smalls band and yesterday how do you invest in this market? olivia: the hot new startup maybe a presidential campaign. why working with the 2016 candidates is surprisingly similar to launching a new tech company. pimm: the best chief executives as ranked by their own employees. who is at the top of the list and who didn't make the grade at all. ♪ olivia: good morning. i'm olivia sterns fit pimm. pimm: i am pimm fox. olivia: let us look at the top stories is our good the measure would give president obama fast-track authority for a transpacific trade deal. a leading of public and told reporters "the vote is friday to

cope speaking a short time ago, house speaker john boehner had this to say. >> the trade votes are neither -- never an easy lift around here. republicans are continuing to work and we are seeing positive momentum in the right direction. olivia: getting democrats onboard is the problem though and there may be a last-minute hangup on how to pay workers who lose their jobs because of free trade. the next target for federal prosecutors -- trading in the treasury market. bloomberg is reporting that the treasury department is looking into whether financial institutions are sharing information properly. this is after they went after wall street illegal practices in foreign currencies. and the engineer at the controls of the amtrak train that the route was not on his cell phone just moments before the crash. tsb investigators may that announced after a bus getting his phone records. eight people were killed and 200 were injured goo. pimm: goodbye, russia and hello,

usa. russia is no longer the biggie giant for oil and natural gas. u.s. also be russia and natural gas output. bp also found that china's energy demand is growing at the slowest pace since the late 1990's. in shares of johnson controls arising this morning. the industrial parts company is considering a breakup. johnson controls is saying it is they care about whether it will spin off its automobile parts unit and allow the company to focus on other divisions like a commercial air-conditioning business. automobile parts are more than half of johnson controls $20 billion in annual revenue. there is a new valuation for the streaming music service spotify -- more than $8 billion. that is double what it was at the end of 2013. a swedish phone company just took a $150 million stake in

spotify and now has more than 60 million users. just two days ago apple announced it is launching its own streaming music service. and those are your top stories of the morning. in the still to come next hour, much more including what do darth vader, the terminator, and the shock in "jaws" have in common. n? viewede more favorably than the presidential candidates. speaking of ratings, the survey of top ceos is released. who tops the list that employees noted and who didn't make the cut. fox isrsation that pimm uniquely qualified to host. battle of the brown spirits -- which spirit is captivating the taste of americans? stocks are in the green, but has been a couple of boring sessions. 500 -- the s&p 500 is trading the smallest range in

years as they await action from the fed. pimm: what do you do with a market like this? mcmanamon is daniel at raymond james. what do you do in a market that is so range bound? daniel: if you ask our investors, you sit back and wait. it has been incredibly anemic since mid-may and trending lower for several months if not dating back to november. you talk about it being range bound and you're starting to see frustration amongst portfolio managers. everything is highly correlated and it's challenging to perform their benchmarks. that is not a lot of catalysts to do much of anything. olivia: why isn't there more volatility? the headlines out of greece are still pretty bad. no one sins rattled by the resurgence of the islamic state, if you can call it after the oil prices in ukraine and russia essentially -- i won't get into that. there are a lot of geopolitical things going on around the

world. --m: i was going to say debbie downer over here wants to know why people aren't selling in the face of all these negative tity? daniel: i think it's just old is good it has been one of the least volatile markets that we have had since 2009. as for the headlines, i think you're are seeing some positives coming out of greece. that is in spite of the fact that they have not come to a resolution. you have senior management at the table instead of representatives. people are the mind that would three weeks ago that you have the heads at the desk of the table and they can probably work something out. you also have some are giving it might the a little bit of a lehman moment for greece. after the world is saying to head with them and the other half is saying we cannot let that happen. it is still a balancing act. olivia: i wouldn't call the moment because it feels like we have been there for five years. pimm: bonds. tells about bonds. daniel: global spike in bonds.

