>> where moments away from the closing bell. this is the bloomberg market day and i am alix steel. ♪ alix: picking up a little bit of steam as we head into the closing bell. the dow jones finishing off by about 103 points. overall, you can blame part of this on quadruple -- everything expires. that is picking up steam to the downside as we're heading to the

close. you also had the fed president coming out. essence weighing in on stocks as well. greece was the word throughout the whole day. getting into a massive weekend of massive uncertainty? part of the reason why you saw sectors like financial and energy leading down the s&p. i do have to point out we are still looking at the best week for the s&p and the nasdaq since april and the best dow since may. it is a down day. week long, we are still up a lot the month. we are still up for the year on the dow. definitely want to put that into perspective. we also have some good numbers because net orders were 33% confirmation. housing is important in the recovery. it is doing better.

>> as you said, a huge weekend coming up for greece. there was not a lot of action on the political level today. the ecb gave the greek banks a little more of a lifeline. the expanded the ela, emergency liquidity assistance. it has been reported they will revisit the state of liquidity of greek banks on monday. we also have the big european leaders summit. alix: emergency leaders summit. joe: it was always scheduled this week. it was not on the calendar. alix: you brought up ela. what i find interesting is goldman sachs is pegging it around 84 billion euros today , asi have read that the cap much as greek banks can get, is about 95 billion euros. we are almost there. we are 10 billion euros away. raising it, howezin much longer do they have?

joe: one of the interesting things -- the ecb has this emergency phone call determining how much more liquidity that will give to the greek banks. they don't have to get more so theoretically they could have said no more. the thinking is the ecb does not want to make the call. they want that to be a political decision. they want them to make a deal or failed to make a deal. let the political leaders make a big decision and they will follow suit. that want to be the one to pull the trigger. alix: it is important to make a distinction on what a default of the imf june 30 would look like versus a default of the ecb on july 20. there is a big difference on what would happen happen. joe: theoretically, greece has a payment at the end of the month for the imf. i think they could miss that payment and it would not be the end of the world. the payments of the ecb -- the eurozone was built -- the ecb

cannot give money to government. it could lend money. but if they cannot give money. if the ecb were to ever take a haircut on its greek debt, that would be a de facto direct fiscal subsidy to the greek government, a very serious no-no. alix: there in lies that july 20 deadline. joining us to discuss more is daniel morris of global investment strategist. happy friday. thank you. what do you think, dan? daniel: it certainly makes a big difference. is it really even a default given there is not letters involve -- creditors involved? people use the term very closely when it is not actually -- there is no private creditors. it is a default of a have not paid but not in the sense we typically think about. the imf have a 30 day grace. period.

we don't think it really is going to be so catastrophic. i think it is really that midterm is the one they have to keep to. something has to be done because you cannot expect to have anything back from the ecb. alix: the markets are basically saying we don't care. we are not really watching you at all. we are not interested in greece anymore. i think the big mystery and? is how much more could there be contagion? what happens if one of the greek companies throughout europe starts to default? that is a big? . question mark. alix: there is a paper trail. at some point the bank of greece actually owes the bank of germany money. that has to be paid at some point. i have read about $415 billion for 15 billion euros. lisa: it is amazing that has been absolutely no concern. people are really fine right

now. joe: what the you think, dan? dan: i think it shows implicitly the markets realized they have to -- there is too much to lose. the other thing to keep in mind is the distance separating them is not that large. it seems a significant factor but we are talking numbers that are certainly bridge oable. joe: you think a deal will get done? dan: we do. alix: i was at a hedge fund event yesterday. i was asking people if they cared about race. greece. honestly, not really. greecet have any bets on but if something happens and markets do not move or they go higher, that is a bullish sign for asset classes. that is one way to interpret what is going on within the market. people basically saying even if

you default, so much has changed since 2012. the risk has been so isolated to the european members that have lent the money that it is not going to cause a catastrophic contagion. is that what the market is saying or are they just pulling themselves and that is a question? in 2011 during the debt ceiling fight, there was a lot of nervousness and then there was a big selloff in the summer. you never know how these things work. sometimes you think there is nervousness but sometimes they go in a different direction. alix: it is not like they were in bank stocks, it was more of a macro field. it could be a buy the rumor, sell the news credit situation. dan: them not having a position is broadly true. who owns the debt? that is another reason you don't

see the impact on the market. it is going to be pretty contained. a very big money manager said he is the most bearish on the market and most offensively positioned since the credit crisis. he is not the only one i have talked to who said recently they have been moving up in the credit spectrum. they are buying safer assets, bonds. stocks of actual stock. uff. joe: there was appointed a saying we have seen the biggest outflows from credit funds. alix: $6 billion of that flows in fixed income in one week. seismic. this is largely sovereign debt funds, particularly european sovereign debt funds. has been incredible volatility, particularly the 30 year boon.

