rishaad: it is monday the 13th of july. this is "trending business." headed to brussels as greece is told to get in line or get out of the euro. take it or leave it, greece had with the ultimatum. trust or get out of the euro. the prime minister will have to go back on his principles.

cracks are appearing at the heart of europe. germany has been castigated for taking a online. inconceivable to humiliate a partner that has given up anything -- everything. china markets at the bottom of the hour. malaysia just coming online. trade data out bit later. here is what has happened so far. rishaad: we have -- reporter: we have seen it lower as the deadline looms. but some pretty positive movement in asia, particularly on the nikkei in japan. coming back from the steep loss last week, the biggest since

doingr, and they are pretty well. the australian sharemarket a little bit weaker. iron ore, $50 u.s. a ton. australia. in a little leaguer in new zealand. a bit of a gain on the cost be -- kospi. that have just opened, comingclosed on friday, back strong up three quarters of 1%. singapore market up a little bit. it's still about grief and all about china. half an hour until the shanghai composite comes back online after the two-day gain last week. a couple of people coming out saying that the chinese are still a few pricey. -- two pricey.

we will see if there is an impact when market opens in about a half an hour. rishaad: greece being told to accept more austerity and win back trust, or be forced out of the euro. creditorspras faced in brussels and was told he has 72 hours to drive through measures he has already rejected to secure more eight. talks have come to a head with patients running out. divisions at the heart of europe, germany wanting to cut greece this, and that's it loose, and a warning from italy. it seems like the creditors have finally had enough. it certainly does seem that way. what we have seen today is the eurozone finance minister is put forward a document with a list of reforms that greece has to

make. measures we have seen before, a lot of them actually reiterate things greece did not implement from previous bailouts. it is things like cutting pensions and raising sales taxes, but also giving greece's full access -- creditors for and also transferring as much as 50 billion euros of state assets to an independent company for sale. we have heard that has been the 50 billion euro of state assets, one of the biggest sticking points. but that actually greece is starting to relent on a lot of the points. the meetings have been going on for hours. we were hearing they could wrap that is looking unlikely now given that we are hearing alexis tsipras has gone meetingther bilateral with angela merkel and francois hollande. the reason is because

they are taking into account how much greece's economy has deteriorated over the past couple of weeks. also there has been a loss of trust. that could be one of the biggest things standing in alexis ' way.s is wa finance ministers are not sure that greece will put these changes into law, they are given three days. angela merkel really summed it up as she went into the meeting today. she said that actually the biggest currency that has been lost now is trust and reliability. back to you. rishaad: thank you. alexis tsipras must convince lawmakers before the setting you -- 72 hour deadline expires. can he do it?

reporter: it looks like he will try. saturday night he said it is important to do a deal. his problem is really within his own party. already, the parliamentarians of 300,country, 251 out of gave him the support to do that. they did not actually turned that backing into a law. they will have to do that by wednesday. if the deal will happen. in addition, the creditors want an awful lot more. another thing they want is the ruling party to roll back any of the initiatives they have turned into law over the last few months. that was not agreed with creditors. they want automatic spending cuts to be made into law, should greece not meet the budget targets. finally, 50 billion euro fund, another sensitive issue. the ideas that germans are looking for some kind of

guarantee or corollary -- or collateral. that would be state accents in -- assets in luxenberg. when there was a bow over the weekend, he got that support he needed. but the dissenters were from within his own party. what he's got to do is decide what kind of politician he wants. he can use the opposition to push the measures that creditors are seeking through, almost certainly. but he would be using some political capital and expending his own political support within his party to do that. that could mean all kinds of political turmoil here in greece. that could mean early elections, and almost certainly reshuffling of the government, changing government ministers. he probably wants to do it, he probably can do it, but it requires a lot of pain in offense. -- athens. we will be revisiting

the story through the course of the show. include #trending business on twitter. other stories we are watching. ahn: good morning. enron and world powers may be close to a nuclear deal and an accord may be announced later today. a senior diplomat told bloomberg that a political agreement was reached sunday to lift an arms embargo, one of the remaining obstacles to a deal. negotiators have completed a record six dreams -- 16 straight days of talks. officials say this time i deal with almost complete, is would bring to an end the 12 year dispute that led to strict sanctions on iran. the new un security council resolution is still being drafted. other last-minute technical and legal complexities meant an

accord was impossible on sunday. secretary of state john kerry says he and the iranian foreign minister had a very good meeting and once again voiced optimism that an agreement was within reach/ let's turn over to china. police are reported to have found evidence of manipulation in futures trading. should one use as a team from has-- they say a team the ministry of public security is helping the security and regulatory commission investigate evidence of " malicious shortselling of socks -- stocks." manipulatorspunish in the wake of a stock plunge that wiped out almost $4 trillion in market value. haltedf bremen has ideals and executives and directors from selling stakes in

custody's best companies for six months. in japan, nintendo's president bile ductturday from cancer. the company announced his death in a statement today. 2002, andtendo since help a tripling of revenue from hits including the game boy advance and the wii. the follow-up consultation to match the predecessors success and he ended his holdout against making nintendo's iconic characters available on smartphones and tablet continue -- computers. the dilemma has been to distinguish itself from smartphones while also using iconic characters to drive demand for in-house devices. earlier this year nintendo finally agreed to form a venture with dna to create games. he was the first president from outside nintendo's initial family. he was 55 years old. back to you. , what weanother story

should be watching for in china's growth reports. it is on bloomberg.com. back to the program, have the latest development in the grease crisis -- greece crisis could play out. the euro and that would be a nightmare according to some people. ♪

rishaad: back to our top story. joining us is andrew chief an advisory. how do you feel as a greek? i feel incredibly sorry and very upset about what greek people will have to go through.

