we speak to the executive director at the international energy agency.s is bloomberg. ♪ matt: welcome back to "bloomberg markets: european open." seeing massive drops in european futures this morning after u.s. stock futures traded limit down. they actually did not allow them to trade further. we don't have those kind of bumpers here in europe. as you can see we are down 9% and change in some of the major futures andarkets index futures. this is at least the worst drop we have seen in these futures since 2008. maybe now it clips in that. we are getting some breaking lines at a france right now on for us quarter gdp estimates. the bank of france's cutting its estimates to 0.1% from 0.3%. this is on the virus impact. of course you have the oil shock to contend with as well, which we have heard from already a lot of analysts. if you get oil prices sustained at these low levels, it means layoffs. it is very bad for the economy. that is before you start to get any positive effects from simply being able to buy cheaper oil. the could be a double where me for f

. >>> the international energy agency says it expects coronavirus fears to put a big dent in the globalket this year. it's forecasting the first contraction in more than a decade. the agency releases assessment that saudi arabia decided to drive down the price of crude oil. the energy watchdog says demand is likely to drop about 90,000 barrels per day from last year. it says the demand for transport fuel has plunged and economic activity is slowing. that's expected to cause a drop in demand of about 2.5% for oil globally in the first quarter of this year. the iea says 70% of that loss would stem from china. >>> a ban in japan on the resale of face masks that marked up prices is set to go into force from sunday. the government has approved the measure as the masks are in short supply amid the outbreak. violators will face penalties up to a year in prison or a fine as high as 1 million yen or nearly $10,000. officials believe that hoarding of masks for reselling them at inflated prices on-line is worsening the shortage. medical and nursing care facilities are among those directly affected

downs and airlines grounded flights because of the disease they were cartel opec and the international energy agency both warn that developing countries such as algeria angola and venezuela could suffer the most losing up to 85 percent of the oil and gas revenue this year. or the price war started last week when russia rejected plans by saudi arabia to cut oil production the kingdom and other opec countries want higher oil prices following the drastic drop in demand because of a coronavirus pandemic saudi arabia responded by announcing plans to pump much more oil at hugely discounted prices last monday brant crude recorded its biggest one day price fall since the 1991 gulf war investment firm goldman sachs. warns prices could fall to $20.00 a barrel both the saudis and russians say they can survive the price crash by relying on their foreign reserves of around $500000000000.00 each but experts say saudi arabia needs oil prices at around $82.00 a barrel to balance its budget russia needs around half that. now let's bring in our panel joining us from ban in switzerland canadian mire an economist and c

cha efrjchal faces are climate change and while the world is awash in oil right now the international energy agency made clear that the world needs to invest $65 -- $650 billion a year to grow oil and gas supply to meet future demand. for the last five years their numbers ranged between $350 billion and $420 billion way under what the number needs to be and the economic meltdown we're going through right now makes it even more difficult the other challenge that everybody talks about, rightfully so is climate change. climate change is real it's the greatest scientific challenge for the 21st century and as much as we hope for major technological breakthroughs, the international energy agency has run some scenarios and the one for sustainable development where all of the pledges for the climate accord are met, oil and gas will still be 47% of the energy mixed in 2040 so the real thing that's troubling, i think, is in a lot of the political debates that are going on, i think a lot of the politicians hope that they can wave a magic wand and have oil and gas disappear, but they may have climate literacy,

people are panicked and i think people are panicked anything can happen in the near term the international energy agency suggests that the fully loaded cost to produce a barrel of oil worldwide that's the united states in the nation china russia saudi is about $60.00 a barrel that means lifting costs discovery cost capital cost also prior year write downs so right now in a very gross since the industry is making the stuff for $50.00 or 60 dollars a barrel selling it for $35.00 a barrel losing 15 or $20000000.95 times a day that's gets rather boring and it's clearly unsustainable but in the near term it's not about or. magick it's about narrative and panic. holding thank you so much . a pleasure thank you. and the world health organization announced monday that the threat of course the corona virus becoming a pandemic is real as the number of cases now exceeds 100000 with cases showing up in more than 100 nations. it's certainly troubling that so many people and countries have been affected so quickly. now that the virus has a foothold is so many countries. the threats of the thunder meek has become ther

