e watching "market makers." i'm and schatzker. olivia: and i am olivia sterns in for stephanie ruhle . erik: if you minutes, you will hear from martin gilbert on his take of the greek standoff. olivia: and an exclusive interview with petro poroshenko on the russian backed rebels fighting and his country and his message for the united states. erik: time for our top stories of the hour. one of the biggest drugstore chain is buying targets pharmacy and clinics. cvs is buying target in which it will operate as stores within the stores and branded as cvs pharmacy. target has many clinics that will be rebranded as many clinics. the fight between boeing and airbus resumes. economy announced $20 billion in orders for neri body jets.

-- narrowbody jets. the ceo is ecstatic about the 737. he spoke to bloomberg at the air show. >> this plane was really worth everything that we went through to get it done. now you're right. we do have a challenge to get down the learning curve and to ring efficiencies out of the production line. our volume is our friend here. we're going to get up to 14 a month and no wide-body has ever gone that far. erik: he told the french newspaper that the 737 program will break even. we will have a live report from paris and next hour. olivia: two california homebuilders will merge this morning. the new company will have about 74,000 homes and a market cap of more than $5 billion. expansion plans include establishing a presence here on the east coast. it is the company that has made some of the world's most

legendary firearms like the m-16 and the cold 45. now they have filed for chapter 11 bankruptcy protection. cold says it has been hurt by the latest in sales and follow demand by civilian buyers. the company has been in business for 179 years. in pro basketball, were you watching last night? the golden state warriors are just one victory away from the first nba title in 40 years. steph curry scored 37 points to lead the warriors to a win over the cleveland cavaliers. they now have a three-to lead over the cleveland cavaliers in the series. game six is tomorrow night in cleveland. erik schatzker can barely contain his enthusiasm. those are top headlines for erik:. erik: 40 points and lebron still loses. let us get you started with a five things you need to know this morning. number one on the list --

european stocks are falling for the second day. the euro is weakening after spanish bonds in the charts between creditors and greece breaks now. we want to get to hans who has been following the discussion. we are all trying to figure out where do things stand now. hans: they stand in limbo. both sides says it is up to the other side to get an offer to we just spoke in berlin that angela merkel expects substantial reforms. greece says they will not make much reforms. all sides are getting something close to insult. they are both saying that the other side needs to deal with reality. as mr. cipras says, there needs to be a dose of reality fit perhaps more importantly, on wednesday, the european central bank. they're going to decide potentially on whether or not to impose more cuts on the collateral that they accept from

greek banks. if they do impose those cuts, they will be closer to capital controls. erik: since these talks began six months ago, has either side given any ground? hans: not really. what they have done is launched a lot of things and promised to give a lot. you have heard the same thing markedly consistent from berlin and brussels. all the creditor countries saying that greece needs to implement the reforms of the old imf bailout package. what the new government in greece has said all along is that old package was inhumane and in work and austerity would only lead to more pain. in some ways, we are finally coming to a reckoning and it is really just the conclusion of public rhetoric finally not being able to have any more distance between itself and private spaces. olivia: but clearly german officials ramping up the rhetoric. the vice chancellor saying that it is becoming increasingly susceptible. thank you so much. hans: what is interesting is

that is merkel's partner. he has always been sympathetic to the greeks. the fact that gabriel is now harsh on the greeks is now an indication of how much the german public opinion has turned. it is pretty much anti-greece and anti-third bailout. erik: that was hans nickel in berlin. olivia: saudi arabia opened its equity market to direct foreign investment for the first time today. shares are declining on a new index. it is all part of efforts to diversify the arab world's biggest economy away from oil. erik, i know you covered the saudi economy now again. erik: very infrequently. olivia: the saudi market is bigger than all the markets combined. there are plenty of restrictions. the has to be institutional capital over $5 billion. there has to be a five-year investment track record. erik: sounds like they don't want hot money. they want to diversify the economy away from oil.

olivia: they still don't want for ownership. we have breaking news and matt miller has appeared -- has it. matt: cox automotive which is a massive conglomerate including kelley blue book and many of the big names that you think about anything about buying or selling a car is going to buy dealer tractors and other similar service for $4 billion. it is $63 and $.25 a share. it is an all-cash purchase. a really interesting acquisition here because it is really cornering the market in auto sales. it makes you look at other companies that are in this business like true car. shares are not open, but it will be interesting to look at true car shares. it looks like cards is really getting a big bite out of

business. erik: matt with the latest there. number four is all about the bond market. if you look at what blackrock is doing and what jpmorgan is doing when it comes to measuring the rookies in this vast riskiness of their bond -- the riskiness of their bond portfolios and to anticipate liquidity and upon bond crisis, it should raise some questions. taste on what we have seen in germany, for example, the past six weeks or so -- olivia: five basis points. erik: some of the biggest money managers are beginning to reevaluate some of the standard measures that they have in using to test the resiliency of their bob portfolios because, as some people have been saying, what you see in the german market is a once-in-a-lifetime event. the question remains whether it is just a once-in-a-lifetime event. if this is becoming the norm, people have to think differently

about whether portfolios are worth. today, they could be worth x or tomorrow they could be worth this or this. olivia: i like the hand movements. they have the model for volatility. that is what we will be talking with martin gilbert about. a lot of people say you have the price and more risks with your bond portfolio. number five is more bonds. a new survey shows that 97% of respondents is the european central bank will not take action after mario draghi said that investors might get used to more volatility. he will adjust questions today at 9:00 a.m. eastern time before he testifies before the european parliament. figures crossed that theirre are known big confetti bonds. does anyone believe that mario draghi will not step in and bond yields do not spike further? volatility isn't inherently a problem.

