you know who this man is, greek prime minister alexis tsipras, once again urging creeks to vote no and sunday's referendum even as he pushes a new compromise with creditors. we will have the latest life from athens. fiat chrysler outsells ford in the month of june, the first time it has ever happened in the united states. ephanie: the once my mtb? -- who wants my mtv? a midlife crisis for viacom. ♪ pimm: good afternoon. i'm pimm fox. stephanie: i'm stephanie ruhle, sitting in for betty liu.

let's show you wre the markets are right now. presently, doubt, and nasdaq -- you if you look at where u.s. equities are going, sort of following the european equity market, whether or not wolfgang schaeuble is excited for believing what alexis tsipras has to say, there is some small tone, maybe we are approaching a little bit of progress. pimm: the u.s. economy got good manufacturing. stephanie: or maybe the perception. pimm: it's all about perception. of 3%.alling, a decline gold futures also lower. let's see if we can look at the bond market. a bit of a selloff in the 10 year and 30 year hyields. u.s. dollart the versus its partners, the dollar gaining strength against the

, and the dollar weakens a bit against the japanese yen, also weakens against the pound sterling. the top stories crossing the bloomberg terminal at this hour. the u.s. and cuba have agreed to open embassies in each other's capitals. it's a major step in restoring than fiveafter more decades of hostilities. in the last six months the united states has removed cuba state sponsorsf of terrorism and made it easier for americans to travel to the communist country. obama: this is not merely symbolic. with this change we will be able to substantially increase our contacts with the cuban people. we will have more personnel at our embassy. our diplomats will have the ability to engage more broadly across the island. that will include the cuban government, civil society, and ordinary cubans who are reaching for a better life.

pimm: embassies are expected to open on july 20, and u.s. secretary of state john kerry is expected to go to cuba to raise the country's flag. alexis tsipras signaling he wants a compromise. some eurozone leaders are not so sure. alexis tsipras has told creditors he is willing to accept their proposals as the basis for a deal, but he has some sticking points over such things as pensions and sales tax reform. schatzker is in athens with the latest. is this a real proposal, just a proposal for european leaders, media -- what is alexis tsipra'' plan? says this is what tsipras he would be willing to accept. what the europeans are saying is that the time to negotiate has gone.nd gone during -- there was room to negotiate

until the previous bailout expired last night. now the europeans want to see the results of the referendum scheduled for sunday. you have heard that from angela merkel in germany, and who holds the most power in this situation? draghi,tween merkel and but she pretty much speaks for the europeans. wanted them to believe he was ready to sit down and negotiate in good faith. stephanie: we are sitting here saying we are getting a different tone out of tsipras, we are seeing market response. are people on the ground in greece actually paying that close of attention? erik: yes. it would not read too much for my perspective standing here,

read too much into u.s. equity prices right now. .10 euro trading like a 1 handle is a much better indication of where things stand. a couple of days ago it was --now it is $1.10. there is less optimism for what will happen here in athens. the reason for that is what tsipras said earlier today. he went on state television and he told people they should go to the polls on sunday and vote no. here's a next up that address joined alexis tsipras: the greek government remains at the negotiating table. we will be there on monday right after the referendum with better terms for the greek side. the craziness in that statement is the notion that greece could have a more powerful negotiating position vis-a-vis the europeans come

monday after a no vote. what incentive is there for the europeans to restore liquidity assistance to the greek banks in a situation? what incentive is there for the europeans to sit down and offer mr. tsipras a more attractive package of credit proposals than may have already put on the table after the greek people have rejected it? it is not clear the man is making more sense on that front. this notion that his government can protect deposits and pensions without any money is borderline absurd. much, erik you very schatzker is reporting from athens. i will be checking in with you during the day. stephanie: german chancellor angela merkel says she will not agree to a greek deal just for the sake of getting a deal done. merkel and the finance minister wolfgang shovel burned a month''

