dani: this is "bloomberg daybreak: europe," i am dani burger in london with manus cranny in singapore. asia stocks rise as china has a sweeping support for its ailing property market. the fed's waller warns of more rate hikes. fdx faces a criminal investigation in the bahamas over the collapse of the crypto exchange. crypto assets continue to selloff. plus, superpowered summit. president biden and xi set to discuss trade and politics at the g20 with the world's most powerful leaders looking to make amends. manus, it is all about waller this morning, betting down any idea that a pivot party is on the way. manus: we debated the potential for a recalibration from the fed, but to quote the great man

himself, chris weller, and this is the fed itself, the market gets way out in front. 7.7% is enormous. we've still got a ways to go. he is channeling his inner robert frost. [laughter] dani: i love it, calm down, everybody. you have that fantastic dollar showing how far the market has gone. why they are attempting to push back. manus: it took them so long to win the narrative, didn't it? they had to inflect multiple 75 basis point hikes. the dollar is resplendent and we lost 3.5% last week. a thrashing. i love what bank of america say, are you just renting the pivot? if there's not to be any rate cuts, there in lies the point, you might drop by 3.5% in one day, but that is a result as a

risk response from the dollar perhaps. dani: yields go higher, duration is lessened but we've seen a move in the yield market this morning. i think we have twos up. this comes off the back of a 30 basis point drop in yields last week. one of the biggest on record. can i take as quickly to the u.s. equity and futures? manus: you drive. dani: along with waller, the other big story this morning is the fact that china is coming to the rescue of the property sector and revisiting covid restrictions. less quarantine testing, jules will walk us through the property sector. the hang seng up 1.5%. european stocks responding positively as well. what you're seeing in nasdaq futures perhaps is the waller

story rolling on. jeffrey's saying it is too late to sell tech but too early to buy. manus: exactly. let's move through some other assets. oil on the move come up 3% on friday. caution from mbs, he is not a buyer of the big reopening. five is the belly of the curve, the most dramatic plunge in 15 or 20 years, a reprieve. iron ore up by 2.3%. the china reopening story play through. solana is one of the brutalized crypto land currencies. they are closely tied to sam bankman-fried and his empire, and that puts more pressure on the token. there is your snapshot. dani: let's get to some of our other top stories. reporters from around the world.

juliette saly will cover the asian news. joanne osundairo will wrap up crypto. stephen engle to preview president biden's meeting with xi jinping. manus: let's focus on those of directives from china. to rescue the property market and adding a major recalibration to some of the markets on the move this morning in response to the pandemic. president xi jinping turning attention toward shoring up the world's second-largest economy. it's not often we get the pleasure of this, same place, same time zone, it is juliette saly in the flesh. juliette: indeed, so exciting to have you here. i don't know what camera i am looking at you are to my left. i will tell you the fact of the day in terms of the big move in iron ore, the property sector accounting for about 40% of steel demands. these huge moves, fortescue jumping the most since 2020.

it is all about property stocks that dani talked about, it addresses the liquidity crisis, loosening down payments as well. bank of america saying as well in injection with the plan on easing covid restrictions is this one step forward in terms of the loosening and opening of the economy, one giant leap in terms of market sentiment. big moves in the overall hang seng index as well and we are watching technicals on the msci china index, nearing bull market territory, up about 20% from october lows. it's about the bond market as well, you're talking about waller, but also this move in the 10 year yield the most since 2020 on the index because we are starting to see demand for haven stocks somewhat. the offshore you one raising -- yuan raising. let's look at the development stocks. this is one index that has rallied hard. we saw country garden up some

55% on the open in hong kong. if we look at my chart. that index has jumped about 19% also and is now rebounding around 50% from the bottom in october. forget about a bull market on the 20%, this is a 50% jump. this could be a game changer for the first copperheads of policy from authorities -- comprehensive policy from authorities. it is a big policy to support the overall economy. dani: jules, thank you for walking us through it. let's get to the crypto story. fdx fought -- filed for chapter 11 protection. sam bankman-fried left at the same time. police say they are investigating whether there was criminal misconduct in the collapse of the exchange. let's go to joanna. where do we stand on this saga?