it is a problem when it starts to impact the inflation outlook. erik: it is a question of whether he is doing more good by not signaling his intention or less good by not singling his intention. olivia: yet the wonder how security is at the european parliament. those are the five things you have to watch. coming up, we have a big interview this outer. -- hour. petro poroshenko will be here and we will ask him about infighting and his country and current relations with russia. we will be live in kiev after the break. ♪

olivia: coming up later today on bloomberg television, arnold donald will discuss the latest of the cruise lines performance and more. erik: european stocks are following the collapse of the greek bailout talks. martin gilbert's ceo of aberdeen asset management with $40

billion. it is the uk's largest standalone mark money manager it -- standalone money manager. so greece? martin: i think everyone has too much to lose on both sides. erik: why are they playing a game of breaking should desperate gunship -- why they're playing a game of rickman brinkmanship? martin: i think it will go into july. olivia: how much evidence is he have they done? martin: we hold no greek bonds or greek equities because there are better opportunities elsewhere clearly. the effect that it could have on bonds could be reasonable. olivia: your current portfolios -- you have a plan b? martin: it's not plan b at the

moment. it is planned day. -- plan a. we have to continue holding bonds. there will be a better dislocation the market, but i think they will recover quite quickly if greece does exit, which i think is an unlikely scenario. erik: what about a default, for example? it could happen that there's a default and not in a good from the euro. martin: i think that is reasonably likely to happen. erik: one way or the other. martin: one way or another, i think they will sort something out. there will be a quasi-default or whatever. they will not pay the interest. as you know, the get 30 days grace if they do not take. i think that is quite a likely scenario. i think the brinksmanship will be taken to the very last minute. erik: how do investors feel about this? you witness this firsthand and aberdeen suffered as a result

the nervousness that investors felt on emerging markets, when that closed in the first quarter. we have seen a lot upon volatility, for example, in the second quarter. the greece situation has not sorted out. how are investors bid meeting? -- behaving? martin: them on markets -- the bond markets worry me the most. if there is a mass amount of money falling out of the bond markets, how do we sell that when liquidity has dried up in the bond market? that is a big worry for regulators around the world. i would say that is my biggest worry. obviously, emerging markets, which is three years backwards there, looking forward, bond markets are where. erik: have you seen a close already? martin: it requires something like the greek exit or u.s. interest rates going up for the bond markets to turn. olivia: let's talk about that. you think a u.s. interest rate

hike is already priced in the bond market? martin: i was a half-and-half. some people are saying this half or the second half or even asks year. -- next year. it would be a bigger surprise if it's tomorrow. olivia: so you're saying it could get ugly? martin: it could happen if greece exits. erik: what does aberdeen do ahead of time? are you doing what we understand black rock and jpmorgan are doing, which is experimenting with new volatility and liquidity scenarios? martin: we are spending a lot of time looking at what we would do in the events of bond market selloff. how would we find redemption? if we couldn't sell the bonds how will we find redemption?we need liquidity basically. erik: are you holding more cash?

martin: were not really holding too much more cash and bond portfolios because investors pay you to be invested. i think you have got to hold a small amount of cash, but not any extra. i think you have the build up liquidity within the fund management groups. that is where we are looking. olivia: how do you do that? martin: you focus on having capital yourself. you want bank lines in place in case you have to be a redemption or whatever and there is no market. that is where we are concentrated. these are the scenarios we hope will never occur. olivia: but scenarios you do not expect to be planning for. martin: absolutely. as we said, these bond markets are deep and liquid. but in times of strength. erik: so have you been gone -- been andthen gone

and increased your liquidity? martin: we have. investors are really focused and they should be. let's hope this doesn't happen. let us hope that everyone is sensible and old cashes in. erik: how do you feel lenders feel about it? martin: i think they understand. when i'm talking about market timing differences, you cannot sell a bond that day. you can sell it to are the days or so more slowly. erik: effectively you are borrowing money so that you can as a firm hold this in inventory. martin: no not that. if there is no market -- erik: that's what i mean. olivia: before we came on, you said that you think the government is going to have to get involved to inject liquidity. martin: i think bond markets are not liquid in times of crisis. what we have to do as a firm and what regulators around the world are doing is focusing on the

asset management business now. they have moved from banks to the asset managers. we have to hold more capital. we hold a billion dollars of cash as capital. hopefully that will be enough along with lines of credit. erik: how much will the credit lines add up to? martin: we could have another half $1 billion. that is a substantial amount. you have to be prepared in case there is i let us. let us say we hope it never happens in that the bond markets are smooth in crisis. olivia: good luck sailing. erik: martin gilbert is the ceo and cofounder of aberdeen asset management. olivia: now it is time for features and focus. matt miller has that. matt: gold is falling as the u.s. continues to strengthen.

they have been moving in opposite directions for eight sessions. that is the longest run that we have seen since november of 2014. joining me now is john i've seen of it. ask for joining us. you expect that as the dollar strengthens that the price of gold will cold dust go down. is this just the currency move that is moving the commodity price? >> your heart>> to find -- it is hard to find investors feared since it made the highs and 1957, it has been in a downtrend. that downtrend strengthened in 2013. as crude prices fell, the dollar strengthened. that correlation was noted in a bloomberg story the other day at .65 and after it is well above 50% correlation. that should continue as effect continues to move toward the tightening cycle. ryan: it is really about central banks. matt: when they were printing

off money nonstop, they were turning out gold. as they are drawn assets back into the u.s. dollar, we should continue to see gold to weekend. is that your take? bob: it is. there is actually potential for a short-term gold lawn that could pop up. i think it will go down to $11.55 and i think that will come when janet yellen and the fed does this basis point hike. it is a volute to see how the markets handle a rate hike. most will leave it is not a rate hike cycle. long-term holds of precious metals really isn't attractive. matt: the biggest threat to gold since 2013. thank you so much for joining us. and quick break and we are back with more "market makers" here on bloomberg television. ♪

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erik: you watching "market makers." i'm erik schatzker with olivia sterns. as of today, saudi arabia and markets are open to foreign investors. there are rules however to who can make direct trades in some stocks remain off-limits. bloomberg spoke with the saudi arabian general foreign investors. here's what he cap to say about foreign investors. >> capital markets have been put in place and that is what we're looking for quality investors. quality investors that bring in diligence research, knowledge

of transfer, and help the economy grow. erik: he is with us from react. good afternoon. that is what it is over there appeared the man charged with driving foreign investment in saudi arabia spoke to you about quality. let us talk about what constitutes quality. why is saudi arabia putting restrictions on the kind of foreign investor who can invest in the saudi market? willem: they want large institutional investors particularly. one of the reasons for that is that they want to reduce some volatility in the markets here. when he talks about quality it is in terms of regulations that stocks that people can invest in. there are limits. they do not want you investing and security-related firms. they don't want you investing in real estate firms if they have business in the holy cities of neck and medina. there are some restrictions. erik: restrictions -- let us talk about why saudi arabia is doing this.