that is some logic people want to increase their euro reserves in light of what is going on in greece and the rest of europe. pimm: sell bonds are going to cash? bonds and by euros good that is one argument thrown out there. otherwise, they are coming off a low rate and there are liquidity concerns, to pick with the recent rules to the banks, it added volatility to the bond market. most would argue definitively yes. olivia: this is incredible. april 20, the german 10 year yield was five basis points. that never made sense. much, editorialize too but today a cross the 1% threshold since the first time since september. you still want to sell german debt at this level? daniel: i'm an equity guy. you have seen much of the same in the u.s. with the one year and the two-year and the 10

year. it is the same kind of spy. it is not unique to just europe. pimm: who is buying and selling corporate debt in general? daniel: i think it is people looking for higher yield. we have seen our retail system chasing yield for a long time now. there is a significant amount of corporate debt issuance that has taken place in the past five years. pimm: who owns it?\ we are looking at the $3 trillion traffic jamming credit. insurers, and foreign investors continue to add to the bond holdings. everyone else -- not so much. daniel: you only need a couple buyers when you have a liquidity in balance. olivia: that is the point. there is an imbalance. pimm: if you have a concentrated group of owners and they all decide to sell at the same time -- daniel: they don't because where are the buyers going to be? capital constraints have input on banks. historically you always had an underlying day. now when the buyers are going to

be looking for the exits at the same time the seller's rfid are they going to be passing back? is going to be nasdaq in 1987 when they don't answer the phones? ask you about to the boj governor saying that france is perhaps undervalued. he also said and take a listen to this that it might be always turned to do some heavy lifting. daniel: i think that people are hanging on to anything. olivia: we have some sound that we are try deflected -- trying to play. >> however, i do not think that we should expect no more action from the boj later in the year as a real good as it becomes wobbly and bond yields because the rise and the so-called third arrow from the prime minister does not come forth, he may be called on to do more. if you are kuroda, you feel like you have done the heavy lifting. i think we should stop calling kurodnomics and call it

anomics. olivia: that is from our bloomberg reported. daniel: there's a doctor capitalists want to do anything. pimm: thank you for spending time with us. much appreciated. darth still ahead, vader and the shark from "jaws" might have a better chance of getting elected the most of the republican presidential candidates. an incredible survey and we'll bring that next. don't go away. ♪

tovia: welcome back "bloomberg market day." i'm olivia sterns. pimm: i'm pimm fox. let us go to julie hyman with a

look at what is happening in the markets right now. julie: despite the lack of activity that you were discussing, you we are having some today. the dow has had its best a in about a month time. it is trading higher by about 1% . the s&p and the nasdaq also gaining by the same amount. the s&p snapping a three-day losing streak good for the dow, it was a four-day losing streak. in terms of what is gaining the most, we have some big blue chips of a lot. in technology, and particular, apple and microsoft are both gaining. apple also had a multi-day losing streak. jpmorgan also on the rise and trading at a record today. take a look at my bloomberg terminal for the imap when you look at the groups in the s&p. you do not see right here. only are we seeing a decent magnitude of games, but it is also a decent breath better than decent. all the groups in the s&p 500 are trading higher today. i also wanted to highlight what you were talking about which is the tight trading range which we have seen on the s&p.

it is the tightest in the past 20 years. the top chart is the high to low percentage movement by your. the trading range by year essentially. the highest was in 2008. in recent years, 48% and the lowest as this year. 6.5% only from the higher the year to the wealthier. true for theust s&p 500 as a whole. it is true for the individual stocks in the s&p 500 which is also pretty incredible. the range of 2008 rose to a high of 61%. is about 18%. there has just not been much action on the price level. i was also looking at volume. you tend also to hear from traders complaining about the lack of volume. indeed, we have seen a trending steadily lowered over the past several years. pimm: thanks for a much. very interesting the trading range of the s&p 500. now let us take a look at some the top stories crossing the terminal right now. the european central bank has

boosted the size of its lifeline that it is growing to greek banks. those banks will get a next her $2.5 billion in emergency cash and it is the biggest increase since february. the ecb is trying to keep greek banks afloat while the greek government is coming closer to a debt default. have you ever wanted to replace conference room whiteboards and projectors with a giant touchscreen computer? microsoft says it has just the thing for you for $20,000. in july, the company will start taking orders for the 84 inch surface hub. it comes with cameras, microphones, and the ability to connect with telephones and tablets. justinch version costs $7,000. and an airline industry group thanks that you should be shopping for a new suitcase. the group has recommended that carry on luggage be smaller than current standards. inant to ease the crunch overhead bins. that could mean more checked

