for now, here is the first word news with vonnie quinn. vonnie: good morning. sweden is set to apply for memory shipping nato in a dramatic change for europe secured a landscape at russia's invasion of ukraine hasn't emboldened nations who have historically shunned nato. once the respective parliaments have signed off. >> this would be an historic moment. in nato, membership would increase our shared security. nato store is open and that aggression does not pay. vonnie: oh is set to offer solutions to avoid breaching sanctions at buying russian gas while clarifying vladimir putin's demands to pay in rubles. sources say the european commission will tell companies to make a clear statement that their obligations are fulfilled wants a player in euros or dollars. companies will be allowed to open accounts in russia's gas banks pretty chinese president has warned of an improper accumulation of wealth. previously unpublished remarks by common's party journal, he said china needs to expand the real economy and avoid mass joblessness. he warned of financial and propert

let's get to vonnie quinn. vonnie: that economist will be the first black woman on the federal reserve board of governors after winning senate confirmation. the vote required a tie-breaking appearance by kamala harris. republicans opposed her nomination, saying the professor has no experience of monetary policy. janet yellen says the u.s. economy would suffer if the supreme court limits women's access to abortion. she told lawmakers during a hearing that eliminating the right to access services would set women back by decades. >> i believe eliminating the right of women to make decisions about when and whether to have children would have very damaging effects on the economy and would set women back decades. vonnie: lawmakers are pressing jp morgan -- elizabeth warren and katie porter sent letters to the ceos of both banks demanding lists of clients betting on russian debt. they want to know if the bank could benefit doubt amir put in. -- vladimir putin. global news 24 hours a day, on air and on bloomberg quickt

let's get the first word news with vonnie quinn. vonnie: the u.s. treasury secretary has confirmed it is unlikely washington will allow moscow to make bond payments on its foreign currency debt. speaking in germany ahead of the meeting with g7 finance chiefs she set the sanctions on russia are effective. >> the sanctions imposed against the russian federation have already had enormous impact. russia's experiencing recession, high inflation, acute challenges in their financial system and an inability to procure the material and products they need to support their war or their economy. vonnie: china is six investigating a former pboc individual. he was removed from his post as head of the monetary policy on monday morning. the goldman sachs ceo says clients are preparing for slowing growth amid a drop in asset prices. he sees a 30% chance for next one to two years. he made the comments just months after his top deputies said the fed was not acting quickly enough to slow inflation. the galaxy digital founder has spoken on the terra ust meltdown, callin

let's get to vonnie -- this deal. that's get to vonnie quinn. vonnie: lloyd blankfein has urged companies and consumers to prepare for a recession. in an interview, he said it's not a certainty but there is only a narrow path to avoiding it. he added the federal reserve has tools to bring down inflation and has been responding well. >> do you think we are heading towards recession? >> we are certainly heading -- it's a high risk. there is a path, a narrow path, but i think the fed has very powerful tools, it's hard to finally tune them and see the effects quickly enough to alter it, but i think they are responding well. it is definitely a risk. if i was running a big company i would be prepared, if i was a consumer i would be prepared. vonnie: finland and sweden are set to apply for membership of nato in aid to medical -- in a dramatic change. the two nations have historically shunned military alliances. they will deliver formal applications at nato headquarters later this week. >> this would be a historic moment. their membership in nato would

let's get to vonnie quinn. vonnie: new zealand's central bank governor has defended the decision to tighten monetary policy. the period before a committee, they said it took enormous courage to be one of the first countries in the world to start raising rates. they have faced criticism for being too slow. the sec has added to its broad list of chinese companies that faced delisting. jd.com and billy billy joined those in the regulatory spotlight. the u.s. and china have been at odds over the policy for decades, and the sec is cracking down on firms that do not comply. antony blinken has postponed a key policy speech on china after testing positive for covid-19. we can, who is fully vaccinated and boosted will work from home. the department says blinken has not been in close contact with president biden for several days. sources say ndma restrict exports after severe heat wave damage crops. the hottest march on record hurt the harvest the world is relying on to alleviate a global shortage triggered by the barney

vonnie: and vonnie quinn with the first word headlines. india's perimeter director the government -- india's supreme court upheld the government's vaccine policy was suggesting it review restrictions on the unvaccinated. that means data on our past and future vaccine trials must be disclosed in the public. generally has plans to invade the indian prime minister to the g7 summit in june, part of an effort to grow global alliances against russia. chancellor scholz posted him for talks in berlin on monday. india's leader did not confirm his plans to attend. new zealand's government will raise its debt ceiling and set a target for budget surpluses allow for more investment in infrastructure. the country's finance minister said surpluses will be kept within a band of 0% to 2% of gdp over time. the budget is set to return to surplus by 2025, a year later than originally predicted. the european union will seek to step up cooperation with african countries to help replace imports of russian natural gas. and draft document seen by bloomberg news sa