and the international energy agency yesterday's oil price crash did more than just spook the global economy it signaled what may be the end of an era the end of cooperation among or producers to keep barrel prices steady despite fluctuations in demand my next guest tonight says that the price war launched yesterday between saudi arabia and russia will have lasting consequences her book sold the presents the history of saudi arabia seen through the eyes of around the oil company that brought riches and power to saudi arabia and last year held the biggest i.p.o. in history. happy to welcome to fight to the day ellen wald ellen joins me tonight from jacksonville florida and it's good to have you on this show what are these lasting consequences what are they going to be well i think we're going to see lasting consequences in a number of areas saudi arabia is really going to feel the brunt of the lower oil prices sooner rather than later particularly because it's in the midst of a very large government spending plan 70 revia is best equipped to handle a large sudden increase in oil production be

you could look at a recent statement by the international energy agency director that said the change in the u.s. power sector over the past 10 years have been historic. the greatest reductions in emissions -- i believe he said ever -- or certainly over an extended time. it would be a mistake for us to jettison or ignore where we are actually gaining our successes that have resulted in the u.s. for example being the largest reducer in emissions over the last 15 years, a larger emission reduction than the next 12 countries combined over that time. steve: that is partially because we are bigger. in any case -- rep. graves: wait a minute. wait a minute. i don't take it is appropriate to dismiss and say we are bigger. the science does not show this needs to be per capita. it is about the cumulative concentrations, what the u.s. is doing, we are actually having the greatest success on the globe. the environment does not respond based on concentrations per person. it responds based on overall concentration. we are the largest reducer. period. steve: those overall concentrations are still go

international energy agency is warning crude demand will drop this year for the first contraction since financial crisis. >> one should not underestimate the resilience of shale, second, the impact it will have on the economy. new than the discovery of a oil policy, it is proven to be a russian roulette, which may have consequences beyond oil. manus: grave consequences beyond oil. fatih warning about the consequences. what is the most immediate consequence? the gulf oil countries are going to dip into recession worse than we might think if this continues, then what we had in 2015. if this continues, they are going to cut a lot of spending in the nonoil sector. manus: will russia come back to the table? >> i doubt it. you have a lot of personalities facing each other, none of whom will give up. manus: more work to do. up, deutsche post reports its fourth-quarter ebit that falls short of estimates. we speak to the ceo of the world's largest express to revelry -- delivery company. ♪ w?w?uhió'ñó from: good morning bloomberg's middle east headquarters. it is "daybreak europe." after the stor

the international energy agency thinks global demand for oil has actually been falling for the firstee months of this year. that has not happened since the global financial crisis more than a decade ago. so, 0pec has slashed its estimates for growth this year by half. they have come up with a plan for a big cut in production. but producing less oil means a financial hit for oil producing nations, and they have to persuade russia and other non—0pec nations to agree. 0ne 0pec official appealed for nations to work together on thursday. translation: today's meeting comes as covid—i9 is clearly negatively impacting the demand for oil in 2020, especially in the first and second quarters. this shows that the fluctuation of the oil market is subject to uncertainties that are too much for anyone party to face alone. therefore, compact challenges require concerted efforts and dialogue. in this regard, our allies are in contact with our partners and friends in the republic of china. commodities analyst joins us friends in the republic of china. commodities analystjoins us now from informer. wha

ramp up the international energy agency is warning crude demand will drop this year for the first contractionnancial crisisl. the resilience of shale, the impact it will have on the economy. this is more than the discovery of a new policy. it may be russian roulette, which will have great consequences beyond oil. laura: economists are counting on the ecb to cut rates this thursday. deutsche bank and j.p. morgan are joining hsbc and oxford economics and projecting a cut. expecting a 10 basis point reduction to the deposit rate and some are expecting a direction to liquidity. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. anna: thanks very much. laura wright in london. let's get to our markets conversation with mark cudmore. great to see you this morning. a bounce in oil prices not making up for the losses of yesterday but we are back about $36 a barrel brent, up 4.8% after the losses yesterday. even if we find a bottom in crude prices, you argue that doesn't necessarily mean an end

