let's go to first word news with mark crumpton. rk: nato leaders are preparing to overhaul and boost the alliance's defenses in the face of the russian aggression in europe. they were to establish a new role model that would put about 300,000 troops on high alert. president biden says the u.s. will set up a permanent headquarters in poland for the fifth army corps. nato leaders are meeting in madrid. u.s. national security council core nader john kirby says there is a reason russian president pute -- putin should view this as a provocation. >> nato will always be a defensive alliance. the reason we have to do this is because mr. putin has been the destabilizing influence on the continent. he decided to invade a neighboring state. he's the one who was the aggressor. mark: mr. kirby said the united states is working hard to get turkiye advanced air defense capabilities. the european union is effectively heralding the end of the era of internal combustion engines. eu members have endorsed the push to eliminate carbon emissions from new

i'm mark crumpton.resident biden announced today hundreds of millions of dollars of new weapons for ukraine saying the u.s. will support kyiv for "as long as it takes." the president was speaking to reporters on the final day of the nato summit in madrid. >> the nice two days we intend to announce more than 800 million more including more advanced air defenses for ukraine, more artillery and ammunition, battery radars, additional ammunition, multiple launch rocket systems.

mark: i'm crumpton with bloomberg news -- i'm mark crumpton with bloomberg news. the eu executive arm is expected to recommend next week that ukraine be granted candidate status, a key step on the long pass to e.u. membership. a recommendation which needs to be approved by eu commissioners would come with conditions linked to the rule of law and anticorruption legislation. the head of the international atomic energy agency says iran has a very small window of opportunity to restore its landmark 2015 nuclear agreement with world powers. iran has cornered at -- has ordered international monitors to remove surveillance cameras to account for stockpiles of nuclear fuel. iaea director general rough ale narayana grossi called that order deplorable and said iran is risking a fatal blow to hopes of reviving the nuclear record. sri lanka's president is trying to avoid further disruption to electricity supplies amid ongoing antigovernment protests across the island nation. a plummeting currency and lack of supplies has mired sri lanka in the worst economic crisis in its mod

i am mark crumpton first word news. biden is calling on congress to enact a three-month federal gas tax holiday, blaming high prices and supply shortages and russia's war in ukraine after gas prices are around five dollars a gallon. federal taxes make up $.18 of that. european union leaders plan to give the ukraine the green light to become a member of the bloc after intense lobbying by volodymyr zelenskyy. leaders have drafted a joint statement seen by bloomberg best as the eu is granting candidacy status to ukraine and moldova. this will come at the summit in brussels starting thursday, but the membership process is expected to take years. saudi crown prince met with turkish president erdogan today. the men turned the page on years of rancor over the killing of a high profile saudi journalist that had brought trade and diplomatic ties to a virtual standstill. turkey is seeking to secure currency swap deals with saudi arabia. at least 1000 people have been killed and hundreds injured after a powerful earthquake hit nor

mark: i am mark crumpton with first word news.he leaders of germany, france, italy and romania pledged support for ukraine to become a candidate to join the european union after talks with president zelenskyy showing unity in the face of russia's invasion. they travel overnight by train and were accompanied by romania's pressure -- president and showed solidarity ahead of expected recommendation from the european commissioner that ukraine be granted candidate status. foreigners turned up at this year's st. petersburg international economic forum. in the past, it drew major global leaders and executives. local businesses tended a slew of sessions about the need to become self-reliant. including russian-backed separatist republics in ukraine and wreps that is from the taliban. top officials say russia is bearing up better on sanctions than initially feared as the country faces unprecedented international isolation over the invasion of ukraine. senior european officials see little chance russia will use global food pressures by strik

let's get now to the first world news with mark crumpton. mark: the u.s. house select committee investigating the january 6 attack on the u.s. capitol is holding another hearing today. it was a surprise when it was announced yesterday. witness -- a former top white house aide with special access to donald trump and the west wing. in san antonio, texas, an official has confirmed the deaths of more people found in an abandoned semi trailer, bringing the death toll to 50. apparently victims of heatstroke, authorities believed they were migrants. texas has seen a surge in immigration along its border with mexico in recent years. smugglers sometimes use commercial trucks to bring over migrants. in california, the state senate has passed legislation that would allow the public to sue firearms manufacturers for harm caused by guns. the bill is designed to use industry standards to permit lawsuits despite federal law which immunizes gun makers and dealers from civil liability. it is part of a package targeting gun violence. california governor gavin newsom has pro

