is the bloomberg market day. scarlet: good afternoon, everyone. i'm scarlet fu here with alix steel. we just got word that the new york stock exchange will be reopening around 3:10 p.m. today. in the meantime, you can see the s&p the load of the session. and we are seeing a selloff, but it feels very orderly. scarlet: and there are plenty of reasons to be bearish. if you look at what happened overseas in china, the document it meltdown continued there. mention, everyone is keeping an eye on what is happening in greece. no new progress, and the deadline is extended until the

weekend. monday would be presumably when we see the real impact on global markets. of where weeaking are not seeing panic, you have to look at the euro-dollar. the euro is up versus 1.10. bostitch of amherst pinpoint securities said no big deal. bob finch of amherst pinpoint securities said no big deal. celebrating qe because of uncertainty in greece. the federal reserve is a little bit concerned about growth in the second half. certainly they were concerned about the first half of growth and what impact that were have on spending. china, andooking at greece, to macro factors they actually did can utter. the dollar is lower -- they did consider. the dollar is lower on the day.

we will keep you updated on when we get the new york stock exchange to reopen. it should be in just a few minutes time. in the meantime, let's take a look at stories that are making headlines. the fomc released its june meeting minutes. policymakers are looking toward an interest rate increase. however they did express concerns about weak consumer spending and china and greece. global markets have been shaken by the rising risk of the greek exit from the euro and a route in chinese stocks. scarlet: earlier today, the imf reiterated its views that it should hold off on raising interest rate until next year. that came as part of the annual assessment of the economy. the imf held to its forecast that the economy will grow three -- 2% this year and 3% next year. alix: corporate executives and directors were banned from

selling stakes in companies for six months. this came after the shanghai composite fell again today, down more than 30% since june 12. that is a more than $3 trillion market drop for investors. much of the money is borrowed. .1% growth, they seem happy with it. easy anti-corruption reforms moving ahead as planned. pretty much everything the government is doing has been not necessarily according to grand plan, but certainly feels comfortable and decisive. alix: the chinese government has taken steps to prop up small stock and at one point, sellers were locked out of 71% of the market. continue, investors selling at a record pace. can you imagine if that happened here? scarlet: everyone just suspended shares because they did not want to see their share price fall

any further. alix: unreal. scarlet: greece has asked for a bailout and in return the country promises to implement reforms to taxes and pensions starting next week. it comes a day after leaders imposed a deadline. they told greece to accept a rescue plan by sunday or risk being kicked out of the euro. the european parliamentary minister promised to deliver. we in the next two days promise to bring forward concrete proposals and i am confident that we will be able of the the obligations investment in greece and of the eurozone. the bank haswhile, extended holiday through friday. alix: barclays chairman john macfarlane is shaking up the bank after three months on the job. antony jenkins is out as ceo. he cut thousands of jobs and

sold assets. but barclays said new leadership is needed for the overhaul. considering how we might bring forward the -- wegy, we realize it realized we needed a different person to do it, some of can turn things around. productivity, and a leaner, more agile beast. and much more personal accountability within the organization. alix: macfarlane will take over as executive chairman while they look for a new ceo and he's promising to make more cost cuts. scarlet: microsoft is wiping out the value of a business they just 14 months ago. they will eliminate up to 7800 employees and take a charge on unit.kia mobile phone about one third of those cuts will happen in europe where nokia is based. jpmorgan is settling state

and federal investigations into credit card debt collections abuses. the bank had agreed to pay about $136 million and will also change it collection tactics. pursued theegedly wrong borrowers, seeking incorrect amounts. scarlet: and a real-life action and skiing., judo, may go fornt putin something more sedate. he said he may start practicing yoga if his schedule allows for it. met at a summit in russia and it was love at first sight. alix: you cannot make that stuff up. scarlet: that is a look at the top stories for this wednesday. alix: we do want to go over to julie hyman, who is monitoring what is happening at the nyse.

give us the latest. julie: they should open any moment now. the new york stock exchange has , thathat it's nyse mkt is, the market exchange, will open at 3:05 p.m. it is a small portion of the overall market. the time we are really looking p.m. for when3:10 the overall nyse floor is set to open again. we've been talking a lot about the repercussions of shutting down and why it happened. there are still many questions unanswered about why this did happen. there was talk about maybe some sort of software upgrade that went wrong and cause the glitch to take down the entire nyse for the day.

