so, italian prime minister mario draghi. e said e. of their conversation with vladimir putin that he was approached by both russia and ukraine e with a proposal for rome to become one of the guarantors of this agreement , let me remind you that ukraine proposes to exchange refusal to join nato without bloc status, refusal of nuclear weapons and other weapons of mass destruction a and refusal deployment on its territory of foreign military bases and military contingents on the guarantee of security from several. and the guarantors are invited to be a permanent member of the un security council as well as germany italy turkey and some other countries. and now these countries have already begun to indicate their positions on this issue, such as germany, italy, turkey, and even great britain , they have declared their readiness to become guarantors. when they are not at all ready to discuss the question of guarantees, whether this is the clearest evidence that they do not need peace, then they are in favor of continuing the war. as long a

i think we have a slowing down of the economy. >> that was mario draghi. should they pay rubles for this gas? the impression we had from a number of officials is that the eu believes russia is playing with fire by asking for that. it could lead to a decision for russia, do you accept the euro payment or do you want to cut flows? francine: thank you so much. maria tadeo in brussels. some great interviews for eu leaders. for the latest market moves let's bring in juliette saly. the eu refrained from fresh action. >> on the back of what maria was talking about, backwardation. the most active wti contract up by 7% over the course of the week. we are watching to see what will happen again in russian assets today after we saw a floor under the momentum we saw during yesterday's session. you have a stronger ruble today. the dollar dropping by close to 2% against the currency. when it comes to movement in asia, once again i see concerns about potential adrs that have fallen through onto wall street. the china tech stocks weighing on the overall regional benchmark

mario draghi in italy, a central bank experience, talking about the inflation shock that you mentioned to me before we went on air and also sang the central bank and the international settlement has to step in. that surprised me. jonathan: you get the feeling it is not over on this front. tom: the biggest shock in 24 hours and it back to my childhood is to see swiss abandon neutrality, they said enough, we are not independent we are joining europe in protest and that is what you see with the mario draghi. jonathan: a shift in the market, futures -.6% on the s&p. on the nasdaq, down .6%. yields coming 1.72. on tuesday, down. crude up by 2.7%, 98.30. as we push out rate hikes into 2020 three. lisa: the idea that the market, pricing in less than five rate hikes by year end. it feeds into the underlying economy in that is what i am watching today. at 10:00 a.m. we will get a read on the manufacturing data in the united states. how much do prices go up further as a result of the disruption? we will get a read on ongoing supply chain disruptions at a time when it is highly fluid and likely t

olaf scholz was part of it, mario draghi was part of it about paying for energy in rubles. you make of that conversation? how far away are we from cutting off russian energy completely? melinda: i am not a sanctions expert. i had an elaborate discussion with experts yesterday and they said it was unlikely but that would be the way to get moscow's attention. it does not look likely. kailey: melinda haring, atlantic council eurasia center deputy director. i cannot say i leave this conversation optimistic but more informed. thank you for your time. this is bloomberg. ♪ kailey: u.s. stocks are dropping as were concerns return. abigail doolittle is tracking the moves. what are you seeing? abigail:: the s&p 500 down 6/10 of 1%. and we have been in the strong risk on period and it is interesting to note you have bonds rally. there was a lot of talk last week about money coming out of bonds into stocks. you could have money coming out of stocks into haven bonds. you certainly have the dollar down which is an interesting not confirming the risk on feel. usually the dollar climbing w

maria: he probably did, and if you look at that press conference i mario draghi, he almost made it look like president could in was not able to explain the payment system that he wants. he also says that putin told him thing would change for european companies, that the contract in europe can still continue to be paid in euros, and that mario draghi is saying it is my impression that swapping a contract, swapping currency, and swapping the way you cash it is a, difficult, but b, also a breach of sanctions. lisa: basically, the kremlin said pay us in rubles. the european union said no, and they said ok. maria: at one point, someone is going to have to blink. cannot speak for what the russian government is saying. they tell you they can definitely change this contract and that europe will finally pay everything in rubles, but i can tell you when i speak to my contacts in brussels, they say this is a two-way street. if they cut the flows, we are probably going into recession. we are going to have a big problem in the winter. but this is a two-way street. at this point, russia has half of i

