that's a picture on the nasdaq as well, the euro parity -- euro-dollar parity at .93.ling in the u.s. yesterday. stay with us for surveillance early edition. this is bloomberg. ♪ pst. girl. you can do better. at least with your big-name wireless carrier. with xfinity mobile you can get unlimited for $30 per month on the nation's st reliable 5g network. they can even save you hundreds a year on your wireless bill over t-mobile, at&t, and verizon. wow. i can do better! yes you can! i can do better, too! now you really can do better! switch to the fastest mobile service - xfinity mobile. now with the best price on two lines of unlimited. just $30 a line. >> we have experienced it if we let inflation build up over time , seven years of higher inflation. if we nip it in the bud, it doesn't have

the euro cascade. parity, again, seeing what we haven't seen in 20 years because of the very essence of the energy catastrophe in europe putting pressure. my last guess said the ecb is behind the curve in rate hikes, they have to do 1.5%. put that in your fx pipe and smoke it. we are not done yet, citigroup calling 18% in terms of inflation. a crushing blow to sterling. good morning. dani: morning. the calmness of equity futures belies yesterday's extreme volatility in s&p 500 futures. they are unable to hang onto the s&p 500 futures, while euro stoxx and dax futures had slightly lower. there was a change in the market after the friday -- now dealers are selling with the market drops and buying when the market rebounds. but this is a stock market and i think it is driven more by the fx picture that you have been laying out, more by the energy crisis and recession. there is your view on europe and the u.s.. let's had to asia, and look at markets with juliette saly in singapore. juliette: certainly the s

maybe the euro is under pressure once again, the common currency remaining below parity with the euro dollar. as of midday tuesday, it's lowest value since the year. 2002 pressure on the currency has been mounting in recent months. more recently, russian stayed on for gas. prom announced it would again pause deliveries in its major natural gas pipeline, rattling investors. the euro last linked below parity the summer in july and gas from shot of flows for annual maintenance. and it's not just that announcement from gas from gas prices were already rising fast and recent days, driving of electricity prices and weighing on households and businesses. those rising energy prices are pushing up broader inflation fears. meanwhile, the head of germany's bonus bank sat in an interview over the weekend that inflation could reach 10 percent in the fall. and then there's the strong dollar powered by interest rate hikes, which is also working against the euro. let's take a closer look at the matter with hi k. yep. gus, professor for international economics and berlin's h t. w. university of applie

welcome to the w, i get a lot of factors working here against the euro. and now russia announced hold gas applies for 3 days completely at the end of the month, how low do you expect the euro to fall in the coming weeks? oh, i have to say i didn't try to estimate that, but of course we've seen the euro already at much lower levels against c, u. s. dora and the 200200122. so we would probably reach similar limit levels. but i thought really trying to get it, but we should be prepared to see the euro falling at the same time, i mean, the slump or this decline of the euro parts of it at least a seem inevitable. i mean, as long as the u. s. federal reserve seems at least one step ahead of the european central bank in raising interest rates. yes, and there are many reasons why this will continue. so we already have an interest difference between the u. s. and the european euro area buy more than 2 percentage points and financial investors rightly expect that this will even increase in the future. why this, as you have just said, the u. s. has or the federal re

but you guys backed the euros. ., ~ ., ., , ., the euros.he euros. some of the menton, as a danger that starts _ the euros. some of the menton, as a danger that starts to _ the euros. some of the menton, as a danger that starts to -- _ the euros. some of the menton, as a danger that starts to -- some - the euros. some of the menton, as a danger that starts to -- some of- the euros. some of the menton, as a danger that starts to -- some of the | danger that starts to —— some of the momentum, is that the danger that could fall out of focus. how do you stop that from happening?- could fall out of focus. how do you stop that from happening? always a challen . e. stop that from happening? always a challenge- not _ stop that from happening? always a challenge. notjust _ stop that from happening? always a challenge. not just women's - stop that from happening? always a j challenge. notjust women's sports, but sports and entertainment in general, there is so much competition. we are all on the verge of having difficulty with longevity, the news cycl

