tv Bloomberg Markets European Close Bloomberg May 2, 2022 11:00am-12:00pm EDT
europe. this is "bloomberg markets: european close," with guy johnson and alix steel. guy: we had a flash crash in stockholm a little bit earlier. like volume probably a factor. it was not hacked and it was not a technical glitch. we will talk about this in a little bit more detail earlier on. that market was down 8% at one point today. we recovered from there. partly a reaction to what is happening in china, partly a >> into that big selloff friday we saw in the united states. euro-dollar trading down by 0.2%. fairly stable today relative to the volatility we have seen of late. branch tracking down towards
$100, now down by around 3% today. the debate in europe is whether or not we get a ban on russian oil. it is a tricky thing to do. we will get more details in just a moment. kriti: a little bit different than the risk of sentiment in europe, but simply, a little bit of paring some of those gains. 30 minutes ago i was here pointing to over 1% gains in the nasdaq. that has since been pared -- has been pared. whatever technical bounce that was driving the market earlier, it looks like it has dissipated. instead you have seen stronger dollar. i wonder how much of this has come back to that growth story. the growth story you were referring to when it came to the oil space. you also see it very clearly in the copper space. this is very clearly going to be a china story, but the question is if you already see these commodity risk assets ringing the alarm bells, how much longer does the s&p 500 and the nasdaq stay in the green? it seems like that fade is already in the works.
guy: part of this is down to what is happening with the energy story, the ukrainian situation. everyone keeping a firm ion was happening here. european energy ministers are meeting in brussels. they have been discussing throughout the day that response to vladimir putin's demand that russia be paid in rubles for its gas. the economy minister told maria tadeo about where germany stands on the debate. >> after two months of work, i can say germany is not against an oil ban on russia. of course it is a heavy load to bear, but we are ready to do it. guy: the intro was a little wrong. he was talking about oil, not gas. the founder and ceo of crystal energy joins us now for some analysis. can you walk me through the mechanics of how feasible an oil embargo is for europe on russia? >> it is feasible, but the
question is when it will be applicable, or another words, what will be effective. you can announce it today and say it will be effective by the end of the year, and a company like germany -- a country like germany which is a very big consumer of oil and gas has said recently only months ago that russian energy imports of oil and gas were a redline that should not be crossed, otherwise it could be seriously damaging for the german economy and therefore the euro zone, knowing that germany is the largest economy then euro -- economy in the euro zone. but today they have changed position, and they are willing to do it. between now and the end of the year, they think they will find an alternative to russian energy exports. gina: do you think the ban is in the price right now? there's a lot of skepticism that this will actually happen still, but i am curious to get your take. carole: the skepticism is there because of the divergent positions of you countries
vis-a-vis russia. some are less dependent than others on russian energy exports , but also some countries are in better position if using about the availability of infrastructure to get supplies from other producers. for example, there's a different if you were a landlocked country such as slovakia, for example, one of the countries that has been opposing the imposition of restrictions on russian oil exports because they don't have easily available infrastructure to replace those exports. so there is division, but we have heard some unofficial statements that the eu may allow some exemptions in terms of either giving a waiver for certain countries in a condition where they cannot find alternative supplies, but move ahead with the embargo. guy: what do using is going to happen with refined products? this is something julian lee of bloomberg intelligence was talking about earlier. if you are an indian refinery
and you take in russian crude and refined into diesel, and then ship that diesel to europe, is that diesel indian diesel, or is that russian diesel? carole: when it comes to products, refined oil products, the situation becomes even more complicated when it comes to tracing the molecule because it is not only about getting russian oil and then refining and getting diesel out of it, or gasoline, but also blending russian crude with other crude and then come up with a product which is not have the origin indicated as russia. so it is more difficult, and it is not about getting russian crude to transport it abroad. if you are india, you can use russian crude for domestic consumption, and your excess production coming from another source of crude goes to europe. so in a nutshell, when it comes to oil trade, you have to track it globally, and this is even if
russian oil does not market to the eu market, it will still find a way in the global oil market. gina: i'm glad we brought up russia because i thing we are all sort of worried about the hit to europe and ultimately where europe will source oil if there is an overall ban. what is he hit to russia, and can russia actually diversify their end market enough to make up for the loss of the european customer? carole: the european market is perhaps the most important market for russian oil, and especially for gas. the infrastructure has been there over years, and you don't have the same info structure in other countries. if you look at russia's energy strategy and energy doctrine stay published in 2019-2020, they acknowledge that asia will become a more important market then it is today, and they realize that the eu is going to be a shrinking market. they still believed that europe would capture the lion's share of their exports, not asia. whereas today, if the eu turned
