-- 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 by one point.

200.er, it dipped below it rebounded shortly thereafter. as 217 fell as much points. the third straight day of losses for u.s. stocks. if you look at commodities, falling to a 13 year low. big losses for nymex crude, below $52 a barrel. gold futures not getting much of -- theome off by 1.2% euro losing eight -- .8%. 19.16,er at its low of but down by 1%. mark: greece has to your clear of an immediate collision with creditors by promising to put its economic proposals in writing.

this as the german chancellor, angela merkel warns the country is only a few days away from reaching a deal. alexis tsipras needs to persuade creditors to throw his country lifeline so it can stay in the euro. greek officials say he spoke with president obama by phone today and briefed him on the latest proposal. the economic commissioner says that is exactly what everyone is waiting for. the commissioner is available if greece a program asks for it. it's up to the greek prime to give good proposals to say where he wants to go. mark: greek banks are bleeding cash. they had been closed for seven business days. scarlet: in the middle east, negotiations over iran's nuclear program have been extended again. the state department says

current interim nuclear arrangement extended through july 10. er global powers want to stop the country from building nuclear weapons. mark: the trust and church shooting suspect is facing new charges. he is charged with three counts of intent and murder. -- the charleston shooting suspect is facing new charges. among the victims was the church's pastor. scarlet: the state senate in south carolina has given final approval to a bill to remove the confederate flag from the guns -- grounds of the capital. it will face a lesser and future in the house. republicans met behind closed doors on monday. the senate bill would remove the confederate flag flying in front of the state house. ferreri has chosen ubs to manage its ipo in new york later this year. j.p. morgan chase and goldman sachs will also play a role in

selling 10% of ferreri shares. -- chrysler is spinning off yet chrysler is spinning off -- fiat chrysler is spinning off ferrari. alibaba scherzer slumping touching a record low earlier today as investors flee from all things china. -- shares of alibaba slumping today. composite has fallen for the fourth time in as efforts have failed to stop a selling spree by retail investors. jon corzine and other officials will pay $64.5 million to settle an investor lawsuit. they filed for bankruptcy in october of 2011. after a $6.3 billion bet on bonds of some of europe's most indebted nations.

customers allege more than $1.6 billion of that should have been segregated, was transferred to other parts of mf global during a liquidity crisis. a surprise in the labor market -- job openings rose in may to the highest level on record to more than 5.3 million. the second month that opening succeeded hiring -- exceeded hiring. mark: dick fuld is putting his estate in sun valley up for auction next month. the property includes more than 71 secluded acres with 2100 feet of big wood river frontage. a main house with service quarters, separate guesthouse and a gatehouse with 11 bedrooms and 10 bathrooms. living in this kind of secluded style will not come cheap. as estate will bring as much

$50 million. scarlet: coming up in the next half hour, oil heading towards a bear market as concern grows over economic stability in europe and china. too much supply in the u.s. how low it could go. mark: wealthy russians and sending a message to elon musk, bring us your iphone on wheels. russian car enthusiasts are doing everything they can to get their hands on a tesla. finance ministers gather in brussels as creditors from the heat on greece. what a former u.s. ambassador to is.ce says the next step mark: alexis tsipras, prime minister in brussels for the european summit here he needs to persuade leaders to throw his country lifeline so it can stay in the euro. here's the word from finance ministers who attended today's meeting. without reform, the path we

have to go on is not possible. >> given the situation after the need --in greece, we >> it's abundantly clear that the ball is in the court of the greek government. >> it's up to the greek finance minister -- >> the old proposals have been rejected by the great people. what proposals will be on the table? >> credible reforms. >> what we needed to have are the reforms that greece wants to put in place. the reforme proposals, we can move to conclude this as soon as possible. recoveryunately, the we saw last year has been wasted. we need a good discussion in order to avoid the worst. >> it's not our intention -- we are working towards the scenario where we can reach an agreement.

