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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: This is the Bloomberg Daybreak Europe podcast. Good morning, It's Wednesday,

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Speaker 2: the eighth of April. I'm Stephen Carolyn London. Coming up today,

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Speaker 2: The United States, Israel, and Iran agree a two week

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Speaker 2: ceasefire in exchange for Tehran reopening the Strait of Hormuz.

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Speaker 2: Oil prices plunge as shipowners look to extract more than

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Speaker 2: eight hundred vessels trapped in the Persian Gulf. Plus Vance

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Speaker 2: picks a fight with Europe. The US Vice President accuses

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Speaker 2: the EU of meddling in Hungary's election. Let's start with

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Speaker 2: a roundup of our top stories. The United States and

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Speaker 2: Iran have agreed to a two week ceasefire, halting a

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Speaker 2: war that has left thousands dead and sparked a global

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Speaker 2: energy crisis. President Trump announced the pause and hostilities on

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Speaker 2: social media, saying that it's subject to Tehran reopening the

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Speaker 2: Strait of Hormuz. In a statement, Iran's Foreign minister Abbasaradji

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Speaker 2: said that safe passage through the key shipping lane would

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Speaker 2: be possible for a period of two weeks in coordination

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Speaker 2: with his country's armed forces. According to a source who

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Speaker 2: spoke to the Associated Press. The ceasefire plan includes allowing

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Speaker 2: both Iran and Oman to charge fees on ships traveling

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Speaker 2: through the Strait. Daniel Bimen as director of the Warfare

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Speaker 2: Program at the Center for Strategic and International Studies, President.

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Speaker 3: Trump was clearly moving towards a decision moment, and today

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Speaker 3: it was either going to be significant escalation or some

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Speaker 3: spurtive deal. And he can now claim that it was

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Speaker 3: his threats that led the Iranians to the negotiating table.

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Speaker 3: It's quite possible he could have got this deal several

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Speaker 3: weeks ago. So I'm not quite sure that's right, but

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Speaker 3: this possibility has been out there. It's not a comprehensive deal.

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Speaker 3: It doesn't get all of what the United States wants.

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Speaker 3: We're even close, and the same on the Iranian side.

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Speaker 2: Daniel Biamen says, both sides have a short window to

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Speaker 2: negotiating more comprehensive agreement. The deal came just ninety min

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Speaker 2: minutes before President Trump's deadline for Iran to open the

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Speaker 2: Key Waterway, and only hours after he had posted that

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Speaker 2: a whole civilization will die tonight, never to be brought

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Speaker 2: back again if Iran didn't give in the decision to

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Speaker 2: stand down marks the latest case of the US president

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Speaker 2: backing down from a threat. The pattern has become known

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Speaker 2: by the acronym Taco or Trump always chickens out. While

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Speaker 2: both Tehran and Washington say they support the deal, in

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Speaker 2: the immediate aftermath of the announcement, countries across the Middle

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Speaker 2: East reported being targeted by missiles and drones. That comes

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Speaker 2: as Pakistan, the main mediator between Iran and the US,

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Speaker 2: said the ceasefire includes Lebanon and elsewhere. Whoever, Israel's Prime Minister,

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Speaker 2: Benjamin Nataniahu says the ceasefire applies to Iran, but not Lebanon.

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Speaker 2: Dahlia Fami is Long Island University's director of International Relations

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Speaker 2: and Diplomacy.

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Speaker 4: We look at it kind of a larger scale view

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Speaker 4: of this war and was it in the US strategic

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Speaker 4: interest or was President Trump drawn into the war because

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Speaker 4: of Israel? And we could be at a point where

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Speaker 4: Israel is repositioning itself as the important lever even during

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Speaker 4: this peace process.

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Speaker 2: Although both the US and Iran are portraying the pause

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Speaker 2: and fighting as a victory, significant differences remain between the

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Speaker 2: two sides. The complete terms of a possible pact also

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Speaker 2: haven't been disclosed. Trump only said the US received a

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Speaker 2: ten point proposal from Iran, describing it as a workable

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Speaker 2: basis on which to negotiate, and speaking to the AFP

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Speaker 2: News Agency shortly after the ceasefire announcement, Donald Trump said

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Speaker 2: the Iran's uranium supply would be perfectly taken care of,

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Speaker 2: while declining to specify how. Oil prices have fallen the

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Speaker 2: most in six years on the news of the Strait

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Speaker 2: of Jomu's reopening. Despite no clear details on how passage

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Speaker 2: will work, Brent crude price has dropped as much as

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Speaker 2: sixteen percent. They're currently training around ninety five dollars a barrel.