nuclear watchdog is demanding answers from iran over undeclared activity 3 sites the international atomic energy agency says in the last 3 months iran has tripled its uranium stockpile that's 5 times the level it committed to under the 25th a nuclear deal made with world powers the i.a.e.a. says it wants access to the sites in question. the united nations special envoy for libya has resigned because he says his peace if it's damaged his health council army says he can't cope with the stress anymore he spent 2 and a half years trying to stop the fighting and hope the 11 month battle is by war for half the capture the capital tripoli. and libya's internationally recognized government in tripoli is can take nearly $30000000000.00 from this year's budget because of lost revenue from oil exports finance minister for hours permits hardy's says sensitive areas such as health and education want to be hit major ports and oil facilities have been blockaded by half past forces since mid january that has cost the state oil company $2000000000.00 in the past month alone. tribal identity and loyalty play a fundament

we speak to the executive director of the international energy agency.s the team in conversation at 4:30 p.m. london time. this is bloomberg. ♪ manus: it's "bloomberg daybreak: europe." i'm manus cranny in dubai. from viruses to anticipation of saudi arabia boosting oil supply, markets across the assets are really trying to gauge a whole the world this morning. let's bring in our cross asset editor who is in singapore. the markets are convulsing. it has torched global risk over the weekend. your take as you start out the day? >> you are right. markets were already on a fragile footing going into the weekend and then this happened with oil. it has just thrown a lot of things into chaos. credit was already a little bit on edge. it has really started to show cracks. some of these are blowing out more than any time in the past six years as people start to worry about whether there will be enough cash flow for companies in the energy industry. you have a lot of high-yielders an industry -- energy. we are dealing with things in credit, stock index is tanking.

addition, the international energy agency is forecasting demand will drop for the first time since 2009ining us now from paris is fat to be rolled. -- fatih birol. let's talk about the markets. are we in a price war between the saudi's and the russians? >> i think this is one part of the equation. they are two legs of the challenge we are facing now. the first one is major decline in oil demand. imagine, at the center of the coronavirus in china, and number one trading partner of more than 100 countries around the world. oil,d, china, in terms of is responsible for more than 80% of the global oil demand growth. what happens in china, what happens in global economics, we see oil global demand is declining for the first time since 2009. this is our expectation. number two, even before the so-called price war has started 72 hours ago, we had foreseen year, 3.5quarter this million barrels a day of surplus oil, capacity in the markets. together, low demand, and an overhang of 3.5 million barrels a day of oil in the markets, and on top of that, cheap producers say they are tong to open up the

nuclear watchdog is demanding answers from iran over underfed activity at 3 sites the international atomic energy agency says in the last 3 months iran has tripled its uranium stockpile that's 5 times the level it committed to under the 25th a nuclear deal made with world powers. well those are the headlines the news continues here on al jazeera off that rewind stay with us. hello and welcome to rewind all the film that you're about to see today is just as relevant now as it was when it 1st at back in 2011 that's what africa investigates team went on the cover in tanzania document the senate's a trade him body parts from children with albinism for use in witchcraft and later we'll find out how the situation has changed since all cameras left but fast his spell of a l.b. you know and i should warn you that you may find some of the images disturbing. name united. more. times i mean yeah you know i think every one of us. i mean you know in iraq i. just fired economy you know what i need one. more yeah well you know what was your duty come out welcomed by me. one of the main money. living. while you are doi

the international energy agency says they are capturing 16 million tons a year and adds to help hit climateets, 1 million tons or a gigaton is required. it's why some in the hydrocarbon industry say financial incentives aren't needed for this to take off. >> like many other technologies, solar energy, for example, today is where it is because of recognition by governments that this was an important tool and an important technology. >> reporter: if, that is, the industry can seriously multiply when our today's pilot programs into a global standard. john defterios in the gawar field, saudi arabia. >> announcer: "the global energy challenge," brought to you by ep. go to cnn.com/globalenergychallenge to learn more on reducing emissions while meeting increasing global energy demand. welcome to our busy world. where we all want more energy. but with less carbon footprint. that's why, at bp, we're working to make energy that's cleaner and better. we're producing cleaner-burning natural gas. and solar and wind power. and wherever your day takes you... we have advanced fuels for a better commute. an

global chip makers use us equipment oil prices have continued to fall after the head of the international energy agency of its value this year. the european union has agreed to suspend its rule requiring airlines to use 80% of their airport slots or lose them next year. the last time the airport slots rule was suspended was during the financial crisis in 2009. in the us, airlines are preparing to apply for $25 billion in grants to keep paying their staff — once the financial rescue clears congress. to india now — where the government has announced its own stimulus package to deal with the economic fallout of the coronavirus. in the last hour india's central bank has cut the cost of borrowing by three quarters of a percent - to a.a%. but concerns about the wellbeing of millions of indians in the informal economy have only intensified — as the country observes a 21 day lockdown. 0ur india business correspondent nikhil inamdar sent this from mumbai. the government of india announced a $23 billion stimulus package yesterday stop these were largely relief measures that were directed at the poor. the plan in

