. that may be enough to satisfy european creditors. investors react with the rally. matt: talks with iran dragged on and on and on. the self-imposed deadline has come and gone. when will negotiators give up and go home? will america ever do that? pimm: it's time for men to walk the runway. the first ever men's fashion week begins next week in new york. matt: good morning, i'm matt miller. pimm: we are 90 minutes into the trading day in new york. investors buying stocks. the dow jones at .9%. than 20500 gaining more

points right now, trading at 2071. matt: take a look that currencies here. we had been a reaction in equity markets and currency markets. the lithuanian president singh the greek proposal is not enough. at 1.1173.aining a little bit of strength today in the euro. pimm: let's look at the top headlines. the greek prime minister has acquiesced the most demands from the creditors. that may make the deal a challenge to sell to greek lawmakers in athens. alexis tsipras is offering a package of spending cuts, tax increases and pension savings reforms. in return, he wants to do $9 billion. tsipras also wants the long-term

debt burden to be more manageable. the president of lithuania saying the proposals will not be enough. yet, francois hollande raised the proposal. -- praised the proposal. >> the greeks have shown a determination to stay in the eurozone because the program they are presenting is serious and credible. they will submit it to parliament, which is power, commitment and i would also say courage. pimm: a greek lawmaker may not be so enthusiastic. they are debating the measure today and the puzzles -- the proposals are similar to the ones the greek populace rejected last weekend. we will be hearing from janet yellen in 90 minutes. she is scheduled to discuss the u.s. economic outlook in a speech in cleveland. takingl also be questions. we'll will have live coverage on bloomberg market day coming up at 12:30 eastern time. matt: those talks on iran's

nuclear program going into overtime it again. diplomats meeting in vienna missed another deadline today. this was their last chance to come up with an agreement to qualify for a 30 day review in congress. now come any deals will be subject to two months of scrutiny in washington. negotiators arguing over a number of issues. history is made in south carolina. [applause] [applause] [applause] matt: those cheers tell the story of confederate flag removed from the grounds in charleston one hour ago. the legislature voted to take down the rebel flag after nine black church members were murdered in charleston last month. the flag will now go to a museum. they are jamming the streets of lower manhattan this morning. a live shot of the start of the

tickertape parade for the u.s. women's soccer team. they will be at city hall celebrating the world cup victory. they throw confetti now because there are no takers -- tickertapes. pimm: the original parade came from the dedication of the statue of liberty. matt: that is quite cool. we will hear a report in just a little bit. 130,000p, more than geeks, nerds and comic book lovers are in san diego for comic con. star wars is the star of the show this year. we will have a preview of that with emily chang. nuclear talks with iran stall in vienna. they're alternating between saying their close and ready to walk out.

men will be walking down the runway and ridiculous clothing. the men's new york fashion week starts. let's get back to greece where creditors are assessing the country's latest proposal. pimm: the situation in greece and the fast declining chinese equity prices contributed to global risks. neil, great to have you with us. explain a little bit about your most recent note. you talk about the faint with its of panic. word in ase that specific way. we calculate on an ongoing basis a metric measure of the risk appetite of financial investors. and the extremes of that are euphoria on the one end and panic at the other.

pretty clear the earlier this week, you had the risk assets in the global financial system selling off rather dramatically and conversely, the rallyingewed as safer substantially. it seemsnews is that at the moment that there is a confluence of incentives between the greek government and citizenry on the one side and the rest of europe on the other to make an agreement this weekend. marketse, the chinese which has been a default seems to be finding some stability as well. this is all very good, reassuring news. matt: what do we know so far about the tsipras offer? i've heard a number of reports saying it offers

more austerity than the original proposal he walked out on. saying they now don't think it's enough. neil: this is a negotiating environment. one side offer something and the other side says it's not enough and eventually the settlement sill be reached the problem it greece needs to be returned to a circumstance where the economy is growing so that it can grow into its debt. it's very difficult to shrink your way into prosperity. up, getting squared the banks reopened and getting the economy revived would be good news. matt: what it had been so catastrophic for greece to leave the eurozone? may be better for the economy in the long run? >> it's hard to know, of course.