to what extent boat could a depreciating euro actually be better for the euro zone economy? depreciating euro helps exporters. so when the euro depreciates against you, as dollar european goods are relatively more, it's more cheaper for a head to given price. so that means the exporters benefit because their goods are more competitive on the global market, or to what would it take for the euro to make up a to make gauged to become stronger? well, at this point b, so we expect the euro to depreciate a bit further because of the friendship. so that's because the u. s. federal reserve bank will high, i more than easy over the coming months. but we do see this turning. so in september where r u. s economist expects us of asian to make a turn and the fed to start hiking by less than it's done in recent months. that is when we will see the dollar lose out compared to the euro, will prussia only euro's own economy. get worse if russia carriers through its threat to cut off suppliers or severely reduce gas suppliers to europe. we expect that russia will close the caps fully before y

germany is one of the only big four euro nations to see inflation rise but across the euro area it isame balance. german inflation could reach double digits later in the year because you are seeing policy measures -- in france, and europe you will see inflation decline so the overall inflation rate is expected to slow just a notch from the 8.9% record high to 8.8% before it bounces back in september. that's partly because of the hot weather which will add to agricultural prices. but also russia shutting off gas to the nord stream 2 line. manus: still mind blowing numbers. we just played you olli ren. analysts resolute about what is on the table. what are the other factors economically that will play in here? because this is an ecb which is on a one-way trajectory of the moment. >> the governing council is very much dominated by the hawks at the moment. if we get a bead on the inflation print, you could see 75 basis points in the september 8 meeting. the idea would also be to support the euro because it has been flirting around the euro-dollar parity. we also get the euro area unemploy

euro-dollar breaking through parity briefly, 0.9996 on euro-dollar.y more than 1% on the s&p 500. on the nasdaq 100, down by 1.6%. in some research for you, tk. last time you wo the league titlebn -- you won the league title, 2008. tom: as we get prepared for today, romania defeated tottenham. that was one of the worst defeats ever. april i think of 2018 or 2019, sanchez just killed us. jonathan: i don't remember any of this. tom: we couldn't be chelsea. jonathan: we are talking about tottenham, but ultimately looking forward to a bigger game 3:00 p.m. eastern time. jordan rochester joins us with nomura international. this is a must listen. the partial differential, is the euro weaker, or is this just dollar flight is witnessed i strong swiss franc as well? jordan: i think what james foley was saying -- what jane foley was saying, it has been mostly a dollar story. euro has not performed as much as i think it should. i think the fx market is mispricing the situation in europe. i think credit markets are doing a better job of raising the risks. europea

the euro should be trading around 1.03. i say we are anticipating into next year a stronger euro. other side will come from things happening in europe. what happens to the global inflationcy and the fed. they will go on hold and could be cutting rates next year. at the same time the ecb is either on hold and the european recovery story is starting to come to a remittance he. that's remittancy. they could get worse but it will depend on the weather. kriti: we bring it back to the dollar. that weakness against the euro empowering the dollar higher. how much stronger could the dollar get? at what point do we need to have a conversation about currency intervention? dana: -- mark: what is interesting are the themes that are resonating and fx. mexico and brazil are holding ok. we were short euro up until parity. we are still around 103.45. we have shifted into short euro versus norway. you can see this interplay in terms of trade, relative growth, relative interest rate cycles. those things matter a lot. as we are not through the peak commodities outlook. our team expects a little bit o

the euro's been falling good news for some people . really like the low euros. for others, the weakening currency is a wake up call. everyone knows that europe is the weakest spot currently in the global economy. what does the weakening euro actually mean? ah, i bought a bag which you can see here. and i believe i saved around $500.00 from the currency as well as the tax reduction. the tax refund for tourists from outside the euro zone right now, shopping has become an especially rewarding experience because their purchasing power depends on the exchange rate. and currently, a dollar goes a lot further in europe than it used to. in fact, the euro is weaker than it has been for 20 years, and experts think it could fall even further. what happened? we were at 122 last summer. and since then, what has happened since then we see that there is monetary policy differences. so the u. s. central bank, the federal starting to high interest rates, and then we have to warrant since the war started. we have uncertainty in europe, and these factors have really made that peop

