The leaders of the world’s two biggest super powers spoke for the first time in 7 months. U.S. President Joe Biden and Chinese President Xi Jinping agreed to avoid conflict while managing competition in a 90-minute call that the White House described as “familiar and candid”. Meanwhile, Wall Street extends losses despite an improving employment picture, while Asian equities bounce back as Chinese tech stocks recover from more gaming regulation. Beijing said approvals for new video games would only be slowed, dispelling rumors of a freeze on all new approvals. Meanwhile in Europe, the ECB announces plans to trim emergency pandemic support - but President Lagarde insists it's not a taper. And prosecutors raid Germany's finance ministry just three weeks ahead of elections in a move that could damage front-runner Olaf Scholz. Speaking ahead of the news, we hear from SPD leader Martin Schulz who tells CNBC the finance minister would bring positive changes to the chancellery.

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