Network is. Tom just in the last 90 minutes. To go back and look at the different panels, frustrations, the studies of terrorism experts in the recent months after paris to move forward. You really wonder how they will adapt, how europe will adjust to now london and paris and now brussels. Francine yeah, and there are questions about the authorities, if there was anything they could have done. Lets get straight to vonnie quinn for the latest on this terror attack. Vonnie thank you. Multiple explosions reported in brussels; a number of dead and wounded. Two explosions the departure hall at the airport. There are local reports that say at least 13 were killed. As of now, the official death toll is just one. The airport has been evacuated, the archers stopped, incoming flights diverted to other airports. Brussels has closed all their subway stations after a report of an explosion. The city has been on high alert since the weekend; it had been on the highest alert following the man believed to be a participant in last novembers attack in paris. His capture happened on friday. He is alive and awaiting extradition to france. Tom the latest headline coming across the first word aggregate. We will give them to you particularly the european new services, the Dutch Ministry will meet here later in the morning. Let me touch on the two words we use to show a minimum Market Reaction. Futures and negative seven, 7, 9. These not linked into acts of terror. Onto the next board. A big showing a relatively good equity market. Well move on francine, you have much more of the Market Reaction around the airline stocks. Francine yeah, we do. There has been increased volatility in european stocks. Airlines under pressure. Travel and leisure down to. 2 . Down 2. 2 . I also want to show you, if we can go to the bloomberg terminal, the pound. I underestimated the impact it would have on the pound, because we are seeing more and more economists and analysts saying theres a growing perception that the eu is failing on charity, and that may play into the campaign. Its putting a little bit of pressure on the pound. Tom it will be interesting to see, with the guests we have coming on, to get perspective here on what has been accomplished as london, and certainly since paris. Francine yeah. The problem is that when people fear, it may be an easy choice. Lets get straight to our Brussels Bureau chief, jones hayden. Jones, we tried to understand exactly what we are seeing. This is not the first time belgium was at the heart of such investigations of terror. Talk us through exactly what we know so far. Jones well, you are right. Ever since the paris attacks, that investigation quickly came back to brussels, and to the maalbeek area here. At one point in november, we were on lockdown because of the threat that something and that it was about to happen. Now it looks like we are going back on lockdown because something has happened. This certainly seems like a coordinated attack, and certainly appears to be in response to the apprehension on friday of the main suspect, the main living suspect in the paris attacks from last november. So people, i think, are really guarding for another intense period of soldiers on the streets, police on the streets, not knowing exactly what kind of terrorist threat is out there. Thats what we have in these two bombs going off this morning at the airport. In the departure lounge, not on the airline, at the airport itself. That was followed very quickly by an explosion on the subway. Francine jones, why are terrorists drawn to belgium . Way why do they seem to be drawn to belgium . Our authorities under pressure because it is difficult to see how big the network is . Jones yeah. Belgium, they are still try to figure this out. There is a large middle Eastern Community here in brussels and in belgium as well, but the fr ench are looking into it, the belgians are looking into it. Its a joint operation that helped to uncover the terrorists last week. We are still trying to figure that out. Those are the kinds of questions you really need to have answers to. Of coarse, the belgian government of course, the belgian government has been under continual criticisms is november in terms of its antiterror campaign. Why did it take four months to apprehend him . It seems like he was here, if not in maalbeek and at least in the greater brussels area. But they did give him on friday; they made a major breakthrough in the terror campaign, and this seems to be a big setback today with these multiple explosions. Moment,n i look at the i think what a lot of people want to know is the comfort that the people of brussels have had to paris. Has daytoday basis, how belgian life changed . Jones well, the main thing is that there is a much greater presence of military and police on the street. People just Walking Around in brussels, youre aware there is some kind of threat hanging over the. T over the city. There are soldiers that key installations here at the European Commission. There have been soldiers daily since virtually all of last year, because of the terrorist threat, ever since charlie hebdo, things have been raised and there is a threat hanging over the country. We feel like there was always something about to happen, but it hadnt happened. And then there was criticism that it was too much; maybe the lockdown in november went to o far, by now there will be even more questions raised. Tom the timeline this is something jones hayden knows london in 2005, ten years onto hebdo, then ten months later, november 15, the paris attacks. And now, four months later, new attacks in brussels. What would you expect to see from the belgian government and authorities in the coming 24 hours . Well, you want to know exactly who is responsible for these attacks today. That is the main thing. Is it really retaliation . It certainly looks that way how else would you interpret it . We want to know who was responsible. And if it is the same gang, the same network