foreigners have wanted for a long time to have exposure to the saudi markets. the saudi economy is the most powerful in the region and the market is so is larger than the gulf markets combined. why now? willem: i think one of the reasons is that people are concerned about diversifying the economy. they want to bring some new talent and here. obviously, a large access to a bigger capital pool. in terms of the companies that they want people to really focus on things like transport, infrastructure, health care consumer goods, people forget that more than 50% of the economy here is not oil. there is a huge area of opportunity for people away from oil. that is something that they want to encourage. olivia: that is interesting because you think saudi arabia and you think that 90% of governor -- government revenue comes from oil. you would think that the vault of equities available for

purchase by foreigners would be touch or chemical companies but you are saying it is a diversified group. but you cannot get into real estate. tell us about what kind of companies you can actually invest in. willem: what is interesting here talking to people last few days is that consumer demand inside this country is vast. you have a 30 million population with a lot of spending power. you're looking at big hairy firms and food products and health care companies. i've been talking to doctors and surgeons here with a very advanced health care system here. there are opportunities that have nothing to do with energy. that is something that every person that talking to are very keen about people investing in. olivia: let's talk about price. the saudi market is up 16% from 2015 alone. shares are trading at a multiple of 16.8 times forecast earnings compared to your average multiple of about 12.7. is there a sense that there are

bargains to be had? shares are selling off a little bit today. willem: i think there are a lot of companies here that people are looking at. i have spoken to bankers here who have gotten multiple calls. i think we will see prices rise over the short term. everyone is saying they are much more interested in the long term. it is the access to the market and capital and corporate governance trying to improve the counting. and move them outside of the region and gain more respect in the wider region as well. erik: good to see you. that is bloomberg's willem marx live in saudi arabia. olivia: we have a couple of deals to tell you about. cox automotive has agreed to buy deal attracted it is an online marketplace. dealer track provides software in the e-commerce for car dealers.

meanwhile, target is selling his pharmacy and clinic businesses to cbs for about $2 billion. cvs will run the pharmacies within the store format. these clinics will now be branded as cvs pharmacy. the first space probe ever to land on a comet has finally woken up. after seven months of hibernation. it has begun sending back data. the batteries died last november. when the comment made it relatively close pass to the sun, the batteries were recharged. no movie has ever taking in half $1 billion worldwide in its opening weekend until now. "jurassic world was quote did that this weekend and it took in a million dollars in north america alone. that is only the second time it has happened. are you going? erik: i'm going to see it. i like "jurassic park."

olivia: when he gets bit and the tmax comes in. you do not want to talk about dinosaurs. erik: not right now. i want to talk about wall street. open at -- up next, a sobering look at the capital of the world and reports this morning. ♪

erik: coming up next, the indian billing their lives with us from paris. olivia: in the big apple maintains its status as the finance capital of the world. there is a new story that the title could be at risk. the partnership of new york city just released findings showing trends of downsizing, job allele location -- relocation and a net loss of 3000 jobs since 2000 or

the takeaway -- new york needs to protect its competitiveness. when the spring in caps on while. -- what is bringing catherine while. bring up the most salient findings in the report. >> the good news is that new york is once again affirmed as the financial capital of the world. we were firm from the financial crisis and did a better job in financial technologies. we are at the forefront of innovation and at the forefront of the world financial systems. but at the same time, we have been losing a lot of jobs from the city. those jobs the ones we care most about, are the middle-class jobs. 51% of wall street workers earn less than $100,000 a year. so the stereotype of wall street as an elite place is missing the point. olivia: you think of the occupied wall street movement.

kathryn: these are not the one for centers. most be wall street workers live in the boroughs. these are the jobs that we really need to keep in the city. erik: where are those jobs going and why are these people leaving? kathryn: some are simply being lost to the result of regulatory and punitive restrictions that have cut the profits since the financial crisis. therefore there are jobs that are moving to phoenix, florida to lower tax and lower cost locations then new york. some of those jobs have been replaced in the compliance and risk management areas because the regulatory legal burdens are so big. it adds to the bottom line of the institutions. erik: it makes them safer though. kathryn: it makes them safer, but it costs much. we want strong, safe institutions, but at the same time, we want to make sure that we keep our largest employers in the city and the country strong.

we are spending a lot of time in washington these days fighting over trade agreements in order to keep good jobs in this country. there are great jobs on wall street for average americans. erik: so who is your argument with ultimately -- is it with washington or the governor? in some cases, new york state has been subsidizing the movement of jobs away from new york city to other parts of the state, like buffalo for example. kathryn: new york state -- we can't argue with. we want to keep them in new york state. most jobs are not going to buffalo. most jobs are going to florida or singapore or utah or around the country and the world. our competition is very strong. out of asia, we see big efforts to make a play for the financial industry the center of capital markets. in other places around the world and in the u.k. and london paris, frankfurt, their national

governments are defending their financial hubs trying to strengthen them, investing in infrastructure and supporting them. here and in london, they had to reduce their income tax rate to keep the taliban. here, we feel that we do not have the kind of support from washington. olivia: that is true. the conservative government currently in charge in britain reelected reintroduced the income tax. a lot of bankers spent a lot of time complaining about bundle -- bonuses. erik: the regulatory cases is sometimes heavier. kathryn: it certainly is on the compensation side. that is absolutely correct. the large multibillion dollar legal sediments that we are seeing at the federal and state levels -- nobody trumps the u.s.. olivia: what is the fix? kathryn: in terms of external threats, we have to be more competitive. we have to figure out how to reduce costs and get our cost of

living programs like affordable housing stronger, more better and the immigration policy. olivia: so an administration assistant as citigroup is going to qualify for a formal housing? kathryn: absolutely. yes, we will see families that are working in the banking and financial industry qualifying. importantly, we want to create a more livable and affordable environment. that is a real partnership this -- city and state government. when it comes to washington, we need to have a less hostile political environment, one that supports the country's financial industry, railing against big institutions. our big institutions employ tens of thousands of americans. erik: who are you talking about their -- the mayor? kathryn: in washington? i'm talking about the washington

attitude. erik: the president? kathryn: i'm more speaking about senator warren. [laughter] erik: she doesn't run the government. kathryn: i think the writer and pandering -- rhetoric and pandering hurts the country. wall street's popularity has kept falling since the financial crisis. we have to say that wall street is not a couple of elite bankers. wall street is hundreds of thousands of americans. in new york city, it is thousands of american jobs. it directly driven by the financial services industry and it is what keeps the entire country at the front of the pack. olivia: that is incredible. 60% of our private payroll derived. erik: have you ever talk to senator warren? kathryn: yes. erik: what did she say when you challenge her with these points? kathryn: she was quite amenable

