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 following shares

higher. greece indicated it was ready to compromise to end the standoff over bailout funds. european officials ruling out any deal before a greek referendum this weekend. all of the major averages are in the green. dow jones up half a percent. s&p 500 up a third of a percent at 2002 9. nasdaq of fractionally. gold remains little changed. volatility drop to a seven-month low. demand from a haven from europe's political turmoil balanced by a stronger dollar. gold futures trading network $1140 70 cents per ounce. $1170.40. barrel. at $57.49 per stephanie: having a look at bonds.

u.s. treasury yields across the board we are seeing yield up slightly. the one thing we are not seeing today is a huge amount of action in the treasury market. things actually feel somewhat moody -- muted. if you think about what this has been like for investors, many people sunday night when we had so much bad news that this would .e a big buying opportunity the market did not drop as much as people had expected. this has really been a week to strategize, and maybe even hide under the covers for a moment because hard to tell what direction we were headed. currencies. taking a look at currencies at this hour. look at the euro-u.s. dollar at 110. the euro against the japanese yen falling but at 1.3626. look ate: how about a the top stories for the hour. probably a good idea.

in greece, the prime minister alexis said frist just to national television to ask voters to reject the referendum. .-alexis tsipras the euro finance group just finished meeting. german chancellor angela merkel says she will not agree to a great deal. going to athens for my own partner erik schatzker has been working a long day. 8:00 p.m. in athens. give us an update. if there was hope for one thing, it is that the referendum would be called off because that the outreach he made to the european creditors last night. as you point out, 8:00 here, and we know for certain as of this moment the referendum is going forward. he did take to state television to say i want you to post know, to reject the bailout proposal writing european creditors, the one put on the table saturday.

that to a degree answers the question as to whether we are or are not going to have a rent -- referendum. now the game shifts to the forces of no and yes. the no forces have the bully pulpit. they have been urging greeks to vote no. seen if they be can shaped the discussion or activate the way it needs to be framed for them to win, which is to say it has to be a vote for or against the euro as opposed to for or against the bailout. we are heard from cyprus, and waiting to hear from the opposition members to see if they can come up with some ring as strong as what he has delivered on state tv. i want you to go to bed now, you have had a very long day. my partner on the ground in athens. not just what is going on in greece. taking a look at germany.

on july merkel says she will not agree to it greek deal just for the sake of getting a deal done. -- angela merkel. mark: bringing in hans nichols. ans: they have been very clear, no negotiations until after the referendum. that meeting just wrapped up. coming out, some of them minutes or's are saying along with camp,, they are the same no more negotiations until after the vote after sunday. that means they spent the next four or five days looking for public opinion poll, and you will start seeing certain europeans tried to frame the debate. ist they really want to do they want to say a vote against this is basically a vote for the drop. they want to make this a more cosmic, general vote. the broader it is, the broader

the lens, they think they have a chance to get to the greek people and say if you vote no, you will essentially be signing of death warrant or the relation -- for the eurozone. thank you. with macy's has cut ties donald trump. the department store chain is pulling trunk-branded merchandise from store shelves. the move comes after trump made disparaging results about immigrants from mexico and other countries as he announced his candidacy. he put out a statement to say it was his decision to part ways with macy's and has never been happy about the store making his ties in china. nbc fire trunk earlier this week, saying it will not air the miss unit of -- universe pageant. i multimillion dollar pledge today from saudi arabia's prince . he says he is giving away $32 billion over the coming years. earlier today he said there is

no timetable for the donation and that his it will benefit muslim and non-muslim countries. according to the bloomberg billionaires index, he is the 20th richest persons with a fortune of $40.5 billion. as a look at the top stories of the hour. up, improving life for chicago's next generation. we head back to the asked and ideas festival for a chat with a titan in the windy city business community, jim reynolds. with all eyes on greece, there is another debt crisis brewing in u.s. territory. the latest on puerto rico's right to stay above water. manhattan real estate prices keep going up. how much apartments are going or now. going straight to a look at the markets right now. you are looking at nasdaq 100. >> that is exactly right. these are the biggest losers on

the nasdaq 100 for the first half of the year. if we could go over. micron down for the first half followed by 46.2% green mountain and sandisk. micron the biggest loser this year because they have lowered sales and revenue forecast over the past six months. the five or six year win as well as western digital. moving on to look at what might be the second half of the start of the year. still not looking very pretty but more of the same for two of the biggest losers, green mountain coffee down 2.4% in percent.own 1.3 moving on, checking on the upside, the biggest winner in the nasdaq. wynn up about 5.5%.