now to vonnie quinn. vonnie: president biden has offered support for finland and sweden's bid to join nato. he met with the prime minister's at the white house a day after they applied to become members. the country's most first broker an agreement with turkey which opposes their bids. >> this is about the future. it is about a revived nato that has the tools, resources, clarity, conviction to defend our shared values and lead the world. vonnie: china is seeking to replenish its oil reserves with cheap russian oil. beijing is in talks with russia to buy additional supplies. russian crude prices have tumbled as buyers step away. u.s. treasury secretary janet yellen is rejecting the idea of the fed and other central banks boosting their inflation targets. she is in germany meeting gus -- governors. the u.s. had been aiming for 2% but consumer prices have been running at an annual rate of 8%. canada has banned huawei and z te from its wireless networks over national security concerns. is this is that had ins

vonnie: you are watching daybreak australia. i am vonnie quinn. china's premier li keqiang says the country is facing economic difficulties much worse than at the start of the pandemic in 2020. his emphasis on growth is seen as an acknowledgment that china could find it tough to meet its target while remaining committed to resident xi's covid zero policy. the ukraine's foreign secretary said peace negotiations with russia are going in his words "nowhere." he compared moscow's offensive in the eastern donbass region to a world war ii battle, saying, quote, "when you are conducting an operation like this, you basically say no to negotiations." the 18-year-old man who opened fire on a texas school reportedly warned about his plans on social media. the attack killed 19 children and two adults. officials suggest salvador romas posted on facebook his plans to shoot his grandmother and also target the elementary school. facebook's parent meta says the messages were private and only discovered after the attacks. pakistan's arrested premier imran khan has

for now, let's get the first word news with vonnie quinn. vonnie: good morning. vladimir putin has issued a warning to finland and sweden. he says the decision will produce a response. ukraine's foreign minister has ruled out potential concessions to russia. he says the eu faces moral failure if it does not approve candidacy. >> this is the moment for europe to take itself to the next level by granting candidacy. vonnie: shanghai has reported no new infections for the third consecutive day. it's a crucial milestone authorities say will allow unwinding lockdowns. the city reported 823 infections monday, down from 938 on sunday. officials previously set a target of meeting the milestone by may 20. north korea says it is deploying army to issue medicine as it battles what it's calling and outbreak of -- state media says more than 269,000 cases were reported monday. earlier, kim jong-un blamed officials who failed to execute orders. the takeover of chelsea football club is said to have set a snag. disagreements are emerging over $2 billion in debt owed to the current

i'm vonnie quinn. this is bloomberg. haidi: let's take you to the u.s. senate floor, where voting is continuing for the confirmation of the remaining two of president biden's fed picks. that's jerome powell for another term, and philip jefferson as governor. the senate has enough votes to confirm fed nominees philip jefferson with the vote ongoing. we have seen absences due to 19 cases among democrats in the evenly divided u.s. senate, having delayed the confirmation vote. but we do have enough votes to confirm jefferson. he would become just the fourth black man to join the fed's board. he had unanimous support from the banking support -- banking committee. powell was opposed only by elizabeth warren, a progressive democrat. of course we have seen a commitment from all three of president biden's fed nominees. still ahead, sri lanka set to name a new prime minister and cabinet this week. we discussed how that could change the course of the debt crisis as global investors selloff dollar bonds. first, st

vonnie: u.s. seeking to raise pressure on russia by letting a sanctions waiver expire on out then cash flows. thanks individuals will be barred from excepting funds from russia's government. bondholders outside of the u.s. may still be able to receive russian coupon payments. analysts say allowing the waiter to expire raises the chance that russia will fault. sri lanka has chosen -- financial advisors. debt restructuring efforts key to a bailout from the imf, however the government has not appointed a finance minister to lead talks with global creditors. sri lanka suffered its first default last week as the governor struggles to stay eyes to the economy. president biden has called for a new restriction on firearms after a gunman killed 19 children and two adults at a texas elementary school. police reportedly killed the attacker at the scene. he has been identified as an 18-year-old man who was armed with a handgun and possibly a rifle. >> as a nation we have to ask when in god's name are we going

i'm vonnie quinn and this is bloomberg. shery: we will speak with one of the biggest banks after it posted in earnings beat. we are joined exclusively to discuss that and the outlook this is bloomberg. ♪ >> wednesday, a bloomberg exclusive. jp morgan chairman jamie dimon's weeks with francine lacqua live from the jp morgan ceo summit in london only on bloomberg ev and radio. -- tv and radio. haidi: anz's tops profit estimates and the australian economy recovers from the pandemic. there is still competition for loan growth despite pressure easing when it comes to margins. joining the is shane elliott, ceo and create to have you with us. congratulations on those numbers. can i start with a broader macro question? the rba with the 25 basis point hike. what is the start of the tightening circle mean for your business? does a change for growth and conditions? what is the rba trying to signal here? >> it changes the outlook and we have been through quite a significant point. it is quite a big pivot. we are talking about a new w