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Speaker 2: Jason Schenker of Prestige Economics says it's a fragile price move.

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Speaker 5: I think it would take something truly tremendous for us

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Speaker 5: to get back down below eighty dollars a barrel, but

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Speaker 5: almost anything going wrong in these ceasefire talks could very

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Speaker 5: quickly put us back above one hundred dollars a barrel,

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Speaker 5: So you know, I think it is a very precarious

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Speaker 5: moment with a high degree of uncertainty.

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Speaker 2: Shankerads many companies will be weighing if they should lock

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Speaker 2: in prices now in case the situation deteriorates. Despite the

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Speaker 2: relief on markets, physical traders remain cautious, waiting for clearer

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Speaker 2: signs the ceasefire will hold before seeking cargoes from the gulf.

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Speaker 2: There are more than eight hundred ships trapped inside the

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Speaker 2: Persian Gulf which will seek to escape during the two

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Speaker 2: week window. Owners and captains are scrambling to understand the

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Speaker 2: conditions of the truce and how they might take advantage

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Speaker 2: of it.

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Speaker 1: Binbrook Chames Wilcock has more.

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Speaker 6: It's estimated twenty thousand sailors have spent the last six

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Speaker 6: weeks stuck at sea with dwindling water and food supplies. Now,

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Speaker 6: many hope the two week pause will allow trap ships

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Speaker 6: to exit the Persian But although the US President announced

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Speaker 6: in Capital Lessons a complete, immediate and safe opening of

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Speaker 6: the straight Upfoor Moods, it's not clear how the truce

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Speaker 6: will function.

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Speaker 1: Owners want to.

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Speaker 6: Know exactly how they would need to coordinate with the

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Speaker 6: Iranian military to get out, if a payment might be involved,

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Speaker 6: and what time the two week window will end. One

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Speaker 6: expert warned Bloomberg that even with those details, you don't

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Speaker 6: just switch global shipping flows back on in twenty four

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Speaker 6: hours in London James Wilcock Bloomberg Radio.

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Speaker 2: In other NEAs, Moodies has revised its outlook for private

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Speaker 2: credit investment vehicles to negative due to increasing redemptions and

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Speaker 2: elevated leverage. The move that follows an ongoing exodus from

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Speaker 2: non traded vehicles, which make up sixty percent of the

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Speaker 2: sexer's assets according to reports released by the ratings agency yesterday.

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Speaker 2: The vehicles that saw net inflows as recently as the

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Speaker 2: end of last year before AI Advance has raised concerns

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Speaker 2: about the future of software firms, but Bruce Raychud's chairman

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Speaker 2: and CEO of Marathon Asset Management, says some areas of

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Speaker 2: the market are showing promise.

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Speaker 7: Problems that we're seeing in direct lending leads to the opportunity.

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Speaker 1: It is the flip side.

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Speaker 7: It's exactly the right terminology, exactly what.

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Speaker 1: I would say.

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Speaker 7: It's the flip side of what you'll see and opportunities

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Speaker 7: to credit, because opportunities to credit is all about dislocation,

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Speaker 7: it's about distress, and it's about capital solutions that will

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Speaker 7: be so much needed given all the problems that we

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Speaker 7: see in direct lending.

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Speaker 2: Marathon Asset Management's Bruce Reschurch was speaking a sentiment towards

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Speaker 2: private credits sours across Wall Street. Private credit investment vehicle

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Speaker 2: stock prices have also suffered, with many trading at a

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Speaker 2: discount to net asset value, and US Vice President Jed

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Speaker 2: e Vance has criticized the European Union for what he

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Speaker 2: sees is meddling in the Hungarian election. He was speaking

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Speaker 2: alongside Prime Minister Victor Orban on a visit to Budapest

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Speaker 2: with just days to go until the vote.

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Speaker 8: What has happened in the midst of this election campaign

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Speaker 8: is one of the worst examples of foreign election interference

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Speaker 8: that I've ever seen, or ever even read about.

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Speaker 1: The bureaucrats and Brussels.

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Speaker 8: Have tried to destroy the economy of Hungary. They have

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Speaker 8: tried to make Hungary less energy independent. They have tried

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Speaker 8: to drive up costs for Hungarian consumers.

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Speaker 1: And they've done it all because they hate this guy. Landscape.