its back on russian oil and gas, there will always be customers for oil and gas because not everybody is joining in enforcing embargoes and sanctions on russia, but it will not be the same importance and the same scale, so in the long-term, russia would be the bigger loser. guy: if i am an indian buyer, should i continue to expect a discount when i buy russian crude? how long does that discount exist for, you think? carole: at the moment there is a discount because we have seen traders turning away from russian oil, but as long as there is demand, the discount is going to be appealing to some refiners because that will improve their margins significantly, so at some point there is a greater demand for this russian oil, than the discount is going to be reduced. perhaps not at the same scale as we are seeing today. guy: really useful insight as to what is happening here. we continue to monitor the
events in brussels as the situation unfolds. we will continue to report on that. it is going to be interesting to see whether hungary ultimately decides to use a veto. carole nakhle, thank you very much. european stocks are lower as we near the close. the chief u.s. strategist at net davis research -- at ned davis research is going to join us. this is bloomberg. ♪
guy: u.s. equities really can't make up their mind this monday. earlier on we were negative. then we were positive. now we are negative again. the s&p is down by 0.2%. the nasdaq is up by 0.2%, but obviously, the nasdaq was battered on friday. the question is, as you come out of april into may, what should you be doing? if you haven't sold in april, should you be selling in may? let's ask ed clissold, chief u.s. strategist for ned davis research. what do you make of the prospects for may?
are things improving, or do they get worse from here? ed: technically, if you want to look out the next couple of months, probably going to be some pretty rough sailing. the bad momentum we saw usually leads to additional selling from a few technical indicators that we watch. for example, the declining volume versus advancing volume. that was very weak several days last week. so that is probably what we are looking out over the short term. but if you look at years where you were down quite a bit through april, and the s&p has had its worst start to the year since 1939, but if you look at some other bad starts to the year, more often they not they actually did make a low around midyear. 1970, 1962 are good examples where they were bad starts to the year, but they were not recessions, and the marco was able to rally. gina: if we are going to find our rally, where are you looking
for opportunities to add to loans? ed: for now we are still defensively positioned. we are overweight sectors like utilities, staples, and health care, but i think you can make a rotation out of those areas into some higher beta parts of the market like small caps, and at that point i would imagine some of these mega cap growth names could be pretty deeply oversold and they could have a bounce. so we have to go a few steps from here to there, but if it plays out as we just laid out, i would think there would be some good opportunities to pick up some oversold names. guy: what are you factoring in for the fed? the market sees 50, then possibly 50, 50, then even 50 after that. do you think the risk is that they do all that, and if they don't do that, is that signaling a growth slowdown? i'm wondering how you are thinking about the macro picture. ed: the fed has done a were
markable job of getting the market on board with these 50 basis point hikes. just a few months ago that was unimaginable. we would expect at least the next two meetings the fed will move 50, and then we will see how it goes from there. at that point we could see the inflation gauges starting to roll over, and more broadly if financial conditions are tightening in things like the housing market, credit spreads, the stock market, those are all inputs into what the fed looks out for financial conditions. if those show that maybe the market is doing some tightening for the fed, they could start to back off, and that is probably a prerequisite for the market rallying in the second half of the year. not necessarily the fed being done raising rates, but slowing the pace of what they are signaling right now. gina: could you dig into some of the charts for the mega cap stocks? obviously it has been a really rough week for some of these, following on a historically bad
start to the year. are we seeing more breakdowns ahead for this group, or do you see some stabilization and then those stocks moving forward if we can manage to avoid recession and get towards the end of this tightening cycle? ed: many of them look like they are still breaking down, so there's a lot of work to do before one would say it is time to get into those names. what we want to see are things like on declines, less downside volume and advancing volume, and maybe the s&p and nasdaq making new lows, but few were sectors, and that would give us signs that may be the selling and all of our concerns are starting to abate, and then you can see opportunity for mean reversion. but at this point it is catching a falling knife to try to jump into those stocks at this point. guy: once volatility comes back
down and we sort of stabilize, are we in a new paradigm in terms of the way we should be thing about our investments? for the last 10 years, we've had superlow interest rates. the market has been in a relatively benign environment. is that what we are now going into in terms of the environment we should focus on, or do you think it is going to be different? do you think it is going to be riskier, more volatile? how should investors position for such an environment? ed: now we are going from tactical to long-term. i do's it is going to be a little bit of a different environment where the fed is not going to be able to backstop as much as it had in the past. so if you want to call it the fed put, that is the fed because inflation rates are higher may have to let the financial markets do the work for them, so you could get more frequent corrections along the way in the fed isn't going to be able to bail us out of much.
