Coronavirus cases continue to surge. Latin america sees infections climb. Beijing cancels hundreds of flights amid a new outbreak. Welcome to daybreak europe. We are not seeing any clear catalyst for the markets as we get going today. Overnight, we have seen a mixed picture in asia. Unchangedndex is overall. There are still the second wave concerns in the market. Yesterday, we saw some light volumes in the u. S. And ended unchanged. Not getting a lot of direction in futures. Euro stocks futures treading water. We are heading for a weekly gain for Global Equities. Resuming gains for this week is what we are looking at. The 10year treasury yield is unchanged on a 70handle. Both the dollar and the yen are headed for weekly gains. That says something about the risk off tilt we might be heading for. Oil in the green today and also looking to resume weekly gains. Aat is after some signs of comeback in demand. We got some commentary on that this week. We have some breaking Corporate News to get to hear. Group, the ceo will be succeeded. This is a story we have been waiting to get a development on. We were waiting to hear about that succession plan. Ralph hamers will be replaced. We will bring you more on that story as we get it through that hour. After worse than expected jobless applications from the u. S. , initial claims showed only gradual improvement with continuing claims remaining high. The white house still sees the u. S. Economy bouncing back. Back to where we were in 2019. We will have made up for the lost ground. We will make up with some decent numbers by the First Quarter of 2021. Nejra a slightly more downbeat assessment from James Bullard. He said while the worst is over, the u. S. Economy is not out of the woods yet. Ray dalios bridgewater is warning of a possible lost decade for stocks seeing Profit Margins at risk with levels of corporate debt set to rise due to the pandemic. Joining us now is our guest from blackrock. Great to have you with us. It looks like we have seen a little bit of Risk Appetite resume on a weekly basis for global stocks, even if the powerful rally we saw for much of june has stumbled a little bit on the second wave fears. What have you seen in terms of investor appetite for u. S. Equities versus the rest of the world . Particularly given what ray dalio set the lost decade is coming . Hi there, good morning. I am going to reiterate our pro risk balance stance at this point. Is really for that along a few angles. You just talked about the jobless data yesterday meeting expectations. Is that wepicture likely already have seen the worst looking at what has come through for may, april. If you think about containment , theres for the virus second wave will not be as severe for the first wave. From here on, increments will be very strong. We see that coming through in retail sales and through surprise indicators. From a growth perspective, the increments should support sentiment. From a policy perspective, we do that if you look at the market volatility toward the end of last week, beginning of this days of volatility. We see the fed coming in and we see the talk about additional infrastructure spending. There is a lot of desire to maintain flexibility. We dont see a huge amount of inflows, especially by institutional clients. Clients that we speak to have been complaining about the market running away from them. We keep our pro risk stance. Nejra fine. You keep a prorisk stance. You prefer the u. S. Equity market because you do see a bolder coordinated response. A bias u. S. Indices show toward quality companies. The other thing we have been discussing recently is this rotation toward cyclical. What does investor behavior and flows tell you about how much legs the cyclical and valley value rally has . Wei this is interesting. For a long time, value has been underperforming growth, momentum, and broader markets. That is starting to turn a little bit in recent weeks. Toue is the only factor support inflows in june. Isue toward exposures actually looking as though it is going to register the first monthly inflow in june. We have had outflows in prior months, significant outflows. It would appear Investor Sentiment is turning around a little bit. An investment portrayed, the jury is still out. Ok, fine. What about european equities as well . You say that technically you have been looking at european equities. Stancehave a prorisk and investors share your view on that, particularly if they have been on the sidelines so far, do you think that would look to allocate more toward europe from here is to mark here . Investors have been looking to allocate more toward europe in recent weeks. The sense that they broadened out, u. S. Investors allocating to europe. If this is a longerterm investment, the jury is still out there. Policies areated also in the fiscal front. It definitely has been improving risk sentiment toward duration. If you think about coming out of a virus containment, europe has been more prudent compared with the u. S. And also has been further ahead in the virus curve compared to the u. S. And that has given comfort to investors in wanting to play the cyclical growth recovery through european equities. Nejra ralph hamers wei li from blackrock sticks with us for the hour. Chinas top virus expert has warned against loosening restrictions in beijing despite authority saying a researcher in an outbreak in the city has been gained. Cases also searched in latin america