are looking for, theimportant part is auction. exchange comes at the open and then at the close. it looks -- the bulk of the exchange comes at the open and then at the close. it looks like we could have a normal day in that. -- in that respect. a negative had effect on volume today from disclosure. which i will get more into in a few moments after the break. but we are waiting to see if this does, indeed open up smoothly, as is scheduled. scarlet: and in the context of what you've been reporting in the -- on all day long, and by the way great job, this halt began at 11:32 a.m. and will go down as the biggest interruption to u.s. stock trading in two years. the last time we had something

comparable was when nasdaq halted trading in august of 2013. that was not the case this time around, because 20 of s&p 500 companies that are listed on the nyse trade on other platforms. we saw trading in those shares without other options. alix: and 11 other exchanges -- i mean, i did not know exactly how many there were. and there are 50 private venues like dark pools. in essence, you can get so many more done -- so much more done and there are so many more that can do that. nyseet: the function the which is obviously largely was not, but the market tampered with in any way. mamudi here atm bloomberg news, it is a broader marketplace. alix: and as you pair down

operations, i mean, if you go there, -- pare down operations to mining, if you go there, -- scarlet: there is more media than traders. alix: entirely true. do you want to keep any kind of tokstop or contingency plan deal with situations like this when they arise? scarlet: and it is now 3:10 p.m. and the nyse was looking to reopen at 3:10 p.m. we do not have any indication that has happened just yet. the bulk of the volume is right at the end, sometimes 3:59 p.m. and 30 seconds. it is right around its 200 day moving average, which it sunk below before. scarlet: and we just got word

that the nyse has resumed trading after being halted since 11:32 a.m. ice shares,king at because it is the owner of nyse. 2.2% at $222 per share. matt miller, who has been covering this story all day and has spent quite a bit of time on board hasof the big been monitoring this and there was a lot of tension earlier on about how they would get a lothing done in time -- of discussion earlier about how they would get everything done in time for the close. matt: right, there was discussion of whether they would get it all done for each exchange. it would take two or three minutes for each one. it would have taken a couple of hours. now they will just go through each one.dually open you've got barclays there on your left. these guys do this every

morning. they do this every close. they will do it very quickly. it will only take a couple of minutes. they could have left it if they wanted to until 3:50 p.m., 3:55 p.m., and still have made the close. 4:00hey could trade after if they wanted to. they will have the stocks opened in about five minutes, i would say. alix: is there any kind of lined up that the stock exchange will do over the next hour or so? what kind of orders should we see? matt: they are monitoring all the time from a small platform between what is this room and the garage. they will have more of the governors on the floor actively watching and talking to the specialists and running between the operations ranked in the posts. there are monitoring all the time. obviously it was a technical --

they are monitoring all the time and obviously, it was a technical glitch. will there be a fallout for stocks? look, you're only down 209 points. alix: we are actually off the lows of the session. scarlet: it was very orderly all day. matt: the question as far as fallout, what happens to the new york stock exchange, the business question mark what happens to ice? scarlet: the owner. matt: exactly, because people will automatically look to other venues. alix: but people are looking to every venue. it is not just an nyse issue or just nice issue. matt: there have been technical issues -- or just an ice issue. matt: there have been technical issues before. you have not seen giant price swings in this instance, at

least i haven't and i been monitoring a fairly closely. with nasdaq, a couple of separate issues with the facebook open. the ipo was doubly the biggest glitch. but also, some real price discrepancies. in this case, you haven't had any real price discrepancies. stock that is what the exchange has always prided itself on. they will take a look, we will have our issues. the goal is to keep price stability and orders routed to every related exchange. there are number of brokers down there. we are know can equal kari, jon --kenny polcari, jon corpina, and others. these twoen writing that -- routing these to them. we want to go to julie

hyman now, who is taking a look at the market reaction. let's go through it. let's start with the major averages and see how they are trading at this moment. it has been pretty steady. maybe we are off the very lows of the session, but 1.5% of the nasdaq is down off the highs of the session. trading existed separately. we've all been talking about the nyseoday, but -- the today, but this has still been going on. take a look at the most important graphic you have to look at today. it is mvs on your bloomberg to grow -- terminal. this is market share for trading volume in june. here is the nyse, the red piece of the pie. 13% is it. electronic part of the nyse.