of people, which presumably it is, then we want to see them neutralized. That would be the main thing. I think it might be difficult to thehat, given what situation looks like at the airport. We havent been into the metro yet, so we dont know how it looks, but there was smoke pouring out of it earlier, and the police had cordoned it off. There is still a lot to sift through to figure out who was responsible. Francine thank you so much. Stay safe. Jones hayden, Brussels Bureau chief. The eus death has been told to remain indoors or stayathome after these blasts. We will have more when we come back, coming up. And of course, european stocks under pressure. A lot of airlines are losing 2 3 . Francine lets get the latest on brussels. Two explosions and airports the number of dead and wounded. At least 13. The official tally is still one. We know bonds went ouff in the Brussels Airport, and we know that the Prime Minister says they are treating it as a terror attack. The terror level in brussels has been raced to the highest; it is now at four. Meanwhile, transportation is shut down in all of brussels. All subway stations, trams, and buses are not running. There was an explosion at one of the subway station. It has been on high alert since the weekend. On friday, authorities captured the ace attacker, the only surviving participant in last paris,attacks in were 89 were killed. According to our experts here at bloomberg, it has been relatively rare that attacks happened at airports. Scotland in 2007. David cameron says he will hold an Emergency Response committee on brussels, in the cabinet is convening in the italian cabinet. American Airlines Says it will provide information when it can, and European Parliament is suspending eu staff. It happened quite close to the European Parliament building. Tom thank you. Lets look at the data. Minimal reaction in european stable. Stocks, 6, francine were seeing a little bit of money into safe havens like the yen this is a picture of european stocks. There you go. Down. 7 . For more on this and these Terror Threats, belgium raises its threat level to the highest. We saw smoke coming out of the brussels metro; lets get to the house director who joins us on the phone robert, great to speak to you. This is not the first time that Something Like this has happened, but this seems to be much more coordinated. It seems to be more substantial than other attacks we have seen in the past in belgium. Are you concerned that this network that operated today is bigger than we think, that it has spread across europe . Robert i think what is clear since the paris attacks, and even going back further, is that the center of many radical groups going back to al qaeda to 2001, partly because of its very disaggregated and somewhat dysfunctional system of government between different communities, with space in the heart of europe as well as transport links belgium is from which cells have organized. The fact that the authorities have been able to go in and take out the terrorists in maalbeek has created a context in which some of the cells are being unleashed to act, probably before too much information is taken out of the terrorist they rested on friday. Francine does this support the work of the eu . Robin [laughter] well, i think this place two ways. The british are concerned about the spread of terrorism. I also think that the british people are standing in their hour of need to the extent that this is a terrible attack after paris, the instinct would to bnot abandon people. Tom you have done a fabulous job he thinks the idea of perfect security is a fantasy. You have done very smart studies on International Law. How will alaw in, and for that matter in france, change . Robin i think what you saw after the attacks in london, what you saw was a much closer coordination between intelligence services, police, and different ranges of the police, and the tightening up of International Law in terms of the amount of time you could hold people. This is going to be belgiums bataclan. You will see some real steps to coordinate, national coordination, and more european levels. Andle realize the extent, you will get some nationalization in countries that have not been present. Tom it has to do with security but i am much more interested in individual rights. This is becoming an ugly habit. How will rights change across europe as the good authorities try to get a handle on preventing the next attack . Robin different parts of europe have different attitudes. In the u. K. , people are very relaxed about the kind of cctv coverage that was used routinely around london. In countries like germany, people tend to be much more suspicious. They will have a coming together with your balance. Other European Countries have not gone through the kind of attacks i think this will bring europe a little more into a u. S. Mentality. Francine robin, we are also hearing from David Cameron, the Prime Minister of the u. K. , tweeting that he is shocked and concerned by the events in brussels. Hes tweeting that he will cochair the events later this morning. You seem to suggest that you think europe will come together on this. Lan whenbatac you think this one is different . Anin well, there has been amount of confusion on the issue of counterterrorism on 5 bataclan. But these two things will start to be seen as much more linked, as we have discovered that a associatesther is those h there is a coming together of the risk, the flows of immigrants from syria, refugees, and ultimately you may end up ath a harder nose, tougher line in terms of drawing up orders and preventing people to come in. Thatspy days europe disappearing. Now the neighborhood is interfering in europe. Europe has always come together best when it is threatened from outside, and its not good at getting together when it is trying to do things without that external pressure. Thats the only basis of my somewhat optimistic outcome. Francine thank you so much. You will have