with mexico seeing a daily record and Venezuelas Nicolas Maduro saying he would radicalize lockdown measures in caracas. European leaders begin talks over a giant Recovery Fund to help their countries rebound from the coronavirus lockdown. The proposed program which meets the backing of every eu member state would be funded by joint issuance. Pitched some more fiscally hawkish countries against germany and italy. A Company Revealed auditors could not find almost 2 billion euros in cash. And he was doed to step down from the coo role in charge of business development. Facebook has pulled a Trump Campaign ad for using nazi symbolism. The post included an image of an upside down red triangle, which the Antidefamation League said was used to identify political victims in concentration camps. Said it used it to symbolize antifa, a loosely organized group. Global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Lets get back to some news that broke just at the top of the hour. Steven van rijswijk is succeeding ralph hamers as ceo. F ing he is current a member of the executive board and chief risk officer. He has held that position since 2017 and he is well respected inside and outside ing. He played a role in the effort to Win Back Public trust with a repentant appearance at a Dutch Parliament hearing on Money Laundering and before joining the board, he held several positions working with corporate clients over 20 years. To one thing on the flipside say is that he doesnt have much experience with Digital Consumer banking, which was the core business under ralph hamers. Ralph hamers has already moved ubsucceed Sergio Ermotti at , where he is due to start september 1. Until the appointment of a willssor to the cfo temporarily assume the responsibility on the executive board. Coming up, complete decoupling. President trump makes his most forceful comment on u. S. China relationship. This is bloomberg. Berg. This is bloomberg daybreak europe. Asian equities, u. S. And european futures struggling for direction in the absence of any strong catalyst, but Global Equities headed or a week again. The 10year treasury yield fairly steady, just dipping slightly. The yen headed for a weekly gain along with the dollar. Oil also looking to resume a weekly gain. Trump said thed u. S. Could produce a complete decoupling from china. His tweet is his most forceful statement yet on the souring ties with beijing. After statements from Robert Lighthizer who said a full decoupling was not a reasonable policy option. Wei li from blackrock is still with us. We do have these tensions between the u. S. And china going the scenes. Y behind they are out in the open to be frank. How concerned are you that we could see these u. S. China relations deteriorate going into the back half of the year . The u. S. E head into election in november, it seems bipartisan to rather be harsh toward china. It even starts with covid19. Lastg the trade tension year and the year before, it had already becoming through. Implication of what it is likely going to look like is that the Global Economy will have two engines of growth in the year ahead, you have the u. S. , you have asia centered around china. That means from a strategic portfolio perspective, you will need allocation to both. Why do we want to have china alongside the u. S. . The nearterm case is also quite favorable all. Think about chinas economy further ahead in covid19. When you think about chinas reform and opening up effort, they continue. They seem to be accelerating at a time of increased global uncertainty. If you think about china in the monetary and fiscal policy front, they have not gone as big as the u. S. Because they locked down the economy earlier. And they now have more room to play with as well. We think the decoupling trend is here to stay. We head into november. Headlines could seem even more fiery, but that actually strengthened the strategic or folio case to want both in your portfolio in a meaningful way. Nejra yes. Yes. It makes sense. There are concerns over the recovery in china and there are second wave fears that have surfaced in beijing. Then we see this week the pboc signaling that we could have another rrr cut. Some say that cut, soon as this weekend. Could we get a rrr cut this weekend or sometime very soon . What could that mean for you wanting to allocate to chinese fixed income . Fan ofnvestors, big chinese bonds. The is your view on possibility of rrr cuts and allocation to chinese bonds . We absolutely think that the pboc has room to do more. Rrr cuts are definitely on the card. It is not just the prospect of rate cuts that positions it in a favorable light. It is also the income. Coming down in such a dramatic way. Picking up for emergingmarket debt, Chinese Government bonds are looking even more attractive. At the same time, we see investors not necessarily wanting to hedge on a currency component and that makes it even more attractive. In addition to that income potential. You think about yields coming down, it reduces their balance. This makes Chinese Government bonds more attractive. From nejra Wei Li Blackrock stays with us. Eu,as ambassador to the reiterating that hong kongs affairs are in internal issue. Lets listen. When we talk about hong kong, we must keep in mind, hong kong is a special Administrative Region of china. Hong kong affairs are chinas internal affairs. Not interfering and others internal affairs is a fundamental principle in