it will allow to extend from five days to seven days so they can ante up a little bit more in those tables. back to you. joining us with a market update. thank you. still ahead, we check back in with betty liu. she is at the aspen ideas festival. stephanie: that he will be joined by jim reynolds. don't move. you are watching bloomberg television. ♪

stephanie: welcome back to the bloomberg market day. i'm stephanie ruhle. mark: i am mark crumpton.

brought you special guest from the aspen ideas festival. betty liu is joining us from there. stephanie: she is joined now by jim reynolds, chairman and ceo of capital markets. betty covering shy town. take it away. -- chi town. betty: that is right, jim reynolds who we talked to in chicago, new york, and now here in asked and. great to see you. >> i don't know how it is. you track me down. are stalking you. you have been here three years in a row. of politics. gamut here you are talking about violence, youth violence in chicago? my panel at noon, myself and my cochairman tom wilson, ceo of

allstate, our discussion will be on antiviolence efforts in chicago. you may remember, i think we launched our campaign on your show where we raised $50 million in three months from the business community in chicago to fight violence in chicago. , and weow 18 months in are going to talk about what we found and what we are doing, and how we are proceeding to do that. betty: has it gotten any better? you still see the headlines of gang violence in chicago. a.eets of chicago are tons has it gotten any better? >> slow down for a second. the streets of chicago are not unsafe. certain areas there is gang activity in certain types of violence. is a very interesting dichotomy, but also, violence in urban areas of very interest and . chicago has some of the safest

neighborhoods in the country. the north side where you go and shop all the time. the places are extraordinarily safe. as is the case in most urban areas, there are communities and pockets of usually intense poverty and violence. you've seen it in baltimore. the mayor landrieu talking about new orleans. detroit is changing because of what is happening with the demographics there. it is an urban problem, but it is almost always confined to a few areas. betty: moving on from what is going on in chicago locally to what is going on globally. greece, i know you're watching the headlines there. i know it is affecting the debt market and markets overall. are you worried about greece? >> i don't think the markets are either.

i am hiking, birdwatching and doing some sessions. i'm doing all of the things i can't do in chicago. right now the 10-year is trading the which gives you a sense bond market feels there may be a resolution to it. the stock market was up when i left. the stock market is calm. they had the big referendum sunday. whatever happens with greece, it is not going to be a big, market moving event. i do not think so. certain things have been baked in. whether they choose to stay in the euro, the overwhelming sentiment in the best council they would get to stay in the euro and figure out how to work their economy to improve internally, the political will to get some things done, which

is all greece comes down to, we talked about the states. iqs a term called political will. i use it in illinois. we talked about it in detroit. we will talk about it in puerto rico, but that is a different example. they have real problems. betty: since you mentioned puerto rico, should pensioners be worried about puerto rico? >> two things. let me finish up on greece. the referendum comes out. we will see if they have the discipline to make the internal withtments they need to greece. anyway it goes, i think the market will be fine, and they are telling us that. puerto rico has significant structural problems. one, a declining population. they are leaving.

there is no jobs. they have a shrinking economy. it will probably be negative. there is no commerce. and almost nothing else. overwhelming debt load of almost $72 billion that no matter what they did they cannot pay. puerto rico cannot pay. there is going to have to be some sort of a restructuring, some sort of a recap, some sort of a haircut that must -- haircut that must be taken. they cannot tax their way out, they cannot grow their way out. betty: is that a lehman's crisis in the making? >> it is contained. puerto rico is almost like greece and likely talk about detroit. been lookinget has at puerto rico for some time. this is not new. when you speak of your pensions in general on to fund, you

should not be worried at all. as i always end my comments when i talk about munis, grandma, grandpa, don't sell your m unis. the mutual funds that have invested in puerto rico over the years have more or less on out. are two types of significant investors in puerto rico right now. hedge funds, which go in there and go into distressed situations where they think they can make a lot of money, meaning points. your typical investor once a nice tax exempt yields. lay your head on your pillow and go to sleep. a hedge fund goes in and they want 10%, 15%, 20%. they started fighting the debt last week trading $.76 on the dollar. -- aaybe a little that the little bit back today.

