mario draghi is indicating he will not resign if he wins confidence votes. icant shift as italy's president rejected mario's resignation. lawmakers are hoping a cut -- are holding a conference about and we will bring you those results as soon as they are in. the first war crimes cases against russians could go before the international criminal court as soon as this winter. bloomberg has learned although no firm date has been set, it could happen before the end-of-the-year. an investigative team has been collecting evidence of rus

mario draghi was an important _ broadly? mario draghi was an important pillar _ broadly?ghi was an important pillar in _ broadly? mario draghi was an important pillar in the - broadly? mario draghi was an - important pillar in the community and the war in ukraine. in this last few weeks, france's president lost is majority. not great in the unity against vladimir putin. i mentioned that the far—right could become the biggest party here. she has got little allies close to vladimir putin. the ex—prime minister is still around, putin. the ex—prime minister is stillaround, in his putin. the ex—prime minister is still around, in his 80s, and putin. the ex—prime minister is stillaround, in his 80s, and he putin. the ex—prime minister is still around, in his 80s, and he is a big chum of vladimir putin as well. one person who will be rubbing his hands in glee will be the occupant of the kremlin. you're auoin to occupant of the kremlin. you're going to be _ occupant of the kremlin. you're going to be a — white house covid coordinator dr ashistha said the president was tired, with

me start with the obvious questions around -- francine's italian, clearly much better -- other mario draghin his post. carlo: gloria draghi has essentially drawn a line, basically said either you go with this government or i'm not going to be ready to form another government. the center-right has argued, we are not going to go ahead with the current coalition because it includes the five-star movement, which are unpredictable. last week they refused to vote confidence on mario draghi. at this point it is neither mario draghi, it is not the center-right, there will only be a solution which is elections. alix: i was reading article after article about how businesses, investors, employers, people are writing to mario draghi, begging him to stay on. it is in part why he came back with this ultimatum. if he resigns, regardless of what actually happens, what is the sentiment hit that italy could take? carlo: the news is not from the point of view of markets. this morning after mario draghi, this bread, -- climb to 200. after the most recent development it went down to 120. markets are not going t

it is going to be a big moment for mario draghi. francine: we are expecting him to give to speeches. by speaking to parliamentarians, it is probably the first one where he will lay out whether he will resign. he could give an idea of the priorities he wants to cheaper government without really same whether he resigns or not. if you look at the arithmetic of both houses, at the same he would have enough support. he says he no longer wants us. this would be for negotiations, then trying to push them out. he said he was here is the person in charge of the government of unity and unity there is not. tom: discussions on the beach in italy among 96-year-olds to the italian parliament. let's get to bloomberg's managing editor. you are looking at what is described by some as a bear market rally. >> i think it was tony in that conversation with francine. the backed appearance of the macro, we are getting risk on, summer market. can this continue for some time? this bear market rally can continue, the backed up fundamentals are, conditions ar

mario draghi seen as a very safe.mics, he knows how to tackle debt, so why is getting the support within, politically that he needs to push on with the policies he wants to go for? we need to understand that mario draghi cannot even defy gravity. was given to parliament in 2018, we already forgotten about it but 2018 was the peak of populism in italy. this parliament is apartment where you have the largest parties, the largest groups, were our populists, new regionalists. these are parties that are antiestablishment so we have this very odd mix with the very establishment p.m., with a very antiestablishment parliament, and, of course, finding a glue that keeps everything together is very complicated, not even mario draghi can succeed with that. here we are with one party, the 5—star movement, struggling with trying to regain visibility coming up with excuses, and mario draghi said hey, i'm done. excuses, and mario draghi said hey. i'm done-— hey, i'm done. francesco, briefly. — hey, i'm done. francesco, briefly, what

mario draghi will probably no longer be prime minister after that.: a couple more hours of uncertainty as we wait for that meeting, or that meeting continues. in terms of how things are playing out across equity markets, we bring you to the italian equities and sectors, but the banking sector in italy is feeling the pain. the italian index is down 1.4%. across the benchmark, losses of 0.2% as we await the decision from the ecb. will they go 50 or 25 basis points? the dax is down 0.2%. the ftse 100 down 0.3%. we have two contenders as they battle it out. in terms of sectors, a little range bound across markets. media, gains of 0.1%. the other half of the sectors, the biggest selloff is in consumer basic resources and utilities. it is earnings season, and one stock is a beat. francine: they have reported an earnings beat for the first half as supply chain disruptions have created a challenging environment. we are joined by gilles andrier, ceo, givaudan. when you look at your input costs, and this is one of the biggest challenges not only for your compa