that is all a close today. and the green portion here is all of the dark pools and the things that are less transparent than the public exchanges. but again, you get the idea that the nyse is important, but all of this stuff still goes on even when the nyse is closed. and this is what scarlet was looking at earlier, the volume in the s&p 500. at,s is something calledav which is volume at the same time . it is comparable every day. if you look at the 10 day average, it is about percent above the 10 day average throughout the day, -- it is about 4% above the 10 day average throughout the day, even as the nyse was closed. right now, we have seen a bit of a surge in volume since the nyse [. again, we didn't see a

detrimental -- since the nyse opened up. again, we didn't see a differential effect. we did see a decline in the stock today and we saw it take a leg lower. it is down about 2% right now and and flow of the session, but it is not a huge move. we seeing aell, are list for the competing exchange as the nyse go down -- goes down? no, this is not a situation where the nasdaq is seen as having a competitive advantage as the nyse stock exchange shutdowns -- as the new york stock exchange shuts down. alix: thanks so much, julie. coming up next, we will hear from legendary investor bill miller. ♪

scarlet: welcome back. i'm scarlet fu. alix: and i'm alix steel. scarlet: i jumped into your introduction. alix: european leaders are pointing greece to the exit door. the european union is breaking dramatically with years of denial about the possibility of breaking of the union. hans nichols joins us. can you give us the latest? i know it is late there, but have there been any development?hans : there have. angela merkel says things do not look good on greece. these are the first public comments we've had since the other night when things broke up. no optimism from merkel.

what greeted today was formally send their letter to the european stability mechanism, basically a bailout fund. they have asked for a three-year program and have promised to make some changes on tax reform, take a look at pension construction -- they didn't actually say pension reform. and they have also talked about having a longer term opportunity for long-term debt restructuring. that has always been a no-go area for the germans. the ecb in a closed-door conference call has decided to keep emergency liquidity assistance at the same level, so they didn't shut it off. it is just south of 89 billion euros. screws ont turn the greece, but they are also not giving any breathing room. and that on lagarde said any -- eatter lagarde said -- madam

lagarde said any investment will have to come with conditions. we just spoke with bill miller about the new york stock exchange glitch, greece, and a lot more. hey, olivia. olivia: the rest of the world might be falling apart, and greece appears to be falling out of the euro. the people here are pretty much chilling. media moguls from all over the world. titans of finance and fashion. with the act -- sit down bill miller of legg mason. here's what he had to say. bill: i think it is the panic of a broader -- symptomatic of a broader problem. from what i understand him the government is saying it is a coincidence that the united

airlines and wall street journal and nyse are down within an hour of each other. olivia: but you are suspect. don't know. it is a coincidence, i guess. olivia: it is an incredible coincidence. how closely are you watching the situation in greece? does it have any impact on your strategy? bill: i'm watching it closely. he doesn't have any impact right now. i'm also watching china. there is a debate this morning at one of the sessions and ofple have all kinds different views on it. my personal take is that from germany's standpoint, greece is not really an issue. from germany's standpoint, if greece is able to extract concessions from a radical government, then that means there will be incentive for spain and italy and other a radicalto elect

government. that is what germany wants to avoid. i think they will take the audit -- the odds in favor of a managed greek exit with humanitarian aid. but i think they will have to block that. anvia: it has been incredible week, for sure. we saw fed members say they are wary of what is happening abroad both in china and greece. do you think what is going on will be enough to delay a september rate hike? bill: it depends. sensitivity toof the consequences of rates going up too quickly. but from the fed standpoint, they always take the overseas situation into account. they will do what is best for the economy, all things considered. many banks are delaying the scenario, is that enough to delay a rate hike? bill: no.