worth of brinkmanship, saying there will not be any more talks on a bailout after greek's referendum on sunday. hans, it sounds like angela merkel and wolfgang schaeuble are saying enough with this dog and pony show, we know what we have been through for months with these greek guys and it has been a whole lot of nothing, we will talk to you on monday. hans: that is not an on -- not to describee way it. the current line out of berlin to brussels is that want have a referenm on sunday, we will talk to them after that referendum. earlier today there is speculation as to whether mr. tsipras would call off the referendum or change his opinion about it or it a letter he sent tuesday night is basically agree to most of the creditors' demands. tohours after that he goes his public and gets this fire

and brimstone speech talking about how he doesn't want to have an folk know, a strong urging no. one other thing to note on this is that you do have this curious situation where a lot of finance ministers throughout the eurozone can influence the vote in athens. , theost recent one we have slovak foreign minister, he is saying if greece votes no, they may end up opening their banks on monday with drachmas, not euros. stephanie:that ain't gonna happen. hans: we are going to have a vote, then we will see either tsipras -- the most optimistic scenario if you want to see greece within the eurozone is that the yes vote passes. union'ste, the european line they are ready for

negotiations starts again with a new government. stephanie: thank you for joining us. next half hour, we have a lot to cover here. dealing a winning hand, casino stocks soar after the chinese government moves to lift travel restrictions on gambling in macau. pimm: donald trump's business woes are piling up after his controversial comments about mexican emigrants. now macy's is going to stop selling donald trump shirts and ties. stephanie: greek prime minister alexis tsipras says voting no on sunday's referendum is a decisive step towards a better deal. he will be speaking with the former u.s. ambassador to greece. pimm: howard marks is known in the investor community for his memos in detail investment strategies and insights on the u.s. economy. stephanie: in his latest letter

he says it is an parity of that investors pay close attention to ivek management -- imperat that investors pay close attention to risk management grade wise he getting this message out now and in such a loud way? --st: the behavior and vet behavior of investors changes the investing environment. in the worldthing is to believe there is to believe there's no risk. if you believe there is no risk, you are risking things and the world becomes risky. if people believe the world's risky and they do safe things, the world becomes safe. reporter: if you see that everybody else is taking risk, maybe that is a good time for you to do it. howard: warren buffett says the less prudence with which some conduct their affairs, the greater prudence with which we

must conduct our affairs. stephanie: do you feel that investors are taking too much risk, ignoring these geopolitical issues around the world? howard: they are not ignoring the geopolitical issues. the markets respond to those. what they are ignoring is the risk that comes from prices being high. prices for assets are elevated. when they are, you have to be careful in terms of what you hold. invest,ple are eager to they bid for securities by weakening the terms. deals can get done now that are not done in a skeptical environment. stephanie: do you think we are

facing 2007 all over again? in amount. there are risks that have revived. there are things you can do in the market that you could not do in 20098, 2009, 2010. risk aversion is down and appetites are up. it is not as bad as it was in 2007, 2008. there is no analog to the mortgage backed securities and subprime. matt: two years ago, leon black pointed out that valuations were forthy. -- frothy. on the other hand, we will have it is not who says really valued. howard: i think assets are on the high side of fair or higher. there'se no bargains, nothing you can buy for less than it is worth.

if you say to me 19 times s&p is not so bad, i don't want to buy things that aren't so bad. matt: look overseas. david can't talk was saying all these problems in europe are devaluing companies like siemens. howard: we are doing more in europe at the present time. stephanie: where in europe? howard: there are things to do. it is not been a delusion, but it has picked up from the trickle of two or three years ago. there are banks selling portfolios of loans. we are buying loans and businesses and even starting businesses. stephanie: nobody better. that was my interview with oaktree capital founder, howard marks. pimm: viacom -- it is the cover

of this week's "bloomberg businessweek." wants mtv.why nobody ♪

pimm: welcome back to the "bloomberg market day." i'm here with -- stephanie: stephanie ruhle. nothing makes me more bonkers and people saying, i'm stephanie and this is pimm. do it on your own. now i am going to say his name -- he is here taking a look at what stocks are doing today.