what's going to happen to the mario draghi government? alix: in the u.s., it's pretty much as you would expect. the retail sales numbers coming in stronger than expected, but when you put inflation into it, the numbers aren't that fantastic. the inflation expectation hitting a one year low which sent equities to a high for the session. overall bank sector leading the s&p. jim bullard saying we could see 4% for rates by the end of year but he does not see a recession anywhere in sight. you have buying in the short and long end. steady as she goes. guy: as you say, a lot of confusion and head scratching about italy. mario draghi has less than a week to come up with a difficult compromise the populist within his government. as look at how the choreography is going to work. what are the chances of success? walk me through the next few days. >> mario draghi will be in parliament on wednesday for what is called communications. he will explain his thinking and we generate his intention to resign. the key question is whether there is room for him

the fact mario draghi will resign as a fact.riti: at the core of this, it feels like if european instability broadly, that is becoming a bigger question, especially in light of simply the gas prices and energy crisis the economy is facing broadly -- and as we speak off of this news, you see italian stock futures dropping, you see yields higher. that spread is becoming such a focal point in the ecb's policy. talk to us about what this means from a market perspective. tommaso: for the market reaction, it looks quite clear since this morning, since last night when they cleared be a they won't vote for draghi today because mario draghi was essentially a prime minister which granted the country some stability and obviously is well respected by the market. he is a former ecb president, known for being the man who saved the euro. so he gave italy the stability the country essentially never had for decades. so obviously investors are worried by the fact he won't run the country anymore and you see what has happened on the bond market co

francine is in rome come bearing -- covering the day for mario draghi. we are looking ahead to the ecb meeting. italian politics, a crucial day. the coalition government could collapse. last week marg yelled draghi's -- mario draghi's resignation was rejected. he will tell the senate whether he is prepared to stay in office. let's get to francine. is today the day we find out if draghi resigns? >> it is the day were the ecb is saying will he or will he not resign? we expect two speeches in both houses. it is unclear how much support he has to stay in power. many in the government, many allies begged him to stay. many european leaders want him to stay because that makes the job of the ecb easier, but you have the five-star movement, not all of them but mr. contact asking for certain content -- concessions. mario draghi said he would resign so it is unclear if today we will find out but we hope to know more. we know his speech, what it is on. whether they vote, and whether he is willing to stay on. dani: thank you so much. we will be back with fran shortly.

mark: seema gupta, on the new political crisis in italy, the fate of mario draghi as prime minister inalance, his coalition partners turning against him over his 23 billion euro package to help families and businesses across italy. the upshot is that draghi wants to resign, his president, sergio mattarella, telling him he needs to go back to parliament to try and get his backing. seems like a political, vicious circle. we will bring you all the developments as they happen. the war in ukraine made a mark on today's french national holiday celebrations. the traditional bastille day parade, taking place along the shump's alize. french troops marching down the famous savinykh in paris alongside allies from europe. the parade featured warplanes, military vehicles and a drone performance showing off fran's's might end military efforts to support ukraine in the struggle against the russian invasion. reporter: they are the symbols of france's support for ukraine. these howitzers have been parading on the champs-elysees in the bastille day marked by current events. the session was led by easter

mario draghi is a very rational and experienced _ say? he's saying is really straightforward, which is we need to tackle inflation, we have to approve packages and funds to help italians struggling. at the beginning of his term, he was accused of being far from normal citizens, but that is not what he's been doing. he knows very well the problems of the country. and what he said to the five star movement last week is that they are on the same page, and he's also trying to address the same problem. i also trying to address the same roblem. , ., also trying to address the same roblem. , . , also trying to address the same roblem. , ., , ., problem. i understand, things for 'oinin: us problem. i understand, things for joining us from — problem. i understand, things for joining us from rome. _ to update you if you are just joining us, mario draghi was tendering his resignation, and the president has refused to accept it. stay with us on outside source. good evening. there's been a temporary lull in the heatwave conditions for most in the last

president, sergio ldau -- sergio mattarella has rejected the resignation officer of prime minister mario draghist support from his coalition. his coalition was divided over economic policy and support for ukraine. mr. draghi came to office as a unity candidate in 2021 when the previous government collapsed. we have this update from rome. reporter conan italians have been glu to the news since this morning, when the government refused to support mario draghi's national unity government. since then so i think that happen mario draghi wanted to resign. but the president of the republic just refused his resignation, because that would create high uncertainty and chaos for a country that is already dealing with very tough post-pandemic recovery, the war, inflation, things the president of the republic really kws and knows the best for the country doesn't want mario draghi to resign because he is italy's best bet. we don't go yet what is going to happen, because we heard about president mattarella just before this chat with you, so i do not know much about it. but i do know president mattarella. and