i'm having a difficult time keeping up. joanna: there are so many moving parts. one thing is we will be watching for extra info from the bankruptcy related filings because they did it so quickly there's not a lot of information and there usually is. we will be watching for that in coming days. we will also watch for second order of facts from other counterparties, anybody else who may have been affected. it is looking a little fragile out there, and especially with the prices on cryptocurrencies, manus had put on solana and it is down 20% again today. bitcoin is below $16,000. we will also be watching for what happens with these police and regulatory investigations. what are the police going to do with sam bankman-fried? are they just going to talk to him or will something else happen? we are watching to see what actions will be taken by government officials.

manus: you just look at some of those leverage ratios, 900 million in liquid assets on thursday and 9 billion in liability. i love the line from one of the stories, $8 billion of hidden or purely internally labeled fiat currencies. some of the story is reminiscent of 2008. joanna, thank you. our senior crypto reporter. joe biden is set to hold talks with xi jinping ater today. this will be their first in-person meeting since the u.s. president took office. talks are ahead of the g20 meeting in bali, where biden has already met with the indonesian president. let's talk to our north asia correspondent, stephen engle. he is in bali at the g20. you get the good postings, stephen engle. bali for a couple of days and all you got to do is track some

global leaders. [laughter] it is not easy, i know. set this up -- xi, biden, what can we expect? stephen: the wool suit does not suit the weather here in bali. i'm constantly around the clock talking to business leaders and world leaders about the state of emerging economies and the g20 nations. the backdrop of that disruptions in food markets, energy markets, because of the war in ukraine. also king dollar and rising inflation around the world and how the various economies, including indonesia, are having to deal with their own rising potential debt issues, and of course inflation around the world. all of these discussions. we were earlier talking about the 16 point plan from china as xi jinping arrives with a rescue

plan for the property market. the number of issues the leader hears -- the leaders here tomorrow. tonight is, all eyes on xi jinping and joe biden. they will have their first face-to-face meeting since joe biden became president. they met face-to-face some 67 cumulative hours over the years but never since no biden became president. they have talked five times by videoconference or by phone since the inauguration in washington but they haven't met face-to-face. many people say the relationship is at a nadir right now. janet yellen has already talked about it with reporters here in bali. she says we are just hoping to better the lines of communication. joe biden and the white house reusing the same terminology, they want to set of guardrails on the relationship. there are so many sticking

points these leaders have to get through. dani: stephen is way too busy to enjoy the beach. i am the only one out of the three of us who is in a cold, rainy city. you are in the tropical paradise of singapore, manus. manus: i've got to admit, i've got a pretty good gig this weekend. i am visiting the various pools. dani: i have to end this before i get too sad. stephen engle in ollie walking us through the g20. let's look at some other key things we will be watching out for today. at 10:00 a.m., production data for the month of september. we will also have an ecb rep separate div -- representative in florence. we will also have john williams moderating a panel at the economic club of new york. manus: coming up on the show, our economics team mapped out

the big risks for the upcoming year. we discussed with our next guest from emirates nbd. how bullish can you be? dani: president biden arrives in bali for the g20 summit. we will have more on his talks with xi jinping later. this is bloomberg. ♪

>> the fed is pushing back on market moves we saw last week with christopher waller saying the fed still has a way to go before they stop raising interest rates. his comments echo remarks we heard from jay powell, who has also said interest rate increases are far from over. manus: joining us now is our guest from emirates nbd.

it is the beginning of the pushback from the fed. how forceful is that? markets have gotten way ahead of themselves. the market seems to get way out in front. i cannot stress this is one data point and we have a long way to go. how forceful is that pushback? anita: good morning. i think it is a little too early to expect central banks on one data point the market decides there is going to be a pivot. we have a lot more data points coming out especially this week, retail sales, production, through the month. yes the market has reacted to some good news after a spate of continued inflation numbers that were higher than expectations. always the market looks at the data points and i would say let's wait and watch. dani: what do you need to see to

confirm it is time? are you waiting for fed commentary to change before you are willing to make some of those trades? anita: i think there is so much noise in the market right now. you see these very sharp moves, whether it is the nasdaq or s&p 500. so the fed commentary next time it is december, we still have some time to go before we get to know how they are thinking, i think our view is another 50 basis point hike. i think that is more or less a market submit -- market estimate. but what the fed chair is very important. manus: another line from the bank of america research piece over the weekend says what we have at the moment, if you look at the demolition derby on the dollar, it was a renting of the pivot. no recession equals no rate cuts. but i am drawn to the more