carried a little more than 1,000 euros.ons on cash transactions for russians were one of the first sanctions, but they are only now being talked about for obvious reasons. well, for example, the flow crossing the border with finland, as in the best before coronavirus times , this is exactly what, apparently, the leaders of the european union did not like it. i don’t understand at all, it’s just what is the point of going now to the eurozone to the schengen zone, because more and more every day a-a makes claims with russian tourists, we hear various, and various various calls for the fact that in general to ban everything , not to let anyone in, that russians are too a lot in europe is what is happening now, uh, in some countries, there are the baltics and finland and this, of course, the noise is incomprehensible to the mood of the uncle of the customs officer from the eu, it is better, of course, not to hope to turn out your pocket. and on the way home, most likely, everyone will have a simple rule. the worse things are ki

:00 4.000 euros per megawatt.here is a government there. you can at least impose some don't know, well stop on this one, i don't know, i'm out of words. just for this price increase. you are there, you are just i don't know as far as you are not afraid of everything, what consequences await you in the future, of course, official riga blames minsk and moscow for everything. criminal conspiracy and so on in the hands of the kremlin and the foot of minsk are walking so wide that even spain, one of the founders of the eu, will not believe also saves recommendations for citizens. so heating over 19 ° is strictly prohibited; air conditioning in a hot country can only be turned on at plus 27 °. that is, you can, in principle, not turn on also at night, most of the highlights in the city of the exception of the hospital and lights on the roads. while spain plunges into darkness, the authorities are happy. after all, such measures have reduced electricity consumption by 3% , the spanish government already owns and one of t

we have moves in the euro. brian, you have been tracking this euro crossed below parity with the dollar teetering around the $1 mark down .2% that would put pressure on the currency usually, but because of higher interest rates for the growth outlook in europe, investors are not taking that as signs to buy the euro here if you are thinking of going to europe and have an american passport, things are getting cheaper. >>> brian, i want to highlight management changes at credit suisse dixit joshi is the new ceo credit suisse shares down .70% brian. >> europe is desperate for energy going back to coal some rivers are so low, they cannot get coal they need and nuclear is not running well. the rivers are too low to run the nuclear plants to cool off it is on top on top and on top julianna, thank you very much. >>> let's get to the top corporate stories stateside and a group of apparent an the employees saying no thanks frank holland is here. >> good morning, brian apple employees are pushing back according to the pet

euro negative -- euro-dollar is negative.s is bloomberg. ♪ ritika: keeping you up-to-date with the first word. part of the fbi to get a search warrant for a search a judge says should be released. news organizations have been asking for it to be released. the worst week of covid infections since midway -- since mid may. there more than 18,000 new infections in the weeks that ended thursday. the sister of kim jong-un has rejected a disarmament for aid deal offered by south korea's president and called it a stupid plan and said that north korea has no intention of getting rid of its nuclear arsenal. even if your company isn't planning layoffs, the one next door is, according to a study. is it more than 700 u.s. executives and board members said they were reducing headcount or plan to. a return to the market. a company seeking since the startup of new via dead it could help qualcomm reduce. rectors -- markets reacted after a 56% in investment. the retail investors are feeling the pain. bed, bath & beyond is down in the last thre

we have had a breach of parity, we are sub one on the euro-dollar. how much weaker can euro get?: i think there is still some risk, the market has priced in a relatively pessimistic view of the dollar. it has moved down, and the federal reserve is still looking for interest rate cuts next year in the u.s. if they should be able to convince the market to not cut interest rates but continue to hike interest rates aggressively, i think that will create room for the euro to weaken against the u.s. dollar. guy: to where? where can it go? thu: it is difficult to say. i could imagine we could see it going towards 090, we have a strong disconnect at the moment in the market. the market is tightening monetary policy to aggressively in the short-term, causing a recession next year and therefore will have to pedal back by cutting interest rates. the federal reserve is painting a different picture, to continue to hike rates, because of inflation issues. this is a hard landing. if the federal reserve should be correct with the market, the market has quite a lot of dollar surprise. kailey: is

