referendum, the pressure is on. can they come up with a plan to keep greece in the eurozone? pimm: investors in china shrugging off the government's latest attempt to increase stock prices. betty: rory mcilroy with a serious injury. how has being out of the british open what impact has sponsor ,nike. pimm: good afternoon, i am pimm fox. betty: i am betty liu. you can see equity markets are lower but remember we were much lower earlier. there was the knee-jerk selling reaction and now we're making up some of those losses.

the dow is down by about 42 points. the oil markets, most of the market besides gold are moving down. it is below $60 a barrel level. with the safe haven search, that is about 1/10 of 1% up. pimm: lots of binding on the bond market. more buying in the 10 year, 32. let's look a look at currencies and see what the dollar is doing versus the euro. just a little bit of a decline. the japanese yen strengthens against the dollar and the pound sterling losing a little bit of strength. let's take a look at some of the top stories crossing the bloomberg terminal. president obama is making a rare visit to the pentagon to ask his national security team for an update on the fight against islamic state militants. they flew 38 bombing visions

against islamic state targets this weekend. the president hopes to hold a press conference when he gets the progress report. vienna, secretary said negotiators are not where they should be on the most difficult of issues. talks have gone on for a nine straight days. a deadly fourth of july weekend in chicago, then violence left 10 people dead and 54 where did. a seven-year-old boy was among those killed, shot in the chest during an attack aimed at his father, a reputed gang member. occurred onviolence the south and west side, and the city had a similar erosion of violence last year. story, policeng say they are checking on the report of a single shot being fired at walter reed national

dilatory medical center just outside of washington, d.c.. a 911 caller reported hearing one,hot inside building the original hospital on the campus. police are on the scene and no comment yet from walter reed officials. we will bring you more details as they become available. whatever greece does next, it will do it without its controversial finance minister. votersurs after greek backed the government, finance chief john isner focus said he is quitting. he said greases european -- greece's european creditors would prefer him not to be involved in negotiations. replacement, euclid tsakalotos. emergency eurozone summit tomorrow.

eurozone officials say they have several priorities. happens is really what in greece, how do we set a new greek program in place. second is to prevent a crisis from spreading to ensure financial stability in the euro area. and on this, we have all the necessary tools and necessary determination of euro area authorities to ensure financial stability. pimm: german chancellor angela areel and francois hollande meeting today to discuss the consequences of that greek vote. those are your top stories at noon. let's stay on greece and the global stocks, have been weak today, reflecting that anxiety about containing the greek debt problem. ceo writeser pimco in his column that investors should not ignore the volatility, that it could bring some opportunity.

mohammed, we are just getting a red alert that greek banks are extending their holiday. it continues, right? they're waiting to see what the troika it really is going to work out with greece. i would just point to one of the tweaks you sent out. referendum,sult of and i'm not going to take this anymore." is this mad as hell now? mohammed: 62% of the voters in greece made it clear they want more understanding and they want to be heard in europe so they are mad as hell. the fact that the banks are going to remain shut even longer is going to make them matter, and importantly, it is making , andconomy grind to a halt that has implications for the negotiations because it needs

first, the greeks are going to have to do more in terms of reforms. secondly, the europeans are going to have to do more, so it complicates negotiations that already were pretty complex. betty: they are very complex and it looks like a sickly the economy is ground to a halt. like -- like basically the economy is ground to a halt. how much longer can the greek economy stay still like this? mohamed: not much longer. is collapsingity and with that, tax revenue is collapsing. it has a vicious cycle to it. the greek banks can only open under two conditions. either the ecb increases its support for the ela so the ecb gives more money to the banks, or alternatively, you get some new currency introduced that recapitalize the banks

internally. two conditionsy on which the banking system can open and function at least .emi-normally tiere pimm: everyone is focused on greece. there must be other things available for investors that are being overshadowed. mohamed: if we continue down this road, it is a road that xit. if thata gre happens, you will see a spike in global risk aversion and you will get a selloff in all markets. at that point, good opportunities will be created, and those opportunities really are, they rely on the ability to generate lots of cash so the internal resilience. they also rely on a set of good fundamentals so you can see a number of u.s. stock names. you could see some peripheral bonds in europe.