i am mark crumpton with first word news. the ukraine promised the u.s. it would not use long-range weapons inside russia. speaking at a news conference alongside the nato secretary-general, the secretary of state antony blinken said this is the right step for ukraine. sec. blinken: this morning, president biden announced a package to arm ukraine with advanced weaponry, precisely what they need to defend themselves against russian aggression. that includes rocket systems so they can strike targets on the battlefield in ukraine from longer distances. mark: the secretary of state also said we are looking at "many months of conflict between russia and ukraine." the u.s. and taiwan have unveiled a fresh blueprint to deepen their trade relationship. the nations are focused on ending forced labor at harmful policies and practices. the u.s. trade officials say the first meeting will likely be held later this month in washington. hong kong is bringing back one of its toughest covid zero measures, forcing patients with mild infections to quarantine in a centralize

>> i am mark crumpton with first word news. the group of seven nations is set to announce efforts to set a price cap on russian oil. officials are saying there is not yet a hard agreement on curbing it is a key source of revenue for russia. the were in ukraine, limiting its profits from rising energy prices have been the main topic so far for the g7 leaders gathered in germany. the leaders of finland and sweden are set to meet with turkish president in madrid tomorrow in a bid to convince him to drop the objections to their membership in nato. ahead of the summit, the secretary-general and swedish prime minister held a joint news conference in brussels. a special session will be convened to discuss the fight against terrorism. >> we all agree we must redevelop our efforts in the fight against terrorism. that is why, at the summit in madrid, i have convened a special session devoted to make those efforts. mark: turkey has accused finland and sweden of providing safe haven for outlawed kurdish militants his insurgency against the

i'm mark crumpton. this is bloomberg. >> welcome to "bloomberg markets." romaine: we are going to check on the markets right now. a down day here, despite the rally we saw yesterday. we continue to see this whipsaw back and forth as people try to assess not only the economic tea leaves but a lot of the commentary that we continue to hear out of so many executives, whether it is jamie dimon at jp morgan, or a goldman sachs and now elon musk at tesla. the s&p 500 down 1.5%. crude oil setting up for what will be a weekly gain. a massive move in the two year yield, higher by 18 basis points. a shortened holiday week here in the united states. the vix elevated on this day, right back to 25. jon: if we take a closer look at stocks, those same themes at work. when it comes to the market, because of that rally in oil prices, you have names like chevron trading higher within the dow. good conversation with the ceo on bloomberg television today. higher oil prices are things that airlines are grappling with. yes, their demand story, and we saw that from american airl

i'm mark crumpton. this is bloomberg. ♪ >> we are waiting for more headlines, more developments from the worldwide developers conference from apple. apple shares are up about .2%. let's recap some of the headlines, when it comes to the product developments. apple ios 16 featuring multiple offscreen options. they are looking out -- looking at marking messages as unread and even looking at things as an edit button, perhaps weeding twitter to the punch. -- beating twitter to the punch. we will keep you updated on the headlines. bloomberg has not been granted access into the event. as soon i -- as soon as -- we get more information, we will bring you the updates to the audience. musk says he might cancel the deal with the twitter giants if they don't share information. he plans to enforce their agreements bjerga joining us at a break it down is bloomberg's kurt wagner. thank you so much as always for joining us. this is fascinating to watch the saga continue. have to ask, what's the likelihood twitter can a