i'm vonnie. this is bloomberg. haidi: coming up next, on top of managing supply chain disruptions from the lockdown in china. we have that interview, next. this is bloomberg. ♪ haidi: the rbs surprised hawkish is well set up with secure long-term funding. the managing director and ceo spoke exclusively here at the australia conference. >> we locked and a lot of long-term funding, eight-year to 12 year funding with sustainably linked bonds last year. that has sure the balance sheet up will end given us a strong balance sheet through which to invest in a number of initiatives that we have across the group. haidi: what about the demand when it comes to households? >> we're seeing inflation fairly widespread that has been there for some time. in the latest announcement today, we have interest rates going up. certainly no surprise that we are seeing interest rates go up all over the world. the australian consumer is in pretty good shape. unemployment levels are low. household's are sitting on relatively high levels of

i am vonnie quinn. this is bloomberg. >> coming up, citigroup saying is london trading desk was behind a flash crash in european equities. details on that story on the way next. this is bloomberg. ♪ haslinda: welcome back. china's covid zero strategy has many factories across the globe scrambling to move out of china. it is not an easy process. the milken institute global conference here in l.a. >> i think the most interesting piece is our clients are telling us and they are helping -- we are helping with supply chain. you do not want to have a single source of dependency and when you're trying to build up, just in time becomes just in case. it is very hard to move away from china. and we are seeing that her chinese imports have been rising despite everything. scale, efficiency and they are very very good at a lot of what they have done. they take footwear. i'm a mother of teenagers. they care about their footwear. it will take five to ten to move that supply chain from china to india. why is that? sc

first word news with vonnie quin. vonnie: opec and its allies sticking with their standard small monthly production increase in the face of tightening global markets. consumers are calling on saudi arabia and partners to fill the gap left by a potential eu ban on russian oil. the latest brief meeting rubberstamped another 452,000 barrel a day increase for june. top leaders warned against the covid zero strategy. in a meeting led by president xi jinping, the committee reaffirmed the commitment to the lockdown depended approach. it also said authorities are making progress for china's worst outbreak since the first in wuhan more than two years ago. germany says it's ready to help eastern european nations wean themselves off of russian energy sources. the largest economy is pushing ahead with plans to substitute russian oil and build up infrastructure to import lng. the pledge was made after discussing resource sharing with the prime minister of czechoslovakia. the covid-19 death toll climbed to over 15 million and its f

i'm vonnie quinn. this is bloomberg. haidi: still ahead, the australian industry group joins us to discuss the country's upcoming federal election what victories could mean for business. first, high valuations, high inflation and a fed hiking cycle are a mess up he -- are a recipe for market gyrations. this is bloomberg. ♪ haidi: key eco-data, more earnings, and major chief political events are high on the agenda this week. could help paint a dire picture of the impact of strict lockdowns on economic activity. we will be getting gdp prints out of the euro zone and japan. in hong kong, the government enters phase two of their plan to ease restrictions this week. back to china, where the pboc decides to loan primaries -- also watching for tencent numbers. shery: a big we can geopolitics. g7 finance ministers and central bankers gather in germany wednesday. we also get the eu's plan for funding reconstruction, and details on how the region plans to cut dependence on marshall energy. president biden also visiting asia litt

i'm vonnie quinn. this is bloomberg. ♪ rishaad: all right, were going to get you now to a tapping in the inauguration ceremony being held for the new south korean president. this is taking place in the capital there. this does come as he has been at the moment promising a hard line on the north korea there as well. he wants supreme leader kim jong-un promising to expand his nuclear arsenal. so that's the scene at the moment. with the inauguration of a new president. haslinda: still ahead on bloomberg markets asia, we focus on the philippines election results and the market impact. the ceo of the stock exchange joins me later this hour, but first, the president of the filipina national bankshares what reforms he wants to see from the new government. keep it here with us, this is bloomberg. ♪ >> the voice of the people is becoming clearer. for the sake of the philippines, we need to listen to this voice, because in the end, we share one country. >> if we are fortunate, i will expect that your help wi

on vonnie quinn. this is bloomberg. shery: still ahead, the american apparel and footwear association joins us to discuss the hotter than expected u.s. inflation print and what it means for businesses and their supply chains. first, risk-off sentiment continues to prevail in markets following the cpi print. we talk investment strategies next. this is bloomberg. ♪ this is bloomberg. ♪ >> these numbers obviously are too high. >> the fed is walking a significant tight rope. >> they are going to have to be a lot more tolerant of high inflation for a while. >> the market is overpricing with the fed is going to do. >> the market is pricing in that the fed will have to hike more. >> we are expecting a 50 basis point increase at the next meeting. >> may be put that 75 basis point increase back on the table. >> ruling out greater than 50 basis point moves, why rule anything out in the early innings? >> if they go by another 50 basis points in june, another 50 in july, that is a lot of tightening over a couple months. >> what

