an act of desperation. hashtag.rget the juliette: a bit of buying coming back in hong kong. the hang seng following to -- falling to the lows level since 2009 but more buying in the exchanges. you did mention the typhoon. hong kong exchange saying they will close if it gets too close. shanghai composite, down 1%. extending the rout. one of the companies announced a

buyback to stem the route. down 5%. of -- china railway, down 0.5%. seng index,hang more support coming through. securities which felt yesterday doing quite well. coming back up, 63%. shares down by 8.4%. the other big story, iron ore fell below $45. lowest level since 2009. only equities but also

commodities, affecting a number of mining stocks. rio tinto coming under pressure. selloff in new york and australia. let's have a look at the map. down in early trade. nikkei down by 1.3%. it is coming back a little from the big cells earlier but it looks like china is continuing down. down 1.4%. david, digging through the numbers. how is it looking now? david: looking a lot at her. had -- a lot better. but thebetter, distortions in the market. is it a proper functioning market?

we want to focus on the part in blue. between the shenzhen, are unchanged. not all are on hold utmost art. way from making their games to losses. the distortions created when you close half the market. one of the symptoms we saw yesterday, selling across other markets in the region. taiwan, hong kong. japan. also the commodities market. track those prices in the exchange. rubber falling into a bear market. are starting to sell in order to gain liquidity.

they put out a note this morning, china was not included. because of the rapid deterioration, it will be very hard for them to justify including china's shares. that is something to watch. overall, have the market is frozen. half the market is frozen. changing minute by minute. another roller coaster ride. beijing rolling out more measures to try to calm the storm. where better to be then shanghai? that is where steve is. what is the atmosphere like? steve: i guess you can say inflation is benign.

an open door to further ease. they did the trifecta of rate cuts and die posits -- deposits. and the economy stinking the stock markets adding mortality, there was more room. we had a economists saying we should cut 50 or 70 five basis points. inflation is benign. those numbers out in the last hour. as far as policy moves, another directive. directivethis ban or orcompanies from selling adding shares. major shareholders and corporate executives, they have been banned from selling their stock. that is definitely an intervention. investors with stakes exceeding 5% risk they must maintain

their position. they say these moves are intended to guard china's market stability against what they call unreasonable plunge. already, it has ordered a toernment link institutions hold or boost their holdings. now it expands to include private enterprises and foreigners who can own up to 10%. foreigners who own major stakes in chinese companies potentially be banned from selling over six months. that would go against the grain for those companies that want to divest. very interesting. you brought up that vote earlier where mark says, these moves by the government which are reactive, not necessarily proactive, reacted to the falling market. sign ofsts it is a

desperation from the government. it shows they have lost some control. rishaad: thanks for that. more on the story later. you can use the hashtag. our attention to other stories. would you believe there are other stories out there? yvonne. greece, the imf saying they are fully engaged with helping athens. debt restructuring. they insisted they will have credible proposals the for the latest deadline. prime minister alexis tsipras time to present a plan which will include cuts.

greece has never been closer to leaving the currency after six european leaders made it clear this is the last chance. merkel isy chancellor willing to let greece go if the plans are not credible. new york stock exchange, trading grind it to a halt for 3.5 hours wednesday the cause of a computer glitch. it lasted until after 3:00. to route their orders through other exchanges. kpet running but it is not clear what caused the problem. officials have ruled out a cyber breach. they decided to suspend trading when it became clear investors could not rely on the market to provide accurate data. this came two years after the nasdaq was forced to halt trading for three hours.

finally, let's talk about microsoft. they are planning to cut 98,000 jobs. out nearly the entire value of the business which has failed to gain market share. satya nadella is scaling back his mobile ambitions. the extra job cuts, and year after microsoft said they would let 18,000 people go. also less then two weeks after the company announced plans to exit the web display ad business. bloomberg business, the new york stock exchange glitch exposed how complex the u.s. stock market has become. that is on bloomberg.com. also, how turmoil in china stretches beyond its borders. the risks indonesia faces. streak ofngest losing

the year. faced with a possible nuclear accord with iran, is there any chance of a turnaround? ♪

rishaad: let's have a look at what is going on. some of the world news headlines. let's go to shery. of the stories making headlines, president has welcomed his counterpart. saying the nations can overcome difficulties by working together. he will attend a trade sublet -- summit as well as a meeting of the shanghai organization. falling prices have hurt russia's economy and currency.

