thank you so much for joining us on the latest for kaisa and others. rishaad: let's take a look at what is moving as far as the markets go. >> it has been like a yo-yo. this morning, the rrr cut was the big talking point today. we had this high-volume as investors weighed new restrictions and used leverage. trading volumes were more than 90% above the 30 day average well 100 a volatility was the highest since 2010. one stock not trading in hong kong today hutchinson has suspended trading. their shares dropped on friday but they are holding a general meeting today that will be going on as they wait for the court. dongfeng is up 9/10 of a percent. great wall was slightly up. rishaad: thanks for that, sherry. looking at our other top stories here as well. the security chief in china has been accused of spying on other leaders. he reportedly put phone taps. he is the highest official caught up in the president sweeping cap -- sweeping crackdown on graft and abuse of power. the central bank finds he had no direct role in how much a family member was awarded

this comes on the heels of kaisa , we were bringing you that a while ago.ate for -- for them to default on shore. -- the first china state firm to default on shore. it will continue to raise payment funds by various liens, including asset disposal. it is interesting to see whether the government actually supports these defaults to give an message to the wider market. we will find out more and bring you the latest in the next couple minutes. guy: particular for a state run firm. more signs of unease over greece . the ecb selling measures to wind down emergency liquidity assistance it has been providing to keep greek banks afloat. providing more haircuts, i.e. the repo operation. the ela could be reined in. here to take a look at greece's plight is daniel gross -- we are in the wrong place -- oh no daniel has been found. thanks for taking the time to join us from brussels. sorry, i thought you might be in the studio. look, where are we and how significant would it be if the ela haircuts increase? daniel: ela is the center for the financing of the great banks

the case of kaisa is different. the bonds were trading at 106.had an outspoken and approachable relations person. all of a sudden, they were embroiled with chairman disappearing and taking over the company again. what happens is that investors are not sure what is going on. if anything investors are looking at if we should price in some political risk to china. we shoul -- we really do not know where it is going to come from. jonathan: i look at the high-yield auctions in china. christopher: coal miners stand out. they are in a grace time and it is not a full default. it is not a full default. another related company have a majority coming up and i think it is 300 million. what i remember is that they did not have enough to make the maturity. the properties were downgraded today by moody's and they have it coming up this year with the amount of cash reported on the balance sheet not being enough. the bottom line is that we can expect a few more defaults. jonathan: that is for sure. they are not in the european equity markets today. the ftse 100 i

kaise was extremely -- kaisa was extreme popular with foreign investors. they piled cash into the market while it was hot and companies like kaisa defaulting on $52 million, that is interest payments on bonds, and after a 30-day grace. it could not do with the money. this could have a ripple effect throughout the economy and we are tracking other chinese developers today. we have not seen a huge move but the notes of those developers we were also watching, they remain largely unchanged. we will watch what this means for the property market. we know it is entrenching and it has been a key way for chinese investors to find yield in recent years. now it is a different dynamic. analysts say we may see more of these defaults in the months ahead. mark: how are the rotter asian markets looking today? -- how are the broader asian markets looking today? zeb: hong kong is the place where the action is happening. we are seeing a nice rally on the hang seng index. 2%. a more modest gain in shanghai about 1%. across the region stocks are generally rising. we have all 1

chinese property developer kaisa founder has returned home.signed in december over a corruption probe. he and his brothers controlled nearly half of the company. indian prime minister narendra modi corning german investment to speed of growth in asia's third-biggest economy. modi said that they were huge opportunities for cooperation in areas of construction, railways and insurance. he also promised to cut red tape for european investors. germany is india's biggest trade partner in the european union. up next, the outlook for china. we've got the fed strategy, the latest on europe and what is going on. apparently it is a bit soggy out there. ♪ rishaad: let's check on some of the stories making headlines around the world. angie: militants have bumped a police station and armored vehicle in egypt's sinai region killing 14 people. most of the dead were egyptian police. a group that has declared allegiance to the islamic state has claimed responsibility. violence has increased in sinai since the military removed president mohamed morsi from office