you are talking 25% decline in value in a couple of weeks. this is dramatic. this is really once-in-a-lifetime kind of moves. people are watching this and getting skittish. alix: that's why i am so excited. we have seen a lot of inflows and european equity. what do you see is the risk? dan: i think we have seen a lot of the fixed income side. everybody assumes quantitative easing was a one way bet. we would ride negative territory with no limits and that explains a lot of this outflow that you of seeing and people of realized they will not see as much money. the focus on the fixed income side. if we do see some more selloff within european equities, we don't know how long this would drag on. it is a great opportunity

because it is positive. alix: let's get to the look ahead at what we're looking at next week. there are a lot of other eco events on tuesday. we have pmi's from not just china but the u.s. and europe as well. we also have earnings from blackberry. wednesday, we have earnings from lenard. thursday, personal income and spending. the ecb in may and that is what the fed looks at. what gets you guys excited? joe: back in the day during the crisis, we had these weekends and could we get a deal before asian markets opened and that was so fun. they never did and it did not matter and i feel we are getting back to this. it is a crucial weekend. what is going to happen? it is a little bit of a flashback. the new zealand financial minister came out and said we

are in ground zero. i thought that was a great context. dan: what is going to be important -- you talk a lot about the economic data. i think we will see more of a disconnect. we think the u.s. economy is doing well. what you will see in the equity market. we have already gotten the benefits from that recovery in u.s. equities through april. we might not see that much of a positive reaction of u.s. he qui. equities. alixlisa: i think the inflationa will be key. the fed says they are interested in employment. i think they are really looking towards inflation right out. i think every point of data is going to be a market mover more than anything the fed can say at this point. watch for volatility and big swings. dan: and wage inflation. alix: we are excited. good to see you. happy weekend. thank you for joining us.

much more to talk about. china with the possible bubble bursting, coming up next.

alix: welcome back to the bloomberg market day. bearish sentiment is spreading as the shanghai composite index has gone from the world's best performing benchmark to the worst this week. u.s. investors have ever been so convinced at the rally in china's mainland stocks is ending. back with me now is daniel morris. would you agree -- our u.s. pessimistic -- are you as pessimistic? daniel: that little downturn we have had certainly does not seem so's of rising area we can

support more and have more returns. case.a bullish there seems to be overvaluation. it would not be surprising. alix: what we've been hearing --m the likes o jpmorgan had a counterintuitive call. the decline is actually a buying opportunity. he says policymakers will step in if the market correction gets beyond a comfortable level, if the correction continues next week, you will hear something reassuring. what did you think? daniel: i think the chinese government will be focused on the economy. i don't think they want to get themselves in the position of kind of providing their own foot in the market. if we saw economic data, if pmi's showed the sub 50 readings for manufacturing, they would be more likely to have some noise of the chinese government. alix: does that mean a bad

number would actually be good for the market? daniel: exactly. you have more room to run. your more room for financial policies. the good will be that if we see that out of the data. alix: retell investors in chinese stock -- if there is wipeout, it could hurt people, not just hedge fund managers. it is everyday people. is the government and the hook for them? daniel: people are so nervous about the run up on the markets. if it does start the selloff, and what it could have on the stocks. there is certainly concern. it is the question is who has bought the stocks with what money and how they will pay it back. that is what they will feed into the real economic demand we have seen in terms of servicing and manufacturing. caution will be in order for the government unless we really see it impeded to the real economy. alix: a couple of data points

out o. june fargo is saying gaming revenue could drop to $16 billion from macau, the lowest monthly result in four years. daniel: certainly there has been a lot of repercussions in terms of luxury demand and gaming demand because of the change in attitude in the chinese government towards corruption. not so surprising. if we look at opportunities in china focusing more on domestic internet, consumer demands as opposed to the traditional trading infrastructure, commodities. alix: you make a good point which is why it was so surprising that hershey downgraded its forecast because china was not buying chocolate. china, if you look at you have not seen the momentum he would like to see. evennufacturing is weak, if you are looking for support from the servicing sector,