you could see some emerging market, some corporate arms. -- corporate bonds. there is going to be lots of opportunities but not yet. we are still on a pretty rocky road and i'm afraid there is still some nasty bumps ahead. betty: you cannot see this but on bloomberg, we are showing ufakis after his reservoir -- resignation. your active on twitter and a lot of people follow you. you said, naive for creditors to celebrate his resignation. it is possible he would have secured required to mastic buy in. what about this new guy, tsa jalotos? mohamed: he has better working relationships with europe. varoufakis, if he

would've gotten the debt reduction then he would have been able to turn around and sell it interminably -- internally quite credibly. now it is going to be harder to do. his statement going out was very explicit. he posted on his blog the reason why he was going out was because the creditors no longer wanted to work with him, , that he wasaid "happy to wear the credit loathing with pride." that is quite a strong statement. betty: were you somewhat repelled by that comment? mohamed: no, i was not at all repelled. he has been pursuing a point of view that has quite a bit of economic logic the hind it. he did it unconventionally and

that did not go down well in europe. i think his point is one that is supported by lots of economists, which is, greece fundamentally need deeper debt reduction. pimm: what would you be whispering in the air of angela merkel today? mohamed: i would do nother, first, please follow what the eurogroup president said yesterday which was that it was incredible. that is not something you should 62%to a nation that voted in a free nation. it is time to hear what the greek people are saying. and then make one of two choices, the first choice is, can this greek government deliver on structural reforms and more intelligent austerity, yes or no? and secondly, is she willing to push the rest of europe into providing a lot of money up front and deep debt

reduction? if the answer to either of these is no, then they all have to move to plan b, which will prolong what is a very costly process. greece is basically shut down and the longer that last, harder it is to rehabilitate it once the conditions allow for that. betty: thank you so much for taking the time today to join us appreciated.y -- really appreciate it. much more ahead in the next half hour. government steps up to avoid a stock market crash there, but so far it is not working. looking at the wild swings in the chinese market here . hosts gop romney contenders at his lighthouse. betty: we will be heading back to athens for more news on

greece. the country has just extended its rank holiday until wednesday. we will be back in just a minute. ♪

♪ welcome back to the bloomberg market day. i am pimm fox, here with betty liu. let's take a look at how the markets are trading. julie hyman has more. asie: bumpy, but maybe not bumpy as some people were expecting. we are seeing a muted reaction to the events in greece. energy has been a bigger drag today.

you can see all three major averages down about 2/10 to one third of 1%. enhancing action in health care. earlier it was the best performing group in the s&p 500 and now there is little change. the story is that the deal is finally done in health insurance, talking about aetna purchasing humana. -- aetna down sharply, is down sharply. i want to take a look at the action we are seeing. humana, this is when the reports came out that it was said to explore a sale to cigna, which is not the eventual buyer. we saw a big jump in the stock at that point in time. humana just came out and said it was lowering its forecast for the full year. it sought higher -- it saw higher than expected admissions into hospital and that means higher costs.

the stock price that we were talking about, i said 200 body dollars a share. -- $230 a share. i spoke to jason the gorman and he says there is some concern in the market that at net could have to cancel this deal because forecast.ered we are not seeing the shares trade anywhere near the offer price. also take a look at aetna. when we look at the stock down today, it is up 49% through june. since then they have fallen by about 10%. i do want to point out that even though we are not seeing a big reaction in u.s. stock broadly, we have the greek etf to pay grek. it is down three and a half percent today even though the market is closed. the national bank of greece is also trading today and is down