they started fighting on the cheap. the other are the high-yield funds who know what they're doing and know what they are getting. you.: we are going to see great to see you as always. welcome to my world of the mountains. mark:,jim reynolds chairman and ceo of blue capital. mark:betty liu joining us from the aspen ideas festival. ♪ stephanie: puerto rico is what we are going to talk about when we return. the island jump rated power utility has made the latest font payment. mark: the challenge of restructuring the $72 billion debt load mr. reynolds was just speaking about. that story next.

mark: welcome back to the bloomberg market day. i am mark crumpton. i am stephanie ruhle. a look at the top stories crossing the bloomberg terminal at this hour. u.s. in you capturing improved in june, getting a boost from a junk in employment. index rose to 53.5 last month from 52.8 back in may. manufacturing activity matched the high in january reading of the 50 single expansion. mark: u.s. construction spending doubled in may pushing it to the highest level since fall 2008. a big jump in nonresidential projects with the way. total construction spending increased .8% in may following and their dance of 2.1% in april. this push total activity to a seasonally adjusted rate of more than $1 trillion. sinces the best showing

october 2008. construction activity expected to be as sort of strength this year. running into am roadblock. justice department antitrust lawyers opposed electrolux plan to buy the ge business. there has been no final decision whether to file suit to stop the deal. the two companies they be able to resolve the concerns. stephanie: something out of science fiction. when mark zuckerberg was asked about were facebook was headed, -- telepathy may be in the cards. he said 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. i said earlier, i think it is a dangerous one. i don't think i want to share my thoughts immediately. got us a look at the top stories of the hour.

puerto rico. the junk rated power utility says it has officially diverted to fall today by making a $415 million bond payment, but the island is still under massive pressure to restructure the 70 $2 billion worth of debt. the vice chair of wl ross and company said why his firm did not invest in puerto rico. and: distressed debt restructure reporter laura keller joins us. just a couple of moments ago jim reynolds was speaking to betty liu at the aspen ideas festival. he said puerto rico has significant structural problems in the population is aging. , and theyo can't pay cannot tax their way out or grow their way out. how did we get to this point? >> it is a massive amount of debt. they over borrow. efficiencyhave great

in the government. we had a lot of people then leaving, going to the mainland. it is a big problem at this point. you are a if distressed investor, was it the positive or the negative? don't you want to keep pushing -- if heif you want them too far and cannot pay back anything, it the court cannot help you if there are able to get put back. if we can fix things, get the economy growing again, people can get their money back. mark: if puerto rico do start defaulting, what about the muni market? is quiteeople said it isolated. you will see other places at chicago start to have issues where they say we will try to do this differently. mark: there has been a lot of talk. why not just declare bankruptcy? >> legally they are not allowed.

they are not allowed to access chapter nine. there have been a lot of things going on in congress. chuck schumer put support behind a new bill yesterday. nancy pelosi as mentioned it. the white house mentioned it. we may see where people on capitol hill was start -- will start talking about it. that would not include puerto rico and the agencies there. we are seeing the politicians from puerto rico push back. mark: thank you. appreciate it. stephanie: i will be signing off for the day. i will see you to our morning at 8:00. coming up, apartment towers in new york city are soaring. so are the price tags. that story next. ♪ we live in a pick and choose world.

