manus: good morning from our middle east headquarters in dubai, i am manus and dani burger alongside me at london hq. hunks -- hong kong shares a sink and investors weigh ever grants. and janet yellen renews a call to raise or suspend the u.s.

debt ceiling. she says it needs -- it is needed to avoid widespread economic catastrophe. and it is election week in germany, the cdu on the defensive as angela merkel set to head onto the campaign trail. there's only one word you need to understand, it is ever grande . this is about an equity in the lowest value in history and it is bleeding across the credit default swaps, but if you can't get a cds on ever grand, where do you go? this is vicarious hedging, not on the sovereigns but in case of ever grande. dani: that black box means a three standard or more deviation, you can see the risk, the fear emanating through the markets.

it is all about the contagion risks this morning and without any response from the government because of the holiday, it is allowing investors to imagine the worst. it is a mark twain moment. i have known many great troubles, most of which never happened. that's what investors are seeming to think today. manus: this chimes with what other people are saying. we will get stephen engle in a moment. i want to show you where we are. they say they have a lehman moment every 36 months, they don't think this is a lehman moment but that doesn't mean ever grand cannot blow up. i was corrected three times at lunch and dinner over the weekend, it is not lehman's, it is bear stearns. it is about a drain of liquidity, and that is the global context, it is not lehman's, but it is the spark that could cause a massive retrenchment in liquidity. dani: at the moment, these

markets are starting to pick up the risk element. hong kong is the tail wagging the s&p 500. we are seeing a future session off by about 7/10 of a percent. hong kong looking especially week as well, there is the ever grand prize. iron ore down 6.5%. a china story, but a different china story given some of the space from the industry. let's focus on what we have been discussing this morning, and that is the risk of contagion from china's evergrande. let's bring in stephen engle, in hong kong. dramatic morning, why are things coming to ahead so acutely? stephen: it really is a confluence of many different things. there is nothing new per se on the evergrande story. we knew they had their bank loan

interest payment today and we knew they would not make the payment because the government told the state bank that would not happen. we don't know what is going to happen with the dollar bond and onshore bonds that have the coupon payments due more than $100 million worth of this thursday. that's where that is coming to ahead. monday and tuesday this week our holidays in china and we have not heard necessarily from the government, because there is hope in the market if you want to use that word, i don't like that word, there is some speculation the government of china does not want their lehman brothers moment, they will have those implicit guarantees to have a softened blow to what is happening in the credit markets with evergrande. now there is a lot of selling going on in hong kong, property sellers, especially those with junk bonds absolutely. the hang seng down 200 points.

it was down as much as 1048 points. for lack of a better word, it is just get out until you have more clarity. manus: that bleed through going into u.s. equity futures. stephen, thank you. it is an anxious time on the equity story. let's pivot to washington, treasury secretary yellen has renewed her call for action, as the clock ticks down money -- congressional vote to raise the debt ceiling. i have been through a lot of these ceilings, some are interesting and some are fiery. derek has seen a few as well. derek: we are not yet at interesting we have the potential to get there and that is because republicans led by mitch mcconnell say that democrats have to get to a debt

ceiling raise on their own, you cannot count on republican votes. there are very thin margins for democrats in the house and senate. the fact is the vote be a difficult thing and you will have to watch that really closely. janet yellen is writing that -- maybe in october, that is the date to watch out for when extraordinary measures will run out. i think that's you will see markets watch, a lot of tension until we have a viable path forward. there is between now and then a fair number of show boats you will have, political posturing that you just have to wave through and ride through until we get to the real meat of this. i think you will see democrats trying to make a responsibility play, republican votes not accommodating spending they have also voted for, as

irresponsible. i don't know how that will play, in previous elections, raising the debt ceiling has been used to clobber people. it will be interesting to see if they can manage a turn. but that is far out. i think the key thing to watch now is how you get to the process of raising this, because of republicans are not on board, those are very thin margins. dani: derek while bank will stay on debt ceiling watch for us. to geopolitics, president biden and his french counterpart will speak by phone in the next few days as emmanuel macron clarification after losing a multibillion-dollar summary contract with australia. how is the fallout from this deal impacting the relationship between the u.s. and france, and europe in general? >> it could impact the

relationship with the u.s. because clearly the friends -- the french are not letting it go. strong words by the foreign minister last week that described the decision as a stab them back, saying this is something donald trump could have done. this weekend, micron -- macron's government recalled ambassadors in washington, d.c. and canberra. the last time there was a diplomatic spat of this magnitude with the u.s. was over the war in iraq in 2003. an ambassador in the u.s. said it is affecting the vision of alliances. so joe biden and emmanuel macron will speak on the phone this week. this was requested by joe biden, who is trying to relieve the tensions.