as i keep saying, it is going to be an end to the nightmare as opposed to a nightmare without end. the other part is a lot of it is self-inflicted. it is a mixture of pity and joy. the french have a very nice expression. the chagrin and the pity. rishaad: cruel to be kind is the other thing. guest: yes, seeing what the creditors are asking, i have to weigh in on my investors -- investing bankers had as opposed to being greek. a creditor the way the greeks did, i would want a lot more on the table before another 80 billion euros. rishaad: the noble laureate saying the eurogroup listed demands in madness, that's what he says. beyond harsh into. no proofindictiveness,

of relief. guest: that's a bit of an exaggeration because the greeks can slice it in a different way. if they went for the low hanging fruit, privatization, denationalization, reform of sectors of the economy to show they mean business. rishaad: but having the troika runnings essentially economic policy? guest: nothing new. greeks defaulted and they had something called the international control commission that left athens in april 41, just as the germans were entering. they controlled three drinks. the collection of taxes, how the taxes were spent and they took their cut. greece has had an international control until literally the end

of the beginning of the second world war. i'm not saying this was a good thing, but i can see their point. rishaad: who's fault is it, at the end of the day has this been mismanaged on the creditors side or debtors decide -- side? it was 33% of everybody. but the illness started when the , one oflected andrea's ministers,mate prime a brilliant politician and destroyer of the greek middle class. he started to help process of a client to stick policies of borrowing without minding when this will be paid. this was continued by a series of right-wing and left-wing governments that spend without bothering to find out where the money was coming from. didourse, greek politicians

something that he almost that his life with. he says i don't know why you complained, we ate it all together. meaning all of the money being borrowed and spent, it was collected so now it is time to pay. it is a mixture of politics of sociology, and bad economics. rishaad: is alexis tsipras -- he will have another vote. will the greek parliament vote for austerity? on top of that, he does not have a working majority right now. guest: actually he doesn't with his own party but he definitely has with the greek parliament. treated to the 251 mps out of 300 set go ahead and -- said to go ahead and negotiate. , don't think they say don't because that means a greek exit. i think he will get his way. even if half his party walks away, he's -- he will still have

enough votes. he only needs 151 votes. rishaad: how does it play out? all this uncertainty when it comes to investing? guest: there are two aspects. one of which i keep hanging on. march is when things started accelerating. it was becoming obvious there was not going to be agreement. 1.05.ro was at right now it trades at 1.11. the hero has appreciated. the markets are telling us, they don't mind. a year ago, german bunds word trading at -- german bonds were trading at one point unit. now it's 90. things have improved. talk about things on the ground in athens. guest: it was unreal.

politicians, i was there during the plebiscite. this is not getting out of the european urine -- union, is saying no to austerity. the interpretation is, no we don't want europe. we don't want what comes with europe. don't pretend that people are going to interpret it in a different way. of course it was exactly the way it was interpreted. we lostthem, confidence. 61% of voters said we don't want europe basically, and then you come back and say, we do want europe and we will pay hard for it. we want money on this table. rishaad: 20 seconds. the ability to spend money there, atms. guest: graham, absolutely.

cutting cards disappeared. -- restaurantte told me most of the stuff on the menu is off because we don't have materials. as usual, it is the poor who will pay. not the wealthy. it is the usual thing. rishaad: always a pleasure. yvonne: stories making headlines. spoken out on has the greek debt negotiations, urging the eu to find a solution to show the world the way to build a union. spiritual leader was speaking to thousands in germany. he says the spirit of the european union must endure not only for the continent, but as an example to the world. thousands of holidaymakers are stranded in bali after flights are disrupted by a crowd of panic -- -- volcanic ash.

more flights have been canceled this morning and airlines stay delayed for continue -- are continuing all day. the big sporting news. novak djokovic has extended his wimbledon ground, claiming a ninth grand slam event. the number one seed defeated many people spent -- favorite, roger federer, in four sets. he was seeking a record eight wimbledon title which would have moved him past peace and rest to be the most successful male player in the history of the tournament. -- past sampras to be the most successful player in history. iran's nuclear program may be resolved soon. the latest indiana when "trending business," -- the vienna whenhe an "trending business," returns.

♪

in hong kong, equity placement taking place. 16.8 billion yuan. over 19% fall for that in the premarket auction. we will have all this as the in hongks to be down kong.

the other big story, concerning iran. chances of a nuclear deal with world powers, the breakthrough could be announced soon. decades ofer diplomacy and weeks of marathon talks. they are working out the final technical arrangements. the number of pages is up to 100. what they need to do is iron out the final details. if this happens monday or tuesday, it will be historic. it will bring to ahead, 12 years of diplomacy. sanctions were slept on iran and has limited its economy, as well as its scientific ambitions. the political agreement from diplomats involved was reached sunday in vienna, and the key issue is the u.s. arms embargo. that has also been addressed. the details on how that will work out is unclear at the moment, we are waiting for further clarity. u.s. secretary of state john

kerry saying we had a very good meeting, real decisions. that is what they are getting towards. presidentn creed -- saying that the final few steps remain. all sides looking optimistic. rishaad: it has been a marathon. thank you for that. you can get more on that and all of today's top stories, if you download the bloomberg app. coming up next, how will chinese markets start a new after the turbulence of recent days? great wall, down 19%. they have had a $2.7 billion placement. the opening numbers, next. ♪

. .