to the thoughts that we had. since she has been seven or, i have not talked to her. the rhetoric has changed. erik: sounds like it is time for a new conversation. thank you for joining us this morning. olivia: now let us take a moment for our morning brief. these are the stories that you need to watch from monday. starting this morning, the supreme court could the list -- release decisions on obamacare and gay marriage. erik: jeb bush will join others officially announcing that he is running for president. it'll happen at three clock p.m. in miami. perhaps the most anti-climatic announcement for monday. olivia: and then michelle obama and her daughters arrive promoting their initiative let girls learn. erik: maybe i will run into them there. coming up, we will take you to the paris air show and we will

be speaking live to the chairman in just a few moments. stay with us through this break. ♪

erik: now some of the most compelling pictures this morning. in georgia, flash floods burst open a few cage allowing animals to escape, one of which was a hippo seen roaming freely, later tranquilized by police. the reason keepers were among -- breezy keepers were among 12 people died in the flooding. officials warn people to stay in the homes. with so much human tragedy out there, it is hard for me to say that this was the most tragic thing i saw this weekend, but quite honestly, it was. olivia: 12 people have died. those are some extraordinary

images. a hippopotamus. erik: going around and shooting wild animals -- it is just awful. olivia: really strange and terrifying. now take a look at this. speaking of terrifying around 8:00 p.m. in texas, and national gas pipeline ruptured, igniting a massive fire. people in the area were evacuated. thankfully, no one was injured in the fire. the gases been rerouted and the fire is out. erik: on friday, we got to chat with wall street's best athlete. mark rubin is a futures and options trader. where is he going again? icap= -- that's right. he won ahead of his top rival, j lee. this year, the decathlon raised about $1.3 million for the cancer center here in new york.

olivia: first of all, he is huge. look at him. you are ripped, but he is ripped ripped. he is a lot bigger than jay lee who we had onset. erik: it is sad that he was runner up two years ago -- in a row. olivia: we should point out though that in fairness that mark has been training for this to cap on. meanwhile, poor jay has been holding down a day job. that man is jack. -- jadcked. erik: with that, we take you to wall street's biggest and best calls when we return. ♪

erik: micron and sandisk are two

names that we're looking at. matt miller is here with a list. matt: very interesting call by morgan stanley on the chipmakers. they use the word costs are's -- cautious versus the company's own forecast. they are downgrading both of those stocks. i found micron really fascinating. if you look at the endless recommendations, there are 25 buy ratings and only three cells. it is a contrarian call. he is cutting price targets from $21 to $30. he expected again and now he is expecting a drop. erik: i think this is one of the most valuable services that sell side investors -- analysts provide to investors.

olivia: that's what you say about sulfide research. erik: my problem is with the earnings manipulation game. as far as hard fundamental work goes, i cannot be more respectful. matt: this is one of the most honest moves that you can make it you said the stock was going to open -- go up five dollars. i want to get quickly to the goldman call also. eli and david over at goldman sachs at the u.s. portfolio strategy review are upgrading financials and industrials. they are downgrading energy as well as utilities and materials. they have a number of names here, but apple and cisco and facebook are all buys that they had. olivia: what is the thinking there? matt: the thinking is the same as the gold trade that i talked about earlier.

as the fed comes out and start raising rates in the dollar continues to rise we see a negative correlation with the dollar and gold could we expect that they see a negative correlation with the dollar and oil as well. as a result, they are downgrading the energy. erik: we have to end the conversation there because this is what we have been waiting for all morning. petro poroshenko is sitting down with ryan chilcote and kia. ryan, take it away please. ryan: thank you very much. petro poroshenko, thank you for joining us. it is a pleasure to speak with you. the fighting in eastern ukraine has really exploded over the last several days. it has been a low intensity conflict since you reached a cease-fire with pressure. -- russia. is that going to turn into a much larger war? petro: i think it is not been a

disastrous risk. on the 12 of february, we spent 15 hours with chancellor merkel trying to reuse -- reach an opportunity to make a cease-fire. not one single day during these three months without a shelling. we have seen very few days for these more than three months where we did not have someone wounded or killed or soldiers or civilians. it has intensified over the third of june when a massive offense operation with a participation of more than 1000 soldiers, including russian soldiers with a participation of more than 20 tanks and carriers. ukraine demonstrated absolutely responsible behavior when we

should be on the attack. the big number of russian soldiers crossed the line and already entered and now it is under control of the ukraine and u.s. forces. the intensive artillery fire was launched immediately on the leading area. then, we move a little bit from the places which we keep under the agreement. we are attacking and defending our line. ryan: to be fair it has been said that ukraine has also violated the cease-fire at various moments. petro: this is very important and i want you to understand that we are cooperating and we opened fire only in response. for example yesterday, from the russian side, 112 shillings.

from ukraine side, it is 10. we did not use all the artillery. our troops are under attack. it is the same way that the oe conferencec yesterday and the day before yesterday that russian control terrorist do not allow the inspector to come and verify the places where we should keep the military weapons. what happened yesterday and the day before yesterday -- under intense artillery fire, they tried to reach the gas pipeline which supplies gas for the occupied territory. this is the massive pipeline. under today's of fire, they destroyed this pipeline. we paid in risky efforts to

restore the supply of gas. this is how we demonstrate our efforts. this is absolutely irresponsible. ryan: who is winning this war? petro: no winner. i'm absolutely sure. russia understands this is impossible to win this war because ukraine is very strong spirited. the ukrainian nation is united as never before has of the global solidarity with ukraine. but what is the real purpose of russia? to destabilize the situation in ukraine. we pay a huge price, not only did we paid more than 100,700 soldiers who have given their life to retain independence, but it is also about 7000 civilians that have been killed in this

absolutely disastrous war. it is not the war inside of ukraine. it is the aggression of russia against ukraine. it is only one purpose -- to stabilizing the situation -- these stabilizing the situation. it is getting people to leave the european union and share european values and not to be a part of russia and their empire. ryan: right now, the united states is consideration -- can sintering -- is considering weapons in the neighboring countries. if they do that, it will be the first time that the u.s. has placed weapons in that part of the world the east of long to the warsaw pact since the end of the cold war. what do you think about that? petro: after the russian annex of crimea after the russian aggression, it is not existent

anymore. the global security system based on the un security council this completely destroyed -- is completely destroyed. one of the members of the security council is an aggressor. that is why everybody should understand that ukrainians are fighting not only for independence, but they are fighting for freedom and democracy. they are fighting and trying to stop the aggressive and brutal violations of international law. we should demonstrate a new approach to keep the global security. the approach of the united states, including the placement of the former member states and their heavy weapons, it is the only way out to keep security. but we should find out a diplomatic solution for that.