we are looking at a new world order were supply chains are not going to be as stable. covid certainly brought that to fore, but a lot of the pressure has been building for years and it is just the fact that covid and ukraine made these things more obvious. it is going to be some of the things we took for granted for several years. looking on your apps and your phone and getting something delivered to your house the next day may not happen quite as often, and that is going to filter through to the equity markets, and i think investors are just going to have to be more nimble and tactical as they go. gina: how does that new world order specifically filter through to the equity markets? and by that i mean, if we are in for a world of greater and more frequent corrections, supply chain distress, may be, longer-term inflation, what does that do for your outlook for growth relative to value, small caps relative to large, for example? ed: we are talking about several
years out, and i think is a pretty good chance that this magnificent 16 year run of growth stocks relative to value stocks is probably behind us. so it will be more about looking at value overgrowth for the long run, and when you get these pockets of inflation and more common recessions and the cyclical rebounds, that is going to be good for value stocks versus growth stocks. likewise, small caps, you can find pockets of strength if the broad market is not doing as well. you get some companies that can navigate it pretty well, finding those companies that can grow more quickly, also may be finding a small cap manager who is good at identifying them, those could be some areas to look at, whereas the last 10, 11 years, small caps have been at best treading water versus large caps, so there's opportunities there. guy: great to catch up.
really appreciate it. what have we got coming up for you? there has not been a quarter like this for warren buffett in at least a decade. berkshire hathaway went on a shopping spree last quarter, scooping up ends in stocks. we will find out what is he buying and why. that is next. this is bloomberg. ♪
>> it is time for the bloomberg business flash. i'm angel feliciano. in germany, the embattled landlord adler group plunged today. the company posted a $1.2 billion loss in annual results that his own auditor to pmg declined to endorse. that led to a number of board resignations. adler wrote down more than $1 billion of goodwill related to its develop business.
two of allianz's biggest investors slammed multi-billion-dollar losses. they warned that it had shaken investor confidence and may lead to more legal costs. allianz took a $2.9 billion charge to take a settlement with investors who claimed they lost billions when the funds collapsed two years ago. that is the latest bloomberg business flash. guy: angel, thank you very much, indeed. it was berkshire hathaway's first in person annual meeting in three years, and thousands flocked to omaha to hear from warren buffett and charlie unger. joining us now is catherine, who was there in omaha over the weekend. what i really want to get to is how were they? what do they look like?
these guys are getting on a bit. how did they come across? reporter: they definitely came across as fully with it. buffett joked about it at the start of the meeting, he's 91 and monger is 98, so it was great to have shareholders back in omaha, but it is also important for them to see how they are doing and make sure they are fully running the company up to the standards. gina: tell us a little bit about some of these purchases. i think it is really interesting timing because buffett is always swooping at the market lows, but some of these purchases specifically are really interesting, specifically chevron and activision. katherine: it was a big quarter for him. he was a net buyer by the most we have seen on back to 2000 eight, so he increased his chevron stake. i think that is really important. obviously a good, high-yielding stock for them, up to $29.5 billion, up into the top four of berkshires bets. we also saw and activision bet that was hugely interesting because buffett said we bought a
lot of that stock after the deal happened and we are simply doing a merger arbitrage play. guy: how much more have they got to deploy? is this the start of this team being on a roll? katherine: they still have a lot of funds to work with. buffett still has 106 billion dollars of cash on hand despite it being a really heavy quarter for purchases, so i think they still have room to run. buffett did not give us any kind of hint on where he might be looking next, although he did say they have spent some money abroad in the quarter, which i think is interesting to note, that buffett is not just looking domestically. he's really trying to find any type of deal or good stock purchase abroad. gina: did he specifically dig into where? was he talking europe, emerging markets? katherine: he did not rule out any countries. he mentioned germany in particular was where they bought some foreign stocks. that won't come out with their 13f filings, so we won't get any