/ euro/dollar, it is trading below value. and looking at the gas shutdown from russia which is a tangible ri ri risk even if it was supportive of the sentiment, it is not enough to mitigate the concerns of the markets which are reasonable and that boils down to the the eu and russia supply. >> euro has been supported around par we briefly touched it. we rebounded straightaway. there weas some really strong support. what is going on there do you expect us to breakthrough to the down side as well >> yeah. it was probably about party. this is true if you look at the one month performance against the dollar, the euro is the only currency that can climb and appreciate against the dollar i think you can say we're not at levels -- we don't have enough down side risk to the eurozone trading below parity at the moment although the risk to the sound side which is tangible at the same time, we think markets are still reluctant to jump back into long euro dollar positions especially because of those down side risks from external factors

with more than 42000000 ring it or 9400000 euros ending up in his private bank account. just a tiny fraction of the more than 1000000000 euros prosecutor se went to accounts linked to him. kiss the scandals fall to mass protests when it 1st came to light in 2015 land was a key factor in his shock election defeat in 2018. i accept the verdict of the people while the latest ruling cement, next. prime ministers. dizzying, full from grace with 4 other trials underway, his legal woes. afar from over civil war and oil boom and corruption scandals. recent events have been a rough ride for angola. against that backdrop voters go to the polls on wednesday, and for the 1st time in its democratic history, the long time governing in p l. a potty is facing a serious challenge. ah, music, dance and good mood. what looks like a massive party is infected opposition, really and, and go last capital one. and despite the good mood, supporters of the opposition party or nita have serious demise. i want to change this time because of the opportunity is that we don't have hearing all mentally

euros each. if they had lifted the trophy at euro 2021. huh. well here i spoke to dad, every cars on at max merrill, who was at the german football association headquarters. i asked him what chancellor shouts and the german f i had say. there will chance assault sholtes essentially reiterate as his stance are made and said that he's made a stands clear, which is that for him, he wants to see equal pay at the national team level. and he does say that there is a difference to club football where players negotiate their contracts. and there's a very, a big difference in, in revenue and also interest as we saw in the report. he says, for him, the national team is more of a political thing. it's a symbolic thing, and that's what he's been angling for. the d. f. b, have stood firm with their line, which is that they pay according to the premiums over the bonuses, rather the prize money paid by fever and you a for in well cup and euro competitions at the team. director oliver be off when schultz origina

i was back in europe during the euros and it was such an awesome experience.entum gained from these huge events starts to peter out? for example, some of the rising female us stars from the winter olympics falling out of focus. 0lympics falling out of focus. how do you stop that happening? it's always a challenge for sports and entertainment in general because there is so much competition. we are all on the verge of having add these days, with social media, it is hard to have longevity because the new cycle is so fast. but the new cycle is so fast. but the more great moments you have, it becomes commonplace and accepted, and that is big for women's sports, just to become part of the general sports narrative and i believe that happening. we have more stars cutting through across a wide variety of sports. with us skiand wide variety of sports. with us ski and snowboard, we are trying to punch above our weight with the other sports. are we going to get headlines every day? that would be unrealistic. but with each year i hope we take up more and more of the winter

yes, versus the dollar, the euro is low the effective exchange rate? the euro is not cheap. we could cheapen another 5% and only then start to get into stretch valuation level. that is why euro has further to go >> sounds of structure drivers that keep the euro stressed in the months to come what about sterling? trading below $1.17. the same question to you the pound here, to my mind, creates more upside risk >> it is a very similar story to europe we have the same type of inflation pressure and wage squeeze and weak consumption i would say a couple of things relative to europe where the uk potentially got upside i'm not saying bullish, but in the context of what is happening in europe. we have potential for fiscal stimulus after the leadership election that might do something to offset for the consumer. if there something to help the consumer to alleviate that pressure, that might be seen as a marginal positive. the other thing is with the bank of england, they delivered a fair degree of hiking already. they started reducing the balance sheet. they have more under way the e