pain in the near term is to be preciselye heavily because its immediate and it long,on the back of a long stretch in greece where the economy has been doing very poorly. the greek economy is smaller now than when it was a long time ago. they need to get back to a growth note. it's not clear to me that you want to take risks with that. if they dropped out of the currency and started their own, that transition could be achieved smoothly and in good order, it was a risk that they don't want to take. that's why there is a new offer on the table. it's not clear to me what the rest of europe would want to jeopardize the european project. ofhink there is a lot sentiment from both sides to

come together. let's hope that gets done and on monday, we can start our morning programs with that happy announcement. aboutspeak a little bit this move or not so smooth transition to a market economy in china and what that means he was testers. -- means for u.s. investors. >> china must make a transition overtime away from the export and investment oriented economy they had successfully for several decades towards a more domestic and consumption oriented economy. one of the techniques for achieving that is to free up the financial system so that the allocation of capital is made more on the basis of commercial cost benefit analysis and less with respect to certain political imperatives that interfered in the past. that's a transition that is going to have bumps in the road.

we have just passed through a bit of a bump in the road. i personally feel relatively confident about their ability to make the transition. it's a bit like the old adage about watching sausages being made. there is an element of turbulence involved in the process. pimm: you described this moment as the whatever it takes moment. what do you mean by that? neil: the chinese government in order to restore the stability has through its various instrumentalities cut interest price keepingnted operations, all of these things are analogous to what mario draghi did a number of years ago in stabilizing an earlier

version of the european crisis. prepared to do whatever it takes. the next phrase was, it will be enough. that is very much the position the chinese government felt itself to be in in recent days. has shown signs that that is beginning to work. ahead -- there it is. the force awakened in san diego this weekend for comic con. more than 100,000 nerds will go there. we will learn more about the new star wars film. ♪

matt: welcome back to the bloomberg market day. pimm: list of the julie hyman with a look at what's moving stocks higher. technologynames in -- netflix shares trading at a record today. morgan stanley came out and raised its earnings estimates for the company. less than a week, netflix shares up 2%. the analysts at morgan stanley tsonga it's driven by higher pricing in the u.s. the price target going to sever and $50 -- $750.

you can see what the earnings estimates have done as of late. the answer is not much. the red line down here is pretty much unchanged. there has not been a lot of movement generally in analyst expectations for netflix's earnings. the consensus in terms of the average of the analysts we surveyed is $.31 for those earnings. subscriber numbers coming under scrutiny. we are talking apple today. the shares rebounding after a two-day decline. the worst we have seen in quite some time. yesterday, we saw the shares down 9.7% versus the record for apple. almost at a correction, almost fell below its 200 day moving average. apple has had relatively tight correlation with the market over the past several days.

cablevision shares trading higher by 7% after the wall street journal says patrick draw might be interested in an acquisition in the u.s. this is something he has been looking for for a while. cox communications might now be a couple of his targets. the worst-performing stock today gen, down 3%. analysts are looking at the date of july 22 when they will be presenting some data on its alzheimer's drug. they call it a binary event that could push the stock up or down by $50. i see matt noticing the headline here -- drugs are bad. if the outcome of the study results are not positive, that could be bad. matt: drugs can be bad if you

don't know what you're doing. in the market. julie: or if they are not effective for the experimental cause -- indication. matt: some drugmakers have figured out way too spin drugs that don't intend to be useful for the application -- make a good enough commercial and we will buy them anyway. i thought you were going to show us a heat map. let's take a look at some of the top stories crossing the bloomberg terminal. another automobile recall this morning, this one from general motors. gm are calling 780,000 crossover suvs -- recalling seven herniated thousand crossover suvs. -- recalling 780,000 crossover suvs. the company has reported 56 injuries.

the u.s. justice department preparing cases against former deutsche bank traders for me to be leading interest rates. charges could come before the end of the year. the u.s. is set to be investigating five former traders. haze lingering above the western united states, caused by large wildfires raging across canada. the fires have turned much of the region into a tinder box. those are your top stories. peopleore than 130,000 -- comic book lovers -- pimm: you wanted to call them geeks. matt: 130,000 of them in san diego, the backup nerd culture is the place for movie, tv and video game publishers. pimm: this year's theme is star

wars. emily chang is there with more. emily: are you guys calling me a geek? matt: no. i would not call you that. i'm coming to you from a galaxy not so far away. some people might think, con is another planet. place were magical worlds open up for fans and everything from star wars and the hunger games to the walking dead and game of thrones, all the people you see behind me are filing into comic con. the line goes on for blocks and blocks. we have seen people in costume -- star wars is the biggest attraction here this year. a big panel coming up later today with jj rubs -- jj abrams. the super fans searching for any shred of additional detail. people come to get autographs

the hot video games. there is virtual reality experiences. downtown san diego has been turned into a temporary amusement park. up,000 people -- we caught with the mayor of san diego. he told us just how excited he is. >> i am fired up for star wars. the new movie is coming out in december. we will have some star wars characters behind us. anybody who grew up with star wars will be excited. emily: i don't have to try too hard to be in her. -- to be a nerd. matt: where is your costume? aren't you a cosplay person? emily: i had to improvise a little bit. matt: what about the business behind this type? -- hype? it's a lot of money.