>> the commission does not want if there is no credible reform package in place, and cannot be explored. >> we don't accept at all that the commission and its president were declared terrorists by the greek government side. that is not how one deals in europe. trust between 19 eurozone democracies come only then we will be able to move forward. >> it's not about a few weeks, but a few days. >> there is a great sense of urgency. time is very short. for more on this developing story, let's head to brussels where highs nichols is on the scene. we talked about some of the headlines that angela merkel generated as she walked by

reporters. i have not seen any headlines generated since then. have you heard anything? hans: the meeting is still going on. the floor tos has explain his position come explain what he thought the referendum meant. the big question looming over these talks -- there were no specific plans in writing. the big question is, does alexis tsipras take the political capital that he clearly one in sunday andndum on spend that to sue for peace or deal? get a better if you goes for a better deal, it's clear that not just the germans, but the dutch, the smaller peripheral countries will not abide that -- if he does take political capital and accept a deal that was on the table before coming you could

see some sort of short-term -- the greeks have been clear that they want some funding to get them through july and have a longer program that includes the structural reforms that creditors have been demanding for the last five months. the question no one knows yet and we won't until we see this is,proposal from the greeks is alexis tsipras serious? does he finally mean it this time? there is a great deal of doubt. he will need to convince his partners in private and in public. votes in the parliament. they will not act before the greek parliament us. -- does. mark: you talk about the political capital he has. the creditors he is speaking to, the leaders, the finance ministers, do they even care about that political capital? hans: that is not political

capital he can cash at any european institution or summit. it's the only capital he can cash with his own people, with his own party. and take a deal that even if it looks a bit different, it's a similar deal. that's the only way i see that you can get to a final yes to have all sites involved. there has been no indication from sippers -- from lexus tsipras thatexis he doesn't mean what he's been saying for the last six months and the last six months before that leading up to his election that he doesn't believe in austerity, he doesn't believe in structural reforms and he wants to have more money and a debt write-off so that he can grow his own country in his own way. we know the next step is european finance ministers will be discussing greece's request on a conference call on wednesday. what exactly is the request? another bailout?

request to be able to get a few more days to put the proposal in writing? what is being requested? hans: a request similar to their , it will be caught a fight and put informal language -- in formal language. what it will say in the specifics. will he abide by the 1% overall increase? will he have a 1% decrease in the amount that pensions take from the greek economy? it's currently around 16%. some of the other proposals were 14%. creditors wanted 13%. we can go line by line on what the old blocks were. the proposal was rejected. can you take the 61% yes vote and tweak the proposal a bit and claim victory? no one knows that.

scarlet: thank you very much. taking apart this puzzle and putting it back together again. mark: what exactly is being requested? still ahead, oil has for a bear market as concern grows over economic stability in europe and china. scarlet: how low can it go? ♪

mark: that is a rally in los angeles for the world cup champion u.s. women's soccer team. scarlet: team usa.

they are so excited. they should be. mark: is that hope solo? yes, it is. scarlet: mark crumpton knows his women soccer players. mark: i want to hear what she is saying. >> thank you, guys! most -- have been the scarlet: this is from the staples center in los angeles. usa, world cup champions. mark: wow. if we get any headlines, we will let you know. an interesting market day around the world. scarlet: we need to get to julie hyman for a check on how the latest share prices are reacting because we saw a big selloff earlier and we came right back. julie: we saw it fall by 200 points before coming back.

we are now almost little unchanged on the s&p 500. w down .1%. the do i want to get to the winners today. what has pulled us back from the abyss from earlier? utilities were a big part of it. it yields moving lower in the treasury market. we see that in reverse correlation with treasury yields. a group of utilities leading things higher. consumer staples have held up pretty well. costco and coca-cola are the best presented performers in the index. i want to point out what has been going on with casinos today. poorly have done very thus far this year. mgm and las vegas sands

rebounding after creditors say the worst might be over for maca u. the negatives are well known and the sector is underowned. we've seen a little bit of loosening in terms of chinese regulation. fitbit,o check on shares climbing after it was -- up nearly 5%. ,trong secular fitness trends strong market share of fitbit we learned about and international growth potential and upside. i want to look at how the stock has done since the ipo. it has been an incredible right for fitbit. the ipo was on june 17. the stock has more than doubled since then. we are talking about a more than doubling in less than a month.

there's still a lot of analysts who say it has more to run. scarlet: thank you so much mark: . it's get a check of the volatility we have seen on this day in commodities. scarlet: the bloomberg commodities index fell to a 13 year low today. it has since come back a little bit but has not reclaimed its declines like the stock market has. alix steel is lending is perspective. are these macro headwinds or is issue? supply demand alix: both. there was a technical selling on the downside. it started yesterday with oil. that propelled the rest of the sectors lower today. commodities seems to bottom .

you are dealing with overarching concerns about global growth. greece might not be a big deal in terms of oil but does talk to the growth of europe -- if there is contagion, some kind of concern, will europe be able to grow at .4%? we are seeing global bond yields tell us a different story. we are really concerned about the global growth story. -- chinese stocks have been falling in the government cannot do anything to stop it. the government is pumping money into the system. what happens if it is not arresting the slide? mark: tell us about how the iran talks went for this as well. alix: we have pushed back the deadline to july 10. that is not factored into the market yet. there's a lot of discrepancies to how much will be right away. energy aspects, 500,000 barrels a day.