internal Law International law. The motion for a resolution from the u. S. Is interference in chinas internal affairs, which we are firmly opposed to. It is not acceptable. Do you think the European Parliament, for example, commenting on this, members of the European Parliament saying the one nation to systems is a way forward, that is something that fundamentally china cannot agree to . This is something that is just for china to deal with . Upholding the National Security is the duty of the central government. Thepean countries like u. K. , like france, like germany and others, all have National Security legislation. Yet in hong kong, there is no such legislation. Aims to closeon the loophole. We should not look at this issue with a double standard. Systems is, to chinas basic state policy. Resolve to fully implement the one country to systems will not change. Security is a Building Block for these sound implementation of the one country, to systems. For hong kongs stability and prosperity. Changeislation will not hong kongs system. Autonomy or the lifestyle of hong kongs residents. Lets talk about trade. The European Commission put out a white paper that doesnt mention china, but many people interpret it as talking about china and they worry about foreign money, too much intervention in european companies. How do you read that, do you think the investment environment for Chinese Companies or backed by chinese money has become more difficult now in europe . That the eu issued the white paper. I will study the paper. It is hoped that the relevant eu with thewill comply rules. Keep clear of protectionist and refrain from creating new trade barriers under the pretext of subsidies. Recent measures taken by the eu have got some chinese investors concerned to speak frankly, who are afraid that the eu is closing its door. Worrying direction. Msra that was chinas method or to the eu. Coming up, arizona, texas, and florida are reporting their highest case numbers yet. We are live in the u. S. Next with the latest on the second wave. This is bloomberg. This is bloomberg daybreak europe. Coronavirus cases in the u. S. Are spiking across the sun belt. Arizona, texas, and florida have reported their highest case numbers yet. Joining us from new york is annmarie hordern. Why are those states suffering the most and is the u. S. The only country that may have a second wave as it reopens . We know what is happening in china, but more sort of in terms of europe, u. S. , u. K. Annmarie we should go around the world and talk about what we are seeing. Ebbing and it is flowing, but regionally it is marching on. We are six months and an the coronavirus is winning, experts say. Local that contained outbreaks are seeing a resurgence, we spoke about this in terms of beijing halting flights and having children go back to virtual learning. In europe, germany is the one to be concerned with at the moment. A meatpacking plant had hundreds of workers test positive. They tested over 1000 workers and over 730 came back positive. America is really the new epicenter, especially brazil. Than the united states. It is these sun belt states. Texas, florida, arizona. Higher hospitalization numbers and higher case numbers. The worry is what does this due to hospital capacities. The critical limitation is hospital staff. The tables have turned a bit when you look at new york and florida. At the height of the pandemic in had new, florida yorkers quarantine for 14 days. Now new York Governor Andrew Cuomo is thinking about doing that if you visit from florida. New york is set to reopen into phase 2. Hair salons, i know you and i have both been missing. [laughter] nejra we certainly have. Ending on a little bit of a funny note, i love it. Annmarie hordern in new york. Coming up, the plan for eu recovery. Proposed 750over a billion euro program to help economies rebound from the covid19 lockdown. We will discuss the latest from brussels. This is bloomberg. Nejra good morning from london. This is bloomberg daybreak europe. U. S. Jobless claims come in worse than expected as James Bullard warns america is not out of the woods yet. Complete decoupling. President trump makes his most forceful threat yet on severing ties with china. A new ceo, the ing ceo will be Steven Van Rijswijk. Welcome to daybreak europe. It is a little bit of a flat friday. We are struggling across equity benchmarks. Struggling after some second wave concerns have brought a little bit of risk off sentiment to the market. That said, Global Equities are heading for a weekly gain. U. S. Futures not giving us a lot of direction along with european futures. We are seeing not a lot of movement on the 10year treasury yield. The dollar index is unchanged as well, but the dollar and the yen are heading for weekly gain, which sort of counters the fact that we are seeing a weekly gain for equities in terms of whether we have seen a risk on or risk off week. Boyle points to a little bit of risk. We are seeing some green on the screen. Thatsigns and commentary there might be a bit of come back and demand. Jobless claims in the u. S. Showing only gradual improvement, the smallest weekly drop since the number of applications started falling in early april. St. Louis fed president James Bullard says the u. S. Is not out of the woods yet. Concerns over a second wave of the virus continue with new hotspots in the u. S. And china. Says the donald trump u. S. Could pursue a complete decoupling