istanbul, and today the russian leader had another telephone conversation with italian prime minister mario draghisame topic as the results of the talks in turkey and payment for russian gas in rubles. the next round of russian-ukrainian talks has become one of the main topics of today's meetings of sergey lavrov with foreign colleagues this morning, the head of our foreign ministry arrived in china, we regard the results of the talks that took place yesterday in istanbul as a positive step forward. it's not yet final result. but the fact that the ukrainian negotiators confirmed the need to ensure a non-nuclear non-block status of ukraine confirmed the need to ensure their security outside the framework of the north atlantic alliance. i consider this to be significant progress , just as i consider understanding progress, but by ukrainian colleagues. and the fact that the issues of crimea and donbass have been finally resolved in china lavrov held a series of bilateral meetings on the sidelines of the ministerial conference of the countries of afghanistan's neighbors during talks with pakistan's fo

. >> it's a kindle mario draghi's whatever it takes moment.u look at the list of risks this market has had to deal with up until last week, they really had to come up with not just a strong message but where this came from to remove a big part of that. it's not simply state media quoting somebody giving us an indication of policy, this was the state council, of highest policymaker in china and then you had the pboc shortly after that, looking at plans and other will implement the list of the chapters -- objectives for thing six table eyes and the market and how we might see these with tech names and addressing some of the issues in china. markets responded, the highest volume says a lot. >> i have some commentators -- when do we know what this is exactly and what happens next? >> we were joking here that the market has been trying to find this. at some point they know it's there but when they actually get to the point it'll be painful but you know you will get there. interesting timing to do it today. that really led to markets being more risk

jonathan: mario draghi, the italian prime minister. have you missed that? tom: i do.sn't he get high marks usually? jonathan: i think a lot of people are facing down the letter, higher pricing, higher energy prices. look for the price action quickly. futures up more than 1/10 of 1% on the s&p. a couple of basis points on 10, let's call it 2.35. tom: this just in off the wire, draghi will not coach italy moving forward. we are not done as well. jonathan: my heart is already broken. chief global strategist and asset allocation head at deutsche bank. brilliant notes, in his decades of work this moment is highly unusual. we are readjusting. we are recalibrating into the second quarter. the servitude i hear is tech is not the place to be. for whatever reason, everybody's conclusion is technology. >> i would argue you want to basically be neutral. that is where we have been since basically june, july, 2020. take the nasdaq 100. look at it relative to the s&p 500. a relatively trends up. we went 20% above. the last 20 months we have basically gone sideways. i don't see any i

italian prime minister mario draghi says the russian leader told him current contract could stay in place and the conversion to rubles will be done in russia. some of your biggest airlines are renewing their call for more government aid and legislation to help the industry decarbonizing. i ag, easyjet, and ryanair gathered today in brussels. they argue that money is needed as airlines make the costly transition to cleaner energy. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm lisa mateo. this is bloomberg. ♪ >> in the longer run, and i mean a month or so, i think the oil markets will basically recover in terms of supply-side. jonathan: the former u.s. energy secretary. from new york city this morning, good morning. futures unchanged on the s&p. the final trading day of q1, 2020 two. futures up 0.3% on the nasdaq 100. negative three basis points on the two yet -- the u.s. 10 year. on crude, lower by more than 6% to $101.30. reports that the biden team is considering a massive release of reser

i asked this question to mario draghi in english and italian so there was nothing lost in translation. he told me know, that this is a huge breach of contract and it is up to vladimir putin to decide if he wants to wreck his big oil and gas company to unleash further chaos in the russian economy. jonathan: the president today goes from brussels to poland. two stops. i want to get to aggi. the objectives of today's meeting? aggi: the objective is to fold. he will be having a briefing on the humanitarian crisis that is not only affecting ukraine, but of course poland has accepted to million of the 3.4 million refugees that have come over the border. it is experiencing a huge flow of refugees and that will be a key focus of the meeting here. and then he will meet with the 82nd airborne. the security factor of this meeting is looking at the fact that not only is poland bringing in more and more troops to the area around the border but they are getting more support from nato. the 82nd airborne is here to meet with biden to discuss the security concerns for poland. jonathan: how is this pla