this follows the resignation of prime minister mario draghi after the collapse of his national unity ernment. the president has asked mr. draghi to remain in his post as caretaker leader. the eu central bank has raised its interest rate for the first time in 11 years as it seeks to control high inflation in the euro zone. the bank is expected to raise rates again in september. that is all for me for now but don't go away. after a short break, i will be back to take you through the day. hope to see you then. pgdki■■?ç■ç■ÑcÑcÑcÑc■? ♪ >> the president dissolves parliament, clearing the way for snap elections. this follows the resignation of prime minister morrow draghi earlier on in the day. signs of release in europe as russian gas is pumped through the nord stream one pipeline, both fears remain the taps could be shut off again. firefighters warned that we aren't even halfway into the wildfire season and there could be worse to come. the fires in the southwest of france have now been contained. welcome band -- welcome back to the friends 24 news in paris. thank you for joining us. we b

italy's prime minister mario draghi is likely to tender his resignation later on thursday after threemr draghi will attend a debate in the lower house of parliament and is then expected to see the president, where it's thought he'll offer to stand down. simonjones reports. even for italy the political drama has been staggering. he tried to fight to convinces right—wing coalition parties he should stay on but they have left him with few options. the prime minister mario draghi may end up resigning twice in one week. the stand—off had been brewing for some time. came to hit last week the prime list enters right—wing partners decided to see who would blink first. the populist 5—star movement had pulled out of a confidence vote on a multibillion—dollar euro package forfamilies multibillion—dollar euro package for families and businesses, events took off for them and mario draghi walked to them and mario draghi walked to the presidential palace and tendered his resignation. but the president rejected it and several protests erupted, mario draghi agreed to calls from the public were too str

has won a confidence vote in the senate —— mario draghi.inister ranil wickremesinghe to become the country's new president,

mario draghi's government in italy comes crashing down. is getting the cold shoulder from global investors as president xi's policies backfire. it is risk on, commodities and oil are up, basic resources, copper and iron or as well. july 20 is when mario draghi will address parliament. the dax is gaining 105 points, up .8%. ftse 100 in the u.k. is up a little over 1%. let's see how things are playing out across sectors. energy and the top of the list would basic resources gaining .2%. pressure from china on the banks to support property as that mortgage strike continues. health care another defensive's the green. let's get to the farnborough airshow now, back for the first time since 2019 with a convention showcasing the best of commercial and military aviation. anchor guy is at the event -- with a run of excellent interviews throughout the next hours. what is the top take, who are you going to be speaking to? guy: we've got some great guests lined up, we will speak to the ceo of boeing commercial and the ceo of airbus later on as well. thi

mario draghi increasing pressure not to resign. his departure could throw italy into chaos as economic warning signs build up for that country and across the euro zone. for more, we are joined by bloomberg's senior italy editor. mario draghi will be speaking tomorrow. what do we expect to hear? >> it is what everyone is asking in rome. the signs are that he will relent and walk back his decision to resign. but there is no certainty of this. forces and parliament have been trying to convince him that there will be a stable majority that can get things done which is what mario draghi cares about the most. a group of five-star lawmakers may walk out. but we still don't know. draghi is speaking tomorrow morning and we will probably here sometime later today the news of what he will say. tom: bloomberg's and the list as we look ahead to that speech and important decision by mario draghi. as economic concerns are in focus for that country as well. let's get into the key market drivers with our guest, lara cooper -- laura cooper. let's st

pikes if mario draghi can't do it, who can? >> that is a good question. s called super mario because he was credited with saving the eurozone at the height of its crisis. there is one person in this country who was thought would be able to hold together italy's politicians and bickering political parties. a lot of italians will be saying who can do this? who can govern this country? the average tenure of the government is just over one year printed this is a crucial time, because italy is a key pillar in the international coalition to support ukraine. mario draghi received public pleas of support and calls for him to remain here in italy and also from world leaders and the white house. this is you - the european union's third-largest economy. italians are left scratching their head thinking here we go again. pikes the rest of the community much be -- ostby looking at this with some alarm. what is the implication this could have more broadly? >> one of the concerns is that it could prompt snaplections. that is the likely result. if the polls are to be belie

italy's forza and the league saying their alliance backing mario draghi has been broken. nnounced his resignation last week. italy's political groups are preparing for possible snap elections. draghi will address parliament on wednesday. thousands of europeans leaving their homes as wildfires threatens woodland and property. buyers have does -- fires have devastated wine growing bordeaux and spain. there is record-breaking heat up 40 degrees celsius. covid cases in china climbed. shanghai is rolling out mass testing in nine districts after reporting 17 cases yesterday. my cow is extending a citywide shutdown with all nonessential businesses to stay closed through july's 22nd. new zealand's inflation rate accelerated more than expected to a 32 year high, the seventh .3 -- the 7.3% raise the odds for continued aggressive rate hikes. 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. this is bloomberg, dani? dani: i'm happy one of us can pronounce our employer correctly. thanks much,