from china as a response to unspecified conditions. In europe, european leaders open to negotiations over a proposed 750 billion euro program to help their means rebound from the covid19 lockdown. It needs the backing of every capitol and it would be funded by joint issuance. Bloombergsow is reporter from brussels. Great to have you with us. Eu leaders meeting in a few hours, germany and france pushing her some kind of agreement in about a month. Can we expect any and of early deal on the recovery front . That is the question now. It does seem that it is unlikely. On the one hand, you have Angela Merkel who very much conceived of this plan. She wants to get it done. Saying, we want this wrapped by the end of the summer. There should be some kind of conclusion here. , it isear from countries not just the fiscally conservative countries who say this will take you many more meetings. Will require a session in person in brussels and you could see negotiations going all the way into the summer. The market has really priced in that this is going to happen and that it will probably happen quickly. I would say we do hear more voices and this is probably going to be a very long and complicated negotiation. Long andeaking of a complicated negotiations, Boris Johnson met Emmanuel Macron yesterday in london. Did we get any information on where the u. K. Eu trade talks are headed . Maria we did see Boris Johnson and Emmanuel Macron, we see that they have very good personal chemistry, that they were well together and both of them did say with or without brexit, we need to maintain this partnership. Nothing major came out of it. Celebratingut london, celebrating charles de gaulle. We do understand that they talked about it. We saw that they said they should do a bilateral meeting to really strengthen this partnership. The one line the u. K. Continues to stress is that they do believe there is a way to get a deal done before the end of the summer. You do see the two sides trying to weaponize time because the europeans will tell you this is probably not going to happen and we are headed into a negotiation into october. Nejra thank you so much. Lets now get to the first word news. Chinas top virus expert has warned against loosening restrictions in beijing despite authorities saying a outbreak in the city has been contained. Cases surged in latin america with mexico saying it has seen a high in infections. Donald trump has said the u. S. Could pursue a complete decoupling from china, the president s most forceful statement yet on severing ties with aging is a book by National Security advisor john bolton shows a different side to trump, saying he repeatedly sought to interfere in the u. S. Judicial system to curry favor with leaders like xi jinping ever get ing has appointed Steven Van Rijswijk as the new cfo. He succeeds ralph hamers, who left ing to take the top job at ubs. Global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Coming up, buckle up. It is quadruple witching day. What may be a bumpy trading session. Details next. This is bloomberg. Nejra this is bloomberg daybreak europe. Take a look at the risk radar. In a week where second wave fears have surfaced for investors, we are heading for a weekly gain for Global Equities even if we dont see much direction today in asian and knees, u. S. , or european futures. There is a lack of catalyst. 10year yield is steady, as well. We are seeing a lot of steadiness through the dollar. That is reflected in dollaryen. The dollar slipping slightly against the yen. Oil heading for a weekly gain as well and on the front foot. Lets take a look at what is coming up. 9 00 london time, european leaders gather for an online summit to discuss the Recovery Fund proposed by the European Commission. Bank of am, we get a russia rate decision. Bloomberg economics expects a full percentage point rate cut. Over to the u. S. , fed chair Jerome Powell and the cleveland fed president take part in a videoconference at 6 00 p. M. U. K. Time with the focus on building a resilient workforce in the covid19 era. Lets turn our focus to the u. K. Voted to usend quantitative easing at 100 million 100 billion pounds. The boe surprised investors by saying stress and Financial Markets has eased, but it is reserving the option to accelerate purchases again. The other thing we didnt get from the boe is any sign of discussion around rate or yield curve control. They didnt talk about an extension of asset purchases into next year either. Do you get the sense that the bank of england is more optimistic on the u. K. Economy than the market is . Wei excuse me. I think they want to save some bullets in preparation for uncertainties coming from frexit for example. What is interesting is that yesterday, even after the boe extended the qe program by 100 billion sterling, the market sold off because that was largely expected. We are not surprised by the lack because it seems far away and even if they were to talk about it, it would come in the context of what they would do if condition significantly worsened. They did make it clear that they are ready to help should the environment warrants that and that is important to note as we head into greater uncertainty toward brexit, potentially no deal, as it is looming large. Nejra yes, so do you think the probability is quite high that we see no more action from the boe before the end of the year . Because investors have completely pulled back on pricing negative