bags and fees for passengers. and those are your top stories at the moment. olivia: hillary clinton has a big campaign rollout this weekend. jeb bush's a few days later. behind the pomp and circumstance, the high-stakes game of building an organization from scratch is kicking into high gear and it was a little familiar. pimm: bloomberg politics phil mattingly has more details. a desi of young staffers, i major organizational demand, high pressure, higher stakes, billions of dollars -- you could basically be talking about a silicon valley startup or you can be talking about the dozen or so presidential campaigns that have launched. when it comes to hillary for america or marco rubio for president, the challenges are a lot likeby companies like snapchat and hoover in the young stages. in fact, hamilton played strategies, a washington-based consulting group, compare the two and a recent research paper. it was authored by matt mcdonald, a senior of public and

former campaign staffer. his findings -- yes, campaigns aren't awful lot like startups. on steroids. >> one of the biggest takeaways is just how fast presence of campaigns move in terms of the fundraising, in terms of trying to hire staff. it is like taking a plane off the runway and building it as you are entering into flight. that what are the keys they're looking here is the level of fundraising between campaigns in the startups and the speed with which the campaigns raised is not close to equivalent with how fast they move compared to the startups. it is a lot like a startup, but it moves faster, quicker, and it is a lot more intense. olivia: great story. phil mattingly -- thank you. we do have breaking news. i had to julie hyman in the newsroom. julie: we had a lot of headlines on this, but this one seems to be significant. germany is said to be considering for one greek reform upfront. a staggered plan here. according to our story,

chancellor angela merkel's government may be satisfied with greece committing to at least one economic reform instead of the whole package to then open the door to bailout funds. that is according to two people familiar with germany's position. the germans are still insisting on a full or package that could include things like higher taxes, state asset sales, retirement benefits, but they might settle for one of these measures in the front end of negotiations in order to unlock aid and then perhaps a staggered plan for the rest. this could potentially be a breakthrough in the negotiations. as you can see on the chart behind me, we're looking at the s&p 500 today. we are seeing at spike up and european stocks rise to the highs in the session as these headlines come out as well. really across the board, reaction to these headlines. we will see if it actually pans out. as you too well know, we have had fits and starts and stops and starts.

all along the way of these protracted negotiations, but this does seem to be a relatively significant step. olivia: it does. as we always say, the clock is ticking. and a lot of people are saying that europe needs to get a deal by the end of this week if it is going to be passed by the respective governments and the european parliament. the big deadline is the end of the month or greece to make that payment to the imf. pimm: it is certainly moving stocks as julie said. stocks moved higher on the news that there might be more money for greece. coming up, the top rated ceos and america and the results may surprise you. ♪

pimm: glass's third annual employee's choice awards -- the results are released. and hopping with list -- topping this list is google's chief

executive of larry page, followed by mark parker and grocery chain hud's trials but. notably, of the 50 ceos on the list, 30 did not make the list. here with the details is julie greater. olivia: how did the list change from last year? 30 of these names were not on the list blaster. if you are a ceo and didn't make it, you have a very good chance of making it next time around. it is pretty dominated by text, but other industries were represented well. you had nike ceo mark parker on the list. hed, which of the grocery chain in texas, their ceo is on the list. goldman sachs is also on the list. isvia: i would've thought it going to be startups that foster their own unique culture that employees were very happy with. it seems to be huge big companies like goldman sachs and nike. pimm: what can you learn about

these lists? is there a trend of people going on the list and leaving the list? julie: not necessarily big trends. laster, linkedin ceo top the list with a 100% approval rating. that is pretty staggering. of course, larry page had 97% this year. not too far behind. the linkedin ceo dropped to 12 this year actually. still a very high ranking, but if our current for 1. -- a far cry from number one. olivia: which ceos didn't crack? they include yahoo! ceo, morgan stanley's ceo, and jamie dimon was also very close. pimm: all three who didn't make the grade. the new chiefis executive of microsoft and there is no way to compare him to last year's performer. julie: he still has an 81% approval rating, which i think is pretty good. olivia: is it a ranking or

didrical box they check or you learn anything on why the employees think their bosses are great? julie: the glassdoor report had some comments. it is all anonymous so you feel safe doing it. they took quotes from that. their approval rating is what was g it was. olivia: why is google's larry page such a good job? howe: they like to pay and he acted. pimm: was there any correlation between how they are paid and their standing in the survey? julie: a lot of these outperform the s&p. olivia: presumably these employees who are so happy have shares and that is why they have vested interest. companies likee airbnb, which is in public,

