merkel morning that there are days left to reach a deal. we are live at the euro leaders summit in brussels. arabia has launched an aggressive airstrike campaign to take out rebels in yemen. we will take you to the front lines. mark: disrupting the real estate's nest. we will speak with the ceo of a company launching a tool for on-demand home chores. home tours. good afternoon. thank you for staying with us. let's look at the markets. stocks lower today. european leaders meeting to discuss greece. the decline is also due to a selloff in chinese equities. slipped its average

price for the first time since october. the broader market down a 10th of a percent at 2066. the dow jones industrial average and nasdaq composite are both lower. low.touched a 15 week oil is headed for a bear market, concerns growing over economic instability in europe and china. iran's nuclear program have been extended as well. we should also mention, industrial metals falling, copper extending its biggest to client since jenny to a five-month low. betty: a check on the bond market. all of these asset classes are seeing some buying going on in

the safe haven of treasuries. the 10 year yield is coming down. finally, in the currency markets, we are keeping our eye on the euro which continues to fall near the parity level with the u.s. dollar. as european leaders try to iron out what to do with greece. let's take a look at the top stories at this hour. greece promises to put its economic puzzles in writing, this as german chancellor angela merkel warns the country's only a few days or left to reach a deal. alexis tsipras news to persuade the creditors to throw his country a lifeline so they can stay in the euro. he spoke to president obama by phone and briefed him on the latest proposal. it is exactly what everyone is waiting for. after a program, if

the greeks offer it. it is now up to the greek minister to give good proposals, where he wants to go. betty: for more, we go straight to brussels where hans nichols is standing by, leaders are meeting right now as we speak. what are you hearing? are there any updates? have the latest update we is that leaders are considering coming back here on sunday. that would mean they have not gotten much progress out of the finance ministers meeting today and after the summit taking place right now. the frustration is boiling over. financehe ministers of lithuania, when he arrived, for greece, it is always manana. for us it is, manana.

to give you a recap, 2, 3 parts negative and one part positive. on the negative side, the greeks arrived without a formal proposal, nothing in writing that was thoroughly expected of them. it antagonized creditors and broke down trust where they need more trust. gavee positive side, they indication they may be willing to make the tough decisions. more importantly, the new finance minister, euclid is a better listener. he is getting positive reviews. it could to be a short meeting. there is not a whole lot to discuss. likely, potentially considering yet another meeting on sunday. abouting that you can say

this, it has been great for the belgian economy. mark: you told us about some of the frustration from some of the officials. do you get a sense that some have thrown their hands up in the air and are fed up, they don't believe a deal can be reached at this time? hans: it is a little bit of that. if you don't get a deal, what sort of preparations need to be done to firewall and safeguard the rest of the european economy, which is far from healthy. we're focusing on what extent there have been conversations about plan b. once you start fully planning for plan b, it is a strong indication that greece is not staying in the eurozone. we'rep saying this and talking about timing. yesterday, angela merkel said it was a matter of hours, today she is saying days. she is giving herself more time. if we had another meeting on

sunday, that will only lead to more frustration, especially among some of the leaders and finance investors here who want to see this cleared so europe can start talking about how you invest the economy, create jobs, what you do to stimulate growth. betty: do you see any shift in attitude or any difference at all since the no referendum? and the appointment of a new finance minister, any kind of new feeling of, let's try to work this together between european leaders and greece? is a little bit of positive sentiment and i do not -- to yes, the new finance minister, mored tsakalotos, is being amenable and consolatory. there is a great picture, looking into the meeting, he had

some of his handwritten notes in his binder, and one of the things you can make out would be -- he is going to be easier to work with, but that is sentiment. wantshe eu ones -- is specific. sentiment does not get the greek economy back running. they need specifics, they did not get them. it looks like they are prepared, based on those sentiments, to give greece a little bit more time. betty: thank you. greek banks may be facing the endgame. they are still shut down. the ecb is tightening the credit keeping them afloat. joe, is the first day on the job for the new greek finance minister, how is he being received back home?