france and germany have already been criticizing the decision to leave afghanistan too quickly, so clearly emmanuel macron does not want to leave it there. he also has an election in seven months, and in a way, this is also partly directed at his mastech audience, -- his domestic audience, he wants to show a strong hand with allies. manus: that certainly came through in my inbox over the weekend, it is more about emmanuel macron posturing. caroline, we will see you soon. let's get the first word news and monday morning set the agenda. angel? angel: u.k. energy companies seeking a massive government bailout as a surge in electricity prices threatens. there have been a third day of

-- there will be a third day of emergency talks on monday. largest suppliers are seeking a rescue plan to help them handle the cost of taking on customers. china's top regulators defended their multisector market crackdown to wall street executives, saying the rules were not aimed at tackle private companies. sources say that a vice-chairman told his misleaders recent actions were intended to reduce social anxiety and consumer facing industries. we are told that blackrock said that beijing must have consistency and transparency to build confidence. a big night for streaming services at the emmys, netflix won best drama for the crown. the queens gambit got the best limited series award, and apple plus's ted lasso won best

comedy. 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. juliette: -- this is bloomberg. manus: thank you very much. a snapshot of u.s. equity market risk. the evergrande implosion on the equity price bearing fruit on risk of sentiments. u.s. futures down three quarters of 1%. the tail is wagging the dog. also, you got to contend with a debt ceiling as well, and rate decisions go lower this week, many closely watched. risk banking kicks off on tuesday and wednesday, the bank of japan, and then we turn to the fed which might if clues on tapering. would it be brave to taper on an evergrande? dani: thursday, attention on the

bank of england. on the same day, decisions from switzerland and norway. a lot for markets to digest this week. but coming up, speaking of markets, we will discuss what is moving them and we stick with evergrande the evergrande theme. the moment of truth coming up this week. this is bloomberg. ♪

manus: it is "daybreak: europe." stocks in the u.s., equity futures ripping through the 4400 mark this morning, concerns on the risk of contagion from the evergrande debt crisis. it will continue until thursday, that's when they find out if the liquidity crisis is as dire as it seems. we are showing you three deviation moves -- standard

deviation moves. let's bring the scale of those moves to alan higgins and get context. good morning. you have seen many precarious moments and markets. lots of people in the analogy. evergrande, if it is an unruly or unsightly default, it has the risk to drain liquidity away and that is the bigger market risk. how do you put evergrande risk in perspective? alan: good morning. interesting, those big cbs moves, especially in china, from a low base. if you are going to hedge against the worst case, find some china cdf's at the worst level and i guess make a trade. it's hard not to see this as a managed default and i like your analogy, more like a bear

stearns, bear stearns was handed on a plate to jp morgan and the debtholders made good. i don't think the debtholders will be made good at evergrande but i think it will be more controlled, because the debts are vast. to be controlled in the chinese authorities will be aware of that, and of course control is everything we've been hearing about the last couple of months in terms of financial markets from the chinese authority. dani: to that point about the size and vastness of the debt, goldman sachs pointing out the size of evergrande is equivalent to about 2% of china's gdp, it also has 200 offshore subsidy 80's, more than 200, more than 2000 on shore. to some degree, even if authorities step in, is there potential for this to impact the appeal of things like chinese bonds or the chinese gdp? alan: so yes, we have already

seen contagion. if you look at the chinese high-yield market, it is trading in the high-yield market much as evergrande is a measurable contagion out there. of course in these situations, you tend to see outflows and the panic. in terms of investing in asian equities, dominated by hong kong and chinese equities, we would not say it is un-investable. evergrande are a very leveraged property, of more concern is the crackdown of various sectors because you need a discount. it is hard to judge what discount makes sense relative to g7 markets, for example.