they are on the move. the markets have been open a few hours. look at that, in the green. guest: that's right. i want to talk to you about a couple major movers right now, the acquisition we are talking about is in the insurance sector. ace has agreed to by chubb for $28.3 billion. ace is up by 2%. is at a record high. as for the specifics, ace to own 70% of chubb. the purchase price is a 30% premium on the close. on the mind as we are now in the noon hour. goldman sachs did initiate advice on a few restaurant companies. the target price is $28 with an upside of 33%. our survey shows a steady improvement in outback's value

proposition, steady improvements in traffic, and growing residence with the dollars of those important millenials. buffalo wild wings is another buy. we believe the company is undervalued and there is favorable wing price risk and reward and potential for a lunch in technology driven comp associated with all of that going into 2016. are on the stocks move thanks to what is happening not here in las vegas, but what is happening in macau, the world's largest gaming city. wynn, mgm and las vegas sands of 4%.ween about 5% and 2 and 3/ pimm: wing price risk reward. stephanie: viacom. pimm: viacom seems to be having a midlife crisis. the media giant is missing tv

viewers. this season according to nielsen, ratings have declined by double digits at viacom's most popular cable networks. nickelodeon,vh1, and tv land. stephanie: for the past year, viacom's chairman has been missing in action. his disappearance has fueled speculation about his health and what will become of the media empire he built. it is a subject of this week's "bloomberg businessweek" cover story. felix gillette co. wrote the piece and joins us with more. driving viacom's downward spiral? i am no longer the demographic. even if i was much younger, i would like to think that "teen mom" is not something i would

ever subscribe to. felix: we are such an innovative, risk paste -- risk -based culture. reality television, "the osbournes," celebrity shows. they have not been able to come up with new hit programs at the same level for a number of years now. their last big hit show on mtv was "jersey shore," which was 2009 that premiered. incredible about it is that the ceo has been saying, we don't actually have a program. what we really have is a measurement and monetization problem, and the problem is not our problem, it is nielsen's problem. they have not kept up with the way that young people are consuming tv. sounds completely connected to young people

because he is to flexing all blame. -- deflecting all blame. felix: that of solves them of all responsibility and any need to reinvent the business. pimm: who's in charge? felix: it is somewhat brighterless -- writerless. with philippe, who is sumner's lawyer for a long time, did not come from a tv background. under his leadership the company has been very risk averse. why buy putting leslie moonves s in charge of the whole thing? when he passes away, his daughter sherry is in charge of the seven person trough. that, youns after need to bring in some new leadership. stephanie: do you think les wa

nts that? felix: it will be a big turnaround for whoever takes it over. there are other options too, chase carey is going to come back on the market once he leaves 21st century fox. stephanie: done people who are spending their lives watching netflix and youtube. -- young people who are spending the lives watching netflix and youtube. pimm: coming up on "bloomberg market day," donald trump is losing the magic of macy's. storenie: the department is the latest to sever ties with the presidential candidate after his controversial remarks on immigrants. ♪

stephanie: donald trump, macy's

is dumping mr. trump. the department store is phasing out its trump menswear collection after he referred to immigrants from mexico as quote killers and rapists. macy's said the company stands for diversity and it has no tolerance for discrimination. for his part, the donald says it was his decision to terminate the relationship. this is not the first fallout for mr. trump. also severedrsal his relationship with the brash white house candidate. say, what? one would think someone running for president of the united states has diplomacy as a core competency. by hisr: he stands comments on mexico. he says it is macy's and be -- macy's and nbc.

he in an interview with the o'reilly factor he supported his comments, he stands by them. pimm: is this a real big retail empire? lindsey: no. i don't think it is a big business for macy's either. but it is pretty significant that they made this announcement is that we are standing by. they did take several days. has petition on moveon.org been calling for macy's to cut ties since 2012. quicklyargue they moved or slowly. they do have a big latino base. pimm: thank you. stephanie: more after this. ♪

stephanie: welcome back. here are some top stories

crossing the bloomberg terminal at this hour. the head of the un's atomic agency will travel to iran tomorrow to meet the nation's president and talk to security officials. the visits come as diplomats in vienna try to finalize an iranian nuclear deal. talks are on track. world powers say they will lift sanctions if iran agrees not to build atomic weapons. he is giving away $32 billion in the coming years. earlier today in riyadh he said there is no timetable for the donation and that his gift will benefit muslim and non-muslim countries. according to the bloomberg billionaires index, the prince is a world's 20th richest person with $30.5 billion. hillary clinton's presidential campaign has set a record rate it raised at least $45 million

in the last quarter, breaking president obama possible to mark. the clinton campaign says more aren 90% of its donations $100 or less. in a general fund for those compensated for faulty ignition switches, it does not compensate everyone. scores of victims. the reason, they were in the roughly 10 million cars that were recalled immediately. plus, gm employees made no attempt to cover up that mistake. apartment prices right here in nyc set a record high in the second quarter. a report says the average sale of all co-ops and condos was almost 1.9 million dollars. that is up 11% from one year ago. prices are being driven by a limited number of properties and strength in the luxury market.