interesting line, tech and saying -- faang on a secular derating. i know you are cautious on risk, but how do you look at tech and faang? anita: what we have done is overweight technology the last eight years. we continue our belief in some of the tech sectors. however, what we have seen in the last 10 years, the exponential revenue growth, especially from the big tech companies, i don't think we will continue getting those numbers. we will definitely see some growth from the more resilient sectors, but a lot of companies delayed adoption of hardware needs. you're not gonna see earnings or revenue grow at exponential numbers. tech is still a little

expensive. i would distinguish between the companies with strong cash flow, stay invested there, there is no hurry. i don't think this last week's rally will be a continued humongous really on tech. dani: there you go, some of the points from bank of america you are seeing now. i wonder, semiconductors specifically, you have a biden and xi of the g20, how much of the attractiveness of the semiconductor sector depends on american-chinese relations. anita: i think what has been happening on the semiconductor front is we do have inventories. we've also seen production go up greatly across semiconductor companies globally. we are at a point where companies are getting behind end chips they need. the semiconductor industry is not going to grow at the same

pace as the last few years in terms of china, u.s., and what will happen. don't think we could comment on that. let's see what happens. manus: i know you want to see two specific catalysts before you would be much more bullish. one is around the fed pivot, which is a rented pivot narrative rather than actual fact, but the china reopening is the second prong of your narrative. when you see this, does it embolden you -- i want to understand this -- take more china risk or tepidly take more china risk? how do you define the china narrative from friday to today? anita: i think what was announced on friday in terms of the 20 point plan, in terms of stimulating the economy, also this morning we heard news about the real estate sector. any good news is great for

markets. the fact that there is some concrete step toward reducing the real estate. i think this -- i think there could be a little more catch up. you have both measures to encourage -- to come back, but they still have quarantine. no other country has that currently. cases going up in china. we stay neutral at this point. dani: are you not tempted at all by some of these property stocks that have been so battered down? is there not an element of valuations look attractive, why not by as it looks like there is a slight shift? anita: we don't have actually any recommendation on any china property stock.

we do single line recommendations. we still remain wary. you still have an overleveraged property sector. we have not seen an uptick in terms of sales. we would need to see that data on the ground before we were to make any concrete kind of measure in terms of adding property stocks to our recommended list. dani: ok. anita, thank you. thank you for joining us, enjoy the rest of your day. coming up, we dive deeper into what will be a bumper week for u.k. economic data. that is up shortly. this is bloomberg. ♪

>> the bank of england says we are likely to be in recession. this is disappointing but not entirely unexpected news. what we need to do now is present a plan to the country to tackle the root cause of the issues we face, which is inflation, and a plan that protects the most vulnerable. that's what i must do next thursday. manus: the u.k. chancellor speaking last week about the challenges the u.k. economy faces. it's a big week for economic data. today we get the data from the housing market, thursday is the job slight, and unemployment numbers of 3.5% is what we are expecting on wednesday. cpi will accelerate toward 11% next year in the october data sweep on thursday. the market is critically focused on finances.

what does he do? a balance between tax rises and spending cuts, isn't it? 40% we understand will come from tax rises, 60% from spending cuts, but the bond vigilantes are standing by, they are ready. if he back loads this austerity, that could be what invokes another salvo from the bond vigilantes. dani: they are expecting austerity. i also like how our economics team puts it, has more control over inflation down the boe. it might allow the boe to back off a bit. let's get to our first word news -- we were first going there. simone? simone: good morning. china has issued a sweeping package of directives to rescue its property sector. financial regulators are said to have published a 16 point plan

with measures from addressing liquidity to loosening down payment requirements for homebuyers. bloomberg intel mitch -- intelligence gauge said that shares surged, taking this month gauge -- rise to 55%. an excursion in istanbul has killed at least six people and wounded more than 80. turkey's justice minister says it appears a bomb exploded in a bag. the attack which officials suspect is terrorism, comes as turkey prepares to hold elections next year. authorities in the bahamas are investigating potential criminal misconduct in the collapse of the crypto exchange ftx. so far at least 130 entities tied to ftx.com, ftx u.s. and alameda research have been this did in bankruptcy filings. ftx is registered in the