to italy and looking at the reaction of the italians, and they met the country's prime minister mario draghih everything that was happening. yes, and then look, it means that interesting information about today, state duma speaker vyacheslav volodin , proposed expanding the list of goods exported for rubles, european politicians need to stop talking and stop looking for excuses. why their countries cannot pay in rubles earlier it was necessary to think that they themselves did everything to undermine confidence in the dollar and the euro, so that russia would refuse mutual settlements in these currencies with european states. there are all market opportunities to pay in rubles, there is no tragedy in this. if you want to get gas, look for rubles, moreover, it will be right, where in our country it is profitable to expand the list of goods exported for rubles, fertilizers, grain , oil, oil, coal, metals, timber. quite reasonable, not just reasonableness is absolutely necessary and you must also understand when we show and the french in these indignant and americans who are with these biden st

we spoke to a close advisor to mario draghi and he says it is difficult to pay is in rubles because you circumventing sanctions. is there anything the europeans can do now to cap gas prices? maria: yes, and that italian official, the conversation sums up what every other european government tells you. if you pay in rubles, you would breach the sanctions, and the other thing is that that is not what the contract says. it would be a breach of contract and that brings another question, if you don't pay in rubles, is russia going to cut the flow? the only thing that they could do -- it is clear that the european union is not going to re-enter into a negotiation of these contracts. are we going to get a cap today? that is the big question today. the officials i have spoken with tell me that there is no consensus around that. we need 27 countries with unanimity around this, but we -- what we are going to get is this clear-cut road for the next years and the issue is that is the medium term. what do we do ahead of next winter? francine: and of course stockpiles only go so far. then you so much

mario draghi had a call with vladimir putin. he said this, the eu companies could continue to pay for gas in dollars. can you square what is going on here, the strangest agreement between the europeans and the russians in public and on the phone call, all is ok? lisa: i am making this up but i think it goes something like this where the kremlin said we are going to charge rubles and basically europe said, no you are not. and they said, ok, because they do not have leverage. they would love to give strength to the ruble with some sort of proclamation and some sort of policy on this front, but it is not going to happen and they cannot give up the income that they get from europe right now and they do not want to cannibalize their future business there. jonathan: the europeans cannot give up the gas for now. in the meantime, we are looking ahead to an address by the president of the united states later this morning. expectations are high about what he can do to soften the blow of high gas prices in the united states and the team at

as investors reviewed the latest from the war in last hour, we had latest lines from lavrov and mario draghi talking about the nuclear threats. ftse 100 was in the green and now in the red the cac is off 2.5% as well as the dax. let's give you the sectors and how they are shaping up. basic resources is the only sector that is in the green. up .75%. travel is suffering today. down 5%. airlines facing a tough challenge at the moment. i want to bring you back to the energy story latest news out of totale energy from france. they were under pressure to follow on from companies like bp and shell that organize with russian projects totale will no longer divert funds to russian organizations brian. >> thank you, rosanna. >>> now to the latest developments from ukraine. just keep in mind, this is a very fluid situation news can literally change by the minute right now, look at that. the satellite photo and video of a 40-mile long convoy of russian tanks and armored personnel and other military vehicles believed to be on the way to kyiv today in the sixth day of fighting since the invasion began last

we get that discussion president biden is holding with emmanuel macron and olaf scholz and mario draghi. they will talk about perhaps a fifth round of sanctions. what do we get out of germany in terms of further sanctions and oil and gas? how much do we hear about the threshold as well as their supplies to ukrainian troops to fend off the russian attack? this is interesting, treasury secretary janet yellen and jake sullivan our meeting with a slew of business leaders including exxon, conocophillips, bank of america, agriculture, manufacturing sectors to talk about sanctions and ramifications according to sources. how much they focus on trying to jog the price hikes down for absorbing some of the cost. we see this when consumer sentiment is falling to the lowest levels since 2011 and we will get the latest read on friday. jonathan: what do you think that meeting is about. lisa: i think it's about increasing production for commodities and it comes to not try to price gouge so how much they say you cannot have these margins and be hiking prices and how much they talk about what further ste