joe: last night, i spoke to a member of the government and asked him what is the idea with yanis varoufakis leaving and the new guy coming in? he basically said it is a show of good faith. he pointed out, showing good theh does not give greece money and needs to pay off his debts. for the first day, he did his job. in the meantime, you are talking a little that about the area around you, i was watching some of the video of people in athens. it seems like life is going on. is pretty normal there. am i wrong? joe: i think you're exactly

right. if you just dropped in, you would not notice much worried sometimes you notice atm lines. they are not ridiculously long. will buy an atm and there is nobody there. even the type of things you would see, they are not that dramatic. stores have been talking about shortages, particularly at the pharmaceutical will -- pharmacies, that is an issue. but in terms of everyday life, you do not see it much. betty: thank you. is one thing that euro zone leaders have made clear, it is up to greece to explain how it will pull itself out of this crisis. here are what some of the leaders had to say earlier today. >> given the situation after the no vote. it is now up to the greek

finance minister. >> it has been rejected by the greek people. what are the proposals on the table? we need good puzzles. >> clear and credible strategy. -- credible last year has been a waste. we need a good discussion in order to avoid the worst, which would be a grexit. >> we are working towards a scenario in which we can reach an agreement. it could be a terrible mistake. we don't want it. the commission does not want it. >> if there is no credible reform package in place. don't acceptely that the commission and its president were declared terrorists by the greek

government side. that is not how one deals in europe. >> we need to restore trust between 19 eurozone democracies. only then can we move forward. >> there is a great sense of urgency, time is very short. and more so as we go on. betty: mark, looking at all the rhetoric that is going on and the comments that you just heard, i hate to make light of it, but it is almost like if there was a case on how not to negotiate. mark: this is probably it. betty: it has been handled so poorly. mark: i'm interested because most of them were saying that you need a substantive proposal when you get to the table. i don't believe that people holding your purse strings take kindly to being described as terrorists.

at some point, it goes from the realm of diplomacy to the realm of personal. that is probably what you do not need at a critical stage in the history of that country. democracy wase formed, where the olympics were born, this is a proud people and heritage and i do not think they need to go through this. betty: i was actually quite surprised when yanis varoufakis said he would wear their loathing with pride. it is not about one single , it is about doing good for your entire country. look at the mess we're in, it is evidence enough. mark: i think the idea is to leave your ego at the door. betty: well said. european union is considering holding of summit on sunday. we will have much more on greece. mark: stay with us.

bloomberg marketing continues in just a moment. ♪

betty: comeback bloomberg market day. mark: it is time for a check of the market. another down day on the global market. >> as well as here. all havedow and nasdaq those from earlier today, afternoon news out of greece. it was down by as much as 217 points, a session low past 1130 mark.

that was the five-month low, still lower for the third part. it matches its longest losing streak in a month. you can see it is taking 15.4% this year as it lowest level since november of 2012. shares fell more than expected because of weak demand for pcs everywhere. revenue is down, the estimate was for 3% fall. bid ins also a hostile the biopharmaceutical center. horizon pharma need a hostile -- made a hostile bid to buy depo med. this is the all-time

high. it is the best day in more than 14 years. about $29.25 a share. in more acquisition news, we had to the gambling in this trade. gaming and leisure properties is a proposal toing buy pinnacle casinos. nickel is up by 6% here. this is an all-time high, it 47.5 share. billion.ue of $5 to take you to tesla. , the worstng 4.4% day since january. it is because deutsche bank cut its rating from baidu hold -- from by to hold.

dominantld be the player going into the future. tesla shares are up 4% of their record high of $291 .42. take a look at my bloomberg terminal. under the function and are, you -- is athat analysts their lowest since august 2014. analysts are becoming slightly more bearish on the big momentum. mark: thank you, so much. let's get a look at the top stories classing -- crossing the bloomberg terminal. in a 16 fighter jet and a small plane have collided in south carolina. collided witht the cessna c 150 around 11:00 a.m. local time. it happened 11 miles north of

charleston. the south carolina senate has given the final approval for a bill to remove the confederate side from the grounds of the capital, 36-3. it sends the bill to the house where it faces a less certain future. republicans met behind closed doors and struggle to meet -- to meetth consensus. hiker is dead and four are dead after a partial collapse of an ice cave in washington state. return tocrews will collect the victims body. authorities say warm temperatures are causing chunks of ice to fall. it park, a popular tourist location, is now closed. and shares of shake shack are , by 30%.oday it is rolling out a new chicken

itswich at some of locations today. morgan stanley calls it a good idea that says it is expensive no matter how you stack it and no matter what sandwich you sell us. still sounds good at lunchtime. the ceo of online brokerage. mark: we talk about a new app for on-demand home tours. ♪

betty: welcome back. real estateonomy technology? there are genetic changes going on in the residential real estate technology. mark: homes sold at the fastest pace in two years. san francisco, up 25% from last

year. francisco --om san joining us from san francisco, cory johnson. cory: think about that. it is an incredible number. median price over $1 million in san francisco. glenn kelman: holy cow, i don't know how you afford to live here. cory: about my house a long time ago. this happening in new york, boston, san francisco. we also see the pace of sales increasing. glenn kelman: that is true. the market is so hot, there are not enough houses. and the second thing is the iphone, you get an alert, you can make a bid.

