above $4 billion. the crisis in greece, new polls vote.t a yes angela merkel says these are turbulent times and the world is watching. follow me on twitter for more of our top stories. at china's markets. fluctuating back to positive volatile. it is so the securities regulating has stepped in. it doesn't quite work. stephen: the market is down again. it has been a choppy start to trade and shanghai. higher but now down. the chinese regulator set in to boost the market after the rate cut.

the shanghai composite index slumped again and is down more than 21% since the june 12 p. announced significant margin trading, relink they will no longer require brokerages to force the sale of stocks held by clients with insufficient collateral and will allow reasonable rollover. that potentially significant as it may reduce the level of margins. surge in fivefold says there iscfrc still room for margin trading. it is worth noting that margin that has fallen more than 9% is june 18. investors have been liquidating positions in a falling market and that is what seems like is happening today. also, authorities announcing

overnight the two main exchanges will cut transaction fees bite 30% starting in august. they urged investors to act rationally and not believe what it called rumors. there was no news from the regulator on a rumored moratorium on the ipo. six more ipos were approved yesterday. rumors are swirling that the regulators are sintering delaying of the eye io of china nuclear engineering given the mark it downturn and this volatility. rishaad: a more detailed look at that story later. you can tweet us your thoughts. posting a trade deficit. let's go to sydney. a big improvement and what we saw the previous month.

not a great set of numbers. no, it is ugly on the trade front. to a three-quarter billion dollars is the estimated -- two bilionee quarters estimated. we had a suspicion that that might have happened. we are looking pretty strong toward the end of may. aluminum also stronger, natural gas weaker. imports declined 4%. we have that to thank for these improved figures. as you mention, the april figure keeps getting worse and worse. it was a record at $3.89 billion, that has been revised to $4.41 billion. april was a dreadful month

for australia and trade. these figures are not much better. rishaad: thank you. let's get you up to speed with other stories. here is juliet. straight a's on whether to accept a man's -- increasing support for a yes vote on sunday. the euro survey shows 47% of voters were agreed to austerity measures. the survey also suggested three quarters of voters want greece to stay in the eurozone. alexis tsipras addressed the nation and urged a no vote. angela merkel said the world is watching and while these are turbulent times, the eurozone is not in danger of collapse.

she and the dutch finance minister have ruled out further talks until after the referendum after concerned that she and alex are in contact. negotiating a nuclear deal with iran say to have resolved differences over sanctions. they will work out access for inspectors who will verify whether the country remains compliant. john kerry says progress is being made on overcoming what he has called difficult issues. the original june 30 deadline for a nuclear accord has been extended as talks continue. leaders and the countries richest men are modi's plansd manage to improve internet access in

india and jumpstart electronics manufacturing. the money will help fund commitment to expand internet access in rural areas and offer government services online. prime minister modi is attempting to convince global companies to manufacture in india, creating more jobs by 2022. rishaad: a look at what is going on -- where are we? we are down 2%. we will follow this minute by minute. it has changed direction several times. these are big changes in direction. we are down 1.9%. more leniency when it comes to calling margin calls. more on that later on. japan leading the game here. 1.2% roughly there.

when you look at what is happening in australia, those are the gains. those are south korea's. australia revised that april figure so i think we are at a now $4 billion deficit. south korea reported their , $8.6 billion. that is the 39th straight monthly surplus and south korea, so you get a sense of the difference between who has an upper hand when it comes to trade. that is what is happening across those two. here --and, the dilemma they come out with their policy on july 23. home prices on the way up, but there is a need to cut.

economists are reporting on prices falling. they will have to unwind completely their rate hikes announced last year. bring it back down to 2.5%. probably speaking, almost everybody is expecting them to move on rates. whatr,: coming up effect greece will have on hike plans. ♪

anchor: indonesia has halted searches for the plane crash in sumatra. it is being investigated by the flight broke rules by carrying civilian passengers. the cause of the accident is not known but the punt it was attempting to return to the airport because of an engine problem. diplomats negotiating a nuclear deal with iran say they can resolve differences of restoring u.s. sanctions if an agreement is violated. visitad of the iaea will tehran to see whether the country remains compliant trade working continues on a final agreement.

john kerry says progress is being made on overcoming what he called very difficult issues. kong's democracy movement maybe losing momentum. thousands of people attended wednesday's annual march against chinese rule. it is unclear which direction the campaign will take now. activists are struggling with internal divisions following last year's 79 day occupy movement. three days away, the referendum in greece. polls showing increasing support 47% of voters, would agree to further austerity , while 43% would follow the government's advice and say no.