bahamas, where law enforcement inquiries don't necessarily mean someone will be arrested or charged with a crime. >> there is a lot of players in the space that try to cut corners to grow quickly. that destroys customer trust. when they don't trust them, they don't go to them, they go to a platform they trust. simone: 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. manus: simone, thank you. simone foxman in doha. it's all about china. the 16 point plan, the package to sav

dani: this is "bloomberg daybreak: europe," i am dani burger in london with manus cranny in singapore. manus: asia into the red, stocks erased gains despite fresh chinese support for its property market. u.s. futures slide after the fed's wall are warns of more rate hikes. ftx faces a criminal investigation in the bahamas over the collapse of the crypto exchange. crypto assets continue to fall. plus, superpower summit. presidents biden and xi will discuss trading and geopolitics at the g20. this is the world's most -- as of the world's most powerful leaders look to make amends. dani: it is two stories this

morning driving everything. a rescue of the property sector from china, a recalibration of covid, and finally, waller saying, down, the market has gone too far in pricing out inflation. what does that mean for the future of equities this morning? u.s. equity futures are on the back foot. you have underperforming. anita was just talking to us about that. the they haven't sold off enough and it is not all clear. let me show you the futures this morning. european futures doing better. asia stocks, i promise we will get this for you and a second, msci asia-pacific is flat at the moment but the hong kong tech sector -- there you go -- up 1.5%. we are close to a racing the losses of the past month. manus: it is very interesting when you travel to a different time zone and you feel the surge at the end of the asia session here in singapore from the good

news from china, and then reality bites. look at the cross asset check i put together for you. the euphoria of the china story is now dissipating in terms of the 16 point plan for the property industry. oil is down by 1.5%. treasury yields are rising as waller pushes back on the narrative the fed is done. we are way ahead of ourselves, we get way out in front and we -- he cannot stress that enough. iron ore still got the alpha of the chinese property story in it. up 3%. crypto land is battered. crypto land is now worth $800 billion, it was worth $3 trillion a year ago. dani: in the china story, we can't lose sight of geopolitics. president biden said -- is set to meet xi jinping later, their first in person meeting since the pandemic and since biden took office. talks will take place ahead of

the g20 summit in bali, but the u.s. president has already met with the indonesian president. for more, let's get to stephen engle, who is in bali for the g20 summit. what are we expecting out of the meeting between xi and biden? stephen: the two main things we are looking at on this, the last day of the b20 as we head into the g20 as the leaders converge on this tropical island is of course the xi-biden, i don't want to care at a summit, it is a meeting, their first face-to-face meeting since biden became president. they have had five conversations via phone or video link since the inauguration but they have not met face-to-face. their relationship has been strained because of the geopolitical issues, whether it is beijing's support of moscow amid war in ukraine, whether it is the taiwan tensions, the chip

export curbs abided biden administration has attached to chinese purchases of trips. there are a lot of issues that will not be resolved in what could be a two hour long conversation later this evening in bali between xi and biden. maybe there could be some ground made on a some of the smaller issues. i don't want to lessen the issues on military contact or climate change that were suspended after nancy pelosi's visit to taiwan, but that would be a positive step to getting at least a floor. that's how the white house is calling this, we want to establish a floor on the deteriorating relationships and put guardrails in to protect the dialogue going forward. the other issue is will the g20 have a communiqué at the end of this summit? most likely not because the 20 nations here are divergent in

their opinions about language that could be used to perhaps condemn russia's involvement in ukraine and the war. there likely won't be a communiqué but at least we will get a xi-biden meeting later today. manus: biden need something of substance overseas given the implosion of saudi often u.s. relations, but that was pre-midterm. briefly, how much does xi turn his attention to shoring up the domestic economy? how important is that for him? stephen: extremely important. the two big drags on the chinese economy, covid zero, and for the national health commission we got a 20 point plan to alleviate the social and economic impacts of covid zero. they have lowered a little bit the quarantine for coming into china. now we've got the news of a 16 point plan to help alleviate the stresses made by chinese policy,

i might add. this was not necessarily on the heels of the fed action, the inflation and king dollar. this has been in the works for a year and a half in china. but he is trying to alleviate the stress is the property market has called -- has caused on chinese growth. manus: ok, let's see what comes. enjoy your time, get a light, linen suit, that is the answer in these hotter climes. from a man who has been stuck in a desert the past few years without palm trees. she is at home in the rain, i don't know what she is complaining about. dani: i want the tropics. [laughter] manus: she's got to work harder for a ticket to dubai. stephen engle on the ground at the g20. let's bring in jonathan, from china research at ts lombard.

