the uk in terms of the pmi. in terms of markets. it is the nord stream fallout. the worst-case scenario for europe materializing closure of nord stream 1 pipeline now scrambling to protect households and industries from

surging prices, but how to make up for the deficit in supplies from russia. a lot on the agenda. in terms of markets, we are seeing unsurprisingly a selloff. dax trading at 2.9% lower. it is important to put it in context with the gains on friday this puts us back to where we were at the start of trade on friday momentum is in one direction this morning cac 40 is down 2%. ftse 100 trading down 1% you are seeing out performance of the oil majors this morning not surprising that is part of the reason we have out performance in the ftse 100. turning to currency. a lot of movement in sterling and euro overnight euro trading at .30% lower versus the dollar. you see below the parity level we are seeing weakness in sterling down 17 basis points

1.1489 the uk announcement later this afternoon where we get news of who is the leader of the conservative party and prime minister. a ton of movement in fixed income markets assets spared this morning yields are moving higher 10-year btb trading higher investors jittery this morning joumanna >> watching the italian 10-year getting close to 4% which is a line in the sand where they have chosen to act. more about the political situation in italy the brothers of italy leader says italy should look to amend the eu recovery package and not take on more debt. meloni, the frontrunner to be the next italian prime minister

says there could be changes to decouple electricity prices from gas prices at a local level. back out to steve who has been in italy the last couple days talking about everything let's talk about the italian political situation, steve the investment community is concerned about italy's debt-to-gdp dynamics 150% of debt-to-gdp would raise alarm bells. other issues is what the eu relationship will look like going forward at a time when we are witnessing an unprecedented energy cricrisis what have you learned? >> reporter: what have i learned? italian politics is frenetic as ever let's take a step back for a brief period, 18 months out of the last 20 years,

italian politics has looked stable it has been stable because of the national unity government under mario draghi he managed to herd the cats. all of the cats. the cat that he did not get into the national unity government was meloni who is looking at a different relationship the national unity government was moving italy to the center of europe once again for a brief 18 months. it got 200 billion euro in it terms of the national recovery plan it got a set of reforms going forward, including parliamentary ones the work wasn't finished yet, the political aspirations of the cats i mentioned meant they could not wait for the draghi government to move through the natural course

the parties split away from the national unity government. draghi still had the support of parliament, he said enough is enough unless he has broad political support. here we are. election on the 25th what's happened? the right has its act together center and center left hasn't. it is almost that simple. you have the parties, berlusconi's party and draghi's party and the kingmaker in the process with a coalition where they are getting a bit of block of votes in the election on the 25th they will certainly at the moment, unless anything changes, i appreciate a number of italians undecided will form the government why hasn't the left got the act together and center to fight this including the pe the grand old parties of italian

politics itself is riddled with splits. you i spoke to the man who was the former italian prime minister.% he is the leader of the pd he has come back in politics to fight for the pd and fight for the draghi agenda. i spoke to him at length about this and his own personal aspirations and a strong case to make for the pd to carry on the draghi agenda. let's listen in. >> mycountry needs to have another option the option by the right, italian right, that is causing the skeptic and against in denial of climate change and denial of

individual rights. italy was in denial of pandemic and vaccines no, i want to propose to the italians an idea that is pro european and pro vaccine and pro science. not in denial on climate change. working in cooperation with the other countries and not pushing our young people to leave the country to find jobs and destiny abroad >> reporter: so when he says pro european and vaccine and science and not in denial of climate, he is accusing the right-wing parties of being all of the above as well. i mentioned the center left hasn't managed to get its act together with the block opposed to the center right as well. they were close in some cases. the politician with the new

party is the man i spoke to in florence a few years ago when he was development minister he and letta signed an agreement to have the pd as partners going into the election. then he pulled out because he did not like the other partners that pd was looking at from the left side. what does he think can be done i think he has limited aspirations of what he thinks he can do in terms of guestetting government in terms of the right wing, he has big aspirations. >> the left is going very left the right is going very right. what we need is left center. liberal center we need to carry on all of the draghi reforms and keep on being serious about meeting the commitments and do what is needed, not what is always

promised during an election campaign i think this is the only new thing in this campaign our aim is very clear. if we get enough votes, then the situation, the political situation will be stuck. there will be a stalemate and we ask draghi to keep on leading a big coalition. >> reporter: i told you italian politics is complicated, didn't i? the first post or pr system? it's both. 2/3 are epresentation. the idea from calenda is they can win enough seats on the representation side to block any constitutional change and stop the right wing getting enough seats to do that constitutional change what about the right the left is not in disarray, but split. that's fair to say in terms of the right wing