mario draghi said the demand will not be accepted. >> we consider it a violation of existing contracts so we have to cope with the recession, we have to react to that, we have to mitigate the unavoidable, i wouldn't call it recession, i don't think we have a recession, i think we have a slowing down of the economy. francine: we are joined by our europe energy editor, isis almeida. i have a million and one questions. leaders and saying we need to honor the contract. this is not the point. they either want to cut off the supplies or they are ready to pay in ruble, which could be circumventing sanctions. is there an appetite? can the eu live without russian oil and gas? isis: i think the eu have lots of questions. some of the questions the investors have, some questions that utilities have. putin gave a week for the central bank to come up with a mechanism. what we know is that that is a breach of contract. the majority of the long-term contracts that european utilities have with russia basically stipulates payments in euros. we would have to have a round of renegotiations to be able to p

lisa: president biden is reportedly going to convene a call with a number of leaders, including mario draghif italy, olaf scholz of germany, and many omciron of france, -- emmanuel macron of france, boris johnson. it will be interesting to see whether they can really support ukraine in this versus how much they need to remain skeptical of honesty and some of these negotiations on the russian side. tom: we will continue to monitor those headlines, and of course, they have been constructive for markets, even safe havens like euro swissie. round it up, weaker swiss franc is one example. we finish strong with jane, head of foreign-exchange strategy with rabobank. rabobank has its pulse -- has the pulse on business transactions worldwide. i've got eight ways to go this morning, but i think we do must -- we must go to the news. how does dollar react to the good news out of ukraine, if we are actually blessed with it? jane: the markets have been reacting to this. it is a dampener for the dollar in that the dollar is a safe haven, just as it is a good thing for the european currencies. have been at

mario draghi used to be in charge of the narrative.e would set the narrative and wait for the governing council to fall in line. that does not feel like it is happening now. there are clear hawks, and christine lagarde is having to manage after the fact what is happening here. peter: it is clear that christine lagarde tries to give a fair account of the dilbert rations within the governing council, which are the differing views in the governing council. christine lagarde tries to communicate that. the downside of this is that when you have different opinions, the message is less clear. one must admit that the situation is extreme we difficult for the ecb, but i don't think it was necessary to do it. guy: how high is the risk of a policy mistake now? peter: i would not say that there is a big risk because the ecb is not going to tolerate a significant tightening of financial conditions. so they may push back as they did in february because we have already the experience of tightening after the press conference in february, and then a nu

mario draghi says the government is watching the pandemic.ke covid related curbs. finland is the happiest country on earth. i happiness report from the united nations has put finland on top for the fifth year in a row. the study uses details from 150 countries covering gdp, health, personal freedoms. denmark was second followed by iceland and sweden. the u.s. was 16th. 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 am ritika gupta. this is bloomberg. guy: thank you very much. russian rate decision today. right left at 20%. russia has transferred u.s. dollars to settle coupon payments due wednesday to euro bonds. they have now been paid. is the risk of default still there and housing if it is it and what is the state of the russian economy. elina ribakova joins us now. may i start with this issue of default? in the past, default have had a very significant and long-lasting impact on the economy. how high is the risk of a russian default right now? el

to demand payment for natural gas in roubles, that drew a response from italy's prime minister mario draghi from now on?— a change in how you can fail one from now on? , a, , , a, , from now on? customers will be able to hail them — from now on? customers will be able to hail them through _ from now on? customers will be able to hail them through the _ from now on? customers will be able to hail them through the right - to hail them through the right healing app uber unlike many major cities around the world the arrival of uber has closed a lot of financial heartache for new york's find yellow cabs. ridership is massively down since its arrival in the city so the idea that there would be some sharing of technology has caught many people off guard. what's behind it is one�*s site there has been a shortage of drivers since the pandemic so that lead to customers complaining about higher prices, on the taxi site there have been many bankruptcies, about 1000 new york cab drivers have filed for bankruptcy in recent years so this is a way to help both sides but if you take a yellow taxi from the a