Ukraine, Russia, UN discussed on Bloomberg Daybreak Asia


Global news Well on one hand we've got talks between Russia and Ukraine and on the other heavy fighting around major cities Here's a Baxter Yeah thank you Richard you're right Russia gave civilians one road out of cave today as its forces meet heavy resistance effort to encircle the capital Russians are UN estimates that 500,000 refugees have fled Ukraine Bloomberg's and marine horndon says no resolution in talks today Obviously these talks at the Belarusian border did not yield any sort of ceasefire but potentially it is I guess one sign of optimism that there could be another talk And you in General Assembly met Ukraine standing member Sergei kiesle says no doubt Russia and Russia alone Started this invasion now facilitated by Belarus Yeah and says Putin hides in a bunker Russian ambassador to the UN vasili de benja through a translator blames the west For our western colleagues have shamelessly inundated the country with weapons have sent to the country instructors and effectively incited Ukrainians Meanwhile the news Titans even further on Russia's EU commission president Ursula von der leyen Titan's air restrictions Our airspace will be closed to every Russian plane And that includes the private jets of oligarchs too And he says the EU she says the EU is authorized the purchase of weapons to Ukraine for the first time which she says is a watershed moment Ukraine's president volodymyr zelensky has applied for membership in the EU turkey says it will now restrict the transit of Russian warships to the straits into the Black Sea Meanwhile UN secretary general Antonio Guterres says the talk of using nuclear weapons is inconceivable Nothing can justify the use of nuclear weapons He says the globe will not tolerate it The pressure in Hong Kong's dynamic zero policy is growing day to day the latest case count is over 35,000 and the government has changed plans as hospitals and isolation centers have hit capacity Patients with mild cases are no longer going to those facilities asked to isolate at home until they get two negative tests Now the problem is supply of home kits is limited Pharmacies and grocery stores are running short of other supplies and sing Tao is now reporting the mass testing will begin after March 17 and will most likely mean a lockdown U.S. CD CDC has raised its travel alert for Hong Kong by two levels citing high transmission In San Francisco I'm at Baxter This is Bloomberg our Bryan All right dad thanks 8 minutes past the hour Our guest Brett mcgonagall chairman and CEO at capital link Brett a lot of financial institutions are telling clients not to panic not to sell in judiciously here It doesn't really feel like panic People did come in bought some on the dips today But it does feel like Marcus want to go down So why not create some cash Yeah look I think do you always get this old prophecy you don't buy on the way up You don't sell on the way down You stick to your game plan I think that there's a lot of factors right now that are challenging some of those game plans I think that the obviously the instability and the fear that's going on in the market and uncertainty is driving some of that But the backdrop before the Russian invasion was not exactly one that people felt extremely comfortable with You saw some rattling of the foundation And it makes sense that people are raising cash at these levels here And looking for some higher vantage points to take advantage of putting it back into the market It's interesting to learn how you are looking at inflation and how has your outlook on inflation Brett changed with given what's going on with Ukraine and given how we've got again these commodities prices like wheat corn et cetera et cetera all being elevated now don't forget of course obviously the energy complex here as well Does it move the dial materially or this transitory pardon me using that word Yeah look I mean there's no doubt that this is a shock to the system both in wheat and some of the soft commodities and certainly in the natural gas and oil spectrum And all these things do stoke further inflation They're going to raise price levels and we're going to see supply issues Certainly in Europe and the U.S. and imports quite a bit as well And the bottom line is I think what you get to at some point is that you realize that these things are transitory in the sense of that they've been kind of seeing through because we understand where they're coming from Now at the end of the day what I think is going to happen is this gives some sort of a pause to an overly hawkish fed and will in fact allow some sort of time lapse between aggressive tightening So it will in essence I think probably give what I think is counterintuitive a pause to the hawkish cycle Bloomberg economics says that Russia is indeed in a financial crisis and is certainly heading into recession Is the Russian economy big enough to drag others down with it You know I'm not a Russian specialist by any means but I do know that we obviously and natural gas and oil are probably not probably They are the largest exports But I think from a global market perspective that supply can be substituted And certainly I don't think the rest of the connection points really shake any sort of a foundation certainly not.

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