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Speaker 2: No evidence for his claims, and no E leader has

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Speaker 2: campaigned alongside the opposition in Hungary Orban His party is

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Speaker 2: trailing the TiSER Party in independent polling. However, there have

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Speaker 2: been a flurry of reports on Russia's efforts to keep

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Speaker 2: Orban in office. Bloomberg or obtained a transcript of a

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Speaker 2: phone call with Vladimir Putin in October in which Orban

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Speaker 2: compared himself to a mouse that helps the lion. And

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Speaker 2: those are your top stories on the markets that relief rally.

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Speaker 2: On the news coming out of the Middle East, We're

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Speaker 2: looking at oil prices slumping brentkrewe down thirteen percent, ninety

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Speaker 2: five dollars at Barrow Wi fourteen percent lower. The Mscirish

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Speaker 2: Pacific Index up by four point nine percent. European stock

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Speaker 2: futures are surging as well, up by five five point

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Speaker 2: one percent for eurostocks fifty futures Smpemani's on Wall Street

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Speaker 2: two point four percent higher as well. The Bloomberg Dollar

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Speaker 2: Spot Index, one of the assets has been strengthening during

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Speaker 2: this war, eight tens of one percent weaker now this morning.

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Speaker 2: The Euro's up seven tens training at one sixteen seventy seven.

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Speaker 2: US Treasury yields also down five basis points. Some of

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Speaker 2: the inflation fears around the conflict easing as well.

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Speaker 1: Now.

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Speaker 2: We full coverage of the latest from the Middle East

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Speaker 2: this morning of what it means for energy prices, and

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Speaker 2: in a few minutes more on jd Vance's trip to

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Speaker 2: Hungary and those accusations he made about election interference. But

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Speaker 2: the market reaction, in the words of our market's Live team,

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Speaker 2: has been spectacular. There are, of course, many details still

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Speaker 2: not known about this ceasefire between Iran and the US.

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Speaker 2: The Bloomberg Economics team were quick to put together some

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Speaker 2: of the key questions that now need to be answered,

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Speaker 2: including exactly what the ceasefar covers and what the basis

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Speaker 2: is for further negotiations from here. Our chief geoeconomics analyst,

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Speaker 2: Jennifer Welsh, has also been tracking Trump's rate of following

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Speaker 2: through on his threats to attack other countries. It's around

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Speaker 2: fifty percent for his second term, up from twenty percent

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Speaker 2: in the first time. You'll find more from Jennifer and

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Speaker 2: her team on the Bloomberg terminal. Well, let's get into

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Speaker 2: the details now of the ceasefar deal, as Iran has

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Speaker 2: continued to launch strikes against targets across the Middle East.

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Speaker 2: This morning, our managing editor for the Middle East and

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Speaker 2: North Africa, On Aurant joins us now for.

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Speaker 1: More, Honor, good morning.

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Speaker 2: First of all, what do we know then about what Iran, Israel,

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Speaker 2: and the United States have agreed to.

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Speaker 9: We know that Iran demands it's continued control of the

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Speaker 9: Strait of Hormuz and acceptance of its neatly enrichment activities

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Speaker 9: and the lifting of all primary and secondary sanctions, as

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Speaker 9: well as a withdrawal of US combat forces from the

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Speaker 9: region as part of this truth agreement. The statement made

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Speaker 9: by Trump himself didn't include a detailed breakdown of Iranian dements,

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Speaker 9: but it did say that it is aware of what

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Speaker 9: Iran wants, and it says well. Trump said that those

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Speaker 9: demands are a logical start point, a reasonable basis for

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Speaker 9: negotiations going forward to reach a comprehensive peace steal, rather

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Speaker 9: than just.

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Speaker 1: A two week truth in the fighting.

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Speaker 2: But Iran is still attacking its neighbors this morning. Are

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Speaker 2: we clear on when the ceasefire starts?

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Speaker 9: Well, there was somewhat oddly no mention of when exactly

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Speaker 9: the ceasefire starts in either Trump's posts overnight or in

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Speaker 9: any statement coming out of Iran. Only Pakistan's Prime minister,

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Speaker 9: who was one of the key mediators that made this

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Speaker 9: true still plausible, said that the ceasefire would begin immediately.

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Speaker 9: Even so as you said, we saw attacks being reported

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Speaker 9: by Bahrain, Cuwait, the United Arab Emirates as well as Israel.

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Speaker 9: But such lags are typically in conflicts like this, where

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Speaker 9: strikes do continue for some time after a ceasefire announcement

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Speaker 9: before they gradually declined to zero.