family: it is a lot of money. the star wars presence is insane. it could be the biggest movie for disney ever. morgan stanley saying $2 billion in global box office and they think that is conservative. avatar was $2.8 million. that is just the starting point for one of six films. they are doing a han solo's been off. -- spin off. ea is making a star wars game. they are expecting to sell 10 million copies. bob eiger talk about bringing star wars to the theme parks. they bought lucasfilm for $4 billion. it seems like they will start recouping that investment. chang would be princess leia. pimm: i wonder if those are

prescription glasses. matt: i don't think so. i bet the market looks a lot better through those. pimm: coming up, the history of tickertape parades. the u.s. women's soccer team celebrating their victory over japan. details ahead. ♪

pimm: the canyon of heroes -- canon of euros welcoming the women's soccer team with a tickertape parade. it's got us thinking about the history of tickertape parades. david to take a look at it for us. how rare are these tickertape

parades? one was in 1886 when the statue of liberty was dedicated. you saw a real upswing of these through half of the 20th century and it started to taper away. it is common now to have them for new york sports teams. matt: i always think of joe dimaggio or eisenhower. they were a real big deal back in the 40's. -- youle coming together have these sports teams with these parades. -- emulate your heart and charles lindbergh. ehrhardt and charles lindbergh. it's only been one week. the first lady of new york tweeted there was going to be one in the city after some push

by the manhattan bureau president to have one of these. the estimate, $2 million. the city will bear $1.5 million and the rest will be from sponsors. matt: it is not really tickertape anymore. we don't have been around. >> the city got a donation of confetti from eight company in brooklyn -- a company in brooklyn. they are turning residential. pimm: thank you very much. matt: i'm out of here. i will see you in a couple hours. pimm: we have much more. deal or no deal on iran. details ahead. ♪

>> welcome back to "the bloomberg market day."

i am pimm fox. alexis tsipras tries to sell his plan. it was praised by france, and judged in adequate by lithuania. the greek parliament is debating the package's spending cuts today. germany is holding off on commenting. isasury secretary jack lew cautiously optimistic. >> it would be in everyone's interest to resolve this. i cannot sit here with my usual optimism and say this will be worked out. this will be a long few days. it should get worked out. the final word will come from the eurozone leaders, who are having a meeting on sunday. they made history in south carolina today. [cheering] than half amore century the confederate flag was

removed from the grounds of the south carolina state house. the rebel flag was voted to be taken down after 9 lakh church members were murdered in charleston. the flag will now go to a museum. a market research firm says that worldwide pc shipments fell 9.5% in the second quarter. the biggest drop since the third quarter of 2013. corporate spending on pcs has slowed down, and the stronger u.s. dollar has hurt sales. is back in the women's final in the -- is back .nto the wimbledon final today novak djokovic to either play roger federer or andy murray in the final. the moment, markets are closing in europe. let's go to london. we have seen a risk appetite

across european markets. we have finally gotten progress programs and submitted late last night to creditors. will the proposal be enough for a bailout deal over the weekend? the markets are optimistic. the euro has been gaining against the euro, but it climbed in 2e most against the yen years. it is not only in the foreign market where we are seeing the risk appetite. the equity benchmarks, this benchmark was almost in correction at the beginning of this week, now it is up on the day and week. we have seen the stock market rally across europe. if i bring up a picture of the national equity benchmark you can see half of the 18

western markets were in correction at the beginning of this week, now they have rebounded. the athens stock exchange is closed, and has been closed since june 26. grace has put this proposal on the table, but even though the markets and investors are optimistic, not everyone is convinced. the global head of sovereign says the two sides remain far apart. there is still a 65% chance that greece will leave the euro. alexis tsipras has succeeded some ground, but he has stood on the fact that greece needs debt restructuring. thank you very much. last night's deadline for nuclear deal with iran came and went. there is an impasse about how long it would take to lift

economic sanctions, including restrictions on arms sales. negotiators have alternated between saying that a deal is imminent and warning they will walk away. john kerry: we believe we are making progress toward a comprehensive deal. as i have said many times, and as i discussed with president obama last night, we are not going to sit at the negotiating table forever. a bloombergbring in correspondent who has been covering the talks in vienna. top nationaley's security advisor. what is going on? you put your finger on it with the schizophrenic message. half of the time they're making progress, the other half they are threatening that is important political decisions are not made by the other side,

they will walk away. an iranian official says the u.s. side had come to them with concessions or a proposal that would roll back the next day. the indication was that after john kerry spoke to president obama, president obama said whatever the concession was was not acceptable. the iranians are upset saying that you can not change midstream. they have until monday, july 13 to give themselves additional time to salvage the talks. you have a feeling that it is now naked or break it. foreign ministers will be gathering this weekend, trying to work out the kinks. know based on what you about the negotiations, what would it take to support them?