but look, the hong kong market is down a lot now. we are starting to look at potential opportunity. manus: let's extrapolate that. there are some vicious moves in hong kong. down nearly 1900 points in one day. levels we haven't seen since 2020. everybody looks for opportunities for drawdown and markets. you have cash to deploy. where would that be at this moment in time or what would you wait to see a little more -- or where would you wait to see a little more value appear? alan: in these situations it is really hard, we know that, and do we think ultimately the asian corporate sector will come through? so yeah, and we try to be

longer-term investors. i think the right approach is to say this is an opportunity to put some money to work. it is never easy, and you can look full is in the long-term. i was saying that last week. already 4% or 5% off side. it's just like investing last march, you look full issue in the short term. when you look back over a year and certainly extend the time, you are glad you put some money to work. dani: always about the long-term outlook. you are going to stick with us. looking ahead -- coming up, looking ahead to the fomc decision, expecting to give us clues on the taper timeline. this is bloomberg. ♪

dani: welcome back to "bloomberg daybreak: europe," i am dani burger in london alongside manus cranny in dubai. it is a sickly day in markets. we've been discussing equity markets, but here is the picture for commodities, a strengthening dollar, given the evergrande drama and the worry markets must climb. copper off, and iron ore off almost 7%. for iron ore, that would be the longest run of down days since july 2015. that relates to china as well. manus: i will plagiarize the mliv blog. defenestration, that is a word i found. i liked it so much, i wrote it down at the top of the page. this comes back to a much bigger

environment, net zero agenda, which has got consequences for markets, they want to keep the blue skies for the winter olympics, reduce the production. i think the iron ore and aussie trade are not separate to the evergrande story but are in a different silo but this is a concern about what to percent of gdp, evergrande, could slow the chinese economy. that has an impact on aussie and iron ore. dani: aussie positioning not on its side, the latest data show hedge funds with the largest short on the aussie dollar on record. if you are contrarian, time to buy, there could be short covering when it comes to the aussie dollar. manus: indeed, let's see if our guest agrees with any of that. we will talk fed, what we? dani: yes, and we have jerome

powell, a big communication challenge on his hands. we have the fomc decision, expecting to yield clues on the taper timeline. economists expecting a formal announcement in november, but in the coming year of the taper, it is the physical version that may really bite. the pullback in stimulus from the federal government is likely to have a much bigger impact on economic growth next year. let's get to our guest, alan higgins. i was struck by a message from andrew brenner, he says there is this huge wall of worried the markets are climbing and all of these risks are out there. is it a cut coming in the cards from the fed? that is far from consensus, but it shows you have a sentiment is shaping up. is the balance of risk for the fed very different than it was, say, a month ago?

alan: a little bit. i would argue look at financial conditions. you have your own indicator, the gold one around for a long time. they are exceptionally loose. exceptionally loose monetary policy. our advice is going from exceptionally loose to just very loose monetary policy. the fed is on that page but very cautious. i don't think they will be derailed by the news we are seeing, for example this morning, or the slight risk off, the couple of weeks we are having, because at the end of the day, credit spreads drive a financial conditions and the stock market is still in a pretty good place, notwithstanding the correction we are having been on, and financial conditions are far to lose. you fix the roof while the sun is still shining, and to me, the

sun is still shining. manus: i like the way that you say ours is the gold standard, you know how to keep your presenters happy on bloomberg. goldman sachs are warning along with a number of others that brookings institution hamilton projects, they talk about a physical space going into 2022. if you are a slightly longer term investor, is that the bigger risk you need to scale back in u.s. exposure, because we need a stimulus bill to come through? we've got elections in the middle of next year. are you worried about u.s. growth on the back end of next year? goldman says down 1.5%, down 1.7% from this year. alan: that is kind of normal in the low growth environments. we are having a huge post-covid recovery with big numbers and then we will moderate and go midcycle.

we are not going to have the fiscal stimulus, and it is about -- and terms of equity markets in particular, what analysis has been right? it has to be the correct analysis. dani: but in terms of equity markets -- go ahead. alan: you go. dani: just quickly, and terms of the equity markets, we haven't seen a 1% of higher in almost 40 days. are we going to see it soon or does it continue to fall? 30 seconds. alan: it's good we haven't seen a rise, we need some consolidation and to reach the market. everyone is looking for a tencent pullback. but if you pull up another bloomberg indicator, people are short the aussie dollar, they are looking for -- it is not going to happen.

dani: we are going to keep an eye on those hedges for you. that is alan higgins. thank you so much. coming up, we discussed germany. -- we and there you have it— -woah. wireless on the most reliable network nationwide. wow! -big deal! ...we get unlimited for just $30 bucks. sweet, but mine has 5g included. relax people, my wireless is crushing it. that's because you all have xfinity mobile with your internet. it's wireless so good, it keeps one upping itself. switch to xfinity mobile and save hundreds on your wireless bill. plus, save up to $400 when you purchase a new samsung phone or upgrade your existing phone. learn more at your local xfinity store today. so many people are overweight now and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now there's golo.