details on that. he did not rule out any country, and i think that speaks to the fact that they have investments in japan and israel. berkshire is so huge they could be hunting anywhere. guy: anything on crypto? i know there were something on crypto. not a fan. katherine: still not a fan, but he had an interesting explanation. he tried to temper it by saying he really just doesn't like that it is not a productive asset. he would buy farmland, he would buy apartment for the rental income, but for bitcoin, you have to sell it back to other enthusiasts. monger was the one who had sharper words for it, saying it was stupid and evil. but buffett trying to lay a bit more of in explanation. gina: was there more of a broad outlook for the economy considering all of the recession chatter we are starting to hear in markets? katherine: they were still optimistic, and in some ways that is classic fit. he's always been the sort of never bet against america,
always looking for the long term with the economy, and he did mention inflation. obviously that is a risk, and he said it really swindles everybody, whether you are a bondholder or you stuff some cash under the mattress. so i think he's cognizant of the risks mentioned that they are still seeing and berkshires businesses, the railroad and all of those operations, but i don't think he seemed too negative on the outlook, despite the fact that we are facing some conflict abroad. guy: we are going to leave it there. really interesting. thank you very much, indeed. what happens with berkshire hathaway this weekend that's what happened with berkshire hathaway this weekend. let's take a look at where european market's are trading right now. looking great. details to follow. this is bloomberg. ♪ oomberg. ♪
monday session for european stocks. may is starting with the idea you should go away. european stocks lower. reaction to domestic news, reaction to the friday selloff in the united states. the cac 40 is down 2%, the dax is down 1.47%. a pretty soggy session to start may for europe. i want to stop -- i want to start with something that happened earlier. at around 9:00 london time. we got this. suddenly we were down 8% on some of the nordic markets. stockholm is probably the epicenter of the action. a big move lower. the initial reaction is this, the technical problems. none of those were in issue.
more details in just a moment. the market came back up quickly. just added to the jitters for market participants in europe, with a lot of things to think about and a lot of stories developing as the day has progressed. let's talk about how the grr has worked. london is out but a lot of stocks are not trading. positive territory has been the brochures. retail coming through -- has been the grocers. retail coming through flat but just. the car sector is down hard, energy is down hard. technology reacting to friday's story out of the state with the nasdaq under pressure. those are the main areas you see the damage being done. individual names worth focusing on. the german landlords, it will
not sign off on its books. that is a massive problem. this comes back to the shortselling story from viceroy. concern about what is happening in terms of the details that have been given and the auditor has not been given the details they want. a huge shock by that stock. investors cannot catch a break. you have an input cost story. this is a huge turn by a major. you have a huge problem with the input story. that continues. there is a bright -- there is a bit of bright news in it is able to pass on higher prices. it is also taking a hit on the back of the russia story. the market is exiting by selling two and servicing. another incremental problem this business has to face. then there is volkswagen. i talked about the fact the autos are down today.
volkswagen is down 1.5%. volkswagen is thinking about getting involved in formula one. obviously a potential story here as well. it is interesting that volkswagen, once it gets going, could be a big force. it is fascinating and it might fit around that narrative of an ipo. that is probably an aside. volkswagen down 1.5%. gina: among the plethora of issues, european stock markets were jolted by the flash crash in the european region. joining us we have jonas x plum. is this a flash crash? jonas: i think most people agreed that it is. it went back up as quickly as it went down. $40 billion worth of market cap on top of large-cap benchmark in
stockholm was wiped out and went to mealy backup. -- went immediately back up. guy: i had my function on the bloomberg and the nordic went bright red. the initial reaction is some sort of technical issue. a problem with the market or it has been hacked. neither of those things coming into play here. jonas: exactly. nasdaq has confirmed there is a large transaction behind the drop and have declined to comment further who that market player is and what was sold. gina: you have any theories as to why the weakness spread so quickly? jonas: london was closed, so the market was thin, which probably exacerbated the fall. stockholm is a pretty plate -- a
pretty major player on the european equity market outside of london and a big move here to make a flash elsewhere in europe. guy: we have any details on who caused it, what happened? when will we get those? jonas: we are doing a lot of digging and reaching out to sources. there are a lot of theories but nothing at this stage. gina: can you reference anything in the past that looks like this? have you seen anything like this or do we have to go back to the u.s. 2010 experience? jonas: a lot of people are making that reference. it is almost 12 years to the day since the flash crash of the nasdaq in 2010. a lot of market players talk about trading for 20 or 30 years and have seen nothing like this. it is huge for sure. guy: is pretty spectacular.