>> the question in my mind, is what is in the minds of the iranian supreme leader? last-minuted in a brinksmanship to bring in a last-minute humiliating concession of the united states? to get conventional arms and -- or has he run up against the fundamental ideological core of the regime, which we see is chantingran an death to united states, and he cannot sign on the line? pimm: can you read the quote from the former chief of staff having to do with the benefits of an iranian nuclear deal? he said we need to re-examine all of the relationships we enjoy, particularly with sunni

dominated nation's. that we might better balance our relationships across the secretary and divide -- our efforts across the secretary and -- the sectarian divide. don: we have the iranian regime that has spent two decades ining to get nuclear weapons a covert way. in the meantime it is the number one state sponsor of terrorism. if it actually gets nuclear weapons, and it gets sanction relief to continue its rampage across the region, the danger of a wider nuclear arms race in the middle east, including the turks, and egyptians, it e the middleth east will be on a nuclear hairtrigger.

that will put us in more danger than if we got a bad deal. pimm: can you speak about the u.s. vision of the middle east, and how that is influencing the negotiations? interestingly, john hannah makes a lot of the same points the obama administration takes. they say that iran is a serial human rights abuser. they are a state monster of terrorism. what we have heard again and again is the state department is as if theyof this will suddenly be great friends. they are thinking of this as a way to prevent iran from getting nuclear weapons that would set off an arms race in the middle east. it is two ways of looking at the same argument. it will prevent the nuclear arms race, prevent iran from getting a nuclear weapon, but i do not think they are pretending it will be a larger relationship.

they say they are not coordinating on the anti-isis campaign. we need to look at this narrowly , which is can they get their goal? to cut off all of the iranian paths to a nuclear weapon? that is what they say this deal will do. is inyet to be seen what the deal. congress will also make a decision if they think that the deal will cut off all the paths to a nuclear weapon. kenya, and on if you think john kerry has something to do with the way the negotiations are conducted? state of secretary of the world's only superpower has been camped out for two whole weeks in vienna. there is a lot else going on in the world, including u.s. troops on the ground in a war zone against the world's most terrorist

organization. there is more he could be doing. there is a danger that his own personal stake in seeing this negotiation through -- you do run the risk of becoming captive to a negotiation. sometimes it makes sense to stop, reassess, and call a timeout. that might be worthwhile. thank you both. john hannah, a senior adviser to the foundation for defense of bloombergs, and reporting from vienna. reaching billions of dollars of settlement. investigating more cases of individual traders. we have the details, ahead.

pimm: welcome back. i am pimm fox. the u.s. justice department is preparing cases against former deutsche bank employees for manipulations. a could bring charges before the end of the year according to people with knowledge of the situation. keri geiger joins me with more. what can you tell us? keri: this is an offspring of a guilty plea and a settlement had deutsche bank did as a bank. that they manipulated one of the main benchmarks for interest rates for everything from credit cards to mortgages. 2 banks have pled guilty, including deutsche bank. as an offshoot, we now have individuals that will likely be charged for basically doing the same thing.

is it unusual that you would move from going after an institution to going after individuals? eri: no. the catch is is is difficult for the department of justice to make individual charges stick. get themanies they can to plead guilty and pay billions of dollars in fines. we have seen that from mortgage servicing the foreign exchange rates ratings, and all of the things the banks have paid out for. with individuals, it can be stick.to get charges to you have to prove criminal intent, which is one of the toughest hurdles. pimm: as bars this ongoing investigation is concerned, what level employee is being targeted? keri: typically it is mid-level traders.

have seen any we women, so far. it is the guys on the trading floor who are getting into chat rooms. that is one of the key places that the department of justice gives evidence. they talk about how they will rig the rates in chat rooms. pimm: the bank has already settled as an institution. why aren't the people at the top personally culpable? can they say, i didn't know what my traders were doing? how does that square with the truth? keri: we have seen banks across wall street elite guilty on a number of things. we have yet to see a ceo or senior executive take personal -- pimm: or a member of the board. keri: right, take any responsibility. or have not seen investigators take what is going on on the the top.