the euro is weaker.a one percentage point increase in european rates is not enough to strengthen this europe which raises -- this euro which raises the theme we will hear, has monetary policy lost its potency in an era of supply chain disruption? how does the european project deal with that when inflation is becoming a spiral with the importation through a weaker euro? tom: the smartest app -- sai saw today, sir howard davies writing in the guardian. he will join us on friday. i'm thrilled about that, particularly with governor bailey attending jackson hole. tomorrow, 7:20 a.m. we are thrilled to bring seven feet tall grizzly 399. jonathan: 399 is the hiker. i'm told she's fully integrated into the design. lisa: jon is not kidding. he does not want to eat on set. tom: i agree with jon. lisa: no huckleberries. tom: no huckleberry pancakes. lisa: milk in my coffee. jonathan: cracker barrel after "the open." tom: there is doors and i don't even want to go in because i fall asleep. mckie goes in. the doors b

euros each. if they had lifted the trophy at euro 2021 and joining us now from the gen football associations headquarters in frankfort is arc sports report and max merrill hi max. and countless shouts will be that today. tell us how he's going to try to push this discussion forward. yet he just passed through behind me a few minutes ago and he's obviously angling for equal pay caught up as so many of us have been by the momentum. and the fanfare of euro 2022. now at the time the german national team director oliver b a half said he was surprised by the statements and said, i'll invite him to clarify the numbers. well, they're doing just that right now. he's just been showing him around the df be campus here and they're now holding talks and about to release a joint statement in about an hour or so well be off at the time. also said the d of these priority is to have equal play, not equal pay. the current policy is to pay the national team play as a percentage of their you a for or fee for prize m

a math anyhow, it's good to happy with us. german chancellor, all of sholtes has pledged 500000000 euros in additional weapons to help ukraine feigned off the ongoing russian invasion. billions pledge came as ukrainian president for letting me as to lensky, hosted a virtual summit of thousands of world leaders to rally support for the return of the crime in pulling peninsula, which russia occupied, and annexed in 2014 billions weapons. pledge came as the cranium president said he would do everything necessary to re take control of the bridge. and so it was just one of the latest to played support. canadian prime minister justin trudeau was also among them when russia regime blames sanctions for the food crisis. around the world, they're engaging in dis, information. we need to continue fighting russian dis information. that's why canada will create a dedicated team to help increase our capacity to monitor and detect russian and other state sponsored different dis information. the international community also has to engage actively in the long term reconstruction of ukraine. rearing in mi

carried a little more than 1,000 euros.on cash transactions for russians were one of the first sanctions, but they are only now being talked about for obvious reasons. well, for example , the flow crossing the border with finland, as in the best times before the coronavirus, this is exactly what, apparently , the leaders of the european union didn’t like it. i don’t understand at all, it’s just what’s the point of traveling now to the eurozone to the schengen zone, because every day uh makes more and more claims with russian tourists. we hear different. uh, various calls to ban everything in general, not to let anyone in, that there are too many russians in europe, what is happening now , uh, in some countries, the baltics and finland there , and this, of course, is incomprehensible, but the mood of the uncle of the customs officer from the eu it is better, of course, not to hope to turn the pocket inside out. and on the way home, most likely, everyone will have a simple rule. how the worse things are for kiev at the front,

this is almost 600 euros a year.russels did not make an exception for berlin, so the germans hoped that the scholites would agree with norway. mikhail antonov scholz went there to look for additional volumes of gas, but it turned out that he promised, on the contrary, in which case to support the swedes at the expense of reserves in germany, which themselves might not be enough. if there is a need for gas, there is a shortage of fuel in one of the countries. i think we will all study the possibilities available to us, germany will do this too. i think we should save energy and gas. this is what we must do together. it is absolutely necessary at the end, he certainly knows that the poles and hungarians, for example, about the place and completely a diametrically opposite point of view is necessary, but with them in the european union for a long time a separate conversation is peculiar in that it doesn’t work out very well with the norwegians, even with them, the prime minister hinted to the chancellor that the energy

euros each. if they had lifted the trophy at euro 2021 and joining us now from the german football associations headquarters in frankfort is d w. sports from a report, a max narrow max, chancellor schultz has been that day. what did he and the be if they say after their meeting? well shalt said his standpoint is clear. he sees national team football as as separate to club football. he sees that is more of a political thing, he said, and it's his strong desire to see equal pay in that arena. he understands the d, f, b have their own approach and he aims to put pressure on them or going forward. so for him, a political thing, a political statement, he wants to see the d, f, b have said not right now at the moment. those numbers in terms of revenue a to different for them and they pay their players, their current policy is to pay their play as a percentage of you, wafer and fee for tournament prize money winnings. so some german media outlets branded air, branded sholtes as comments as populist when