let's get you to vonnie quinn with the first word headlines. vonnie: thank you. president biden has offered support for finland and sweden's bids to join nato. he met the finish president and swedish premise are at the white house at after they applied to broker agreement with turkey which opposes bids over claims they back militias. >> this is about the future. it is about a revived nato that has the tools and resources, the clarity and conviction to defend our shared values and lead to the world. vonnie: china is seeking to replenish strategic reserves as chief russian oil is strengthening energy ties with moscow as europe works to ban imports. sources tell us beijing is in government level talks with russia to buy supplies with little direct involvement from oil supplies. russian supply prices have tumbled as buyers avoid being swept up in financial sanctions. indonesia has lifted a ban on palm oil exports in a move that would bring relief to the global market after the war in ukraine choked off critical supplies. president says shipments can resume from may 2

let's get over to vonnie quinn. vonnie: thank you. opec and its allies are sticking with their standard small monthly production increase in the face of tightening global markets. consumers are calling on saudi arabia and its partners to fill the gap left by an eu ban on russian oil. liz meeting brought it down to four to 22,000 barrels a day in greece for june. china's leaders have warned against questioning the country covid zero strategy. in a meeting, the standing committee reaffirmed its commitment to the approach. it also said authorities are making progress towards overcoming china's worst outbreaks since the first wave in wuhan two years ago. japan's prime minister said he loosened the virus-related border controls next month, aligning them with those of other g-7 nations in a did to boost consumer spending. he said later the border will be opened in stages based on the advice of experts. there he allison is among well-known investors agreeing to back elon musk's acquisition of twitter. crypto exchange finance as well as brook

vonnie quinn. >> thanks. morning. japan's economy shrank in the first three months of this year as import cost outweighed gains, and covid restrictions it consumer spending, gdp contracting 1% in the quarter there march, better than estimates that 1.8%. import cost were affected by the war in ukraine and the weakening currency. japan's cabinet has approved an extra budget of $21 billion to help households and businesses cope with higher prices as part of a broader package of measures aimed at easing the impact of inflation. the money may support the boj easing plans, despite the weakening currency. figures due wednesday are expected show japan's recovery is stalling. the dow jones reports flight data shows that someone in the cockpit intentionally crashed the china eastern jet earlier this year. the 730 seven was at high altitude when it nosedived into a mountain. citing sources close to a u.s. investigation, there are reports that no mechanical issues were found with the plane. all 132 people on board were killed. ch

i am vonnie quinn, this is bloomberg. >> still ahead, we will be speaking to the business association of australia to talk about how they will think employers -- how the economy will affect employers. this is bloomberg. ♪ >> we are seeing a lot of headwinds. >> notably lower growth. frustratingly high inflation. >> stagflation is toxic for traditional assets. >> is it a soft landing? is it stagflation. >> it became a growth scare is where -- as well. >> whether we get something worth depends on the soft landing debate. >> the fed is trying to spread a myth blindfolded. >> there are so many headwinds. >> most investors are anxious about a potential recession. our next guest says maybe the u.s. can avoid one. let's bring andy chief investment officer -- kim, as an expert, it is so easy to sit and opine. we will probably have it because nobody knows and the fed does not know. what would you have to see happening now that we are in the future to make your may bet on nova session -- nova session -- no recession happening? >> i am looking to have things going right. prices are one thing.

i'm vonnie quinn. this is bloomberg. haidi: still ahead, a hong kong businessman and lawmaker says the city's incoming chief executive may negotiate better with beijing then past leaders have. we will discuss why. plus, after the fed's hawkish turn, investment group says the risk of a recession is rising. that is just ahead. this is bloomberg. ♪ >> stagflation is toxic. >> equities by themselves are not a safe place. >> not safe because you lock in a negative real yield. >> there is no safe haven in this marketplace. >> big struggle for investors. >> incredible levels. starting to fray at the edges. >> hard to get a handle on what exactly is going on. >> investors are looking for diversification. >> we are in a stagflationary environment. >> we are >> on the cusp of that. >>people are negative. >> the reality is there is little risk appetite. haidi: guest on bloomberg tv. our next guest is stock market valuations getting back to reasonable levels as long as earnings do not fall apart. he is the director of investments