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Speaker 2: Another point of confusion in this is the situation in Lebanon.

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Speaker 2: Benjamin eataniaho these early Prime Minister says the deal doesn't

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Speaker 2: cover Lebanon. Of course, the Israeli military has been striking

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Speaker 2: hesbelinked targets in that country. But this appears to contradict

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Speaker 2: to what Pakistan said earlier.

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Speaker 9: Yeah, it does contradict what Pakistan said. As you said,

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Speaker 9: Pakistani Prime Minister very clearly said that the ceasefire deal

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Speaker 9: was agreed to, that was agreed to buy Iran and

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Speaker 9: the US does cover all their allies, which in this

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Speaker 9: case means Israel on the side of the US and

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Speaker 9: proxy groups in the region on the side of Iran,

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Speaker 9: and it does extend to Lebanon, which was immediately disputed

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Speaker 9: by Benjamin Nataniyahu because israecimply sees Lebanon or the threat

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Speaker 9: coming from there as a national security priority, especially since

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Speaker 9: after what happened in October twenty three, so it will

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Speaker 9: continue its war, I guess has in Lebanon, and that

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Speaker 9: will probably be a key source of because Iran made

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Speaker 9: it very clear that it expects all battles against its

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Speaker 9: allied militia group in the region to come to an end.

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Speaker 2: And what do we know about what brought around to

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Speaker 2: this negotiating table and to this ceasefire agreement? Was it

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Speaker 2: Donald Trump's threats that a whole civilization would die if

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Speaker 2: they didn't agree.

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Speaker 9: Trump's threats in general, Maybe not exactly the last one,

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Speaker 9: which seems to have caused a disruption that these brief

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Speaker 9: disruption negotiations last night, but Trump's threats in general have

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Speaker 9: played a role, that's for sure, because Iran already sustained

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Speaker 9: severe damages from this war, and that is a fact

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Speaker 9: that's almost forgotten because of its surprising ability to continue

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Speaker 9: to basically launch missile and drone strikes on Israel and

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Speaker 9: Arab states in the Gulf. But let's not forget that

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Speaker 9: over five thousand people have already been killed in this war,

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Speaker 9: and more than three quarters of that took place in Iran.

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Speaker 9: So definitely, Iran does not want, does not need more action.

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Speaker 9: So in that sense we can assume that Trump's threats

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Speaker 9: have played a key role. But what is also interesting

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Speaker 9: to note is that Trump earlier this morning taught AFP

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Speaker 9: that he thinks China may have played a role in

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Speaker 9: encouraging Iran to come to the negotiating table and stay there.

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Speaker 9: So that's probably a combination of those two factors.

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Speaker 2: Stephen okay anor thank you very much for bringing us

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Speaker 2: the details as we know them at this point, our

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Speaker 2: managing editor for the Middle East and North Africa on

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Speaker 2: our aunt. No oil prices have plunged on Donald Trump's

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Speaker 2: comments that the c's fire will mean a temporary reopening

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Speaker 2: of the Strait of Horrmus shipping lane. Let's bring in

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Speaker 2: Stephen Stoptonski, who leads our team covering Energy and Asia

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Speaker 2: for more. Stephen, how clear is the situation now for

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Speaker 2: the Strait of Horror moves? Do we know what conditions

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Speaker 2: ships may be allowed to pass it?

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Speaker 10: It's pretty unclear, to be absolutely honest, I mean I

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Speaker 10: think there is. So there are some reports out the

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Speaker 10: initial news, you know, is indicating that at least on

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Speaker 10: the US and and Iranian side, that they are opening

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Speaker 10: the strait, But Iran has said that there are some conditions,

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Speaker 10: which includes coordination with armedforces and technical limitations, whatever exactly

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Speaker 10: that means. There's also been an AP report saying that

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Speaker 10: there could be tolls involved from both their Iranian and

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Speaker 10: an Omani side, So this is going to be a

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Speaker 10: bit of a jam. There are eight hundred ships within

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Speaker 10: the Persian Gulf sort of trapped there. How do they

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Speaker 10: go through? What order are they going to take? How

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Speaker 10: do they make sure that they're taking the right route?

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Speaker 10: How is Iran going to negotiate with every ship? They

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Speaker 10: only have so much capacity there, So I think a

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Speaker 10: lot of questions come from how many vessels will actually

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Speaker 10: be able to go through on a daily basis during

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Speaker 10: this two weeks ceasefire.