that is not that much. iran has 40 million barrels in storage. that will hit the market right away. once the sanctions are lifted. that is a huge wildcard. the market has not been enabled to factor that in yet. scarlet: what about on the demand side? demand?at is actual the question is there. what is the actual demand from china? saudi arabia lowered the official selling price of oil to asia last -- yesterday. that usually indicates weaker demand. china has been buying a ton of oil. a lot of that was due to greece filling strategic petroleum reserves. that will affect demand as well. mark: gold touching a 15 week low. lix: td securities said if you

are seeing margin calls, gold can be sold for relief. chinese stocks stopped being sold. over 700 companies you can no longer sell shares -- they have frozen trading. you might tell a commodity and china buys a lot of gold. fears,do have deflation if a falling oil prices and lower bond yields are telling us that we might have more deflation issues coming up, you don't want to own gold mark: who is coming up with you this afternoon? alix: i asked him -- one of the biggest utilities in the united states come asking him what does mark:.k we will see that around 4:00 p.m. new york time.

coming up, wealthy russian car enthusiasts are going to great lengths to get their hands on a tesla. ♪

russiansost 100,000 follow elon musk's social media page but that has left out or seems to be promoting his electric car everywhere but russia. scarlet: the market is not a priority for tesla. they do not sell out your vehicles in russia, which means tesla fans need to go to great lengths and personal expense to own one. one software executive wanted to swap his bmw for a tesla s so badly, not only did he agree to pay double for, he had to buy a and pay $50,000

to clear customs. mark: i don't know what to say to that. do you really want a car that bad? scarlet: if you cannot get one officially, it's a status symbol. the heads of russia's third-largest and largest banks on one. -- own one. you know how to get things done. tesla says they did not provide any warranty or support services in russia. mark: ouch. see you tomorrow. scarlet: lexus of press spoke with president obama earlier about the country's next step. -- alexis tsipras. ♪

to the: welcome back bloomberg market day. i am scarlet fu. let's get you some top stories.

carnival is planning to offer cruises from miami to cuba starting in may. the first american cruise company to visit the island nation in more than five decades. the troops are being offered through the new brand called fathom, which focuses on trips for volunteers. years airst time in 50 ship will be able to go from the u.s. carrying passengers to cuba and to return and repeat the process. feel privileged to have received the west licenses and are excited about working with the cubans to win sure that we do everything possible so we can sell in may of 2015. robert: the weeklong cruises will start at $3000 per person. the u.s. trade deficit got bigger in may. the gap rose 3% to $42 billion. exports declined by the most in three months.

industrial drops in equipment and commercial aircraft. musk says texas trying and strength up and down the events that led to a falcon nine rocket disintegrating. at this point, the only thing that is really clear is that it was some sort of overpressure event in the liquidation tank. and sequence of events, there is still no clear theory that fits with all the data. scarlet: the mishap marked the third failure of a resupply mission to the space station in the past year. donald trump is losing another partner. this time, the pga. it's in the best interest of all not to play this year's pga grand slam at the gulf -- at the

trump national course in los angeles. donald trump called it a mutual decision. trump in hot water for comments he made about mexicans. those are your top stories. hour, up in the next half oil declining for a second day in a row. fall?s behind the the saudi arabia military is battling to protect its border to the south. rebels in yemen continue to charge the underequipped fo rces there. donald trump is not passing a lot of billions to his employees retirement funds. a recent filing shows he is fairly stingy. that and much more coming up in the bloomberg market day. ecb and greek officials meeting

today in brussels to restart negotiations for further assistance to the country. , charles recent joins us from arlington, virginia. it's a waiting game right now. the europeans say they are moments away from reaching a deal. the greeks have made clear that they are opposed to more austerity. what is your read on what happens next? charles: we are really in uncharted territory. the europeans and greeks know each other's positions very well. they've been arguing about what kind of conditionality should be attached for almost six months. they know the positions and the issues. they have to make tough political decisions.

lexus of chris went to his people last sunday and said -- alexis tsipras went to his sunday and the population, 61% said no. it would be quite hard for him to go forward and say i thought it over and i will accept it. that would cause him political problems at home. needs morer hand, he money now than he needed two weeks ago. there has been this seizure of the financial system in greece on top of the provision of more for maturing debt, he has to find ways to recapitalize the banking system or demonstrate to the european central bank that the banking system is solvent and that may ore some additional funds additional flexibility on the part of the european central bank. the problems only get worse. this may be the less chance.