block, berlusconi's party is interesting. that is the smaller of the three in some ways which is com comparable this will play an interesting role i spoke to berlusconi's number two. the policy director. former president of the european parliament i said, come on, what are you looking for? are you looking for a split with europe foreign policy you want to change the relationship with europe he is careful in his answer here when i asked thatquestion to talk about foreign policy coordination with europe and the west rather than economic side where they may be some contention listen to antonio tajani >> we are in draghi at the moment we supported draghi and berlusconi as the first. of course, european policy we want to strengthen european

union. we want to have a strong europe. we will defend ukraine against russia invasion. our position is very clear also on the transatlantic relationship priority for us you remember the speech from berlusconi to the american congress strong position in favor with good relations between italy and europe and united states of america. for us, that is a priority >> do you believe you are coalition parties want the same as you a strong european union? >> absolutely. we have the same problem on foreign policy our position will be very clear. europe, nato, united states of america. >> reporter: all right ladies and gentlemen, you got it you got pd on the center left. you have right you have center left and five

star on the left and forza on the right you got everybody? it is not complicated. very good if you got it. back to you in the studio. >> steve, i'm impressed you got all that straighted ened out there is a look at european markets. we are in selloff mode dax is down 2 app.7%. ats after announcement that nord stream 1 flows cut off to europe indefinitely.

welcome back to "street signs. let's get a check of european markets. we are trading in the red across the board. a major pull back under way. janet joins us head of market analysis. u.s. markets are closed today for labor day. janet, let me ask you how the developments in the last 72 hours in europe effects trade in the u.s. or the opportunity in the u.s. the energy picture in europe has

deteriorated the last few days >> good morning. i think the european situation is grim indeed i think investors will be cautious going forward for the reality of russia is likely to continue recognizing the gas supplies the indication is access is under pressure and it has hit a new low with the euro versus the dollar the dollar will be stronger if you talk versus the euro or sterling this actually is quite inflation the inflationary that peaks to the u.s. inflatio story. that is helpful to further calm down inflation pressure for the coming year. i think on that front, that

could potentially mean the federal reserve may not be more aggressive going forward the current market price of 4% could be about the max a lot of that news is priced in to u.s. markets. whereas europe is not there yet. >> interesting what you are saying about the disinflation pressure come together u.s. and is an under appreciated point there. let's get back to the jobs market data on friday. the up tick from 3.5% to 3.7%. you can counter that by saying the labor force participation rate moved higher. to what extent of the unemployment rate is going to be a flashing signal for the fed going forward? >> thanks for the question we don't think this is a big problem yet for the federal

reserve. it is the point of high interest rate to curb demand and slowing the labor market i think what we have seen, as you said, is driven by the labor participation rate especially the female participation which is back to where pre-pandemic level was it is good nfor the federal reserve and that fits into the disinflationary story. we see the uptick in the unemployment rate, we saw wage growth moderate a little bit this is a good trend and fits in the story in addition to the stronger u.s. dollar >> janet, let me pick up there and in terms of the fed calculus now, what would you say are the fl flash points that investors should watch between now and the

next meeting >> i think we will continue to see further slowdown in the data it is expected i think it is to what degree do we have more positive price than that and wage growth data is very important and we will continue to see monitoring the data to see which is the ongoing wage growth and ongoing developments with the commodities prices as well i think the inflation data will continue to dominate the debate for the fed. >> janet, we will leave it there. thank you for joining us on "street signs. very interesting to see what happens with the u.s especially with the news we are getting from europe. janet mui. we have been talking about the energy situation in europe today. particularly in germany. the uk conservative party over here is set to name its new

leader and country's next prime minister today around lunchtime. the foreign secretary liz truss is protected to win the vote and be installed as pm tomorrow. we will bring that announcement and reaction later today from 1325 cet julianna and i will cover the event. it feels like it has been going all summer very long time when other countries around the world have been bringing in support packages to deal with the energy crisis. uk is behind. >> a huge amount of uncertainty. there hasn't been a lot of certainty of the new policies could look like. we will cover it all for you later this afternoon i'm julianna tatelbaum >> i'm joumanna bercetche. there is no orwi"wldde exchange" today because of the u.s. bank holiday. we will continue with cnbc programming.

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