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Speaker 2: Of course you've seen this major reaction in terms of

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Speaker 2: oil prices, but what does a two week reopening, as

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Speaker 2: does the current plan mean for energy markets? How much

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Speaker 2: oil and liquified natural gas can we actually gotten out

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Speaker 2: of the straits in that time?

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Speaker 10: So I think I think there are two ways to

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Speaker 10: look at the oil price reaction. So first, yes, you know,

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Speaker 10: the idea that the Austraate of war Moos will be open,

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Speaker 10: could theoretically increase output for oil. Right, so normally when

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Speaker 10: there is an a war, the conduit is twenty percent

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Speaker 10: of seaborne oil and twenty percent of LNG exports. If

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Speaker 10: they do reach that level, you could you know, one

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Speaker 10: hundred percent reopening of formers. You you could see that,

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Speaker 10: but I think there is an expectation that there won't

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Speaker 10: be a full reopen and you could be sort of

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Speaker 10: still throadled to some degree, so you could see shipments.

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Speaker 10: Instead of a huge flow of oil, you could see

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Speaker 10: a handful of shipments go through. That would provide may

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Speaker 10: not so much a big physical amount of oil going

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Speaker 10: into the market, but more something symbolic showing that those

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Speaker 10: flows are increasing. I think when you look at the

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Speaker 10: big decrease in prices, though, the second thing to look

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Speaker 10: at is not so much more moves, but the fact

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Speaker 10: that hopefully there will be no more damage to infrastructure

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Speaker 10: across the region. I think that's one of the big

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Speaker 10: risks that risk premium built into Brent in WTI is

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Speaker 10: the fear that as this war continued every day, there

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Speaker 10: is risk that Iran could retaliate on a neighbor in

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Speaker 10: the Persian Gulf and hit an oil platform, a gas

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Speaker 10: platform a refinery, and now that this ceasefire is in place,

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Speaker 10: there is an expectation that that risk evaporates. So that's

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Speaker 10: why you're seeing oil prices fall below one hundred dollars

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Speaker 10: into the ninety dollars range. We are still not back

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Speaker 10: to where we were before the war began in February,

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Speaker 10: where we're closer to sixty seventy dollars rent. So I

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Speaker 10: think there is still a wait.

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Speaker 1: And see thing to.

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Speaker 10: Kind of gauging how much more Moses is able to open.

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Speaker 10: That is the limiting factor for oil prices to fall

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Speaker 10: back to sort of where we were at the beginning.

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Speaker 2: Okay, still plenty of details to watch there too, Steven,

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Speaker 2: thank you very much for bringing us the latest. Steven

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Speaker 2: Stopchinsky there leading our team covering energy in Asia.

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Speaker 1: Stay with us.

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Speaker 2: More from Bloomberg Daybreak Europe coming up after this. The

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Speaker 2: Vice President Jade Vans has accused the European Union of

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Speaker 2: interfering in Hungary's election. Vance was speaking alongside Hungarian Prime

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Speaker 2: Minister Victor Orban, who he called on voters to support.

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Speaker 2: Independent polls show Orban is on track to lose power

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Speaker 2: in Sunday's vote. Joining US now for more Pyotr Skolomawski,

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Speaker 2: who leads our team covering Central and Eastern Europe. Pyotr,

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Speaker 2: what exactly did JD Vance say about election interference and

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Speaker 2: is there any evidence to back up his claims?

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Speaker 1: The simple answer is there's none, and he didn't really

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Speaker 1: provide any evidence other than claim that European bureaucers have

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Speaker 1: interfered in the election. He said that.

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Speaker 11: He also said that the bureaucrats in Brussels have tried

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Speaker 11: to destroy the economy of Hungary, make it less energy independent,

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Speaker 11: they tried to drive up costs for Hungarian consumers also,

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Speaker 11: and basically said they've done it all because they hate

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Speaker 11: this guy. And none of this is actually backed up

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Speaker 11: by any evidence, because as a matter of fact, if

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Speaker 11: you think about the Hungarian economy, the fact that it's it's.

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Speaker 1: Not performing very well.

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Speaker 11: The reason for that is that the economy is quite

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Speaker 11: corrupt at the moment, the most corrupt economy in the EU.

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Speaker 11: It lost access to euphunds because of the corruption of

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Speaker 11: the state and all of that happened under Victor Orban

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Speaker 11: during his sixteen year rules. So Jdvans didn't really provide

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Speaker 11: any evidence to back up any of those claims other

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Speaker 11: than just to throw his weight behind behind Orburn, who

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Speaker 11: he basically sees as someone who is very close in

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Speaker 11: terms of what he described as conservative values, as someone

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Speaker 11: who stands for Western values, as he put it. So

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Speaker 11: that's basically where the arguments replaced.