-- last chance. scarlet: you've written before that this is a problem that has been years in the making. , whatambassador to greece do you observe during that time that made what's happening now inevitable? government in march of 2004 was elected on a program that does she wanted to do wanted toform and reduce the size of the state sector in greece. 2005 -- theed, in olympics were in 2004. as he began to bring forward pieces of legislation to do those things, people came out on the streets and demonstrated and through molotov cocktails. was drawing lines in

the sand and opposing the proposals. the government withdrew those and inls, hunkered down its closing years, did not really accomplish all that much. the government that replaced it in 2009 was confronted with the fact that the preceding --ernment had liberally interpretations. when the clear audit was done, it was found that the government deficit was much larger. that began the problems that they have had. they lost market confidence, needed to raise money, the first bailout program was done in 2010. the governance problems in greece, the inability of the government to take tough decisions is part of the problem. of course, that has been the

focus of the european union in holding greece to this tough conditionality. scarlet: the europeans allowed it to happen as well. we have headlines this morning from a greek official that alexis tsipras had a phone call with president obama and presented the greek proposal to obama. of role doest kind the u.s. play in these negotiations? charles: we are a good friend of greece. we've had a long-standing interest in stability in greece. someve been concerned that downward spiral in the relationship between the eu and greece would be a bad thing. it's entirely possible that before taking his proposal to the european summit today, the premised are said to the president, this is what i think

i will propose. this is the most that my government could sell domestically. what do you think? angela merkel and other officials to try to push it forward? i don't know if that's what happened, but it's not beyond the scope of possibility. scarlet: do you think that is a value add? that is likely what happened? charles: yes, i think it's quite likely. the prime and asked her would welcome interest and concern on the part of the united states. to be fair, the europeans would as well. the europeans would look at it the other way. they would see the president as someone who could give honest advice to the greek prime minister to get serious and help

us find a solution, rather than a new political attack -- impasse. scarlet: you were a member of the nafta negotiating team. can greece be out of the euro but still be a member of the european union in free-trade benefits? es.rles: y their only -- there are only 19 members in europe. there are countries with clear opt outs and other countries like bulgaria who have not qualified, have not met the convergence criteria. it's certainly possible that they could be members of the eu while not being members of the euro currency. scarlet: we talked about how the two sides know each other's positions quite well. at the same time, because they'd been going at this for months now, what has each side learned

about the others pressure points? time is running out. angela merkel said it needs to be done in days, not weeks. charles: one can only hope that europeans have learned that they have to offer some light at the end of the tunnel for greece. some sympathy to the idea that greece needs a horizon to shoot at. for the greeks, they have appeals to sympathy were crushing us, some of the references to the europeans and very unfavorable ways have not helped them get to agreement. made political

mistakes. when you are negotiating, you want to help your partner and get to yes. say yes to what it is you want. sometimes, you need to set a favorable political environment. talk about the things you agree about. scarlet: thank you so much, charles reese. joining us from arlington, virginia. coming up, an inside look at saudi arabia's multibillion-dollar military and messy war with human. -- with yemen. ♪

scarlet: welcome back to the bloomberg market day. let's get a check on where

commodities prices settled in new york. alix steel joining me now. we are looking at oil prices. crude oil has been down the last few days. brent crude is actually positive now. alix: unbelievable comeback. very similar to what we saw in the market. -- it looksdown like we had some stock and then a rally and we are trading in the green. td securities was much more pessimistic. we could see 46 in wti. we did not get there. pretty incredible move. you are looking at the bloomberg commodity index, also well off the lows of the session. by 1.5% still down because of a couple commodities that are also declining. up, i want to take a

look at iron ore. in a bear market. and wentelow $50 a ton under the radar. --t's a kind of ugly chart australia has been pumping so much iron ore and sending it to exports. you have inventory starting to build in china. that means the demand is not really there. we could see 40 this year as well. from the current 50. scarlet: what about nickel? is that a china story? alix: it is a global growth story. nickel got completely destroyed. the nickel market was actually very long. you have a long market and a sellout accelerates the

downside. is of global production currently underwater right now on a cash cost basis. the selloff cannot continue that much longer because producers cannot afford to keep pumping and we did see the nickel and a six-year low. pretty ugly. scarlet: i want to end on a decent note. higher.s are alix: the only commodity in the green. lower waste, not a lot of meat on the bone. there is stronger packer demand. slaughtered, there is sold to packers to distribute them to grocery stores and packer demand is rising. a supply and demand story on the upside. scarlet: alix steel will be back