♪ rishaad: a look at our top stories. eurozone leaders delivering an ultimatum to greece to accept austerity measures within three days or leave the euro. demands that alexis tsipras has previously rejected. greek officials in brussels saying that the demands were " very bad for the prime minister and very bad for the great people." nintendo president satoru iwata has died at the age of the five.

he led the company since 2002 and helped oversee a tripling of revenue or the game boy advance and the original wii. in march, he ended his longtime against allowing his game characters to appear on mobile devices. iran and powers are close to a nuclear deal that could be announced as soon as monday. there have been a record 16 straight days of talks in vienna. involves -- an agreement has been reached on a key sticking point, the lifting of the u.n. arms embargo. let's look at the open in hong kong and china. it like we are going in opposite --ections rex coming off opposite directions. >> we have the shanghai composite off. more of the market is now open. the number of shares has dropped to 150 from more than 400.

margin borrowing is up for the first time. that should help a little more movement coming through as well. some strong gains coming through in china. a different story in hong kong. down point -- down by .6% on the hang seng index. it has the strong rally of the end of last week as well. we look elsewhere around the region, a bit of red in malaysia. we are seeing some gains in japan. the nikkei up by 1.25%. over in australia, a bit of a mixed picture. we do have some gains coming through. stocks looking really strong, but we have seen a bit of a pullback in energy. let's head back over to china and have a look at some of these movers to see what is really lifting the market higher. a couple of stocks up by more than 10%. of course, a few losers coming

through on the hong kong hang seng index. great wall down by more than 19% following the $2.7 billion placement. also, a lot more efforts by the government to try to prop up this market. the premier says he is going to take actions to boost the economy. more buyingme coming in in early trading. we had the largest two-day gain in seven years on thursday. shares opening up at the moment in shanghai. stephen engle is going to join us to have a look at what is going on market wise. why are noted money managers saying that this correction is not over yet? stephen: it is interesting. juliette ran through how the cup -- the number of companies

halted have dwindled from more than 400 last week down to below 200. it looks as those things are starting -- as though things are starting to get back to normal. shares have opened up higher. still, a number of money ,anagers, including mark mobius who was critical of the government intervention efforts -- also, black rock, ubs, and others are saying that more selling could be justified because of the valuations. shares are starting to get back to the area where they can be attractive to buy them again. the ads that we probably have that we probably have not hit the bottom yet. we had the selloff risk from the june 12 high. still upsite index is about 90% in the past year. it is trading at 50% above its

five-year average via -- valuation. it is still high. shares are still the most expensive among the world's 10 largest markets. many investors prefer to look at the medium p/e ratio instead. the median price to earnings for the median stock in the asian market given that low-priced bankshares have so heavily e index. down the a-shar andlook at the median p/e that is 57. it is 13 in hong kong. still a high valuation in the market here. rishaad: we have these june trade numbers out in a little while. what are you expecting and what should they tell us as jamar -- and what should they tell us? stephen: more evidence of stabilization in overseas demand. we had fallen for the last few months for exports. the consensus estimate from

economists surveyed by bloomberg's for experts likely to have risen in june for the first time in four months. but barely. we are talking a 1% increase year-over-year for exports. in ports are going to continue to be week, probably down by double digits, reflecting the drop in commodities rices. we will have -- rices -- prices. we will have to see if there is easing of that given domestic demand in china. rishaad: thanks, steve. stephen engle in beijing. ♪ back to our top story. greece has been given 72 hours to save its place in the euro. we will get over to brussels now. -- well, look at

things are certainly coming to a head, aren't they? not quite look like it. at the moment, alexis tsipras, angela merkel, francois hollande are in a bilateral meeting, their third one since the start of these negotiations. i have just heard that they are not back in full session yet with all the eurozone leaders. we were talking before about this possibly all coming to a head in -- at 4:00 in the morning brussels time, but that is looking unlikely with every minute they goes by. they are discussing these proposals, a document put forward by eurozone finance ministers insisting that greece implement harsher reforms in three days time. they have given them a three-day deadline to do that, too actually passed these measures s these measures into law before getting any sort of bailout. the reason we are seeing harsher

measures is the economy has deteriorated with the capital controls. they have taken that into account. that is part of the reason for that. there has been a lot of trust in greece and actually being able to do what it says, which is why they are saying it has to put all this into law before any steps are taken with the bailout here to what angela merkel had to say on the way to the meeting. hand,llor merkel: on one the economic situation of greece and the deterioration over the last month. on the other hand, it is because the most important currency got lost, and that is trust and reliability. we will have rigorous talks today and there will not be an agreement at all costs. >> you heard it. most important currency is trust. that is one thing that the greeks are going to have to try to regain at these meetings today. rishaad: the question everybody