i am mark crumpton. this is bloomberg. ♪ kriti: this is "bloomberg markets." eyes on the federal reserve at the top of the hour a truly historical moment. must get to michael mckee who was in washington right now. a historic moment here. what could possibly go wrong in the market is pricing and 75 basis points? michael: if the market got a 50 basis point movement, it might have been exploited because it has been telegraphed for days. if you went higher, there would be a bit of a spike. if they did 75, it suggests with a dot plot they will move up the pace of rate increases going forward. people will basically have seen what the price should be. it will not be a big question. the question that might go wrong for the chairman is why you changed your views on how fasting should go? how concerned are you about the big inflation jump we saw last week? kriti: how does chairman powell navigate this and that he has to reassure the market the economy is not heading for recession while showing them the fed is taking this seriously? what kind of precedent does the set fo

i'm mark crumpton. this is bloomberg. ♪ how will your business adapt to change?ou could hire an office full of peyton mannings. what's up, peyton? good morning, peyton. hold for peyton. they'd huddle.... welcome to the peytonverse. such a visionary. game plan... you go. no, you go! and call audibles... double our investment in omaha! omaha! omaha! omaha! or you could use workday. omaha. the finance, hr and planning system used by over half of the fortune 500. for a be-agile-like-an-mvp world. workday. for a changing world. ritika: this is bloomberg markets. it has been a turbulent time for traders. a debate over value versus growth hanging in the background. a qr capital saying that value investing is still a winning formula. >> we are still maximally excited at the value. a year-and-a-half ago, you had to say the momentum i am ignoring it, this is we dig deals. you now have something not quite as ridiculous. we still have prices i didn't think i'd see again in my career going on now. so we love value still going forward. ritika: we will stick with that story and

i am mark crumpton. this is bloomberg. ♪ jon: welcome to bloomberg markets. >> it's been a quiet session. a little bit of needed reaction but we opened in the green but we are down one/10 of 1%. a little bit of a risk off mood and a little bit of caution. you have a 32 handle. perhaps investors are not quite confident risk off move is off. 345 in the 10 year yield and the two year and five year and the margin of premiums will be a big theme. is it worth going out further on the curve? will the higher yields trump a stronger dollar which is having ripple effects across the entire market. jonathan: it's been a hedge for a lot of companies but there are some corporate stories of encouragement going through big management overhaul and dividend news that is exciting for investors. the cloud business really sent out confidence to the market we have the continued interest in energy stocks like occidental petroleum but it is the elevated price of oil now that is one of the key concerns for the broader economy ar

i am mark crumpton.-year-old girl who survived the mass shooting in texas recounted in video testimony to congress how she covered herself with a dead classmate's blood to avoid being shot. the fourth grader at robb elementary school told lawmakers she watched a teacher get shot in the head looking for a place to hide. >> if there was

>> welcome to -- i am mark crumpton. president biden says he is "deeply disappointed" by today's u.s. supreme court century-old restrictions on the concealed carry of firearms. in a statement the president said the ruling contradicts both common sense and the constitution and should be deeply troubling for us all. mr. biden added that as of mass shootings across the u.s. the country should be doing more not less terrain and firearm availability. new york city mayor eric adams is slamming the supreme court gun rolling saying we cannot allow new york city to become "the wild wild west." >> while we are still analyzing the decision, we can say with certainty that this decision has made every single one of us less safe from gun violence. the decision ignores the shocking crisis of gun violence every day engulfing not only new york, but engulfing our entire country. >> mayor adams says of the ruling puts an added burden on the police. the kremlin says a peace deal with ukraine is not possible until kyiv accepts all its demand

rishaad: there was mark crumpton there. they say they are not going to comment on anything having to do with currency. -- the chief cabinet secretary speaking in tokyo here. this is right at the heart of things right now. at the moment, you could say that this rapid weakening of the end, that is the subject of our next chat with steven chu. this is probably causing the biggest confirmation here. request when we talk about the dollar yen, it is hugely differential. now we are talking about 10, even after the 75 they did. if that is broken, we are talking about 375 already. when we talk about the basis point different, we are talking about 136 really for the dollar-yen. >> 136, we hit this closer -- we saw quite a bit of weakening when it comes to the renminbi. has it impacted the yen? will get worse from here? >> yes. if you get worse. what drives the you want? it is about the lockdown. that is just the absurdity. the other is the yen weakening. yen weakness will translate into yuan weakness against the dollar. >> how has th