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the unitedfficial states and cuba have agreed to open embassies in each other's capitals, a major step to restoring relations after more than five decades of hostilities. in the past five months the u.s. has removed cuba from this the sponsors of terrorism and make it easier for americans to travel to cuba. president obama spoke at the white house this morning. >> this is not merely symbolic. with this change we will be able to substantially increase contacts with the american people, merck -- more personnel at the end the sea and being able to engage more broadly across the island. that will include the cuban government, civil society and for ary cuban reaching better life. >> the and the seas will open july 20. secretary kerry will group go to havana to raise the end of the flag. questions of an indonesian air force plane. reached 140 one

including several dozen people in the neighborhood where the plane went down tuesday. there were women and children of board. a massive deal in the insurance business today. ace limited is fighting chub for more than 28 million in cash and stock. they will own 70% of shares after the transaction closes. ace chairman and ceo evan greenberg will run the combined company. surprising sales figures from the big automakers. toyota says june u.s. auto sales were up 1.4% that beat estimates. up 3.3% fromcted the japanese automaker. general motors sales down 3% in june. that surprised analysts who have predicted net increase. gm says it cut the rental fleet sales by 35%. for doing worse than expected rising just 1.5%.

sales of the popular pickup truck while almost 9%. -- ford doing worse than expected as well. more at chrysler were up than 80%. nissan sales were up more than 13%. macy's the latest company to cut ties with billionaire president candidate donald trump. the department store is pulling merchandise from the shelves after trump made disparaging remarks from -- about immigrants from mexico and other countries when he released a candidacy. he released a statement to say it is his decision and never been happy about maces make -- macy's making ties in china. now he is calling on supporters to boycott macy's. those are your top stories at this hour. coming up in the next half hour of the bloomberg market day, says rejecting

austerity will lead to a better agreement for his nation. a look at how stocks are reacting. then a look at the business implications of the united a three opening embassy in cuba after 54 years. the grateful dead ending live concerts but merchandise empire will live on. a look at the business of deadheads. in the market for a new york ame? if you have your eyes on manhattan apartment, be prepared to pay up. home prices reached a record and already a skyhigh levels. the average price rose to $1.87 million, that is up 11% compared to a year ago. jonathan miller miller samuel crunched the numbers and joins me in studio. welcome to the broadcast. thank you. i thinkgoing on? >> the assumption is the very expensive high-rise buildings are skewing the record higher, but this is not about the super

luxury high-end housing market. it really is about the entire market. what we're seeing is housing prices rise,ing even if we are not talking about new construction. are rising asop well, setting many records. mark: are you surprised that this? that am really not surprised. over the past five or six quarters the numbers have been flirting with cracking through the holding record. so it was a matter of time i think. i don't know if there is any relief insight. to dissipate some of the growth. challenges, and we have seen this over the past four quarters is the supply of manhattan home, while after bottoming in the end of 2013, has been rising in 2014 and leveling off 2015. demand is placing the pressure

on prices simply because we do not see inventory growing with demand. mark: what is this telling us about the overall inventory market in the united states? >> i think this is very similar to what is happening in virtually every city in the u.s. and many of the suburbs, we have an affordability crisis with housing. supply is simply not growing. what new products we are growing is disconnected from what is needed. we tend to be building housing skewed toward the higher end of the market because land is very expensive. that is not what people necessarily need. mark: the dollar is very strong. is that putting off foreign s >> i think it is taking the edge of that. we are seeing foreign demand being supplanted by wealthy u.s. investors as well. mark: something also coming into

play, the price of oil. is that dissuading investors, particularly those whose money is in the oil sector? >> in could be. bonus conversation from wall ateet was that are -- was the highest level since 2007. that is percolating through the economy. mark: we see a lot of condos going on the market. one of my producers noted you see these cranes all over in midtown. what are we to make of that? is this a strength that will last? how long can it be sustained? is thoses interesting cranes are only accounting for 7.9% of the total housing market. it is actually a very tiny part relatively speaking. the question is are we building too much in a short amount of time gekko i am less worried about demand for the product

than i am about building too much. super our take is the x-ray prices and super luxury condos are just a fraction of what is driving this. sideshowit more as a to the overall market. to what is proxy happening everywhere else. if you think about manhattan without the product online, 92% of the housing market. that is influenced by record job growth in the city, just a very vibrant economy. still, the action is all happening without the help of normalized credit. still remains unusually tight. that is part of the reason inventory is not growing. mark: what does this tell us about the huge sums of money waiting on the sidelines for things to level off the past four or five years? >> i think it is a big part of the story. from the lehman brothers tipping point through the fiscal cliff