which is on the list. you probably get equity if you work there. if your ceo's good, you probably gave him a good rating. pimm: you mentioned airbnb, which is not a publicly traded company. is there any met to the size of a company that can percent -- participate in the survey? julie: you can look at it on glassdoor's website. olivia: what surprised you most on the rankings? julie: i was surprised that the yahoo! ceo was not on there. i have friends who work there and they are allowed to work from home quite a bit. olivia: i thought marissa mayer was taking that away. she was taking away, but all my friends are able to work at home quite a bit. i'm not sure how strict they are. pimm: what about newcomers on the list? i know the new chevron ceo's on the list. julie: energy hasn't done that well, but employees to like him and think he is doing a good job. olivia: how many women were on the list? that, but didn't look at

there were a fair amount. as i look at it, most of them are men. to look be interested at the percentage of men ceos versus women. olivia: any sense of who has been on the list the longest? julie: no idea, but this is the third year that they have done it. i feel a lot of people in the top 10 are still on there as long as they are ceo. olivia: i wonder how location-based it is. life is good in silicon valley. go,: as far as these lists you have the annual list of best companies to work for and so on. what is the purpose of this list? julie: i feel like if you're going to work for a company, you want to know what the employees think of the ceo. they make a lot of the decisions of the company. i want a company that has the ceo that employees like an approve of. olivia: is bloomberg on the list? julie: mike bloomberg had an 88% approval rating which tyson for

50th. that is pretty good for all of the ceos of it. not to be a big brown is a, but we get free recent pieces and i appreciate that. [laughter] olivia: i appreciate it as well. thanks for the latest findings on the glass door report. pimm: you will not want to miss arsenals of interview with one of those top ceos, chevron's chief executive john watson. that will be tomorrow on a special inside chevron on 7:00 p.m. eastern. olivia: looking forward to that -- erik schatzker's excellent coverage on chevron. that doesn't for me. i'm signing off. pimm: more on "bloomberg market they" -- more on the islamic state finance and how the terrorist group is making its money. ♪

pimm: welcome back to "bloomberg market day." i am pimm fox. let us look at top stories this

hour. germany may have found a way to break the deadlock over degrees. thatberg news is reporting angela merkel may be satisfied if greece comes up with at least one economic reform. that would be enough to open the door to at least some bailout money. in the longer run though, germany still wants a full package of reforms. healthnt obama's top care official is on capitol hill defending obamacare. health and human services secretary silvio burwell says the program has reduced the number of uninsured and improved insurance for those who had insurance. public and congressman paul ryan disagreed. he says obamacare is busted. it just doesn't work. the supreme court is expected to rule soon on whether the subsidies millions of americans get for insurance are indeed legal. and president obama is also considering whether to send more u.s. troops to train iraqi forces. as many as 1500 more american soldiers may be headed to iraq.

house speaker john boehner says he supports the plan, but has questions. >> it is a step in the right direction, but as the president admitted the other day, he has no strategy to win. this is another tactical move. pimm: there are already 3000 u.s. troops in iraq. a month of us-led airstrikes has not stopped islamic state forces from capturing large process -- portions of iraqi territory. you might think that airline bathrooms could not get any smaller, but guess again. boeing planes to do just that on an updated version of its triple sevens. the move to carriers squeeze for two more seats into the main cabin. and those you top stories at the moment. at the moment, markets are closing in europe. i want to go to mark barton in london. after six days of the clients, european stocks finishing the session high.

the big news coming just 20 minutes before the european close. angela merkel's government may be satisfied with greece committing to one economic reform thrown by creditors to open the door to bailout funds, according to two people familiar with germany's position. angela merkel arrived at a summit in brussels. she said that wears a will, there's a way. keepoal is to greece in the euro area. the stock market closed before cleared the bloomberg terminal. look at the movement along the subsectors of the stoxx 600. every single one of them rising today. oil, driven higher by today 5% rise in brent crude. i want to show you the three big gainers on the european stock market today. ams, austrian chipmaker, big decline. 21% -- biggest fall since 2008. lost the contract to supply