including possibly reforming the security council and possibly including the european security system or using other ways or other means to keep the aggression out of the european country. ryan: when president obama said at the g7 meeting that president putin's ambition to restore the soviet empire you agree with that? petro: i know better than anybody that this is true. ryan: you do not think this will stop with ukraine? you think estonia is under threat? petro: beforehand it was georgia , before that it was moldova. it cannot bring the improvement of the situation. it is trading conflict which makes hundreds of thousands of people and a completely disastrous way. ryan: and a little over a years

time, we will have a new president in the united states. jeb bush is announcing that he is running for the presidency. he thinks that the u.s. should give ukraine lethal weapons. that is something that the obama administration has not been prepared to do yet. jed bush was in estonia last week before today and before this big announcement. have you ever had a chance to speak with him about ukraine? how do you think having a new person in the white house might change the dynamic? petro: i have to speak with the elder george bush. unfortunately, not jeb bush. ryan: talking a lot about ukraine. petro: absolutely. i have lots of communication with members of the senate and members of congress and both from democratic and republican parties. ukraine is united with the u.s.

congress and u.s. people. we have strong bipartisan support. i think the approach of president obama is not because he is personally not waiting. i think this is the effective attempt to keep european solidarity with u.s. and with ukraine. ryan: to figure out your allies and who do not support the idea? petro: absolutely. my view of the sanctions which he is demonstrating by the european union and the whole world and the g7 countries is effective method for putin to have a seat at the table and keep the promises that we assigned the 12 the february. ryan: let me ask about the

sexes. we know they are going to extend the sanctions when the heads of state meet next week. we know that the u.s. and the european union are discussing new sanctions that could be imposed should russia be deemed violating the minsk agreement again. what can we expect in terms of new sections -- sanctions? petro: we have lots of the correlated action including the u.s. and canada and japan and australia and the european union. one of the most affection -- effective sanctions is the financial wanted -- one. the purpose of the sanctions is not to be the most harmful for russia but we just want to create motivation. please stop the aggression. please stop the fire. please stimulate desk the settlement

of european security and others here. we have effective obligation. ryan: i'm on my way to st. petersburg where the russian president holds his annual forum. it will take later this week. -- place later this week. he invites this is to come and invest in russia. what would you say to the investors and business leaders who are gathering in st. petersburg who come from the outside? should they stay away from russia? is that your advice to them? petro: everyone should undertake the steps which is depending on them, that share their values and their beliefs. ukraine fighting not just for the money, but they are fighting for values, european values. i'm very pleased that the people

of the whole world are demonstrating that would ukraine. that is what happened with the vote in united nations and happened many times. not only the leaders of the state, not only leaders of the commonwealth, not only the politicians, but the investors and businessmen should demonstrate that they also share the same values. if they share the same values and follow the sinks and approach, which was demonstrated by the countries, because without that, it would be similar possible. making business in russia under these conditions would sinfully be rescued -- risky -- simply be risky. ryan:erik: that is the ukrainian president petro poroshenko. this is "market makers." welcome back. i manchester.

-- i am erik chaska. olivia: i'm olivia stearns and for stephanie ruhle's. it was the manufacturing index that fell below zero in june. that surprised economists who have forecast in expansion. it may be assigned that manufacturers are being hurt by the strong dollar. oil and gas drillers are still coming back and. when the biggest drugstore chains is buying target pharmacies and clinics. cds will pay $1.9 billion to get more than 6000 u.s. target pharmacies. it will operate them as stores within a stored and bring them as cvs pharmacy. as a most 80 clinic locations that will be rebranded as cvs minute clinics. erik: the great minister is taking a hard-line after bailout talks broke down after 45 minutes. citrus will not cede his demand

over program cuts. he is waiting for creditors to be more realistic. the greek bailout expires in two weeks and there is no provision for more financing. the battle between boeing and airbus will be on display at this week's paris air show. the copies announced $23 billion of orders a passenger jets. boeing ceo jim attorney says they cannot afford not to buy new aircraft. >> we are replacing claims that are also leading the current fleet at rates faster than the last 30 years. the payback at lower field prices for a new airplane versus the ones operating now is much faster than it used to be. you should thank the 787 for that and of technology that has flowed from that. erik: he told the french newspaper that the 787 program will break even for the rest of the year. olivia: i want to turn out to the paris air show with the biggest names in aviation are gathering. contra airways buying and

bone airplanes. cory johnson is joined now by the ceo inside the plaintiff -- the plane. guy: thank you for taking your time and thank you for walking must inside your business class. and a lot of people are wondering what the lower field costs mean and that you do not need to be superficial aircraft. >> it is not always going to be low. have to make sure that we are buying the most fuel-efficient good airplanes in order to have our margins back. and to be a prophet again. guy: you said you are getting going in terms of aircraft orders. what can we expect from you?

>> i've already ordered what i want to order. maybe there will be something else tomorrow, but let us wait and see. guy: the big story that you have been involved with his the last claims made by the carriers in the united states that you receive subsidies. you have made it clear that you do not feel that is the case. your tried to push back against them now and try to make the counter case. you have indicated that american airlines may be is not giving you the relationship that you would like at one world in the moment. how are you going to do that? akbar: you asked me for questions. let me ask about the subsidies. i do not want to go that way again. i have been through this many times. i would like to say one thing. when you live in a glass house, you don't throw stones. they should look at the own subsidies that they receive. direct or indirect, legal or illegal, whatever you call it, it is a subsidy. as far as the world is

concerned, we joined this alliance in the spirit of cooperation and in the spirit of promoting aviation and in the spirit of creating more business for each other. we were invited by american airlines. they were the people that sponsored that. they welcomed us to new york when we signed the contract. and now, this is the same airlines with the new management that does not understand really what the alliance is all about. it is restricting inventory to us. it is restricting parking space for us. it is going anti-qatar airways in the media and private forums. what is this relationship about? if this is a way the alliance is going to be run, we don't want to be part of it. guy: he would leave one world? akbar: yes, if we see the