rate, which makes sense after yesterdays meeting. You said that does not look likely. The yield curve controls also probably something that would come after more on the asset purchase front. Some economists have changed their view saying they dont see anymore asset purchases before the end of the year. Holde seeing the boe on until the end of the year on all fronts . Wei i think the big uncertainty is the Economic Conditions as the economy opens up now. And we dont know how a second wave is going to look like in the u. K. , but we do know that occasional outbreaks could lead to regional lockdowns. Turnaround notth be as robust and if the market is not as stable as the boe seems to suggest and believe yesterday, then we could see them coming back. This is when they first brought up a negative rates and the Market Pricing that end, but now they are not talking about it anymore, markets priced it out, i think there is a lot of fluidity in terms of the path forward and it will be datadependent. Adjusts toe for all look into it. Nejra ok, so with all that fluidity for the outlook for u. K. Policy and the economy, what kind of appetite from investors are you seeing for u. K. Assets whether it is these, gilt, or the pound . Wei we are not seeing a huge amount of interest for u. K. Assets. More on the fixed income side than on the equity side. The initial wave of going into u. K. Equity markets was really around kind of the election time last year, when there was greater certainty because of the path forward. It has been very nuanced. Transference for internationally exposed companies, Large Capital for mid and smallcap to play to potential weakness in sterling and to play two exposures to Global Growth rather than the uncertainty of the domestic growth turnaround. Selective in very terms of how investors have been playing the u. K. Asset market. Ridin fixed income side, the central bank waveg. We have seen flows into these exposures. Nejra great to have you with us today. Thank you so much for joining, wei li. Now, it is quadruple witching day, one futures and options expire for expire. It adds another layer of uncertainty. Here with the details is dani burger. What could we see today . Dani put simply, we could see volatility. We get an these days, lot of volatility around the u. S. Open and close. Traders and dealers either rush to close out or hedge their existing positioning. You get these pockets of liquidity when we could see pretty substantial price swings. About 1. 8 trillion worth of options on the s p 500 are set to expire today, 15 higher than usual, so a lot of reason for investors to rush in and change their positioning. That could equate to about 48 billion of trades that will have to take place today. The outcome of quadruple witching day is never really certain. There are sometimes that it will not be as dramatic as we have seen in the past. Last week, we had that 5 selloff on the s p 500. May be a lot of these trades are already finished. Traders are owning options that are within 10 of where the underlying index is right now. This is what is called light gamma. Positions are less exposed to swings in the s p 500. That could lessen some of the impact. One note of warning. After this quadruple witching day, it is very possible we get a wider trading range and more volatility in the s p 500. Nejra i know you are going to be looking forward to that. The edge of your seat for drupal witching. Lets get the Bloomberg Business flash. Ing has appointed Steven Van Rijswijk as its new ceo, currently the banks chief risk officer. He succeeds ralph hamers, who left ing to take the top job at ubs. Wirecard temporarily suspended its outgoing chief operating officer after the Company Revealed it could not find almost 2 billion euros in cash. He was suspended on a revocable basis until the end of the month. He was do to down from the ceo overall to a new position in charge of business development. One of the players in the race for a Coronavirus Vaccine could be going public. They are working with bank of america on a u. S. Ipo. The German Company could raise 150 million to 200 million. This week it got the green light to start phase one of its proposed vaccine trials. Facebook has pulled a Trump Campaign at for using nazi symbolism. The post included an image of an upside down red triangle which the Antidefamation League said was used identify political victims in concentration camps. The Trump Campaign said it used the symbol to associated with antifa, a loosely organized antifascist group. Coming up, black lives matter goes global as the u. S. Celebrates juneteenth. We look at protests against racial inequality around the world. This is bloomberg. This is bloomberg daybreak europe. Americas first black fed president has spoken up about the need for policymakers to step up and tackling racism and create more opportunities for minorities. This follows the black lives matter protests in the u. S. Sparked by the killing of george floyd. These have spread globally, sparking similar movements and calls for change. We are talking about comments from Raphael Bostic of the atlanta fed. Corporations have pledged millions in support of the movement and have been forced to reexamine their own links to slavery. Our quicktake reporter joins us out of new york. It really was an eyeopening article based on an interview with Raphael Bostic that i was reading just earlier this morning. And of course the protests keep