i remember looking down and looking up and suddenly everything is flashing red. certainly a sight to see. thank you very much, indeed. watching you guys covering the story. jonas ekblom on the crash out of stockholm. let's look at where european stocks have settled. we do not have london. jonas was just mentioning that takes a big chunk of volume out of the market. these are some of the closing numbers we are looking at or nearly the closing numbers. we are down 1% to 1.5% in terms of different markets. autos have been down hard. technology under significant pressure. more coverage at the top of the hour. i will pivot over to bloomberg radio. joining me this evening is damian sassower who will be talking about emerging markets and figuring out what the locations are of the china slow down.
we are on dab digital radio if you want to listen in. the podcasts are available on spotify and itunes. what we have coming up next? germany hosting india's prime minister as part of a larger effort on russia and letting your prudent. more on that meeting cash on russia and vladimir putin. -- on russia and vladimir putin. more on that meeting, next. this is bloomberg. ♪
that is were duce -- that is reducing yields to the world's biggest grower. it could be a blow to global wheat suppliers. russian billionaire is reportedly in hiding after criticizing his country's war in ukraine. he told the new york times the day after his instagram post on the war that vladimir putin's administration contacted his executives and threatened to nationalize his bank. he tells the times he ended up selling his 35% stake to another russian billionaire and what he called a fire sale. coronavirus lockdowns and china are taking a toll on the country's economy. over the weekend data showed manufacturing and services activity plunged in april to their worst levels in more than two years. global news 24 hours a day, on
air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am angel feliciano. this is bloomberg. guy: india's prime minister is in berlin. he met earlier with olaf scholz. europe is trying to convince india to rethink its close ties with russia. let's go to berlin. our reporter joins us from there. is there a perception in berlin that india is in russia's camp, or maybe that modi and india can be peeled away from vladimir putin? >> i do think there is a perception that they can, maybe not now, but in the medium to long run, we'd india over -- win india over. there is an economic
interdependence and india had some interest in keeping ties to the western world as well as europe. this is what they are hoping and working on. creating this difficult situation where india has not supported the sanction regime and is not condemning russia, but is reaching out with an offer in terms of economic, in terms of training for labor and exchange of labor. it will attract india back into western -- gina: can you talk about the size of this deal? how much can a deal between russia and india make up for loss of trade between russia and terminate? birgit: at the moment, germany cannot offer that much. they are just offering 10 billion over the next years
until 2030 two invest -- to invest into climate technology. i do think, not in terms of what can germany deliver in terms of financial aid to india, but it is more an offer of where do you want to go? you really want to link your economic fortunes or economic futures towards russia or do you link it to the west? guy: what about weapons? india is a huge buyer of russian weapons. is that something that could be on the table as well? birgit: yes. olaf scholz has offered that germany would also deliver to india, weapons. therefore as an offer to india.