>> we will see an impact in business for july. i hope things will be resolved by this sunday. to europe, yes to the euro, yes to the referendum. >> i think the calculation is that if the greek people vote no, tsipras can go back to merkel and creditors and say, i have the people behind me, you need to listen to us and reschedule our debt for it i don't think that strategy will work. >> i think that the troika has made it difficult to find a solution. i think their reluctance to renegotiate the terms to recognize the incredible amount of suffering that has been inflicted on the greek people, 25% of the gdp has been lost.

there is no economic recovery. sydney. let's go to great to see you. shouldng is, the euro the a barometer of sentiment but it's seemingly is unaffected. it seems to be pressing into the status quo, would you agree? i think so. there are a lot of factors that play, ranging from complacency to from a flows perspective, there is a lot of hedging-related low where investors have seen value of equities go down. if they hedge the kersey, they

are over-hedged. -- if they hedge the currency, they will become over-hedged. there will be no global ramifications. in the short-term, at least. all of those factors seem to be at play here and i also think there is a lot of indifference with --olarizing polarizing -- polarizing -- pulverizing. rishaad: it is neglect, what has been happening with the latest out of greece, that is what you are suggesting. if there was a solid no vote which merkel describes it as one which would effectively mean they want to leave the euro area, that could cause quite a lot of skittishness. guest: i agree. it is going to be binary in

terms of how the markets react. if we get a yes, there is a strong expectation that the tsipras government will fall. and we will get a circling of the wagons and hopefully there will be a quick establishment of a democratic government that will strike a similar deal to that which the institutions already offered. that is probably the most benign scenario. if we get a no, it is difficult will maintain ecb a lifeline a gives to the greek banking system. if they do sever that emergency liquidity assistance facility, they greek banking system is not going to be able to reopen. it will become insolvent. in those circumstances, i think it is likely that greece will have to reestablish its own currency and i think the unknown unknowns about what follows from that in the short term and

whether that will create uncertainty, a fear factor that will mean that financial markets will be skittish. i think that is the likely scenario. under those circumstances, i find it hard to believe that the euro would come under -- would come through the lows we have seen. that is going to be crucial. .n a shorter term, guest: supposedly, if we get a strong payrolls number tonight with the u.s. markets closing itly, with that uncertainty, may be that we will not get the full reaction until after the greek referendum because at the moment the singular biggest risk to the fed moving to start

the tightening process is going to be greece in the event that they leave the euro. increased risk appetite will mean a stronger u.s. dollar. if we get a strong report and then we get a yes vote on market confidence that greece will remain in the euro, under those circumstances you could see a bigger reaction in the u.s. interest rate market coming through next week basically when you expect the u.s. dollar to go up and ironically it would limit the scope for a rally in the euro on some sort of relief rally on the belief that things will get sorted out increase for remain in the eurozone. rishaad: a lot of moving parts. moves september, it could be later, at the end of the day, it will be about how quickly they move after that first move. guest: i think so. if you look at where money afters are, they only --

-- for several months, assuming that they are in a position to move in september, still argues in favor of the september start, then if that happens i think markets will quickly rise and there is a good chance we will get at least and the end of the year so we can sign september into december as the most unlikely dates for a move this year so with markets priced to one if that becomes consensus thinking than you would expect that the u.s. dollar in particular is going to get a little bit of a renewed life. baby withoutn't talking about the currency that you spend every day in australia. trade was a bit worse than expected, that deficit priced in. of the reserve bank is scratching his head because he would love to have a weaker dollar, wooden he? guest: he would love to have

one. they claim the currency is overvalued. where he would expected to be in relations to things like the level of interest rates compared to the united states. it is very reasonable to think that if the u.s. is going to move a hand a little bit faster and further than the market, she pearly pricing than commodity prices than we don't see an early and to the downward trend in iron ore prices for example that probably amounts to a weaker roster really in and the downf the year which comes to at least 73%-70 4% but the conditions for that to occur still have to follow to play so at the moment i think his wish will remain unanswered. rishaad: have a good one. results asng you the they come through on monday morning. we will be live in athens.