china is battening down the hatches ahead of a powerful storm. the typhoon is expected to make landfall south of shanghai saturday. the city could be in danger from storm surge. most of shanghai is less than two meters above sea level. out, a typhoon is expected east of japan. president obama is turning pessimistic on a nuclear deal with iran. briefing senate democrats, he repeated he will walk a way from a bad deal. negotiations continue in vienna. the biggest remaining differences are the demands for an immediate lifting of sanctions and agreement on new punishment. market wise, equities,

a bit of a turn up in shanghai. 2.1%. moves quick to the volatility will not go away. hang saying, 20 seconds ago, up 3.4%. we are approaching a 3.9% gain. taking back some of the big losses wednesday. let's take a look at oil. rout and turmoil in jeff, great to see you. what is more important. the turmoil or possible deal with iran? jeff: there are a lot of things going on in the near term. if you look at the movement in the oil market, there has been a large change in expectations.

from the back of the curve. the price expectation through thedropped back of the curve. it is partly driven by iran. saw in the headlines. the expectation the deal will go through and bring anywhere between half $1 million -- 500000 and one million barrels into the market. u.s. production has not been following as much as people thought. it is a combination of those two factors. china in the background, too. ashaad: oversupply is concern.

jeff: you say it is a consensus. is definitely a large range of views. some people think i that end of the year, oil will come over 80. others quite bearish. frankly, oil will continue to bounce. sign -- assign a 30% chance for price drops before .he and of the year we are bearish on oil and where the price will go because of the structural oversupply. we had oil over $100 a barrel, that changed the dynamic.

did that change the industry? had a large structural change. you look at demand growth, it kept shrinking. a lot of attention and headlines around the supply side. u.s. production took off. million barrels a day. the market was telling us oil over $100 a barrel was unsustainable. agreednow, the saudis with the market. they said, let's bring the price down and find a new equilibrium. we think they were right. proposed of projects that did not look viable. bears --ted on $90 barrels or hundred dollar barrels. that world has changed. we will find a new equilibrium.

not be around $70. rishaad: i do not think the ofdis acted in the spirit ultra was in. many theories were about iran and limiting the sale of oil and gas. jeff: of course. frankly, it is working. we are not going to see growth of one million barrels a day. we would have seen that. we are seeing cancellation of projects. things are happening. it is working for the midterm. for the near term, we still have a lot of oil around. rishaad: thank you. rown.b one of the longest slides for the prices of the black stuff.

up next, social media sent into a spin. trending business returns in a couple of minutes. ♪

rishaad: this is "trending business."

recommended shortening chinese stocks. he would have made a lot of money if he had walked the talk. saying theyhose -- would be affected by china. he says those traits have also worked. adjusting eps trading estimates, aluminium prices falling because china is shipping more mental overseas. all kosher's -- a: shares rising oa shares rising. the bloomberg world mining index down by 3% yesterday. iron ore prices slumping to a six year low.

outucers continue to turn or. let's look at what is going on social media wise. anchor: we were talking about the traders, they have seen a lot of freezes but not as bad as what we saw in new york when they halted the new york stock exchange for 3.5 hours. things come in threes. they said it was a computer glitch. they ruled out a cyber breach, but we are not exactly sure what happened. a lot of poking fun among the traders. here is what one trader said. york because the new traders are buying chinese stocks? another person saying, chinese kung fu attacking the ball.

-- bulls. a.s. traders saying, chin will halt 70%. the u.s. will halt the world's largest stock exchange. shery: greece. the former builder and prime minister blasting alexis tsipras for not providing a credible reform package. look at that. going on for seven minutes. we have cutaways to alexis tsipras's reaction. saying, you have talked about these but we never see any concrete action from greece. this goes on for seven minutes. trending on youtube. very vocal on social media. he is the one that posted the video. this was his intervention on

greece. people have been reacting. one person saying, alexis tsipras getting a lesson on democracy. person, defending him. , are you proud about your declarations? you destroy europe and open the door to the far right. we have been seeing a lot of comments on this. youtube and twitter. telling alexis tsipras not to betray his people and act as a false prophet. yvonne: he is jumping. he did actually kid the back. he is going out and saying he admits over the last five months, his government has spent more time negotiating then governing but that was because they did not have any other

alternatives. they were in a fiscal stranglehold. we are thinking about how to keep the economy alive. we have ideological differences. this is a crucial time to pool our forces. in europe, not surprising. he upon: we will see what happens there. -- you yvonne: we will see what happens there. thank you. rishaad: coming up next, malaysia. very much at making headlines. perhaps for the wrong reasons. a troubled investment fund. we are heading to kuala lumpur. trending business returns. ♪