i am vonnie quinn. this is bloomberg. shery: still ahead, the labour party leader anthony albanese, such to be sworn in as australia's next prime minister. shery: let's look at the major events in the week ahead. the world economic forum is underway in davos, the first in person gathering incident since the start of the pandemic. it comes at a time of massive economic uncertainty. one clue will be the fed minutes on wednesday along with policy decisions in new zealand and south korea. tac will be in focus amid th ctor's $5.5 trillion wipeout. and elon musk will diminish twitter at the meeting this week. we will also get earnings from alibaba and nvidia. haidi: as we know, calling a bottom inditex meltdown is not easy -- in the tech meltdown is not easy. that is in line with long-term averages. analysts say the fall in the evaluations and extreme bearish sentiment could mean there is light at the end of the tunnel. investors will also be weighing in australia the labour party victory in the elections this weekend. and the

i'm vonnie quinn. this is bloomberg. ♪ shery: still ahead, regal hotels partners with sandbox for an investment in the digital space. the outlook for hospitality and real estate. first, the meltdown of terra, underscoring the risks associated with crypto. that is next. this is bloomberg. ♪ >> i would characterize it at this scale is a real threat to financial stability that is growing very rapidly, and they present the same kind of risks that we have known for century in connection with bank runs. shery: the u.s. government's most forceful sponsor yet to the meltdown of terra. let's get the latest with our bloomberg cross asset editor. how does terra affect investors via stable going -- stable going -- stablecoin. >> it is making everybody reconsider. the ecosystem relies on a lot of stablecoins to get into and out of the crypto ecosystem. but it is making people think what an algorithm stablecoin really is and making people rethink the larger stability of the crypto ecosystem, so it is really some

a teeth fellow, kremlin critic, alexey no vonny, also lives dangerously. a new film about putin's nemesis has all the hallmarks of a political thriller and my message for there, ah station when i am kilt is very simple, not give up. what would he want to say to his followers if he's killed? that's the chilling question. canadian filmmaker daniel roar, asks russian opposition leader alexis vonny in this compelling documentary that has all the elements of a thriller. the story begins on august 22nd 2020. when a seriously ill alexia vonny was brought to berlin's shahita a hospital. his wife accompanied him from russia to germany. lab results confirmed that he been poisoned with a deadly russian nerve agent. miraculously, nevada survived the volley was in the black forest of southwestern germany recovering from the attack. when daniel wor, 1st met him, the scene itself was extraordinary, was almost out of the film. it was grey and misty with these fields that had the sort of ash in sense. and then of only himself amongst the serb grade. tonality is this bright

let's get to vonnie quinn. >> china's top officials for pandemic control is raising pressure on the capital contain its latest covid outbreak, signaling harsher restrictions. chinese vice premier urged authorities in beijing to stick to covid zero and stop the virus's community spread. a teenage gunman has killed 14 students and one teacher in a texas elementary school. governor greg abbott says they killed the shooter, and 18-year-old armed with a handgun and possibly arrival. two officers were also shot but not seriously hurt. the attack in a town west of san antonio is the deadliest school shooting in more than four years. they are seeking information on the killers motives. the u.s. is seeking to raise pressure on russia by letting key sanctions expire and outbound cash flows. starting wednesday american banks will be barred from excepting funds from russia's government. analysts say allowing the waivers to expire increases the chance russia will default. treelike has chosen -- sri lanka has chosen -- the d

i'm vonnie quinn. this is bloomberg. rishaad: right, let's tell you what we've got coming up on bluebird markets. evolution mining ceo with an exclusive interview looking at the outlook for gold. but next, more coverage from the global conference. indonesia's investment authority chief executive joining us to discuss their investment strategy. this is bloomberg. ♪ >> returns are going to be a lot lower and we are going to have to work very hard for our clients to find those opportunities. >> most families in the united states are having an incredible run. we are seeing double digit rent growth almost across the country. and it is not letting up rude and it is a big component of inflation across counties. >> cities for example, talking last year and you're right, there is -- is becoming even more difficult during the pandemic. >> we have been able to attract unique talent with global propositions and also because we have unique leverage points, such as the way that we bring our strategic partnerships and helping our com

the story begins on august 22nd 2021 is seriously ill. alexi vonny was brought to berlin's shockey tay hospital. his wife accompanied him from russia to germany. lab results confirmed that he'd been poisoned with a deadly russian nerve agent. miraculously, nevada survived the volley was in the black forest of southwestern germany recovering from the attack. when daniel wor, 1st met him, the scene itself was extraordinary, was almost out of the film. it was grey and misty with these fields that had the sort of ash and sat and then of only himself amongst the serv grade tonality is this bright light. who was funny and charismatic. he was very engaged with the filming processor for his performers. every theatrical the film followed nevada only for months. investigative journalist group bellingham soon found documents proving that no volley had been poisoned on route from siberia. with nova chug, a nerve agent developed and produced at moscow state research institute. it's been used against putin's enemies world wide. the names and faces of novalis suspected poison ers were identify 2 memb