by about 12% so also carrying some early declines. lots of concern about what will happen to the banking system. as you mentioned, the closing of the banks will extend at least wednesday. betty: and you have to have a etfof guts to buy into that or that stock right now. julie: you bet. pimm: mcdonald's is going digital in china. the world's largest restaurant chain will test ordering and mobile paying and its chinese outlets. sales fell after linking the company with a mother company that sold expired meat. ellen pao has been accused of censoring online message boards. most of the message boards

experience blackouts on friday. ellen pao gained national attention because of an unsuccessful lawsuit against liner perkin. as investors weigh greece's future, a stock market slump on the other side of the world is capturing the spotlight. before we continue, it's good to julie hyman with some breaking news. julie: this has to do with the ongoing situation with teva and mylan. teva is said to raise its bid for mylan $243 billion. it may announce the approved proposal for more than -- earlier -- this week. this is coming from bloomberg's and hammond and david weiner. this has been an ongoing situation with teva and mileage. teva has rebuffed its offers until now, and mylan has also tried to make an offer for

perrigo to fend off teva's offers. we are talking 86 to $88 a share, that is whatever might offer. that would value mylan around $42 billion. ofhave seen a vast amount consolidation within the pharmaceutical industry since april without any resolution. we will see if this higher price does sway mylan more than it has thus far. the pharmaceutical merger beat continues, even if we are seeing this destruction. pimm: cava has about a 4.6% stake and mylan. has about a 4.6% stake in mylan. taking a look at china, policy makers coming up with new tactics to try to stem a route that has $3.2 trillion off the

world's second-largest stock market. that: not everyone finds plunge disheartening. >> china is taking an economy of $11 trillion or $12 trillion in trying to grow it at 6% or 7% a year. year and at at 10% a but had ever done it at that rate. there are some areas of concern but generally i think the chinese economy is a good place to invest. betty: we are joined by bloomberg's laura score be who boris -- foursquare be -- skorby. boris: you have greece on one side and you have china being completely overshadowed but it is largely a story of retail investors in china being egg on by the chinese government to

scoop up shares, to expand the equity market. the script gets entirely flipped. you have some selling and then it is basically widespread panic. the state does not intervene to prop things up, and now the chinese government has no control over the situation any longer. pimm: why did the government say go ahead and buy stocks? i thought real estate was the easy thing. boris: people are probably aware, there were some concerns about over expansion of credit in china and equity markets were viewed as the vehicle to allow companies to get financing and to allow investors to have a bigger stake in the market. that was really with the chinese government, the reason the chinese government wanted to encourage equity market participation. ipos. they have suspended

state media out there saying, do not panic. they have also taken some of the methods from the 1929 crash? boris: yes. the pboc is getting involved, they're going to cut rates. crash, you have brokers and mutual funds getting involved, they are going to commit a certain amount of capital and not sell. that harkens back to what we saw in the 1920's and 1930's. so far, largely unsuccessful. there is a consensus that this is not working and to some extent it is causing the panic to grow. of scary thatind they have to go back to the 1929 crash to think about what to do. bestnot sure that is the way book. boris, thank you so much. boris: my pleasure. pimm: still ahead on the bloomberg market day, it was a working fourth of july weekend

if you are a republican running for president. a couple of lucky presidents got to spend -- a couple of lucky candidates got to spend it at mitt romney's house. ♪

♪ betty: this is the bloomberg market day. i am betty liu, with pimm fox. pimm: it was a fourth of july weekend, what better time than for patriotic americans to go to summer cap. -- summer camp. betty: mitt romney posted a few presidential candidates at his house. chris christie even tweeted out this photo at wilkesboro taken at the low kill -- local ice

cream parlor. they both want mitt romney's endorsement. pimm: they also walked a parade, seeking endorsement for their candidacy. betty: who is the winning candidate among those two? pimm: i know you have some numbers. betty: when a pack -- quinnipiac put out a poll and wisconsin governor start -- scott walker is number one. marco rubio get 7% of the vote but chris christie, only 1%. he is in 15th place. there are only 14 declared candidates. we will have to figure that out. i am running. we would be back on bloomberg market day.

