5 things to start your day

[Bloomberg]( Biden talks to Xi, another equity warning, and Fed policymakers to sell. Call President Joe Biden spoke to China’s Xi Jinping in their [first call since February]( as American frustration builds over what Washington sees as Beijing’s lack of serious engagement over a range of matters. While there seems to have been little progress made on [key issues](, the fact the leaders talked at all [is raising hopes]( of an improvement in relations between the world’s two biggest economies. For the moment, however, it seems [both Biden]( and Xi will continue to be more [concerned with domestic issues]( than international relations. Another warning Strategists at Deutsche Bank AG are joining the chorus of investment banks [urging caution on U.S. stocks](. They are warning there is increased risk of an [equity market correction]( as valuations have risen with the S&P 500 Index trading around 21 times 12-month forward earnings. While much of the caution on stocks from Wall Street is driven by the [growth outlook](, investors can take some solace in central banks’ very measured approach to [removing accommodative polices]( and some signs the pandemic may be [coming under control]( in developed economies. Cease trading Boston Fed Chief Eric Rosengren and Dallas Fed’s Robert Kaplan said they are [selling their individual stock holdings]( by the end of the month. The move comes as they were roundly criticized after financial disclosures showed Rosengren was [an active investor]( in real estate investment trusts last year, while Kaplan, a former Goldman Sachs Group Inc. executive, made many $1 million-plus transactions. Both pledged in their near-identical statements not to trade stocks again while Fed members. Markets drop With fears over the withdrawal of stimulus easing, signs of a [slowdown in China’s tech crackdown]( and the possibility of improved Washington-Beijing relations, investors are dipping a toe back into the risk pool. Overnight the MSCI Asia Pacific Index climbed 1% while Japan’s Topix index closed 1.3% higher. In Europe the Stoxx 600 Index was [0.2% higher]( at 5:50 a.m. Eastern Time. S&P 500 futures pointed to [plenty of green at the open](, the 10-year Treasury yield was at 1.328%, oil was [back over $69 a barrel]( and gold gained. Coming up... U.S. producer prices and Canadian unemployment for August are both at 8:30 a.m. Wholesale inventories are at 10:00 a.m. and the September World Agricultural Supply and Demand Estimate is at noon. The latest Baker Hughes rig count at 1:00 p.m. will be watched for any signs of a [recovery in the U.S. shale industry](. Kroger Co. reports earnings. What we've been reading Here's what caught our eye over the last 24 hours. - Generation 9/11: Following [parents they lost]( onto Wall Street. - Kim Jong Un is trim, tanned and [loving a parade](. - Talent war may [drive up junior banker pay]( even more, says Moelis. - What the huge Solana surge says about [power in crypto](. - [Cargo congestion worsens]( with more ships waiting to enter U.S. port. - French container shipping giant [freezes prices]( as rates soar. - Rain boots, turning tides, and the [search for a missing boy](. And finally, here’s what Sam’s interested in this morning I'm always amused at the curious contrast between U.S. and European markets when it comes to risk-taking and caution. Recent weeks have seen some [hand-wringing]( over the potential elevation of some so-called meme stocks into America's high-octane benchmark, the S&P 500 (it's not happening - yet). Meanwhile one of Europe's major gauges, the ever-staid DAX 30, can announce its most radical ever overhaul and hardly anyone bats an eyelid. It's the same weird contradiction that means investors can trade at least half a dozen crypto ETFs in conservative, cautious Germany, while regulators haven't even got around to approving one in the risk-happy U.S. The innovative American spirit -- seemingly not shared by regulators -- may have found a way, however. Writing on Twitter this week, Nate Geraci at the ETF Store [pointed out]( that the Amplify Transformational Data Sharing ETF -- a BlockChain-focused fund with the ticker BLOK -- holds stakes in three Canadian Bitcoin ETFs. The stakes are small and I'm not sure what the legal and tax implications are, but it's fun to see the inventive spirit of investors and market players challenging the ultra-cautious regulators. Follow Bloomberg's Sam Potter on Twitter at [@SamJPotter]( Like Bloomberg's Five Things? [Subscribe for unlimited access]( to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close. Follow Us Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. You received this message because you are subscribed to Bloomberg's Five Things - Americas newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. [Unsubscribe]( [Bloomberg.com]( [Contact Us]( Bloomberg L.P. 731 Lexington Avenue, New York, NY 10022 [Ads Powered By Liveintent]( [Ad Choices](