watchdog is demanding answers from iran over under clear that target here at 3 sites the international atomic energy agency says in the last 3 months iran has tripled its uranium stockpile that's 5 times the level it committed to under the 2015 nuclear deal made with world powers the i.a.e.a. says it wants access to the sites in question oh it's super tuesday in the united states the biggest day in the democratic campaign to become the presidential nominee among the hopefuls is front runner bernie sanders who cast his vote in his home state of vermont it's one of 14 states deciding today who will take on donald trump in november more than a 3rd of the total delegates are up for grabs there's been a lot of movement in the race in the last 2 days john hendren has more on that from north carolina one of the states holding primaries. what happened is over the past 48 hours you had pete to judge panel out of the race and amy close which are both of them have backed joe biden there was a poll that came out just a day ago a day before the polls open that said lead the leading candidate was bernie sanders that mic

nuclear watchdog is demanding answers from iran over undeclared activity at 3 sites international atomic energy agency says in the last 3 months iran has tripled its uranium stockpile 5 times the level it committed to under the 2050 nuclear deal which is made with world powers the i.a.e.a. says it wants access to those sites in question the united nations special envoy for libya has resigned because he says his peace efforts of damage his own health fast and solomon says he can't cope with the stress anymore he has spent 2 and a half years trying to stop the fighting and to halt the 11 month battle by will largely for have to to capture the capital tripoli so i was even questioning the commitment of the international community to end the war after the peace talks in geneva broke down last week did i get the kind of support needed since then. i need much more supposed. they don't need to be in the room the dialogue is libya libya and they will not change my mind on that but they have many ways on putting pressure on those who violate the ceasefire on those who violate the arms embargo on those who do n

in the energy and natural resources committee to hear from the head of the i.e.a., the international energy agency based out of france, paris, france. and he heads up the member countries that are part of the i.e.a. and they track trends in energy markets. we do an annual update with dr dr. burele and as usual his words were important, telling, resounding. but as we reflected on what he is, is highlighting as areas of opportunity for the united states as not only an energy leader but a global energy leader. what we have -- what we've put in this american energy innovation act is exactly, exactly the recipe that we should be pursuing. to continue to be a leader in the energy sector, to be a strong leader from the economic perspective, to be a strong leader with energy security, national security, and in environmental security. we're doing the right thing. we have it within this legislation. we'll be moving forward, more aggressively with it next week so we can get to a good and a positive conclusion for the senate and for the country. with that, mr. president, i yield the floor. mrs. loeffler: mr.

the head of the international atomic energy agency warned iran today that he expects to get access to the undeclared suspected nuclear sites. his warning follows the announcement last week that it identified three locations in iran where nuclear activity may have taken place without being declared to international observers. of denial ofcase access under additional protocol. we never had this before. second aboutr a iran. if i get a denial under additional protocols for complementary access, this is a serious matter. this is not something i can put on the shelf and continue. mark: iran responded to the report by suggesting the iaea had no legal basis to inspect the sites. global news 24 hours a day, on-air, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. vonnie: it is 1:00 in new york, 5:00 in london, 1:00 a.m. in hong kong. welcome to bloomberg markets. from bloomberg world headquarters in new york, here are the top stories on the bloomberg and around the world we are following. stocks crat

nuclear watchdog is demanding answers from iran over undeclared activity at 3 sides international atomic energy agency says tehran has tripled its uranium stockpile in the past 3 months that's 5 times the level it committed to under the 2015 nuclear. is it wants to inspect the sites and question. again i'm fully back to the headlines on al-jazeera former vice president joe biden has seen a strong showing in the race for the democratic presidential nomination in the u.s. his for jack to to win at least 8 of the 14 states that voted on super tuesday biden performed poorly in the 1st 3 nomination contest but has since seen a surge of support. you. can't marry yet the i think a time i remember. the trial was going to be over well it may be i've never done. it but bernie sanders is on track to win the biggest state california has also won 3 other states including his home state of vermont sanders spoke to a packed crowd a few hours ago what we need is a new politics that brings working class people in our political move good of the work friends young people into our * political goal was work in november wi

