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Queen Elizabeth II dies at 96, the dollar falls and California energy woes continue.Queen Elizabeth II, Britain’s longest-reigning monarch, [View in browser]( [Bloomberg]( Queen Elizabeth II dies at 96, the dollar falls and California energy woes continue. Queen dies Queen Elizabeth II, Britain’s longest-reigning monarch, [has died aged 96.]( She died peacefully at her estate in Balmoral, Scotland on the afternoon of Sept. 8, according to a [statement]( from Buckingham Palace. On Saturday, Charles, the eldest of [Elizabeth’s]( four children, will be [formally proclaimed king]( in a ceremony dating back hundreds of years. At 73, he is the oldest person to accede to the throne in British history. Normal politics will be suspended as tributes flow in from around the world. In London, the Queen’s coffin will be placed in Westminster Hall prior to her state funeral, which will be marked by a public holiday. Dollar drop The dollar is dropping today after surging to the highest on record this week. The US currency [reversed course]( against the euro, which is back above parity, as the European Central Bank delivered an outsized rate hike of 75 basis points yesterday and signalled there is more tightening to come. Many emerging-market currencies have also rebounded, while the yen saw a significant lift as [frustration grew]( over the Japanese currency's recent weakness. Haruhiko Kuroda, Governor of the Bank of Japan, told reporters on Friday that sudden moves in FX rates are "undesirable." Energy woes Edison International [warned that]( its southern California utility may need to shut off power to 50,000 homes and businesses to prevent wildfires, even as a record-breaking heat wave [threatens]( the state with rolling blackouts. California is in its fourth consecutive day of a grid emergency caused by triple-digit heat. Meanwhile in Europe, energy ministers meeting in Brussels [are under pressure]( to quickly agree measures to prevent the energy crisis triggering a financial meltdown. Stocks rise The Bloomberg Dollar Spot Index was on track for its biggest daily drop in about a month, as the euro rallied on hawkish commentary from ECB officials. Stocks and US equity[futures advanced]( as investors assessed whether monetary tightening to tackle inflation is getting closer to being priced in. S&P 500 contracts rose 0.8% as of 6:04 a.m. New York time. Germany’s short-term borrowing costs ended the week at the highest in a decade. Treasuries held their retreat overnight, leaving the policy-sensitive two-year yield near the highest since 2007. European [natural gas]( prices eased and oil pared some of its second consecutive weekly loss. Coming up... A busy week of Federal Reserve speakers concludes with Chicago Fed President Charles Evans, Christopher Waller and Esther George. US data include July wholesale inventories. Canada reports August job figures. European Union energy ministers meet in Brussels on Friday to discuss price caps, liquidity measures. What we've been reading Here's what caught our eye over the past 24 hours. - Twitter paid [whistle-blower]( $7 million, lawyer says. - Citigroup’s [$500 million](blunder ends in victory. - [Google’s](search-engine dominance. - [Bitcoin miners]( struggle to cope with crypto winter. - An $11 billion [US stock exodus](. - Biden [rallies Democrats](. - China’s [lending strategy]( in emerging markets. And finally, here’s what Garfield’s interested in this morning Central bankers are mostly busy delivering the rapid policy tightening they gave fulsome notice was on the way when they met at Jackson Hole. Those at the ECB were perhaps the [most noticeable]( as they matched [Canada’s]( in hiking by three-quarters of a point this week. They’re even [willing]( to do the same again next month, it seems. Fed Chair Jerome Powell [delivered]( a speech within hours of the ECB decision to make it clear the US central bank has every intention of going similarly large later this month to retain leadership of the global deluge of outsized hikes. Global bonds extended this year’s rout as a result, with Europe a particular laggard as the ECB [removed]( a cap on how much interest government deposits can earn, seeing as rates are now above zero for the first time in a decade. A slew of yields popped to fresh highs, with the 30-year Treasuries rate reaching the [most]( since 2014 and 10-year UK gilts [surgingÂ](past 3% to a decade-high. US benchmark real yields jumped to the highest since 2019 with the [record pace]( of their increase piling the pressure on risky assets such as credit and stocks. The pain is even spreading to South Korea’s famously elite [Gangam]( districts, with apartment prices there beginning to buckle. The lingering concerns that rapid tightening will spur recessions did start to gain traction with some central bankers. The Reserve Bank of Australia [hiked]( by half a point for a fourth-straight month early in the week, but a couple of days later Governor Philip Lowe [signaled]( it may soon be time to slow down. And Poland already [eased off]( to a quarter-point move as its economy sags. For now though, jumbo hikes remain the fashion, even as Fed researchers warned of the domestic and global [damage]( the US central bank’s battle to tame inflation can do. Follow Bloomberg's Garfield Reynolds  on Twitter @GarfieldR1966 Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. 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