in the next hour to take us through the market close. i want to get you a look at some top stories right now. in los angeles as the u.s. soccer team arrives for a celebratory rally. [applause] [applause] the u.s. defeated japan 5-2 on sunday night. it was only the second ever hat trick in a people world cup final. dubyamayweather won the be a welterweight title in that $500 million fight against manny pacquiao. welterweight title. he has been stripped of that title. he has earned $300 million in the last year. he has enough to pay that fee. -- theurn of mr. burns voice behind several iconic has agreed to rejoin

the fox animated series. he has reportedly inked a poor season deal worth estimated $300,000 an episode after a public contract dispute. he said he was leaving the show in may. those were your top stories. the united nations says the conflict between saudi arabia and yemen has claimed more than 3000 lives. while expensive power power made buy citizens peace of mind, it cannot guarantee military success. arabia'sn saudi largest city, displays of religious devotion, unrivaled wealth and rapid development are everywhere. in the burger joints and shopping malls, little indication that this is a nation of war. for that, you must look south where the brunt of a four months saudi air bombardment has been

borne by yemen civilians. , local the saudi side residents say they see little change to their daily lives. >> the war is close by. we do not even feel there is a were nearby. this tribal militia provides a second line of defense. , strong saudigion nationalism. >> most people here depend on the state. >> how important is the saudi army in this region? >> most of my tribe is in the army. >> while citizen militia members may feel safe on the frontier, real military forces face a serious threat >> it is very dangerous, but this is their job. this is what they are trained to do, to protect the border and look after the border. >> the general insists that

border is secure. after attacks on outposts like this one, they will not frighten saudi forces. >> they are very well trained and equipped. they have everything they need. they have shown that they are willing to die to protect the border of this country. >> they have been surprised by the extent to which the rebels have proved themselves quite resilient and have managed to carry the fight back to the saudi's on the border. they havehe fact that taken casualties, but the fact that those engagements are happening at all. he says the saudi's are poised and prepared for extended crowd campaign. this ground campaign. >> they cannot match saudi firepower or formal training. thesaudi's cannot match rebels flex ability and mobility

and knowledge of terrain. the ability to function in small units. they are fighting two different wars. >> on a recent right along, radios cackle with regular reports of incoming rockets. seems in shortng supply with much of the equipment in this repair. -- disrepair. >> despite the millions -- billions of dollars spent on equipment, here on the southern border, the country's protected by arresting metal fence -- rusting metal fence. the rifle toting rebels have remained resilient. causing this bloody stalemate to continue.

scarlet: coming up on the bloomberg market day, dawn trump -- donald is not so generous on sharing wealth with his employees. his stingy 401(k) plan, next. ♪

-- the: donald trump' trump organization has one of the stingiest for whe 401(k) pl. his match is pretty good. if you contribute 6%, he will kick in 4.5%. the issue is all the hoops you have the jump through to get there. you have to wait until you can participate and the end of the before thear

matching contribution shows up at his money does not become your money until six years after you started working there. >> not fully invested until six years. that is a huge amount of time. thathere other companies are like this or does he stand out? >> 401(k)s are all over the map. some do have some of these features and other plans have all these features. the plan of nbc is much more generous. these plans are really all over the place. it can often be hard to compare. this one is for someone who talks about his success and being the best at everything, this one is middle-of-the-road to lower than middle-of-the-road. >> what about the trump organization? what have they said about this? >> this information comes from federal filings.

for a few years, one of the things they disclosed is that they stopped matching contributions altogether. from march of 2009 through june of 2012, there was no matching contribution. that is something companies do when they are in some sort of financial trouble. some private companies, we don't know what their full books look like. they suspended that match and it took them longer than a lot of others to resume it. scarlet: that was richard in washington's "betty liu -- speaking with betty liu. marco rubio could be finding himself in a similar situation. he made some strong statements about higher education. ♪

scarlet: it is noon in san francisco, 10:00 p.m. in athens. alix: this is bloomberg market day. scarlet: earlier, alexis tsipras

discussed his plans with president obama and is expected to present the details tomorrow. we can't wait. marco is making strong statements about higher education. he says that amounts to a cartel that needs to be broken up. a-ok from the u.s. government to send cruise passengers to cuba. we will hear from the ceo of carnival. good afternoon, everyone. i am scarlet fu, here with alix steel. alix: want to get straight to the unbelievable market we have seen today. you are looking at the s&p actually in the green right now. during the day was really ugly. earliein