plenty more on this brussels breaking news. What we know so far two explosions ripped through the Brussels Airport, a third rocking a downtown subway station. They are still counting the injured and dead. We will have more, next. Tom good morning, everyone. Bloomberg news in new york and in london. Francine lacqua in london, giving you continuing coverage on the explosions in brussels. Let me go quickly to the map. Its difficult to see, but you can helsee with various airports of london, paris. For those that are unfamiliar, brussels is an hour and 45 minutes. Vonnie they havent close down. Tom russell is here, and duesseldorf is here. Vonnie frankfurt and other airports they are very concerned. Tom theres a look at the planes. Look at what decades of experience greg, its unfortunate that we speak to you too often get these terror attacks. We move on after only four months in paris. How will law change now after the repetition here of death and wounded . Clearly, we are going to have many more restrictions on travel stop the days of free and open borders it has already been put to the test by terrorist attacks in the refugee crisis. I think we will see a continuation of that. When you take the train from paris to brussels, an hour and now for the past few months you have had to go through a security check, your bags through an xray machine. Back into france, there are Armed French Police who check peoples passports. I think we will see a lot more of that. As it is right now , you just walk into the airline terminal. In someity, but countries like turkey you have to go through security as you enter. The first time, as you enter the terminal. Maybe we start to see that. I dont see any other solution than just a lot more security on transport. Greg, how much we are still trying to find the detail. Belgiums threat level is at the highest, lockdown, people cant move in and out of the city, a lot of flights have been canceled. Give me a sense of i know this is speculation whether we think this is retaliation for the capturing of the mastermind of the paris attacks. Greg its kind of hard not to feel a link between what happened today and yesterday. Whether this is just whether he was arrested yesterday and was planning more attacks, and attacks, ore whether his crew presumes they will be arrested and rounded up, and are now ripping off their terror vests wherever they can find a moment, i dont know. Its kind of hard to imagine that there is no link between yesterday and today. Francine thank you so much. Tocontinue our coverage of explosions ripping through a Brussels Airport departure hall, a third rocking a downtown subway. Tom chaos in brussels. We will get to vonnie quinn in a moment. Joining us in a moment is Charles Lichfield. Right now, to vonnie quinn. Vonnie brussels rocked by a series of deadly explosions at the airport and in the subway system. The airport will be closed until 6 00 a. M. Tomorrow, according to brussels airlines. Two explosions at the departure hold today, local reports put the death toll at as many as 13. Many flights have been canceled or inverted. Or diverted. All European Council meetings have been closed this morning, and the Terror Threat has been raised to the highest level, level four. They recently captured do last surviving man believed to be responsible for the paris attacks. We know that there are several emergency cabinet meetings going on around europe, including in london, where David Cameron is holding a cobra meeting this morning, an Emergency Response committee meeting. Brussels isassy in urging all u. S. Citizens to shelter in place. No transportation, no trains, no buses. No trains are running to her from brussels. Tom i dont know if you saw this they shut the airport until 6 00 a. M. Tomorrow. Headlines coming fast and furious. Minimal reaction, but we did see a modest weight to the market futures, 8 to 10 year yield. Oil really doesnt move. On to the next screen. Showing the work we saw in a four day workweek. Francine, this is your board with a view of european stocks. Francine i wanted to show you travel and leisure. Air france is under pressure. Most travel and leisure is down about 2. 2 . Breaking from the belgian crisis center. This is the center that monitors crises. Its asking people to avoid calls and texts and social media, because they are saying that the communication links are being overloaded and they need to deal with the situation that is to be very fluid. For more on this brussels terror, we are joined by Charles Lichfield. Also with us is ubs is cohead of fx and rates energy. Thank you for joining us. Lets start with you when we first heard about a possible explosion futures didnt do much,. Yhen we saw a clear but sh sh riskoff. Our people dealing with this in stride . Are we mispricing terrorists . It is one of the hardest surprises. Typically, the shortterm tends to be quite visible, but the economics of things always point to the fact that economies and societies tend to survive these things. Markets dont estimate a persistent, longterm impact. But your term we do see price action like the ones we are seeing at the moment. Francine we are also getting breaking news from the italian Prime Minister, saying he will chair the coburn meeting at 3 00 p. M. , according to the National News agency. Are we going to see a more coordinated European Response to this . We dont know this feels like a network because there were various attacks in the subway. But we dont know the extent of this network and whether it also has branches in europe. Charles there is already a high degree of cooperation; i am sure they will do everything they can to communicate, to help them with what has happened. Is that we, i think, are witnessing a repetition of the attacks, because the stress is high. It will be difficult to communicate that there is more that they can do, that more cooperation is needed. Tom charles, with your study at cambridge, by a curious about how close we are to resp