mario draghi called for in the address to the senate earlier today.he mayor lobbies, the mayors of the country, the employees lobby, the unions, the doctors, all want him to stay, the stability. two thirds of italians want mr. druggie to stay. but now he does not have the competence. as far as we know, -- but now he does not have the confidence. he is expected to head to the presidential palace. he made it clear he will not continue if he does not have that strong cohesion. the leader of the centerleft democratic party put out on social media after this vote, saying it is a day of madness. it appears as if the parliament is going against italy. that really is the sentiment for those that support mr. mario draghi. now the question remains -- the instability here in italy, will the reforms the e.u. have called for be carried out? we will see in terms of dealing with high inflation as well as energy prices, not to mention the war in ukraine. mr. druggie -- mr. draghi is seen as a strong and experienced leader in the e.u. with regards to that issue. frust

mario draghi was known as super mario. former european central bank chief was appointed as italy's prime minister to lead a unity government and steer the country out of the pandemic. although he was popular among the public, draghi did not enjoy the same level of support within the fractured coalition. his resignation forced the president to -- to dissolve parliament and call a snap election in september. it is the latest political upset in the eurozone's third-largest economy. >> italy's president announcing a 70-day timeline for early elections, clearly a decision he did not want to take. >> the early dissolve minna parliament is always a last resort, particularly if, as it is the case in this period, the parliament has many important tasks to complete in the interests of our country, but the developments in the political situation have led to this decision. >>'s announcement came hours after mario draghi stepped down. on thursday, the prime minister made his last statement in parliament before tendering his resignation.

it is the center-right party that was not part of the mario draghi coalition.o that grouping would be in the lead, if they are able to hold it together. there are some doubts about whether a grouping of three-plus, some smaller parties , would be able to remain and go ahead with elections. the polls indicate that would be the grouping first. however, today in an interview with bloomberg news former prime minister later -- lehta, probably the next runner in the election, made the case that the italian electric might be angry with the parties that ditched mario draghi and might make those parties pay at the polls. tom: jerrold colten with the latest on how the politics are lining up after mario draghi's resignation. joining us for more is marina brogi, professor of banking and capital markets at sapienza university of rome. thank you for joining us. your take, then, on the financial risks this poses to the system, the financial system of italy? you are seeing the banking stocks around 2% -- down around 2%. you see yields spiking, all those -- all of those have co

mario draghi's resignation has been rejected by president sergio mattarella. he could ask draghi to seek a formal vote of the government itself. meanwhile, gentiloni -- such a strong majority, such a strong leadership is the best solution to implement all of our plans and especially our recovery and resilience plan. tom: joining us now is our guest who has been kept very busy by all of the storms. what happens? >> draghi will go to parliament next week. the party, the government, have breeched this trust. are no more ready to follow through and draghi by resigning said i'm not a man for all seasons. whether the parties fall in line or whether the presidents who handles the crisis manages to bring them in line, we will see next week and there might be another confidence vote and draghi is still in power or we may have -- gina: what are the risks for italy coming out of o this? we have been talking about spreads. they are relatively con tampa bayed. when you think about the real economic risks, what comes to mind? >> spreads, have been relatively contained becaus

the bad is that prime minister mario draghi has resigned. spread is wider, approaching 230 basis points now. the ugly is the decision that the ecb president christine lagarde has to make at 8:15 with her counsel. a tough decision. euro-dollar at 1.0191. the reason so many people cannot get bullish on that one, so many people think even if they go 50 basis points over 25, they don't believe this ecb can put a long rate hiking cycle together. tom: how do you frontload into that original political experiment? jonathan: if you frontload, is that it? when we get to september, italian election may be september 18. that is just a sideshow with what will happen potentially with russian gas coming into europe. i don't think this ecb can offer any forward guidance today. if they tried to, i don't know what it is worth. the unknowns around the european situation, i've never seen it. we are used to italian politics but you have the russian gas on top of everything else. tom: i'm going to be watching foreign-exchange. we have not even talked about yield

talk about the issues for mario draghi's government? is meeting this afternoon with the leader of the five-star movement that is a body of political members and they have nothing to propose at this point. the only thing he can do is threaten to pull out of the council so mario draghi will waste his time to talk about it. draghi might be forced to see and form a new government. there is a election at this point and you never say zero the reality is leaving five-star, as i mentioned before, they are all posturing for lection. the political parties are generally fairly weak. none is ahead of anybody else. this will get worse, especially after the summer with the budget cycle. we have a regional election in sicily in october. that is a test for the five-star. the political back drop will be noisier and more difficult for the government to get things done >> everyone in financial markets is keeping an eye on italian bond yields of t ofyields we have seen a significant movement now the ecb has tried to come out with commitment to say we are go