event at the end of 2012 there was a tremendous amount of pent-up demand. we saw the demand slide into the market in 2013 and 2014. fears of rising interest rates and improving economy, now with a time. a lot of the excess demand has and worked off. the sales demand now it's more about current demand and less about the legacy of pent-up demand in the past few years. mark: when you are the price of 1.7 million, that is still not dissuading people gekk? >> it certainly is not advantageous for a buyer, it seems like the author against them. over 50% of the transactions right now in manhattan, the buyer is paying at or above list price. there is a lot of bidding wars, a lot of competition, and i think we would see a lot more

sales activity if there was more supply for them to purchase. miller of miller samuel joining us in studio to talk about manhattan, the always expensive manhattan. thank you. macau's casino revenue falls to the lowest level in more than four years. more on the gambling city losing streak in today's local market wrap. ♪

mark: welcome back to the bloomberg market day. i am mark crumpton. getting a check in the markets. basically markets are still

in the green. we are seeing all three up about half a percent. the nasdaq up least of them. there, good news out of greece and good u.s. data on manufacturing and employment numbers early this morning. i want to take a look at the biggest movers of the day. almost 28%. the good news is agreed to by the insurer. it is now up 29%, an all-time high. travelers company writing high off of the move. wynn resorts also up by 5.2%. china leading the tourist a longer and macau, not five days for seven days. energythe biggest losers and coal specifically. the only sector in fact on the index that is in the red.

consol energy leading the way down by 5.5%. it had been down by as much as 6.7% the lowest since november 2008. chesapeake energy down by about 4%. we are at the start of the third quarter. the s&p 500 did snap a streak of nine quarterly gains and around. leading the way is micron down 46.2%. a couple of things led to this. it's miss the second quarter estimate in january. it cut the profit forecast february, and weaker demand for personal computer parts. other losers looking at chesapeake energy down 43% over the first half rounding out with a mountain as well as santos. not a really great first half of the year. thank you so much. now a look at the european market closed. my colleague mark barton has the

cost -- details from london. >> the greek prime minister wolfgang schaeuble alexis tsipras slightly deflating the close after an hour after he said it should vote no in the referendum. he said there was no intention to leave reside of the eurozone. nonetheless, a different day of sentiment after two days of the client after greece said it was pay death prepared to accept the bailout. conditions with some changes. it does come after the biggest quarterly drop since early 2012 and comes a day after greece missed the payment to the imf and exited the protection from the second bailout. definitely progress. here are some of the big gainers european stock markets on this when they session. since the biggest gain may. 78 a-30 jets worth $18 billion. of salt almost 3

billion of commercial real estate loans to oaktree capital group and j.p. morgan chase. making headway in its plan to reduce riskier asset. ,nother german bank rising deutsche bank. john cryan's first day as co-chief executive. he clutched to cut the operation built up by his predecessor. he also said he will delay preventing an update on the plant by taking until the end of october to review the decision. let's not be too deterred by the an hour or so before the close. that was the impact right there. proceeding today we had a two day 4% decline for the stoxx 600, the worst today declined since december. definitely a relief rally. back to you. mark: the anticorruption drive in china has taken the shine off

the nearby gambling mecca of macau. the latest figures suggest return is far from over. >> the pain continues and the gambling capital the world, macau. let's gambling taking place. casino revenues show a 36%, five-year low. this underlines the corruption crackdown. the other thing that is really looming on the horizon is the proposal right now to ban smoking out right on the casino floor, which will likely keep chain-smoking gamblers away from the table. hard to call the floor on this one at this point. the: a historic day for united states and cuba after 54 years that nations have agreed to open embassies in each other's capitals. they are expected to open july 20. ton kerry will go to havana

raise the embassy flag. phil mattingly joins me with more on this. talk to me about the politics of this development. they are complicated for the white house, but one they feel they have the upper hand on. you heard the president announcing the official opening of the and the sea in havana. public survey, public opinion leadng, both parties toward the white house on this. that has been in large part one keyhe key willing -- reasons they were willing to go through with this. they felt the time had come and the policies in general have failed. it has been about six months since we announced they would start the process. there is still a lot of work to go as they try to move forward on diplomatic relations. speaking of work, there is also money involved. the u.s. embassy asked to be reopened and upgraded. for that must be