up next, eyeing assess, china wants to raise its game in brazil. ♪

rishaad: you are watching trending business. as we check in on corporate stories making headlines, it is haslinda. haslinda: automakers may be on strike for their best year in a decade, a rise in u.s. sales show they may be racing toward a big finish. big models and interest rates held overall sales rising nearly 4% last month, that is the biggest june jump in nine years. questions have been raised on noodles after food regulators moved they were unsafe to eat. the product was recalled after excessive levels of lead were found in samples. regulators and other countries including singapore pass local standards. in india court ruled on tuesday

that nestle could resume exporting the noodles. xoom.l is buying zoo it puts paypal up against bigger players. the deal comes ahead of ebay's spin off of paypal which is slotted for later in the month. those are your top headlines. having a look at the day in asia-pacific, shanghai, and japan as we head toward the lunch break in tokyo, 1% up at the moment there so ing that market higher sbc positive car sales and the u.s. and of course japanese carmakers have done pretty well there, as well. the shanghai composite adding to the losses as of late.

down since the highs that we saw fromne 12, coming authorities moving to try to increase margin lending and also make it cheaper for people to trade, as well. taiex and taipei slightly higher, the straits times and likewise. when it is an andy warhol dollar, it is in 1962 work. for $32.6 million in subsidies in london, beating presale estimates. ♪

♪ ♪ ♪ get excited for the 1989 world tour with exclusive behind the scenes footage, all of taylor swift's music videos, interviews, and more. xfinity is the destination for all things tayloswift.

referendum, pulls in greece show increasing support for a yes vote. allow7% of voters would more austerity, 43% would say no. australia has posted a trade deficit for may.

the april deficit has been revised above $12 billion. exports rising slightly. there dollar weakening only slightly on the release of that data. new margin trading goals were no longer require rocher urges -- brokerages to cut transaction fees by 30% as of next month. here is david. i will visualize the dance that shanghai is doing in a few moments. with japanese carmakers. impressive sales numbers in the u.s. mitsubishi, a 32% increase in june compared to last year.

42%, 100,000 vehicles sold. another south korean stock, the company is looking to sell a resources.i orion corp. was up. it was planning to bid for a south korean unit. reports and south korea that they may have competition for that. affinity equity partners, carlisle, are shortlisted to bid. pacific brands, up. their profits guide them. the higher point of the previous

range is not a short point. another stock we are following, affinity education. 31% down. not a nice day at the office there. that is a little bit below estimates. i promised you china and i will show you china, what is it doing now? 2.76%. down 3%, again --ittle dance back to you. rishaad: let's get back to our top stories, indeed. moves comingting from chinese stock market regulators. another wild ride down there as david showed us. what did they specifically announce? it has not worked.

in this very short-term view. lending rates to positive rates, it had no stimulative effect in this week. stephen: now we have the regulator coming in with an easing of margin rules and also cutting of transaction taxes to kind of put a floor on this fall that we have seen this week. , the shanghai composite already since june -- rishaad: there, look at that move. stephen: it keeps on going down. antacid going down ahead of the lunch hour break in shanghai right now. they try to prop up the market a little bit -- i am putting words in their mouth, maybe they are just doing this out of their own goodwill.

significant roles no longer requiring brokerages to force stockale -- the sale of to those with insufficient collateral, that sounds fair enough. it will allow reasonable rollovers and margin ratings. if we can also bring up the amount of margin -- leverage borrowing for stocks, five folding increase, it has been unwinding. easing theseey are rules even though we have seen this but it is not having an effect on the market today. it is more symbolic according to a number of economists and traders that we have spoken to. shanghai in shenzhen will reduce fees starting august one. we are in a bit of a fall today. rishaad: anything can happen here. by the time we are done talking, it could be up 3%. rishaad: let's talk about the ipo side of things. we have one that we talked about earlier.