the pace of the market has changed from a couple of days to a couple of hours, really fast sale. i do see this as somewhat technological. thealk about just like in stock market with price discovery, we have price discovery did you can see were the prices are in the neighborhood where they're having a sale this week. that kelman: and with comes price volatility. because the look and see what a home is worth and can bid on it, you have prices going up and down in ways they never have before. the whole premise of the american dream is that house prices go up 2% a year, it is a stable investment that the average american can understand, historically. now the volatility on the housing market is greater than the volatility in the stock market. the stock market is something that traditional americans have

really been afraid to invest in. now they're getting wary about what is happening on the real estate market. cory: you launched a product to day. it is interesting, it reflects uber or like the opentable of houses. it let someone who does not have book aal estate agent time to see a house. glenn kelman: you don't want to feel like you have to get married to a real estate agent just to see a house. we want to take every listing in america and make it available 24/7. we have to work on a, we are real estate brokerage and we have to hire real estate agents so we know when we can get someone to show you a property. glenn kelman, ceo of

redfin. thank you for joining us. housing market here is bonkers and technology is a big part of that. betty: i would take the 25% gain. thank you cory johnson. mark: this is where we tell you that coming up in the next half , an of bloomberg market day interview with the former u.s. ambassador to greece, thomas miller, as debt negotiations resume in brussels. alexis tsipras has dug in his heels so far but greek banks remain closed and they are running out of cash. bloomberg market day continues in just a moment. ♪

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prosecutors say the man accused of killing nine people at a historic black church and trust in, south carolina has been indicted on three new charges of attempted murder. he was arrested last month and charged with nine counts of murder. he also faces a weapons charge. authorities have not said whether or not they will pursue hate charges against him. jon corzine and other former officials will face $64.5 settle an investor lawsuit. mf global filed for bankruptcy in october 2011 after that on bonds in some of europe's most indebted nations. millions were transferred to other parts of mf global during a liquidity crisis. the lawsuit settlement will need a judge's approval. foreigners are headed for the

exits, foreign investors are selling shanghai shares at a record pace. china, is happening in it is an economy killing large parts of the world and that is what you have rippling through the market, the nikkei suffrage. tradersd to trigger interest in getting in and out of positions. is gone nearly 27% since hitting a seven-year high on june 12. carnival is planning on offering cubaes from miami to beginning in may, making it the first american cruise company to nation in mored than five decades. it is being offered through the new brand fathom. passenger sale to a destination to volunteer. >> it is the first time that a ship will be able to go from

u.s. to cuba and then to return and repeat the process. we feel privileged to receive the u.s. licenses and are excited to work with the cubans to major that we do everything possible. the weeklong cruises will not be cheap. they start at $3000 a person. space x isaid that trying to put down the events that led to the falcon nine rocket disintegrating's shortly after launch from cape canaveral florida last month. we went to spend as much time reviewing the data with nasa and the faa and seeing what feedback everyone has based on their prior experience, to see if we can get to what the root cause was. it marks the third failure

of a delivery to the space station. they have adequate supplies to last until october. ups group tohosen manage its ipo in new york later this year. j.p. morgan chase and goldman sachs are also due to play a role. is spinning off ferrari to help an investment program focusing on expanding the jeep, maserati brands globally. coming up in the next half hour, alex rodriguez has led on the all-star team, was he snubbed for his history of steroid use? and we had to the front lines of the conflict between saudi arabia and yemen.