despite winning a confidence vote, is mario draghi the embattled italian prime minister mario drag raceas won a confidence vote in the senate —— mario draghi. it has beenin senate —— mario draghi. it has been in powerfor the last 18 months. parliament in sri lanka has voted for prime minister ranil wickremesinghe to become the country's new president, despite his unpopularity with the public. he faces the task of leading the country out of its economic collapse, and restoring order. now it is time for empire and me. i'm de—graft mensah — podcaster, presenter and proud british ghanaian. i'm going to be leaving behind my dayjob and heading to west africa for the first time since i was nine. the murder of george floyd and the anti—racism protests that followed led people to start to question britain's history, as well as its actions abroad when it had an empire. and it led me to want to find out more. i know that ghana used to be part of the british empire, so i want to discover what that meant for the country. i want to learn why britain made ghana part of its empire, how it affected the

italy will chose mary draghi -- mario draghi's successor on septum or 25th as political uncertainty and economic concerns mount. stocks and ecb's pay the price. snapping the rally. snapchat's parent misses on revenues, sending shares plunging after hours and weighing on asia tech stocks and u.s. futures today. let's check in on the markets. after three days of gains, you have the disappointment around snap and that weighed on the likes of meta as well. it was the games we saw toward the end of the session on wall street, three straight days, and globally you are still looking at the best week for global markets in about a month. whether that can be sustained remains the question. we have data out around u.k. retail sales, less badly than some forecasted. you are seeing losses of about 0.1% across the ftse. spanish ibex, the banking sector, santander walking away from a potential deal and a levy being proposed by officials in madrid. they look to maybe using tax credits to offset some of that hit. the german dax lower by 0.5%. the spanish ibex down by five points. the cac 40 down. 50 bas

the embattled italian prime minister, mario draghi, has won a confidence motion in the senate, but threen boycotted the vote, which means he is likely to resign. italian media are reporting he will offer his resignation to the president on thursday. azadeh moshiri reports. even for italy, the political drama has been staggering. he tried to fight it, tried to convince his right wing coalition partners that he should stay on but they have left him with few options. prime minister mario draghi may end up resigning twice in one week. this stand—off has been brewing for some time and came to a head last week when the prime minister and his right wing partners decided to see who would blink first. the populist five star movement had pulled out of a confidence vote on a multibillion euro aid package for families and businesses. the drama took off from there when mr draghi walked off to the presidential palace and tendered his resignation to the country's president. there is more. the president rejected his resignation as several protests erupted and mr draghi agreed the calls from the public w

and right now we have the opportunity to discuss the news of the resignation of mario draghi with the founder and head of the rome publishing house, sandra teti. sandra greetings hello how did this happen and why is mario draghi in such a hurry to leave his post, because, uh, the senate, as i just said, but announced in this trust, it seems, chris ended. and here again this second round and it turned out to be successful, why well, you know, there are different reasons , uh, i have one opinion that prevails is that uh, he wanted to go too far, that is, he met again with all the representatives of the italian parties, and uh, and uh, said, uh, these are my points. you have to agree with all these points there, because uh earlier uh hmm right uh center project right uh, coalition, that is, uh, berlusco italy uh, and uh and league and uh, more uh, party, italy they uh, who are in opposition exactly, but the rest uh, would support, uh, berlusconi and some say that he was not diplomatic. uh, it was too harsh and uh, so uh decided to uh, shorten it uh, it's parliament term, because it's mar

it seems at the market sees mario draghi as him as issue -- magician. we thank you for your time today. coming up we will continue that conversation of political turmoil in italy. yields going higher today paired what it means for the ecb and its efforts to avoid fragmentation along with the macro ceo. this is bloomberg. ♪ guy: we've just been talking about it in italy. spreads widening out. that is the issue. the ecb concerned about fragmentation. there are different kinds. which one is the ecb going to tolerate? joining us to discuss is the macro hodge ceo and head of research. the ecb has a problem next week. we now have fragmentation in the form of prices in italy. is this the kind of thing the ecb is there to tackle and how do they navigate this? >> i think it is difficult for them in some ways officially this is not want to tackle. in reality this is what they're here to tackle. europe will never have a policy. in the end it's always the ecb that has to bail out italy in some way. they will have to come up with a fragmentation plan that will be st