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dani: good morning from bloomberg's european headquarters, it has just gone 6:30 in london, i am dani burger with manus cranny live from dubai. "bloomberg daybreak: europethis is"bloomberg daybreak: europe -- this is "bloomberg daybreak: europe. investors are weighing the debt crisis at evergrande.

the treasury secretary raises her call to raise or suspend the u.s. debt ceiling, saying it is needed to avoid spread economic catastrophe. and it is election we can germany. the final tv debate found the cdu on the defense as angela merkel is set to hit the campaign trail. it is a wall of worry that markets have not been able to climb. it is read on the terminal -- red, red on the terminal. this is quite a negative market to deal with this morning. manus: this goes back to the point, those move us in the cdf from china, indonesia and thailand. if you cannot get yourself a counterparty to give you cds risk, hedge on evergrande, you go to the vicarious trade, that is the view from alan, we just had on. you see some of the biggest

moves since 2020. the blade through is a concern, a slow in china, and that is the risk to the market -- that is the risk of the market bore this morning. if it is a managed default, it is a different story and that is the risk, isn't it? dani: the property sector in china is huge, and in the same goldman note, they talked about how 40% of the assets are the china property market in 40% of bank loans are bob -- are backed by property. even s&p 500 futures off three quarters of a percent. manus: let's show our viewers these numbers. bleed through from ever grand in the equity to the defaults in china. what you've got is the equity down by 14%. it is the most excessive stopped short in the world, evergrande is the most extensive stopped

short in the world. hang seng crumbled. they were lower earlier. morgan stanley says we are in the midcycle crunch in the u.s. as well. all or nothing on the fiscal risk. bank of america saw 50 billion come out of cash last week. the aussie dollar collapsing on the back of iron ore, sub $100 because the chinese don't want dirty skies above the winter olympics and they are crushing overall steel production. that is another story on its own, a bleed through into growth, in the property sector, if evergrande defaults. what is the risk to the property sector, it takes iron ore down. let's pause for breath, sometimes we get a little too excited. let's reset to germany. reset to germany. when you look at those risks, you can understand, i think you had it at the start of the debt,

we haven't seen more than 1% move in quite a while. dani: that is 1% move up and i believe it is 39 days give or take one day. we have seen that run before, but you have to go back to 2019 before we seen that role of 1%. when do you by the debit and what is a dip you ignore -- buy the dip and what is a dip you a nor? -- do you ignore? manus: there are three hashtags of risk, evergrande, inflation and the fed. it hardly emboldens you to add more money. but then in europe we have one other risk, the german election, taking a place next sunday and the christian democrats, laschet put on the defensive last night.

let's get to maria tadeo on the campaign trail. it was the last and final debate. how is campaigning going? maria: yes, and we talk about how this election is so volatile. yesterday we had the third and final debate, and again, it was olaf scholz who won it. dynamics have not changed, the spd still cementing his lead. it was one thing in the debate that caught my eye, it was annalena baerbock and olaf = scholz saying -- olaf scholz saying it could be partners.

i do want to say in the past few days, we've seen the cdu narrowing the gap when it comes to the spd. they are polling second, they have stuck at the drain when it comes to votes. a lot of my contacts at the cdu tell me they still believe they can win the election on the basis that germany is still very much a country that is traditional conservative, but they are backing on burrell germany to swing the vote. having said that, the polls until now are clear, if the election were to happen now, olaf scholz will be elected chancellor of germany. dani: maria tadeo live in berlin. don't forget, you can catch up on our special preview of what is at stake for business in germany's election, a great special from francine lacqua. germany decides. take it out on bloomberg.com or youtube. soaring property prices are also forcing people in germany and truly all over the world to abandon all hope of owning a

home. politicians throwing out all sorts of ideas at the problem but there is little evidence of an easy or sustainable fix. alan crawford joins us and has the story, it is our big take today. just how bad is the phenomenon in germany and around the world? alan: just look at the german election, housing is one of the biggest issues, because rises have been up across the country, specifically in berlin where i am here, you have seen mass demonstrations against rental prices. the city government bought almost 15,000 properties to try and assuage this anger. you are seeing it around the world. south korea, the price of an apartment in the capital has doubled in the past five years. in the u.s., you are seeing 10%