parts to apple iphones and watch. standard chartered is the biggest gainer in europe today. it derives most of its profit in the british bank, first day on the chopper for bill went to his. he is pledging to eliminate waste. national bank is 5.6% lower. it is along with other week lenders declining. it cut aggregate estimates for 2015 earnings. did not benefit from that late news on greece. back to you in new york. pimm: that was bloomberg's mark barton in london. coming up, you're going to meet the mcallen whiskey and find out if there's too much competition and not enough product. we will have a spirited discussion next. and and prices are rising. a commendation of blurred flu -- bird flu outbreak and government relations. how that could scramble the cost of your breakfast. in the next hour, results state bank has been quietly supporting

the country's control of many of the country's. how the banks financial ties to big companies is causing headaches for the brazilian president. the islamic state has strengthened its hold over its territory. largest oil libya's terminal. it has become such a threat in the middle east that the white house is expected to send more american troops to iraq. the extremist group previously not given such power is looking to raise even more money. find out how -- let's find out. to discuss the islamic states expanding operations from washington, india a lot some ra. tell us where the islamic state gets its money. indira: i want to take a closer look at this because today is the one your anniversary

the largestok over city in iraq. as part of that take over, they were able to take over oil refineries and fields. one of the major things they made money off of last year was $100 million in oil sales, illicit oil sales last year from iraq and syria. i wanted to step back and look at the years since then. we have had nine months of airstrikes. what has happened and half the u.s. been able to curtail the money they make? they are the richest terrorist organization we have ever known. it turns out this group has proven itself to be incredibly resilient, like a many headed hydra. it has made many forms of moneymaking as the u.s. cuts one head off after another. the biggest way they are making money now is through taxation. they control such large swath of land. and are able to tax an extort money from people and businesses at will. pimm: there has been a recent cache of documents taken by the u.s. government that detail the

finances and arrangements of the organization of islamic state. with that information, is that going to aid the u.s.'s effort to block funds? absolutely. you're talking about a raid in eastern syria last month on a man who is thought to be one of the top financial people in the islamic state organization. now we don't know in detail yet what these documents say, but i have been told by number of u.s. officials, including general john allen, this presidential to fight theenvoys islamic state. he said what they found is important and will help them to understand what money comes into the group and how they spend that money. that will certainly help them with everything in terms of planning and looking at the weaponry to have and the salaries that they pay and it will allow the united states to open up some vulnerabilities in figure out where the group can be targeted. pimm: i'm going to make it a little challenging for you because sometimes allies and

combatants do not fall into the categories. for example, in syria, islamic state, they are battling the regime of all assad, but they have other entities, correct? indira: you make an excellent point. i was just this morning at a conference of a women's foreign policy group. that itelle was saying was long overdue that these 5000 troops are being added to the fight and iran. that in syria we have diminishing options. on the one hand, if we were really to fight the islamic state hard and syria, we would strengthen all assad which we do not want to do. hard against fight assad, we would strengthen the islamic state and we don't want that either. fight thising to moderate group of opposition and 5000 being trade in jordan is not enough. -- trained in jordan is not enough. pimm: what role does iran play

in supporting or combating islamic state advances? indira: that is a really complicated question because on the one hand, iran as a shiite ia led state- she against the fight against the islamic state who are sunnis. i've heard many policy takers -- makers tell me that trying to militias thatite it is like pouring gasoline on to a fire. it is going to make the sunnis in iraq feel more disenfranchised and perhaps support islamic state more. the trick is getting the iraqi government to have both sunnis and shiites working together to fight islamic state. as you say in terms of iran's role, what the u.s. has been trying to do since the secretary of state and patterson just said this morning's d conflict. we are not correlating with iran at all even though we are both fighting against the islamic state. i'm only going to give you

10 seconds, but tell us what the saudi position is in all this. state -- theslamic saudi's what the islamic state destroyed. it had many chairs on the finance piece that i talked about. they are deep in this and they have made their investment in terms of money and the military piece against the islamic state as well. pimm: i want to thank you very much. ahead, it is a spiritual competition between scots, whiskey, and bourbon. details about americans drinking habits and the money that is to be made. ♪

back to "bloomberg

market day." i'm pimm fox. u.s. stocks seen the best gains in a month. julie hyman is watching the markets in the news. tell us what is going on. julie: we brought you headlines a moment ago saying that people familiar with the situation says that germany will be willing to be flexible with greece. but may be demands, willing to parse them out a bit. adopteases wanted to a measure like higher taxes, they will phase the others in later to get access to bailout funds. when the headlines crossed and all this familiar to people of the talks, we saw stocks spike in the u.s.. in europe, they stayed steady. now we are seeing major averages rise to the highest of the session. as you mentioned, the dow having its best day and about a month. a similar situation for the s&p 500. the s&p is also at its highest in about a month. not its record levels, but highest in about a month.