a teeth fellow, kremlin critic, alexey no vonny, also lives dangerously. a new film about putin's nemesis has all the hallmarks of a political thriller and my message for there ah, situation when i am kilt is very simple, not give up. what would he want to say to his followers if he's killed? that's the chilling question. canadian filmmaker daniel roar, asks russian opposition leader alexis vonny in this compelling documentary that has all the elements of a thriller. the story begins on august 22nd 2020. when a seriously ill alexia vonny was brought to berlin's shahita a hospital, his wife accompanied him from russia to germany. lab results confirmed that he been poisoned with a deadly russian nerve agent. miraculously, nevada survived. the volley was in the black forest of southwestern, germany recovering from the attack. when daniel wor, 1st met him, the scene itself was extraordinary, was almost out of the film. it was grey and misty with these fields that had the sort of ash and sat and then of only himself amongst the serb grade. tonality is this brig

i'm vonnie quinn. this is bloomberg. shery: still ahead, and interview, the ceo joins us to guess the company's latest earnings. plus, why j.p. morgan does not see a 75 basis point fed hike coming in the near term. this is bloomberg. ♪ >> we have seen the beginnings of a scare. >> are fragile global recovery. >> time for inflation to come down. >> and increase in airfares. >> the shift between goods and services. >> this is outrageous. >> we will have to see the fed react. >> 50 basis points in june and july. >> we step back and look at the whole picture. >> we are fighting and inflation battle on two fronts. on the other hand, we have continued limitations of supply. >> you have a growth scare happening. >> a lot of conflicting signals. shery: some of our experts on the growth scare inflict in the markets. haidi: joining us now is joyce chang of jp morgan. what do we need to see before's come down a bit? >> inflation in the u.s. could be close to peeking, but it has been going up and the rest of the world. the questio

vonnie: the u.s. is seeking to raise pressure on russia by letting a key sanctions waiver expired starting wednesday americans will be barred from -- from russia's government. analysts say allowing it to expire raises the chance that russia will default. global news 24 hours a day on air and on bloomberg quicktake powered by 2700 journalists and analysts in 120 countries. i am vonnie quinn. this is bloomberg. shery: we are watching the latest alerts on north korea. we are hearing that south korea will convene an emergency meeting as reporting -- as they are reporting that north korea fired three ballistic vessels. military officials saying the ballistic missiles fired were from pyongyang. this of course comes off the back of president biden's first trip to asia since taking office. also on the back of the meeting where president biden met the leaders of japan, india, and australia. we are heaing -- hearing more noise from paul yang saying that the second missile landed outside japan's e.e.z. south kor

i am vonnie quinn, this is bloomberg. caroline: still ahead we will have more on prunes address, why the leader could be -- putin's address why he is signaling that the war could continue for a long time. these current -- a long-term opportunity for investors, more on that next. this is bloomberg. ♪ >> stagflation is toxic for traditional assets. >> equities by themselvesplace -- by themselves is not a safe space. >> there is no safe haven in this marketplace. >> is a big struggle for investors. >> liquidity is afraid the edges. >> is hard to get a handle on exactly what is going on. >> investors are looking for diversification. >> we are on the cusp of that. >> people want to play defense right here. >> people are negative. >> the reality is there is very low risk appetite. >> some of the earlier guest on bloomberg tv, let's bring in our next guest that said the market is getting oversold. ceo and cio, always good to have you with us, you are calling this a longer-term as a gathering market, what are you at -- gatherin

i am vonnie quinn. this is bloomberg. juliette: thanks. , we speak to marriott international after their recent earnings call. there are seeing a large surge in global travel demand. rishaad: first, markets weighing the risks of high inflation and disappointing earnings results, examining all that. ♪ another crazy day? of course it is—you're a cio in 2022. so what's on the agenda? morning security briefing—make that two. share that link. send that contract. see what's trending. check the traffic on your network, in real time, with the next generation in global secure networking from comcast business. lunch? -sure. you've got time. onboard 37 new people, with 74 new devices. does anybody have any questions? and just as many questions. shut down a storm of ddos attacks. protect headquarters and the cloud. with all your data on the nation's largest ip network. whoa, that is big. ok. coffee time. double shot. deal with a potential breach. deal with your calendar. deal with your fantasy lineup. and then... that's it? we

here is first word news with vonnie quinn. >> thank you. fed chair jerome powell has reiterated the central bank is likely to raise interest rates by 50 basis points at each of its next two meetings. he said the fed is preparing to do more to control inflation, though achieving a soft landing would be quite challenging. he won senate confirmation with an overwhelmingly bipartisan vote. beijing denies the city will be locked down, while urging people not to hoard food. the municipal government says it will conduct three rounds of mass testing over the weekend. it's total affections since april are nearly 1000. germany accuses russia of using energy as a weapon as gas prices dropped. it is suggested because is over the war in ukraine. germany's minister says that amounts to only 3% of gas imports. south korea, japan, and the u.s. have condemned the latest weapons test by north korea, three short range ballistic missiles, on thursday. south korea inaugurated its new president and joe biden will visit the region incoming today's. meanwhile, the