situation is not going to improve very soon. we are impatient. we don't have patience that will last forever. we will pull out of one world. guy: how will your stake work with that? akbar: it has no relation to one world. it is strictly a relationship between us and iag. this relationship will only get stronger and not weaker. guy: they can stay, but you could go? akbar: iag is an independent company with many shareholders. we do not want to dictate how they run their business. as far as we are concerned, we will look at what is the best for us to stay in the alliance or pull up. if we don't see any benefits. guy: let's move on from that subject. you have are discussed this so let's talk about things you have it. you operate a 77 from

boeing and the arab how did the two aircraft compared? akbar: you are not comparing apples to apples, but both aircraft are very efficient. both have very huge passenger perks. what is important for me to say is that the introduction into service of the 787 was very painful to us. keep in mind that that aircraft is a very huge leap in technology, even by boeing. airbus, the introduction to service was very small. the performance is perfect. the on-time departures are absolutely amazing and qatar airways is extremely happy with the airbus. guy: the sales guy over at airbus is saying that he is talking to six other carriers other than emirates about a new engine version. are you one of the six? akbar: i would like to tell you

that mr. leahy is a salesman. he may be talking to six, but i'm not one of the six. guy: nice to see you. thank you for inviting us up. that is akbar al baker. i will throw back to you. olivia: that is guy johnson in business class in paris with the ceo of qatar airways. great stuff. really interesting to hear him hitting back against those accusations that gulf carriers are subsidized. still to come, we go to's are going to speak to a non-mahendra. -- anand mahindra. erik: bailout talks between greece and its creditors fell apart within 45 minutes. hans is in berlin. has anything changed in the past hour? .

hans: we have no indication that the greeks are willing to send that proposal. the creditors are calling to compromise. they are giving more detail on how things went south in brussels last night. they basically say that the proposal that the greeks offered to the creditors in brussels did not have sufficient detail. it simply wasn't a workable document. recriminations are flying all across europe. i imagine that guy is hearing them at the paris air show. this seems to be getting ugly and it seems like it is going to get uglier. on wednesday, we have the european central bank meeting. they will be deciding on emergency liquidity assistance. that in some ways is a more important test for the greeks that on thursday when the finest get -- ministers get together and luxembourg. that is riskier than if we do not have a clinical situation between now and then. olivia: it is certainly getting a lot uglier across the canvas of the german press. you have an op-ed with their

saying that greece living the european -- leaving the european union is not on the table. the vice chancellor is saying that the shadow of an exit is becoming increasingly perceptible. we will not let german workers and the families pay for the overblown election promises of a partially communist government. that is some pretty sites -- spicy things to say. that was caused nichols joining us there from berlin. erik: breaking news -- more economic data. vonnie quinn is in the newsroom and has details. vonnie: more disappointing data. minus two forecast. that would be april. also revised downward. we are seeing futures deteriorating now after the

manufacturing data which came in earlier this one. that also disappointed. once again, industrial production month over month in may came in negative at -.2%. the use of mines did also not meet estimates. erik: vonnie, this continues a trend. the schizophrenia data on one hand since just strength -- to just strength of the u.s. economy side. vonnie: they continue to press the point that there did it had it. we have seen great labor market data. we are seeing the first pm eyes for the month of june. the empire state in new york city usually showing the market moving. very important components to consider when they are considering a rate hike. that is why we are seeing some

movements in the treasury market today has this is definitely going to anti-conversation of the next two days for the fomc. as you mentioned, we have seen mixed housing data. we're going to get building permits tomorrow. that is a forward indicated some of these indicators that we have been looking at our backward looking. they will tell us not perhaps quite as much about the economy as it stands now. olivia: interesting stuff. vonnie quinn, thank you so much. we have been expecting industrial protection -- production to pick up. why did of also much in the first months of the year? because of the stronger dollar. we thought that was abated by now but weak energy prices continue to weigh on factory production. it is something that we are expecting janet yellen to address at the fomc this week. still to come, much more here on "market makers," including chinese shares. they hit a record in the month of may. that story coming up later on in the hour.

do not go away. ♪

erik: back to the paris air show. india's mahindra group won a contract with airbus. on his live with us. tell us about this deal you just reached with the airbus. where are you manufacturing all the above and more. anand: we are going to make arrow structure -- arrow structur\erostructure out of india and bangalore. this is out of what we imported

out of a factory that was being run in australia. this was machinery and equipment that was already made in the past. in spite of that, it took a long while to get a prices is -- our processes to buy airbus. we went through the inspection and validation process. but all is well that is will -- ends well. it bodes well for india's aspirations in the aerospace industry. what we think is that this is just the tip of the iceberg. once the order is executed we are going to get more of such orders. i think that airbus is looking at india as a major destination for the global supply chain. erik: you say you're going to win more orders. more orders from airbus or do you think you could become a part supplier to boeing as well? anand: that is the aspiration

indeed. we personally have enough capacity to produce all kinds of customers in the aerospace industry. the plant that we acquired in australia had been put up by boeing for manufacturing parts out there. they know the plant well. i'm sure that before long that we should be able to secure orders with them and from others as well. i think it is a small step, but a giant leap for both a company like ours and a country like india, which has major aspirations in this field. olivia: may ask you overall about the business environment in india? it has been over a year since the new prime minister. what have you seen as business improves? have you seen tangible results? anand: absolutely.

i have been quoted on this many times before and my response has remained consistent with my initial response that there have been substantial changes in the terms of ease of doing business. i will admit that for large groups and companies like ours that they have been very committed to integrity and a very ethical form of functioning. they have found the atmosphere extremely conducive for doing business honestly and rapidly. for you to have a real-life example, we had a number of industrial licenses that we applied for and were in a q4. it was almost a never-ending queue. last year not only has that queue vanished, but all i licenses have been cleared. but i now get calls from the e-commerce industry asking me whether i have any issues of concern.

