Governing cancer member Giannis stone has told Bloomberg that the new tool to keep debt market turmoil at bay may not need to be used if markets believe in its power. Here's what he told us. I believe that there is a lot of truth in the idea that if we convince markets that this is going to be a strong tool, we might not need it at the end of the day. Have it on the shelf. I hope that will surprise markets only on the positive side. That's European Central Bank, governing council member Yanis strona speaking exclusively to Bloomberg there, the ECB has accelerated work on its so called anti fragmentation tool after a jump and Italian government yields in June. President Joe Biden says his administration is still discussing possible action on U.S. tariffs on Chinese imports. The comments come after U.S. secretary Gina romando told NBC's meet the press, she expects a decision shortly. The president is being thoughtful about this, unlike president Trump, those tariffs that he opposed made no sense. And so we are briefing him and I expect to make a decision shortly. And if he decides to lift certain tariffs, it will be because he knows he has to think about doing everything he possibly can to provide any relief to consumers. But he's going to do it in a thoughtful way that is strategic and also most important, most important to him and to all of us is without hurting American workers. That was U.S. commerce secretary Gina raimondo speaking, American labor unions and some top official support keeping the tariffs, but others such as US Treasury secretary Janet Yellen have argued for reducing the levees on Chinese goods to help curb the fastest pace of inflation in 40 years. Shanghai has reported its first case of the highly infectious BA 5 armor current sub variant of COVID. The financial hub will step up testing measures with residents in at least 9 districts being required to be screened twice this week. Officials are warning of very high risks as the growing outbreak in the city raises fears of a return to lockdown. The city reported 69 new coronavirus infections for Sunday, one of them outside of quarantine. Okay, those are our top stories. Now I mentioned we'd get more on the gas story in Europe, and it's been a worry for weeks, of course. Germany and its allies are bracing for Russian president Vladimir Putin to use the opportunity of maintenance on the Nord stream pipeline to cut off gas flows for good that maintenance starts today, takes about ten days so the question is whether the flow is turned off, turned on again at the end of that maintenance period, let's cross now to Berlin and join Bloomberg's burger yen and who has details for a so good morning burger. Moscow denies it is using gas as a weapon. Does anyone know what Russia will do here then, post the maintenance period? That is exactly the problem nobody really knows. The government is bracing for everything. They're bracing for the worst cuts in our that it might be cut off altogether 100%, but also it could be just a sort of 50%, 20%. It can also go back in full speed afterwards. So really, what has to be done at this present moment is that the government is setting up contingency plans. The plans for C for example that companies cut back their energy consumption and some kind of system operationing will be introduced and also that prices will be passed on to the consumer, but obviously the balance has to be striked because in the end all of these measures will have an immediate impact on the economy so there is massive fear of a deeper recession and how these packages are going to be designed will largely depend how big the impact is for the economy. The European Union energy minister is going to be meeting to discuss contingency plans for winter later this month. What could emerge in terms of plans at a European level? At the European level, I think they are discussing means of on the one hand, also appealing to the consumers to reduce consumption, and also to create a kind of new system of delivery of energy to Europe. Also, they are looking at in ways of how to get new resources, keeping up coal plants, which Germany is already doing, maybe also in other countries, or opening up LNG terminals. So they are looking at various means of on the one hand increasing energy and on the other hand, reducing the consumption. Burger, thanks very much. Yenin, let's get to the stocks we're watching this morning, Bloomberg sagarika, Jason garney joins us with the details. Sacagawea let me start with the banking sector and some news out of dance care that certainly weighing on their share price this morning. That's right. Good morning, Anna. Don't, which is, of course, Denmark's biggest bank cut is 2022 profit outlook after its trading operation and insurance unit will basically slammed by the surge in interest rates. The cut is another blow to the shareholders as just months earlier, the bank had said it wouldn't pay out further 2021 dividends as it ended talks with U.S. and Danish authorities to end its money laundering case. This, of course, goes back to 2018 since and the bank has actually been shoring up capital in expectation of what it has called material signs after its revealed in 2018 that it Estonian units had been used for years to learn the money from former Soviet states, including Russia. Okay, so that's the latest on Dan skirt. Airbus next. Seeing passenger growth slowing into the 2040s. That's right. So more bad news for the airline sector, essentially. So rising energy costs as we all know, could flow passenger demand in the coming years Airbus said in its latest market forecast. Overall, it still expects sales of new jets to climb as the pandemic effect