it is a typical to get close to these guys, which brings up a broader discussion of how are these banks and inched in a way -- these banks managed in a way where it seems like the ceos don't know what is going on under their own roof. thank you very much. keri geiger. still ahead on "the bloomberg " men are gearing up for a week of fashion. how fashion leaders are getting the bros to watch the runway shows. ♪

pimm: this is "the bloomberg market day." i am pimm fox. every friday, we celebrate the good life and look at all of the entertainment and culture that comes up over the weekend.

men are taking over the runway. on monday the council of fashion designers of america is launching its first men's new york fashion week. european designers have in shining. the council aims to shine a spotlight on american menswear. i want to bring in the gentleman .ehind the event thank you for being here. outline for people what they can expect when this event kicks off. is the first time we have had a dedicated men's fashion week in new york. four days of shows with 60 designers. a bunch of designers are also in other parts of new york. what is significant is that menswear designers and new york is typically shown in september and tagged down to the women's.

we put them on their own dates. in man's market is now, not september. pimm: if you're going to be ordering clothing, you want to order it now for the fall. steve: that's right. the buyers in the stores are ordering clothing that will be in your spring of 2016. before, there was a disconnect ordersd all of the coming in after they were done. pimm: what about the new designers getting a spotlight? guys likehave the big calvin klein and michael cors, but we have a new generation of talent. we have a cool space in partnership with dockers where we have eight young designers who would otherwise not be shown . we're supplementing them and bring them in. their brands like gypsy sport.

public school is the darling of american fashion right now. they are street inspired. there is a great mixture and diversity being shown. other names will be there as well. ly will be there, they are known for their netware. -- for their knitwear. pimm: tell me about amazon fashion. steve: amazon fashion is an american company promoting american fashion. they step on early into this project. main sponsor. they did not buy anything other than an idea in the beginning. they trusted that we would be able to build this.

they made a commitment from multiple seasons. what is significant about amazon is if you think about how man shop, they are shopping mobile, online, and e-commerce. amazon is a big player, and they have made a big play in the fashion industry. pimm: other sponsors are cadillac, dreamworks, and axe. commonality between them all is they are all american companies ringing something significant. the designers and guests will be driving a rounding cadillacs. dockers is also a sponsor. pimm: downtown on the west side? steve: in tribeca. pimm: he is the chief executive the council of fashion designers of america. it is time for today's options

insights. julie: let's look at how the major averages are performing. they are rising to the highs of the session. the dow and s&p are of one and a third percent. it looks like there is optimism about the greek proposal being thepted by the members of european union over the weekend. let's talk about options. equity me is the strategist at baycrest partners. something we were talking about this morning on bloomberg tv on "marketmakers" is the turmoil in terms of macronews. have gone up, but not by that much versus historical standards. why have we not seen more volatility in the market? it over theok at

last 20 years, the average level has been 15. it is like the safes zone. between 14 and 16 is what i call the neutral zone. between 16 and 20 is where you are watching the headlines. where they are trading on .echnicals that is where people who have established positions get worried. that has happened, but above 20 is when you would see contagion. now, we are just under 17. degrees deal is not fully finalized. the chinese story looks more stable now. out market has been taken over the last week or two. we have not seen any contagion at the moment.

julie: what is your strategy when it comes to vick's broad market volatility? back down to the neutral zone. we believe the story will unfold. , -- a merkel she is driving the best bargain. julie: the financials are reporting next week. you are looking at the big asset manager with a bullish call? tempered have a bullish call. i say that because i wanted to .uy around nine dollars the stock is trading 338-ish or 339. that i want to buy,

but you can move it at the stock basement. you want to sell the stock and by the quality. cycle, the ones that come out next week, on wednesday, in october. it is a nice call to buy for a bullish action in the stock going forward. quarter, butthis for next quarter. i wanted to be bullish, because it is not down from the hive. a lot of negativity related to the assets and managements coming under pressure. it is starting in a two-year trending line at the bottom. julie: thank you.

pimm: it is 9:00 and san francisco, noon in new york, and midnight in hong kong. >> welcome to "the bloomberg market day."

alexis tsipras agrees to austerity measures. praises the proposals as credible. pimm: stocks rise in china as the government boosts the economy. it is the biggest 2 day gain since 2008. yellen will answer questions and half an hour. what she will say about raising interest rates. is it in the cards? we will bring that to you, life. -- live. pimm: i am pimm fox. betty: i am betty liu. once again we are looking at how the markets are trading, starting with stock markets. what a run we have had so far.