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here are the top stories -- today in south carolina, the legislature is debating whether to remove the confederate battle flag from the capitol grounds. since lastk in focus month's massacre of nine people in an historic lack church in charleston -- black church in charleston. warren buffett helped take over and he's enjoying a new reward.

the new ceo of rolls-royce is moving quickly on his second day on the job. he is cutting the company's for ak and is hoping share buyback and demand is been sluggish for jet engines used on certain airbus models. europe is suffocating from record high temperatures. it's not just what is going on in greece. the heat wave has pushed the mercury to its highs level in germany since measurements began in 1881 the national weather's. the service there says one temperature topped 104. way.f is on the storms across parts of the country are bringing temperatures back down. that is a look at the top stories. in the next half-hour hour, it's the first trading day since greek voters rejected austerity we will look at the markets around the world. rory mcilroy may miss this open aftertish getting hurt and we will look at how that will impact golf.

the pressure is building on reddit ceo to resign. more than 150,000 people have signed a petition demanding her removal after she fired a popular staff member. let's get back to what is going on in greece. we are half an hour away from the swearing in of a new greek prime minister. the former prime minister resigned after the no vote over the weekend. replacing him as the longtime ally of the prime minister. ago, greece announced an extension of bank closures and controls till wednesday. joe wiesenthal is on the ground in athens. my mouth was agape a few months

ago when it looked like you are being attacked or at least accosted by some greek citizens. what was going on? joe: it was not an attack. it was apparently a woman well known for confronting the media and politicians. as soon as the camera went off, she was very friendly we took a photo together. it was not an attack. betty: nothing like a selfie to bring people together. joe: everybody loves taking a selfie together. betty: there is not a lot of peace in the market, certainly not between the troika and the greek ministers one of home is the new finance minister. tell us about him. story toink the key think about is that is a far

left member of the party that does not represent a major change in ideology. it's just a change in style. the last foreign minister had alienated the creditors. many people said he alienated members of the government. by the end of the referendum, he is isolated so the new guy left-wing but a different style. maybe that opens up some possibilities for negotiation. i don't think this makes it easy. i don't think this was the main stumbling block. there are still big divide. s. perhaps discussions will be a little bit easier now. betty: maybe. the last foreign minister seemed to enjoy the antagonism. >> they are the biggest weighted

equity on the athens stock exchange. when you look at the pictures coming out of greece, you think the skies falling. if you ask coca-cola, they might say what greek crisis westerner the reason is their share price has rallied 27.6% today. this is because of diversification. when i saw this i thought these numbers were not right. look at that chart. this is coke in the u.s. up 11% now. it's rallying in greece and the reason is because of diversification. greece has a 5% exposure to coca-cola or vice a versa. diversified across 28 countries in eastern europe as well as russia and nigeria. they are the main poplar and traitor for most of europe. if you look at the numbers, russia turns out to be the highest percentage at 19%. then italy, nigeria, poland,

romania, and then greece. this diversification has investors saying this is ok because they don't have much of a stake. betty: it sounds like maybe russia investors should be worried about? and in terms of the volumes in russia come over the past few years, the numbers were up 10% which is fine. just in the past year, .6% which may be because of vladimir putin's politics. greek volumes, they have fallen 40% since 2008 but this past year. in the past six years, it has seen a rise of 2%. we might have been seeing a hit at the bottom and maybe an inflection. about meters, we

have holland and merkel who are meeting in paris. is there anything expected out of those talks? joe: people hope something could happen but everyone keeps saying it could be a long shot and no one is perfect early optimistic. you never know what kind of rabbit they can pull out of a hat. assuminghink anyone is that upcoming talks will be particularly successful. betty: in the meantime, what is life like what you mark people are still at restaurants? our grocery stores still stock? what exactly does it look like there? always hesitate to extrapolate because where we are in central athens is a rarely active area. there is a lot of government stuff. there's a fair amount of tourism and it's a central area, all the media is here. in the center of athens, you