look at wti, a strong rebound after the head of the international energy agency said global oil demand is in freefall, made worse by the price war between saudi arabia and russia. still volatility being seen in the crude market but we are headed in the last trading day of the week in asia and it looks like a show will follow wall street higher after that three-day game for u.s. stocks. this is the positivity we are seeing across asian futures in we moment, looking firm that will see australian markets open in the green, looking over 4%. qantas,watch airlines, after international airlines passengers plunged 44% in the month of february. new zealand, trading 4% higher despite consumer confidence falling. in terms of other numbers we are watching out for, china industrial profits are dropping later today and that is expected to see double-digit the clients for the year, just getting -- double-digit declines for the year. the jet pan market open will be ,nformed by inflation correlation in the nationwide price trend expected to show further weakness in march. sx, anothers to decline overni

nuclear watchdog is demanding answers from iran over undercliff activity at 3 sites the international atomic energy agency says in the last 3 months iran has tripled its uranium stockpile that's 5 times the level it committed to under the 2050 nuclear deal made with world powers the i.a.e.a. says it wants access to the sites in question. they have been killed and 40 buildings destroyed as tornadoes ripped across the u.s. state of tennessee one of the tornadoes caused widespread damage in the city of nashville. in ery cool to take shelter for tennessee residents the siren warns of illumine tornadoes. this is one moving through downtown nashville but there were multiple tornadoes early tuesday morning throughout the state of tennessee oh my. mother building right next to us was blown off in our rough for our our wall mendoza. bar the hotel below us was ripped off and it was set in our stuff and. that was pretty scary. they live tens of thousands without power as the winds damaged and the truth of the put mint that lit up the sky well the 150 people were rushed to hospital we heard sirens going off we heard

nuclear watchdog is demanding answers from iran over undeclared activity at 3 sites the international atomic energy agency says in the last 3 months iran has tripled its uranium stockpile that's 5 times the level it committed to under the 25th a nuclear deal made with world powers the i says it wants access to the sites in question. china and the united states is stepping up their war of the media china's government is threatening retaliation after the u.s. cut the number of visas for chinese journalists working in america the u.s. says the visa cap on for state run organizations follows years of intimidation and harassment of foreign journalists in china 3 wall street journal reporters were expelled last month at least 7 people have been killed after a series of tornadoes swept across the state of tennessee this was the trail of destruction left in downtown nashville buildings have been torn apart and power lines and trees brought down some polling stations were also damaged affecting super tuesday voters. still to come here on al-jazeera in sports we'll hear from the head of world football. not to panic

the international agency it -- energy agency executive director spoke with us earlier about his viewthe impact of the virus on the markets. >> one should not underestimate, a that resilience of shale oil, the impact it will have an the economy. this is more than a new discovery of a new oil policy, prevent be russian roulette, which may have greater consequences beyond oil. haidi: for more on what to expect on the oil markets, let's get to our guest in singapore. our oil reporter there. have we seen any development in this political standoff within opec, given that we are starting to see a turnaround for oil prices? guest: we are seeing oil prices today, around 5% to 6% watching a very volatile market. b pointed out, he says the russians are playing russian roulette. the development so far is that saudi arabia started on all out of official setting crude selling prices, slashing them the most in more than three decades over the weekend. russia has responded by saying that they will produce much more starting next month. so they are out to secure market share. it is going to be -- we

the report from the international atomic energy agency also claims iran has substantially increased thement it needs to enrich aour ainian. they've been study violating the nuclear agreement since last year. the u.n. watchdog produced a second report claiming iran is refusing to cooperate with inspectors at undeclared sites. they write the report affirms what many of us have long suspected. the iranian regime is violating legally binding obligations and commitments. i urge iran to fully cooperate with the iaea reverse its recent nuclear activities and accept the invitation from the trump administration to begin talks. the trump administration withdrew from the iran nuclear agreement in 2018. and is sanctioning iran. iran wants the european governments still part of the agreement to circumvent the sanctions. they have been pretty unsuccessful. iran's leaders are saying they want sanctions to come off before talks begin and the u.s. has refused. >> laura: rich edson for us at the state department. thank you so much. >> ed: fox news alert. michael bloomberg calling it quits. new york's for