or more in the first quarter increasing across the country. not just hotspots. the most striking one is in canada, you have the canadian election today, the price of a home in hamilton outside of toronto has been up 50% in one year. it is almost three quarters of a million u.s. dollars for a single-family home and it is happening everywhere. manus: good morning. the political responses to this, i was at economic presentation 10 days ago and the emphasis was to close the wealth gap, and to do that, you need to penalize the lack of utility of land, penalize pulling houses off the market. is this part of the narrative? alan: politicians are looking at all sorts of solutions. you are correct there are issues about planning, that is

particularly the case in the united kingdom, for example. but we are seeing the dilemma politicians are in is essentially you risk hammering one end of the market at the expense of the other because if you try and help, for example, in berlin, renters, you risk pitting the homeowners. this is a risk everywhere. you are seeing all sorts of fun lose you -- of unusual exceptions. one place was turning vacant office buildings into housing. but we are not seeing any new, sustainable solutions. dani: thank you for staying on the story, alan. in germany, the dax 30 is becoming the deck 40 today. it is the biggest makeover since it's inception in the late

1980's. what is changing? we are going from 30 to 40, but what else can we expect to change for the blue-chip index? >> as you said, a big day for the german stock market because the dax is going to 40 companies as of today when training starts in just over two hours. the move is designed to diversify the lineup of the blue-chip index. so far, the focus has been relatively strong on industrials like big german carmakers. we have chemical companies in the index. and finance companies, this is broadening to include more companies, one of the biggest names will be airbus, the aircraft maker. you have a chemical distributor.

and also more and more other companies like hello fresh, so the spectrum of the index is set to grow. manus: thank you so much, from 30 to 40, coming of age. let's get you up to speed, angel is with the team. angel: u.s. treasury secretary janet yellen has renewed her call for congress to raise or suspend the debt ceiling. in a wall street journal op-ed, she says the failure to do so would produce an economic catastrophe. as standoff between democrats and republicans on debt limits consent the u.s. into payment default next month. u.k. energy companies are seeking a massive government bailout as a surgeon electricity -- as there is a surgeon electricity prices. there will be a third round of talks on monday. sources say largest suppliers

are seeking a rescue plan to help them handle the cost of taking on customers in smaller suppliers that may fail. emmanuel macron is making it clear that french theory is not ebbing after australia canceled a simmering order in favor of the the u.s. and britain. he is set to speak to president biden in the coming days. 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. this is bloomberg. dani: thank you so much. coming up, we will stick with that the u.k.. u.k. energy companies seek bailouts as many struggle to stay afloat. we will have more on the follow from surging gas prices next. this is bloomberg. ♪

manus: it is "daybreak: europe," monday morning, taking you through the markets. risk off defined, ever grand -- evergrande, will they make interest payments? s&p and nasdaq down. we fell by the most in nearly a month at the close of business friday. level equities drop for a second week. going into a risk off people write about liquidity and how carefully managed will be evergrande be? it's not a catastrophe but it is decidedly anxious, concerned. where is the ring fence, where will the slowdown be from china to europe and the rest of the world? dani: it seems like the concerns, risk after risk from europe.

last week, we had this energy crisis front and center and it has not gone away, u.k. energy companies seeking a massive government bailout and that is as a surge in gas and utility prices has threatened buyers. they will have a third round of talks on monday after admitting small suppliers were in danger. we are joined by our guest. thank you for joining us, happy monday. can you lay out for everyone just how acute the issue is in terms of the necessity for the government to step in and offer a bailout for some of the suppliers now? jim: it is acute. it is not the u.k. that has driven the price is high, it is high demand particularly in the far east, some restrictions in europe, etc. it is causing a problem.

there are two types of problem, one is the small gas suppliers who bought cheaper and they are subject to a cap and they simply cannot make the prices work. and the second on is the knock on to other industries who rely on gas where the short-term spike is affecting production. manus: good morning. we have a lot of oil and we don't typically have a crisis. we are showing our viewers, crisis, what crisis? these are the front pages of the british media. the question is this, to what extent do you think the british government will step in? the italian are stepping in with 3.5 billion. here we are, we are in a crisis, what help can and should the government do for providers?

jim: i think the first instinct for government would be to think about consumers rather than providers. so thinking about particularly people on lower incomes facing the winter heating system -- season about to start, and industry using a lot of gas. i think the smaller suppliers in the market, there are mechanisms in place it a go bust to protect consumers. i think government can be wary of stepping in because where do you stop? if you start saving suppliers, there are 55 in the market, where do you stop? they might want to show that the market sometimes works and you can always bail companies out and you have to let the market work, and for some companies, unfortunately, they fail. dani: if i could put it plainly, for i as an everyday person, do i need to be prepared to start paying higher energy prices?