allocated, and those must be allocated by congress. after what we're hearing, that will be a tough task. that is exactly right. there are few mechanisms congress can use to hold back the administration. republicans in leadership, speaker john boehner and mitch mcconnell, senior republican and top republicans like marco rubio have announced they are very opposed. this is one way they think they can hamstring what is going forward. note theortant to obama administration is not purchasing or building a new area to house diplomats. they have a mission that is still down there. all they will do is repurpose thing and changing the name. pointr key issue, at some the obama administration will nominate an ambassador to cuba. he will also have to go through the u.s. senate where there are not only republican that have issues that senators like robert

menendez who said he is very opposed to the direction the obama administration is taking and might be willing to block their own nominee. mark: i am struck by the date, july 20, the anniversary of man's landing on the moon. one small step for man one giant leap for the u.s. and cuba? >> the president set a year ago no one thought we would be in this point. i think that is very true. a lot of behind the scenes negotiations, including the pope. this is a key legacy keys, one the if and working on behind closed doors. they like where they stand on this. they think they are on the right side of history on this one. mark: phil mattingly joining us. still ahead, keep on trucking those t-shirts and albums. a look at the marketing power of the grateful dead as the root prepares for the final concert this weekend. ♪

mark: what a long, strange trip it has been for grateful dead fans culminating in a long weekend for fans. they will perform the final series of concerts to mark the 50th anniversary. power of theting grateful dead is just as powerful as ever. ♪ on santaads dissented clara, california, a few miles from where their beloved band was born. the parking lot outside of levi stadium wearing tie-dye. there was plenty for sale. we have snowboards. we have skateboards. we had choose from sandals to tennis shoes.

we have new guitars. there is a long list of licensing. 20 plus years after jerry garcia died, grateful dead merchandise is still a cash cow. not just for the band, but for rhino entertainment, a division of warner music. >> care very into doing licensing deals. then want to be compensated for it, as do we. faking a 10 year deal with grateful dead in 2006, giving them control of the band's trademark, website, studio albums and live recordings. in 2006 the concept of a 360 deals was a brand-new deal. it was original. >> for a long time the band made

most of its money off of concert. they sold ticket sales, merchandise, and for a while, every in its own label. >> it is not they had a hostile relationship with the record industry, there was a friction saying we need to look you concert studios and put out records. their attitude was we want to be musicians, and that means playing live. >> everything changed in 1995 after jerry garcia died. the band stopped touring band members were less interested in running the day to day business of the grateful dead. that's there was probably a sense that they needed the outside help that a company like rhino could bring to bear, that trying to do that in house probably would have taxed them to severely. with rhino's help, the debt has sold 35 million albums and

counting. they hope that will be enough to ensure another lucrative deal with the band. >> it has been a great run and i am confident we will work with them for many years to come. be the most valuable part of the concert. >> i want everyone to think this music is really good, and the business will follow. the reason they were the number one to earn and four years. it was not just the circus surrounding them but because these are great musicians playing great songs. base,speaking of the fan grateful dead fan matt miller you were in california this week. went to both shows and spent a lot of money on merchandise, as did everybody who was there. there were huge lines for $60 t-shirts. mainly for me it is about the music. i thought they were really incredible.

the second night was better than the first. he stood back. it was awkward evident he was not giving it his all. on the second day he went out and get them -- gave him a pep talk. so last 75 years old. band with so much energy. i don't know i could do what he does, and i am most half his age. i am thinking about heading to chicago friday. mark: matt miller, thank you so much. area on a huffington joins betty liu from the aspen ideas festival. -- arianna huffington. much more. we will be right back. ♪

mark: it is 11:00 a.m. in san francisco, 2:00 p.m. in new york, 9:00 p.m. in athens. scarlet: this is bloomberg

market day. prime minister alexis tsipras remains firm on a referendum. my cow is doing even worse. revenue at the gaming hobbies the lowest in four years. mark: mtv, is it a thing of the past? mom" aren'tteen bringing in the ratings it used to and it is bringing life crisis for the parent company, -- bringing a midlife crisis for the parent company, viacom. good afternoon from bloomberg world that quarters in new york. i am mark crumpton, here with scarlet fu. scarlet: u.s. stocks falling, europe higher. a little bit of a like down in the last couple minutes here. financials are leading the advance. if you look at the dollar, it