it is a broad-based rally. we are seeing an expansion of that. i've seen technology, financials, discretionary, and industrial socks the stocks that are doing the best in today's session. all the groups in the s&p 500 are higher at this point in time. a quick check of movers in the s&p. only 31 stocks are lower at the moment. pimm: the report is that germany is making an offer to greece. is this the first time that we have been able to discover that there has been a specific offer on the part of the german government? julie: it looks like it. as we talked about earlier, there have been so many different push and pull in the negotiations, but it hasn't seemed to reach this level of specificity or this kind of a breakthrough, but the caution of course is that these negotiations had been protracted . we have had hopeful headlines coming across before only to be dashed.

it is not clear that this latest specific though it may be that this latest offers going to work. pimm: thank you very much, julie hyman in the newsroom. said to be raising a glass to any potential deal in greece. speaking of which, spirit sales 20 $3 billion in 2014 in united states. that is a 33% increase since 2006. yet the value of scotch whiskey imports united states dropped 9% last year. strong u.s. dollar changing faith. let us ask paul ross, the chief executive of the parent of mcallen whiskey. good to have you here. explain the idea that the sales are lower in the united states, but demand remains strong. how does that work? paul: you have to look at it in the long cycle. in over 60 first did if it we have not seen a decline

at company. we are up 50% for the few americans are certainly jerking a bit less and better quality. that is certainly clean to our portfolio. pimm: has the strength of the u.s. dollar affected your sales? paul: we don't look at it in the short term cycle. scotch whiskey can take up to 18 or 25 years to produce. that should not impact anything in terms of consumer taste and in terms of our investment. we are investing in the long term. therefore -- pimm: what kind of money are you investing, i know that you are spending money to increase your presence, what you doing? paul: we spend money in the united states, canada, and mexico, where it has increased substantially. we have tripled our headcount in the last 24 months. but also, looking at the next 20 years, mcallen is still investing over $200 million in expanding it. anyone will that

see in the next two years, but maybe in two decades, conduction best production will come online and it will increase in north america. pimm: let us talk about production. what whiskeys are in the portfolio? paul: or rolls-royce is the mcallen. as what most people in north no escorted -- no us for. another brand is cut he thought. cutty sark, which people know because it will sold in prohibition. pimm: what happened to the brand? paul: it was out of fashion. what we are now is a bit of nostalgia. salesseeing an uptick in and specifically prohibition

which had been designed for the amerco market. we are really seeing an increased self's presence and we are up 6% over the last year. pimm: americans may be jerking less, but they are drinking better. what is the best mcallen whiskey and what do something like that run? paul: you have a lot to look at across the range. we have products going back into the 1920's that sulfur 60 $70,000. or $70,000.0,000 the one that we are looking at is the red cask. it has a very strong presence and we are rolling out nationally this year. pimm: what kind of volumes do you expect to do? paul: it is $300 a bottle so we are not targeting mass markets. it will be available in limited quantities, but we are looking to get into each individual state and canada and mexico. this batch at the moment is short of 10,000 bottles. each batch that we produce will fall with the opportunity. pimm: i imagine there is a

seasonality to it. father's day is coming up. paul: definitely you see a spike on father's day. if your father is one of those individuals and you do not know what to buy them, and nice bottle of rare cast would definitely be the solution. pimm: he says with a smile on his face. well done. paul ross is the chief executive of edgington americas. still ahead, your breakfast is about to get more egg-spensive. why the cost of your eggs benedict is going to spite. -- spike. ♪

the u.s. egg business is worth more than $5.5 billion a year. per capita consumption in the u.s. is the highest that it has been in 30 years. but get ready for a jump in

prices. a combination of avian influenza , bird flu, and new government regulations could bump up egg prices from anywhere to 10% to 40%. withsteel joins me now more if never thought he would be joining me to talk about this as a commodity. alix: this is an amazing thing happening in our community right now. 46 million birds have been affected by the flu. youru get the avian flu, kill. there is no way you recover from that. it spread like wildfire. it affects the market in two distinct ways. first off, breaker eggs. you crack the egg and put it in liquid form and shape off to a restaurant, that is like what we eat and make cookies and bread with something like that. those chickens wind up being a very close order so the flu spread like wild fire for that. breaker eggs are in short supply. now bakers are going to fresh eggs which you and i buy in the