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a look at our top stories. ,hanghai market climbing reversing the drop at the open. the security finance fund has begun buying in. that wiped out $3.5 trillion of market value. of adent obama pessimistic

nuclear deal with iran. what's the odds at a. the remaining differences including a timetable for lifting sanctions and agreement for punishing breaches. the imf says they support restructuring. banks will remain closed through monday, tuesday in fact. a string of leaders making it clear athens has one last chance to present a credible plan. without unity on greece, we will wake up in a different europe. and truly the final wake up call for greece and also for us. our last chance. breaking news. an interest rate decision. the bank of korea governor has

been talking, speaking in seoul. a new forecast for the economy. gdp in 2015 will be 2.8% higher than the year before. thebank of korea keeping inflation forecast the same for this year. at what isa look happening market wise. juliette: you have to keep your eye on this map. let's look at korea following the news. as you mentioned, rates on hold. down 0.6. buy back in china and hong kong. significant selling. copper price of rebounding.

of coarse, liquidity being pumped into the markets. market is open. csi 300 index, futures up 8%. certainly helping reverse those earlier losses. let's have a look at the stocks we were watching this morning. -- aftereing announcing the $3.5 billion not seem to have much of an impact. shares in negative territory. we are seeing more buying coming through. here's how the hang seng is looking. sectors are in positive territory. we are now seeing a lot more buying coming into hong kong. technology stocks leading, up 6%. telcos up 4%.

low,kong coming off the the lowest level since 2009. having a positive sentiment. now shanghai is down. hard to keep track of. kong is doing well. the selling, buying we are seeing coming back in in hong kong. helping limit some of the earlier losses we saw. 2% on then, more than open. let's have a quick look at some of the mining stocks. they were under heavy selling pressure. falling below $45. selling fromicant

the minors in early trade. up 3.9%. hard to keep track of what is happening in china. rishaad: as we just saw, a perfect example of what is going on. talking, werted were positive but now negative for the shanghai composite. roller coaster. companies the listed suspended from trading career let's go to shanghai, joined by stephen engle. let's start with you. it and has it had any impact? stephen: keep in mind, going between positive and negative territory. a lot of the measures really affect blue chips.

big state owned companies. it is the blue chips that movie market more quickly. a lot of these, 50% of the companies halted our small companies dragging me index down. now what is trading? it is the blue chips that are getting stimulus measures. the latest coming from the csr , major shareholders, on board executives major companies have been banned from selling stock for at least six months. investors with stakes of 5% must maintain their positions. this is by order of the regulator. the latest measures are intended to guard the capital market stability in what it called an unreasonable plunge. u.s. dollarslion

market cap wiped out. we were ino where february and march career that is not a crash, that is a correction. back to earlier levels. foreigners getting skittish. selling shares at a record pace. we had mark mobius saying it suggests the latest measures from the government, the spray show in, -- desperation. thank you. going to go to beijing, joined by tom. this is not the first market -- remind us, how does this shape up next to what we saw eight years ago? tom cole and that is right career this is not the first time china has experienced a significant market correction.

2007, the correction we saw in the shanghai composite from close to 6000 down to 2000 was significantly larger than what we are seeing now. there are a couple of differences. a couple of reasons we might be more alarmed. the first is leverage. in 2007, 2008, was free of leverage. the market in 2015 is full of it. we are seeing the impact that can have an accelerating downward moves and potentially transmitting risk from the equity market across to the rest of the financial sector. the second difference is to do with the resilience of the real economy. back in 2007, it was the boom time for china's economy.

the real estate sector was growing strongly. even if the equity markets slumped, the confidence and investment in the real economy was not very damaged. 2015, the boom times are over. there is concern china will 7% growtho hit the target. the real economy x more brittle and less able to sustain blows it receives. rishaad: thanks for that. having a look at the implications of what is going on. the wider economy. selloff has -- implications far and wide. not the least in indonesia. growing alarm. you ine people telling jakarta?

reporter: good morning. the governor says the slowdown in china may dampen indonesia growth for this year. a percentage points decline will lead to 0.6% decline in indonesia. indonesia will remain on target. growth says the gdp would likely remain below 5%. more or less the same as the first quarter of this year. the holidaye end of is not quite strong yet. january through march this year, the annual growth grew below 5.2%, reaching only 4.7%. the slowest rate in five years.

you bsa wants to avoid being in markets are driven by china. is convinced the second half of this year will be better as the government takes steps to improve spending power. he pledges for the government to spend more and stimulate growth. that is all we have for now. back to you in hong kong. rishaad: thank you. joining us from jakarta. ministers prime ordered an independent audit committee he is facing claims the money trail leads to his personal accounts. joins us from kuala lumpur. we are expecting an interim report. what is it expected to say?

