futures bounce back higher >>> and telecom italia shares trade near the bottom of the stoxx 600 after the biggest holder opens the door for a government takeover of the network. >>> let's get a check on european markets we're about an hour and a half into the session investors now digesting news out of china with the central bank cutting the reserve ratio requirements for banks by 50 bases points and we're seeing european markets hold gains after last week the stoxx 600 retreated about 0.63%. so this morning eccat thes rebounding the over in italy up about 1.1%. turning to currencies. this is how the 4x markets are looking this morning the dollar index up about 13 bases points to 96.25. sterling trading firmly versus the dollar we have the euro trading on the back foot down about 20 bases points and then the uwan after news in china they'll go with the cut, we have reports out of state media saying that fiscal policy will be more effective, targeted and sustainable. this amid some debate around whether china will resort to flood-like stimulus. for now the line coming out of china is t

you could see a few of them get kicked off, like the telecom italia deal.ould see a few things like that, but the vast majority of them are likely to still be the sub $1 billion deals. new ways of doing things, new products for them, rather than going out and spending on capex. tom: what does all this mean for credit investors? this is stained activity, the implications for credit investors. >> i hate to be the economist with two hands. on one side of this, you see improved status. but the results can often be a quality business. the things that concern us is when the cash flow starts running out. when the cash on the balance sheet is all used up and they start looking to borrow money from the markets and that is what we could see toward the middle end of 2022 and that is a headwind for credit markets. it has been a positive technical for us. it has driven investment great spreads for us into tighter and tighter territory, but if we get into end of next year and things pick up m&a, that is something to be concerned about. tom: what level of debt issuance ar

in terms of telecom italia, the news yesterday that the government is looking at protecting some of the sensitive parts of this business as kkr lines up, $1.2 billion bid that is broadly welcomed by mario draghi, some stateside $4.1 billion, facing lawsuits in the u.s. they do have additional capital on the back of the reassurance deal, gains of 2% for allianz. let's get your bloomberg business flash with leigh-ann gerrans. leigh-ann: good morning and thank you. didi global has begun preparations to withdraw from u.s. stock exchanges and will start work on the hong kong share sales. bloomberg reported last week that chinese regulators had asked didi's topic ticket is to devise a plan to delist in the u.s. over concerns over data security. sources say it aims to file for a hong kong listing around. march now, u.s. antitrust officials have sued for blocking videos of a $44 -- $44 billion takeover in the semiconductor market. the ftc says it is acting to prevent a chip company from siphoning the innovation's finesse generation technology. the u.k. based arm is owned by softbank and license