a bear market, but rebounds in the market today. can it overcome? is the the reason dragging out of negotiations between the greeks and europe. one person with almost no confidence that a deal is a hand he joins meller, from washington. mr. ambassador, welcome back to the broadcast. always good to see you. is this about finding a solution or political -- politics? thomas miller: i think it is both. i don't think a solution is going to be found in the next 24 hours. i think the expectation has been one of recklessness, that there would be a solution very soon. both sides are engaging in

thetical -- politics and stakes are huge. mark: the european commission president said that any solution reached by the eurozone's 19 leaders must in his words store order to the situation. is that even possible without undertaking serious structural returns -- reforms to stop the bleeding? thomas miller: i think you can restore order and ultimately you have got to have serious structural reforms or at least an agreement. it will take years to carry it out. right now, the ingredients for agreement are definitely there. it takes two to tango and thus far you have not seen that. mark: is greece's place at stake in the eurozone? or is that crisis being

overblown. ? thomas miller: it is at stake. we are in uncharted waters at this. there are no provisions for kicking a country out of the eurozone. it was never envisioned at a country would leave the eurozone. clearly, what is going on, the most immediate thing is that the status of the greek banking system, where the banks are closed, atms are running out of money, there has to be a resolution in the next couple of days or literally the financial system of greece will freeze up. mark: is germany being inflexible? again,miller: i think, if you're going to have a solution, which is doable, it takes flexibility on all sides and i think one could argue that there needs to be a greater flexibility was on the greek side and the european side. mark: if you days ago, you and i

spoke about this same subject and i asked about the austerity measures. is it time to ease those measures? in the time for the international community, the creditors to insist on stimulative measures for the greek economy? thomas miller: our own experience and the experience of other countries indicates that when you are in a severe crisis as greek has been in for the last six years, it does help. hazard.lem is the moral a number of european countries have gone through similar austerity measures and they seem to have come out of it or are coming out of it. exception for greece, what is that saying to others? mark: ambassador miller, the greek people have been celebrating in the streets since the no vote. premature?bration

do creditors care about the vote or are they fed up at this point? i sense is more the latter. they are more set up. let democracy -- democracy should rule, but all these other countries were also democracies, they would argue this is their taxpayer money that is going to bail out the greeks. the fact of the matter is, there has to be a resolution for all sides. mark: spain and italy, their economies are bigger than that of greece. leaders there have something to be concerned about? will the people there vote in referendum or some other farm and stay we went to -- in referenda or some other for them ant to rework our

debt too? thomas miller: if germany gives into the kind of pressure that the referendum and other measures greeks have taken, if the given into this, it will be -- a sign. a very reals concern of the leadership. again, there said that we have gone through it already and why should we cut greece' slack? have always a privilege to you on the broadcast. thank you for your time. stocks, ad, european correction as greece steps closer to the edge. that story is next. ♪

mark: welcome back. let's go straight to check of the markets. julie hyman is standing by with details. julie: it has been an interesting session, to say the least. wild swings in the major averages. the s&p has paired its declines to a 10th of 1%. before, it was trading to a four-month low. the nasdaq still in the red, the way off the lows. telestrate this more sharply, let's take a look at the dow intraday. we were down as much as 218 points before coming back.

about the day, there has not been necessarily any sharp catalysts. perhaps glimmers of hope's on the greek front with negotiations there, but nothing concrete in terms of progress. with concerns over china. the concerns, the dallas now down about 2/10 of 1%. look at theke a bloomberg terminal at the 200 day moving average. earlier today, as we fall to as low as 2044 on the s&p, we fell below the 200 day moving average. there was concern, would be bounce off that level or without accelerate. for now, we have bounced off. we have several hours to go within the session. the round-tripat we have taken throughout the day. copper was down as much as 6%.

are now off by three point 3%, chinese concerns in particular have been weighing on copper. if you look at copper stocks, they have paired declines. materials earlier with the 500.t drag on the s&p you're looking at the large cap in china. finally, a quick check of oil, which fell as much as 3.7%, it was down 7% yesterday. briefly, it turned positive after the big drop we saw earlier today. 1%.it is down less than a third of the decline we saw earlier. an interesting round-trip kind of day, even if the major averages remain in the red. mark: thank you. now let's take a look at the european market close. mark has details from london.