would figure it's a normal situation. there are people in coffee shops and there is no outward sign of panic in the streets. yesterday, there is a huge party like atmosphere. it looks like a normal center of the square and the city. things thatre are are much more stressful in terms of society elsewhere. athens in theof government district, you would not notice anything unusual. betty: what about this greek etf that is still trading? ramy: if investors want to get exposure to greece but in case they are, they have to be ready for some volatility. it's the global x ftse and it's available right here. it mirrors the 20 biggest stock on the athens stock exchange. coca-cola is the top among them but it has not in doing so well year to date.

in the past year, it's gone down 52%. year to date, it's gone down 25%. threen 19% in the past months but i'm not sure why people would want to go to that. betty: thank you so much. thank you both for joining us. tradingead, futures are and are the thrill of computers making split-second decisions. we will look at the demise of a 170-year-old tradition on wall street. ♪

betty: welcome back.

let's gets trade to julie hyman for the big story. we look like we continue to bounce around. julie: yes, but not a dire panic reaction to the referendum vote in greece. the major averages are down of 1% and have been holding relatively steady after a big drop in the open and a comeback. we have remained in a tight range. why exactly are stocks lower? sectorske a look at the in the s&p 500. can see a lot of red on your screen with energy and material and telik am doing the worst. health care is now little changed. we have some deal talked about earlier but energy is the biggest drag on the major averages. oil prices are down sharply today, the most we have seen in about three months. it is curious as to why.

i was talking to our in-house steel ands maven alix she said people have been scratching their heads about the drop in oil. we have greece and some concerns about china and we have the iran negotiations dragging on but nonetheless, it fails to explain was going on. i want to take a look at a one-year chart of oil prices. this redline is $60 per barrel. we have traded around that level for the past couple of months until the past few sessions. we have seen a drop off below that mark. strategistsnical are looking at that. i want to look at the effect it's having on stocks. 1% drop.7/10 of individual movers -- if you look at the top declines

in the s&p 500, many are oil stocks. oil well, national transocean and all of them are in the red along with the oil prices today. betty: thank you so much. it is the end of an era today in chicago and new york. pits are expected to close for good. they set prices and every thing from cattle to gold and traders yeldon shoved and flashed hand signals as they did in the movie "trading places." now the computer has taken over. mark crumpton has more. why do we end up doing stories about the good old days? idea -- i've no idea. there is a great story in "usa today." they talk about a woman who is a

traitor and when the technology started to make itself known, it made things easier or women to get a piece of the -- for women to get a piece of the action on the floor. you don't have to battle with the guys and language could get salty as well. it was like the movie "trading places" where people were screaming and shouting and they look like they are having a medical episode. to it, a rhythm. this guy you see pointing and it's all about eye contact. sady: it is, in a way, it's to see this is going away. you talk about how robots are taking over jobs. this is a very stark example of that. time, there is such

a macho atmosphere down there. mark: it sure is. you and i have done enough interviews with people there. sometimes to stand out, you get guys with very loud jackets. some had different patterns on them. betty: i have been down there as well as you. matt:ark: i have not been down there. betty: the guys are really nice and they are characters. and wear that cow pattern they are trading cattle futures or whatever. they are a big bunch of characters. mark: local businesses will feel the hit because when you have an institution that never that long, a lot of people have to go someplace for a quick bite to eat or get a haircut or do whatever. those local businesses will feel that hit. betty: you got a lot coming up

in the next hour? mark: it will be about greece. a couple of years ago, tim russert said florida but now it's about greece. you just interviewed mohamed el-erian. from joe weisenthal appearing to have been dragged off. betty: he was like in a futures pit. but this is aine story that is now rattling europe. the global markets have been lower today and are trying to figure out what the next move is. does this give them a mandate to dictate terms that the greek people want or the international creditors, are they just fed up? it seemed people were right. a lot of this is baked in already judging from what we see in the u.s. market so far today. mark: and we will talk about

china as well. they have new stimulus members that are not necessarily working. they are not taking hold so we will examine that situation in china. betty: thank you. we will see you in a few moments. much more is ahead. in sports, a sibling rivalry renewed. the has an serena williams face each other on center court at wimbledon for perhaps the final time. we will tell you more about the match.

