reaction on sunday. and progress being made, but they cannot sit around for ever. i am on twitter. we are going to shanghai. hiring on the gains. -- piling on the gains. ette: encouraging to say a second day of gains. we are seeing a lot of them come through from the chinese stocks. companies, about 50% of the market. still frozen. we do have strong games coming through in the futures indices as well. the cfi 500 of 9%.

yesterday, suspended. some of those state listed companies doing well. weakness,it of agricultural down 5%. i want to take you into the hang seng index. most of the fixes on the shanghai are positive, but some weakness coming through from utility stocks, down 0.3%. a quick look at how the rest of the region is doing. the nikkei coming back up. about 0.4%. strong gains in australia, adding to the 2% gain yesterday. rishaad: time for a second look at chinese markets. turbulent. digging into the numbers and having a look at what is going on. very eventful, to say the

least. let's take a look at some of the markets. one thing i want to talk about. looking at the second day, volumes are heavy. as far as the money coming into hong kong from the chinese mainland on this hong kong shanghai connect, we are seeing the quota come down. prices up, we are pushing back towards the highs of the day for 300.si hang seng up 3%. you look at the bottom two. we should be at this point, we are looking at, some are trading at or below book value. that is with the futures are telling you. as far as the money getting out

-- are we seeing foreign money coming into the chinese markets? not really. the quota up, we are seeing net selling from foreigners. foreign money. back down. nowhere near the levels we started at. 30. back to you. thank you for that. lots more to look forward to later in the program. do tweet us your thoughts including the hashtag. making a government last-ditch attempt to state in the euro. has been having a look at this. what are they offering that is different? shery: what is interesting, the

greek plan mirrors measures by creditors and voters. rejected in a referendum over the weekend, showing how far the greeks have come in exchange for a three-year bailout loan. take you through what they are offering. a package of reforms and spending cuts. of course they do want debt restructuring as well as a growth measure. the proposals include the much reform as of july. they are planning to unify rates at a standard 23%. they have proposed increasing corporate attacks to 28% from 26%. also pension savings. the level of primary surplus should aim for is a sticking point in the

negotiations. greece has proposed a primary surplus of 1% of gdp for the year, which is what the creditors were asking for from the beginning. greece is also proposing a restructuring of debt and a package of growth measures. the plan was approved by alexis tsipras's cabinet before the midnight deadline. it will be presented to the parliament friday. before -- it will be evaluated before being turned over on sunday. rishaad: let's find out more. vonne.s you

yvonne: when it comes to the bubbleck rout, has burst. he said, it is just a sideshow. hashe stock market increased by 150% in less than one year. there is no evidence this was justified by a dividend fundamentals. the bubble has burst. part, burst only in nowhere near to the earlier levels, but it has burst. vonne: this could have an impact for japanese companies. diamondkers, even rings. where's and has boomed in japan4 boomed inis them has

japan. the recent loss in stock wealth is raising concerns fewer tourists may come to japan and spend less. 18%, as much as 70% of the chain store operator's sales come from tourist. singapore office rents, demand for space is plummeting but the number of leases dropping by more than half. we are hearing from big names including google, either giving up moving out a prime areas to cut costs. turnaround from last year. we are seeing banks including uisse,ys, credit s consolidating operations.

singapore is looking at a rough patch. slowed the inflow of foreign workers in 2010. cfos are theays most pessimistic in the region about profits. back to you. washington, athens a threat to the bull market. bloomberg.com.n later in the program, he is sometimes known as the father of the mobile internet. we are going to talk to the man who came up with the smartphone while it. -- wallet. more on china's market swings. right after this. ♪

banker: stories making headlines around the world. the typhoon arrived in china, with strong winds but nothing like the power some had forecast. hosted a storm alert. it proves more of a -- then a threat. the first official talks between the afghan government and television have ended with an agreement to meet again to discuss a possible cease-fire. china has been named the potential host for the next round of negotiations. the talks were the first since 2001 and happened to less than three weeks after the taliban staged a brazen attack in kabul. iranian deal are

fading. sources say there will not be an agreement by the latest deadline as there are gaps that need to be agresti. however, diplomats say they are still confident a deal will be reached at some point. diplomacyur u.s. correspondent is in vienna and says they will not let rings drag on forever. gotten dimes have for an agreement in the time we had hoped for. is to say the u.s. congress had required the delegation would submit the deal by 6:00 a.m. the and a time. -- of vienna time. we are getting close to that and it looks like they will not make that deadline three the consequences the u.s. congress will have had one month but two