wants to know is, is a grexit anymore or less likely? >> that is very hard to call at this point in time. one thing i will say is that the germans were talking about greece taking five years out of the eurozone. this has manifested itself as well in this document that eurozone finance ministers put forward. they talked about a timeout for greece. this is part of the discussion. that the maltese prime minister pointed out is that the bigger meeting of eu leaders has been canceled. they were set to talk about the mechanics of a grexit. the euro is a little weaker against the dollar. it seems investors are reading that a grexit is perhaps not in the cards, but the ball is in greece's court. the question of a grexit will

rest on whether the parliament in greece decides to pass these measures into law. back to you. rishaad: thank you. , the parliament in alexis tsiprases have to do now? ryan chilcote is in the greek capital. you skin away, if the noise, you effectively have to do two things. one, he has to push more austerity and pain his country's parliament. number two, he has to frontload that pain before he gets a chance at the bailout money from the creditors. very different from when i was here five years ago, when they were talking about the verse bailout. that government got the money from the creditors and the eu and was able to impose its own austerity program. but this time, because of the credibility problem that this government has, that is the new twist.

they want the reforms first and then they will think about giving money. likelihoodat is the he will get what creditors want through parliament? ryan: here is the thing. two of the measures that the creditors are looking for, raising sales taxes and raising them on more things than they would have been talking about in the past and cutting pensions, is something that 251 out of the 300 parliamentarians here in greece actually gave their , gave the greek prime minister their support on over the weekend, in a vote. they did not turn it into a law, though. that would happen -- have to happen by wednesday. we are pretty much insured support on that front from the broad spectrum of political forces that exist in greece's parliament. the issue is this -- not all of his own party, not all of the members of syriza, supported

those measures predate they do not like some of the new ones. the creditors are now asking that all measures that were imposed by this new government that were not agreed with the creditors, those have to be rolled back. the moreon to austerity, what they want our guarantees. they want automatic spending budget greece misses its targets. a tough sell, particularly on the left-hand side of the political flank. finally, they want -- this is coming from the german finance minister -- a 50 billion euro fund to set up. this would allow greek state access that would serve as collateral should the greeks not repay the 86 billion euros that the eu and its creditors are talking about giving them. if they do not, they would have to privatize it. this is something that west germany, if you will, did or

demanded of east germany when east germany was brought into the fold in exchange for the financial assistance it gave east germany. will people here like that? i do not know. in a nutshell, the prime minister of this country has to decide what kind of allocation he wants to be. he could probably get a lot of this through the parliament, though that is debatable. he will have to do it at the expense of some of his own support. that might mean a reshuffle of the cabinet and snap elections in this country. thanks for that. ryan chilcote joining us from athens. we are going to take a break. up next, a new deadline for greece and we are discussing some key trade data out of china. we look at what is moving markets in asia and what is likely to move markets in asia in the coming days. ♪

>> some stories making headlines around the world. iran and other world powers may be close to a nuclear deal. an accord might be announced later today did negotiators have completed 16 straight days of talks in vienna. a senior diplomat said an agreement has been reached on the key point -- the lifting of the u.n. arms embargo. that might make it more difficult president obama to win congressional approval for any accord. iran is a threshold nuclear state. we know that. it appears as if the administration's approach was to reach whatever agreement the iranians were willing to enter into. i think this will be a very hard inl if it is completed congress. mexico's most notorious drug lord has escaped from prison for a second time. apoicials say el ch

disappeared from a maximum-security prison new mexico city through a 1.5-kilometer tunnel. february oftured in last year, 13 years after a previous prison break in a laundry cart. 18 guards are being questioned over the latest escape. pope francis has wrapped up his tour of south america after visiting the capital of paraguay. he told local residents that he could not leave paraguay without seeing them. francis has spent eight days in some of the continent's poorest countries. he apologized for the church's in the colonization of latin america by spain. rishaad: let's have a look at some events we are going to be watching you this week. we have an idea of what is happening in china. gdp data released and expecting retail sales figures which will paint a better picture of the

state of the economy. wednesday, an important day for japan. the boj announcing the latest policy statement on growth and inflation -- and inflation forecast. they may cut gdp protection to as low as 1.5% from the current 2% estimate. on thursday, we turn our attention to the semiconductor injury. second quarter results coming from tsmc. they have maintained their full-year forecast on the backdrop of sales being hit by the dollar and the slowdown in china. contentiousthe most mergers in south korean history goes before shareholders. .amsung will seek approval the plan has been strongly opposed by billionaire activist paul aliasing or, who lost a bid to prevent the vote.