you will have to pay extra almost 500 euros per year.e to take bitter medicine to save our companies, which are in a difficult situation. this fee is the fairest way to reallocate the additional costs that fell to the share of the population of alternatives. it is not the lack of collection, but the collapse of the german energy market and, at the same time, large parts of the european in the context of the energy crisis, the uk is preparing to reopen the largest underground gas storage facility in the autumn, according to the newspaper, the occupational safety and health telegraph has already given the necessary permission for the storage facility to be located in the southern part of the north sea. about 3.5 billion cubic meters of gas can be pumped into it, but at first it will work only for a quarter power. this will increase the current volume of gas in the kingdom to one billion 600 million cubic meters. completion of the release let me remind you the exchange rates for today the dollar is 61 rubles. 37 kop. euro 62 50 and that's a

for the same amount is expected on tuesday . - minister denys shmyhal, he reminded that 1 billion euros is part of the great package of support for ukraine in overcoming the financial consequences of the war, in general, the european union plans to allocate nine billion the funds will be directed to the first regular budgetary needs, the national bank forbade money changers to display scoreboards due to speculation, non-banking financial institutions artificially increased currency rates , deputy chairman of the nbu council, vasyl furman, stated this at a briefing, in his opinion, advertising for the purchase and sale of currency negatively affects people's expectations and moods nowadays it will be possible to find out about exchange rates only at the cash desk, there should be a copy of the order on the sale and purchase of currency. by the way, such large advertising, why in hungary or in poland or in the czech republic, that is why the national bank seems to me to have made the right decision today, this segment of non-banking financial companies is not of the banking market, it is

the total amount of subsidies for households alone in september will be 748 million euros germany is unlikely to be able to fill all underground gas storage facilities to the level prescribed by law, the head of the association of gas companies said. trading hapyurs, torstan frank let me remind you earlier, the government of the country obliged all operators to fill the storage by 1 october to 85% from november 1 to ninety-five percent in terms of storage, they provide what a better percentage than it was last year? but there is one big one here, but last year, in addition to the storage facilities, at least three more routes from russia, nord stream, were operating in full. ah, 170 million cubic meters of gas per day was given now 33. well, that is, feel the difference in development through ukraine, it gave more than 100 million, which is 78,109 now a little more than 40 million cubic meters per day. well, from time to time it was still loaded poland transit now germany is forced to reconsider its plans and on the dekabanization of the uniper company announced that it will resume o

with more than 42000000 ring it or 9400000 euros ending up in his private bank account. just a tiny fraction of the more than 1000000000 euros prosecute to say, went to accounts linked to him. kiss the scandals fall to mass protests when it 1st came to light in 2015 land was a key factor in his shock election. defeat in 2018. i accept the verdict of the people. while the latest ruling cement the ex prime ministers. dizzying full from grace with 4 or the trials underway, his legal woes. afar from over. you're up to date this our stay tuned for the w business. a marion ever seen from me and the team in berlin. thanks for watching. 50 years ago the international gathering of peace and co operation becomes the scene of a horrible tragedy. arab tours armed with sub machine guns.

let's get another check on euro/dollar.crossed back below the parity level this morning comments from the ecb bund bank president getting a ton of attention. he said earlier this morning the ecb must keep hiking rates and prioritize bringing down inflation. the prospect of higher rates is concerning from the growth perspective given the headwinds that europe is facing at the moment there you have it. down 0.4% versus the dollar. >>> whchina has cut the lend in rate as they have been shaken by the coronavirus. sam baddas has this report >> reporter: the one year loan prime rate which loans are based on by five basis points and the five-year which influences the price of mortgages by a more substantial 15 this goes to show the desire to keep helping the struggling real estate sector. the question is if this is enough to turn the property sector around. economists say it is not, but it helps suggesting what the government needs to do is ease concerns about delivering homes to customers after the recent mortgage boycott today's