sophie: the specifics have not the kickoffear but to the parliamentary committee overseeing the investigation, leading up to this point, the public accounts chairman says the information in the interim report will be used as part of the investigation when one of the senior executives and board directors are brought in for questioning next month. we have to recall that in march, the auditor general said they would ask for e-mails and reach out to external parties. the prime minister, when he called for the review, he said if any wrongdoing is proven, the law be enforced without exception. the report will not be made public unless the auditor general decides to do so. the full report is expected to

be published later this year. rishaad: this report being submitted after a string of raids. the freezing of six bank accounts. what is going to happen next? ophie: it was a busy wednesday for the special task force. they visited the offices on wednesday. after nine hours, they were seeing carrying a cpu and a box of unknown materials. the attorney general also released a statement, saying the orders did not involve any bank accounts allegedly held by the prime minister. the police said they are opening an investigation under the computer crimes act regarding a possible leak of details related to the alleged transfers in the materials to the wall street

journal. alongside that, we do have the prime minister legal team theing a letter to publisher of the wall street journal. they have two weeks to respond to demands for an explanation regarding these allegations. foraad: sophie, thank you that. joining us from kuala lumpur. can the superhero save the box office or are we getting tired of men in tights? put up the bat signal when trending business returns. ♪

anchor: welcome back. -- the kremlined

says the measure is counterproductive. since the murder of muslim men and boys in what was supposed to be a muslim safe haven. in bosnia, thousands have marched in memory of the victims. hasitalian prime minister been convicted of bribery. but he will not serve time because of the statute of limitations. he was found guilty of pain unable senator in 2006. he recently completed community service for tax fraud and is under investigation for his infamous parties. the former toyota executive has been released after 20 days in custody. violatingrested for drug laws. the first female

executive for toyota but resigned three months into the job. the president out for her, -- vouched for her, saying he was confident she had not intentionally broken the law. when comicat happens book lovers meet hollywood's biggest action stars. you get comic con. for those who do not get the genre, art 25 superhero movies in four years too much of a good thing? our media analyst at joins us from los angeles. are we getting sick of superheroes?

guest: you mentioned a lot of movies over the past year or two bank. there could be burnout. when you look at how well performed, you have to say, even though the reviews may not be as good for some of the latest iterations, audiences are lining up around the world for these films. there could be a burnout factor at some point. that is a lot of domes from the same john roth -- genre. rishaad: even robert downey junior is saying some of these movies are getting a little it old. paul: the audience, with the success of "jurassic world," which was not a superhero movie, it felt fresh because there were superheroes. the dinosaurs were the superheroes. that is why he that movie did so

well. people had been getting so many superheroes, they had gotten superheroed out. jurassic world felt fresh. that is important going forward. you have to keep these ideas fresh. man," look at "ant that does it feel specifically like a superhero movie. it is grounded in modern reality. that feels like a bit of a departure. it has comedic elements. paul rudd was a writer on the screenplay. i think there is a lot going for it as it feels different than your typical superhero movie. also, do superheroes as a brand, each one as an individual brand, have to come from a comic background for them to be viable?

paul: you have to talk to the who and ladies at comic-con are steadfast the mythology of these characters has to be brought front and center. to make up some new superhero, you would get in a lot of trouble with the true fans. there are so many small characters. man, literally a small character. but the way the movies are created has to feel fresh. you have to have situations that are relatable even though they are set in fantastical worlds and universes. at the end of the day, if they are categorized as superhero, there is always that age with that. ge with that. marvel has earned $17 billion of

worldwide with its movies. analytics show this is a popular of film that you had to keep it fresh and current. in line witheep it what the fan boys are expecting. they just have to be good movies at the end of the day. rishaad: thank you very much. joining us from los angeles. looking at whether we are suffering from superhero fatigue. people are getting fatigued about markets as well. are they getting worried about indian bank profits? heading to mumbai for the latest, next. ♪

this is "trending business." watching banking stocks when markets open in india. analysts/estimates by the most in two years. let's find out what the concerns are. good morning to you. reporter: while the global markets have been in a tailspin, india has felt the impact of that. the earnings season starts later today with the biggest i.t. company declaring its numbers to read that will have a bigger impact as far as global markets as far as trading goes. profits being slashed by the most in two years.

bad loans having an impact. projections for members of the bank index, falling nearly 3% after banks published their reports. it is not all gloom out there, however. according to the aggregate, companies expecting to expand. out ifrokerages pointing commodity companies were to be ed, growth would be a more respectable 7%. almpanies with glob exposure, consumption will continue to drag. hurting companies dependent on a rural areas. back to you. rishaad: thank you very much indeed for that.

joining us from mumbai. that is it for the thursday edition of "trending business." again, it is all about the markets. ♪ we live in a pick and choose world.

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>> with all due respect to donald trump, maybe take a day off some time. ♪ mark: on our trading floor, puerto rico billions in debt and hillary has money quotes but first, $1 million. an ad backing john kasich's bid is going up tomorrow. a seven-figure ad buy is known as sticky syrup. here is the 60 second ad. selling john kasich.