the start of another trading week. joining us is a senior asia rates strategist. thank you very much for joining us this morning. let's have a look at the week ahead. we are starting off with greece and their 72-hour deadline. not much in the way of market reaction. >> good morning. yes, this 72-hour deadline is quite important. weekend, theer the markets are in limbo and that will continue for the next couple of days until the issue is resolved. what matters most for asia will be the upcoming data for china. will come to that in a second grade i want to get your views why we have seen an appreciation since march for the single currency. noteems people are

concerned about greece leaving the euro. guest: of course, people are concerned about greece leaving the euro. there will be a bid for safe haven assets and it will be resulting in single association. right now, we are still in a state of flux. i think that markets are moving towards the eurozone finding some sort of a solution rather than greece leaving. markets ise for the if greece actually -- a surprise for the markets if greece actually exits. a plethora of data coming from china this week. what are you looking at for that number and will it below -- will it be below the chinese governments target? guest: gdp will probably be

slightly below 7%. you also have the trade data today. they are probably looking for exports to pick up marginally higher. we should see a u.s. trade surplus coming again. this will result in slightly weaker cny, but given what is happening, the world needs a stable cny. the fact that they are trying to put it in the basket means we need a stable cny. can observe if the trade balance is really strong, we should see that in the fx markets. the forwards will probably move in the lower -- move a bit lower. a lot to run through

and very little time left. india inflation, have they managed to slay the beast of rising prices? guest: yes. they have done well and we should see inflation moving below 5% later this week. that should strengthen the case for one more rate cuts. the markets would look for a rate cut as quickly as august. we are looking for one large rate cut, but given that inflation is going to be lowered , despite the concerns globally, that should put a lid on food price inflation. rishaad: thank you very much. ar joining us from singapore. coming up, we will have a look

at why germany's finance minister has become the target of a social media backlash. . ♪

rishaad: they look at how the crisis in greece is playing out online. coup.-- a a shery: dinosaur of august is saying that the negotiation purpose is to pave the ground ublewhat dr. sharma -- scha had decided, very critical in saying that greece should be eased out of the eurozone. paul krugman was also very critical of the creditor demands, saying the eurogroup massive --ands is

madness. he says it goes beyond harsh into vindictiveness. they have been tweeting out those comments on social media. this hashtag has been trending globally. have seen all we morning. people saying that these demands are just humiliating. , in people beyond greece the euro region, are really reacting and saying that the hideous creature called the eu has finally reared its ugly head . another hashtag -- just some things that are trending right now. another one saying this is not democracy or a true union, it is disgusting. a lot of people talking about the goal here was not really just regime change among greece for the european leaders here. not surprising, greece trending on social media. in the show, we

are heading to beijing and we will sit through the latest trade data from china -- sift through the latest trade data from china. this is "trending business." we are back after this short break. ♪

rishaad: it is monday, the 13th of july. this is "trending business." ♪ rishaad: live in beijing, brussels, and athens. we are watching chinese shares on a bumpy ride. shanghai opening strongly. more than 300 suspended companies have returned this morning. inconceivableis

to eliminate a partner that has given up everything. and a nuclear deal with ironic -- iran is close. this after 16 straight days of talks in vienna. look at what is going on as far as china goes. stephen engle is in beijing. stephen: a little better than expected. these are the trade figures in yuan. we are going to get u.s. dollar terms in a minute. exports year over year of 2.1%. after two straight months of falling exports. in june, we were expecting 1.2%. exports continue to decline at a smaller pace.

falling 6.7% in yuan terms. we were expecting 16.2%. the previous month was 18.1%. importsingle digits for , falling commodity prices. this is the eighth consecutive month of falling import prices. exports breaking the string of four straight months of falling numbers, up 2.1%. the trade balance is less than expected. dollars -- billion u.s. dollars. export demand is picking up. import demand is shaping up to be stronger than expected. the fall in imports was less than expected. r4ish? rishaad: $45 billion is what we

are talking about in china. is any to see if there reaction to china in gains and losses. >> certainly some strong data. great news for exporters. the come positive swinging in positive territory. it has been swinging wildly in the half hour the market has been open. down by 1% with a little weakness coming through from a-shares there. bali up by .3%. flat day in australia. the nikkei is in good rebounds after the drop last week, up 1%. want to show you a couple companies we are watching today. a lot of focus still on china. in hong kong, a lot more of the market is open.

holding400 companies trade last week, trying to skip the equity rout. about 150 now. share placement was falling heavily in hong kong. 4%.ares in shanghai down , based in the philippines, has actually come out saying it is not worried about the rout in chinese equities. its share price is high in the philippines. , holding flat. qantas shares are doing well, up 3%. cochlear is up 7.3%.

all the focus is on china. let's see if it is in positive territory on the shanghai. greece has 72 hours to rebuild trust with creditors. alexis tsipras has tried to drive measures through parliament he has only rejected. maytics in his own party vote against the demands. there are protests appearing in the heart of europe. germany prepared to cut greece, which drew warnings from france and italy. we will have a look at what the creditors are offering. it is a simple take it or leave it, essentially? reporter: that is what it looks like. certainly, the proposal was put forward by eurozone finance ministers, including measures

greece has to implement in three days. we covered everything from the energy market to the labor ,arket to the financial market included telling greece to transfer 50 billion euros of state assets into a london-based company for sale. the reason these measures seem harsher than anything that came previously is because the economy has deteriorated in the past couple of with capital controls. the measures taken that into account. creditors and eu leaders have really started to lose trust in greece, wondering whether it will actually in a meant what it says -- implement what it says it's will. that is why the measures need to be put in place before any sort of bailout. we are 12 hours into the meeting in brussels. we are not back in full session yet. alexis tsipras wrote off to have a bilateral with angela merkel