mario draghi was described as super mario, who was meant to save italy.italian politics 'ust aottohim. , ., got to him. absolutely. mario draghi came in a very _ got to him. absolutely. mario draghi came in a very dark— got to him. absolutely. mario draghi came in a very dark time, _ got to him. absolutely. mario draghi came in a very dark time, just i got to him. absolutely. mario draghi came in a very dark time, just in i came in a very dark time, just in the middle of the covid—i9 pandemic. we had ambulances lining up outside hospitals. mattarrella saw in him the only person that could guide a coalition government to unite the country. well, he tried and he failed because he is going out as prime ministerfor the failed because he is going out as prime minister for the end failed because he is going out as prime ministerfor the end of his term. just one of many that failed the two mostjoyous italian parties. tumultuous indeed. chiara albanese, we have to leave it there, but we will be back to speak to you throughout this next period of italy's political

in italy, prime minister mario draghi has won a vote of confidence in his government but his administration remains in peril after three parties refused to take party. draghi demanded unity from the coalition but failed to get the support of crucial factions. it is not clear whether he will resign. i asked an italian journalist if this was the victory draghi was hoping for. >> no. it is definitely not. he technically won the vote but, as you were saying earlier, most members of the parties underpinning his coalition have walked out of the vote. draghi is not an elected politician. he's always made clear that he wanted the support of parliament and the government of national unity to deliver forms and have some kind of legitimacy and i guess today's events were an unmistakable sign he doesn't have that support and majority anymore. now, the later reports we have been getting our draghi will not resign tonight but the chances are high that it will go -- high that he will go and meet the president tomorrow to tender his resignation. >> this wouldn't be the first time he tries to resign. will t

mario draghi has lasted about 18 months.y politically fractious. to give you a sense of what the newspapers are saying, this is one of the leading newspapers here with the single word "shame", talking about how the coalition partners in mario draghi's government brought it down. this is the centre—left newspaper "italy betrayed". that gives you a sense of the shock that many here are feeling, that mario draghi, this titan technocrat brought in last year to steady the ship, to lead italy through the post—pandemic recovery has suddenly collapsed, his government, after coalition partners wavered. ii collapsed, his government, after coalition partners wavered. if this triu cers coalition partners wavered. if this triggers elections, _ coalition partners wavered. if this triggers elections, as _ coalition partners wavered. if this triggers elections, as you - coalition partners wavered. if this triggers elections, as you suggest it will do, who could replace him? waiting in the wings is the far—right party brothers of italy. it i

mario draghi has been trying to introduce reforms to the italian economy.d that some of the money that is due to italy from the european union is contingent upon those reforms. is that what we are talking about here? >> yes. italy is facing a recession even if economies are doing better. very high inflation. especially the medicine energy crunch that threatens supplies for next winter. of course you need an effective government. and other european leaders can trust. there's going to be confidence votes in both branches of parliament. it all comes down to whether this parliamentary activity will be enough. alix: has the probability of a snap election in the fall no reason? -- now risen? >> it is stable. the momentum towards snap elections seems to have slowed a bit. the right would want to go to elections because they knew they would probably win. at the same time they know they would get a country deep crisis in the middle of the budget session next fall. while you have already scheduled actions in march and spring and they are still riding high in the poll

prime minister mario draghi wins a confidence motion, but three major parties boycott the vote.he new president of sri lanka appeals for unity after months of protests and warns opponents not to challenge his government. welcome to world news america on pbs, in the uk and around the globe. while wildfires rage across europe, here in the us, a third of the country is sweltering under a heat dome that spans 28 states. president biden has announced he'll use his executive powers to address the climate crisis. he called it a �*clear and present danger�*, and said it must be treated that way. but he stopped short of declaring an emergency, as fellow democrats are urging him to do. when it comes to fighting climate change, i will not take no for an answer. i will do everything in my power to clean our air and water, protect our people's health. to win the clean energy future. again, this sounds like a hyperbole. our children and grandchildren are counting on us. not a joke. if we don't keep it below 125 celsius, we lose it all. we don't get to turn it around. in the world is counting

political chaos in italy as mario draghi resigns as prime minister, raising fears of a debt crisis in europe's third largest economy. hopes of a deal between ukraine, russia and turkey to allow grain exports through the black sea to resume. economic warfare: russia is looting steel bound for customers in europe the boss of the azovstal plant tells the bbc. hello there. we start here in the uk, where the two rivals vying to become the next prime minister have been setting out their contrasting economic plans and attacking each others�*. foreign secretary liz truss, currently the favourite to win, has suggested her party's economic policy has been wrong notjust under her rival, former chancellor rishi sunak, but for its entire period in power. ms truss said the past two decades had failed to deliver growth and promised billions of pounds in immediate tax cuts. we've got the highest taxes for 70 years. we've got lower debt than the united states, than japan, than canada. no other countries are raising taxes and the oecd countries are raising taxes and the 0ecd has described our current p