let's be honest. germany's weapons industry is not exactly modern yet to step into what russia is offering india. guy: maybe we can put a package together. interesting to see where this goes. birgit jennen in our berlin bureau updating us on the modi meeting with olaf scholz. let's talk about with this meeting could mean for the oil market. let's bring in matt smith, lead oil analyst for the americas. there is some irony that with modi in berlin and berlin talking about ending purchases of russian oil that india may end up picking up those cargoes. how do you think it is going to work if europe was able to ban russian crude, where you think that crude would end up? matt: as soon as there is the
invasion of ukraine, we saw india picking up barrels. we saw a go again in march, we saw 7.5 billion in april, now we have 23 million barrels in may. it is clear india is picking up these deeply discounted barrels. going forward, the talk of this deal being done where they can pick up around half a million barrels starting in june, they would be the leading beneficiaries of any type of band. you are seeing some european countries pivoting away from russian crude. you are seeing others finding opportunity. your sing a pickup going into turkey. -- you are seeing a pickup going into turkey. that will be related to the
demand-side issues. there may also be waiting for a bigger discount before they start picking them up. gina: how does this ultimately balance out in price, or you have all of these moving parts come india may be buying more russian oil but europe considering an outright ban on oil. obviously u.s. producers reticent to ramp up the oil production. what is the price headed over the next 12 months? matt: the big concern for price will be a potentially recessionary environment because of inflationary concerns. in terms of demand, aside from the issues we have had with china, elsewhere the market has been fairly well supported. one thing we have coming through the next few months from the u.s. side of things, even if we
do not see a geographic pickup -- there is that double whammy coming through the spr release, 180 million barrels hitting the market over the next six months. india and china are unlikely to pick up all of the loss of that crude going into europe. all of that said, prices looked to be around the $100 mark, potentially higher, depending on the supply losses going forward. gina: -- guy: let me ask you a hypothetical question. if an indian refinery bought russian crude a discount and refined that into diesel and sold that diesel to europe, with that indian crude be indian crude or russian crude? matt: there would be no way for it to be able to be declared as russian crude being turned into
russian diesel. it is essentially not an issue. india is bringing in about 5 million barrels a day. the amount of russian crude it is bringing in is fairly small. it relies on the middle east and two thirds of the crude imports. it all of these different kinds of crude, from latin america, from canada, and the u.s., going into indian refineries and being refined and exported out. there's no way to be able to follow it to say this is indian produced diesel. there is no way to track that. gina: how do you see the sally's reacting to all of this -- how you see the saudi's reacting to all of this movement? matt: being as they are. they have kept quiet in terms of any type of commentary on this
and that should be the view we expect going forward. opec-plus is looking to put more production back on the market as demand rebounds. there is not likely to be a relationship with russia, so they are likely to go against them. we should expect to hear not only saudi but the other members of opec being silent on this matter. guy: does russian crude continue to trade at a discount, or as we start figuring out ways it can be sold india or china or wherever it ends up being sold, that discount disappears? matt: we still see that discount about $31. it has been in that region since the invasion. there is this expectation we should see it allowed -- around that level. as we get potential embargoes coming through from europe, we should see that discount blowout even further as more barrels become available and need to be
payment system helps consumers. qantas has revived a plan for the world longest nonstop flight, connecting australia with the east coast via new york and london. qantas will begin service from sydney in 2025. that is latest business flash. guy: going to be an interesting flight sitting in the back of the plane. thank you very much. let's figure out what is happening in u.s. markets. a bumpy session. kriti gupta, what is going on. kriti: a lot of selling. you can see that on the nasdaq 100. the selling is not necessarily indiscriminate. the pain is even the old guard names, semiconductors, anything that has a lot to do with that growth picture. if you look at some of the heavyweights, your microsoft, apple, amazon, the big names that tend to move the entire index, you can see divergence.
one of the big ones i want to point out is apple shares. as you see the antitrust pain, on, that is the conversation we have had with tech going back to the election on one abided administration might mean. this time the antitrust issues from the eu. consumer discretionary, you see the pain go away when you look at the broader s&p 500. when we are talking about defensive, it does not just mean the big tech names. that is the definition of defensive, broadening out just a little bit. guy: great stuff. thank you. i am fascinated to see where we close today. my good friend and colleague scarlet fu is moderating a panel right now at the conference. she is speaking with the ceo jane fraser and guggenheim scott minerd and a few more on that panel.
you can probably find it on live go. a great conversation in california. we will bring you more panels throughout the day. great conversation coming up. what else have we got coming up? eu officials holding a joint conference on the russian energy import story. we think that will happen sometime around the top of the hour. tomorrow we get eurozone ppi earnings. pfizer, lyft, starbucks, bp. more data in the form of factory orders and durable goods. plenty to focus on right there. i'm going off to radio. from gina and myself, this is bloomberg. ♪
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likely presidential candidate. >> to the world of business -- >> the underlying trend is 4% to 5%. i think it is a while before the fed can get this down. >> this is "balance of power" with david westin. david: from bloomberg's world headquarters in new york to our tv and radio audiences worldwide, welcome to "balance of power." speaker of the house nancy pelosi is in poland today, having faced in unannounced trip to ukraine over the weekend to meet with president zelenskyy. to bring us up to speed on what the white house thinks was accomplished by this visit, we turn to annmarie hordern at the white house. what was accomplished? annmarie: this was solidifying america's support for ukraine, especially now that we are getting the third month of the war. the highest-ranking u.s. official to set foot in ukraine since the invasion.