the euro is above a buck, and gas futures are down by over 9%. we will discuss the repricing of gas in europe. christof ruehl will discuss how we decouple gas and electricity prices in europe. dani: let's get to some of our other top stories. we will start with the energy crisis. then we will get an update on china's economy with enda curran . manus: jules takes us through the market reaction to the chinese data. michelle will wrap up the narrative from, it could be that pboc, she is going to go for the fed speakers there you go. dani: the new york times is reporting that russian energy giant gazprom has begun to shut off gas flows to germany citing maintenance work. the eu is scrambling to secure energy supplies and fail storage -- fill storage supplies by winter. >> we plan to jointly save 15% of energy between august now and 2023. we need to diversify away from russian fossil fuels. and here is the good news. we have reached an average in the european union of storage feeling of 80%. dani: let's get to energy reporter stephen stapczynski. euro

let's talk about euro-dollar. 99.8 is where we are trading now. the -- toggle euro-dollar .998 is where we are trading right now. a lot of people arguing it's all about price and what's happening in the power markets. this is one year ahead power prices, a look at that number. we are 900, your eyes hurts just looking at this. 10 times where we were a year ago. europe is in real trouble. we are up a 14% today. basically saying it will not be able to put out as much powers of thought going into the winter. that's another big problem with europe. kailey: it is so striking data to look at that $900 figure next equity markets gaining in europe on the day. we are also gaining on the day in the u.s.. so volume is lighter than usual. waiting for chairman powell speech at jackson hole. a real gain led by technology but the nasdaq 100 up. chinese tech edr as well, the dragon china indexes up after a report of dow jones of the u.s. and china getting closer to an agreement on auditing those firms in hong kong. i didn't bother including anything in the bond ma

you talk about the euro. where does it go from here? how much more weakness, given the dire situation for the energy crunch? >> this week there was an immediate target for traders because there is a very large option maturity. it happens to expire just about the second jerome powell starts speaking friday. given that people are positioning ahead of jackson hole, it would not be surprising if the euro pushes lower in the next few days. after that of course, it is partly dependent on the gas story and the energy story in europe. not that things are getting better for the time being. it puts the ecb in a difficult position. how do they address high inflation? there is a risk of recession as well. all of that turns into potential weakness for the euro. >> preoccupation with jackson hole and just like that we are expecting a hawkish fed. mark cranfield with his assessment. follow more on the story and all the day's trading on our markets live blog on bloomberg at mliv . david: there is one entry there, rising china and u.s.. china deploy

euro.lso added that rosatom allegedly has not yet begun to defend its own interests in international courts for this deliberately false information of the state corporation. i had to refute the finns refused to build the nuclear power plant was motivated back in early may by a number of economic and technical reasons. well, of course, the main one was geopolitical growth. atom expects to fully return the funds already spent on the project. moreover, there is a precedent by the decision of international arbitration. bulgaria reimbursed 600 million euros for the cancellation of the construction of a nuclear power plant for developers. young gas plans to apply to the national commission for emergency situations in order to pay for gas from russia to the delivery agenda for august september the august payment of the company has already overdue and asked to be postponed to september 1, gazprom agreed in an exceptional manner, as emphasized in the official statement of the concern. well, by the w

what does that mean for the euro? bhanu: the euro is in a difficult place.we managed to see gas flowing back -- none of us can predict foreign policy in russia. if we do get gas flowing back -- barring that i think gates in the euro will be very limited. in the near-term the risk of a rally as volatility goes off, you could see the euro around 1.05, but that has as far as the short squeeze in the euro is likely to go, given the relative pricing of the fed. in ecb which is realistic/hawkish -- i would argue that has put medium-term pressure on the euro. guy: you mentioned the inflation story in the states. we have just seen a very good july. was that rational? the follow-up is there is a lot of conversation about recession in the united states. from a stock point of view do we need a recession? bhanu: that is a great point. last week we had a technical recession, negative gdp but the markets rallied. the markets rallied because the fed is doing exactly what it said. 10 days before every meeting you saw spike in bond volatility because you went from pricing ze