months to review the deal and potentially say no. it means for iran, at least one the sanctionsr relief they want. but both the iranian and western site have come out and publicly wantthe conditions they are not there yet. this is their one shot so they are not giving up now. the way we have left it is john kerry came out and said he is not going to accept a poor deal, but the talks are not open ended. we are going to be watching for the next couple of days. senior delegates that they expect a deal, but we will have to keep watching to see if that happens. rishaad: top story, the chinese markets have been trading. up 5%anghai composite right now. gainiggest at two day

since 2008. that is what is going on at the moment. hong kong up in excess of 2%. joining us in the studio, an independent economist to read what have you made of this? : it shows chinese handling atics downturn. the government thinks if the market goes down, people will lose hope. this is a unique chinese interpretation of how the economy works. yesterday, the scent the priest maliciouscatch short-sellers. it is rebounding the last couple of days. i know you are an economist. but you have a theory on this. y: the rebound could

be as big as half of the decline to it could last for a while. with half the stocks on the market, the entire stock market of china suspended, what sort of message to that send out for people who want to do business? andy: china's stock market is very immature. it is far from what it should be. the government has been talking about toward a market force. rishaad: absolutely. time, don't they lie in tenders here? andy: a lot of measures in the last few days have moved the overall direction backwards. the government and people think,

let's worry about the big issues later and get the market back up. that seems to be the driving force. rishaad: what is this concept? not manyock rally, people took part in it. a unique chinese term. andy: it is like the 1920's in the u.s. market, manipulated by pump and dump guys. before the government started to regulate the market. to pumpanized trusts certain stocks. in china, it has become ubiquitous. the extent is greater than what happened in the u.s. -- not: you are saying many ordinary people were talking about it. andy: it has been going on for 20 years. more and more people joining the dark side. people are losing money quicker,

every cycle you lose money quicker. people with real cash did not join. you see people going in. these are, young people who just got their first job. not much money. that is why the market has been depending on margin loans. that, there could be another trend from other sources. compared to the overall market size, the stocks that are ituid, at top of the market, was about 20% of the market cap, liquid shares. the market has been pumped up by real money. by the loans. the loans are borrowed by the guys pumping. what are they going to do? you keep doing that, more and

more. hope one day the real money comes. the financial problems are there. you are suggesting -- chances are the financial crisis has begun to read un. andy: it has been going on but kind of covered up by the financial system not foreclosing on default developers. the stock market rally has raced hope they could get money from the stock market so everything would be fine. the stock market is small compared to the property market. china's debt is like 200 trillion r&b. -- rnb. market, if it kept on going up, it would bail out

everywhere eddi -- everybody. how bad is the economic slowdown in china? : the property development, 15% of gtp. beijing,at shanghai, markets are supposed to be very good. that is what people think. sales are down 70-80%. rishaad: is the property market. what about the economy? andy: the property market has been the driving force. you could allocate credit. that is why the economy was rising rapidly. you look at electricity now it is like flat.

consumption,odity it is down. chinese imports are down to rip rate. exports are flat. rail freight traffic is down. it is difficult to see what is going up. what the stock market did was to raise hope. something was going up. it would pull everything up. that hope was dashed a few days ago. rishaad: andy, thank you very much indeed. latestndal behind the investment plan. how the government has responded,. ♪

rishaad: let's look at what is trending on social media. yvonne: of course we are talking about greece again. what no means. what is trending in to alexisexplain no tsipras. proposals, pension

that the greeks had voted against. greeks on social media saying, that is not what we voted for career let's take a look at some of the to. one person saying, explain no as a no. you cannot keep your job if you institute austerity measures. we are seeing those come out and those include measures greeks did not want to say. other person saying, with 23% on vat, we can't even go to hell. , a contested measure. now the greek government has agreed to a standard 23% sales tax. oh, man. a lot of people responding to this. a little bit of the scandal going on.

we have been talking about this one, that investment fund. huge debt burden. reports, some of the funds connected to the firm were sent to the prime minister's account. people mocking it. a lot of movie titles. the malaysian government coming out strong here on facebook. saying, anyone posting false get inmages, will trouble. even if you are sharing them. $13,000 in fines, up to one year in jail. they are getting aggressive on this. shery: making a very big deal out of this. yvonne: we will see how things go. serious violations if you get caught on social media. that is a look at what is trending on social media. us, you canh with also follow shery.

theaad: a quick look at trading day. since 2008.day gain extending that. 3% with the hang seng. building on the gains of yesterday. erasing some of the big losses we had seen. about oneket, up third of 1%. attempts to market the roller coaster. trending business is back in a couple of minutes. ♪

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