chris watling, ceo and chief market strategist at longview economics.next, joined by sir make rake, getting his thoughts on everything from brexit to telecom, to the middle east to banking. we will spend half an hour with mike rake, here on "countdown." 6:26 here. we will take a short break. ♪ anna: welcome back. 6:30 in london. 7:30 in brussels. let us get the bloomberg first word news. here is selina wang. ina: the $2.9 trillion hedge fund industry may lose a quarter, according to tony james, blackstone's billionaire president. he said the industry, having the worst start since the global financial crisis, faces a day of reckoning and shrinking that will be pretty painful for a lot of places. alibaba shares have fallen the most in four months, after the e-commerce giant is being investigated by the sec over accounting practices, and whether they violate federal laws. they're looking at data reported by the single day promotion. alibaba's biggest shopping day, and how the consolidated results from affiliated companies. they declined to comment beyond t