Bloomberg, Ukraine, Yasmin Fahimi discussed on Bloomberg Daybreak Europe


Trading in treasuries we are seeing yields here in Europe go a little bit higher that applies to the German ten year also to the UK guilt ten years so those yields going a little bit higher this morning. The dollar is flat to negative the Euro up around an 8th of a percent at one O four 30 despite concerns around global growth despite concerns around Eurozone growth in particular and the German element of that, the pound is up by two tenths of 1% at one 21 16. Cable listings. In particular and the German element of that, the pound is up by two tenths of 1% at one 21 16. That is Bloomberg business flash. Now, here's the anger and with more and what's going on around the world. Thank you, let's start in Europe, top German industries could face collapse because of cuts in the supplies of jerk Russian natural gas, according to the country's top union official, speaking to build, yasmin fahimi, the head of the German federation of trade unions, said gas, a shortages could lead to the permanent closure of the aluminium glass and the chemical industries, the comments come as German Chancellor and Olaf Schultz confirmed that his government is continuing talks to support gas giant uniper financially the largest buyer of a Russian gas in the country. Now to the war in Ukraine, Russia has declared full control of the city of alessi chunks with the invading army now exerting increasing territorial control over the eastern Donbass region. The Russian gains on the battlefield can be as Ukraine prepares to release more details on a proposal to rebuild the country at a conference in Switzerland, European Union officials say the 27 member bloc will contribute to the bulk of the financial assistance which is needed with the cost of reconstruction set to top €500 billion, and she Mayo says it didn't pay a $1 billion offshore note that matured yesterday, adding to a record wave of Chinese developers missing payments this year, the luxury builder says it also has it made payments for some other offshore debt as an in talks with creditors to come up with amicable resolutions. If that fails, shamir says its creditors can take enforcement actions. Global news 24 hours a day on air and on Bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. I'm Leanne gorons, this is Bloomberg, Anna. Thanks very much, Leigh Anne, now for today's chart chat, and we are joined by our very own data guru, Eddie van der belt. Eddie, good morning to you. Thanks very much for joining us. So talk us through your charts today. You're looking at paint a picture for us, paint a picture in the year. In the listener's mind, European gas storage is in focus for you. Yeah, absolutely. We're looking at a European gas storage. We comparing by how quickly it's filling up this year compared with previous years. Because that is all part of that German story that we heard. Now, what we saw was that there was a significant drawdown throughout the winter. And flows got to almost crisis levels, but the inflows of the beginning of the summer and early in the spring was, you know, it's very, very fast. We saw we saw storage filling up quite quickly compared with last year and previous years, and we sort of approaching levels that we've seen before. Now, terminal users can see this function by running the NIHR chat or for searching a natural gas in Europe in their terminal. And they'll see that that storage capacity is filling up a little bit. You mentioned this a bit Eddie but let's get into the nitty Gritty details. You talked about how this level compares with previous years. Break down those numbers for us. Yeah, absolutely. So I think that's the key thing. I think because we came from such a low level. The fact that we outstripped the pace of inflows at the beginning of the year, it's almost insignificant because we are only getting back to the average levels now. And we're seeing a little bit of a tapering off. We're seeing it flows coming in at more normal speeds. Early in the year, people were European gas traders were buying gas from anywhere that they can, right? But right now we are seeing the Russian gas flows slowing and they just not at the pace that they need to be. And that's going to be critical as we get to the late part of this year and we move into winter because during those times when we start with a drawdown, you need those flows from Russia to continue. And at the moment there's no sign that that's going to happen. Yeah, there's a lot of focus on what happens in the middle of this month then with this planned maintenance work of Nord stream two. So one of the knock on implications then for the broader European economy oil for the German economy and then beyond we were talking to cast and brisket ING earlier on, he was saying he's got just 1% growth penciled in this year, but they did seem to be downside risk to that estimate. I think it is definitely a headwind for you for European growth. We heard from the German industry saying that this is going to be aluminium glass and chemicals that are going to be heavily affected in Germany. But if you think of the number of industries which either use aluminium or glass or chemicals, and if they can't get hold, if we get another supply crunch, you know, the first thing that comes to mind is

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