the decision by the five star party to boycott this confidence vote on thursday prompted mario draghicentral bank and italy's by minister since february last year, to conclude that trust which had sustained the unity government had gone. but there was a plot twist at the presidential palace when the italian president sergio mattarella refused to accept his resignation. he is now called on mario draghi to address parliament and provide address parliament and provide a clear picture of the political situation. the five star movement was originally the biggest party in the coalition but has seen a string of defections and falling support. now it stands accused of a cynical plan to bring down the government to revise its own standing.— the government to revise its own standing. but five star's leader giuseppe _ own standing. but five star's leader giuseppe conte - own standing. but five star's leader giuseppe conte said i own standing. but five star's| leader giuseppe conte said he could not support the package because it included measures that were bad for the environment, and he is accu

ambled, he... 0ne one, because mario draghi ambled, he...esident, who rejected his resignation and for him to go to parliament and try and seek the expression of support he needed, and he tried to do that, and yet three parties in the coalition today refused the vote in the vote of confidence, refused to back him, and so even though he won in the vote, it was a sort of peer at victorie, in a sense, because the broad—based national unity government you was arguing for has torpedoed —— pyrrhic victory. tomorrow, there will be a vote in the lower house of element, and he is expected to resign. a lot of italians will be scratching their heads, saying, why is this happening? mario draghi has people behind him in the opinion polls, he is a figure of huge national standing, and in the last few days, a number of mayors and political parties wrote an open letter, calling for him to stay, but ultimately italy's fascist politics got the best of him, and lot will be thinking, if mario draghi cannot hold us together, who can? find thinking, if mario dragh

mario draghi says the climate change has contributed to the shrinkage. rescue efforts have resumed but hopes of finding survivors now are fading. >> most likely one of the hardest moments of their lives relatives having to identify their loved ones killed in the alpine avalanche. one of them sent his parents a picture just moments before it collapsed. >> they also called us. he sent us a smiling picture. look how beautiful it is here. and then it broke loose. the ice block triggered an avalanche of ice, rocks and water on the glacier. the past week and saw record high temperatures. there was less snowfall than usual. the result is massive amounts of melt water collecting the glacier. given the avalanche such destructive force. the massive amounts of water acted like a lubricant, exhilarating. anyone below would have not had a chance to get out of the way. if it were a dry ice avalanche, it could have stood a chance. >> they are facing extremely difficult conditions. the search has been limited to flyovers by planes and helicopters. >> we were met with an

the president has his own parliament after mario draghi resigned. ection follows draghi's decision to bow out after losing support from three key allies on wednesday. boris johnson's leadership set to end in september. now he faces the prospect of not being able to sit with conservative mp's. a parliamentary panel is looking at whether johnson lied to lawmakers over the parties held in downing street during the pandemic. if he is found guilty, voters will decide if they still want him as an mp. president biden expects to speak with china's president within the next 10 days. the administration is considering whether to lift tariffs on chinese imports in an attempt to ease inflation. relations between the u.s. and china have gotten worse over beijing's refusal to condemn the russian invasion of ukraine. the u.s. house has passed legislation that would protect the right to obtain contraceptives. the bill heads to the senate, where passages seems unlikely. democrats say it is part of a series of bills meant to get lawmakers on the record on issues relate

mario draghi's resignation has been rejected by the president. the president could ask draghi to go before parliament in the coming days to seek a formal vote on the government's future. a bigger challenge is that. let's get to our bloomberg reporter. what is the scenario now? what happens next? >> that's a great question. the answer to that question is very unclear at this stage. we are going to find out only in coming days. there is a possibility that a dilemma between draghi and commission parties will be able to be patched up with a vote of confidence from both parties. at the same time, draghi has signaled in a very strong way that he's just not happy with how his partners have behaved. he could confirm his resignation and just leave the post of italian per minister. that would be devastating. dani: i want to jump in. it is perhaps devastating for the markets, looking at equities and italy sliding. yesterday, spreads widening. bdp futures taking a beating as well. what does this mean for investors? is the political risk fully priced in? >> at

italy's president has accepted the resignation of mario draghi. the government will stay on in a caretaker role. he made the move just a day after winning a confidence vote in the senate but three key parties in his coalition boycotted the vote. thanks for joining me. and stay with us, "early start" with kristin fisher is next. they use stamps.com all the services of the post office only cheaper get a 4-week trial plus postage and a a digital scale go to stamps.com/tv and never go to the post office agaiain. there's a reason comcast business powers more businesses than any other provider. actually, there's a few. comcast business offers the fastest, reliable network... the protection of security edge... and the most reliable 5g network. want me to keep going? i can... whether your small business is starting or growing, you need comcast business. technology solutions that put you ahead. get a great offer on internet and security, now with more speed and more bandwidth. plus find out how to get up to a $650 prepaid card with a qualifying bundle. you