people working in manufacturing is not getting income. it will play into consumer demand and demand for chocolate as well. when we're looking at china, it is trying to have a longer-term view. where we will see the structural changes that provide the opportunities as opposed to the trades that have worked. and: where would that be does that mean it is a buying opportunity for you by the longer-term? daniel: we focus on domestic sectors, domestic demand for sectors as opposed to trade driven sectors. alix: u.s. companies that sell goods or the companies here that will sell internally? daniel: the way we need to look at emerging markets needs to change. we need to look at the in demand. the consumers -- the middle class and what companies they are buying from. it is not just buying emerging-market equity stocks, it is looking at what companies they are buying, who was buying it and tracing it. alix: one of the reasons for

why stocks correct it is because ipo's were sucking a lot of money out of traditional funds. we have 14 ipos coming out. does that kind of money rushing into it, the number of ipos concern you? what is your take? daniel: a little bit. if you look at where the u.s. market is, it has been kind of difficult convincing the breaking out to new highs. it does not seem to be much momentum there. you have companies seeing that is not a good opportunity to issue some new stock for the companies. it is a modest signal we could see more weakness in the u.s. market between now and the end of the year. alix: thank you so much for your perspective. we really appreciate it, daniel morris. thank you so much. women directors in hollywood speak about sexism in the industry. we will hear what they have to say coming up next. ♪

alix: welcome back. i'm alix steel. we have some top stories -- the suspect in the fatal shootings and the historic black church in charleston had a bond hearing today. he was visible in a video. he spoke only to answer questions. he is charged with nine counts of murder and a weapon charge in some of the victims relatives were in court and delivered tearful statements at the hearing. bail bond was set. it was set on it was set.

vladimir putin had some choice words for the u.s. today . he appeared at the economical forum and covered an array of topics with charlie rose. one area that was discussed was the relations between the u.s. he accused washington of meddling into russia's affairs. >> they are trying to impose on us of their standard without understanding our own interests. they are trying to save they know better what we need. let us decide ourselves what are interests, what our needs based on our history, our culture. alix: the also said his country is weathering the economic crisis better than some expected, especially the challenges of slumping oil prices. julian assange is making his third anniversary in his stay of the embassy.

entered the building and june 19, 2012 to avoid expedition to sweden. he denies the allegations. a british police stand outside ready to arrest him if he left. a pioneer of cable tv industry has died. ralph roberts fond of the company that became comcast. he started in 1963 by buying a inall cable tv system mississippi. it has grown to become the nation's largest cable provider. his son is now chairman and ceo. ralph roberts was 95 years old. those are your top stories. of the top grossing 600 films of 2007, only 1.9% were directed at women. women make up 51% of the u.s. population so what is going on here? in a half-hour special documentaries airing tonight at 7:30 p.m. eastern, bloomberg

interviewed several female directors in hollywood from oscar winners to the director of twilight to various forms of sexism and discrimination they have faced in hollywood and what they are trying to do to change things. ♪ started iold when i could not be a director because i was a woman. and, i have been directing now for many years, but certainly not as frequently as i would have had i been a man. i was going into meetings on projects with people as a feature director who worked with academy award-winning actors so i should have been taken seriously in these meetings, but i was not. it was always a sense of can you really do this. that a man can do it better. >> people would say things to me like your movie would have got a bigger distribution deal if you

were a man. >> a lot of people have prejudice that we cannot direct action movies even though we our been doing it all l lives. >> you cannot look at a man and say he cannot probably know what to cook and look at a woman and say she knows nothing about sports. we are not based in the 19th century. >> not every woman and man director is capable of directing a movie. we all have different skill sets to bring to the job but the job is completely gender-neutral. >> you look at any man who loves what they are doing, what would happen if someone told you cannot do that because you have the wrong genitals? it is absurd. alix: we are looking for to that documentary to watch. thank you for watching bloomberg market day. i'm alix steel. have a wonderful weekend. we will see you back here on monday.

take care. ♪

announcer: from our studios in new york city, this is "charlie rose." tonight, we continue our exploration of the magnificent human brain with a look at gender identity and a biology of the brain. gender identity is a persons subjective experience of their own gender. it may or may not correspond with the sex assigned with them at birth. the term transgender describe somebody who feels his or his body and gender do not match. about 700,000 transgender people live in the united states. one of them joins me today to share his experience. ben