good to have you with us. how low is the bar to biden and xi delivering anything of note today? how optimistic are you? good morning. jonathan: in terms of big headlines, i think it is pretty low. both sides, particularly the americans have said this is setting a floor, as stephen engle just said, and we are trying to find out where the red lines are in china-u.s. relations. i think the main point of the meeting is it is taking place. it is establishing some kind of assumption of communication at the very top level between china and the united states. dani: does that mean any sort of deals, be it on semiconductors or ukraine or anything? do we discount them and say we will not have any concrete deals to come out of this meeting? jonathan: i don't think there

will be any concrete deals. at best, an agreement between the two leaders to let officials work up those kind of deals that you are talking about. and also of course, the big tiger in the room, the question of taiwan. i think biden will set out fairly firmly in american point of view. this won't surprise xi jinping. he on the other hand might give some indication of how drastically u.s. curbs will be put on technology access by china. manus: how much will ukraine -russian come to bear in this discussion? by all accounts, the narrative from the u.s. is shifting. that is for sure. i know a lot of people talk about war fatigue. will that come up? is that as important as taiwan?

jonathan: i think taiwan is more important in this particular context of china-america. china is, i would guess, a little perturbed and embarrassed by what has happened in ukraine and it certainly doesn't want putin and whatever putin does in ukraine to leave chinese policy, particularly not its relationship with the united states. dani: domestically we have the unveiling of the 16 point plan to help rescue the property sector. we have seen these huge rallies, some property stocks by 50%. is this a game changer? jonathan: it is a game changer in the sense that having gone through the big party congress last month, where xi really nailed down his political power

for the next five, 10 years, however long it may be, and he is now turning to the economy. essentially the communist party has always gained a lot of strength from its ability to deliver economically. property has been an extremely important part of that, particularly for the chinese middle class, who have largely rallied to the status quo and the regime, and xi has to keep them on site. manus: a great deal last week was made of the german chancellor visiting xi and the mrna vaccine available to expatriates. could you envisage a scenario where china takes mrna from the west, or only its own? many have said to me that is the turnkey. what do you think the risk is of that or the possibility of that? jonathan: i think china will

want to go with its own vaccines. it is very sensitive. this is a matter of national security for xi jinping and his colleagues in the politburo. it is one of the hallmarks of the regime, and i think that would extend to vaccines. use of vaccines would be limited, as you rightly say. if they did accept them on a broader basis for the population as a whole, that would be a major change. dani: you still have a lower uptake rate of vaccines in general in china, given that if what we are seeing is the start to an easing of covid zero, what do you anticipate the full road will look like? jonathan: that will depend on how many outbreaks there are and

where outbreaks are, how serious the outbreak in the south is. that accounts for 20% of chinese exports, 10% of gdp. really i think they are now feeling their way toward easing. but easing according to the plan , the full easing would not be until easter time or second quarter of next year. dani: ok. jonathan, thank you for joining us. we appreciate your time. coming up, we recap the latest on the crypto chaos after the collapse of the exchange ftx, bringing down everything else with it. this is bloomberg. ♪

>> no one can -- if a guy is very good at lying and pretending to be what he is not, the law is not going to prevent that. the law can help to reduce that. industry players should be more vocal about it, we should set strong standards for the industry. dani: the ceo of binance speaking in bali in a not so veiled terms about the collapse of ftx and sam bankman-fried. manus: when it comes to the history of who did what in the last 10 days it will be fascinating. ftx has filed for chapter 11 protection, weaving retail investors under pressure. the police and bahamas say they

are investigating whether there was any misconduct in the collapse of the crypto exchange. one woman who has spent all weekend probably reading crypto analysis on ftx, it is joanna ossinger. good to see you in the flesh in singapore. a lot has been written about money wasn't rightly labeled, fiat currencies, what do you think is the most important thing if you tune in this morning at 6:30 in europe? joanna: a couple of things are big. one, we will be watching for what extra documents and filings come out with the bank of cks. it was done so quickly a lot of the documentation was not there and a lot of that will be coming out in the coming days. we also have to watch out for the fallout from other exchanges, who has what tokens, who will be freezing withdrawals , and just the prices themselves. solana down 20% today.