facebook's future seems like something out of science fiction. when mark zuckerberg was asked about where the social network was headed, he said telepathy. telepathy might be in the cards. zuckerberg says at some point in the future he believes people will be able to think of something and share that with their friends, calling it the ultimate communications technology. maybe not. i like to think there is some sort of filter between what is in here and what comes out of my mouth. the producers are saying, no, girl, you ain't got no filter. what else do we have? a lot more in the next half-hour. one of the hottest events on tv this summer, the women's world cup. how the u.s. national team is popping up fox's rating. fiat and chrysler are zooming forward. we will break down those results.

withe going to be speaking chicago business titans kim reynolds of loop capital and tom wilson of allstate to find out how they are trying to help chicago's youth. all day we have been bringing you special guests from the aspen ideas festival, where betty liu is reporting. she's joined by nicholas burns. it's all you. betty: thank you. i am joined by the former ambassador to greece and also the professor of diplomacy at the harvard kennedy school of government. ambassador, great to see you here. it seems like we are so far away. for the latest headlines, alexis tsipras says i hope the greeks vote no to these measures. why? is in ae thinks he negotiation. he thinks the negotiation has not ended.

the calculation on the part of his party is if the greek people vote no, tsipras can go back to angela merkel and the creditors and say i have the people behind me, you need to listen to us, you need to reschedule our debt. that strategy is not going to work. the europeans have already decided what the game is. betty: i thought he had the people behind him even before going into this latest round of talks? their economy has contracted by 25%. they have 50% youth unemployment. the greek people want an end to this. tsipras said he would get that for them. i think he overplayed his hand. in this diplomatic game of chicken that he could outfox the europeans. they held firm, and he's left with this vote and trying to get back to the negotiating table next week in a stronger position. betty: likelihood this referendum will result in a wide vote? guest: looks like the polls are

trending towards a yes vote, that more greeks understand right now if they vote no, it might mean they are out of the eurozone. most greeks are unhappy with the european union, with the terms of the creditors, but they don't want to leave the eurozone, much less the european union. greece is one of the poorest countries in the eu. it is the net beneficiary of billions of euro. betty: they don't want to be left out on their own. , the chance of them leaving the eurozone is what? guest: the probability rises. betty: to what? guest: well over 50%. if negotiations would fail, any ensuing negotiations because the europeans will not given, and the greek government will have to decide the we leave the euro zone because they can't pay

their creditors, or do we go back on our knees and except this deal? -- accept this deal? betty: they would be going back on so much of what they promised the greek voters. if they vote yes, is angela merkel much happier? is happier, and it boxes in the greek government. their voting yes to we should accept the bailout plan. betty: they want to stay in the euro. guest: you're right. betty: cut you think angela merkel has played her hand? she has been skillful and consistent. the greek people have been given chance after chance to climb out of this hole that have dug for themselves. she clearly signaled that she wants greece to stay in the eurozone. , perhaps -- the finance minister has been more hard-nosed about this, but she has been a good leader in bringing the ecb, imf, and eu into a common position. betty: is the damage done

already? guest: this is a catastrophe for greece. what has happened to them in the last five years is akin to what inpened to the united states the great depression. young people are leaving because they don't see a future. the best greek businesses are going offshore. it is very tragic. it did not have to happen. part of the problem is this is a young government. most of them have never been in power before. it is hard left. i think they felt they could leverage and intimidate the european union. betty: young and inexperienced? guest: very inexperienced. because they are so ideologically bound, many of them are former anarchists, former communists. they have done battle with the european union from the beginning. their first week in office they alienated the german government and the american government. be doingould the u.s. anything more than what they

are? guest: president obama has to be careful. a very close partner of the united states and we don't want to get in her way. but the u.s. has clearly signaled that it believes the situation would be better off if the greeks stayed in the eurozone, and that would mean excepting the bailout proposal. we had teed up a big investing minds on two dyasays . both of them said they are not concerned about what is going on increase economically. it is such a miniscule part of the economy. case, a kind of begs the question why are we so locked on this drama? nor is it really that small of an impact? be discussing this tomorrow. i'm not an economist, but the risk here is the following. the eu is built into its future projections the greeks leaving.