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Speaker 2: The Trump administration, including the President himself, have been vocal supporters,

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Speaker 2: as you say, of Victor Orban and his party. They're

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Speaker 2: trailing in the independent polls that have been carried out

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Speaker 2: and hungry how much sway does the Trump administration support

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Speaker 2: have in the election.

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Speaker 11: Well, obviously we won't know that until after the election.

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Speaker 11: But of the way Victorburen can play that to his

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Speaker 11: electorate is by by showing, look, we're the country of

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Speaker 11: ten million people. We've just seen Vice President of the

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Speaker 11: US coming in. We've also seen during that same rally

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Speaker 11: where with Jdvans that he also phoned President Trump who

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Speaker 11: he put on the speakerphone, and also President Trump endorsed Orban.

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Speaker 11: He basically said, I love Victor Orban. We also had

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Speaker 11: other officials from the US coming in. So obviously he

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Speaker 11: can point to the fact, you know, it's a small country,

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Speaker 11: but we play an important role. And this is evidence

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Speaker 11: of that, but you know, against that, there's a simple

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Speaker 11: reality of what the situation on the ground, where economy

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Speaker 11: is in a poor state, it's heavily dependent on Russian oil.

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Speaker 11: Around ninety percent of gas and oil still comes from Russia.

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Speaker 11: And that's basically the disillusion meant that people are feeling.

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Speaker 11: And that's why suddenly, after all these sixteen years and

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Speaker 11: very close a situation where Orban has very much controlled

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Speaker 11: the economy and the country, we still see a huge

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Speaker 11: support for the opposition, for the for the rival who

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Speaker 11: who came pretty much out of nowhere and is if

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Speaker 11: the opinion polls can be can be trusted, is on

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Speaker 11: course to actually even win a super majority in this election.

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Speaker 11: So we're going to see to what extent is US

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Speaker 11: interference or you know, if you call it support is

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Speaker 11: going to play in favor of Forban.

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Speaker 2: Of course, it's still several days more campaigning to go

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Speaker 2: before voters go to the polls on Sunday. Russia's war

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Speaker 2: in Ukraine has been central to this election campaign. Bloomberg

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Speaker 2: obtained the transcript of a call between Urban and Vlasimir Putin,

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Speaker 2: which showed the closeness of their relationship. What's been the

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Speaker 2: reaction to that reporting in Hungary.

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Speaker 11: Indeed, so our reporting show was it was a call

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Speaker 11: between Victor Ban and Vladimir Putin, where Victor Urban pretty

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Speaker 11: much described himself as offering his assistance to to Vadim

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Speaker 11: Putin and calling himself a mouse Russia's lion. Now we

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Speaker 11: haven't seen much in terms of reaction in the media,

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Speaker 11: which also tells you the story about how much control

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Speaker 11: and how much sway the government has over over the

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Speaker 11: media in Hungary.

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Speaker 1: But we've heard from Victor Orban.

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Speaker 11: He gave this a very brief comment to Bloomberg where

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Speaker 11: he said, I would say the same to Donald Trump

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Speaker 11: and size matters, which obviously tells you an interesting situation

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Speaker 11: about this election where you know, the two powers that

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Speaker 11: have clear stake in urban winning are actually Donald Trump

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Speaker 11: and Vladimir Pula, which is I would say, quite rare

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Speaker 11: to see certain situations where you know, interests of Russia

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Speaker 11: and US coalesce. But that's the world we're in, and

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Speaker 11: at this point, yeah, it's it's it's quite fascinating how

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Speaker 11: this country, or and how Victor Orban has built his

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Speaker 11: state into into something that that matters so much. But

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Speaker 11: obviously how this plays out will matter to Ukraine. As

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Speaker 11: you said, Ukraine and war in Ukraine has played a

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Speaker 11: central role. Orban has blocked ninety billion in you loans

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Speaker 11: to Ukraine which are crucial for this country to stay

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Speaker 11: afloat and fight against Russia. And if he loses the election,

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Speaker 11: probably this money will be unblocked.

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Speaker 1: If he doesn't, we're.

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Speaker 11: Probably in inatptive territory for EU and how it's going

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Speaker 11: to support Ukraine going forward.

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Speaker 2: This is Bloomberg Daybreak Europe, your morning brief on the

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