stephen: it is down. rishaad: it is down today. it is something that is regarded as not particularly good news. stephen: because it has risen quite fast. ipos have been going like this. almost every ipo that has been hitting the market lately in this downturn has been going up. uptai junan securities is 65.5%. it is falling back. but nonetheless, ipos have been hot. $43 billion market value for this company in line with deutsche bank. he said, insanity has a limit. if a qs rising like a penny stock, it will become the biggest company in the world, bigger than apple.

they are selling it today. rishaad: he is a regular contributor on bloomberg. we are going to check on the other stories we are following today, would you believe there are other stories? casinos surging in hong kong after a brief all and revenue showing signs of abating. more than 36% in june, those revenues, with the decline in revenues -- i'm decline in earnings. fees a rules for chinese travel is expected to bring really. reportedly looking to raise their game in brazil, they are pursuing stakes in offshore exploration projects. billionto pay down 15 in debt. previous asset

sales targets as well. facebook wants to capitalize on the growth of video sharing on its webs i'd with more premium content. same split that youtube offers. mark zuckerberg said facebook generated more than 4 billion video views per day. look at what is been going on. the first to get a female executive quitting, coming two she allegedly imported prescription painkillers and japan. let's go to tokyo. surprise. i guess you could go both ways.

it is a little surprising for those who would have remembered just two weeks ago, one day after her arrest, toyota put which is a president bit of a rarity for the president of the company to come out in public and he very quickly defended this executive, he didame out and said not think she intentionally broke japanese laws. really talked about sort of casting doubt on whether the company provided enough support for her move to japan. on the other hand, given the very strict laws here governing drugs and the way the police have pursued julie really it is looking awfully unlikely that she is going to be able to stay in japan anyway and i guess on that token you know if she cannot stay in japan, she cannot to the her duties

company so it is not surprising that she is now leaving the company. rishaad: what is next? forward, we will get a determination from the prosecutors as to what move they want to take from here. it will be interesting to see whether this resignation will be viewed from their perspective as a sign of contrition. there is little else to get out of this from their perspective through they have already made an example out of her. she is no longer a high profile public figure having left toyota so there will be a determination as to whether or not she will face jail time or whether she will just be sent home and back to the u.s. say a lot, doesn't does it, for these diversity pushes by toyota and indeed japan as a whole here. isorter: right, it

potentially a concern for those who value bringing in outsiders and fresh ideas and diversity of opinions or views within these companies and in japan, julie wasously was someone that being followed quite closely, being the first female executive within toyota but she was also the first foreigner who was going to be permanently stationed in japan for toyota so it is not only a blow for womeo but it raisesn questions about how committed these companies will be in hiring and promoting foreigners as well, it edition two women within japan because after all, tell you is such an influential company here in japan -- it is really a role model within japan. rishaad: thank you. we are going to keep the automotive thing going and look at the return of a cold classic.

-- a colt classic. -- a cult classic. have you ever waited for something, waited so long that it her? but when it finally arrived, it was exactly what you hope for? suffered years winning for this car to come back. finally, it has. sort of. nsx.is the new acura we spent some quality time with the only nsx in the world. carsyear old raise were hit 150 miles per hour as they try 13 mounted straight up the side of a mountain.

the car was the pace car for the race and it was the perfect car for the job. just look at that beauty. acura will not release technical details yet but expect it to concede -- exceed 500 horsepower. it will probably average and efficiency of 20-20 five miles per gallon. that is not to that for what will likely be a $150,000 car. it has a six cylinder engine paired with three motors all on a brand new chassis. no, it is not the naturally your,ted sports coupe of but engineers claim that the same power of the turbocharging itred with the torque give instantaneous aggression. they say this is a car for the future.

so about that original nsx, honda wanted its own supercar as an answer to all of those hot and delicate for rivalries and lamborghinis that looks pretty but were unsuitable for regular city streets. in 1989, they delivered with the release of this car. the already popular car reached iconic status when it was cast as the grand to reno car. that is the franchise that features real-life cars on real-life roads then suddenly it ended. acura discontinued the bottle in 2005, hinting at an update. years, literally one decade for the car and now, finally, a prototype has arrived. everywhere we stopped, people could not resist taking pictures. or for those looking to purchase their own, the weight is not over yet. redesign hase