markets do not always operate in a rational way. it seems that the stock markets have rebounded. thece -- just under 3% of gdp of the eu. since it is version territory, no one has ever left the eurozone before, there has not been this kind of a crisis, it is that element of uncertainty that has people worried. tty: what should european leaders do at this point? guest: they say they do have contingency plans. what they have to do is stick to their guns and hold to the position that they are willing to help greece but on terms that are rational and sensible. continuing to be calm, give the greeks an opportunity to come back -- if there is a yes vote this sunday, the greek government has to come back and

accept the plan offered by the creditors. betty: is there an opportunity for some rival country -- putin made some comments about russia coming to their aid, or china, or others. is this going to shift the power dynamics around the world or not? guest: i don't think so. the chinese are too sophisticated, and the russians don't have the economic power to do that. this is theater created by the greek government. they wanted to faint towards moscow to think the european union think they had a different alternative. they don't. betty: a greek drama in action. thank you so much. greece,mbassador to nick burns, professor at harvard's kennedy school of government. back to you from aspen. stephanie: thank you to our own betty liu.

still ahead on "bloomberg market soccer is becoming an increasingly popular sport in the united states. ♪

stephanie: welcome back. i'm sitting in for betty liu. let's take you to the big stories of the market so far today. what have you got? reporter: the major markets are all up about .5%.

the nasdaq up about 1/3 of 1%. all of them paring gains from earlier in the day. take a look at my bloomberg terminal. out of the 10 sectors of the s&p right now, we are seeing nine of the 10 sectors here all trading in the green. financials leading the way. this is on the news that ace will acquire chop for about $29 billion. looking at treasuries, they are dropping today. for a second day in a row, the 10 year yield is up to more than 2.4%,little more than thanks to greece's prime minister singh he's ready to accept most conditions for that tsipras saying he's

ready to accept most conditions. finally, we want to get to oil. it is trading down today, its lowest level since may 19 trading, $57.42 in changes. earlier data shows that crude stockpiles climbed 2.4 million barrels. analysts did project the climb. stephanie: thank you, ramy. let's look at the top stories. plansare big expansion for europe's biggest airports. the airport commission called for a third runway at heathrow in london. they say it would be better to expand heathrow than gatwick. the panel spent three years studying the issue. a drug scandal has prompted an executive to quit and toyota. the chief communications officer, toyota's first for an

executive to move to japan, was arrested two weeks ago. police say a package addressed to her and labeled necklaces actually contained oxycontin. craft a shareholders have approved the company's merger with h.j. heinz. the deal creates the third-largest food and average company in north america. together by put warren buffett's berkshire hathaway and brazil's 3g capital. donna karan is stepping down as chief designer of a company that bears her name. karan will stay with donna karan international in an advisory role. she says she will ship her focus to urban zen, which sells apparel, jewelry, home decor, and products from around the world. those are your top stories are -- stories. the united states is headed to

the final of the women's world cup. the americans beat germany last night in montreal. the u.s. plays the winner of tonight's england-japan game. viewers are tuning in. despite the corruption scandal at fever, fox had 5.7 million viewers for the u.s. win over china on friday. the tournament has boosted fox's primetime ratings by 23%. else tompton, nothing say, but you go, girls. what you think of that? minutes without giving up a goal, that is impressive for the women in the tournament. they have payback on their mind. they lost to japan four years ago. they have a score to settle, and they look fantastic last night. that's scary moments when the two ladies collided heads and