grocery store to make up that demand. that is pushing up our prices for eggs at the grocery store is those chickens have a little more room to run literally in the far. of roomking this theme to run, because of new regulations in the state of mandatory, making it that the chickens have more room in the cages, farmers have had to diminish the number of chickens in their flocks, or at least in the individual barnes or factory production. and as a result, their passing along those costs to the consumer as well. alix: longer-term, if you literally have more room in your cages, the flu or some, the disease -- kind of disease might not spread so quickly. whether chicken prices are not quite as high because they are running all over the place. they're not getting the flu as much as those breaker chickens. it might not be a bad thing going forward when it comes to preventing these is in certain ways. , it is almostnow

eight dollars for a dozen of extra -- eggs. alix: that's a lot. for today's option inside, let us go to julie hyman .or details for julie julie: the major averages all higher. the dow and the s&p up the most for at least a month now and seeing the highest levels for a month now. we have had a rally out of the gate this morning. going to the highest the session, once we have the headlines that germany might be willing to compromise with reese, maybe only accepted one of the measures fiscally that it had been asking for and then the others potentially coming later. let us talk about it through the options perspective. joining me is jared whether. he is at bgc partners. we had these headlines. stalkers are reacting well -- stocks are reacting well because they haven't shrugging off

greece as a late. once we figure out what is happening here and once there will be a deal, will that be the spark that everybody has an waiting for? jared: buy the rumor, sell the news. we are still in the buy the rumor phase until there is hard details of agreement and evidence of compliance on greases and and evidence of genuine willingness to work on germany's end. --s is all smoke conference and mears as far as i'm concerned. if this breaks down yet again, it could mean that people will reverse. in the long-term, the demand for hedging and targeted ways is just as steady as it has been. i think this is a day-to-day thing rather than something for months out. julie: something else that we had been waiting for for months you could argue was the decision from msci on whether they would include china a shares in their embassies.

after all this buildup, they said, well, we're probably going to but not yet. we are still studying the issue. you had a trade for us about the affects that the china etf had in the u.s.. now you have an update for us based on that news. jared: the structure is similar to what we did before. that one worked well before. we were looking at the msi which tracks a shares in hong kong. there are a host of cattle is that you can look for for downsize movement in both indexes. decision that the msci has to with this trade is that there is not the kind of investor inflows from around the told if they had added it their emerging markets index. this is not going to have an insult 12 months out anyway. but there a lot of trading ahead of these. i think the fact that they have the concerns of the date about some the market structure issues and these daily limited moves -- all that deals to the fire.

this is a market that is still fairly new in terms of its involvement and maturity. i think there is lots of reasons why in a big selloff that we cannot bigger moves them investors in the u.s. are expected. julie: give us some levels and dates you are looking at. jared: we're looking at at a july 5052 call spread. the reason we are going to august for those is that you can get your downside exposure. you have the opportunity if the index does sit and chart here to sell the call spread again in august to finance the cost of those. a lot of attractive features of -- skew is attractive to be selling the upside here. julie: thank you so much for the update on that. "bloomberg market day" coming up right after the break. ♪ ♪

(ee-e-e-oh-mum-oh-weh) (hush my darling...) (don't fear my darling...) (the lion sleeps tonight.) (hush my darling...)

man snoring (don't fear my darling...) (the lion sleeps tonight.) woman snoring take the roar out of snore. yet another innovation only at a sleep number store. pimm: good day. it is not :00 a.m. in san francisco, noon in new york, at midnight in hong kong. alix: welcome to the bloomberg market day.

angela merkel says her goal is to keep greece in the euro area. we will have the latest on the debt talks as the deadline rapidly approaches. pimm: president obama may send hundreds of u.s. troops back to iraq to train their military forces in the face of recent gains by islamic state. alix: were you a kid when playing pac-man was all the raise -- was all the rage? x, my generation, generation is called the gloomiest generation. good afternoon. i'm pimm fox. alix: i'm alix steel. we want to look at the markets at this moment. we are looking at a triple digit rally in the dow, significant. it is all about the potential of german chancellor angela merkel perhaps