betty: welcome back to the bloomberg market. let's look at sports. it was sister versus sister earlier today. williams won against older sister venus williams. the sisters are five-time champions that would be in -- at wimbledon. the riders are back on the buys rules of the tour de france abouting a massive crash 37 miles from the finish of the race. three riders were forced to withdraw. the race leader was thrown over his handlebars and landed on the grass on the side of the road. the delay lasted about 10 minutes. at thefic accident

nascar race at daytona, dale earnhardt jr. had just won the race when a car sailed upside down onto the fence and went back onto the track. the driver has a bruised arm and tailbone and 13 fans were injured. 2:45ate of not end until a.m. because of a rain delay. the u.s. women's soccer team is the first three-time winner of the world cup. lead in got to a 4-0 the first 16 minutes with three goals. was 5-2 in this avenge his the loss to japan for years ago. recordal game was a tv raker, enjoying the largest rating for a soccer telecasts in u.s. history. that is a look at the top stories in sports. let's bring in our bloomberg sports reporter.

for all these golf fans, it turns out rory mcilroy injured a ligament in his ankle? he ruptured a ligament in his ankle playing soccer over the holiday weekend. his camp is being hazy about the details. we don't know how serious it is he will miss the scottish open which is this week. he's questionable for the british open next week. he is the defending champion and he's from northern ireland. for jordan spieth who is going for the grand slam this year, they were both co-favorites. this is the guy that most bettors were thinking was the other favorite matt opens the door for jordan spieth. betty: that would be amazing for a grand slam for such a young man. for rory mcilroy, is there any danger with his sponsorship with

nike? >> i would think not. a lot of team sports athletes in their countries will say they will not play basketball in the off-season or play soccer in the off-season. if this was a career ender and he never played golf again, maybe there is something nike could do. if this is a few weeks and he misses a major tournament, there will be no financial drawback. betty: the world cup kind of snuck up on us. no one was watching it until the final moments. records and it was well covered over the weekend. what happened here? >> it has been a great two years for soccer this past year. the men's team did well last year and the ratings were crazy. men's soccer got ratings records and the women have not one until -- since 1999. the best been one of teams in the world that have not

been able to claim the top prize since then and they made a great run and be germany which is the best team in the world. they opened a threaded japan last night -- they obliterated japan last night. they are betty than any u.s. men's team. betty: does this change the landscape of soccer or women soccer? >> it certainly has more interest now. there is no major professional league in the u.s.. this will not start one. of these women are looking at the olympics in three years. they are not on tv all the time and there are two major events. carly lloyd who was voted outstanding player will get some endorsement money and it will be centered around the olympics which is in brazil. nuts. they are soccer before thehe match

one with the nest when serena was -- with venus and i did not get to see the one with the nesbit she said it was hard. >> it was pretty close. when they play each other and they play each other often, it is always hard. they know each other really well. they know each other's tennis ability well. people in the telecast talked about when serena is on track to play the has, it's harder for her. betty: does this mean anything for venus? >> i don't think so. when she looks at the draw and sad.serena, it's

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controls on monday. we will go live to athens. we are also watching china were markets have them in freefall. government intervention has failed to stop the plunging stock market. is the bottom insight? time is running out to get a deal on the iranian nuclear program. john kerry said hard choices will need to be made and we will vienna.latest live from betty: good afternoon. mark: thank you for staying with us. let's take a look at the markets on this monday for wall street in the global markets. it is all about greece. voters on sunday rejected the