i'm vonnie quinn. this is bloomberg. >> next, didi has secured the blessing of shareholders to delist from the new york stock exchange as a symbol of china's crackdown on the tech industry. we get the details and what comes next. this is bloomberg. ♪ >> a check on after our movers in the u.s., companies that rely on digital advertising falling this after snap warned it would miss second quarter forecasts amid deteriorating macroeconomic trends. didi securing the blessing of shareholders to delist in the u.s., capping an 11 month ordeal . let's get more from bloomberg's asia tech executive editor peter elstrom. walk us through the process that allows didi to proceed with this delisting. >> so this vote on delisting is not really a huge surprise. but the very short life of didi as a public company has been a huge surprise. it went public 11 months ago in june. everybody thought this was a great hope for china's technology industry who was supposed to take its place alongside uber and other big ride-hai

let's get to vonnie quinn with the first word headlines. vonnie: thank you and good morning. european union energy ministers are tempted to seek a united front against russian demands. poland's finance minister is calling for an embargo on russian gas. the e.u. is hoping to gradually phase out imports of russian oil but hungary has indicated it may veto the move if it happens to quickly. meanwhile the european union will seek to step up cooperation with african countries to replace imports of russian natural gas. a draft document says countries including nigeria, senegal, and angola offer untapped potential. the bloc aims to reduce reliance on russian supplies by two thirds. germany has confirmed plans to invite the indian prime minister to a summit in june as part of an effort to grow the global alliance against russia. the chancellor has modi for talks in berlin on monday. he didn't mentioned the invitation in a statement. india's supreme court has directed the government to -- give results on covid vaccine trials and rues people cannot afford inoculations. . while asking i

i am vonnie quinn. this is bloomberg. haidi: despite encouraging signals from chinese leaders, tencent is warning that beijing's lengthy regulatory crackdown on the -- on the industry will take time to wind down for it they posted their slowest revenue growth on record. for more let's bring in stephen engle from hong kong. what is tencent saying about the regulatory overhang, and perhaps that investors should not be getting adam themselves? -- getting ahead of themselves. stephen: that's right. there was a lot of optimism after the vice premier added to previous comments from senior chinese leaders the platform economy is critical to the new emphasis in the chinese economy given the covid outbreak and that is employment and of course growth. that gave a lot of optimism but it was short-lived as we saw as well. the tech rally peter doubt -- petered out, lasting about a single day. and the tencent adr got caught up in the overall wall street selloff last night. there has been extreme volatility in tencent shares, but it is

now here's vonnie quinn with first word news. vonnie: thank you. jp morgan ceo thinks the fed should have moved faster in raising interest rates. jamie dimon says the u.s. economy is very strong and he sees a one third chance of the transactions leading to a soft landing. also, the same chance for a mild recession. >> business is in good shape. the fed is going to have to raise rates. they are going to slow down the economy about 8%. i wish them the best. we are a little late. two years ago, we had 15% unemployment and no vaccine. we have to take a deep breath and give it a chance. vonnie: new zealand central bank governor has defended the decision to tighten monetary policy ahead of many peers. she said it took a norma's courage to be one of the first countries in the world to start raising rates. he has faced criticism for being too slow to respond to inflation pressures. chinese tourism travel and spending limited over the labor day holiday. the covid zero restrictions and fears of infections cap people at home. tori is spending over the vacatio

vonnie quinn has the first word headlines. vonnie: china's main bond trading platform for foreigners has quietly stopped providing data on the transactions. sources say the china foreign exchange trade system last published overseas investors daily trades on may 11 with data showing sizable net foreign outflows. it is unclear why the platform stopped releasing figures and whether the move is temporary or related to shanghai's lockdown. the biden administration is poised to fully block russia's ability to pay u.s. bondholders, a move that could push moscow closer to the brink of default. bloomberg has learned the treasury department will let a temporary exception lapse once it expires next week. that waiver gave russia room to pay coupons to help default on -- avoid default on government debt. japan has approved an extra $21 billion help cope with higher prices. spending is brought -- part of a broader package of measures to ease inflation. it is part of the boj's easing plans despite the week yen. numbers are expected to show