olivia: how about what is going on with alibaba and others? bill: small positions. olivia: small positions for you. what about what happened today? 70% of chinese stocks are not trading and i do think evil are concerned about the money being lost. -- and i do think people are concerned about the money being lost. the problem is, most people were not invested when it was just getting up. they were invested when it was up 50% or 80% or 100%. the losses are likely to be substantial and that will have chineset on the economy. it will have an effect on commodity prices. the chineseween economy and the u.s. stock market doesn't really exist in the long run, but in the short run it can happen effect. olivia: and he also does have

sizable positions in alibaba and j.d..com, but he said he's not worried about what impact volatility will have on those positions. he says it correlates to what happens to amazon to alibaba and others. whatet: alix: -- scarlet: else does he own? olivia: for example, he owns chrysler and others and he said he's looking forward to talking with john elgin about why he thinks a merger between those two companies is a good idea. alix: olivia, we've got to go. scarlet, i will see you later. we will be right back. ♪

alix: welcome back. the nyse has just resumed ago.ng about 20 minutes

we do want to look at where markets are trading. by 1.5's selloff percent, but we are slightly off the lows of the session. 1.5%, s&p is still off by but we are slightly off the lows of the session. the nasdaq is somewhat unaffected by the nyse being shut down, down almost 2%. diplomats in the nsa they are closer than ever to a deal on iran's nuclear program. it after extending the deadline for negotiations to friday, they are still at odds on several key points. frustrations have boiled over into decidedly undiplomatic confrontations. in one instance, john kerry and his iranian counterpart could be heard shouting in a nearby room. iran once the arms embargo lifted -- once the embargo lifted and there is disagreement

about what happened in the deal. lawmaker said the odds of a deal are less than 50-50. the obama administration plans to interest rules to integrate neighborhoods. the measures introduced by julian castro are aimed at fulfilling the 1968 fair housing act. they include guiding -- guidance andities about housing integration patterns. in south carolina, the statehouse has in debating whether to remove the confederate flag from statehouse grounds. if members of the house back the senate bill, governor nikki haley could sign it into law before the end of the week. meanwhile, there is related action at the federal level. banu.s. house has voted to the flag at certain places in the historic deep south. pope speaks to congress

in september, it will be on thest on jumbotrons national mall. house speaker john boehner says he wants to speak to them after his speech on september 24. it marks the first time the pope will speak to congress. he will also meet with president obama and other leaders in new york. a big shakeup at barclays. chief executive antony jenkins was ousted after three years at the helm. chairman john mcfarland will replace him as they look for -- john macfarlane will replace him as they look for another ceo. : it was essentially a recovery position. and of course, we have the management crisis about three years ago when bob left. anthony was given this terrible role to do, a very difficult job

, and he has come through that quite well. the company is in a better position and they live. but the problem is -- and it is stabilized. but the problem is, going forward we have a different agenda. if you look at the selling price where it is now, it is the same as six years ago. something set to move. when we reinforce the strategy at the off-site meeting, considering how we might bring forward the execution of that, we realized we needed a different sort of person to do it, someone who can bring more revenue growth, more productivity. agiled a leaner and more -- agile beast. the company is very bureaucratic. jon: you mentioned the share prices were up around 40% when

he was fired. macfarlane: he was very professional in the way he did it. statementn see in the he made how mature he is. anyone in this position would find it difficult. alix: mcfarlane will take over as executive chairman while he looks for a replacement ceo and he promises to make more cost cuts. compositeark shanghai is lower. my guest joins me from newport each, california. erik schatzker is working a long day and with us as well. bill, i want to start with the nook stock exchange halting -- the new york stock exchange halting trading today. what does the day about the move average on thee 10 day? --bill: i'm not

sure it tells me much. it is higher obviously because whate and china, but happened on the exchange date with the exchange. how about that? erik: if you don't mind, i would like to get to china and while youth system interesting things in response to my question about chinese stocks, we did not get down to the matter of whether you follow through on the on the third about the shenzhen being shorted. did you follow through? bill: we haven't shorted the exchange. there are other ways to do it, 3gs and so on.