it is a dramatic shift in the atmosphere that we were accustomed to earlier. yes, there has been dramatic change. i hope the transmission is going to be sustained. erik: back to aerospace for a moment, this contract is a part supplying contract with airbus. some people may not know that you are in the aerospace business already. you actually make turboprops. have you ever thought or considering moving upmarket from the turboprop business to the turbo fan business and actually making jet planes? anand: that is not on the horizon right now. it is not simply because we did not want to compete for customers. we really believe that there is an enormous base for light utility aircraft. we started our business by making utility vehicles cheap. that was postwar, right after

world war ii ended. we are known as a manufacture a sport-utility vehicles that are a viable -- reliable. we used to make the calls where roads didn't exist. we are making claims that can land on dirt strips and do not need the landing runways. we have seen our history being replayed. we are seeing this opening up to vast portions of india that are on travel so far. and therefore, our vision right now is to focus on that arena and really capture the large slice of that growing market. erik: why is it though -- you mentioned that your origins are in deep utility vehicles. your truck business and ug business isn't doing so well. how come? anand: the last two years were

difficult because the environment went into a recession. the interest rates remain high. consumer confidence plummeted. there was a drought last year and a lot of our markets were in rural areas. luckily, the circumstances have turned around. we have seen the interest rate environment become more and nine. we have concerns about the monsoons happening. the rains so far have a good. our crops have boomed out because that coincides with good fortune. we have also had a slow period in terms of new launches. we have nine the launches in our vehicles. we expect to see a lot more drama in that side of the business. i'm very confident of recovering lost ground. erik: we thank you very much. that is the chairman of the

mahindra group at the paris air show. they just won a contract with airbus. olivia: we are few minutes away from the opening bell in the u.s.. tracy alloway is with us. also with us is reggie. what is moving in the markets? tracy: i want to talk about bond market moves. we have this greece meeting. a good story out from bloomberg news saying that black rots -- rock is tweaking its models on how to value its risks and its bond portfolios to take into account those wild swings that we have seen in the market. erik: reggie, you have a window into the bond market. what do you see? reggie: opportunity. we are seeing participants readjust because of rising great expectations. we are also seeing some players

come in and putting a floor. we are seeing two-sided action actually. you look at the bond market and it is in a trillion dollar corporate bond market. etf is 2% of that marketplace. it is a window on how folks are thinking right now. olivia: people are concerned about the death and liquidity. it is supposed to be the safest asset class, but how liquid are etfs? tracy: can you put a liquid wrapper around and air liquide -- and on liquid asset? reggie: the bond market is actually very liquid. what you are seeing are pockets of liquidity based on views around rising rates. the toll taken by basil three and dodd-frank -- etfs have weight to hedge your risk. we are seeing opportunities.

tracy: number two, homebuilding. two homebuilders who announced a merger. the ceo of sanders pacific is quoted saying this is the wave of a -- this is a wave of consolidation. homebuilding has had a slow recovery. six years after the depth of the crisis. we're also going to have the housing market index from the national association of homebuilders and that should give us a clue into how the industry is doing. olivia: it is incredible the number of homeowners that are still underwater. tracy: it has been a sluggish recovery for that part of the market. number three, chinese stocks. two numbers in chinese stocks. $10 trillion. a world federation of exchanges says that is how much all of

china's stock markets are valued at. the second number is 358 billion, the amount of margin debt investors are taking out to fuel that $10 trillion market value number. regulators in china also said they would claim down on some of the borrowing investors are allowed to do to buy stocks. that seems to be having an impact today. the shanghai composite is down slightly. erik: $10 trillion in total market value. proximally 400 billion of which is market that. tracy: when the stock market is at a record, margin debt will be at a record as well. you cannot look at those numbers and not feel nervous. erik: does 4% of the total market seem at a highly leveraged market you? reggie: i don't know. we have seen a lot of action in the chinese eight share -- a share etf's. we are seeing some of that role of into the china h shares.

the fact that etf's lend a transparent view, there are positions around china. margin debt has increased that marketplace. i think we're starting to see risk roll off. erik: before we go, $10 trillion, put that into context. tracy: i do not know of that many market that are $10 trillion in value. it has been rapid explosion in that market. erik: mario draghi has been speaking and vonnie quinn has headlines for us. vonnie: it is interesting to hear him. he is saying he has proven to be confident. interesting choice of words. he is been telling parliament a. of higher volatility -- a proto-of higher volatility has been verified after a crisis program.

also hearing from mario draghi that the ecb has approved to use if needed if there is extra volatility. we are at 112 .33. as for yield him and not much movement. the german tenure boomed is about -- was about 80 basis points before mario draghi started talking. erik: thank you very much. the latest from mr. draghi. reggie, we touched briefly on the bond market liquidity debate, gathering pace. martin gilbert was here earlier telling us that his firm is preparing for the possibility of a bond market selloff by raising

credit lines with its bank lenders because it does not want to have to re-dean into -- read team into a down market. -- redeem into a down market. what happens to fixed income etf's as the bond market sells off? walk us through what you think is going to happen. reggie: the key thing is to understand how a bond etf is structured. the nav is structured either at the midpoint or bit of the bond. the optics around etf trading under fair value or trading at a premium is where the bonds underneath are situated at fair value. to look at this and how to think about it going forward as bonds start to sell off is equilibrium. where does the marketplace find equilibrium?

etf's, no different than mutual funds or other vehicles will find that equilibrium point. ats will give you the price mechanism first. -- ats will give you the price mechanism first -- etf's will give you the pressman and is price mechanism first. erik: that ats get created by -- etf's get created by sponsors , those etf's find their way to markets. is there any reason that process should go in reverse during a selloff? reggie: etf's will be created or redeemed based on supply and demand in market forces. they have to sell bonds to raise cash to pay investors. etf's are no different.

if you have sellers and they are looking to remove assets, you will get redemptions. we get redemptions, the marketplace will price those bonds. olivia: these are not investment vehicles for players of all sizes. a $50 million order is going to distort the market. reggie: not necessarily. we have had orders on my desk for $1 billion corporate bond etf's. we go out, make a market and price them. the mechanism of rice discovery is the same as mutual funds except etf's, you can see it real-time. there are many different players. what the market does not understand, insurance companies and by side participants are adding liquidity to marketplace real-time. olivia: we saw the saudi -- erik: we saw the saudi stock market open to investors -- open to foreign investors.

is there going to be a saudi etf? reggie: i do not know. erik: do you perceive demand? reggie: we see demand. there is demand for exposure into alternative markets. what we are seeing as the euro settles in the hedging vehicles being taken off. buyers for euro exposure. we are seeing a flip-flop. the ride down the euro,. along the hedged etf -- erik: they want to go naked. reggie browne, local go ahead -- local cohead of dr. fitzgerald. -- at counter fitzgerald. olivia: who is the man to beat

this year? we put that question to the winner of the 1955 u.s. open. our interview, coming up. ♪

olivia: we are a few minutes into the trading day and stocks are falling. let's get out to matt miller for an update. matt: all the action seems down. the dow turning negative for the year three at the s&p with its worst two day drop since about a month ago. things continue to look bad today as they did on friday. the s&p index down to 2000 77. the dow down 167 point.