the one woman, she was bleeding all over the place, and these women, they said we have got to shake it off, we have to go back in here because we are playing for the gold. stephanie: what does all of this tell us about the growing popularity, the power of women's sports? think about yesterday, missy copeland, the first african-american named to be principal ballerina of the american ballet theatre -- two years ago you would never even connect a ballerina with a sports franchise. she is now the face of under armour. what amazed me today, the cover of the "the new york times." he would have thought phil knight is stepping down from nike -- if you said that to me 20 years ago, 10 years ago, that filled stepping down from nike, that would be on the cover of the "the new york times" -- consider a female athlete. shift. huge look at the popularity of

women's soccer. mark: the women's soccer, there's something about watching the women play and how folks -- i was in a sports bar last night . the majority of people watching the game were men. they were rallying around this team. there were roars like you have not heard for the men's side. it was very impressive. i was expecting more women, but this unofficial survey, i was like, look at all these guys watching the women play soccer. stephanie: why has the wnba never found its groove? mark: that always puzzled me. some of them are coaches. i don't know why they have never found their groove. stephanie: one of the names you mentioned, hope solo, she is a big nike athlete. , he will beight stepping out of the picture. -- it is funo say to argue that mark has had a

great run. all these sports businesses in the last few years, we are seeing new balance with her biggest ad campaign ever taking a run. sports lot of these businesses are starting to crush it because they are seeing the power of women's sports. but it ised story just so sad, the controversy about fifa. stephanie: who is that sad for? don't cry for me, argentina. maybe it is not just the power of women's sports. maybe it's the power of women. mark: very nicely done. stephanie: front page of "the new york times" -- missy copeland. who do we love in sports? women. coming up, chrysler puts ford in its rearview mirror.

how chrysler surpassed ford for the first time. ♪

stephanie: the june auto sales numbers are out. for the first time, yet chrysler's retail sales in the united states for. gm -- beat ford. joining us now to explain it all -- i have not seen him in two hours, is bloomberg's own motor man, matteo miller. as we watched sales numbers role in today on your we sawmarket makers," each automaker with the exception of nissan missing analysts' estimates but still

doing ok with the exception of general motors. they were expected to show a gain of 3%. altogether, it was a pretty good month. the real story isn't about the total sales number, numbers which include sales to rental fleets, sales to government fleet, sales you don't make a lot of money on. automakers care about the retail sales. they don't release very specific data, exact numbers, but they do kind of give you a hint and because we talked to a couple of insiders who off the record told us the numbers, we found that chrysler actually beat ford for the first time ever in u.s. retail sales. chrysler is reducing its reliance on rental fleets. ford still has 35% of its total monthly sales went to fleet

sales. chrysler only had 23% of its total monthly sales. stephanie: for analysts and investors who clearly follow wow?, where is your chrysler gotprise, its 63rd month in a row of increasing revenue and finally beating ford as for his retail is concerned because it is pulling back its fleet. have enought inventory of its new f1 50 -- f-150 truck. andou are a retail customer you go into your ford dealer and say, i like one of those aluminum body f-150's and the guy says we don't have one or you will have to write -- wait a month, you might walk down the road to a ram dealership and buy one of their trucks, which is made by fiat chrysler. that is seemingly what happened this month. stephanie: there you go.

if you could not have gotten your ram -- f-150i have a ford raptor. i wanted to go to the factory in dearborn, michigan and watch might get built. stephanie: he is leaving out and having alan mullally personally deliver. matt: all-around great guy. stephanie: matt miller. he is so neutral when it comes to auto coverage. matt: he's a former exec. stephanie: are you ready? it's the end of the road for the grateful dead. their merchandise sales keep on trucking. we will look at that empire next. ♪

scarlet: 10:00 and san francisco. 8:00 in athens, greece. mark: this is the bloomberg market day. alexis tsipras takes to national

television pleading with greece to reject austerity measure instant -- sunday's referendum. >> from the debt crisis in greece to the debt crisis in puerto rico, the island power utility makes aim at the last payment but not out of the woods yet. mark: the grateful dead merchandise empire is very much alive. a look at the business of the band as it performs its final concert ♪. stephanie: good afternoon. i am stephanie ruhle sitting in for scarlet fu. mark: i am mark crumpton. a look at the markets, this first day, july one. u.s. stocks