leaders, governments go and come fairly regularly, is it different this time, many saw mario draghi asuropean central bank for so long. if he were to go today if there was a vote of no—confidence in the government, where would he be? i think we would see a spike in the italian government bond yield no question about that, the equity market would be affected as well, it would be very damaging. he is, as you said a symbol of such competent in a country that politically anyway is known for its fractious nurse, and lack of ability to do much. he was a breath of fresh air, he is massively competent, the reason why the market has responded as you may have thought it would so far as they back that he will stay on, he has survived this far, nobody wants another election, most parties have support for him, we would imagine he would somehow stay on. if that changes, the markets surely will react. bill markets surely will react. all ri . ht, markets surely will react. all right. we _ markets surely will react. all right, we shall watch closely, certainly today. thank you for your thoughts on that

mario draghi is set to address lawmakers in rome next week. 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. >> welcome to bloomberg markets. kriti: let's dive into the price action. green on the screen when it comes to equity markets. it is not just about the bank earnings. it is about this economic data. really great retail data. that has been the trade all day. although lower, inversion lower, but still not as bad as yesterday. meantime that risk on trade goes cross-asset. jon: definitely the tone in bank earnings, if it than yesterday, citigroup and wells fargo moving higher. unitedhealth higher after its quarterly results, helping managed-care companies. as we look ahead, you have netflix, which is moving higher. guess we will find out about the health of consumers, whether they are keeping those netflix subscriptions. kriti: we are going to dig into all of that. let's get back to the eco-story. randall crossan

prepares for a september election after the coalition collapses after being forced to accept mario draghi's resignation. >>> it has been a tremendously busy week for europe we are squaring off the week with pmi data out of the major economies. germany and france a short while back to bring you the eurozone pmi flash number it has on the surface side coming in at 50.6 in july versus consensus number of 52 disappointing and also a slowdown from where we were in june back at 53. as for the manufacturing number, that came in at 46.1 a remarkable slowdown from june. 49.3 in june the total composite number for july came in at 49.4 again, slowing down from the numbers in june which was 52 much lower than consensus at 51. disappointing. germany and france a short while ago and chris williamson was on the show speaking to julianna a while ago and saying services and manufacturing seeing activity nose dive a remarkable reaction in the 10-year bund yield down 14 basis points today after the selloff of ecb hiking interest rates it took the market by surprise today, you can see the bund market is reacti

to italy now — where prime minister mario draghi looks set to resign after losing the support of hisncertainty over its economic policy. italy is struggling under a debt mountain that has soared to 2.5 trillion euros during covid — more than spain, portugal, greece and ireland put together. investors worry it's simply too big to bail out. lets go live to rome and professor michele geraci — a former undersecretary of state at the ministry of economic development in italy. good morning to you. are you expecting mario draghi to resign today and it to be absolutely this is what is going to happen this morning. it will go to the chamber and then he will meet the president where he will resign this time resignation will be accepted. he has tried every thing and failed, so we are now going to elections. failed, so we are now going to elections-— elections. you are going to elections — elections. you are going to elections what _ elections. you are going to elections what is _ elections. you are going to elections what is the - elections. you are going to elections what is the likely| electi

italian prime minister mario draghi is under pressure not to resign. his departure could throw italy into chaos as economic warning signs build. we are joined by our senior italy editor. seems like some folks in the five-star movement are breaking rank with giuseppe conte. what is happening? >> we have reports to that end and that follows about a week of should i stay or should i go from mario draghi. he insisted he doesn't want to continue with a weakened majority and that includes the five-star movement led by just what they can't take -- by gisu eppe conte. there is the possibility of a breakout group convincing draghi to stay, which would come with the push from civil society, national leaders across the world, trying to entreat draghi to stay in office. there is a possibility that breakaway lawmakers would appeal to draghi commit -- to join the majority and leave the five-star movement outside government. we will know tomorrow a little better what will happen. draghi is due to speak in parliament. he is likely to say whether he will stay or go. da

the premise are no more, mario draghi has resigned.ple getting things for madame lagarde. >> it is an overlay and a publication. but you talk about the hotel, at the top of the spanish steps. francine come out wonderful to see her in rome. it is out of the 19th century. what has changed, since time began? it is the same story, right? jonathan: in places like italy after the second world war, they wanted to make decision-making more difficult because they did not want a concentration of power after miscellany. -- mussolini. it has complicated the ability to deliver reforms. the new world view around the italian political situation is if they don't get the government together or get to a position where they're able to deliver those reforms, they can't unlock this and that's what francine was talking about this morning. but that euro-dollar at 102, let's sit there just a moment. it's not about 25 or 50. it's about the length of the cycle. how long is the hiking cycle in europe going to be? can they deliver 100 basis points worth of rate h