gaining momentum. Bring us uptodate with what the latest is with response to the global protests over black lives matter. It has been interesting every it the protests globally started because of the killing of george floyd, but they really evolved into Different Countries tackling their own issues with racism and colonialism. We are seeing protests all over the world in places like brazil, the u. K. , south africa, across australia, where they are not only protesting for black lives, but they are also calling for equality for indigenous people. You are also seeing statues being toppled all over the world because protesters are calling on us to reexamine what these Historical Monuments have in our society. For many people, they are offensive and they are symbolism of historical oppression. People are calling on these to be taken down and they are being defaced in several cases. It has been interesting to watch how this movement has really sort of taken control all over the world and really sort of evolved into what we are seeing now and people calling on the world to sort of confront their own issues with racism. Nejra yes, absolutely. Im sitting in the u. K. , where yesterday we heard that several British Companies with ties to slavery and those who directly or indirectly received compensation for giving up slave and plantation claims two centuries ago have now pledged to pay reparations basically. Lloyds of london and green king, the pub chain, were two examples. What has been the corporate response to links of slavery more broadly beyond the u. K. Stood Mark Jennifer you mentioned lloyds of london and green kings. The bank of england is planning on taking down their images of former governors who had links to slavery. That is just in the u. K. In the u. S. , we saw several major brands take their own steps. Quaker oats owned by pepsico announced that aunt jemima, the image in the name would be changed because it is based in racial stereotypes is what they said. Also brands like uncle bens, cream of wheat. They said they would change their image because of these racial stereotypes. Many corporations are deciding to take notice. Of course, today is juneteenth, so that has been very important for several people in the states. Many Companies Like nike, target, and twitter gave their workers a paid holiday off for the first time just to honor the day. Corporations are realizing that protesters dont just want to hear rhetoric, they want to see action from their companies. Nejra thank you so much for joining us, jennifer. Our quicktake reporter in new york. You can catch our quicktake news special on the protests, policing, and racism in america on a range of platforms. Do not miss that. Lets get to the first word news. Chinas top virus expert has warned against loosening restrictions in beijing despite authority saying a resurgence in the city has been contained. Case is also searched in latin america with mexico seeing a daily record of new infections and Nicolas Maduro saying he would radicalize lockdown measures in caracas. European leaders begin talks today over a giant Recovery Fund to help their economies rebound from the coronavirus lockdown. The proposed 750 billion euro program that needs the backing of every eu member state would be funded by joint debt issuance. That pitched some more fiscally hawkish countries against france and germany, which are pushing for a deal to be wrapped up next month. Donald trump said the u. S. Could pursue a complete decoupling from china. The president s most forceful statement yet on severing ties from beijing. That comes as john boltons book shows a different side to trump and says he repeatedly sought to interfere in the u. S. Judicial system to curry favor with leaders like xi jinping. Global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Now, lets get back to the breaking news. Steven van rijswijk is replacing ralph hamers as the ceo of img ing. He is currently the chief risk officer and a member of the board. Ralph hamers is leaving this month, he is joining ubs as ceo in november. Basically, Steven Van Rijswijk joined ing in 1995 and has held various positions in mergers and acquisitions, Equity Capital markets, and the capital structuring and advisory team. That is what ing said in a statement. The big question is how he is going to be able to contribute to basically the digital platforms of ing, because hamers has been credited for adding millions of retail customers across europe by relying on digital platforms. Launched services during his tenure such as mortgages that can be ordered online. An important task for the incoming ceo is to make sure that ings digital expansion contributes to the bottom line. That is no doubt something that investors are going to be watching for in terms of ing. That is it for bloomberg daybreak europe. The european open is coming up next. Tune into Bloomberg Radio live on your mobile device and dab digital in the london area. Global equities heading for a weekly gain even with second wave fears. Futures turning slightly positive in the u. S. And europe now. This is bloomberg. Good morning. Welcome to Bloomberg Markets european open. I am anna edwards in london. The cash trade is less than one hour away. Here are the top headlines. A dire warning. Stocks trade big ahead of the quadruple witching on wall street. The reversal and Profit Margins could see a lost decade for stock markets. The joint debt question. E. U