-- through etf's and so on. but as has been pointed out, shorting the exchange with 60% is a% of the stock frozen dangerous and delicate thing. what we did do and have done is take advantage of other markets ,hat would be affected by china by the u.s. stock market, by commodity markets, by currency markets that are liquid and fluid. they can take advantage of it up or down relative to the price. otherstitutions and for it can be a very illiquid and dangerous type of instrument versus individuals. you like getting into more detail about the positions you took with markets be affected would by chinese stocks? bill: the best way is simply too

, the the u.s. stock market standard & poor's stock market, because the united states is correlated financially .conomically to the extent there is a innificant problem in china, their stock market, you would expect that to be reflected in the united states. that is one particular example. another example would be in commodities. oil is an illiquid market. oil and other commodities are affected by a potential chinese slowdown, so those areas as well. and currencies, you know, you want to find a strong currency. the most part, but not today against the euro. legthat again, is another relative to the short-term trend

in china. to say that we have not taken advantage of it is not true. erik: oh, i'm not. bill: i know you're not, but -- erik: some might. within the shanghai composite, in the pasted 30% month. have you been able to make similar trade with a little bit of leverage added? bill: very few traits have done 30% either up or down -- very few trades have done very percent either up or down, so i would have to say no. something like 4% or 5% on the annual return. it is a very conservative fund. to suggest that it has gone up by half a percent or 1% when commodity markets have all plunged in price. unconstrained takes advantage of

potential situations reflected in the chinese stock market where you can work it to your advantage in a mild and conservative way. alix: you mentioned the commodity market specifically, oil or iron, how are you shorting them? bill: those markets are basically futures markets. the unconstrained fund deals significantly in derivatives and future markets. unconstrained means just that, can useing environment stock futures, can use currency futures to his advantage of a situation such as the thigh -- the chinese stock market develops. and i would say the large etf's

in the u.s. reflect the chinese market. they are down 10% today. it will be an interesting night for china and for equity markets and currency markets that are unconstrained. erik: the chinese government's effort to come at first i should played out in has many ways, to halt the slide in equitieso make those -- does that make those equities more or less going forward? bill: probably more to the extent that there is not open , then what thee chinese are doing to their market is not constructive. there are massive government supports for global markets everywhere. in china, thailand, japan, as well as here with the fed. that alone should give us pause

as investors that prices are being distorted and you are playing a shell game and being is.d to guess where the pea it is always somewhere else, especially in china where 40% or 50% of the stocks have been closed. i was a those who try to support markets artificially -- and let's be fair, all governments are supporting their markets but eventually there will be problems. we are seeing those markets in greece. we are seeing those problems in china. erik: you have called the best traits of 2015, short bones, and chinese stocks. and yet in both cases you have not in -- you have not embraced them as much as you might have. opportunityen the to short related markets, but not those chinese stocks. would you say to someone who accuses you -- and i'm not doing

it, but i'm filling the role of the individual who accuses you of chickening out of your own traides. no, i'm not chickening out and i expressed that beginning of the interview. an etf in a chinese market stands a potential of being a touid in self -- in itself the extent that 50% or 60% of the shares are now frozen in china. the etf could feel those kinds of effects. like to do and the investment i expressed last liquidas to invest in markets and avoid illiquid markets and take advantage of the illiquidity we are seeing in china. what did i say? i said i was very honest about the chinese double and that it has been popped over the past two or three weeks. to jamison's credit, yes, the

trade has been right on. even though we didn't do the trade. what we did was trading other markets, -- trade in other markets that have reflected positively on the general fund. alix: thank you both for being with us. "chicken" on air. that might be a first for me. erik: bill and i can speak freely. i love the opportunity to talk to him. up, we will look at those are not been hit quite hard. we will be right back. ♪

alix: welcome back. i'm alix steel. time for a look at the markets. it has been quite a day.

minutes before the closing bell. i want to head over to julie hyman. julie: i feel like i should be in a lotus position doing some ohms, trying to recover from the day. -- julie:e are headed as we are headed into the close, one andaq has been down two thirds percent. and the s&p and dow doing their part as well, all the climbing pretty sharply today. bloombergk at the terminal and we have all of the sectors of the s&p in the red. materials following -- following the most, but most of the groups are down more than 1%. it is a pretty broad ways -- broad-based selloff. concerns about china are part of it. and i spoke to a trader at j.p.