? from this jim: -- higher energy prices from this? jim: i think so, this is a sustained rise and is not likely to abate soon, and prices have already started to rise for consumers. so that is going to happen. the price cap is in place and doing its work, but there may be pressure to make the price cap higher. there will be pressure on consumer bills over this winter. manus: by the way, to your point, if you run a business and you don't hedge, perhaps it is your own singular responsibility that you don't hedge in a cap market. as you said, where do you stop? the world is going to glasgow, and momentum is shifting. with this crisis and this real crisis, companies going under,

consumers under pressure, do you think it will move the pace of our energy mix in the united kingdom faster toward renewable? one third is renewable, 15% is nuclear and we import. will it accelerate the transformation? jim: i hope it will, the transformation in electricity has already accelerated in the last 5-7 years, the figures you quoted a result of that. the renewable share will increase more and the nuclear share, it will fall but recover a bit because we are constructing new. but gas is still around half of our electricity a lot of the time. that does need to go further. hopefully it will focus minds on things like upgrading our poor buildings in the u.k., including homes, which are often poorly insulated, and one reason why people worry about the price of

gas, because if you are bidding a lot of money to heat your home in winter, that will have a big effect. if your home is better insulated, it has much less of an effect. other than the carbon imperative, which is very strong, we have to reduce emissions, and these prices will accelerate that change, and that's what i hope to hear from the government, along with whatever they have to do in the short term. dani: at the same time, the u.s. setting a goal of 2035 for net zero. are these goals in the current pace of how the transition of -- is looking, are they obtainable? jim: they are obtainable, there are questions other they are ambitious enough, particular the question of china hanging over the summit at the moment because we've not seen any detail on their plans. the big issue, certainly in the u.k. and some other countries, is having set targets somewhere in the future, carbon neutrality

by 2050 for example, you have to demonstrate in the next few years are you on the pathway to the target? i will be looking at what other plans in the next few years keep reducing carbon emissions. that's where i hope the climate talks in november will galvanize action. manus: i am always drawn to those trading carbon credits, head yourself out of the big issue rather than really moving on the substance of asia. thank you for the context. bill gates raised more than $1 billion in corporate funding for new, clean energy and he joins a larry fink in an exclusive bloomberg interview. this is bloomberg. ♪

>> if the government was doing this by itself, you would not have the breadth of expertise you need. our expertise, the companies's expertise with the governments, taking a lot of recovery money, europe has committed a lot of capital, congress is debating substantial money in two different bills they are, that if those go through, will allow the effort to go full speed. >> we are not doing this to make money, we are doing this to seed these ideas, to rapidly accelerate ideas to turn into substantive ideas, and if they need different types of rounds of financing because it is real, at that time, maybe we can bring in client money.

this is really meant to seed ideas and new technologies, to rapidly move forward, and the more we can move this forward, the faster in my mind we can have more client money to invest side-by-side. manus: the blackrock chairman and ceo larry fink, and bill gates speaking exclusively about their breakthrough energy capitalist program to accelerate the commercial viability of some of the solutions for the climate crisis. it is monday, let's set your daybook for you. here's what we have for the week, huge week. canada has a snap elections today, tuesday you have the greenwich economic forum that begins with ray dalio. also alan greenspan, and major forecast for the economy. dani: then it is all about race decision from japan and the u.s. on wednesday.

thursday, d.o.e. -- boe, and friday, quad leaders summit. a lot to watch out for, the risk of evergrande emanating out into markets. that is it for us. the european open is next. ♪ (announcer) looking for a better way to lose weight and feel good?

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♪ >> good morning, welcome to bloomberg markets. i'm dani burger. alongside me is mark cudm ore e. he's going to take us through all the market action this hour. here are your top headlines. contagion risk, hong kong fierce a global selloff. investors weighing it at the everygrande.