declines, days of stocks of hundred the lowest since february as investors turned their attention to brussels once again. inthe way, stoxx 600 is not corrections territory. it all happened on monday, no trading monday, tuesday or wednesday. we know that for sure. these are the biggest movers across europe equity markets. on tuesday, down by 8%. to cut 6000 jobs and reduce its fleet of oil service ships. axel springer up by two points, 3% today. the german news to republish or is in talks to combine with a broadcaster to strengthen their push into digital media, according to people familiar

with the matter. maker, falling 5% today. jpmorgan today, caught the stock from underway to neutral. six pounds 40. i will leave you with this, all the sections declining on the stoxx 600. it tells you everything you need to know about sentiment here. mark: at wimbledon, the top seed on the men's side completed his stunning comeback from down from two sets. by match was suspended darkness yesterday after he evened things up at two sets each. maria sharapova is back for the first time since reaching the championship match in 2011. she still beat coco band away of

the u.s. mayweather one the $500 million fight, now he has been stripped of the title because he did not pay wbo its $200,000 fee. mayweather has two weeks to appeal. there is one report he earned $300 million in the last year. thecom has reported that new york giants have withdrawn a $60 million contract offer after the defensive end suffered a hand injury after lighting fireworks on the fourth of july. nfl.com says that he was not planning to accept the contract offer because of the timing of , and the judgment he displayed, the giants believe a long-term deal is no longer

appropriate. that is according to nfl.com, citing three unidentified sources with knowledge of the situation. that is a look at the top stories we're following this hour. the annual baseball all-star game is set to take place next tuesday at the great american ballpark in cincinnati, ohio. the national and all-american lethal duke it out for home field advantage in the world series. one notable absence, alex rodriguez. he posted a 284 batting average, 16 home runs, but was suspended for last season. .carlet fu joins me of course this is payback. scarlet: of course, but you are the one person to call him alex instead of a-rod. a huge comeback story for alex rodriguez

professionally, considering he was suspended last season. it was debatable he had a night 02 -- it was debatable. he had a 902. the one thing he's not have in his favor, the royals manager was more concerned about and teaml balance representation when he picked his lineup and did not see the need for a dh. mark: the diplomacy aspect of this is, yes, he did not see the need for a designated hitter. since the game is in cincinnati, they will use national league rules, they will not need a dh. that being said, i believe this is payback. scarlet: he is finally learned how to make benign comments to the press. he released a statement saying his number one goal is to help the inky's win at championship -- the yankees win a

championship. it would have been an honor to represent. he will have a good time cheering on the guys. we will continue the conversation on greece. we'll stick with other former ambassador -- we will talk with another former ambassador to greece. oil prices is taking everyone by surprise. mark: see you in a few minutes. still ahead, we take a look at how one of the best armed forces in the middle east a be one of the most poorly prepared for military combat. ♪

mark: the united nations says the conflict between saudi arabia and yemen has lamed more

than 3000 lives, half of them civilians. according to yemen the saudi airstrike killed more than 120 people. although expensive firepower is made by -- miller: displays of religious wealth, andrivaled rapid development are everywhere. there is little indication that this is a nation of war. for that, you must look south. for months, saudi bombardment civilians.rne by it is not really affect us at all.

we do not even feel that there is a war nearby. miller: he says that this tribal militia provides a second line of defense. government generosity has developed strong saudi nationalism. >> all of our jobs are from the government. miller: how important is it? tribe serves in the army. miller: while citizen motion members feel safe on the feel theal military threat. >> this is what they are trained to do, to protect the border, look after the border. miller: he insists the border is secure. effects like this one will not frighten saudi forces. are trained and

equipped, they have everything they need and have shown through the years that they are willing to die defending the border of this country. they are surprised by how they have proved themselves quite resilient. that they areact taking casualties, the fact that the engagements are happening at all. miller: he says that the saudis are over. prepared. thehey cannot match flexibility, ability to hunker down in the mountains, function in small units. radios crackled with

incoming reports of rockets. shortal training was in supply, equipment in disrepair. despite billions of dollars spent on american weaponry that made this the best armed in the region, the country is projected to buy a arresting metal fence and if you battered pickup trucks. while saudi airborne aggression consumes considerable gas reserves, the rebels have resilient, causing this bloody stalemate to continue. mark: reporting from the saudi-yemen border. ♪

mark: it is 11:00 a.m. in san francisco and 9:00 p.m. in athens. greece is promising to put its economic proposals and writing. --ela merkel won't

scarlet: a bear market as concerns remain. wealthy russian car enthusiasts are going to great lengths to get their hands on a tesla, sending a message to elon musk saying bring us your iphones -- mark: good afternoon from bloomberg world headquarters in new york, i'm mark crumpton, here with scarlet fu. the story is still the same, it's all about greece. scarlet: what's happening in the markets -- we've made this complete round-trip. the s&p 500 little changed, off