i am vonnie quinn. this is bloomberg. kathleen: still ahead, with energy security in focus more than ever around the world we speak to one ceo of about how his company uses gravity to store large amounts of power. ahead of that, rising inflation across the globe is taking a toll on emerging market bonds. we will discuss investment strategy with alliancebernstein. this is bloomberg. ♪ gs the way you want—your team, ours or a mix of both. with the nation's largest ip network. from the most innovative company. bring on today with unbeatable business solutions from comcast business. powering possibilities™. >> we are seeing a lot of headwinds>>. >> really huge woodwinds. >> we will see frustratingly high inflation. >> the very intelligent growth inflation rates. >> stagflation unfortunately is the baseline. >> stagflation is toxic for traditional assets. >> is it a soft landing, recession, is it stagflation? >> it started out as the inflation scare. >> the biggest concern is inflation. >> then it begin a growth scare. >

i'm vonnie quinn. this is bloomberg. rishaad: just taking you through the data here in hong kong and it is the new hong kong chief executive elect. we also have outgoing leader carrie lam as well. we're going to be seeing what john lee has to say and some of our subscribers can watch that speech when it begins live on the bloomberg terminal. haslinda. haslinda: as we have been reporting, we have voting in the philippines. and with the son of the dictator , ferdinand marcos, leading in the polls. what could this mean? we speak to bdo unibank chief market strategist, jonathan ravelas. on a longer-term basis, this might be something you have to buy. jonathan: we have really turned the corners since 2020. after growing at 5.6% in 2021, we are really on the road to recovery. the revised numbers are now at 5.7%. manufacturing numbers through the pmi are already looking good at 64.2, which is much higher compared to levels of 2020. what we are waiting for right now is how well the new administration address the shee problem. th

i am vonnie quinn. this is bloomberg. >> ahead, g7 leaders committed to banning imports of oil from russia. for some the measure is still half-baked. plus, why he says the fed should bring discipline to decision-making. this is bloomberg. >> i think the fed's actions were reasonable up through the middle of the summer through the summer of 2021. i do think that by september it was becoming clear that this was not primarily a supply chain disruption driven inflation. it was an overstimulated demand driven inflation. that -- at that point, in hindsight, i think it would have served the fed well to move in september. it's very difficult to determine that at that point. but in hindsight, that is how they should have moved. >> former fed governor randal quarles there. we are getting a key u.s. cpi wednesday after the fed world market last week. let's look at the main events in the next few days. it is victory day in russia. the anniversary of the german surrender may 9, 1945. in ordinary years and the date i

i am vonnie quinn. this is bloomberg. rishaad: we have the inflation numbers hotter than expected. we also have the stimulus program out of china that is not likely posed to be able to wake the economy from its doldrums like it did before after the great financial crisis. beijing persisting with lockdowns in pursuit of it zero covid policy. let's put it together with enda curran. how do you get a picture of what is happening? it looks inflationary but if you strip out energy and food, it is a lot more than anticipated. enda: when you consider what is happening globally, we have a synchronized global slowdown, central banks are spending, but china is supporting their economy and on paper it might be going for the rest of the world, but this time it is different for two reasons. first of all, it has turned -- 4 trillion plus on the unlimited bank credit back then, but there was also 20 where china slowed down compared to the rest of the world. rishaad: it is bigger than the other thing, which is that the stimulus is less than they had before. enda: this time around, quite currently n

let's turn to vonnie quinn. vonnie: opec and its allies are sticking with their standard small monthly production increases. international consumers are calling on saturday -- saudi arabia and its partners to fill in the gaps for a potential eu ban on oil. china's top leaders have warned against the covid zero strategy. the committee reaffirmed its commitment to the lockdown dependent approach. it also said authorities are making progress toward overcoming china's worst outbreak since the worst wave in wuhan two years ago. japan's prime minister says he will loosen the border controls next month along with other g-7 nations in an effort to boost consumer spending. he credits the border restrictions for helping the country whether the pandemic. he said later, the border would be open in stages a's on the advice of experts. a millionaire is among investors agreeing to back elon musk takeover of twitter. others have given new financing commitments totaling $7.1 billion. a saudi prince has agreed to roll over his cu

i'm vonnie quinn. this is bloomberg. ♪ >> coming up -- with key u.s. cpi data due out wednesday, we will get the outlook of what it could mean for the bond markets. our next guest says correction does not mean a recession is on the horizon. that is just ahead. this is bloomberg. ♪ ♪ >> we have seen quite a big correction. >> it's been really traumatic. >> de-risking across the complexes. >> the sentiment is incredibly bearish right now. >> we have seen a huge absorption of a lot of worrying for investors. >> we are starting to see some forms of capitulation. >> we have not seen a capitulation move, the question is where do we go from here? >> today could be one of those dead markets. >> there's still a great deal of uncertainty about the near term trajectory. >> we are sort of waiting to see here. >> a tradable rally, is it likely the next few months? >> sure does. >> we are starting to get closer to the bottom. >> may be what we should be doing is looking at our shopping list, and buying some th