bitcoin is falling below $60,000 again. ether down. almost all cryptocurrencies down and that is how nervous the space is. dani: it is incredible how quickly ftx collapses. we've got cz liquidating ftt holdings, and he was on twitter aching perhaps another veiled comment about crypto.com, raising concerns about other exchanges. how much trust is evaporated in the space as a whole? joanna: it is huge. ftx was considered one of the preeminent exchanges. people were holding up sam bankman-fried as this wonder canned -- wunderkind. if you don't have that, you have a situation where people say if we can't trust that, who can we trust?

at this point it is hard to fuel to much speculation and say exactly what might happen with the one place or another. a lot of exchanges have been trying to give the proof of reserves. those documents have flaws in themselves but they are trying to say we are ok, we are doing xyz to stay a going concern. manus: a lot of moving parts march there? are you surprised by the amount of leverage in this story? 900 million left in liquid assets on a 9 billion leverage. joanna: they do have some illi quid assets so we have to see what they can get out of that and that will be a big trick. some of these things look worse initially and then a liquidators or whomever are able to salvage something out of it. a lot of these people in crypto

have done a lot of leverage. that was one of the problems with three arrows, for instance. you have seen it in this space. think people were surprised because they saw ftx as really good, but in the space overall, there is a lot of risk-taking. dani: yeah, looking at the balance sheet, there is something on it from the ftt story. joanna, thank you. at least someone sort of understands what is going on. let's get to the bloomberg is this flash with simone foxman. simone: roche says it's latest alzheimer's drug failed to slow the disease. the protein that else up in people with l summers was lower-than-expected. alliance industries has --

reliance industries has denied that their ceo is interested in eating four football club liverpool. there was earlier reporting he had expressed interest. a paper says fenway sports group is willing to sell for 4 billion pounds. elon musk says he has too much work on his plate. in a session at the b20 in indonesia, he said he is working morning tonight seven days a week. the comments, as he brings his unique brand of management to the social media company with the firing of more than 3500 people less than a week ago. that is your bloomberg business flash. manus: simone foxman in delhi. coming, what happens in vegas. we will round up the latest on

the u.s. midterms. the democrats win a key senate seat in nevada. the impact on politics on bloomberg. ♪

dani: democrats have defied political forecasts to keep control of the u.s. senate. the results look like they are shaping up to be a win for president biden as many voters rejected some of the candidates backed by former president donald trump. senator catherine cortez masto put the democrats over the top on saturday after networks declared her the winner after a closely fought election in nevada. let's bring in bruce einhorn. democrats barely getting control of the senate. it is 50-49, the georgia race still to be decided.

where do we stand with the georgia race and how the house is shaping up? bruce: you are right to focus on the georgia race. that will be the runoff in early december. while the democrats now are assured of controlling the senate because even if it is a 50-50 tie, vice president harris breaks the tie, the democrats would like to get to 51 because that gives them more of a cushion in case somebody cannot make it to vote. if they can get to 51, they have subpoena power in the senate and can control all of the committees. currently at a 50-50 setting, it is more complicated, they cannot subpoena people and trying to confirm judges is more complicated, it has to go to a floor vote. if they can get 51, it makes chuck schumer as a senate majority leader, his job much easier. on the house aside, the crazy thing is we still don't know.

i think most people assumed the republicans were going to easily win the house and it didn't happen. manus: i like the way you talk about crazy politics. it is a global issue but it is a nice phrase. briefly, nancy pelosi, she is calling -- if they take the senate with that extra cushion, she wants a vote on the debt ceiling now. how real is that? bruce: that's a good question. you then still have to deal with the fact that it is a 50-50 senate. you can't afford any defections if you are chuck schumer, that means you've got to get romantic and kyrsten sinema, the conservative democrats to agree. that is uncertain. it would be important for the democrats to do that because republicans come if they take the house, there is a strong possibility they would try to use the debt ceiling as leverage in negotiations with president biden in the new term.

we've seen in the past that can get quite ugly. manus: ok, bruce. let's see what is delivered tonight in crazy politics. bruce einhorn with the latest. we will kick into the new economy form just up the road here and it will be a cracking lineup we've got. the debate will be of course what do xi and biden achieved today. dani: i can only hope you have your linen suit packs. i know it is hot there. that is it for us. markets: europe is next. this is bloomberg. ♪

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