morgan that said if there was crisis, this economy would invent one. it suggests there is a lot of anxiety on the part of investors. we keep having events that people are blaming for the client and averages. would blame pretty squarely would be china. alcoa will be coming out with its earnings in less than 15 minutes. it's kicking off the earnings season for us. as you can become a judging from the stock option today, we have seen aluminum prices following -- falling. generally alcoa has been trying to shift toward engineered products from raw aluminum, but nonetheless feeling the pinch. futures continue to be flat by analysts.

copper is falling today. finally, west rock is down about 4% today. also, alix steel, because it is you, i have to point out the move in oil today. oil stocks are down and it is the biggest five-day slump in oil in a most years, down 15%. refineries slipped by 3/10 of 1%. it's not a good sign. turning back to chinese markets, -- isute is continuing to continuing despite government measures to stem the tide. more than 50% of the stocks have been suspended on two major exchanges. emily chang is with us. how does the turmoil affect chinese stock straight -- trade here in the u.s., like with alibaba?

are seeinghina, you millions being right off of company stock, but for a company like alibaba that is listed in the you -- listed in the u.s., also getting hit hard. down about 12% over the past month, down 30% from its peak over the month. one analyst with china market research any he said he thinks those two companies will rebound and that is a blitz for them. blip for them. companiessaster for that are going back to china to be taken private. taken private for much less than they are worth. and companies in china are being the very hit hard. -- are being hit very hard. are falling and once trading resumes, shawn ryan tells me he thinks selloff will

get even eager. some of the -- even bigger. some of the measures the government has implemented to stem the following prices has not been -- have not been working quite well. that means that hundreds of companies, shares of hundreds of companies are being suspended every single day in china. experts are saying it's just the lane -- delaying a possible collect -- correction. is raisingloomberg about $1 billion in private money. it seems a little counterintuitive. emily: right, alix. the enthusiasm for ridesharing is at an all-time high. china biggest rival in raise one point $5 billion in about five days. around $2ately closed

billion and part of that is because uber has grown so quickly in china. they are offering major subsidies to passengers and it moneythem want to pour into this company to help them compete with bloomberg. thank you so much, emily chang. still ahead on bloomberg market day come alcoa earnings are out in just moments. we will take a look at the number one thing you need to know. ♪

alix: alcoa, one of the world largest aluminum makers will be reporting after the close. metal prices are down and there is not much relief on the horizon. joining me to tell me what he thinks of alcoa is ken hoffman.

what is the number one thing you are looking at? ken: there will be a couple of things unfortunately. number one, how is the company dealing with the fall in aluminum prices and premiums? you can that number is falling off the cliff. and number two, alcoa is dealing with a falloff in demand. that will depend mostly on china. seen as will they be surplus of aluminum in the world and how much does china have to do with that? aluminum is up 36% so far this year. at their core, they want to be a value add company. they don't want to deliver the goods in a, but they want to make the stuff. where are they in this transition? taken them a lot longer to transition then i

think investors wanted them to take. a big provider of ina. is called alum they are moving slower than what investors want. i think a lot of investors have pushing the company to move up the life changing and it has taken longer than they would have thought. china is not using with their producing and they're the ones creating this global surplus. what are we hearing from alcoa? ken: china is not only out there sipping a lot of aluminum, but they've been building these electricity plants. they need somebody to take a lot of the load. taking at aluminum since they don't need it and shipping it overseas.

now they are taking the value added aluminum and shipping it overseas. it will be interesting to see what goes on with the aluminum markets and how it is impacting the global business model. thank you so much for joining us on the look ahead. coming up on "what did you miss" --a lot. we will have the three most important charts you need to know as well as what happened with the new york stock exchange and get strategies and opinions on whether it even matters. we will be right back. ♪

alix: where moments away from the closing bell. .> i am in for joe weisenthal

alix: there it is. what a day. yorklosing bell at the new stock exchange is working. stocks tumbling today. concerns with china and greece dampening economic growth. york stock exchange for our freeze, the biggest interruption. keep plunging. not as scary as you think. alcoa gets ready to report earnings at any moment. we have to talk about stocks. below its0 closing two day moving average.