and francois hollande. it is hard to tell when the meeting will end or what will come out of it. clearly, creditors are asking leaders and finance ministers are asking more of greece. the big question now is whether the greek parliament will approve this and push these through and avoid a grexit. the talk of grexit at the moment has not been strong. the only thing put forward is a potential timeout for greece from the eurozone. germany has been pushing the line, but france has rejected it. rishaad: thank you very much. five minutes pass for in the morning in brussels. let's have a look at other stories we are watching today with shery ahn. iran and world powers may

be close to a nuclear deal. an accord may be announced later today. a diplomat tells bloomberg an agreement was reached sunday to lift an arms embargo, one of the remaining obstacles to a deal. negotiators have completed a record 16 straight days of talks vienna. after three missed deadlines, negotiators say a deal was almost complete. this would bring to an end the 12 your dispute that led to sanctions on iran. the language on a resolution is still being drafted. officials say last-minute complexities meant an accord was impossible on sunday. secretary of state john kerry says he and the iranian foreign minister have a very good meeting. that anin, optimism agreement is in reach. china,urn it over to

where police are reported to have found evidence of manipulation and future trading. the ministry of public security has gone to shanghai to help the securities regulator investigate possible shortselling. authorities have pledged to punish market manipulators in the wake of the stock plunged that wiped out for trillion dollars in market value. the government has halted ipo's and band shareholders and executives from selling stakes in listed companies for six months. presidentnintendo satoru iwata has died from cancer. the company announced his death in a statement today. nintendo since 2002 and oversaw a tripling of revenue from the game boy advance and the wii. wii u failed to match its

success, but satoru iwata held out against making the characters available on computers. rishaad: greece is unemployment is driving young people out of the country. what does that mean for the future? break, we get back to trade data out of china. ♪

yvonne: checking headlines around the world, the doll i greekhas spoken out on debt negotiations, urging the eu to build a union. the exiled tibetan leader was speaking to people in germany. theays the spirit of

european union must indoor as an example to the world. thousands of holidaymakers stranded in bali after a cloud of volcanic ash. domestic flights were canceled on sunday. the airports reopened later in the afternoon. several flights were canceled this morning. delays will continue all day. novak djokovic has defended his wimbledon crown, claiming a ninth grand slam. he defeated roger federer in four sets. rishaad: getting back to trade ata out of china, with me is senior investor at bnp paribas. pretty much what we expected here. good news for the global economy. guest: good news more for the

chinese economy. are becauseumbers of the strength of the u.s. expectdo not really significant improvement going forward. rishaad: strength of the economy peter and out? guest: the are seeing it peaking. rishaad: that will cause some head scratching at the fed. guest: there is some debate over whether they should hike rates at the end of the year. the greece issue is still in the air. china is weak. the global environment is on people ground except the u.s. expect chinese export growth to stabilize, but imports will remain at moderate levels. rishaad: growth will be key this

week. reflect, if you believe the number? guest: the numbers tell something. they do tell growth in china is weak. wednesday will be slightly below 7%, reflective of the past week. but i think q2 in terms of growth, second half of the year, we are looking at improvement in growth because of the filtering effect of past easing measures going through the economy and stabilization in the investment environment. rishaad: and it is rare we see the fundamentals of the economy reflected in stock prices. , itfluctuations last week was mismanaged according to many

incoherenttring of restrictions on the market. when does it all on wind? will we see more gyrations? probably, the market is bumping along the bottom. with the government did in the past three weeks in terms of stabilization is it -- because it created this bubble. it has to infuse it with those measures as well. otherwise, the shock to the system would be too big. the measures we have seen so far are probably helping to stabilize going forward. comeback ofee a confidence in the stock market. once bitten, twice shy.

do you think the appetite will be as strong as it was before? guest: the long-term appetite is there. we see the chance for chinese investors to read -- reallocate assets. there will be more margin trading. that could hurt the market in the short-term. valuation, this is a secular improvement in the chinese stock market. rishaad: a lot of structural reforms have to be taking place in china. what sort of opportunity does that give you? guest: the financial sector is the area where we will see most structural reform unfold at a quicker pace. sector, insurance companies, so on. that tells a structural story. it did not go up that much.

the banks are telling a story. the big correction in stock prices was not because of structural flaws. the financial system did not react much. the first opportunity investors should look for is insurance companies and so on. rishaad: it is a crowded space, the insurance side. when you look at the outlook, income growth will be in the insurance business. it may be crowded in the near term, but looking at the next year or two years, there is a shift of purchasing powers into high-value services. insurance is one of those services that new money will move into. paribas.chilo from bnp thank you for joining us. up next, greece is the word on social media.

what is being sad online about the latest round of negotiations right after this. ♪

rishaad: the next few days will be crucial for greece as it decides if it will accept the eu's demands and stay in the euro.

bloomberg spoke with some greeks who are already using alternative currency. you do not need the euro that much. it is hard to find. ♪ >> it started with two friends who were painting. their store. they started thinking it would be nice to change volunteering, things like that. ♪ we felt the crisis because we had a lot of factories that were closed. the people that are working in tem, it has helped us. interesting, you will

always find things to bring to be able to find something to buy. >> i joined the network about five years after it started. i think it was 2010. my husband's wages were cut by 50%. it was a way for me to get into work again. >> we do not have the money. i want to work. if i do not do this, i do not work. my home needs oil, meat. i would want it to grow by itself. that is when we lose solidarity. nobody will know nobody. it will be the same thing with the community, the way it is now.