already slowed production and engineers are working on electrical components and interior trimming. acura has said that it will sell the car later this fall but only time will tell. may buy a,k you compared to an audi, a mercedes, or even a tesla model ask. x. it might be less powerful and plush but when it comes to sheer driving thrills it will toe the line with any of them. more on that story, download the bloomberg app to your mobile or tablet, available for those basic operating .ystems, android, or apple next, we will revisit the crisis in greece and its affect on europe. hearing exclusively from alexis

tsipras. stay with us. ♪

>> north korea has opened a new terminal at pyongyang airport to attract tourists head of the anniversary of the founding of the ruling party, just a handful of international flights come and go each week and only two airlines have scheduled services. kim jong on is reported to have taken an interest in the project and was said to have criticized the project last year. ukraine has stopped buying gas from russia after moscow removed discounts and declined to sign a deal for winter supplies. fromwill only source gas the eu, although prices there are rising. previous disputes between

ukraine and russia have disrupted eastern europe. they received about 10% of its own russian gas through ukrainian pipelines. u.n. body has talked to australia to do more to safeguard the great barrier reef. ofsco has stopped short labeling the wreath as endangered but they say the commitent must themselves to ensuring its survival. experts in say climate change, excluding -- extreme weather, and coastal involvement threaten the reef. three days until the referendum in greece in polls suggest they are increasingly likely to accept austerity. we spoke exclusively about the implications for banking in europe.

>> a scenario is at the end of the day, the eurozone can handle this situation in terms of the structure of the things, the exposure to the greek economy. what is important to say is greece is actually small, but it is true that the problem is complex. on to strike a deal where one hand is feasible for the greek economy and greek people, but on the other hand, which are acceptable for the creditors. in particular, you should think sure restructuring and be that there is a consistent implementation of reforms so that greece will effectively be able going forward to improve the economy, the competitiveness. you cannot go without consistent efforts. his true that what happened in the change of government, they

have left more confusion regarding this and we have seen some very positive examples in europe great if you take ireland, for example, it hasn't lamented reform, it has been under difficult times but it is much better. you can talk about spain, as well. yvonne: european banks have cut exposure to greece quite genetically in the last years. is is going to be a blip for banks are we cannot be complacent when it comes to risk containment. --i think the greek banks the risk is very small. if i just take my bank, we have no more sovereign debt. the risk of contagion is not on the banks, it might be more on the spread of sovereign in other countries that the same time, the eu is buying the surrender of european countries so i don't think actually the risk of contagion is so strong. europe. enough to

implement these firewalls to protect the situation like this and has there been any plans in terms of preparation? are notsely banks strongly linked with greece. there is no impact on preparation as such parade what is more at stake is the euros soon, what potential exits would mean for the eurozone because i'm sure that people would say the eurozone is not what we felt it was in it may be just a kind of currency rate agreement and that is where i am pretty sure that actually if we are going to that scenario, then the euro zone would take additional initiatives to say, it is a confident with the integration and the solidarity of the remaining countries. so i think it is much more about the -- political sequences that the right finances. board,: next, getting on

prime minister modi winning some investors to help make his dream a reality, we will go to mumbai for the details when we return. ♪

rishaad: in india, prime minister modi has won a 75 -- $70 billion worth of investments as he makes a push to upgrade the country's digital infrastructure. let's go to mumbai. reporter: another push on the part of the government to connect digitally with the prime minister launching digital india, promising to bridge the halves and have-nots -- haves

and have nots. say the initiative listed try to in cybera a leader security and ensuring the country becomes a of innovation and that is a big ruling and making the government slogan of minimum government, maximum responding positively to where the announcement yesterday pledging investments of more than $70 billion. let me tell you what some of the biggest billionaire said on wednesday. one man promised $39 billion. spend half of what he has targeted, aditya birla plan to spend $2 billion, so a lot of push coming into india.

that is it for this thursday. stay tuned, we have asian edge next. ♪

john: with all due respect to macy's, you can take donald off the shelf, but you cannot take the donald off of us. john: sports adventures tonight, cuba diving and pope climbing. but first, a fishing expedition. how about the clinton e-mails? 3000 new messages are on display. contact with her bff, sid blumenthal. david axelrod and raum emmanuel begging for -- rahm emanuel begging for her address. her advice to wear warm socks to bed.