the nasdaq down about 8/10 of 1%. take a look at some of the individual movers. a positive story from the markets perspective. cbs will pay $1.9 billion to buy target pharmacies. cvs is in an acquisition spree. cvs shares rising even though with this purchase they say they will reduce their buybacks for the year two $5 billion from $6 billion. this will hurt earnings by six cents. i want to take a look at dealer track, getting taken out this morning by cox automotive. give attract up 57% premium represents the $4 billion cox is paying. ali baba and netflix. netflix hit an all-time high last wednesday.

it has been down every day since then. allie baba saying today that in two months it will roll out its own netflix like service. to try and serve the 600 million chinese families that want that kind of entertainment. erik: thank you. imagine making tens of millions of dollars and losing it all. it happens too far too many sports stars including antoine walker. he is teaming up with morgan stanley to help pro athletes keep more of their money. drew hawkins is head of consulting the firm. why does this happen? antoine i think it is accommodation of things, coming intimately -- it is accommodation of things. coming into the league at 19

years old and not having knowledge of what to do with money. not understanding the basic things taxes, that is only half of what you really make. small things like that that play a part. i think a lot of athletes don't ache about our futures like we need to. we don't think about becoming 40 years old. we try to spend the money to fast and don't think about our life after whatever sport we are doing. we don't think about those things. olivia: you had a $71 million contract. that aside, you were 19 years old. if you pass a 19-year-old $17 million, have you change that? drew: we're teaming up with antwaun to change the narrative early -- antoine to change the narrative early. we work with student athletes as

well as at the professional level to give them real life examples and tying that in as to how they can make smart decisions early out of the gate by being better educated at what they need to do with their finances. erik: do you blame yourself or is there an industry, and ecosystem of people who are out there, trying to pray on young athletes the moment they become wealthy? matt: you have -- antoine you have to take full responsibility. what morgan stanley is doing right now, the educational part can be brought upon the nba to make us more aware. have a program like this would be the first time players get to hear from somebody like myself and get a real person tell their real story. olivia: what would you tell the 19-year-old version of yourself? antoine: get ready to say no. that comes from family and

friends. that is a difficult thing to do. yet to be able to tell family and friends, you're trying to say for your future and understand that. erik: how has that happened in practice? on the shoulder, the whole crowd of people. there's a jewelry salesman your friends, your family, they want a cut of your action. how does your voice drowned out these voices? drew: creating global sports and entertainment, having individuals we can give real-life scenarios to and give them fundamentals. when you think about athletes, entertainers, they make money in choppy spots and careers are short-lived so having well-trained advisors that have experience in this area, being able to educate them. taking real-life scenarios so

that people can understand early out of the gate and have an opportunity to make changes and smart decisions about their finances. olivia: what is the first piece of advice udall out to a 19-year-old rookie who says i have a $50 million contract -- advice would you dole out for a 19-year-old rookie who says they have a $50 million contract? antoine: i want to make sure they understand to lose your wealth is tough to do. you can have a good time, there is a way to go about doing it. that is where drew and morgan stanley come in. make sure you have a budget that you can do the things you want to do in life. erik: thank you so much. olivia: still ahead, much more including my conversation with gary player. he will weigh in on tiger woods and how he thinks the sport has evolved. ♪

erik: coming up, the latest in the greek saga wi. olivia: the u.s. open kicks off today in chambers day. the course is set to be one of the most difficult to play. on friday i sat down with 1965 u.s. open winner, gary player. i began by asking him about the big money involved with the sport. gary: it is hard to comprehend that it is 1.7 whatever it is. i am delighted for the young people. we tried to improve golf. we traveled the world promoting

golf. not like tiger woods getting to me in dollars and $3 million. -- hitting $2 million and $3 million. as long as the players will remember that the sponsors, the public and the media are responsible for this. olivia: what has changed most about the game since your heyday? gary: everything. you do not have spike marks on the green. somebody said to me, how would you pair -- how would you bear against these young people? you have a metal driver, callaway makes a driver i can make it any length i like. every bunker is rigged with a machine. we used to rake with our feet. they come in with their airplanes into town. and then you see small airplanes and it is their caddies. i am pleased i lived when i did

and went by greyhound bus and in not have all that prize money. it enabled me to be more friendly hospitable. i stayed in people plus's homes. i played in a wonderful time and there is no substitute for personal contact. olivia: what do you think of the young guns? the one young player you most identify with. gary: wonderful young men. jordan spieth family to me is so important. family, faith, hardware. a young -- faith, hard work. winston churchill said manners maketh the man. jason day. there was a young man called kevin'tis kizner.

the swing is not the thing. the thing that counts is your mind, can you train yourself to be a champion? i went through hours of training on my own, not with psychiatrist helping me. it is called it. god gives only a handful of people, only about 12 or 13 superstars in the history of the game, you have to win six majors to be classified as a superstar. what makes a superstar? if we knew, there would be more. it is a thing called it that you cannot describe. olivia: what happened to tiger woods' it? gary: in my opinion, he has gotten so confused with all these teachers he had. tiger woods was the best known

man on the planet for a year of his career. a big thing for a golfer. he would have smashed every golf record. the most talented man that ever played golf. he got so confused he could not hit the fairway. it is so sad to see this. he doesn't suffer see -- suffer from sleep deprivation. that is a significant disadvantage. the man has so much gas in his tank. i really hope that tiger woods can come back and play well and be the icon that he was. golf really needs them. olivia: inspiring words for tiger woods. derry player -- gary player has not stopped. this is from 2013. erik: he was 77. olivia: the body on the cover of espn in his skivvies.

the oldest athlete ever to pose nude for the magazine. he told me he did 400 pounds on the leg press. erik: he was into fitness before tiger. olivia: this guy put fitness on the map for golf. erik: i don't know how you got him to open up like that. clearly has a confidence problem. that does it for market makers. we will be back tomorrow with more big interviews. i will be back after this break.

'rg market days.

erik: the president of ukraine on whether the west is doing enough to contain vladimir putin and what the prices -- the price has done to the u.s. -- to the economy. scarlet: good morning, i'm scarlet fu. erik: i'm erik schatzker. treasuries in the dollar are gaining, stocks are falling. a lot of this has to do with what is happening in greece. 45 minutes of talks and they broke down over the weekend. scarlet: this