i would like it to be small tems under a single umbrella that can change afterwards. rishaad: greece is a subject that has been on everybody's lips on social media. shery ahn and yvonne looking at what is trending. shery: many hashtags trending about greece. at what analysts and traders are saying on twitter. there is a summit in brussels, eu leaders gathering to talk about greece. we had paul krugman criticizing demands. ,e had yanis varoufakis tweeting out comments on what negotiations have achieved. we have a belgian economist at the london school of economics talking about germany's proposal or the idea that was floated in one of the discussions to have a temporary suspension of greece's membership in the currency union.

he compares a temporary grexit to a temporary divorce. most and up being permanent. another economist talking about witnessing destruction of the european union as we know it. shared values, solidarity, gone out the window. i know you have been looking at what the general public is saying. yvonne: a lot of anger and outrage trending globally right now. not just from greeks, but the euro region as well. demands from the euro leaders are two humiliating. a lot of people saying, what is going on? you will break up the euro bloc. progress not made by protecting markets but by humans and human rights. , as a germanng national, i am ashamed to watch what is playing out.

this is not what we, as europeans, built. #eurosummit, #tsip rasleave. thank you, you bond. -- yvonne. if you use twitter, it is easy tuesday in touch with us at "trending business." rishaad: let's have a look at the trading day. the lastonce to put week behind them. hang seng showing more losses at the start of the session, off by 1%. it opened positive and went into negative terrain. today, about 1.1% on the upside.

a -- trade data beating some estimates. kospi up by .75%. taipei too. .5%.pore up by coming up on the other side of the break, why australia is cutting funding to one renewable energy source. and a more in-depth look at market action after the break. ♪

next china's exports rising into or the first time in four-month. you one values. the shanghai composite trading slightly higher. second-quarter gdp figures arrive on when they. eurozone leaders gives an ultimatum to greece. alexis the press gave a list of

demands he has previous he rejected. a greek official in brussels says the eu demands are very bad for the prime minister and the greek people. the nintendo president has died from cancer of the file.. they announced a tripling of revenue. seeing the japanese lunchtime session -- morning session come to an end. let's find out what else is going on. move are seeing positive in the asian region. listed inthe shares hong kong. 15%.ently down almost the a shares in shanghai are

doing ok at the moment area we will have a bit look at how the shanghai composite has been doing. sincegain, the biggest 2008. currently up by almost 1%. about 1045, any still frozen from trade. a couple of irish comment coming through as well is about chinese equities market. equities. chinese japan is up by 1.2%. some positive movement coming through in australia. is quite this intimate positive. shanghai up at the moment. china's june import sword more than it acted.

-- than expected. this?hould we make of brexit think it add that he be things are a blessing a little that'sgreece that month a little bit in recent. >> does it change the growth numbers? tax we will have the overhang in realist they. -- realist date. they are trying to fix the debt,. the big picture has not changed. has to have is it -- to back and an impact have an impact that goes outside of the borders. do we have any idea how it is being impacted? back

brexit could have the worst quarters did 2011. it is natural some commodity exports are under us admitted. target.e it will be seen as a result for the government. >> thank you very much. greece is given 72 hours to save its place in the eurozone. alexis tsipras has convinced them to accept the demands before it expires. what is the likelihood he will be able to drive the demand through parliament esther mark

-- through parliament? >> i guess it's possible, but it not assured. over the weekend the greek parliament gave the prime minister's support to raise taxes and cut pensions. some of the newer demands substance to the parliamentary meeting may not get much support. the idea everything until now would have to be rolled back, the idea there would have to be automatics bending cut if greece is not mean it budget targets. the idea of this fund of greek asset that would serve as collateral in the event the greeks do not pay back the money. we do not know how the greek parliament would weigh in on these things. you would have to do it with support from the political opposition. the prime minister would have to reinvent himself

and go into some sort of coalition arrangement almost. one thing i have to tell you about is the situation on the ground. people are talking more about the inability to get cash than about the event taking place in brussels. people in this country are almost foraging for cash. we are in week three of capital controls. another week would greeks are going to be without their banks. got toomething you have see. it is something i took a look at. have a listen. we just chance upon this cash machine. atm machines and the lines up right are a good chance to get us ends of the christ is an opening in greece. 15 people.bout you get a sense they are comfortable with the new normal, banning in line to get the money

out of the bank. how do they feel? let's ask them. how long do you think you are going to have to stand here to get your money? >> in our area >> how much money will you get? -- about an hour. 50 euros. problem with small smaller notes. how can turn are you with greece's future? some people say weeks, even month. are you worried? brexit depends on the german finance there. -- >> it depends on the german finance there.

>> as you can see, the line is moving. there is a problem with the smaller notes. this is a taste of life in at. -- athens. banks. issue is the even if we get that deal there is a weston of whether the banks will reopen. -- a question of whether the bank will reopen. it would be set as died as the offer. standingn everybody is in line is not just to get next to euros to cover the today

cost. worried their money is going to get raided if they don't tape for the recapitalization of the banks. turn continues to be cash, and that is choking the greek economy area tax let's check some of the others tories. -- other stories. actrland took over as things eeo. will theyf england are lenders of more than $39 billion in deposits. sharpe stocks took a tumble recently, but they are still to its answer.

he says mainland docs need to fall further. not even of fall in the aussie dollar can save the factory in melbourne. he will restart it later this year in india. putting the manufacturing industry under rusher. -- pressure. the weakening dollar would revive ross. let's get to the tale of malaysian and best funds. police are looking into leaks. claim hundreds of millions of dollars ended up in the rhyme ministers account. haslinda: now they are being

investigated by the police. remember it is part of the task force investigating the scandal. you can say the body investigating is being investigated. it says allegations are without basis, that it will not tray the trust of the public. -- not betray the trust of the public. the wall street journal alleged it has nine documents showing the money trail. they show $700 million are being trans-heard through government agencies -- transferred through government agencies. those documents were allegedly in the malaysian government handling these. thece are investigating to the document.

>> what have they been hearing from the police? what are they making of this? asked police say the invest ignition is to uphold the integrity of the financials system, but it has not eliminated the chance of a conspiracy. these has called political sabotage. there has been mounting criticism on whether investigators can be trans-arrant in the probe. -- transparent in the probe. >> up next, the long-running invest the nation into a new year deal with iran is said to be close.

♪

>> chances of a nuclear deal with world powers. a breakthrough may be announced, which would cap a decade of diplomas the. let's have a look at this. how close are we? players, theto key deal may come as early as monday. there are tech goal element -- technical element they are looking to work out. this is complicated stuff. for --e tech will ask technical experts because it is technical information. wouldy reach a deal, it

the historic -- it would be historic. a political agreement on sunday. that is what we have so far. back to not exactly as though he and endinging positive messages. but he may be helping the negotiating tactic of iran. bluster, that he was calling the u.s. a nation of eric and. the u.s. hoping this would lead to greater integration with iran for joining together in the fight against the islamic state. distrust asontinued this continues to be in the finals stage.

thank you very much. back some stories making headlines. mexico's most notorious drug lord has escaped from prison for us to can time. he disappeared from a mac month security risen near mexico city -- prison near mexico's that the. he was recaptured -- mexico's duty. he was recap third after a previous prison break. the tunisian government said it leaderled an extremist as a crackdown on militants following two major terror attacks. the interior minister said senior officials with ties to warlords in mali were cured but -- killed by security forces last friday. 60 people have died in indonesia

since last march. pope francis has wrapped up his tour of south america after visiting paraguay's capital. he told local residents he could not leave uruguay without seeing them. pope francis has spent eight days and some of the poorest countries. mark: we have the you want numbers. numbers. this is the import figure. that is what we have at the surplusith the trade coming in. australia seems to have a problem with wind. they have dan the renewable energy fund from investing in

technology. from sydney, we have a look at what the reason behind the ban is. >> the motivation seems to be this taste with the wind energy. the government has a long track against the wind energy -- industry. banish theanting to clean energy industry altogether. the latest move is to try to block it from invest in wind. the bulk of the opportunities to invest in australia. back this is the latest in a string of poly's.

is the government waging a war on wind? >> it almost appears to be the case. the prime minister after reducing the renewable energy target, the first country to reduce the amount of renewables since it is looking to push into the system. he said he would love to reduce wind farmsd he finds very noisy. there does seem to be a drive within the government. there does him to be a drive to try to reduce the amount of wind energy and called in australia. -- in alden australia or he the's question is

environment. i guess you have got to find other things to invest in. it difficult. australia has a renewable energy target, should attract a lot of interest in wind. the market is difficult as there is an absence of long-term contracts. they had a big role to play in helping to be a cornerstone investor. invest in cases much more difficult and we have to see how the industry will wrist bond. investors and actors we spoke with are concerned about the environment in australia and one that is full of risk.

>> thank you. of next, no job, no future. next, no job no future. forcing educated people to leave the country. we have a special report. ♪

>> with youth unemployment at almost 50%, hundreds of thousands of educated greeks are fleeing out of the country. we spoke to his units about the brain drain. about the brain drain. but people are going abroad because there is no future here

in greece. with unemployment growing every day, i am really anxious and comesed about what will after finishing this year in greece. best so i to do my can find a better. you have to make a living. all the good brains of greece are going abroad. they are going to employ the

s and use them so they can make a bigger amount of money. for us it is who is going day. -- going to stay. pity here in greece everybody is going abroad. i don't know who is going to a here in greece in order to help. i hope in the next years they will come back and help the country. we will be. be.e will it will be disappointing, but we will figure it out. drain.greek brain let's take a look at market. a third day of gains for the shanghai deposit. the hang seng up 1.5%. drug shares are leading things

along. we have come these resuming trading at her being said that did. death of better as well. -- we have trade doing better. ♪

>> it is 6:00 a.m. in at. -- athens. greek waking up to news it must accept austerity or be kicked out of the euro. this is asia edge. china trades up. exports rise for the first time in four months, just the recent economic louts have a silver -- suggesting the recent economic clouds have a over lightning.

take it or leave it. toece is even 72 hours verity, rebuild trust, or keep its place in the euro. when no means yes. we asked voters about how they feel about the government's apparent u-turn on taxes and bending. that and much more ahead. on markets.nd i chinese data giving a reason to smile. we are doing the shanghai -- upition of by almost by almost 2%. the hong kong index has slipped into positive territory. weakness in of malaysia and thailand.